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 $2.92, which grew 0.2% 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)$2.92
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$193.95B
P/E Ratio52.13
ROE31.52%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Translation Adjustments—$700.0K$2.4M-$1.3M—-$2.6M
Capital Expenditures—$28.4M$24.0M$30.1M—$54.5M
Change in Accounts Receivable$9.6M$295.4M$187.7M—$397.5M$36.9M
Change in Deferred Revenue$284.1M$297.4M$844.0M$624.3M$686.3M$826.2M
Change in foreign currency translation—$700.0K$2.4M-$1.3M—-$2.6M
Change in Other Current Assets$61.1M$113.7M$289.5M$280.5M$253.7M$298.7M
Change in Other Liabilities$128.0M-$173.3M$123.6M$69.3M$99.8M-$40.2M
Issuance of Common Stock (Employee Equity Plans)—$28.1M$3.2M$25.6M—$29.9M
OCI Reclassification Adjustment for Sale of Securities—$0.0———$200.0K
Share-Based Payment Tax Withholding Decrease—$34.8M$4.5M$5.0M—$26.2M
Tax Withholding for Share-Based Payments$10.9M$34.8M$4.5M$5.0M$6.2M$26.2M
Foreign Currency Translation Adjustments, Net of Tax—$700.0K$2.4M-$1.3M—-$2.6M
OCI - Foreign Currency Translation Adjustment—$700.0K$2.4M-$1.3M—-$2.6M
Other Comprehensive Income (Loss), Net of Tax—$11.3M$5.7M$4.0M—-$31.3M
Reclassifications Net of Tax—$813.8M$888.8M$853.0M—$1.0B
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$10.6M$3.3M$5.3M—-$28.5M
Unrealized Gain (Loss) on Securities—$10.6M$3.3M$5.3M—-$28.5M
OCI Attributable to Parent—$11.3M$5.7M$4.0M—-$31.3M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$10.6M$3.3M$5.3M—-$28.5M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$34.8M$4.5M$5.0M—$26.2M
Share-based compensation expense related to employee stock plans—$93.0M$85.2M$127.9M—$120.9M
Pre-tax stock-based compensation cost—$93.0M$85.2M$127.9M—$120.9M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—900K3.2M200K—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$894.5M$857.0M—$991.6M
Deferred taxes-$116.2M-$107.1M-$230.8M—-$109.5M-$104.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$700.0K———-$2.6M
Effective tax rates—$0.1$0.2$0.2—$0.2
Accounts payable—$6.7M$153.3M—$162.4M-$35.6M
Increase (Decrease) in Accounts Receivable$9.6M$295.4M$187.7M—$397.5M$36.9M
Increase (decrease) in contract liabilities and current deferred income$284.1M$297.4M$844.0M$624.3M$686.3M$826.2M
Income taxes-$126.3M$241.3M—-$257.6M—$352.9M
Increase (Decrease) in Inventories—$122.7M$101.8M$96.6M$91.4M$133.0M
Increase (Decrease) in Other Current Assets$61.1M$113.7M$289.5M$280.5M$253.7M$298.7M
Other liabilities$128.0M-$173.3M$123.6M$69.3M$99.8M-$40.2M
Add - Incremental shares under stock-based compensation plans (in shares)—19.2M14.9M18.6M—16.1M
Interest Income, Other—$90.2M$90.4M$99.8M—$109.2M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$130.0M-$793.8M-$197.2M$0.0-$625.5M$0.0
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1.3B-$765.9M-$625.1M-$1.2B-$999.1M-$865.3M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.0B$641.7M$1.2B$1.3B$1.3B$1.7B
Number of reportable segments—1.00———1.00
Foreign currency translation—$700.0K$2.4M-$1.3M—-$2.6M
Other comprehensive income/(loss)—$11.3M$5.7M$4.0M—-$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$3.3M$5.3M—-$28.5M
Other Nonoperating Gains Losses—$6.0M———$4.4M
All other operating activities-$10.9M-$12.1M-$8.9M-$2.5M-$3.6M-$3.4M
Payment for (Proceeds from) Other Investing Activity—$0.0$0.0$10.0M-$24.9M-$5.0M
Payments for Repurchase of Common Stock$123.8M$787.1M$195.9M$0.0$620.1M$0.0
Payment, Tax Withholding, Share-Based Payment Arrangement$10.9M$34.8M$4.5M$5.0M$6.2M$26.2M
Payments to Acquire Marketable Securities—$1.5B$1.2B$2.1B—$1.9B
Payments to Acquire Property, Plant, and Equipment—$28.4M$24.0M$30.1M—$54.5M
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options$4.7M$28.1M$3.2M$25.6M$800.0K$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$3.9M$8.8M$7.1M$25.5M$102.9M$376.9M
Revenue From Contract With Customer Excluding Assessed Tax$1.9B$2.0B$2.2B$2.3B$2.5B$2.7B
Stock-based compensation$100.8M$93.0M$85.2M$127.9M$133.1M$120.9M
Value of shares repurchased—$787.1M$195.9M$0.0—$0.0
Stockholders' Equity, Other—————-$400.0K
Currency Translation Adjustment, Net of Tax—$700.0K$2.4M-$1.3M—-$2.6M
Other Comprehensive Income (Loss)—$825.1M$894.5M$857.0M—$991.6M
OCI Foreign Currency Translation—$700.0K$2.4M-$1.3M—-$2.6M
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$11.3M$5.7M$4.0M—-$31.3M
OCI Net of Tax, Parent—$11.3M$5.7M$4.0M—-$31.3M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$100.8M$93.0M$85.2M$127.9M$133.1M$120.9M
Total stock-based compensation—$93.0M$85.2M$127.9M—$120.9M
Share-Based Compensation Expense$100.8M$93.0M$85.2M$127.9M$133.1M$120.9M
Stock-Based Compensation Expense (Pre-tax)—$93.0M$85.2M$127.9M—$120.9M
Depreciation and amortization$113.2M$13.8M$7.7M$7.4M$22.8M$23.3M
General and administrative$35.4M$34.3M$29.4M$34.8M$43.4M$33.7M
Allocated Share-Based Compensation Expense—$93.0M$85.2M$127.9M—$120.9M
Share-Based Compensation (Operating)—$93.0M$85.2M$127.9M—$120.9M
Share-Based Compensation Expense Before Income Taxes—$93.0M$85.2M$127.9M—$120.9M
Stock-based compensation expense$100.8M$93.0M$85.2M$127.9M$133.1M$120.9M
Research and development$285.0M$266.4M$296.5M$326.0M$348.4M$343.7M
Selling and marketing$111.0M$116.6M$126.5M$151.2M$139.1M$141.6M
Share-Based Compensation$100.8M$93.0M$85.2M$127.9M$133.1M$120.9M
Total operating expenses$431.4M$417.3M$452.4M$512.0M$530.9M$519.0M
Stock-Based Compensation (Before Tax)—$93.0M$85.2M$127.9M—$120.9M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)—$0.1$0.2$0.2—$0.2
Effective Tax Rate—$0.1$0.2$0.2—$0.2
Effective Tax Rate, Continuing Operations—$0.1$0.2$0.2—$0.2
Effective Income Tax Rate, Continuing Operations—$0.1$0.2$0.2—$0.2
Effective Tax Rate—$0.1$0.2$0.2—$0.2
Effective Tax Rate (Continuing Operations)—$0.1$0.2$0.2—$0.2
Income tax expense$88.0M$141.2M$191.4M$224.1M$181.6M$248.5M
Effective Tax Rate (Continuing Operations)—$0.1$0.2$0.2—$0.2
Effective Tax Rate (Continuing Operations)—$0.1$0.2$0.2—$0.2
Effective Income Tax Rate—$0.1$0.2$0.2—$0.2
Effective Tax Rate, Continuing Operations—$0.1$0.2$0.2—$0.2
Effective Tax Rate Continuing Operations—$0.1$0.2$0.2—$0.2

