Arista Networks, Inc.(ANET)Earnings, Financials & Key Ratios

ANET•NYSE

$170.22

$214.34B mkt cap·61.9× P/E·Price updated May 6, 2026

SectorTechnology IndustryComputer Hardware Sub-IndustryNetworking and Connectivity Hardware

AboutArista Networks, Inc. develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms. It also provides post contract customer support services, such as technical support, hardware repair and parts replacement beyond standard warranty, bug fix, patch, and upgrade services. The company serves a range of industries comprising internet companies, service providers, financial services organizations, government agencies, media and entertainment companies, and others. It markets and sells its products through distributors, system integrators, value-added resellers, and original equipment manufacturer partners, as well as through its direct sales force. The company was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. Arista Networks, Inc. was incorporated in 2004 and is headquartered in Santa Clara, California.Show more

Revenue$9.01B+28.6%
EBITDA$3.93B+30.7%
Net Income$3.51B+23.1%
EPS (Diluted)2.75+23.3%
Gross Margin64.06%-0.1%
EBITDA Margin43.62%+1.6%
Operating Margin42.82%+1.8%
Net Margin38.99%-4.3%
ROE31.4%-5.2%
ROIC32.79%-7.1%

Analysis→Technical→

ANET Key Insights

Arista Networks, Inc. (ANET) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.0%
✓Strong 5Y profit CAGR of 40.8%
✓FCF machine: 47.2% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.2%

✗Weaknesses

✗Expensive at 17.6x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ANET Price & Volume

Arista Networks, Inc. (ANET) stock price & volume — 10-year historical chart

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ANET Growth Metrics

Arista Networks, Inc. (ANET) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years26.81%

5 Years31.19%

3 Years27.15%

TTM30.57%

Profit CAGR

10 Years40.03%

5 Years40.8%

3 Years37.44%

TTM22.86%

EPS CAGR

10 Years39.29%

5 Years40.63%

3 Years36.98%

TTM23.73%

Return on Capital

10 Years25.5%

5 Years29.19%

3 Years31.4%

Last Year30.38%

ANET Recent Earnings

Arista Networks, Inc. (ANET) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 12/12 qtrs (100%)●Beat Revenue 11/12 qtrs (92%)

Q1 2026Latest

Feb 12, 2026

EPS

$0.82

Est $0.76

+8.2%

Revenue

$2.5B

Est $2.4B

+4.3%

Q4 2025

Nov 4, 2025

EPS

$0.75

Est $0.72

+4.5%

Revenue

$2.3B

Est $2.3B

+1.9%

Q3 2025

Aug 5, 2025

EPS

$0.73

Est $0.65

+12.5%

Revenue

$2.2B

Est $2.1B

+4.6%

Q2 2025

May 6, 2025

EPS

$0.65

Est $0.59

+10.2%

Revenue

$2.0B

Est $2.0B

+1.9%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 12, 2026	$0.82vs $0.76+8.2%	$2.5Bvs $2.4B+4.3%
Q4 2025	Nov 4, 2025	$0.75vs $0.72+4.5%	$2.3Bvs $2.3B+1.9%
Q3 2025	Aug 5, 2025	$0.73vs $0.65+12.5%	$2.2Bvs $2.1B+4.6%
Q2 2025	May 6, 2025	$0.65vs $0.59+10.2%	$2.0Bvs $2.0B+1.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
CSCOCisco Systems, Inc.Direct Competitor	373.43B	94.30	36.98	5.3%	18.76%	23.21%	3.56%	0.63
EXTRExtreme Networks, Inc.Direct Competitor	3.18B	23.71	-420.39	2.05%	1.3%	21.07%	4%	3.41
CIENCiena CorporationDirect Competitor	77.06B	544.75	640.88	18.79%	4.47%	8.26%	0.86%	0.58
NTGRNETGEAR, Inc.Direct Competitor	700.54M	25.62	-22.47	2.91%	-5.77%	-7.97%		0.10
HPEHewlett Packard Enterprise CompanyProduct Competitor	39.92B	30.04	-673.54	14.06%	-0.44%	-0.64%	1.57%	0.90
DELLDell Technologies Inc.Product Competitor	72.26B	216.39		18.8%	5.23%
FFIVF5, Inc.Product Competitor	19.21B	339.90	28.81	9.66%	21.96%	19.88%	4.72%	0.14
CALXCalix, Inc.Product Competitor	2.96B	45.82	176.23	20.26%	3.2%	4.25%	3.9%	0.03

Compare ANET vs Peers

Arista Networks, Inc. (ANET) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CSCO

Most directly comparable listed peer for ANET.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare ANET against a more recognizable public peer.

