Arista Networks, Inc. (ANET)

Business

Source: Form 10-K for fiscal year 2025 (year ended December 31, 2025), accession 0001596532-26-000013.

Arista Networks sells high-speed Ethernet switching and routing platforms, the software that runs and manages them, and the support contracts attached to them. Its biggest buyers are the largest cloud and AI operators, and enterprises and AI-focused providers make up most of the rest. Every Arista switch runs the company's own Extensible Operating System (EOS) on merchant silicon bought mainly from Broadcom. Device telemetry feeds a Network Data Lake (NetDL), and the CloudVision platform manages the whole network. Products are about 84% of revenue. The remaining 16% is service revenue, mostly post-contract support (PCS) that is usually bought with the hardware and then renewed. In fiscal 2025, total revenue was $9,005.7 million: $7,576.9 million from products and $1,428.8 million from services.

The company groups its customers and products into three categories each. The fiscal 2025 shares below are the company's own approximations:

• By customer: Cloud and AI Titans about 48%, Enterprise about 32%, and AI and Specialty Providers (including "AI Neoclouds") about 20%.
• By product category:
  • Core (AI, cloud and data-center networking), about 65%.
  • Cognitive Adjacencies (campus switching, Wi-Fi and routing), about 18%.
  • Cognitive Networks (software and services), about 17%.

Revenue is highly concentrated. Two end customers each took more than 10% of revenue in each of the last three years. They accounted for 26% and 16% of revenue in fiscal 2025, compared with 20% and 15% in 2024 and 18% and 21% in 2023. The Americas generated 79.1% of fiscal 2025 revenue, EMEA 11.9% and Asia-Pacific 9.0%. Arista reports a single operating segment.

Products.

• AI networking. The Etherlink family has more than twenty AI-focused products, including the 7800R AI Spine, the 7060 AI Leaf and the 7700R4 Distributed Etherlink Switch. They cover "scale-out" (connecting accelerators across racks) and "scale-across" (connecting clusters over long distances). Arista sees "scale-up" (links inside a single rack, now dominated by proprietary interconnects) as a future opportunity if the market moves to open Ethernet standards.
• Routing. The 7280R4, 7500R3 and 7800R4 platforms are used for data-center interconnect, peering, core routing and the enterprise edge.
• Campus and WAN. Campus switches, Power-over-Ethernet leaf switches and Wi-Fi access points. VeloCloud SD-WAN was added in 2025: Arista bought the VeloCloud business from Broadcom on June 30, 2025 for $300.0 million in cash.
• Software and services. CloudVision management; the AVA agentic-AI operations assistant; zero-trust security, network detection and response (NDR) and DANZ Monitoring Fabric packet brokering; and A-Care support services.

How the business runs. Manufacturing is outsourced, mainly to Jabil, Sanmina and Foxconn Hon Hai. Production is in Malaysia, Vietnam, Mexico and other countries, and products ship through four fulfillment facilities in the United States, the Netherlands and Singapore. Arista sells through a direct sales force and through channel partners: distributors, value-added resellers, systems integrators and OEMs. It had about 5,115 full-time employees at December 31, 2025.

Competition. The data-center and campus markets have historically been dominated by Cisco. Other competitors include Dell/EMC, Extreme Networks, Hewlett Packard Enterprise (which has acquired Juniper Networks), Huawei, Nvidia and white-box vendors using open-source operating systems. In back-end AI clusters, Ethernet competes with InfiniBand and NVLink, which are often sold bundled with Nvidia GPUs. The company also names its own customers and suppliers as possible competitors, since they could build their own switches or sell merchant silicon for white boxes.

Risk factors

Source: Form 10-K for fiscal year 2025, accession 0001596532-26-000013 (Item 1A). Where the Q3 2026 Form 10-Q (accession 0001596532-26-000254) updates a risk, this is noted.

