Monday 12 October 2026 Export all ANET data to Excel Powerpack

Arista Networks, Inc.

Arista Networks, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 28.6% from fiscal 2024. In the quarter to June 2026, revenue grew 37.7%, EPS grew 35.2% and free cash flow fell 10.4%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years, operating cash flow growth for three.

210.79 5.95 −2.75%

Follow ANET

Alert me

Market cap: $273.4B
P/E: 67.5×
Fwd P/E: 46.1×
Dividend yield: —
F-score: 4/9
Altman Z: 16.45
Beneish M: −2.24
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 1,468.53

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	4	2	2	4	2	9	8	5	7	11	5	4

Insider Ownership 16.67%

Capital & Financial Ratios $m

Market Cap 273,360.00

Revenue 10,540.80

Net Income 4,044.60

Free Cash Flow 5,155.30

Net Debt (13,343.30)

Current Ratio 2.96

Debt/Equity 0.00

P/E ratio 67.52

Fwd P/E 46.10

P/S ratio 25.91

P/B ratio 18.46

Past 5Y EPS Growth 40.66%

This Y EPS Growth 37.99%

Next Y EPS Growth 27.78%

Next Y revenue growth 40.80%

Next 5Y EPS Growth 29.44%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 96.68%

10-year low 10-year high

P/S against its own 10 years 100.00%

10-year low 10-year high

P/B against its own 10 years 100.00%

10-year low 10-year high

EV/Sales against its own 10 years 100.00%

10-year low 10-year high

EV/FCF against its own 10 years 90.62%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5,008	8,304	10,743	13,343
Receivables	1,034	1,141	1,887	2,266
Inventory	1,945	1,835	2,247	2,535
Other	—	—	—	—
	8,400	11,911	16,387	20,163

	2023	2024	2025	Q'26
Payables	435	381	652	693
ST’ Debt	—	—	—	—
Other	162	189	247	538
	1,919	2,732	5,377	6,818

Compound Annual Growth %

	10y	5y	3y
Sales	26.81%	31.19%	27.15%
Cash Flow	33.80%	42.84%	107.01%
Earnings	40.27%	40.80%	37.44%
Book Value	31.70%	30.09%	36.30%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,709	3,036	—	—	—
’25	2,005	2,205	2,308	2,488	9,006
’24	1,571	1,690	1,811	1,930	7,003
’23	1,351	1,459	1,509	1,540	5,860
’22	877	1,052	1,177	1,276	4,381
’21	668	707	749	824	2,948
’20	523	541	605	648	2,318

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,694	1,083	—	—	—
’25	642	1,200	1,268	1,262	4,372
’24	514	989	1,175	1,031	3,708
’23	374	434	699	526	2,034
’22	217	101	134	40	493
’21	255	263	273	225	1,016
’20	195	138	215	187	735

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,639	1,053	—	—	—
’25	613	1,176	1,238	1,225	4,252
’24	504	986	1,168	1,019	3,676
’23	369	423	688	520	2,000
’22	202	92	124	30	448
’21	250	259	227	216	951
’20	192	136	213	179	720

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.80	0.95	—	—	—
’25	0.64	0.70	0.67	0.75	2.75
’24	0.50	0.52	0.58	0.62	2.23
’23	0.35	0.39	0.43	0.48	1.65
’22	0.21	0.24	0.28	0.34	1.07
’21	0.14	0.15	0.18	0.19	0.66
’20	0.11	0.11	0.13	0.14	0.50