Peer Set

Compare Top 5

vs CSCO, EXTR, CIEN, NTGR

ANET Income Statement

Arista Networks, Inc. (ANET) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	1.65B	2.15B	2.41B	2.32B	2.95B	4.38B	5.86B	7B	9.01B	9.71B
Revenue Growth %	45.79%	30.69%	12.05%	-3.87%	27.21%	48.62%	33.75%	19.5%	28.6%	30.57%
Cost of Goods Sold	584.42M	777.99M	866.37M	835.63M	1.07B	1.71B	2.23B	2.51B	3.24B	3.54B
COGS % of Revenue	35.5%	36.16%	35.94%	36.06%	36.2%	38.93%	38.05%	35.87%	35.94%	-
Gross Profit	1.06B▲ 0%	1.37B▲ 29.3%	1.54B▲ 12.4%	1.48B▼ 4.0%	1.88B▲ 26.9%	2.68B▲ 42.3%	3.63B▲ 35.7%	4.49B▲ 23.7%	5.77B▲ 28.4%	6.17B▲ 0%
Gross Margin %	64.5%	63.84%	64.06%	63.94%	63.8%	61.07%	61.95%	64.13%	64.06%	63.54%
Gross Profit Growth %	46.83%	29.35%	12.45%	-4.04%	26.92%	42.27%	35.68%	23.72%	28.44%	-
Operating Expenses	591.5M	1.1B	738.56M	782.2M	956.04M	1.15B	1.37B	1.55B	1.91B	2.01B
OpEx % of Revenue	35.93%	51.13%	30.64%	33.75%	32.43%	26.22%	23.43%	22.09%	21.24%	-
Selling, General & Admin	241.9M	252.56M	275.81M	295.61M	369.29M	420.2M	518.11M	550M	675.3M	699.7M
SG&A % of Revenue	14.69%	11.74%	11.44%	12.76%	12.53%	9.59%	8.84%	7.85%	7.5%	-
Research & Development	349.59M	442.47M	462.76M	486.59M	586.75M	728.39M	854.92M	996.7M	1.24B	1.31B
R&D % of Revenue	21.24%	20.57%	19.2%	21%	19.9%	16.63%	14.59%	14.23%	13.74%	-
Other Operating Expenses	0	405M	0	0	0	0	0	0	0	0
Operating Income	470.27M▲ 0%	273.35M▼ 41.9%	805.77M▲ 194.8%	699.68M▼ 13.2%	924.74M▲ 32.2%	1.53B▲ 65.1%	2.26B▲ 47.8%	2.94B▲ 30.5%	3.86B▲ 31.0%	4.16B▲ 0%
Operating Margin %	28.57%	12.71%	33.42%	30.19%	31.37%	34.86%	38.52%	42.05%	42.82%	42.79%
Operating Income Growth %	93.2%	-41.87%	194.78%	-13.17%	32.17%	65.14%	47.81%	30.45%	30.95%	-
EBITDA	490.91M	301.02M	838.62M	734.84M	975.07M	1.59B	2.33B	3.01B	3.93B	4.21B
EBITDA Margin %	29.82%	13.99%	34.79%	31.71%	33.08%	36.29%	39.72%	42.93%	43.62%	43.4%
EBITDA Growth %	86.55%	-38.68%	178.6%	-12.38%	32.69%	63.04%	46.43%	29.16%	30.67%	31.53%
D&A (Non-Cash Add-back)	20.64M	27.67M	32.85M	35.16M	50.33M	62.7M	70.63M	62M	72.6M	58.8M
EBIT	477.54M	291.5M	805.77M	699.68M	924.74M	1.53B	2.26B	2.94B	3.86B	3B
Net Interest Income	5.31M	28.96M	51.14M	27.14M	7.21M	27.56M	152.42M	311M	383.4M	293.2M
Interest Income	8.09M	31.67M	51.14M	27.14M	7.21M	27.56M	152.42M	311M	383.4M	293.2M
Interest Expense	2.78M	2.7M	0	0	0	0	0	0	0	0
Other Income/Expense	4.49M	15.45M	56.5M	39.18M	6.14M	54.69M	164.78M	320.5M	393.6M	411M
Pretax Income	474.76M▲ 0%	288.8M▼ 39.2%	862.27M▲ 198.6%	738.86M▼ 14.3%	930.88M▲ 26.0%	1.58B▲ 69.9%	2.42B▲ 53.1%	3.27B▲ 34.8%	4.25B▲ 30.2%	4.57B▲ 0%
Pretax Margin %	28.84%	13.42%	35.77%	31.88%	31.58%	36.1%	41.33%	46.62%	47.19%	47.03%
Income Tax	51.56M	-39.31M	2.4M	104.31M	90.03M	229.35M	334.7M	413M	738.3M	845.6M
Effective Tax Rate %	10.86%	-13.61%	0.28%	14.12%	9.67%	14.5%	13.82%	12.65%	17.37%	18.52%
Net Income	423.2M▲ 0%	328.12M▼ 22.5%	859.87M▲ 162.1%	634.56M▼ 26.2%	840.85M▲ 32.5%	1.35B▲ 60.8%	2.09B▲ 54.3%	2.85B▲ 36.6%	3.51B▲ 23.1%	3.72B▲ 0%
Net Margin %	25.71%	15.25%	35.67%	27.38%	28.52%	30.87%	35.62%	40.73%	38.99%	38.32%
Net Income Growth %	129.76%	-22.47%	162.06%	-26.2%	32.51%	60.84%	54.34%	36.64%	23.12%	22.86%
Net Income (Continuing)	423.2M	328.12M	859.87M	634.56M	840.85M	1.35B	2.09B	2.85B	3.51B	3.72B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.33▲ 0%	0.25▼ 23.2%	0.66▲ 160.4%	0.50▼ 24.2%	0.66▲ 32.0%	1.07▲ 62.1%	1.65▲ 54.2%	2.23▲ 35.2%	2.75▲ 23.3%	2.92▲ 0%
EPS Growth %	106.25%	-23.18%	160.35%	-24.24%	32%	62.12%	54.21%	35.15%	23.32%	23.73%
EPS (Basic)	0.37	0.27	0.70	0.52	0.69	1.10	1.69	2.27	2.79	-
Diluted Shares Outstanding	1.26B	1.29B	1.29B	1.27B	1.28B	1.27B	1.27B	1.28B	1.28B	1.27B
Basic Shares Outstanding	1.16B	1.2B	1.22B	1.22B	1.23B	1.23B	1.24B	1.26B	1.26B	1.26B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

