ANET (Arista Networks, Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Arista Networks, Inc. develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist o...

CEOJayshree V. Ullal

Country🇺🇸 United States

ExchangeNYSE

IPOJun 6, 2014

www.arista.com

Revenue$2.5B

YoY Growth+28.9%

QoQ Growth+7.8%

Net Income$956M

EPS$0.75

Free Cash Flow$1.2B

Gross Margin62.9%

Op. Margin41.5%

Net Margin38.4%

FCF Margin49.2%

Rev Multiple (TTM)19.6x

P/E Ratio (TTM)50.1x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.4B	$805M	$485M
Q2 23	$1.5B	$884M	$530M
Q3 23	$1.5B	$942M	$603M
Q4 23	$1.5B	$999M	$640M
Q1 24	$1.6B	$1.0B	$660M
Q2 24	$1.7B	$1.1B	$700M
Q3 24	$1.8B	$1.2B	$785M
Q4 24	$1.9B	$1.2B	$800M
Q1 25	$2.0B	$1.3B	$859M
Q2 25	$2.2B	$1.4B	$986M
Q3 25	$2.3B	$1.5B	$978M
Q4 25	$2.5B	$1.6B	$1.0B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	36.3x	116.1x
Q2 23	33.5x	103.0x
Q3 23	31.5x	92.6x
Q4 23	30.0x	84.4x
Q1 24	29.0x	76.9x
Q2 24	27.9x	71.5x
Q3 24	26.6x	66.1x
Q4 24	25.1x	61.7x
Q1 25	23.7x	58.1x
Q2 25	22.1x	54.2x
Q3 25	20.8x	52.5x
Q4 25	19.6x	50.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$374M	$369M
Q2 23	$434M	$423M
Q3 23	$699M	$688M
Q4 23	$526M	$520M
Q1 24	$514M	$504M
Q2 24	$989M	$986M
Q3 24	$1.2B	$1.2B
Q4 24	$1.0B	$1.0B
Q1 25	$642M	$613M
Q2 25	$1.2B	$1.2B
Q3 25	$1.3B	$1.2B
Q4 25	$1.3B	$1.2B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$6M
Q2 23	$12M
Q3 23	$11M
Q4 23	$6M
Q1 24	$9M
Q2 24	$3M
Q3 24	$7M
Q4 24	$12M
Q1 25	$28M
Q2 25	$24M
Q3 25	$30M
Q4 25	$37M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+54.1%	+44.7%
Q2 23	+38.7%	+34.8%
Q3 23	+28.3%	+19.4%
Q4 23	+20.8%	+11.6%
Q1 24	+16.3%	+5.1%
Q2 24	+15.9%	+6.7%
Q3 24	+20.0%	+13.1%
Q4 24	+25.3%	+25.6%
Q1 25	+27.6%	+25.8%
Q2 25	+30.4%	+23.0%
Q3 25	+27.5%	+29.7%
Q4 25	+28.9%	+28.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$63M	4.7%
Q2 23	$67M	4.6%
Q3 23	$85M	5.7%
Q4 23	$81M	5.3%
Q1 24	$77M	4.9%
Q2 24	$79M	4.7%
Q3 24	$98M	5.4%
Q4 24	$101M	5.2%
Q1 25	$93M	4.6%
Q2 25	$85M	3.9%
Q3 25	$128M	5.5%
Q4 25	$133M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$201M	$25M	$93M
Q2 23	$230M	$26M	$98M
Q3 23	$212M	$25M	$102M
Q4 23	$211M	$42M	$106M
Q1 24	$208M	$28M	$105M
Q2 24	$267M	$26M	$104M
Q3 24	$236M	$34M	$107M
Q4 24	$285M	$35M	$111M
Q1 25	$266M	$34M	$117M
Q2 25	$297M	$29M	$127M
Q3 25	$326M	$35M	$151M
Q4 25	$348M	$43M	$139M

Revenue Segments

Quarter	Product	Service
Q1 23	$1.2B	$179M
Q2 23	$1.3B	$197M
Q3 23	$1.3B	$224M
Q4 23	$1.3B	$230M
Q1 24	$1.3B	$243M
Q2 24	$1.4B	$267M
Q3 24	$1.5B	$287M
Q4 24	$1.6B	$322M
Q1 25	$1.7B	$312M
Q2 25	$1.9B	$328M
Q3 25	$1.9B	$397M
Q4 25	$2.1B	$392M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 23	$1.1B	$108M	$128M
Q2 23	$1.2B	$137M	$168M
Q3 23	$1.2B	$152M	$173M
Q4 23	$1.2B	$142M	$202M
Q1 24	$1.3B	$174M	$142M
Q2 24	$1.4B	$137M	$179M
Q3 24	$1.5B	$140M	$191M
Q4 24	$1.6B	$109M	$202M
Q1 25	$1.6B	$232M	$175M
Q2 25	$1.7B	$199M	$282M
Q3 25	$1.8B	$230M	$239M
Q4 25	$2.0B	$153M	$375M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$956M	$2.4B	$3.3B
Q2 23	$1.3B	$2.5B	$3.7B
Q3 23	$1.7B	$2.7B	$4.5B
Q4 23	$1.9B	$3.1B	$5.0B
Q1 24	$2.1B	$3.4B	$5.4B
Q2 24	$2.4B	$3.8B	$6.3B
Q3 24	$3.2B	$4.3B	$7.4B
Q4 24	$2.8B	$5.5B	$8.3B
Q1 25	$1.8B	$6.3B	$8.1B
Q2 25	$2.2B	$6.6B	$8.8B
Q3 25	$2.3B	$7.8B	$10.1B
Q4 25	$2.0B	$8.8B	$10.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	1.26B	+0.1%
Q2 23	1.27B	+0.3%
Q3 23	1.27B	+0.4%
Q4 23	1.28B	+0.4%
Q1 24	1.28B	+0.3%
Q2 24	1.28B	+0.0%
Q3 24	1.28B	+0.2%
Q4 24	1.28B	+0.1%
Q1 25	1.28B	-0.3%
Q2 25	1.27B	-0.6%
Q3 25	1.28B	+0.4%
Q4 25	1.28B	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$584K	1K
FY 15	$698K	1K
FY 16	$753K	2K
FY 17	$915K	2K
FY 18	$935K	2K
FY 19	$1M	2K
FY 20	$887K	3K
FY 21	$985K	3K
FY 22	$1M	4K
FY 23	$1M	4K
FY 24	$2M	4K
FY 25	$2M	5K