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Technology · Networking Equipment · NYSE

ANETArista Networks

ANET quote by TradingView
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FY2025 at a glance

Sales up 28.6%, free cash flow up to $4.3B

XBRL, from each 10-K
RevenueStatements ↓
$9.0B
from $7.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$3.5B
from $2.9B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$4.3B
from $3.7B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$2.75
from $2.23 in FY2024
FY2016FY2025
Operating marginStatements ↓
42.8%
from 42.0% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.73Sales (ttm)11.9BNet income (ttm)4.8BSales growth+28.6%EPS growth+23.3%Sales Q/Q+58.5%
Free cash flow5.0BGross margin62.9%Oper. margin43.8%Net margin40.0%FCF margin42.2%ROE28.9%
ROA18.8%R&D / sales13.7%Dividend-Debt/Eq-Curr. ratio3.29Cash2.3B
Op. cash flow (ttm)5.2BEBITDA3.9BEBITDA margin43.6%Quick ratio2.96ROIC19.4%Tax rate17.4%
Stock pay / sales4.9%Shares out.1.3BShares Y/Y-0.4%Book / share13.02Cash / share1.81Sales / share9.41
Asset turnover0.47Inventory turns1.44Days sales out.76Sales 3Y CAGR+27.1%Sales 5Y CAGR+31.2%EPS 3Y CAGR+37.0%
EPS 5Y CAGR+40.6%Employees5,115Sales / employee2.3M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +28.6%+19.5% → +28.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

ANET against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
ANETPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+28.6%12th of 75 · median +14.1%
Net margin
40.0%10th of 75 · median 19.1%
Return on equity
28.9%27th of 69 · median 23.9%
Free cash flow margin
42.2%7th of 71 · median 22.3%
ANET and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ANET Arista Networks$11.9B +28.6%62.9%40.0%28.9%42.2%-
STX Seagate Technology$13.8B +34.1%50.4%31.9%127.3%30.1%0.68
NXPI NXP Semiconductors$13.8B -2.7%56.4%23.4%26.7%25.4%1.07
MSI Motorola Solutions$12.6B +8.0%52.2%16.5%67.9%20.1%3.29
PANW Palo Alto Networks$11.5B +24.5%70.4%2.7%1.1%35.8%-
WDAY Workday, Inc.$10.2B +13.1%-12.3%19.4%28.0%0.46
Where each dollar goes

From $2.9B of sales to $840.9M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.1BGross profit to Operating profit: $924.7MGross profit to Operating expenses: $956.0MOperating profit to Net profit: $840.9MOperating profit to Tax & other: $83.9MOperating expenses to R&D: $586.8MOperating expenses to Sales, admin & other: $369.3M Revenue: $2.9B Revenue$2.9B +27% Y/Y Gross profit: $1.9B · 64% margin Gross profit$1.9B64% margin +27% Y/Y Cost of revenue: $1.1B · 36% of revenue Cost of revenue$1.1B36% of revenue Operating profit: $924.7M · 31% margin Operating profit$924.7M31% margin +32% Y/Y Operating expenses: $956.0M · 32% of revenue Operating expenses$956.0M32% of revenue Net profit: $840.9M · 29% margin Net profit$840.9M29% margin +33% Y/Y Tax & other: $83.9M · 3% of revenue Tax & other$83.9M3% of revenue R&D: $586.8M · 20% of revenue R&D$586.8M20% of revenue Sales, admin & other: $369.3M · 13% of revenue Sales, admin & other$369.3M13% of revenue

Swipe sideways for the whole flow →

From $4.4B of sales to $1.4B of profit

FY2022, from the 10-K income statement and revenue by product
Product to Revenue: $3.7BService to Revenue: $665.2MRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $1.3BOperating profit to Tax: $229.3MOther income to Net profit: $54.7MOperating expenses to R&D: $728.4MOperating expenses to Sales, admin & other: $420.2M Product: $3.7B · 85% Product$3.7B85% Service: $665.2M · 15% Service$665.2M15% Revenue: $4.4B Revenue$4.4B +49% Y/Y Gross profit: $2.7B · 61% margin Gross profit$2.7B61% margin +42% Y/Y Cost of revenue: $1.7B · 39% of revenue Cost of revenue$1.7B39% of revenue Operating profit: $1.5B · 35% margin Operating profit$1.5B35% margin +65% Y/Y Other income: $54.7M · 1% of revenue Other income$54.7M1% of revenue Operating expenses: $1.1B · 26% of revenue Operating expenses$1.1B26% of revenue Net profit: $1.4B · 31% margin Net profit$1.4B31% margin +61% Y/Y Tax: $229.3M · 5% of revenue Tax$229.3M5% of revenue R&D: $728.4M · 17% of revenue R&D$728.4M17% of revenue Sales, admin & other: $420.2M · 10% of revenue Sales, admin & other$420.2M10% of revenue