ANET Balance Sheet

Arista Networks, Inc. (ANET) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	2.27B	2.71B	3.47B	3.84B	4.81B	5.55B	8.4B	11.91B	16.39B	18.56B
Cash & Short-Term Investments	1.54B	1.96B	2.72B	2.87B	3.41B	3.02B	5.01B	8.3B	10.74B	12.35B
Cash Only	859.19M	649.95M	1.11B	893.22M	620.81M	671.71M	1.94B	2.76B	1.96B	2.79B
Short-Term Investments	676.36M	1.31B	1.61B	1.98B	2.79B	2.35B	3.07B	5.54B	8.78B	9.56B
Accounts Receivable	247.35M	331.78M	391.99M	389.54M	516.51M	923.1M	1.03B	1.14B	1.89B	1.92B
Days Sales Outstanding	54.84	56.29	59.35	61.35	63.95	76.9	64.43	59.44	76.48	65.07
Inventory	306.2M	264.56M	243.82M	479.67M	650.12M	1.29B	1.95B	1.83B	2.25B	2.38B
Days Inventory Outstanding	191.24	124.12	102.72	209.52	222.34	276	318.4	266.59	253.38	227.88
Other Current Assets	96.22M	95.73M	64.46M	60.56M	172.89M	0	0	632.29M	1.51B	1.9B
Total Non-Current Assets	194.43M	367.18M	713.65M	901.92M	921.75M	1.22B	1.56B	2.13B	3.06B	3.1B
Property, Plant & Equipment	74.28M	75.36M	127.04M	109.52M	143.82M	95.01M	101.58M	98.84M	203.1M	250.3M
Fixed Asset Turnover	22.16x	28.55x	18.98x	21.16x	20.50x	46.11x	57.69x	70.85x	44.34x	49.90x
Goodwill	0	53.68M	54.85M	189.7M	188.4M	265.92M	268.53M	268.53M	416.1M	416.1M
Intangible Assets	0	58.61M	45.23M	122.79M	93.56M	122.2M	88.77M	62.01M	0	0
Long-Term Investments	36.14M	30.34M	4.15M	8.31M	20.25M	39.47M	0	0	0	0
Other Non-Current Assets	18.89M	22.7M	30.35M	30.07M	33.44M	127.14M	151.9M	263.3M	668.8M	1.86B
Total Assets	2.46B▲ 0%	3.08B▲ 25.2%	4.19B▲ 35.8%	4.74B▲ 13.2%	5.73B▲ 21.0%	6.78B▲ 18.2%	9.96B▲ 47.0%	14.04B▲ 41.1%	19.45B▲ 38.5%	21.66B▲ 0%
Asset Turnover	0.67x	0.70x	0.58x	0.49x	0.51x	0.65x	0.59x	0.50x	0.46x	0.51x
Asset Growth %	42.33%	25.24%	35.8%	13.23%	21.01%	18.15%	46.95%	41.05%	38.48%	170.43%
Total Current Liabilities	529.9M	606.5M	597.07M	768.24M	1.11B	1.29B	1.92B	2.73B	5.38B	6.56B
Accounts Payable	52.2M	93.76M	92.11M	134.24M	202.64M	232.57M	435.06M	381.08M	651.7M	608.4M
Days Payables Outstanding	32.6	43.99	38.8	58.63	69.3	49.77	71.21	55.38	73.48	58.89
