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NYSE · Technology · Financials

Arista Networks, Inc. (ANET) financial statements and cash flow.

Revenue, profitability, balance-sheet strength, and cash generation for ANET. Market data source · as of 2026-06-30.

Section freshness

Price Aug 18, 4:00 PM EDT · Statements Jun 29, 8:00 PM EDT

Financial read

ANET latest financial snapshot.

Start with the latest reported values below. Deeper quarterly and annual statement tables follow when supplied.

Revenue

$3.04B

+37.7% YoY

Net income

$1.21B

+18.6% QoQ

Free cash flow

$1.05B

-35.7% QoQ

Gross margin

62.93%

Gross profit $1.91B

Balance sheet coverage

ANET balance sheet summary

Assets, liabilities, liquidity, debt, and equity sit beside income and cash-flow tables so the statement history reads as one model-ready dataset.

20 quarterly · 4 annual rows · Market data source · as of 2026-06-30

Open balance sheet table

Latest period

Q2 FY2026

20 quarterly · 4 annual rows

Assets / liabilities

$23.72B

Liabilities $8.92B

Cash / debt

$2.29B

Net cash —

Equity / working capital

$14.80B

Working capital $13.35B

Financial statements

ANET statement coverage.

Income statement, balance sheet, and cash-flow figures for ANET, with quarterly and annual history in the tables below.

Data last updated

Jun 29, 2026

Income periods

Balance-sheet periods

Cash-flow periods

Quarterly and annual ANET statements, sourced from Market data source · as of 2026-06-30.

Financial statement period

ANET statement history

Market data source · as of 2026-06-30 · Data last updated: Jun 29, 2026

ProfitabilityIncome statementRevenue, expenses, margins, and income quality20 quarterly periods Capital structureBalance sheetAssets, liabilities, debt, equity, and share count20 quarterly periods Cash generationCash flowOperating cash flow, CapEx, FCF, buybacks, and dividends20 quarterly periods

Income statement

Quarterly and annual rows for revenue, operating leverage, earnings quality, and margin direction.

8 / 20 Quarterly

Period	Revenue	Gross profit	Operating income	Net income	Net margin	Revenue QoQ	Net income QoQ
Q2 FY2026	$3.04B	$1.91B	$1.38B	$1.21B	39.95%	+12.1%	+18.6%
Q1 FY2026	$2.71B	$1.68B	$1.16B	$1.02B	37.76%	+8.9%	+7.0%
Q4 FY2025	$2.49B	$1.56B	$1.03B	$955.80M	38.42%	+7.8%	+12.1%
Q3 FY2025	$2.31B	$1.49B	$978.20M	$853.00M	36.95%	+4.7%	-4.0%
Q2 FY2025	$2.20B	$1.44B	$986.20M	$888.80M	40.31%	+10.0%	+9.2%
Q1 FY2025	$2.00B	$1.28B	$858.80M	$813.80M	40.59%	+3.9%	+1.6%
Q4 FY2024	$1.93B	$1.23B	$799.50M	$801.00M	41.49%	+6.6%	+7.1%
Q3 FY2024	$1.81B	$1.16B	$785.30M	$748.00M	41.31%	+7.1%	+12.4%

Balance sheet

Balance-sheet history for assets, liabilities, liquidity, debt, equity, and shares outstanding.

8 / 20 Quarterly

Period	Cash	Current assets	Current liabilities	Total assets	Total liabilities	Total equity
Q2 FY2026	$2.29B	$20.16B	$6.82B	$23.72B	$8.92B	$14.80B
Q1 FY2026	$2.79B	$18.56B	$6.56B	$21.66B	$8.17B	$13.49B
Q4 FY2025	$1.96B	$16.39B	$5.38B	$19.45B	$7.08B	$12.37B
Q3 FY2025	$2.33B	$15.18B	$4.67B	$18.05B	$6.14B	$11.91B
Q2 FY2025	$2.23B	$13.50B	$4.05B	$16.53B	$5.63B	$10.90B
Q1 FY2025	$1.85B	$12.28B	$3.12B	$14.51B	$4.40B	$10.12B
Q4 FY2024	$2.76B	$11.91B	$2.73B	$14.04B	$4.05B	$9.99B
Q3 FY2024	$3.18B	$10.88B	$2.43B	$12.85B	$3.60B	$9.25B

Cash flow

Operating cash generation, capital expenditure, free cash flow, buybacks, dividends, and cash movement.

