Arista Networks, Inc. (ANET)

NYSE: ANET · Real-Time Price · USD

204.92

-1.63 (-0.79%)

At close: Sep 28, 2026, 4:00 PM EDT

207.18

+2.26 (1.10%)

Pre-market: Sep 29, 2026, 8:15 AM EDT

Arista Networks Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	10,541	9,006	7,003	5,860	4,381	2,948
Revenue Growth	32.57%	28.60%	19.50%	33.76%	48.62%	27.21%
Gross Profit	6,641	5,769	4,491	3,630	2,676	1,881
Operating Income	4,547	3,856	2,945	2,257	1,527	924.74
Net Income	4,045	3,511	2,852	2,087	1,352	840.85
Earnings Per Share	3.16	2.75	2.23	1.65	1.07	0.66
EPS Growth	23.94%	23.32%	35.15%	54.21%	62.74%	31.50%

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Product	8,924	7,577	5,884	5,029	3,716	2,378
Service	1,617	1,429	1,119	830.68	665.23	570.31
Revenue (Total)	10,541	9,006	7,003	5,860	4,381	2,948

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	13,343	10,743	8,304	5,008	3,024	3,408
Total Debt	-	90.5	-	65.52	63.84	76.83
Net Cash (Debt)	13,343	10,653	8,304	4,942	2,960	3,331
Net Cash Growth	50.87%	28.29%	68.00%	66.98%	-11.15%	19.72%
Net Cash Per Share	10.46	8.35	6.48	3.90	2.34	2.61

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	5,307	4,372	3,708	2,034	492.81	1,016
Capital Expenditures	-151.3	-119.5	-32	-34.4	-44.64	-64.74
Free Cash Flow	5,155	4,252	3,676	2,000	448.17	951.12
Free Cash Flow Growth	29.68%	15.67%	83.85%	346.17%	-52.88%	32.15%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	63.00%	64.06%	64.13%	61.95%	61.07%	63.80%
Operating Margin	43.14%	42.82%	42.05%	38.52%	34.86%	31.37%
Pretax Margin	47.34%	47.19%	46.62%	41.33%	36.10%	31.58%
Profit Margin	38.37%	38.99%	40.73%	35.62%	30.87%	28.52%
FCF Margin	48.91%	47.22%	52.49%	34.12%	10.23%	32.26%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 29, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	64.85	46.99	48.82	35.10	27.42	52.53
Forward PE	44.12	40.86	46.87	33.56	23.53	44.18
P/FCF Ratio	50.13	38.80	37.88	36.64	82.74	46.44
PS Ratio	24.52	18.32	19.88	12.50	8.46	14.98