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Stocks / United States / ANET · Computer Communications Equipment · NYSE

Arista Networks, Inc. (ANET)

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Arista Networks, Inc. (ANET) reported revenue of $3.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 37.7% on the same quarter a year earlier. Net income was $1.2 billion, up 36.5% on the year, and diluted earnings per share $0.95. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$3.0 billionup 37.7%
Net income$1.2 billionup 36.5%
Diluted EPS$0.95
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE27.3%
ROCE30.7%
Operating margin43.1%
Net margin38.4%
FCF margin48.9%
Interest covern/a
Debt to equityn/a
Cash conversion1.31
Share count, 1 year0.4%
Sales CAGR, 3 years27.1%
Profit CAGR, 3 years37.4%
EPS, TTM$3.16

At the close of 21 September 2026

Price$205.42
Market cap$259.1 billion
Stock P/E65.01
Price to book17.51
EV / EBITDA55.35
Dividend yieldn/a
Market cap / sales24.58
52-week high$210.50
52-week low$116.13
Price, 1 year37.3%
Price CAGR, 3 years65.8%
Price CAGR, 5 years56.5%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ANET

Filings13 in twelve months: 5 current reports (8-K), about 4 results of operations; 1 shareholder vote
Planned insider sales48 Form 144 notices in twelve months, $1.32 billion; latest 17 September 2026
Options tapeput/call 0.77 by open interest on 23 September 2026; the straddle prices a 3.8% move to 25 September 2026
Holders10 of the followed funds hold it; largest FMR LLC; 2 Schedule 13D or 13G filings in twelve months
Insider trading349 sales and 0 purchases on Form 4 in twelve months
Congress2 House trades disclosed in six months
Short interest14.5 million shares short, 2.54 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,5091,5401,5711,6901,8111,9302,0052,2052,3082,4882,7093,036
Cost of revenue5675415705936496997297668189241,0321,125
Gross profit9429991,0011,0971,1621,2311,2761,4391,4901,5641,6771,910
Gross margin62%65%64%65%64%64%64%65%65%63%62%63%
R&D212211208267236285266296326348344348
Operating income6036406607007858008599869781,0331,1581,378
Operating margin40%42%42%41%43%41%43%45%42%42%43%45%
Pre-tax income6456947237708838899551,0801,0771,1371,2711,504
Tax rate15%12%12%14%15%10%15%18%21%16%20%19%
Net income5456146386657488018148898539561,0231,213
Net margin36%40%41%39%41%41%41%40%37%38%38%40%
Diluted EPS$1.72$1.93$1.99$2.08$2.33n/a$0.64$0.70$0.67$0.74$0.80$0.95
Operating cash flow6995265149891,1741,0316421,2001,2681,2621,6941,083
Capital expenditure11.26.09.43.27.012.528.424.030.137.054.529.7
Free cash flow6885205049861,1671,0196131,1761,2381,2251,6391,053
Buybacks0.00.062.717265.21247871960.06200.00.0
Shares outstanding311m312m314m314m315m1,261m1,257m1,257m1,259m1,256m1,259m1,261m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020 FY2021FY2022FY2023 FY2024FY2025TTM
Revenue5848381,1291,6462,1512,4112,3182,9484,3815,8607,0039,00610,541
Cost of revenue1922944065847788668361,0671,7062,2302,5123,2373,900
Gross profit3925447231,0621,3731,5441,4821,8812,6763,6304,4915,7696,641
Gross margin67.1%64.9%64.0%64.5%63.8%64.1%63.9%63.8%61.1%61.9%64.1%64.1%63.0%
Research and development1492092743504424634875877288559971,2371,366
Operating income1261492434702738067009251,5272,2572,9453,8564,547
Operating margin21.5%17.8%21.6%28.6%12.7%33.4%30.2%31.4%34.9%38.5%42.0%42.8%43.1%
Interest expensen/an/a3.12.82.7n/an/an/an/an/an/an/an/a
Pre-tax income1221462424752898627399311,5822,4223,2654,2504,990
Income tax34.724.958.051.6-39.32.410490.0229335413738946
Effective tax rate28.5%17.1%24.0%10.9%-13.6%0.3%14.1%9.7%14.5%13.8%12.6%17.4%18.9%
Net income86.81211844233288606358411,3522,0872,8523,5114,045
Net margin14.9%14.5%16.3%25.7%15.3%35.7%27.4%28.5%30.9%35.6%40.7%39.0%38.4%
Diluted EPS$1.29$1.67$2.50$5.35$4.06$10.63$7.99$2.63$4.27$6.58$2.23$2.75$3.16
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020 FY2021FY2022FY2023 FY2024FY2025TTM
Operating cash flow1322381746325039637351,0164932,0343,7084,3725,307
Capital expenditure13.120.021.415.323.815.815.464.744.634.432.0120151
Free cash flow1192181536164799477209514482,0003,6764,2525,155
Free cash flow margin20.3%26.0%13.5%37.4%22.3%39.3%31.1%32.3%10.2%34.1%52.5%47.2%48.9%
Depreciation and amortisation10.013.719.720.627.732.835.250.362.770.662.072.692.7
Share-based compensation27.645.359.075.491.2101137187231297355439502
Buybacksn/an/an/a0.00.02663954126701124241,603620
Diluted shares, weighted55m71m73m79m81m81m79m319m316m317m1,281m1,276m1,276m
Shares outstanding at period end66m68m71m74m76m76m76m308m307m312m1,261m1,256m1,261m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016 FY2017FY2018FY2019FY2020 FY2021FY2022FY2023 FY2024FY2025TTM
Total assets8111,1601,7292,4613,0824,1854,7395,7346,7759,94714,04419,44923,720
Cash and equivalents2406875688596501,1118936216721,9392,7621,9642,290
Receivables97.01442532473323923905179231,0341,1401,8872,266
Inventory78.092.12363062652444806501,2901,9451,8352,2472,535
Goodwilln/an/an/a0.053.754.9190188266269268416416
Operating lease liabilitiesn/an/an/an/a0.083.072.456.544.044.437.5n/an/a
Finance lease liabilitiesn/an/an/a37.735.40.0n/an/an/an/an/an/an/a
Shareholders' equity5567881,1081,6622,1432,8953,3203,9794,8867,2199,99512,37014,798
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded26.8%31.2%27.1%32.6%
Profit growth, compounded40.0%40.8%37.4%24.4%
Return on equity, average24.1%26.9%28.6%28.4%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Computer Communications Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Cisco Systems, Inc. CSCO$439.8 billion33.4726.4%24.3%11.8%0.451.5%
Arista Networks, Inc. ANET$259.1 billion65.0127.3%43.1%32.6%n/an/a
F5, Inc. FFIV$25.6 billion35.8618.8%24.5%9.4%0.00n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202517 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20257 May 2025EDGAR
10-K31 December 202419 February 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 20248 May 2024EDGAR

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