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Stocks · Technology · Computer Communications Equipment

Arista Networks

ANET Clue Score79
United States Fiscal year ends December CIK 0001596532
$216.74 +2.73% Close, 9 Oct 2026
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Price $216.74 −42.60% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.13Operating income0.24Net income0.18EPS, diluted2.50Fiscal year 2017Revenue1.65 +45.8%Operating income0.47Net income0.42 +129.8%EPS, diluted5.35Fiscal year 2018Revenue2.15 +30.7%Operating income0.27Net income0.33 −22.5%EPS, diluted4.06Fiscal year 2019Revenue2.41 +12.1%Operating income0.81Net income0.86 +162.1%EPS, diluted2.66Fiscal year 2020Revenue2.32 −3.9%Operating income0.70Net income0.63 −26.2%EPS, diluted2.00Fiscal year 2021Revenue2.95 +27.2%Operating income0.92Net income0.84 +32.5%EPS, diluted2.63Fiscal year 2022Revenue4.38 +48.6%Operating income1.53Net income1.35 +60.8%EPS, diluted1.07Fiscal year 2023Revenue5.86 +33.8%Operating income2.26Net income2.09 +54.3%EPS, diluted1.65Fiscal year 2024Revenue7.00 +19.5%Operating income2.94Net income2.85 +36.6%EPS, diluted2.23Fiscal year 2025Revenue9.01 +28.6%Operating income3.86Net income3.51 +23.1%EPS, diluted2.75
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.13 1.65 2.15 2.41 2.32 2.95 4.38 5.86 7.00 9.01
Growth +45.8% +30.7% +12.1% −3.9% +27.2% +48.6% +33.8% +19.5% +28.6%
Operating income 0.24 0.47 0.27 0.81 0.70 0.92 1.53 2.26 2.94 3.86
Net income 0.18 0.42 0.33 0.86 0.63 0.84 1.35 2.09 2.85 3.51
Growth +129.8% −22.5% +162.1% −26.2% +32.5% +60.8% +54.3% +36.6% +23.1%
EPS, diluted 2.50 5.35 4.06 2.66 2.00 2.63 1.07 1.65 2.23 2.75

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin64.0%Operating margin21.6%Net margin16.3%Free cash flow margin13.5%Fiscal year 2017Gross margin64.5%Operating margin28.6%Net margin25.7%Free cash flow margin37.4%Fiscal year 2018Gross margin63.8%Operating margin12.7%Net margin15.3%Free cash flow margin22.3%Fiscal year 2019Gross margin64.1%Operating margin33.4%Net margin35.7%Free cash flow margin39.3%Fiscal year 2020Gross margin63.9%Operating margin30.2%Net margin27.4%Free cash flow margin31.1%Fiscal year 2021Gross margin63.8%Operating margin31.4%Net margin28.5%Free cash flow margin32.3%Fiscal year 2022Gross margin61.1%Operating margin34.9%Net margin30.9%Free cash flow margin10.2%Fiscal year 2023Gross margin61.9%Operating margin38.5%Net margin35.6%Free cash flow margin34.1%Fiscal year 2024Gross margin64.1%Operating margin42.0%Net margin40.7%Free cash flow margin52.5%Fiscal year 2025Gross margin64.1%Operating margin42.8%Net margin39.0%Free cash flow margin47.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 64.0% 64.5% 63.8% 64.1% 63.9% 63.8% 61.1% 61.9% 64.1% 64.1%
Operating margin 21.6% 28.6% 12.7% 33.4% 30.2% 31.4% 34.9% 38.5% 42.0% 42.8%
Net margin 16.3% 25.7% 15.3% 35.7% 27.4% 28.5% 30.9% 35.6% 40.7% 39.0%
Free cash flow margin 13.5% 37.4% 22.3% 39.3% 31.1% 32.3% 10.2% 34.1% 52.5% 47.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.17Capital expenditure−0.02Free cash flow0.15Fiscal year 2017Operating cash flow0.63Capital expenditure−0.02Free cash flow0.62 +303.2%Buybacks0.00Fiscal year 2018Operating cash flow0.50Capital expenditure−0.02Free cash flow0.48 −22.2%Buybacks0.00Fiscal year 2019Operating cash flow0.96Capital expenditure−0.02Free cash flow0.95 +97.6%Buybacks−0.27Fiscal year 2020Operating cash flow0.74Capital expenditure−0.02Free cash flow0.72 −24.0%Buybacks−0.40Fiscal year 2021Operating cash flow1.02Capital expenditure−0.06Free cash flow0.95 +32.1%Buybacks−0.41Fiscal year 2022Operating cash flow0.49Capital expenditure−0.04Free cash flow0.45 −52.9%Buybacks−0.67Fiscal year 2023Operating cash flow2.03Capital expenditure−0.03Free cash flow2.00 +346.2%Buybacks−0.11Fiscal year 2024Operating cash flow3.71Capital expenditure−0.03Free cash flow3.68 +83.8%Buybacks−0.42Fiscal year 2025Operating cash flow4.37Capital expenditure−0.12Free cash flow4.25 +15.7%Buybacks−1.60
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.17 0.63 0.50 0.96 0.74 1.02 0.49 2.03 3.71 4.37
Capital expenditure −0.02 −0.02 −0.02 −0.02 −0.02 −0.06 −0.04 −0.03 −0.03 −0.12
Free cash flow 0.15 0.62 0.48 0.95 0.72 0.95 0.45 2.00 3.68 4.25
Growth +303.2% −22.2% +97.6% −24.0% +32.1% −52.9% +346.2% +83.8% +15.7%
Buybacks n/a 0.00 0.00 −0.27 −0.40 −0.41 −0.67 −0.11 −0.42 −1.60

