What is ANET revenue?

Arista Networks Inc. (ANET) reported $11.89B of revenue for the twelve months ended Sep 30, 2026. That is up 40.7% from the year before. Revenue for fiscal 2025 was $9.01B.

Yes. Arista Networks Inc. earned $4.75B in net income for the twelve months ended Sep 30, 2026, a net margin of 40.0%.

How much cash and debt does ANET have?

Arista Networks Inc. reported $2.29B in cash and cash equivalents on its most recent balance sheet in SEC filings.

How fast is ANET revenue growing?

Arista Networks Inc.'s revenue changed +28.6% in fiscal 2025, to $9.01B. Its compound annual growth rate was +31.2% over 5 years and +26.8% over 10 years.

What is ANET gross margin?

Arista Networks Inc.'s gross profit was $7.48B on $11.89B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 62.9%.

What is ANET free cash flow?

Arista Networks Inc. generated $5.02B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $5.24B less capital expenditures.

What is ANET earnings per share?

Diluted earnings per share were $3.71 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did ANET last report financial results?

The latest statements here come from Arista Networks Inc.'s 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.

Where does this ANET financial data come from?

Quantisnow builds these statements from the structured XBRL data Arista Networks Inc. files with the SEC. It is provided for information only and is not investment advice.

Financials · ANET

Arista Networks Inc. (ANET) financials

For the twelve months ended Sep 30, 2026, Arista Networks Inc. reported $11.89B of revenue and $4.75B of net income.

Revenue, TTM: $11.89B
Revenue growth, YoY: +40.7%
Net income, TTM: $4.75B
Net income growth, YoY: +41.6%
Net margin: 40.0%
Free cash flow, TTM: $5.02B
EPS, diluted, TTM: $3.71
EPS growth, YoY: +40.5%
Cash: $2.29B
P/E: 49.50
P/S: 19.78
Market cap: $235.21B

Annual revenue$9.01B

FY2016FY2025

Annual net income$3.51B

FY2016FY2025

Annual free cash flow$4.25B

FY2016FY2025

ANET revenue and earnings growth

ANET revenueQ3 2026$3.66B

Quarter YoY: +58.5%
QoQ: +20.5%
FY YoY: +28.6%
5Y CAGR: +31.2%
10Y CAGR: +26.8%

ANET revenue was $3.66B in fiscal Q3 2026 (ended Sep 30, 2026), up 58.5% from a year earlier and up 20.5% from the prior quarter. For the full fiscal 2025 it was $9.01B, up 28.6% from fiscal 2024. Compound annual growth was +31.2% over 5 years and +26.8% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

ANET net incomeQ3 2026$1.56B

Quarter YoY: +82.9%
QoQ: +28.7%
FY YoY: +23.1%
5Y CAGR: +40.8%
10Y CAGR: +40.0%

ANET net income was $1.56B in fiscal Q3 2026 (ended Sep 30, 2026), up 82.9% from a year earlier and up 28.7% from the prior quarter. For the full fiscal 2025 it was $3.51B, up 23.1% from fiscal 2024. Compound annual growth was +40.8% over 5 years and +40.0% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

ANET EPSQ3 2026$1.22

Quarter YoY: +82.1%
QoQ: +28.4%
FY YoY: +23.3%
5Y CAGR: +40.6%
10Y CAGR: +38.7%

ANET diluted EPS was $1.22 in fiscal Q3 2026 (ended Sep 30, 2026), up 82.1% from a year earlier and up 28.4% from the prior quarter. For the full fiscal 2025 it was $2.75, up 23.3% from fiscal 2024. Compound annual growth was +40.6% over 5 years and +38.7% over 10 years.

