Arista Networks, Inc.
ANET Technology Computer Hardware
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.
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Arista Networks, Inc. (ANET) Free cash flow margin
Arista Networks, Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 48.9%, up 1.7 percentage points from fiscal 2025 (47.2%). Over the past ten years it has ranged from 10.2% (fiscal 2022) to 52.5% (fiscal 2024); the current reading is higher than 91% of that period. That is above the Computer Hardware industry median of −0.50% and above the Technology sector median of 1.72%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 47.2% | (5.27) |
| FY2024 | 52.5% | 18.37 |
| FY2023 | 34.1% | 23.89 |
| FY2022 | 10.2% | (22.03) |
| FY2021 | 32.3% | 1.20 |
| FY2020 | 31.1% | (8.23) |
| FY2019 | 39.3% | 17.01 |
| FY2018 | 22.3% | (15.16) |
| FY2017 | 37.4% | 23.90 |
| FY2016 | 13.5% | (12.46) |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| SNDK Sandisk Corporation compare | 56.8% |
| ANET Arista Networks, Inc. | 48.9% |
| WDC Western Digital Corporation compare | 27.2% |
| STX Seagate Technology Holdings PLC compare | 25.5% |
| LOGI Logitech International S.A. compare | 20.7% |
| HPQ HP Inc. compare | 6.56% |
| DELL Dell Technologies Inc. compare | 5.66% |
| P Everpure, Inc. compare | 3.01% |
| SMCI Super Micro Computer, Inc. compare | −17.8% |
| Computer Hardware industry median | −0.50% |
| Technology sector median | 1.72% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
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