Swipe sideways for the whole flow →

From $5.9B of sales to $2.1B of profit

FY2023, from the 10-K income statement and revenue by product
Product to Revenue: $5.0BService to Revenue: $830.7MRevenue to Gross profit: $3.6BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $1.9BOperating profit to Tax: $334.7MOther income to Net profit: $164.7MOperating expenses to R&D: $854.9MOperating expenses to Sales, admin & other: $518.1M Product: $5.0B · 86% Product$5.0B86% Service: $830.7M · 14% Service$830.7M14% Revenue: $5.9B Revenue$5.9B +34% Y/Y Gross profit: $3.6B · 62% margin Gross profit$3.6B62% margin +36% Y/Y Cost of revenue: $2.2B · 38% of revenue Cost of revenue$2.2B38% of revenue Operating profit: $2.3B · 39% margin Operating profit$2.3B39% margin +48% Y/Y Other income: $164.7M · 3% of revenue Other income$164.7M3% of revenue Operating expenses: $1.4B · 23% of revenue Operating expenses$1.4B23% of revenue Net profit: $2.1B · 36% margin Net profit$2.1B36% margin +54% Y/Y Tax: $334.7M · 6% of revenue Tax$334.7M6% of revenue R&D: $854.9M · 15% of revenue R&D$854.9M15% of revenue Sales, admin & other: $518.1M · 9% of revenue Sales, admin & other$518.1M9% of revenue

Swipe sideways for the whole flow →

From $7.0B of sales to $2.9B of profit

FY2024, from the 10-K income statement and revenue by product
Product to Revenue: $5.9BService to Revenue: $1.1BRevenue to Gross profit: $4.5BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $2.9BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $2.5BOperating profit to Tax: $413.0MOther income to Net profit: $320.5MOperating expenses to R&D: $996.7MOperating expenses to Sales, admin & other: $550.0M Product: $5.9B · 84% Product$5.9B84% Service: $1.1B · 16% Service$1.1B16% Revenue: $7.0B Revenue$7.0B +20% Y/Y Gross profit: $4.5B · 64% margin Gross profit$4.5B64% margin +24% Y/Y Cost of revenue: $2.5B · 36% of revenue Cost of revenue$2.5B36% of revenue Operating profit: $2.9B · 42% margin Operating profit$2.9B42% margin +30% Y/Y Other income: $320.5M · 5% of revenue Other income$320.5M5% of revenue Operating expenses: $1.5B · 22% of revenue Operating expenses$1.5B22% of revenue Net profit: $2.9B · 41% margin Net profit$2.9B41% margin +37% Y/Y Tax: $413.0M · 6% of revenue Tax$413.0M6% of revenue R&D: $996.7M · 14% of revenue R&D$996.7M14% of revenue Sales, admin & other: $550.0M · 8% of revenue Sales, admin & other$550.0M8% of revenue

Swipe sideways for the whole flow →

From $9.0B of sales to $3.5B of profit

FY2025, from the 10-K income statement and revenue by product
Product to Revenue: $7.6BService to Revenue: $1.4BRevenue to Gross profit: $5.8BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $3.9BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $3.1BOperating profit to Tax: $738.3MOther income to Net profit: $393.6MOperating expenses to R&D: $1.2BOperating expenses to Sales, admin & other: $675.3M Product: $7.6B · 84% Product$7.6B84% Service: $1.4B · 16% Service$1.4B16% Revenue: $9.0B Revenue$9.0B +29% Y/Y Gross profit: $5.8B · 64% margin Gross profit$5.8B64% margin +28% Y/Y Cost of revenue: $3.2B · 36% of revenue Cost of revenue$3.2B36% of revenue Operating profit: $3.9B · 43% margin Operating profit$3.9B43% margin +31% Y/Y Other income: $393.6M · 4% of revenue Other income$393.6M4% of revenue Operating expenses: $1.9B · 21% of revenue Operating expenses$1.9B21% of revenue Net profit: $3.5B · 39% margin Net profit$3.5B39% margin +23% Y/Y Tax: $738.3M · 8% of revenue Tax$738.3M8% of revenue R&D: $1.2B · 14% of revenue R&D$1.2B14% of revenue Sales, admin & other: $675.3M · 7% of revenue Sales, admin & other$675.3M7% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median40.0% vs 19.1%
  • ✓
    Gross margin up over 5 years63.9% → 64.1%
  • ✓
    Return on equity above 15%28.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 16.3% → 39.0%