• Customer concentration. Two end customers took 42% of fiscal 2025 revenue between them. Orders are made by purchase order and can be cancelled, delayed or reduced at short notice. Large customers get better pricing, extended warranties and acceptance terms, which lowers gross margin in the periods when their orders ship. If they shift spending, consolidate or cut back, quarterly revenue can swing sharply.
• Dependence on Broadcom silicon and sole-source components. Arista relies mainly on Broadcom for its switching chips. Neither Arista nor its contract manufacturers have guaranteed supply contracts for key components. The Q3 2026 10-Q says that rising demand for AI infrastructure and advanced automotive systems has tightened supply in the memory and silicon markets. That could delay shipments and raise costs.
• Large purchase commitments and inventory risk. To shorten lead times, Arista places orders that cannot be cancelled or returned. These commitments grew from $6.8 billion at December 31, 2025 to $11.4 billion at September 30, 2026. If demand forecasts prove wrong, the company could face write-downs for excess or obsolete inventory and charges for liabilities to suppliers.
• Uncertain AI demand and revenue recognition timing. The company says the long-term trajectory of AI-driven networking demand is unknown, and that customers may overestimate their AI build-outs or change their network designs. New products are increasingly sold under trials and contracts with acceptance periods. This makes product deferred revenue larger and more volatile, and a failed trial could lead to returns and inventory write-downs.
• Tariffs and trade policy. Products are made mainly in Malaysia, Vietnam and Mexico, and some components come from China. Section 301 tariffs, the country- and commodity-specific tariffs imposed since February 2025, and retaliation such as Chinese export controls on critical minerals could all raise costs, and Arista may not be able to pass the increases on to customers.
• Export controls on China. Expanded U.S. controls on semiconductors and supercomputing, additions to restricted-party lists, and Chinese countermeasures (including controls on germanium and gallium and an unreliable-entity list) could disrupt sourcing or raise component costs.
• Gross margin pressure. Margins depend on customer and product mix, competitors' ability to bundle products or use proprietary silicon, merchant silicon and memory costs, expedite fees, and tariff costs. Arista has raised some prices in response to cost inflation, and the company warns that those increases could reduce demand.
• Competition and consolidation. Larger rivals and partners are using acquisitions and investments to influence buying decisions; the 10-K cites Broadcom–VMware, HPE–Juniper and Nvidia's investments in AI Neoclouds. White-box hardware and customers building their own switches add pricing pressure.
• Customer credit risk (new emphasis in the Q3 2026 10-Q). Arista grants extended payment terms to certain large customers. The 10-Q notes that AI cloud providers and data-center developers have issued large amounts of debt, and that some developers now face tighter credit and higher financing costs. Financial distress among highly leveraged customers could lead to cancelled orders or unpaid receivables.
• Macroeconomic and geopolitical exposure. The Q3 2026 10-Q adds the war in Iran to the geopolitical pressures listed alongside inflation, recession risk and tariff uncertainty.

Management's discussion, fiscal 2025

Source: Form 10-K for fiscal year 2025, accession 0001596532-26-000013 (Item 7 and consolidated statements of income).

Fiscal 2025 revenue rose 28.6% to $9,005.7 million, up from $7,003.1 million. Product revenue grew $1,692.9 million (28.8%), which management attributes to healthy demand and higher shipments of switching and routing platforms across its customer base. Service revenue grew $309.7 million (27.7%) as the installed base of support contracts expanded. Non-Americas revenue rose from 18.2% to 20.9% of the total because of the geographic mix of sales to large global customers. Gross margin was unchanged at 64.1%. Management said supply-chain inflation and tightening memory supply were pressuring margins.

Operating expenses rose 23.7% to $1,912.6 million:

• Research and development: up $240.6 million (24.1%) to $1,237.3 million, driven by $95.6 million more in personnel costs and $78.6 million more in new-product introduction costs.
• Sales and marketing: up $106.1 million (24.8%) to $533.4 million, mainly from headcount.
• General and administrative: up $19.2 million (15.6%) to $141.9 million, mainly from professional fees.

Operating income was $3,856.1 million. Other income, net, was $393.6 million, almost all of it interest income ($383.4 million). The tax provision rose to $738.3 million, and the effective tax rate rose from 12.6% to 17.4%, mainly because tax benefits from equity-based compensation were smaller. Net income was $3,511.4 million, or $2.75 per diluted share, compared with $2,852.1 million, or $2.23, in 2024.

