| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B | $2.41B | $2.15B | $1.65B |
| Cost of Revenue | $2.51B | $2.23B | $1.71B | $1.07B | $835.63M | $866.37M | $777.99M | $584.42M |
| Gross Profit | $4.49B | $3.63B | $2.68B | $1.88B | $1.48B | $1.54B | $1.37B | $1.06B |
| Gross Margin | 64.13% | 61.95% | 61.07% | 63.80% | 63.94% | 64.06% | 63.84% | 64.50% |
| Operating Expenses | $1.55B | $1.37B | $1.15B | $956.04M | $782.20M | $738.56M | $1.10B | $591.50M |
| Operating Income | $2.94B | $2.26B | $1.53B | $924.74M | $699.68M | $805.77M | $273.35M | $470.27M |
| Operating Margin | 42.05% | 38.52% | 34.86% | 31.37% | 30.19% | 33.42% | 12.71% | 28.57% |
| Net Income | $2.85B | $2.09B | $1.35B | $840.85M | $634.56M | $859.87M | $328.12M | $423.20M |
| Net Margin | 40.73% | 35.62% | 30.87% | 28.52% | 27.38% | 35.67% | 15.25% | 25.71% |
| EPS (Basic) | $2.27 | $1.69 | $1.10 | $0.69 | $0.52 | $0.70 | $0.27 | $0.37 |
| EBITDA | $3.01B | $2.33B | $1.59B | $975.07M | $734.84M | $838.62M | $319.17M | $498.18M |
| Stock Option Compensation Expense | $355.36M | $296.76M | $230.93M | $186.88M | $137.04M | $101.28M | $91.20M | $75.43M |
| Price To Earnings Ratio | 48.69 | 34.91 | 27.50 | 52.40 | 34.79 | 18.05 | 48.01 | 40.21 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $138.86B | $72.86B | $37.19B | $44.06B | $22.08B | $15.52B | $15.75B | $17.02B |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $14.04B | $9.96B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.05B | $2.74B | $1.89B | $1.76B | $1.42B | $1.29B | $938.59M | $798.95M |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B | $2.89B | $2.14B | $1.66B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B | $2.89B | $2.14B | $1.66B |
| Total Liabilities & Stockholders Equity | $14.04B | $9.96B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B |
| Book Value Per Share | $7.96 | $5.83 | $3.99 | $3.25 | $2.73 | $2.37 | $1.79 | $1.44 |
| Tangible Book Value Per Share | $7.69 | $5.55 | $3.67 | $3.02 | $2.47 | $2.29 | $1.70 | $1.44 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 20.31% | 20.96% | 19.96% | 14.66% | 13.39% | 20.54% | 10.65% | 17.20% |
| Return on Equity | 28.54% | 28.91% | 27.68% | 21.13% | 19.11% | 29.71% | 15.31% | 25.46% |
| Return on Invested Capital | 22.74% | 24.20% | 23.82% | 18.06% | 15.13% | 22.39% | 11.04% | 21.71% |
| Quick Ratio | 3.69 | 3.36 | 3.29 | 3.75 | 4.37 | 5.41 | 4.04 | 3.70 |
| Current Ratio | 4.36 | 4.38 | 4.29 | 4.34 | 4.99 | 5.81 | 4.48 | 4.28 |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $2.85B | $2.09B | $1.35B | $840.85M | $634.56M | $859.87M | $328.12M | $423.20M |
| Depreciation | $62.04M | $70.63M | $62.70M | $50.33M | $35.16M | $32.85M | $27.67M | $20.64M |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $3.71B | $2.03B | $492.81M | $1.02B | $735.11M | $963.03M | $503.12M | $631.63M |
| Capital Expenditures | $32.03M | $34.43M | $44.64M | $64.74M | $15.38M | $15.75M | $23.83M | $15.28M |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $423.62M | $112.28M | $670.29M | $411.64M | $395.17M | $266.14M | $0.00 | $0.00 |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $3.68B | $2.00B | $448.17M | $951.12M | $719.73M | $947.28M | $479.29M | $616.35M |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Company coverage
Arista Networks, Inc. is a leading global technology firm that designs, promotes, and distributes innovative cloud networking solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions. Its comprehensive product portfolio features advanced extensible operating systems, a collection of powerful network applications, and high-performance gigabit Ethernet switching and routing hardware. The company also offers robust post-contract customer support, which includes technical assistance, hardware repairs, parts replacement beyond standard warranty, and critical bug fixes, patches, and upgrades. Arista serves a diverse clientele, encompassing major internet companies, telecommunication providers, financial services organizations, government agencies, and entities in the media and entertainment sectors. Its sales strategy involves multiple channels, utilizing distributors, system integrators, value-added resellers, original equipment manufacturer partners, and a dedicated direct sales force. Established in 2004 as Arastra, Inc., the company adopted the name Arista Networks, Inc. in October 2008 and is headquartered in Santa Clara, California.
