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Arista Networks (ANET) | Financial Analysis & Statements

Arista Networks, Inc. | Large-cap | Technology

$139.18

-0.07%

Arista Networks vs Dell Technologies Arista Networks vs Seagate Technology Arista Networks vs Super Micro Arista Networks vs Western Digital Arista Networks vs HP Arista Networks vs S&P 500 | Market

TL;DR Income Statement Balance Sheet Cash Flow Key Ratios Peer Comparison

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Mar 2025

Income Metrics

Revenue 2.0B

Gross Profit 1.3B 63.65%

Operating Income 858.8M 42.84%

Net Income 813.8M 40.59%

EPS (Diluted) $0.64

Balance Sheet Metrics

Total Assets 14.5B

Total Liabilities 4.4B

Shareholders Equity 10.1B

Debt to Equity 0.43

Cash Flow Metrics

Operating Cash Flow 641.7M

Free Cash Flow 613.3M

Revenue & Profitability Trend

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Available Financial Data:

Income statements (annual and quarterly)
Balance sheets with asset and liability details
Cash flow statements and free cash flow analysis
Key financial ratios and performance metrics
Peer comparison and industry benchmarking

All financial data is displayed in accessible table format below. Use the table headers and structure to analyze trends and compare metrics across different periods.

Arista Networks Income Statement From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Revenue i	7.0B	5.9B	4.4B	2.9B	2.3B
Cost of Goods Sold i	2.5B	2.2B	1.7B	1.1B	835.6M
Gross Profit i	4.5B	3.6B	2.7B	1.9B	1.5B
Gross Margin % i	64.1%	61.9%	61.1%	63.8%	63.9%
Operating Expenses
Research & Development i	996.7M	854.9M	728.4M	586.8M	486.6M
Selling, General & Administrative i	550.0M	518.1M	420.2M	369.3M	295.6M
Other Operating Expenses i	-	-	-	-	-
Total Operating Expenses i	1.5B	1.4B	1.1B	956.0M	782.2M
Operating Income i	2.9B	2.3B	1.5B	924.7M	699.7M
Operating Margin % i	42.0%	38.5%	34.9%	31.4%	30.2%
Non-Operating Items
Interest Income i	311.0M	152.4M	27.6M	7.2M	27.1M
Interest Expense i	-	-	-	-	0
Other Non-Operating Income	9.4M	12.4M	27.1M	6.1M	12.0M
Pre-tax Income i	3.3B	2.4B	1.6B	930.9M	738.9M
Income Tax i	413.0M	334.7M	229.4M	90.0M	104.3M
Effective Tax Rate % i	12.6%	13.8%	14.5%	9.7%	14.1%
Net Income i	2.9B	2.1B	1.4B	840.9M	634.6M
Net Margin % i	40.7%	35.6%	30.9%	28.5%	27.4%
Key Metrics
EBITDA i	3.0B	2.3B	1.6B	975.1M	730.7M
EPS (Basic) i	$2.27	$1.69	$4.41	$2.74	$2.09
EPS (Diluted) i	$2.23	$1.65	$4.27	$2.63	$2.00
Basic Shares Outstanding i	1256303000	1237416000	306473000	306512000	303936000
Diluted Shares Outstanding i	1256303000	1237416000	306473000	306512000	303936000