ANET free cash flowQ3 2026$1.10B

Quarter YoY: -11.1%
QoQ: +4.5%
FY YoY: +15.7%
5Y CAGR: +42.7%
10Y CAGR: +34.6%

ANET free cash flow was $1.10B in fiscal Q3 2026 (ended Sep 30, 2026), down 11.1% from a year earlier and up 4.5% from the prior quarter. For the full fiscal 2025 it was $4.25B, up 15.7% from fiscal 2024. Compound annual growth was +42.7% over 5 years and +34.6% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$9.01B	$7.00B	$5.86B	$4.38B	$2.95B	$2.32B	$2.41B	$2.15B	$1.65B	$1.13B
Cost of revenue	$3.24B	$2.51B	$2.23B	$1.71B	$1.07B	$835.63M	$866.37M	$777.99M	$584.42M	$406.05M
Gross profit	$5.77B	$4.49B	$3.63B	$2.68B	$1.88B	$1.48B	$1.54B	$1.37B	$1.06B	$723.12M
Research and development	$1.24B	$996.70M	$854.90M	$728.39M	$586.75M	$486.59M	$462.76M	$442.47M	$349.59M	$273.58M
Selling, general and admin	$141.90M	$122.70M	$119.10M	$93.24M	$83.12M	$66.24M	$61.90M	$65.42M	$86.80M	$75.24M
Operating income	$3.86B	$2.94B	$2.26B	$1.53B	$924.74M	$699.68M	$805.77M	$273.35M	$470.27M	$243.41M
Interest expense	-	-	-	-	-	-	-	$2.70M	$2.78M	$3.14M
Pre-tax income	$4.25B	$3.27B	$2.42B	$1.58B	$930.88M	$738.86M	$862.27M	$288.80M	$474.76M	$242.22M
Income tax	$738.30M	$413.00M	$334.70M	$229.35M	$90.03M	$104.31M	$2.40M	-$39.31M	$51.56M	$58.04M
Net income	$3.51B	$2.85B	$2.09B	$1.35B	$840.85M	$634.56M	$859.87M	$328.12M	$423.20M	$184.19M
EPS, basic	$2.79	$2.27	$1.69	$1.10	$0.69	$0.52	$0.70	$0.27	$0.37	$0.17
EPS, diluted	$2.75	$2.23	$1.65	$1.07	$0.66	$0.50	$0.67	$0.25	$0.33	$0.16
Diluted shares	1.28B	1.28B	1.27B	1.27B	1.28B	1.27B	1.29B	1.29B	1.26B	1.17B