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$4.3B last year
  • !
    Share count up over 5 years+0.3%
  • ✓
    Cash from operations above net income$4.4B vs $3.5B
Free cash flow, FY2016 to FY2025: 152.9M → 4.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 9.0B Net income 3.5B
FY2016 revenue 1.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-19-000027 FY2016 net income 184.2M · NetIncomeLoss, 0001596532-19-000027 1.1B FY2016 FY2017 revenue 1.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-20-000024 FY2017 net income 423.2M · NetIncomeLoss, 0001596532-20-000024 1.6B FY2017 FY2018 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-21-000049 FY2018 net income 328.1M · NetIncomeLoss, 0001596532-21-000049 2.2B FY2018 FY2019 revenue 2.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-22-000026 FY2019 net income 859.9M · NetIncomeLoss, 0001596532-22-000026 2.4B FY2019 FY2020 revenue 2.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-23-000016 FY2020 net income 634.6M · NetIncomeLoss, 0001596532-23-000016 2.3B FY2020 FY2021 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-24-000043 FY2021 net income 840.9M · NetIncomeLoss, 0001596532-24-000043 2.9B FY2021 FY2022 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-25-000028 FY2022 net income 1.4B · NetIncomeLoss, 0001596532-25-000028 4.4B FY2022 FY2023 revenue 5.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-26-000013 FY2023 net income 2.1B · NetIncomeLoss, 0001596532-26-000013 5.9B FY2023 FY2024 revenue 7.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-26-000013 FY2024 net income 2.9B · NetIncomeLoss, 0001596532-26-000013 7.0B FY2024 FY2025 revenue 9.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001596532-26-000013 FY2025 net income 3.5B · NetIncomeLoss, 0001596532-26-000013 9.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ANET's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.0B
FY2016: 1.1BFY2017: 1.6BFY2018: 2.2BFY2019: 2.4BFY2020: 2.3BFY2021: 2.9BFY2022: 4.4BFY2023: 5.9BFY2024: 7.0BFY2025: 9.0B FY2017FY2019FY2021FY2023FY2025
Net income3.5B
FY2016: 184.2MFY2017: 423.2MFY2018: 328.1MFY2019: 859.9MFY2020: 634.6MFY2021: 840.9MFY2022: 1.4BFY2023: 2.1BFY2024: 2.9BFY2025: 3.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow4.3B
FY2016: 152.9MFY2017: 616.3MFY2018: 479.3MFY2019: 947.3MFY2020: 719.7MFY2021: 951.1MFY2022: 448.2MFY2023: 2.0BFY2024: 3.7BFY2025: 4.3B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.75
FY2016: 0.16FY2017: 0.33FY2018: 0.25FY2019: 0.67FY2020: 0.50FY2021: 0.66FY2022: 1.07FY2023: 1.65FY2024: 2.23FY2025: 2.75 FY2017FY2019FY2021FY2023FY2025
Diluted shares1.3B
FY2016: 1.2BFY2017: 1.3BFY2018: 1.3BFY2019: 1.3BFY2020: 1.3BFY2021: 1.3BFY2022: 1.3BFY2023: 1.3BFY2024: 1.3BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product 7.6B84.1% +28.8%
Service 1.4B15.9% +27.7%

10-K 0001596532-26-000013, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Americas 7.1B79.1% +24.3%
United States 7.1B78.4% +24.7%
Europe, Middle East and Africa 1.1B11.9% +50.1%
Asia Pacific 813.3M9.0% +45.0%