8 / 20 Quarterly

Period	Operating cash flow	CapEx	Free cash flow	Net income	Buybacks	FCF QoQ
Q2 FY2026	$1.08B	$29.70M	$1.05B	$1.21B	—	-35.7%
Q1 FY2026	$1.69B	$54.50M	$1.64B	$1.02B	—
Q4 FY2025	$1.26B			$955.80M	$620.10M
Q3 FY2025	$1.27B	$30.10M	$1.24B	$853.00M	—	+5.3%
Q2 FY2025	$1.20B	$24.00M	$1.18B	$888.80M	$195.90M	+91.8%
Q1 FY2025	$641.70M	$28.40M	$613.30M	$813.80M	$787.10M
Q4 FY2024	$1.03B			$801.00M	$123.80M
Q3 FY2024	$1.17B	$7.00M	$1.17B	$748.00M	$65.10M	+18.4%

Valuation and returns

Enterprise value: $241.35B; TECHi computed

Return on equity: 27.33%; Market data source

Return on assets: 17.05%; Market data source

Ratio values use provider-attributed fields when available and otherwise fall back to TECHi statement math from the visible rows on this page.

Annual revenue and income multiples

Annual sales and income multiple reads use the latest annual statement when available, then fall back to trailing-twelve-month statement math from the visible quarterly rows.

Annual revenue base: $9.01B; Annual statement 2025-12-31

Annual income base: $3.51B; Annual statement 2025-12-31

Market cap / annual revenue: 27.05; Live market value divided by annual revenue

Market cap / annual income: 69.39; Live market value divided by annual net income

Annual sales and income multiple

EV / annual revenue26.80

EV / annual operating income62.59

Market capitalization bridge

Market cap / annual revenue27.05

Market cap / annual income69.39

TTM valuation multiples

TTM revenue: $10.54B; Trailing twelve months

TTM EBIT: $4.55B; TTM operating income

Market cap / TTM revenue: 23.11; Live market value divided by trailing twelve months revenue

EV / TTM revenue: 22.90; Enterprise value divided by trailing twelve months revenue

Live market value is matched against trailing-twelve-month statement bases first so the multiple moves with the tape instead of anchoring to stale fiscal-year rows.

Profit multiples

Market cap / TTM net income60.24

EV / TTM EBIT53.08

Revenue, net income, and free cash flow

Revenue$3.04BNet income$1.21BFree cash flow$1.05B

Q1 FY2025Q4 FY2025Q2 FY2026

Quarterly statement rows, shown on one common dollar scale so margin compression and cash conversion stand out quickly.

Efficiency

Growth vs cost pressure

Revenue growth YoY+37.7%

Operating expense growth YoY+17.7%

Quarterly margin heatmap

Gross margin

Q1 FY2025

63.65%

Q2 FY2025

65.25%

Q3 FY2025

64.56%

Q4 FY2025

62.86%

Q1 FY2026

61.90%

Q2 FY2026

62.93%

Operating margin

Q1 FY2025

42.84%

Q2 FY2025

44.73%

Q3 FY2025

42.38%

Q4 FY2025

41.52%

Q1 FY2026

42.74%

Q2 FY2026

45.39%

Net margin

Q1 FY2025

40.59%

Q2 FY2025

40.31%

Q3 FY2025

36.95%

Q4 FY2025

38.42%

Q1 FY2026

37.76%

Q2 FY2026

39.95%

Latest quarter expense mix

Cost of revenue$1.13B

Operating expenses$532.30M

R&D$348.20M

Profit bridge

EBIT$1.38B

Pretax income$1.50B

Tax expense$291.40M

Other income statement lines

Income before tax$1.50B

Income tax expense$291.40M

Balance sheet · Q2 FY2026

Cash & equivalents: $2.29B

Total equity: $14.80B

Balance sheet detail

Current assets: $20.16B

Current liabilities: $6.82B

Inventory: $2.54B

Receivables: $2.27B

Property, plant & equipment: $312.50M

Debt and liquidity

Quick ratioi0.67

Cash + short-term investments + receivables / current liabilities

Cash generation

Operating cash flow: $1.08B

Capital expenditure: $29.70M

Free cash flow: $1.05B

Cash-flow detail

Depreciation & amortization: $23.40M

Investing cash flow: -$1.58B

Financing cash flow: -$1.50M

Cash flow read

ANET converts most of its earnings into cash.

Free cash flow of $1.05B versus $1.21B of reported net income means accruals aren't doing much heavy lifting — the cash is showing up alongside the earnings. That's the cleanest profile a fundamentals desk wants to see.

Frequently asked

Common questions.

What financial data is available for ANET?

The ANET Financials page renders only the current income-statement, balance-sheet, cash-flow, or fund rows supplied for Arista Networks, Inc.. Missing modules and empty line items are omitted.

How current are ANET's financial statements?

Each visible statement row keeps its reported period and provider attribution. The route redirects to the main quote when no usable financial or fund data remains.

What is Arista Networks, Inc.'s reported net margin?

Arista Networks, Inc.'s fresh reported margin field is 38.37%. The Financials page shows the supporting period data currently available for ANET.