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$1.96B	$2.76B	$1.94B	$676.00M	$625.05M	$897.45M	$1.12B	$654.16M	$864.70M	$572.17M
Receivables	$1.89B	$1.14B	$1.03B	$923.10M	$516.51M	$389.54M	$391.99M	$331.78M	$247.35M	$253.12M
Inventory	$2.25B	$1.83B	$1.95B	$1.29B	$650.12M	$479.67M	$243.82M	$264.56M	$306.20M	$236.49M
Current assets	$16.39B	$11.91B	$8.40B	$5.55B	$4.81B	$3.84B	$3.47B	$2.71B	$2.27B	$1.53B
Goodwill	$416.10M	$268.50M	$268.53M	$265.92M	$188.40M	$189.70M	$54.85M	$53.68M	$0	-
Total assets	$19.45B	$14.04B	$9.96B	$6.78B	$5.73B	$4.74B	$4.19B	$3.08B	$2.46B	$1.73B
Current liabilities	$5.38B	$2.73B	$1.92B	$1.29B	$1.11B	$768.24M	$597.07M	$606.50M	$529.90M	$459.55M
Total liabilities	$7.08B	$4.05B	$2.74B	$1.89B	$1.76B	$1.42B	$1.29B	$938.59M	$798.95M	$621.19M
Shareholders' equity	$12.37B	$9.99B	$7.22B	$4.89B	$3.98B	$3.32B	$2.89B	$2.14B	$1.66B	$1.11B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$4.37B	$3.71B	$2.03B	$492.81M	$1.02B	$735.11M	$963.03M	$503.12M	$631.63M	$174.29M
Capital expenditures	$119.50M	$32.00M	$34.40M	$44.64M	$64.74M	$15.38M	$15.75M	$23.83M	$15.28M	$21.42M
Free cash flow	$4.25B	$3.68B	$2.00B	$448.17M	$951.12M	$719.73M	$947.28M	$479.29M	$616.35M	$152.88M
Investing cash flow	-$3.58B	-$2.46B	-$687.50M	$216.33M	-$925.56M	-$608.80M	-$284.07M	-$755.11M	-$391.32M	-$325.77M
Financing cash flow	-$1.60B	-$421.80M	-$83.80M	-$654.60M	-$360.88M	-$346.34M	-$217.96M	$42.85M	$51.47M	$32.74M
Share repurchases	$1.60B	$423.60M	$112.30M	$670.29M	$411.64M	$395.17M	$266.14M	$0	$0	-
Stock-based compensation	$439.20M	$355.40M	$296.80M	$230.93M	$186.88M	$137.04M	$101.28M	$91.20M	$75.43M	$59.03M
Depreciation and amortization	$72.60M	$62.00M	$70.60M	$62.70M	$50.33M	$35.16M	$32.85M	$27.67M	$20.64M	$19.75M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	28.6%	19.5%	33.8%	48.6%	27.2%	-3.9%	12.1%	30.7%	45.8%	34.8%
Net income growth, YoY	23.1%	36.6%	54.3%	60.8%	32.5%	-26.2%	162.1%	-22.5%	129.8%	52.1%
EPS growth, YoY	23.3%	35.2%	54.2%	62.7%	31.5%	-24.8%	162.1%	-24.1%	114.0%	49.7%
Gross margin	64.1%	64.1%	61.9%	61.1%	63.8%	63.9%	64.1%	63.8%	64.5%	64.0%
Operating margin	42.8%	42.0%	38.5%	34.9%	31.4%	30.2%	33.4%	12.7%	28.6%	21.6%
Net margin	39.0%	40.7%	35.6%	30.9%	28.5%	27.4%	35.7%	15.3%	25.7%	16.3%
Free cash flow margin	47.2%	52.5%	34.1%	10.2%	32.3%	31.1%	39.3%	22.3%	37.4%	13.5%
Return on equity	28.4%	28.5%	28.9%	27.7%	21.1%	19.1%	29.7%	15.3%	25.5%	16.6%
Return on assets	18.1%	20.3%	21.0%	20.0%	14.7%	13.4%	20.5%	10.6%	17.2%	10.7%
Current ratio	3.05	4.36	4.38	4.29	4.34	4.99	5.81	4.48	4.28	3.32