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	327.71M	358.59M	312.67M	396.26M	593.58M	637.43M	915.2M	1.73B	4B	15.22B
Other Current Liabilities	16.17M	30.91M	52.05M	94.39M	86.97M	248.09M	296.1M	336.43M	722.2M	1.65B
Current Ratio	4.28x	4.48x	5.81x	4.99x	4.34x	4.29x	4.38x	4.36x	3.05x	3.05x
Quick Ratio	3.70x	4.04x	5.41x	4.37x	3.75x	3.29x	3.36x	3.69x	2.63x	2.63x
Cash Conversion Cycle	213.48	136.42	123.27	212.24	216.99	303.13	311.61	270.65	256.37	234.06
Total Non-Current Liabilities	269.04M	332.09M	693.53M	650.38M	646M	596.06M	818.14M	1.32B	1.7B	1.61B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	37.67M	35.43M	83.02M	72.4M	56.53M	43.96M	0	0	0	0
Deferred Tax Liabilities	0	3.75M	254.71M	227.94M	129.07M	42K	0	0	0	0
Other Non-Current Liabilities	43.81M	64.27M	93.18M	95.48M	124.67M	148.24M	227.14M	252.76M	331.8M	2.56B
Total Liabilities	798.95M	938.59M	1.29B	1.42B	1.76B	1.89B	2.74B	4.05B	7.08B	8.17B
Total Debt	37.67M	35.43M	83.02M	72.4M	56.53M	43.96M	0	0	0	0
Net Debt	-821.52M	-614.52M	-1.03B	-820.82M	-564.29M	-627.74M	-1.94B	-2.76B	-1.96B	-2.79B
Debt / Equity	0.02x	0.02x	0.03x	0.02x	0.01x	0.01x	-	-	-	0.00x
Debt / EBITDA	0.08x	0.12x	0.10x	0.10x	0.06x	0.03x	-	-	-	0.00x
Net Debt / EBITDA	-1.67x	-2.04x	-1.23x	-1.12x	-0.58x	-0.39x	-0.83x	-0.92x	-0.50x	-0.50x
Interest Coverage	171.78x	107.92x	-	-	-	-	-	-	-	-
Total Equity	1.66B▲ 0%	2.14B▲ 29.0%	2.89B▲ 35.1%	3.32B▲ 14.7%	3.98B▲ 19.8%	4.89B▲ 22.8%	7.22B▲ 47.8%	9.99B▲ 38.5%	12.37B▲ 23.8%	13.49B▲ 0%
Equity Growth %	50.02%	28.97%	35.05%	14.7%	19.83%	22.8%	47.76%	38.45%	23.77%	115.14%
Book Value per Share	1.32	1.66	2.24	2.61	3.12	3.86	5.69	7.80	9.70	10.59
Total Shareholders' Equity	1.66B	2.14B	2.89B	3.32B	3.98B	4.89B	7.22B	9.99B	12.37B	13.49B
Common Stock	7K	8K	8K	8K	31K	31K	125K	126K	100K	100K
Retained Earnings	859.11M	1.19B	1.79B	2.03B	2.46B	3.14B	5.11B	7.54B	9.45B	10.47B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.94M	-3.99M	143K	238K	-8.3M	-33.91M	-3.33M	-13.19M	12M	-19.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