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash0.57Shareholders’ equity1.11Fiscal year 2017Cash0.86Shareholders’ equity1.66Fiscal year 2018Cash0.65Shareholders’ equity2.14Fiscal year 2019Cash1.11Shareholders’ equity2.89Fiscal year 2020Cash0.89Shareholders’ equity3.32Fiscal year 2021Cash0.62Shareholders’ equity3.98Fiscal year 2022Cash0.67Shareholders’ equity4.89Fiscal year 2023Cash1.94Shareholders’ equity7.22Fiscal year 2024Cash2.76Shareholders’ equity9.99Fiscal year 2025Cash1.96Shareholders’ equity12.37
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.57 0.86 0.65 1.11 0.89 0.62 0.67 1.94 2.76 1.96
Shareholders’ equity 1.11 1.66 2.14 2.89 3.32 3.98 4.89 7.22 9.99 12.37

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
64.0% 64.5% 63.8% 64.1% 63.9% 63.8% 61.1% 61.9% 64.1% 64.1%
21.6% 28.6% 12.7% 33.4% 30.2% 31.4% 34.9% 38.5% 42.0% 42.8%
21.5% 28.8% 13.4% 35.8% 31.9% 31.6% 36.1% 41.3% 46.6% 47.2%
16.3% 25.7% 15.3% 35.7% 27.4% 28.5% 30.9% 35.6% 40.7% 39.0%
13.5% 37.4% 22.3% 39.3% 31.1% 32.3% 10.2% 34.1% 52.5% 47.2%
Spending
24.2% 21.2% 20.6% 19.2% 21.0% 19.9% 16.6% 14.6% 14.2% 13.7%
6.7% 5.3% 3.0% 2.6% 2.9% 2.8% 2.1% 2.0% 1.8% 1.6%
1.9% 0.9% 1.1% 0.7% 0.7% 2.2% 1.0% 0.6% 0.5% 1.3%
24.0% 10.9% −13.6% 0.3% 14.1% 9.7% 14.5% 13.8% 12.6% 17.4%
Returns
16.6% 25.5% 15.3% 29.7% 19.1% 21.1% 27.7% 28.9% 28.5% 28.4%
10.7% 17.2% 10.6% 20.5% 13.4% 14.7% 20.0% 21.0% 20.3% 18.1%
Balance and payout
35.9% 32.5% 30.5% 30.8% 29.9% 30.6% 27.9% 27.5% 28.8% 36.4%
n/a 0.0% 0.0% 28.1% 54.9% 43.3% 149.6% 5.6% 11.5% 37.7%