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$3.66B	$3.04B	$2.71B	$2.49B	$2.31B	$2.20B	$2.00B	$1.93B	$1.81B	$1.69B	$1.57B	$1.54B
Cost of revenue	$1.33B	$1.13B	$1.03B	$924.00M	$818.10M	$766.20M	$728.70M	$699.40M	$649.20M	$593.20M	$570.00M	$541.22M
Gross profit	$2.33B	$1.91B	$1.68B	$1.56B	$1.49B	$1.44B	$1.28B	$1.23B	$1.16B	$1.10B	$1.00B	$999.25M
Research and development	$486.90M	$348.20M	$343.70M	$348.40M	$326.00M	$296.50M	$266.40M	$285.00M	$235.80M	$267.50M	$208.40M	$211.46M
Selling, general and admin	$39.80M	$33.80M	$33.70M	$43.40M	$34.80M	$29.40M	$34.30M	$35.40M	$33.80M	$25.70M	$27.70M	$42.31M
Operating income	$1.64B	$1.38B	$1.16B	$1.03B	$978.20M	$986.20M	$858.80M	$799.60M	$785.30M	$699.60M	$660.20M	$639.97M
Pre-tax income	$1.92B	$1.50B	$1.27B	$1.14B	$1.08B	$1.08B	$955.00M	$889.00M	$882.90M	$770.40M	$722.80M	$694.37M
Income tax	$355.10M	$291.40M	$248.50M	$181.60M	$224.10M	$191.40M	$141.20M	$88.00M	$134.90M	$105.00M	$85.10M	$80.75M
Net income	$1.56B	$1.21B	$1.02B	$955.80M	$853.00M	$888.80M	$813.80M	$801.00M	$748.00M	$665.40M	$637.70M	$613.62M
EPS, basic	$1.24	$0.96	$0.81	$0.75	$0.68	$0.71	$0.65	$0.64	$0.59	$0.53	$0.51	$0.50
EPS, diluted	$1.22	$0.95	$0.80	$0.74	$0.67	$0.70	$0.64	$0.63	$0.58	$0.52	$0.50	$0.49
Diluted shares	1.28B	1.28B	1.27B	-	1.28B	1.27B	1.28B	-	1.28B	1.28B	1.28B	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$2.29B	$2.29B	$2.79B	$1.96B	$2.33B	$2.23B	$1.85B	$2.76B	$3.18B	$2.43B	$2.09B	$1.94B
Receivables	$2.33B	$2.27B	$1.92B	$1.89B	$1.49B	$1.62B	$1.44B	$1.14B	$1.13B	$1.23B	$1.09B	$1.03B
Inventory	$3.21B	$2.54B	$2.38B	$2.25B	$2.16B	$2.06B	$1.96B	$1.83B	$1.77B	$1.85B	$2.03B	$1.95B
Current assets	$22.13B	$20.16B	$18.56B	$16.39B	$15.18B	$13.50B	$12.28B	$11.91B	$10.88B	$9.84B	$8.93B	$8.40B
Goodwill	$416.10M	$416.10M	$416.10M	$416.10M	$416.20M	$416.50M	$268.50M	$268.50M	-	$268.53M	$268.53M	$268.53M
Total assets	$25.26B	$23.72B	$21.66B	$19.45B	$18.05B	$16.53B	$14.51B	$14.04B	$12.85B	$11.62B	$10.55B	$9.96B
Current liabilities	$6.72B	$6.82B	$6.56B	$5.38B	$4.67B	$4.05B	$3.12B	$2.73B	$2.43B	$2.16B	$1.78B	$1.92B
Total liabilities	$8.82B	$8.92B	$8.17B	$7.08B	$6.14B	$5.63B	$4.40B	$4.05B	$3.60B	$3.19B	$2.69B	$2.74B
Shareholders' equity	$16.45B	$14.80B	$13.49B	$12.37B	$11.91B	$10.90B	$10.12B	$9.99B	$9.25B	$8.43B	$7.86B	$7.22B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$1.20B	$1.08B	$1.69B	$1.26B	$1.27B	$1.20B	$641.70M	$1.03B	$1.17B	$989.00M	$513.80M	$526.45M
Capital expenditures	$100.70M	$29.70M	$54.50M	$37.00M	$30.10M	$24.00M	$28.40M	$12.40M	$7.00M	$3.20M	$9.40M	$5.98M
Free cash flow	$1.10B	$1.05B	$1.64B	$1.22B	$1.24B	$1.18B	$613.30M	$1.02B	$1.17B	$985.80M	$504.40M	$520.47M
Investing cash flow	-$1.21B	-$1.58B	-$865.30M	-$999.10M	-$1.19B	-$625.10M	-$765.90M	-$1.31B	-$373.90M	-$477.90M	-$295.60M	-$337.00M
Financing cash flow	$11.00M	-$1.50M	$0	-$625.50M	$20.60M	-$197.20M	-$793.80M	-$130.00M	-$55.60M	-$173.10M	-$63.10M	-$1.38M
Share repurchases	$0	$0	$0	$620.10M	$0	$195.90M	$787.10M	$123.80M	$65.10M	$172.00M	$62.70M	$21.0K
Stock-based compensation	$138.10M	$120.40M	$120.90M	$133.10M	$127.90M	$85.20M	$93.00M	$100.80M	$98.10M	$79.30M	$77.20M	$81.40M
Depreciation and amortization	$23.60M	$23.40M	$23.30M	$22.80M	$23.20M	$12.80M	$13.80M	$15.30M	$15.60M	$15.50M	$15.60M	$14.37M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	58.5%	37.7%	35.1%	28.9%	27.5%	30.4%	27.6%	25.3%	20.0%	15.9%	16.3%	20.8%
Net income growth, YoY	82.9%	36.5%	25.7%	19.3%	14.0%	33.6%	27.6%	30.5%	37.2%	35.3%	46.1%	43.7%
EPS growth, YoY	82.1%	35.7%	25.0%	17.5%	15.5%	34.6%	28.0%	28.6%	34.9%	34.2%	44.9%	44.1%
Gross margin	63.6%	62.9%	61.9%	62.9%	64.6%	65.2%	63.7%	63.8%	64.2%	64.9%	63.7%	64.9%
Operating margin	44.9%	45.4%	42.7%	41.5%	42.4%	44.7%	42.8%	41.4%	43.4%	41.4%	42.0%	41.5%
Net margin	42.7%	40.0%	37.8%	38.4%	37.0%	40.3%	40.6%	41.5%	41.3%	39.4%	40.6%	39.8%
Free cash flow margin	30.1%	34.7%	60.5%	49.2%	53.6%	53.3%	30.6%	52.8%	64.5%	58.3%	32.1%	33.8%
Current ratio	3.29	2.96	2.83	3.05	3.25	3.33	3.93	4.36	4.47	4.55	5.01	4.38