Cash and capital allocation.

• Operating cash flow was $4.4 billion, helped by a $2.5 billion increase in deferred revenue. That increase came from product deferrals under contracts with acceptance terms and from growth in PCS contracts. It was partly offset by higher receivables, inventory and deferred cost of goods sold.
• Investing used $3.6 billion. This included net purchases of marketable securities, the $300.0 million VeloCloud purchase, and $119.5 million of property, equipment and intangible assets.
• Buybacks totaled $1.6 billion: $921.0 million under the completed $1.2 billion program and $682.1 million under the $1.5 billion program authorized in May 2025, which had $817.9 million remaining at year-end.
• Year-end position: cash, cash equivalents and marketable securities were $10.7 billion, about $1.0 billion of it held outside the U.S.
• Commitments: purchase obligations were $6.8 billion. The company also expected to spend $170.0 million to $195.0 million on a new Santa Clara building for office, lab and data-center space, due for completion by the end of 2026.

Current quarter, Q3 2026 (three months ended September 30, 2026)

Sources: Form 10-Q for the quarter ended September 30, 2026, accession 0001596532-26-000254; third-quarter earnings release furnished on Form 8-K, accession 0001596532-26-000252. Earlier quarters' revenue and guidance come from the earnings releases furnished under accessions 0001596532-26-000010 (Q4 2025), 0001596532-26-000074 (Q1 2026) and 0001596532-26-000174 (Q2 2026).

Growth accelerated for a fourth straight quarter. Revenue was $3,657.6 million, up 58.5% from $2,308.3 million a year earlier. The company calls this its highest year-over-year growth since its IPO. Revenue rose 20.5% from Q2 and well exceeded the roughly $3.3 billion Arista had guided to in August. Quarterly revenue and growth have both risen steadily:

Product revenue rose $1,278.3 million (66.9%) to $3,190.0 million on demand for switching and routing platforms across the customer base. Service revenue rose $71.0 million (17.9%) to $467.6 million. Over nine months, revenue was $9,402.3 million, up 44.3%. Growth was weighted toward the Americas, which produced 81.4% of quarterly revenue (79.8% a year earlier). Non-Americas revenue fell to 18.6% from 20.2%.

Margins. Gross margin slipped to 63.6% from 64.6%, and to 62.9% from 64.5% for the nine months. Management says product gross margin fell 0.3 percentage points for the quarter and 1.5 points for the nine months, mainly because of higher product costs, partly offset by supply-chain productivity gains. Operating expenses rose to $683.3 million. Research and development grew $160.9 million (49.4%) to $486.9 million, almost entirely from new-product introduction costs, which were up $137.0 million; personnel costs added $18.5 million. Sales and marketing ($156.6 million) and general and administrative ($39.8 million) grew only modestly. Operating income was $1,642.4 million, a GAAP operating margin of 44.9% compared with 42.4% a year earlier; the non-GAAP operating margin was 49.1%.

Earnings. Other income, net, rose to $273.1 million from $98.9 million. That included $137.3 million of interest income and $134.5 million of gains on strategic investments. The effective tax rate fell to 18.5% from 20.8%, because the year-ago quarter carried a one-time deferred tax provision from the enactment of the One Big Beautiful Bill Act. Net income was $1,560.4 million, compared with $853.0 million, an increase of 82.9%. GAAP diluted EPS was $1.22, compared with $0.67. Non-GAAP diluted EPS was $1.20, compared with $0.77. The non-GAAP figure is below the GAAP figure mainly because it excludes the strategic-investment gains.

Balance sheet and working capital. Cash, cash equivalents and marketable securities were about $14.4 billion at September 30, 2026, up from $10.7 billion at year-end, and the balance sheet shows no debt. Nine-month operating cash flow was $4.0 billion. Within working capital:

• Inventory rose $962.8 million to $3,209.8 million. Evaluation inventory held at customer sites for trials more than doubled to $874.3 million.
• Deferred revenue reached $6,839.5 million, up from $5,372.4 million at the start of the year.
• Remaining performance obligations totaled $8.6 billion, about 91% of it expected to be recognized within two years.
• Purchase commitments grew to $11.4 billion, of which $9.3 billion is due within 12 months, and deposits with contract manufacturers rose to $152.8 million.
• Payment terms: the company says working capital may be affected by extended payment terms in certain large customer arrangements.