Why it moved over time
Arista Networks (ANET) reported a strong Q2 and raised 2026 revenue growth guidance to 40% YoY, signaling accelerating AI data-center demand and supporting expectations for continued outsized revenue expansion.
Key fact: Company raised 2026 revenue growth guidance from 28% to 40% YoY and reported record Q2 revenues up 37.7% YoY.
seekingalpha.com: Why Arista Networks Is A Buy Despite Rising CompetitionArista Networks (ANET) reported strong Q2 results and raised 2026 revenue-growth guidance to 40% YoY, signaling accelerating AI/cloud demand that materially improves its near-term revenue and earnings outlook.
Key fact: Raised 2026 revenue growth guidance from 28% to 40% year-over-year on strong Q2 revenue (37.7% YoY).
seekingalpha.com: Why Arista Networks Is A Buy Despite Rising CompetitionArista beat Q2 estimates and raised its 2026 revenue outlook to $12.6B as AI-driven data-center demand and improved supply unlocked shipments, boosting forward revenue visibility.
Key fact: Raised 2026 revenue outlook to $12.6B (third upward revision) and reported 37.7% year-over-year revenue growth.
fool.com: Nvidia, Micron, and Sandisk Are Up Over 1,000% Since the AI Boom Started. These 2 AI Stocks Could Be the Next Big Winners.Investors appear to be positioning ahead of Arista's Q2 earnings as rising estimates and strong AI‑networking sales raise expectations for another beat, with a recent ~$5.3M 13F stake adding to demand.
Key fact: Rising estimates and strong AI‑networking sales have increased expectations for a Q2 beat, and a new institutional 13F stake (~$5.28M) was reported.
fool.com: Breakfast News: Pharma's $400B Blockbuster BrewingInvestors are focused on Arista's imminent Q2 earnings and reports of robust AI-driven sales, since the results and guidance will clarify demand for its high-performance networking products.
Key fact: Zacks and other outlets said ANET was heading into Q2 earnings with rising estimates and a likely beat due to strong AI networking momentum.
fool.com: Breakfast News: Pharma's $400B Blockbuster BrewingInvestors are positioning ahead of Arista's upcoming Q2 earnings amid reports of strong AI-driven sales and rising estimates, which could confirm robust revenue and guidance for its high-margin networking products.
Key fact: Reports cite strong AI-driven sales and rising estimates ahead of Arista's Q2 earnings, with analysts expecting a likely beat.
247wallst.com: 3 AI Networking Stocks Quietly Dominating Their Niche in AugustShares are reacting to Arista's strong quarterly results and consecutive guidance raises, with management now projecting ~28% revenue growth to $11.5 billion driven by accelerating AI-related demand.
Key fact: Management raised full-year guidance twice, projecting 28% revenue growth to $11.5 billion.
The Motley Fool: Why Arista Networks Stock Rocketed 30% Higher in the First Half of 2026 and Why There's Likely More to Come