Source: XBRL data Arista Networks Inc. files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 4-for-1, first reported Feb 15, 2022; 4-for-1, first reported Feb 19, 2025.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

ANET peers

Company	Revenue	Growth	Net income	Net margin	Market cap
ANET	$11.89B	+40.7%	$4.75B	40.0%	$235.21B
CSCOCisco Systems Inc.	$63.33B	+11.8%	$13.27B	21.0%	$388.94B
FFIVF5 Inc.	$3.31B	+9.4%	$726.51M	22.0%	$17.99B
EXTRExtreme Networks Inc.	$1.31B	+11.3%	$52.49M	4.0%	$3.36B
DGIIDigi International Inc.	$506.21M	+20.3%	$48.73M	9.6%	$2.55B
ATENA10 Networks Inc.	$327.04M	+15.0%	$47.94M	14.7%	$1.96B
ALLTAllot Ltd.	$101.99M	+10.6%	$3.71M	3.6%	$437.4M
LTRXLantronix Inc.	$120.90M	-1.6%	-$4.18M	-3.5%	$255.2M
SILCSilicom Ltd	$61.93M	+6.6%	-$11.48M	-18.5%	$173.3M

ANET FAQ

9 questions

What is ANET revenue?
Arista Networks Inc. (ANET) reported $11.89B of revenue for the twelve months ended Sep 30, 2026. That is up 40.7% from the year before. Revenue for fiscal 2025 was $9.01B.
Is ANET profitable?
Yes. Arista Networks Inc. earned $4.75B in net income for the twelve months ended Sep 30, 2026, a net margin of 40.0%.
How much cash and debt does ANET have?
Arista Networks Inc. reported $2.29B in cash and cash equivalents on its most recent balance sheet in SEC filings.
How fast is ANET revenue growing?
Arista Networks Inc.'s revenue changed +28.6% in fiscal 2025, to $9.01B. Its compound annual growth rate was +31.2% over 5 years and +26.8% over 10 years.
What is ANET gross margin?
Arista Networks Inc.'s gross profit was $7.48B on $11.89B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 62.9%.
What is ANET free cash flow?
Arista Networks Inc. generated $5.02B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $5.24B less capital expenditures.
What is ANET earnings per share?
Diluted earnings per share were $3.71 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did ANET last report financial results?
The latest statements here come from Arista Networks Inc.'s 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.
Where does this ANET financial data come from?
Quantisnow builds these statements from the structured XBRL data Arista Networks Inc. files with the SEC. It is provided for information only and is not investment advice.