Arista Networks, Inc.

ANET 10-Q · Q3 2025

ANET Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 2,308.3 1,810.9 +27.5%
Show Product Lines breakouts
Product 1,911.7 1,523.8 +25.5%
Service 396.6 287.1 +38.1%
Show Geography breakouts
Americas 1,840 1,480.1 +24.3%
Asia Pacific 229.5 139.6 +64.4%
EMEA 238.8 191.2 +24.9%
US 1,825.7 1,465.3 +24.6%
Cost of Revenue 818.1 649.2 +26.0%
Show Product Lines breakouts
Product 745.5 593.3 +25.7%
Service 72.6 55.9 +29.9%
Gross Profit 1,490.2 1,161.7 +28.3%
Research & Development 326 235.8 +38.3%
Sales & Marketing 151.2 106.8 +41.6%
General & Administrative 34.8 33.8 +3.0%
Operating Expenses 512 376.4 +36.0%
Operating Income 978.2 785.3 +24.6%
Non-Operating Income (Expense) 98.9 97.6 +1.3%
Income Before Taxes 1,077.1 882.9 +22.0%
Income Tax Expense (Benefit) 224.1 134.9 +66.1%
Net Income 853 748 +14.0%
Show Equity Components breakouts
Retained Earnings 853 748 +14.0%
EPS (Basic) 0.68 0.59 +15.3%
EPS (Diluted) 0.67 0.58 +15.5%
Wtd Avg Shares (Basic) 1,258 1,257.9 0.0%
Wtd Avg Shares (Diluted) 1,276.6 1,281.8 -0.4%
Comprehensive Income 857 772.6 +10.9%
Other Comprehensive Income 4 24.6 -83.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 4 24.6 -83.7%
Net Income Loss Available To Common Stockholders Basic 853 748 +14.0%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 2,326.6 3,175,139 -99.9%
Available For Sale Securities Debt Securities Current 7,779.6 4,253,249 -99.8%
Accounts Receivable 1,489.4 1,130,897 -99.9%
Inventory 2,155.7 1,769,962 -99.9%
Prepaid Expenses & Other Current Assets 1,433.5
Total Current Assets 15,184.8 10,877,940 -99.9%
Non-Current Assets
Property, Plant & Equipment 172.6
Show Geography breakouts
Non Us 17
US 155.6
Goodwill 416.2
Deferred Tax Assets 1,665.4 1,318,224 -99.9%
Other Non-Current Assets 609.8 220,295 -99.7%
Total Assets 18,048.8 12,846,723 -99.9%
Intangible Assets 304.1
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 183.1
Technology Based Intangible Assets 109.1
Trade Names 11.9
Current Liabilities
Accounts Payable 481 289,161 -99.8%
Accrued Liabilities 471
Deferred Revenue (Current) 3,520.7 1,599,590 -99.8%
Other Liabilities Current 193.9 221,633 -99.9%
Total Current Liabilities 4,666.6 2,434,374 -99.8%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 1,165.5 907,741 -99.9%
Other Non-Current Liabilities 309.6 142,115 -99.8%
Total Liabilities 6,141.7 3,600,834 -99.8%
Stockholders' Equity
Common Stock 0.1 31 -99.7%
Additional Paid-In Capital 2,784.1 2,371,010 -99.9%
Retained Earnings 9,115.1 6,865,260 -99.9%
Accumulated Other Comprehensive Income 7.8 9,588 -99.9%
Total Stockholders' Equity 11,907.1 9,245.9 +28.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 7.8 9.6 -18.8%
Additional Paid In Capital 2,784.1 2,370.9 +17.4%
Common Stock 0.1 0.1 0.0%
Retained Earnings 9,115.1 6,865.3 +32.8%
Total Liabilities & Equity 18,048.8 12,846,723 -99.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation & Amortization 49.8 46.7 +6.6%
Stock-Based Compensation 306.1 254.6 +20.2%
Deferred Income Taxes -202.5 -376.7 +46.2%
Other Operating Activities Cash Flow Statement -23.5 -42.7 +45.0%
Change in Accounts Receivable -348.9 -96.5 -261.6%
Change in Inventory -321.1 175.2 -283.3%
Increase Decrease In Other Current Assets -683.7 -173.1 -295.0%
Change in Accounts Payable 98.1 -142 +169.1%
Change in Deferred Revenue 1,765.7 1,001.1 +76.4%
Increase Decrease In Income Taxes -105.2 59.8 -275.9%
Increase Decrease In Other Operating Liabilities 19.6 -80.2 +124.4%
Net Cash from Operations 3,110 2,677.3 +16.2%
Investing Activities
Proceeds From Sale And Maturity Of Marketable Securities 2,590.3 1,427.3 +81.5%
Proceeds From Sale Of Available For Sale Securities Debt 41.4 44.9 -7.8%
Payments To Acquire Marketable Securities -4,816.3 -2,593.4 -85.7%
Capital Expenditures -82.5 -19.6 -320.9%
Payments To Acquire Businesses Net Of Cash Acquired -300
Other Investing Activities -10 -6.6 -51.5%
Net Cash from Investing -2,577.1 -1,147.4 -124.6%
Financing Activities
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 56.9 55.5 +2.5%
Tax Withholding for Share Compensation -44.3 -47.5 +6.7%
Share Repurchases -983 -299.8 -227.9%
Net Cash from Financing -970.4 -291.8 -232.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1.7 -1.1 +254.5%
Net Change in Cash -435.8 1,237 -135.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,328 3,176.5 -26.7%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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