ANETNYSEComputer Communications EquipmentFiscal year ends December 31
Arista Networks, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$182.95+5.97 (+3.37%)
Close on Oct 19, 2026
- Market cap
- $233.44B
- P/E (TTM)
- 57.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
64.1%+0.1 pts over 5 years
Operating margin
42.8%+12.6 pts over 5 years
Net margin
39.0%+11.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +28.6% | +27.1% | +31.2% | +26.8% | |
| Gross profit | +28.4% | +29.2% | +31.2% | +26.6% | |
| Operating income | +31.0% | +36.2% | +40.7% | +38.4% | |
| Net income | +23.1% | +37.4% | +40.8% | +40.0% | |
| EPS, diluted | +23.3% | +37.0% | +40.6% | +38.7% | |
| Free cash flow | +15.7% | +111.7% | +42.7% | +34.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 19.4% | 20.4% | 31.4% | |
| Return on assets | 12.8% | 14.2% | 21.0% | |
| Current ratio | 3.32 | 4.99 | 3.05 | |
| Interest coverage | 77.6× | – | – | |
| Inventory turnover | 2.5× | 2.3× | 1.6× | |
| Capex to revenue | 1.9% | 0.7% | 1.3% | |
| Diluted shares | 1.17B | 1.27B | 1.28B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Arista Networks generated $11.62B from operations and spent $3.52B on capital expenditure, dividends and share buybacks. 8% of that went back into the business.
Generated
$11.62B
Used
$3.52B
Capital expenditure$295.28M8%Dividends$00%Share buybacks$3.22B92%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin39.0%
×Asset turnover0.54×
×Equity multiplier1.50×
=Return on equity, FY202531.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 39.0% | 0.54× | 1.50× | 31.4% |
| FY2024 | 40.7% | 0.58× | 1.39× | 33.1% |
| FY2023 | 35.6% | 0.70× | 1.38× | 34.5% |
| FY2022 | 30.9% | 0.70× | 1.41× | 30.5% |
| FY2021 | 28.5% | 0.56× | 1.43× | 23.0% |
| FY2020 | 27.4% | 0.52× | 1.44× | 20.4% |
| FY2019 | 35.7% | 0.66× | 1.44× | 34.1% |
| FY2018 | 15.3% | 0.78× | 1.46× | 17.2% |
| FY2017 | 25.7% | 0.79× | 1.51× | 30.6% |
| FY2016 | 16.3% | 0.78× | 1.52× | 19.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.51B
- Cash generatingOperating cash flow above zero$4.37B
- Return on assets improvedROA up on the prior year28.6% → 25.0%
- Earnings backed by cashOperating cash flow above net income$4.37B vs $3.51B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.36 → 3.05
- No dilutionShare count did not rise1.28B → 1.28B
- Gross margin improvedGross margin up on the prior year64.13% → 64.06%
- More efficientAsset turnover rose0.70 → 0.64