Income StatementBalance SheetCash FlowSegments
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Arista Networks Income Statement

Revenue, expenses, and profitability over time

Arista Networks generated $9.7B in trailing twelve-month revenue, up 0.3% year-over-year. Net income was $3.7B with a 38.32% net margin. Gross margin stands at 63.54% and operating margin at 42.79%. Diluted EPS is $2.91, which declined 0.6% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.7BGross Profit (TTM)$6.2BOperating Income (TTM)$4.2BNet Income (TTM)$3.7BEps Diluted (TTM)$2.91
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$178.44B
P/E Ratio47.96
ROE31.52%

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contract Liabilities Recognized—$19.0M$41.7M$25.6M—$41.2M
Revenue Deferral Current Period—$715.7M$1.3B$1.3B—$2.1B
Revenue Recognized from Contract Liability—$12.9M$14.1M$26.9M—$1.3B
Total revenue$1.9B$2.0B$2.2B$2.3B$2.5B$2.7B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Issuance of Common Stock (Employee Equity Plans)—$28.1M$3.2M$25.6M—$29.9M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$34.8M———$26.2M
Share-based compensation expense related to employee stock plans—$93.0M———$120.9M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—900K———700K
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$917.3M———$825.6M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$825.1M———$991.6M
Deferred taxes—-$107.1M———-$104.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$700.0K———-$2.6M
Accounts payable—$6.7M———-$35.6M
Increase (Decrease) in Accounts Receivable—$295.4M———$36.9M
Increase (decrease) in contract liabilities and current deferred income—$297.4M———$826.2M
Income taxes—$241.3M———$352.9M
Increase (Decrease) in Inventories—$122.7M———$133.0M
Increase (Decrease) in Other Current Assets—$113.7M———$298.7M
Other liabilities—-$173.3M———-$40.2M
Add - Incremental shares under stock-based compensation plans (in shares)—19.2M———16.1M
Interest Income, Other—$90.2M———$109.2M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—-$793.8M-$197.2M$20.6M—$0.0
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—-$765.9M-$625.1M-$1.2B—-$865.3M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation—$641.7M$1.2B$1.3B—$1.7B
Number of reportable segments—————1.00
Foreign currency translation—$700.0K———-$2.6M
Other comprehensive income/(loss)—$11.3M———-$31.3M
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax—$0.0———$200.0K
Net unrealized gains (losses) on securities still held—$10.6M———-$28.5M
Other Nonoperating Gains Losses—$6.0M———$4.4M
All other operating activities—-$12.1M———-$3.4M
Payment for (Proceeds from) Other Investing Activity—$0.0———-$5.0M
Payments for Repurchase of Common Stock—$787.1M———$0.0
Payment, Tax Withholding, Share-Based Payment Arrangement—$34.8M———$26.2M
Payments to Acquire Marketable Securities—$1.5B———$1.9B
Payments to Acquire Property, Plant, and Equipment—$28.4M———$54.5M
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options—$28.1M———$29.9M
Financing — other—$0.0———-$3.7M
Proceeds from maturities of marketable securities—$799.2M$852.0M$939.1M—$739.9M
Sale of investments—$8.8M$7.1M$25.5M—$376.9M
Value of shares repurchased—$787.1M———$0.0
Stockholders' Equity, Other—————-$400.0K

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders—$813.8M———$1.0B
Net Income Available to Common Stockholders (Diluted)—$813.8M———$1.0B
Net income$801.0M$813.8M$888.8M$853.0M$955.8M$1.0B

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate, Continuing Operations—0.15———0.20
Income tax expense$413.0M$0.1$0.2$0.2$738.3M$248.5M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense (Pre-tax)—$93.0M———$120.9M
Depreciation and amortization$139.8M$5.6M$7.7M$7.4M—$23.3M
General and administrative$35.4M$34.3M$29.4M$34.8M$43.4M$33.7M
Stock-based compensation expense—$93.0M———$120.9M
Research and development$285.0M$266.4M$296.5M$326.0M$348.4M$343.7M
Selling and marketing$110.9M$116.6M$126.5M$151.2M$139.1M$141.6M
Total operating expenses$431.3M$417.3M$452.4M$512.0M$530.9M$519.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share—$0.65$0.71$0.68$0.75$0.81
Diluted earnings per share—$0.64$0.70$0.67$0.74$0.80
Weighted-average shares, basic315.1M1.3B1.3B1.3B—1.3B
Weighted-average shares, diluted1.3B19.2M14.9M18.6M1.2B1.3B

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.2B$1.3B$1.4B$1.5B$1.6B$1.7B
Operating income$799.7M$858.8M$986.2M$978.2M$1.0B$1.2B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$888.9M$955.0M$1.1B$1.1B$1.1B$1.3B

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other income (expense), net$322.3M$6.0M$3.6M-$900.0K$384.9M$113.6M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$699.4M$728.7M$766.2M$818.1M$924.0M$1.0B