Arista Networks, Inc. (ANET) financials
NYSE · Technology · Computer Hardware · 5,115 employees · CEO Jayshree V. Ullal
- Price
- $168.86 -8.34%
- Market cap
- $213B
- Enterprise value
- $211B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-03 EPS est. $1.08
Revenue (TTM)$10.5B+32.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)43.1%0.0 pp vs a year agoOperating income $4.55B
Net income (TTM)$4.04B+24.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.16B+29.7% vs a year agoCapex $151M
Diluted EPS (TTM)$3.17+24.8% vs a year agoSum of the last 4 quarters
Net cash$13.3B+50.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $213B EV $211B
- Revenue
- $10.5B Trailing 12 months
- Revenue growth
- +41% FY2026 consensus
- Profit margin
- 38.4% Net income / revenue, TTM
- P/E
- 52.6× Forward 41.0× (FY2026)
- P/S
- 20.2× Price / sales, TTM
- EV / EBITDA
- 41.4× TTM
- Free cash flow
- $5.16B Trailing 12 months
- Net income
- $4.04B Trailing 12 months
- Revenue estimate
- $12.7B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $3.33B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 7.3%, EPS beat by 15.1%Revenue $3.04B vs $2.83B expected (+7.3%); EPS $1.02 vs $0.89 (+15.1%).
- Revenue growth accelerating: 37.7% year on yearQ2 '26 revenue $3.04B, against an average of 30.5% over the four quarters before.
- Operating margin 43.1% (TTM), 0.0 pp on a year agoOperating income grew 32.6% while revenue grew 32.6%.
- Capex 1.4% of revenue (a year ago 0.9%)$151M invested in the last 4 quarters (+110.6% on a year earlier). Free cash flow $5.16B = 127.5% of net income.
- Returned $620M to shareholders = 12.0% of free cash flowBuybacks $620M (a year earlier $1.17B), dividends $0, stock-based pay $502M (TTM).
- Diluted share count up 0.3% in a year1.27B diluted shares in Q2 '26, 1.27B a year earlier.
- Net cash $13.3BCash + short-term investments $13.3B, debt incl. leases $0; a year ago net cash $8.84B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.04B | $2.2B | +37.7% |
| Gross margin | 62.9% | 65.2% | -2.3 pp |
| Operating income | $1.38B | $986M | +39.7% |
| Operating margin | 45.4% | 44.7% | +0.7 pp |
| Net income | $1.21B | $889M | +36.5% |
| Diluted EPS | $0.95 | $0.70 | +35.7% |
| Operating cash flow | $1.08B | $1.2B | -9.8% |
| Capex | $29.7M | $24M | +23.8% |
| Free cash flow | $1.05B | $1.18B | -10.4% |
| R&D | $348M | $297M | +17.4% |
| Stock-based compensation | $120M | $85.2M | +41.3% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.04B | $2.83B | +7.3% |
| EPS (as estimated) | $1.02 | $0.89 | +15.1% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $2.61B | +38.8% | 85.8% | $8.92B | +33.2% | |
| Service | $431M | +31.3% | 14.2% | $1.62B | +29.4% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $2.34B | +35.6% | 77.0% | $8.43B | +31.2% | |
| EMEA | $438M | +55.6% | 14.4% | $1.29B | +51.6% | |
| Asia Pacific | $260M | +30.4% | 8.6% | $826M | +21.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.31B
- Capex
- -$151M
- Buybacks
- -$620M
- Dividends
- $0
- Acquisitions
- -$300M
- Net debt issued
- $0
- Stock-based compensation
- $502M
- Free cash flow
- $5.16B
- Returned to shareholders / FCF
- 12.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 52.6× | 42.0× | 27.6× – 52.1× |
| EV / EBITDA | 41.4× | 34.7× | 22.2× – 44.3× |
| EV / Sales | 20.0× | 14.5× | 8.3× – 19.4× |
| Price / FCF | 41.3× | 48.5× | 36.4× – 83.0× |
| Price / Book | 14.4× | 11.2× | 7.6× – 13.9× |
| FCF yield | 2.4% | 2.3% | 1.2% – 2.7% |
| Return on invested capital | 21.8% | 22.3% | 18.1% – 24.2% |
| Return on equity | 30.8% | 26.9% | 21.1% – 28.9% |
Analysts
Consensus target $226.64 (+34.2%)
range $164.00 – $289.00 · rating Buy
Strong buy0
Buy41
Hold12
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $12.7B | +40.8% | $4.11 | +49.6% | 41.0× | 18 |
| FY2027 | $16.5B | +30.4% | $5.25 | +27.6% | 32.2× | 18 |
| FY2028 | $20.6B | +24.3% | $6.60 | +25.8% | 25.6× | 12 |
| FY2029 | $25.5B | +23.9% | $8.02 | +21.5% | 21.1× | 9 |
| FY2030 | $33.4B | +30.9% | $10.17 | +26.7% | 16.6× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 214 figures Arista Networks, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $693M | $544M | +27.4% | $652M | $381M | +71.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.27B | $1.62B | +39.6% | $1.89B | $1.14B | +65.4% |
| Accrued Liabilities, Current | $487M | $381M | +27.8% | $475M | $435M | +9.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $265M | $233M | +13.4% | $249M | $219M | +13.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$40.5M | $3.8M | -1,165.8% | $12M | -$13.2M | +190.9% |
| Additional Paid in Capital | $3.16B | $2.64B | +19.7% | $2.91B | $2.47B | +18.1% |
| Amortization of Intangible Assets | -$145M2025-12-31 | $6.73M | -2,248.6% | $41.6M | $26.8M | +55.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 3.2M | -100.0% | 1.2M | 300K | +300.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $120M | $85.2M | +41.3% | $439M | $355M | +23.6% |
