Overview
Arista Networks, Inc.
Latest 10-K: FY2025, filed Feb 17, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $9.01B
- 28.6%YoYup from FY2024
- TotalRevenue
- Gross profit
- $5.77B
- 28.4%YoYup from FY2024
- GrossProfit
- Operating income
- $3.86B
- 31.0%YoYup from FY2024
- OperatingIncome
- Net income
- $3.51B
- 23.1%YoYup from FY2024
- NetIncome
- Diluted EPS
- $2.75
- 23.3%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 1.28B
- 0.4%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Arista Networks, Inc. reported revenue of $9.01B for fiscal 2025, up 28.6% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 5 of the last 5 fiscal years.
Profitability
- Operating margin was 42.8% and net margin was 39.0%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $2.75, up 23.3% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.01B28.6%up Benchmark median 6.4% | $7.00B19.5%up Benchmark median 4.5% | $5.86B33.8%up Benchmark median 4.8% | $4.38B48.6%up Benchmark median 10.3% | $2.95B27.2%up Benchmark median 13.8% | 32.2% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $5.77B28.4%up Benchmark median 6.8% | $4.49B23.7%up Benchmark median 5.5% | $3.63B35.7%up Benchmark median 5.2% | $2.68B42.3%up Benchmark median 8.3% | $1.88B26.9%up Benchmark median 15.7% | 32.3% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $3.86B31.0%up Benchmark median 7.3% | $2.94B30.4%up Benchmark median 7.4% | $2.26B47.8%up Benchmark median 4.9% | $1.53B65.1%up Benchmark median 7.5% | $0.92B32.2%up Benchmark median 23.5% | 42.9% Benchmark median 7.2% |
| Net Income | $3.51B23.1%up Benchmark median 4.8% | $2.85B36.6%up Benchmark median 5.7% | $2.09B54.3%up Benchmark median 1.9% | $1.35B60.8%up Benchmark median 1.3% | $0.84B32.5%up Benchmark median 33.9% | 43.0% Benchmark median 4.1% |
| EPS (Diluted) | $2.7523.3%up Benchmark median 6.2% | $2.2335.2%up Benchmark median 7.9% | $1.6554.2%up Benchmark median 1.9% | $1.07‡n/m Benchmark median 1.5% | $2.6331.5%up Benchmark median 34.8% | n/m Benchmark median 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $19.45B38.5%up Benchmark median 5.6% | $14.04B41.1%up Benchmark median 3.4% | $9.96B47.0%up Benchmark median 4.1% | $6.78B18.2%up Benchmark median 2.2% | $5.73B21.0%up Benchmark median 6.7% | 35.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $7.08B74.8%up Benchmark median 6.4% | $4.05B47.9%up Benchmark median 1.9% | $2.74B44.9%up Benchmark median 2.9% | $1.89B7.6%up Benchmark median 2.0% | $1.76B23.8%up Benchmark median 5.2% | 41.7% Benchmark median 4.4% |
| Stockholders' Equity | $12.37B23.8%up Benchmark median 6.8% | $9.99B38.5%up Benchmark median 5.4% | $7.22B47.8%up Benchmark median 7.3% | $4.89B22.8%up Benchmark median 2.5% | $3.98B19.8%up Benchmark median 9.0% | 32.8% Benchmark median 6.1% |
| Cash & Equivalents | $1.96B28.9%down Benchmark median 5.2% | $2.76B42.5%up Benchmark median 1.9% | $1.94B188.6%up Benchmark median 6.7% | $0.67B8.2%up Benchmark median -8.6% | $0.62B30.5%down Benchmark median -2.9% | 33.4% Benchmark median 2.0% |
| Total Debt | — | — | — | — | — | — Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.37B17.9%up Benchmark median 6.3% | $3.71B82.3%up Benchmark median 4.8% | $2.03B312.7%up Benchmark median 9.9% | $0.49B51.5%down Benchmark median -0.7% | $1.02B38.2%up Benchmark median 10.7% | 44.0% Benchmark median 7.0% |
| Capital Expenditures | $119.50M273.4%up Benchmark median 5.4% | $32.00M7.0%down Benchmark median 2.8% | $34.40M22.9%down Benchmark median 11.3% | $44.64M31.0%down Benchmark median 14.0% | $64.74M320.8%up Benchmark median 8.1% | 16.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $4.25B15.7%up Benchmark median 7.3% | $3.68B83.8%up Benchmark median 6.1% | $2.00B346.2%up Benchmark median 8.8% | $0.45B52.9%down Benchmark median -11.3% | $0.95B32.1%up Benchmark median 10.2% | 45.4% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.1%
Wall Street
on net earnings
FY2024 2.0%
2.5%
Value investor
on free cash flow
FY2024 2.6%
Gap +0.4 pts: Value-investor figure 0.4 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 47.6×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
7.4%
Wall Street
on book equity
FY2024 7.1%
7.2%
Value investor
on tangible book
FY2024 6.9%
Gap −0.2 pts: Value-investor figure 0.2 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 13.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
31.4%
Wall Street
ROE: net income ÷ equity
FY2024 33.1%
96.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 85.2%
Gap +64.7 pts: Value-investor figure 64.7 points higher
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
43.6%
Wall Street
EBITDA margin
FY2024 42.9%
47.2%
Value investor
Free-cash-flow margin
FY2024 52.5%
Gap +3.6 pts: Value-investor figure 3.6 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
3.05×
Wall Street
Current ratio
FY2024 4.36×
2.63×
Value investor
Quick ratio, inventory excluded
FY2024 3.69×
Gap −0.42×: Value-investor figure 0.42 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on ANET yet.
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Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/ANET
Valuein. (2026, October 31). Arista Networks, Inc. (ANET) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/ANET
@misc{valuein_anet_2026,
author = {{Valuein}},
title = {Arista Networks, Inc. (ANET) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/ANET}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 17, 2026 · accession 0001596532-26-000013
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