Arista repurchased no shares in the first nine months of 2026; $817.9 million remains under the May 2025 authorization.

Outlook for Q4 2026 (from the November 3, 2026 release):

• Revenue of $3.9 billion to $4.0 billion.
• Non-GAAP operating margin of 48% to 49%.
• Non-GAAP diluted EPS of $1.26 to $1.30.

Management's caveats. Tightening memory and silicon supply and supply-chain inflation continue to pressure gross margin. Inventory and purchase commitments are expected to stay elevated as new products ramp. Because of the timing of trials and acceptance-based contracts, near-term revenue may not reflect current demand.

Subsequent events

Source: Form 10-Q for the quarter ended September 30, 2026, accession 0001596532-26-000254.

The Q3 2026 10-Q, signed November 3, 2026, has no subsequent-events note; its notes run from organization and accounting policies to segment information. No other part of the filing discloses an acquisition, divestiture, financing, borrowing or litigation outcome after September 30, 2026. Litigation remains limited to ordinary-course claims, with no significant loss provisions. The only post-quarter disclosure is the third-quarter earnings release of November 3, 2026 (accession 0001596532-26-000252), which carries the Q4 2026 outlook above.

Filings that contain financial statements

Each earnings press release furnished as Exhibit 99.1 to a Form 8-K carries condensed income statements and a GAAP to non-GAAP reconciliation. Every release listed below also carries a condensed consolidated balance sheet and a condensed consolidated statement of cash flows covering the year to date: three months (Q1 2026), six months (Q2 2026), nine months (Q3 2026 and Q3 2025) and twelve months (Q4 2025, whose income statement covers the three and twelve months ended December 31, 2025). The Q3 2026 Form 10-Q and the fiscal 2025 Form 10-K carry the full statements.

• Form 10-Q filed 2026-11-04, accession 0001596532-26-000254: quarter and nine months ended September 30, 2026 (full financial statements).
• Form 10-K filed 2026-02-17, accession 0001596532-26-000013: fiscal year ended December 31, 2025 (full financial statements).

• Form 8-K filed 2026-11-03, accession 0001596532-26-000252: third quarter and nine months ended September 30, 2026 (income statement, non-GAAP reconciliation, balance sheet, nine-month cash flow statement).
• Form 8-K filed 2026-08-04, accession 0001596532-26-000174: second quarter and six months ended June 30, 2026 (income statement, balance sheet, six-month cash flow statement).
• Form 8-K filed 2026-05-05, accession 0001596532-26-000074: first quarter ended March 31, 2026 (income statement, balance sheet, three-month cash flow statement).
• Form 8-K filed 2026-02-12, accession 0001596532-26-000010: fourth quarter and full year ended December 31, 2025 (income statement for the three and twelve months, balance sheet, twelve-month cash flow statement).
• Form 8-K filed 2025-11-04, accession 0001596532-25-000284: third quarter and nine months ended September 30, 2025 (income statement, balance sheet, nine-month cash flow statement).

Earnings and guidance

Results beat the revenue guidance given in the prior release in each of the last four quarters, and quarterly revenue rose every quarter.