ANET Cash Flow Statement

Arista Networks, Inc. (ANET) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	631.63M	503.12M	963.03M	735.11M	1.02B	492.81M	2.03B	3.71B	4.37B	4.37B
Operating CF Margin %	38.37%	23.39%	39.95%	31.72%	34.46%	11.25%	34.71%	52.95%	48.55%	-
Operating CF Growth %	380.54%	-20.35%	91.41%	-23.67%	38.19%	-51.49%	312.74%	82.31%	17.9%	215.63%
Net Income	423.2M	328.12M	859.87M	634.56M	840.85M	1.35B	2.09B	2.85B	3.51B	3.72B
Depreciation & Amortization	20.64M	27.67M	32.85M	44.59M	50.33M	62.7M	70.63M	62.04M	72.6M	82.1M
Stock-Based Compensation	75.43M	91.2M	101.28M	137.04M	186.88M	230.93M	296.76M	355.36M	439.2M	467.1M
Deferred Taxes	8.43M	-57.9M	-75.74M	-9.14M	-99.29M	-244.38M	-370.8M	-492.87M	-312M	-309.8M
Other Non-Cash Items	1.45M	10.44M	3.98M	13.76M	43.96M	3.94M	-33.98M	-53.53M	-27.1M	616.3M
Working Capital Changes	102.48M	103.59M	40.8M	-85.69M	-6.88M	-912.82M	-15.92M	985.18M	687.8M	847.5M
Change in Receivables	5.77M	-77.92M	-60.21M	10.67M	-126.97M	-401.95M	-105.93M	-106.08M	-746.4M	-487.9M
Change in Inventory	-69.71M	51.05M	20.93M	-235.32M	-170.45M	-638.95M	-655.47M	110.61M	-412.5M	-422.8M
Change in Payables	-30.1M	39.34M	-1.94M	41.16M	66.68M	31.44M	198.61M	-51.63M	260.5M	218.2M
Cash from Investing	-392.58M	-755.11M	-284.07M	-608.8M	-925.56M	216.33M	-687.45M	-2.46B	-3.58B	-3.68B
Capital Expenditures	-15.28M	-23.83M	-15.75M	-15.38M	-64.74M	-44.64M	-34.43M	-32.03M	-119.5M	-145.6M
CapEx % of Revenue	0.93%	1.11%	0.65%	0.66%	2.2%	1.02%	0.59%	0.46%	1.33%	-
Acquisitions	0	-104.82M	26.86M	-224.02M	-19.93M	-145.09M	1.8M	0	-300M	-300M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.74M	0	0	0	1.3M	-12.69M	-3.16M	-6.63M	14.9M	19.9M
Cash from Financing	51.47M	42.85M	-217.96M	-346.34M	-360.88M	-654.6M	-83.75M	-421.81M	-1.6B	-802.1M
Debt Issued (Net)	-1.62M	-1.93M	0	0	0	0	0	0	0	0
Equity Issued (Net)	57.11M	53.66M	-208.76M	-337.62M	-344.4M	-621.88M	-50.19M	-363.44M	-1.55B	-786.4M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-266.14M	-395.17M	-411.64M	-670.29M	-112.28M	-423.62M	-1.6B	-816M
Other Financing	-4.03M	-8.88M	-9.2M	-8.72M	-16.48M	-32.73M	-33.56M	-58.37M	-50.5M	-15.7M
Net Change in Cash	291.27M▲ 0%	-210.53M▼ 172.3%	461.35M▲ 319.1%	-218.06M▼ 147.3%	-272.4M▼ 24.9%	50.93M▲ 118.7%	1.26B▲ 2380.9%	824.3M▼ 34.8%	-798.5M▼ 196.9%	944.4M▲ 0%
Free Cash Flow	616.35M▲ 0%	479.29M▼ 22.2%	947.28M▲ 97.6%	719.73M▼ 24.0%	951.12M▲ 32.1%	448.17M▼ 52.9%	2B▲ 346.2%	3.68B▲ 83.8%	4.25B▲ 15.7%	5.28B▲ 0%
FCF Margin %	37.44%	22.28%	39.29%	31.06%	32.26%	10.23%	34.12%	52.49%	47.22%	54.36%
FCF Growth %	460.21%	-22.24%	97.64%	-24.02%	32.15%	-52.88%	346.17%	83.85%	15.67%	39.44%
FCF per Share	0.49	0.37	0.73	0.57	0.74	0.35	1.58	2.87	3.33	3.33
FCF Conversion (FCF/Net Income)	1.49x	1.53x	1.12x	1.16x	1.21x	0.36x	0.97x	1.30x	1.25x	1.42x
Interest Paid	2.81M	2.69M	0	0	0	0	0	0	0	0
Taxes Paid	44.22M	17.57M	32.83M	82.6M	189.77M	427.85M	686.15M	970.64M	0	0