10-K 0001596532-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.1B1.6B2.2B2.4B2.3B2.9B4.4B5.9B7.0B9.0B
Cost of revenue406.1M584.4M778.0M866.4M835.6M1.1B1.7B2.2B2.5B3.2B
Gross profit723.1M1.1B1.4B1.5B1.5B1.9B2.7B3.6B4.5B5.8B
R&D273.6M349.6M442.5M462.8M486.6M586.8M728.4M854.9M996.7M1.2B
SG&A75.2M86.8M65.4M61.9M66.2M83.1M93.2M119.1M122.7M141.9M
Operating income243.4M470.3M273.3M805.8M699.7M924.7M1.5B2.3B2.9B3.9B
Interest expense3.1M2.8M2.7M-------
Pretax income242.2M474.8M288.8M862.3M738.9M930.9M1.6B2.4B3.3B4.2B
Income tax58.0M51.6M-39.3M2.4M104.3M90.0M229.3M334.7M413.0M738.3M
Net income184.2M423.2M328.1M859.9M634.6M840.9M1.4B2.1B2.9B3.5B
EPS (diluted)0.160.330.250.670.500.661.071.652.232.75
Diluted shares1.2B1.3B1.3B1.3B1.3B1.3B1.3B1.3B1.3B1.3B
Depreciation & amortization19.7M20.6M27.7M32.8M35.2M50.3M62.7M70.6M62.0M72.6M
EBITDA263.2M490.9M301.0M838.6M734.8M975.1M1.6B2.3B3.0B3.9B
Gross margin64.0%64.5%63.8%64.1%63.9%63.8%61.1%61.9%64.1%64.1%
Operating margin21.6%28.6%12.7%33.4%30.2%31.4%34.9%38.5%42.0%42.8%
Net margin16.3%25.7%15.3%35.7%27.4%28.5%30.9%35.6%40.7%39.0%
Revenue growth-+45.8%+30.7%+12.1%-3.9%+27.2%+48.6%+33.8%+19.5%+28.6%
EPS growth-+114%-24.1%+162%-24.8%+31.5%+62.7%+54.2%+35.2%+23.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash567.9M859.2M650.0M1.1B893.2M620.8M671.7M1.9B2.8B2.0B
Short-term investments299.9M676.4M1.3B1.6B2.0B2.8B2.4B3.1B5.5B8.8B
Receivables253.1M247.3M331.8M392.0M389.5M516.5M923.1M1.0B1.1B1.9B
Inventory236.5M306.2M264.6M243.8M479.7M650.1M1.3B1.9B1.8B2.2B
Current assets1.5B2.3B2.7B3.5B3.8B4.8B5.6B8.4B11.9B16.4B
Property & equipment77.0M74.3M75.4M39.3M32.2M78.6M95.0M101.6M98.8M203.1M
Goodwill-053.7M54.9M189.7M188.4M265.9M268.5M268.5M416.1M
Total assets1.7B2.5B3.1B4.2B4.7B5.7B6.8B10.0B14.0B19.4B
Accounts payable79.5M52.2M93.8M92.1M134.2M202.6M232.6M435.1M381.1M651.7M
Current liabilities459.6M529.9M606.5M597.1M768.2M1.1B1.3B1.9B2.7B5.4B
Total liabilities621.2M798.9M938.6M1.3B1.4B1.8B1.9B2.7B4.0B7.1B
Shareholders' equity1.1B1.7B2.1B2.9B3.3B4.0B4.9B7.2B10.0B12.4B
Retained earnings435.1M859.1M1.2B1.8B2.0B2.5B3.1B5.1B7.5B9.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow174.3M631.6M503.1M963.0M735.1M1.0B492.8M2.0B3.7B4.4B
Capital spending21.4M15.3M23.8M15.8M15.4M64.7M44.6M34.4M32.0M119.5M
Free cash flow152.9M616.3M479.3M947.3M719.7M951.1M448.2M2.0B3.7B4.3B
Stock-based pay (added back)59.0M75.4M91.2M101.3M137.0M186.9M230.9M296.8M355.4M439.2M
Buybacks-00266.1M395.2M411.6M670.3M112.3M423.6M1.6B
Acquisitions0096.8M1.4M227.4M-1.3M145.1M-1.8M0300.0M
Investing cash flow-325.8M-391.3M-755.1M-284.1M-608.8M-925.6M216.3M-687.5M-2.5B-3.6B
Financing cash flow32.7M51.5M42.9M-218.0M-346.3M-360.9M-654.6M-83.8M-421.8M-1.6B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)59.0M75.4M91.2M101.3M137.0M186.9M230.9M296.8M355.4M439.2M
Stock-based pay / revenue5.2%4.6%4.2%4.2%5.9%6.3%5.3%5.1%5.1%4.9%
Operating lease cost---22.5M23.4M23.2M24.1M23.5M--
Operating lease cash paid---18.6M20.2M22.3M23.9M22.7M--
Right-of-use assets--087.8M77.3M65.2M53.4M55.9M52.0M-
Operating lease liabilities---99.1M90.2M76.8M63.8M65.5M59.6M-
Finance lease liabilities-39.6M37.7M-------

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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