• 2026-11-03, Q3 2026 results (0001596532-26-000252). Revenue was $3.66 billion ($3,657.6 million), up 58.5% from Q3 2025 and 20.5% from Q2 2026. The company said this was its highest year-over-year growth since its IPO and that the figure exceeded its $3.3 billion guidance. GAAP operating margin was 44.9% (non-GAAP 49.1%). GAAP diluted EPS was $1.22 and non-GAAP $1.20, against $0.67 and $0.77 a year earlier. GAAP net income included $134.5 million of gains on strategic investments, which the non-GAAP figure excludes. Guidance for Q4 2026: revenue of $3.9 to $4.0 billion, non-GAAP operating margin of 48 to 49%, and non-GAAP diluted EPS of $1.26 to $1.30.
• 2026-08-04, Q2 2026 results (0001596532-26-000174). Revenue was $3.036 billion, the first quarter above $3 billion, up 37.7% year over year and 12.1% from Q1. GAAP and non-GAAP operating margin were 45.4% and 49.9%. GAAP diluted EPS was $0.95 and non-GAAP $1.02. The prior guidance was about $2.8 billion. Q3 guidance was about $3.3 billion of revenue, non-GAAP operating margin of 48 to 49%, and non-GAAP EPS of $1.06 to $1.08. Actual Q3 non-GAAP EPS of $1.20 exceeded that range.
• 2026-05-05, Q1 2026 results (0001596532-26-000074). Revenue was $2.709 billion, up 35.1% year over year and 8.9% from Q4 2025. GAAP and non-GAAP operating margin were 42.7% and 47.8%. GAAP diluted EPS was $0.80 and non-GAAP $0.87. Q2 guidance was about $2.8 billion of revenue, non-GAAP operating margin of 46 to 47%, and non-GAAP EPS of about $0.88. Q1 guidance given in February had been about $2.6 billion.
• 2026-02-12, Q4 and full-year 2025 results (0001596532-26-000010). Q4 revenue was $2.488 billion, up 28.9% year over year, above the $2.3 to $2.4 billion guidance. Full-year 2025 revenue was $9.006 billion, up 28.6%, with GAAP net income of $3.511 billion ($2.75 per diluted share). Q1 2026 guidance was revenue of about $2.6 billion, non-GAAP gross margin of about 62 to 63%, and non-GAAP operating margin of about 46%.
• 2025-11-04, Q3 2025 results (0001596532-25-000284). Revenue was $2.308 billion, up 27.5% year over year. Q4 2025 guidance was revenue of $2.3 to $2.4 billion, non-GAAP gross margin of 62 to 63%, and non-GAAP operating margin of 47 to 48%.

The company changed its method for the income tax effect of non-GAAP adjustments effective Q4 2025 and recast prior non-GAAP results. Non-GAAP net income for the three and nine months ended September 30, 2025 rose by $17.1 million and $47.5 million, and non-GAAP diluted EPS by $0.02 and $0.03 (0001596532-26-000252).

Capital actions

• The board authorized a $1.5 billion share repurchase program in May 2025. The Q3 2026 quarterly report (0001596532-26-000254) states that no shares were repurchased in the nine months ended September 30, 2026 and that $817.9 million of the authorization remained at September 30, 2026. The nine-month cash flow statement shows repurchases of $983.0 million in the 2025 period and none in 2026.
• No dividend, debt issuance or stock split appears in the filings reviewed.

Acquisitions

• The nine-month 2025 cash flow shows $300.0 million paid for business combinations, which the quarterly report attributes to the acquisition of VeloCloud. That purchase was completed during 2025. There is no business combination cash outflow in the nine months ended September 30, 2026 (0001596532-26-000252, 0001596532-26-000254). No acquisition signing or closing appears in any 2026 Form 8-K.

Management and governance

• 2025-06-16 (event date June 13, 2025), Form 8-K 0001596532-25-000170. Todd Nightingale, former CEO of Fastly, was appointed President and Chief Operating Officer, joining about July 1, 2025. His offer letter provides a $350,000 base salary and a restricted stock unit grant valued at $30,000,000.
• 2025-09-08, Form 8-K 0001596532-25-000258. On September 5, 2025 the board appointed co-founder Kenneth Duda, previously Chief Technology Officer, as President and Chief Technology Officer, with oversight of cloud and AI systems engineering and business development. The bylaws were amended so the President role may be held by more than one person, and the Delaware forum-selection provision was updated.
• 2026-06-02, Form 8-K 0001596532-26-000118. At the May 29, 2026 annual meeting, stockholders elected three Class III directors (Lewis Chew, Greg Lavender, Mark B. Templeton) to terms ending in 2029. They approved executive compensation on an advisory basis (624.9 million for, 410.2 million against) and ratified Ernst & Young LLP as auditor for fiscal 2026.