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	3.28	5.46	11.69	10.83	9.79	16.38	22.28	27.23	56.65	59.43	Analyst estimates 2026–2028 Powerpack
	High	6.18	15.35	19.59	20.70	18.36	37.14	36.13	60.17	116.94	164.94
People
People	Employees	1,500	1,800	2,300	2,300	2,613	2,993	3,612	4,023	4,412	5,115
	Revenue/emp, $m	0.75	0.91	0.94	1.05	0.89	0.98	1.21	1.46	1.59	1.76
Income, $m
Income, $m	Revenue	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003	9,006
	Gross margin, %	64.04	64.50	63.84	64.06	63.94	63.80	61.07	61.95	64.13	64.06
	EBT	242	475	289	862	739	931	1,582	2,422	3,265	4,250
	EBT margin, %	21.45	28.84	13.42	35.77	31.88	31.58	36.10	41.33	46.62	47.19
	Net income	184	423	328	860	635	841	1,352	2,087	2,852	3,511
	Depreciation	21	22	24	26	46	77	75	71	62	73
Per share, $
Per share, $	Revenue	1.03	1.42	1.80	1.97	1.91	2.40	3.57	4.74	5.57	7.16
	Earnings	0.17	0.37	0.27	0.70	0.52	0.69	1.10	1.69	2.27	2.79
	Cash flow	0.16	0.55	0.42	0.79	0.60	0.83	0.40	1.64	2.95	3.48
	Capex	(0.02)	(0.01)	(0.02)	(0.01)	(0.01)	(0.05)	(0.04)	(0.03)	(0.03)	(0.09)
	Free cash flow	0.14	0.53	0.40	0.78	0.59	0.78	0.37	1.62	2.93	3.38
	Book value	1.01	1.44	1.79	2.37	2.73	3.25	3.99	5.83	7.96	9.83
	Shares, m	1,100	1,156	1,196	1,221	1,216	1,226	1,226	1,237	1,256	1,258
Valuation, ×
Valuation, ×	P/E	36.37	39.55	48.15	18.06	34.75	52.37	27.42	34.36	48.58	46.80
	P/S	5.92	10.14	7.32	6.44	9.53	14.95	8.46	12.22	19.83	18.30
	P/B	6.03	10.05	7.35	5.36	6.65	11.08	7.58	9.92	13.89	13.32
	EV/Sales	5.18	9.23	6.43	5.32	8.30	13.80	7.78	11.38	18.65	17.11
	EV/FCF	39.62	24.87	29.17	13.62	26.93	43.02	76.91	33.42	35.57	36.29
Cash, $m
Cash, $m	Operating cash flow	174	632	503	963	735	1,016	493	2,034	3,708	4,372
	Capex	(21)	(15)	(24)	(16)	(15)	(65)	(45)	(34)	(32)	(119)
	Free cash flow	153	616	479	947	720	951	448	2,000	3,676	4,252
Balance, $m
Balance, $m	Working capital	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179	11,011
	Total debt	40	38	35	83	72	57	44	—	—	—
	Net debt	(828)	(1,498)	(1,921)	(2,724)	(2,873)	(3,408)	(3,024)	(5,008)	(8,303)	(10,743)
	Shareholders’ equity	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Returns, %
Returns, %	ROA	12.67	20.16	11.83	23.65	14.22	16.06	21.62	24.95	23.77	20.97
	ROIC	54.41	179.18	76.72	295.69	97.74	101.35	51.26	63.81	108.81	148.08
	ROE	19.30	30.50	17.24	34.12	20.42	23.04	30.51	34.49	33.14	31.40

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DELL Dell Technologies Inc.	$365.3B	33.8×	22.9×	+57.75% (above 0%: growing)	+277.06% (above 0%: growing)	−47.22% (below 0%: shrinking)	20.93%	11.46%	Compare
ANET Arista Networks, Inc.	$266.1B	67.5×	46.1×	+37.69% (above 0%: growing)	+35.21% (above 0%: growing)	−10.44% (below 0%: shrinking)	62.93%	45.39%
SNDK Sandisk Corporation	$244.6B	20.4×	8.7×	+371.59% (above 0%: growing)	n/m	+14,355.10% (above 0%: growing)	84.57%	78.49%	Compare
STX Seagate Technology Holdings PLC	$176.2B	54.1×	34.0×	+48.49% (above 0%: growing)	+150.00% (above 0%: growing)	+163.06% (above 0%: growing)	52.30%	42.96%	Compare
WDC Western Digital Corporation	$141.8B	14.7×	30.5×	+43.84% (above 0%: growing)	+1,070.51% (above 0%: growing)	+89.78% (above 0%: growing)	54.12%	41.71%	Compare
P Everpure, Inc.	$50.2B	203×	76.9×	+37.73% (above 0%: growing)	+57.14% (above 0%: growing)	−258.26% (below 0%: shrinking)	68.42%	5.33%	Compare
HPQ HP Inc.	$29.3B	11.3×	11.3×	+12.53% (above 0%: growing)	−11.11% (below 0%: shrinking)	+7.05% (above 0%: growing)	18.79%	5.69%	Compare
SMCI Super Micro Computer, Inc.	$28.1B	11.7×	14.6×	+93.16% (above 0%: growing)	+454.55% (above 0%: growing)	−12.95% (below 0%: shrinking)	17.47%	13.38%	Compare
IONQ IonQ, Inc.	$16.0B	— (loss-making)	172×	+286.83% (above 0%: growing)	n/m	−110.77% (below 0%: shrinking)	24.91%	(421.29%)	Compare
Median of peers	$96.0B	20.4×	26.7×	+53.12%	+213.53%	−2.95%	38.61%	12.42%

All 38 Computer Hardware stocks →

Arista Networks, Inc. (ANET) key facts

Strength: Arista Networks, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 28.6% from fiscal 2024.
Arista Networks, Inc. (ANET) is a Computer Hardware company in the Technology sector, listed on the New York Stock Exchange.
As of October 12, 2026, ANET traded at $212.64, a market capitalization of $273.4 billion.
Return on equity was 31.4% and debt-to-equity 0.00.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 16.45 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

Arista Networks reported $9.0 billion of revenue, $3.5 billion of net income and $4.3 billion of free cash flow in FY2025. In Q2 FY2026, revenue was $3.0 billion, net income was $1.2 billion and diluted EPS was $0.95. Trailing-twelve-month revenue to Q2 FY2026 was $10.5 billion.

FY2025 operating margin was 42.8%, while net debt was −$10.7 billion. In Q2 FY2026, net debt was −$13.3 billion, the current ratio was 3.0× and debt to equity was 0.0×. As of September 28, 2026, valuation multiples were above the company’s stated historical medians and industry medians.

Read the full analysis →