| Assets | $23.7B | $16.5B | +43.5% | $19.4B | $14B | +38.5% |
| Assets, Current | $20.2B | $13.5B | +49.3% | $16.4B | $11.9B | +37.6% |
| Assets, Fair Value Disclosure | $11.8B | $7.66B | +54.4% | $10.1B | $7.28B | +38.9% |
| Cash and Cash Equivalents, at Carrying Value | $2.29B | $2.23B | +2.9% | $1.96B | $2.76B | -28.9% |
| Cash and Cash Equivalents, Fair Value Disclosure | $767M | $1.04B | -26.1% | $1.34B | $1.74B | -23.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.29B | $2.23B | +2.9% | $1.97B | $2.76B | -28.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$499M | $380M | -231.3% | -$799M | $824M | -196.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 4B | 4B | 0.0% | 4B | 4B | 0.0% |
| Common Stock, Shares, Issued | 1.26B | 1.26B | +0.4% | 1.26B | 1.26B | -0.4% |
| Common Stock, Shares, Outstanding | 1.26B | 1.26B | +0.4% | 1.26B | 1.26B | -0.4% |
| Common Stock, Value, Issued | $100K | $100K | 0.0% | $100K | $100K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.19B | $895M | +33.2% | $3.54B | $2.84B | +24.4% |
| Contract with Customer, Liability | $6.87B | $4.06B | +69.0% | $5.37B | $2.79B | +92.5% |
| Contract with Customer, Liability, Current | $5.1B | $2.79B | +83.0% | $4B | $1.73B | +131.7% |
| Contract with Customer, Liability, Noncurrent | $1.77B | $1.27B | +38.5% | $1.37B | $1.06B | +28.7% |
| Contract with Customer, Liability, Revenue Recognized | $1.04B | $337M | +207.1% | $1.69B | $860M | +96.6% |
| Cost of Goods and Services Sold | $1.13B | $766M | +46.9% | $3.24B | $2.51B | +28.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $785M | $751M | +4.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $122M | $39.8M | +206.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.05B | $906M | +16.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $143M | $115M | +24.6% |
| Debt Securities, Available-for-sale | $11.1B | $6.62B | +67.0% | $8.78B | $5.54B | +58.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2.3M | $17M | -86.5% | $27.5M | $8.7M | +216.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $40.8M | $3.6M | +1,033.3% | $1.5M | $13.5M | -88.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $16M2026-03-31 | $2.8M | +471.4% | $44.9M | $133M | -66.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $02026-03-31 | $0 | – | $0 | $46K | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $8.49B | $2.27B | +273.3% | $1.61B | $2.3B | -30.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $40.8M | $3.6M | +1,033.3% | $1.5M | $13.5M | -88.9% |
| Debt Securities, Available-for-sale, Current | $11.1B | $6.62B | +67.0% | $8.78B | $5.54B | +58.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $4.37B | $2.62B | +66.8% | $3.27B | $2.75B | +18.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $5.58B2026-03-31 | $2.24B | +148.7% | $1.65B | $2.43B | -32.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $19.5M2026-03-31 | $5.2M | +275.0% | $1.5M | $13.5M | -88.9% |
| Deferred Costs, Current | $1.62B | – | – | $1.2B | $291M | +310.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$294M | -$505M | +41.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $28.9M | $54.7M | -47.2% |
| Deferred Income Tax Assets, Net | $2B | $1.8B | +11.0% | $1.77B | $1.44B | +23.1% |
| Deferred Income Tax Expense (Benefit) | -$108M | -$231M | +53.1% | -$312M | -$493M | +36.7% |
| Deferred Income Taxes and Tax Credits | – | – | – | -$312M | -$493M | +36.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$46.8M | -$42.8M | -9.3% |
| Deferred Tax Assets, Deferred Income | $1.13B2025-12-31 | $566M | +99.7% | $1.13B | $566M | +99.7% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $245M2025-12-31 | $274M | -10.6% | $245M | $274M | -10.6% |
| Deferred Tax Assets, Gross | $2.17B2025-12-31 | $1.82B | +18.9% | $2.17B | $1.82B | +18.9% |
| Deferred Tax Assets, Net | $1.77B2025-12-31 | $1.44B | +23.1% | $1.77B | $1.44B | +23.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.97B2025-12-31 | $1.64B | +20.0% | $1.97B | $1.64B | +20.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $19.7M2025-12-31 | $25.9M | -23.9% | $19.7M | $25.9M | -23.9% |
| Deferred Tax Assets, Other | $2.8M2025-12-31 | $3.6M | -22.2% | $2.8M | $3.6M | -22.2% |
| Deferred Tax Assets, Tax Credit Carryforwards | $134M2025-12-31 | $130M | +2.9% | $134M | $130M | +2.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $53.4M2025-12-31 | $38.6M | +38.3% | $53.4M | $38.6M | +38.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $146M2025-12-31 | $135M | +8.3% | $146M | $135M | +8.3% |
| Deferred Tax Assets, Valuation Allowance | $196M2025-12-31 | $180M | +8.9% | $196M | $180M | +8.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01