ANET Key Ratios

Arista Networks, Inc. (ANET) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	30.56%	17.25%	34.13%	20.42%	23.04%	30.51%	34.49%	33.14%	31.4%	30.58%
Return on Invested Capital (ROIC)	49.68%	17.31%	35.6%	24.04%	23.46%	29.86%	35.5%	35.3%	32.79%	32.79%
Gross Margin	64.5%	63.84%	64.06%	63.94%	63.8%	61.07%	61.95%	64.13%	64.06%	63.54%
Net Margin	25.71%	15.25%	35.67%	27.38%	28.52%	30.87%	35.62%	40.73%	38.99%	38.32%
Debt / Equity	0.02x	0.02x	0.03x	0.02x	0.01x	0.01x	-	-	-	0.00x
Interest Coverage	171.78x	107.92x	-	-	-	-	-	-	-	-
FCF Conversion	1.49x	1.53x	1.12x	1.16x	1.21x	0.36x	0.97x	1.30x	1.25x	1.42x
Revenue Growth	45.79%	30.69%	12.05%	-3.87%	27.21%	48.62%	33.75%	19.5%	28.6%	30.57%

ANET SEC Filings & Documents

Arista Networks, Inc. (ANET) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

Feb 12, 2026·SEC

Material company update

Nov 4, 2025·SEC

10-K Annual Reports

FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 19, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

ANET Frequently Asked Questions

Arista Networks, Inc. (ANET) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Arista Networks, Inc. (ANET) reported $9.71B in revenue for fiscal year 2025. This represents a 4920% increase from $193.4M in 2012.

Arista Networks, Inc. (ANET) grew revenue by 28.6% over the past year. This is strong growth.

Yes, Arista Networks, Inc. (ANET) is profitable, generating $3.72B in net income for fiscal year 2025 (39.0% net margin).

Dividend & Returns

Arista Networks, Inc. (ANET) has a return on equity (ROE) of 31.4%. This is excellent, indicating efficient use of shareholder capital.

Arista Networks, Inc. (ANET) generated $5.28B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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