ANET · XBRL financial data

Arista Networks financial statements, every fiscal year

The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (ANET's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	2,318	2,948	4,381	5,860	7,003	9,006
Cost of goods and services sold	836	1,067	1,706	2,230	2,512	3,237
Gross profit	1,482	1,881	2,676	3,630	4,491	5,769
Research and development	487	587	728	855	997	1,237
General and administrative	66	83	93	119	123	142
Total operating expenses	782	956	1,149	1,373	1,547	1,913
Operating income (loss)	700	925	1,527	2,257	2,945	3,856
Income tax expense (benefit)	104	90	229	335	413	738
Net income (loss)	635	841	1,352	2,087	2,852	3,511
Earnings per share, basic‡ USD per share	0.52	0.69	1.10	1.69	2.27	2.79
Earnings per share, diluted‡ USD per share	0.50	0.66	1.07	1.65	2.23	2.75
Weighted average shares, basic‡ millions of shares	1,216	1,226	1,226	1,237	1,256	1,258
Weighted average shares, diluted‡ millions of shares	1,271	1,277	1,266	1,269	1,281	1,276

‡ Per-share figures and share counts are adjusted for the 4-for-1 stock split (November 2021); filings made before it reported them unadjusted.
‡ Per-share figures and share counts are adjusted for the 4-for-1 stock split (December 2024); filings made before it reported them unadjusted.

Fiscal years (ANET's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	893	621	672	1,939	2,762	1,964
Marketable securities	1,980	2,788	2,352	3,069	5,541	8,779
Accounts receivable	390	517	923	1,025	1,140	1,887
Inventory	480	650	1,290	1,945	1,835	2,247
Prepaid and other current assets	95	238	314	413	632	1,510
Total current assets	3,837	4,813	5,551	8,390	11,911	16,387
Property and equipment, net	32	79	95	102	99	203
Right-of-use asset	77	65	53	56	52	—
Goodwill	190	188	266	269	269	416
Total assets	4,739	5,734	6,775	9,947	14,044	19,449
Accounts payable	134	203	233	435	381	652
Accrued liabilities	143	227	292	407	435	475
Total current liabilities	768	1,110	1,294	1,910	2,732	5,377
Lease liability, non-current	72	57	44	44	37	—
Total liabilities	1,419	1,756	1,890	2,728	4,049	7,078
Retained earnings	2,028	2,457	3,139	5,114	7,542	9,447
Total stockholders' equity	3,320	3,979	4,886	7,219	9,995	12,371
Total liabilities and equity	4,739	5,734	6,775	9,947	14,044	19,449
Common shares outstanding (cover page)‡ millions of shares	1,221	1,231	1,226	1,251	1,261	1,257

‡ Per-share figures and share counts are adjusted for the 4-for-1 stock split (November 2021); filings made before it reported them unadjusted.
‡ Per-share figures and share counts are adjusted for the 4-for-1 stock split (December 2024); filings made before it reported them unadjusted.

Fiscal years (ANET's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	635	841	1,352	2,087	2,852	3,511
Stock-based compensation	137	187	231	297	355	439
Depreciation and amortization	45	50	63	71	62	73
Net cash from operating activities	735	1,016	493	2,034	3,708	4,372
Net cash from investing activities	(609)	(926)	216	(687)	(2,457)	(3,576)
Share repurchases	395	412	670	112	424	1,603
Net cash from financing activities	(346)	(361)	(655)	(84)	(422)	(1,596)
Net change in cash	(218)	(272)	51	1,263	824	(799)

SIC 3576 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 3576 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Arista Networks	2,288	3,658	1,201*	1.3B	Q3 FY26 10-QSep 30, 2026
Palo Alto Networks	2,514	3,410*	1,357*	818.0M	Q4 FY26 10-KJul 31, 2026
Seagate Technology Holdings	1,258	4,233	1,690	229.6M	Q1 FY27 10-QOct 2, 2026
Fortinet	3,751	2,078	946*	734.7M	Q3 FY26 10-QSep 30, 2026
Western Digital	1,314	4,381	1,604	374.3M	Q1 FY27 10-QOct 2, 2026
International Business Machines	9,233	17,103	4,025*	945.1M	Q3 FY26 10-QSep 30, 2026
Sandisk	5,136	11,031	6,363	142.3M	Q1 FY27 10-QOct 2, 2026
Dell Technologies	11,569	46,971	2,225*	not reported	Q2 FY27 10-QJul 31, 2026
Cisco Systems	7,218	17,252*	5,386*	3.9B	Q4 FY26 10-KJul 25, 2026

Not investment advice. Not affiliated with the U.S. SEC.