Income Statement Trend

Arista Networks Balance Sheet From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Assets
Current Assets
Cash & Equivalents i	2.8B	1.9B	671.7M	620.8M	893.2M
Short-term Investments i	5.5B	3.1B	2.4B	2.8B	2.0B
Accounts Receivable i	1.1B	1.0B	923.1M	516.5M	389.5M
Inventory i	1.8B	1.9B	1.3B	650.1M	479.7M
Other Current Assets	632.3M	-	124.4M	172.9M	60.6M
Total Current Assets i	11.9B	8.4B	5.6B	4.8B	3.8B
Non-Current Assets
Property, Plant & Equipment i	0	0	175.8M	65.2M	77.3M
Goodwill i	599.1M	625.8M	654.1M	470.3M	502.2M
Intangible Assets i	62.0M	88.8M	122.2M	93.6M	122.8M
Long-term Investments	-	-	-	-	-
Other Non-Current Assets	1.7B	1.1B	741.5M	475.7M	471.6M
Total Non-Current Assets i	2.1B	1.6B	1.2B	921.8M	901.9M
Total Assets i	14.0B	9.9B	6.8B	5.7B	4.7B
Liabilities
Current Liabilities
Accounts Payable i	381.1M	435.1M	232.6M	202.6M	134.2M
Short-term Debt i	-	-	-	-	-
Current Portion of Long-term Debt	-	-	-	-	-
Other Current Liabilities	188.6M	152.0M	131.0M	87.0M	94.4M
Total Current Liabilities i	2.7B	1.9B	1.3B	1.1B	768.2M
Non-Current Liabilities
Long-term Debt i	-	-	44.0M	56.5M	72.4M
Deferred Tax Liabilities i	-	-	42.0K	129.1M	227.9M
Other Non-Current Liabilities	252.8M	131.4M	102.4M	54.7M	42.4M
Total Non-Current Liabilities i	1.3B	818.1M	596.1M	646.0M	650.4M
Total Liabilities i	4.0B	2.7B	1.9B	1.8B	1.4B
Equity
Common Stock i	126.0K	31.0K	31.0K	31.0K	30.0K
Retained Earnings i	7.5B	5.1B	3.1B	2.5B	2.0B
Treasury Stock i	-	-	-	-	-
Other Equity	-	-	-	-	-
Total Shareholders Equity i	10.0B	7.2B	4.9B	4.0B	3.3B
Key Metrics
Total Debt i	0	0	44.0M	56.5M	72.4M
Working Capital i	9.2B	6.5B	4.3B	3.7B	3.1B

Balance Sheet Composition

Arista Networks Cash Flow Statement From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Operating Activities
Net Income i	2.9B	2.1B	1.4B	840.9M	634.6M
Depreciation & Amortization i	62.0M	70.6M	62.7M	50.3M	35.2M
Stock-Based Compensation i	355.4M	296.8M	230.9M	186.9M	137.0M
Working Capital Changes i	985.2M	-15.9M	-912.8M	-6.9M	-111.1M
Operating Cash Flow i	3.8B	2.1B	507.5M	989.0M	703.5M
Investing Activities
Capital Expenditures i	-32.0M	-34.4M	-44.6M	-64.7M	-15.4M
Acquisitions i	0	1.8M	-145.1M	1.3M	-224.0M
Investment Purchases i	-4.5B	-2.6B	-1.4B	-2.3B	-2.7B
Investment Sales i	2.1B	2.0B	1.8B	1.5B	2.3B
Investing Cash Flow i	-2.5B	-687.5M	216.3M	-924.3M	-608.8M
Financing Activities
Share Repurchases i	-423.6M	-112.3M	-670.3M	-411.6M	-395.2M
Dividends Paid i	-	-	-	-	-
Debt Issuance i	-	-	-	-	-
Debt Repayment i	-	-	-	-	0
Financing Cash Flow i	-482.0M	-145.8M	-703.0M	-428.1M	-403.9M
Free Cash Flow i	3.7B	2.0B	448.2M	951.1M	719.7M
Net Change in Cash i	829.4M	1.3B	20.8M	-363.4M	-309.2M

Cash Flow Trend

Arista Networks Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 54.58

Forward P/E 14.30

Price to Book 16.10

Price to Sales 22.00

PEG Ratio 14.30

Profitability Ratios

Profit Margin 40.90%

Operating Margin 44.73%

Return on Equity 33.64%

Return on Assets 15.23%

Financial Health

Current Ratio 3.33

Debt to Equity 0.00

Beta 1.37

Per Share Data

EPS (TTM) $2.55

Book Value per Share $8.64

Revenue per Share $6.32

Peer Financial Comparison

Company	Market Cap	P/E Ratio	P/B Ratio	ROE	Profit Margin	Debt/Equity
anet	174.9B	54.58	16.10	33.64%	40.90%	0.00
Dell Technologies	93.1B	21.54	-31.49	-331.07%	4.72%	-9.80
Seagate Technology	32.0B	22.22	-70.41	-324.28%	16.15%	-11.86
Super Micro	26.6B	26.55	4.23	17.90%	4.77%	75.50
Western Digital	26.2B	16.85	4.91	19.81%	19.84%	1.36
HP	24.5B	10.04	-19.44	-209.75%	4.64%	-9.34

Financial data is updated regularly. All figures are in the company's reporting currency.