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contract Liabilities Recognized—$12.6M$41.7M$25.6M—$41.2M
Revenue Deferral Current Period—$715.7M$1.3B$1.3B—$2.1B
Revenue Recognized from Contract Liability—$418.3M$337.4M$699.7M—$1.3B
Revenue Recognized from Contract Liabilities—$418.3M$337.4M$699.7M—$1.3B
Gift Card Revenue Recognized—$418.3M$337.4M$699.7M—$1.3B
Revenue Recognized from Contract Liability—$418.3M$337.4M$699.7M—$1.3B
Total revenue$1.9B$2.0B$2.2B$2.3B$2.5B$2.7B

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders—$813.8M$888.8M$853.0M—$1.0B
Net Income Allocated to Common (Diluted)—$813.8M$888.8M$853.0M—$1.0B
Net earnings to common—$813.8M$888.8M$853.0M—$1.0B
Net Income Available to Common Stockholders (Diluted)—$813.8M$888.8M$853.0M—$1.0B
Net Income Available to Common Shareholders—$813.8M$888.8M$853.0M—$1.0B
OCI Attributable to Parent—$11.3M$5.7M$4.0M—-$31.3M
Net income$801.0M$813.8M$888.8M$853.0M$955.8M$1.0B
Net income attributable to common stock—$813.8M$888.8M$853.0M—$1.0B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.64$0.65$0.71$0.68$0.76$0.81
Diluted earnings per share$0.63$0.64$0.70$0.67$0.75$0.80
Weighted-average shares, basic1.3M1.3B1.3B1.3B—1.3B
Weighted-average shares, diluted800K1.3B1.3B1.3B—1.3B

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$799.6M$858.8M$986.2M$978.2M$1.0B$1.2B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$889.0M$955.0M$1.1B$1.1B$1.1B$1.3B

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Accounts Payable—$6.7M$153.3M—$162.4M-$35.6M
Other income (expense), net$89.4M$96.2M$94.0M$98.9M$104.5M$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