Other

• In September 2026 Arista was added to the S&P 100 index, and the company launched open rack-scale Ethernet architectures for AI networks with partners including AMD, Arm, Broadcom, Meta, Microsoft and Qualcomm (0001596532-26-000252).
• The 2026 quarterly report continues to flag tariffs, component supply constraints and rising inventory and purchase commitments as risks (0001596532-26-000254). Inventories were $3,209.8 million at September 30, 2026, against $2,247.1 million at December 31, 2025 (0001596532-26-000252).

About this file

ANET annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

ANET quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Derivation, Q3 FY2025. Income statement read from the three months ended September 30, 2025 column of the condensed consolidated income statements in the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). Total stockholders' equity and shares outstanding at September 30, 2025 are the closing balances of the statement of stockholders' equity in the same 10-Q; that filing does not print a balance sheet at September 30, 2025, so no other balance-sheet line is shown for this quarter.
• Derivation, Q3 FY2026. Income statement read from the three months ended September 30, 2026 column of the condensed consolidated income statements, and balance sheet from the September 30, 2026 column of the condensed consolidated balance sheets, in the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). Shares outstanding is the closing share balance of the statement of stockholders' equity. Arista does not publish a three-month cash flow statement; cash flows for the nine months are in the year-to-date block.

ANET year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Derivation, Nine months ended September 30, 2026. Read from the nine months ended September 30, 2026 columns of the condensed consolidated income statements and statements of cash flows in the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). Free cash flow is operating cash flow less purchases of property and equipment.
• Derivation, Nine months ended September 30, 2025. Read from the nine months ended September 30, 2025 columns of the same statements in the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). Free cash flow is operating cash flow less purchases of property and equipment.

ANET trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. Computed, not reported by Arista: the full year 2025 from the FY2025 Form 10-K (accession 0001596532-26-000013), plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both from the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). Per-share amounts are combined the same way from the reported per-share figures (diluted: $2.75 + $2.98 - $2.00 = $3.73); no trailing share count is shown because weighted-average share counts cannot be added and subtracted.

Adjustments

Notes

• Schema: the standard operating-company template (revenue, cost of revenue, gross profit, operating expenses, net income, per-share amounts; balance sheet; cash flow). Arista sells networking hardware and software with an attached support business and reports as a single segment, so product and service are shown separately on both revenue and cost of revenue.
• All amounts are in actual U.S. dollars. The statements are printed in millions, share counts included, and those printed amounts have been scaled up here, so $3,657.6 million of third-quarter 2026 revenue appears as 3,657,600,000. Per-share amounts are left as printed.
• This page covers the periods presented in two filings: the FY2025 Form 10-K (accession 0001596532-26-000013) and the Q3 FY2026 Form 10-Q (accession 0001596532-26-000254). The 10-K presents three years of income statement and cash flow (2023, 2024 and 2025) and two year-end balance sheets (December 31, 2025 and 2024). The 10-Q presents the three and nine months ended September 30, 2026 and 2025, and balance sheets at September 30, 2026 and December 31, 2025.
• FY2023 carries only the equity and share balances the statement of stockholders' equity shows at December 31, 2023; the rest of that year's balance sheet is not presented in the FY2025 10-K.
• The two quarters reported here are the third quarter of 2026 and the third quarter of 2025, both read directly from the 10-Q's three-month columns. Other quarters are not presented in these two filings and are not shown on this page.
• Balance sheets appear only where a filing dates one: December 31, 2024 and 2025 in the 10-K, and September 30, 2026 in the 10-Q. The 10-Q's December 31, 2025 balance sheet agrees line for line with the audited one in the 10-K. For the third quarter of 2025 only total stockholders' equity and shares outstanding are available, from the 10-Q's statement of stockholders' equity.
• Cash flow is reported for full years in the 10-K and for the nine months in the 10-Q. Arista does not publish a three-month cash flow statement, so neither quarter carries one; nine-month cash flows are in the year-to-date block.
• The trailing twelve months to September 30, 2026 are computed as the full year 2025 plus the nine months of 2026 less the nine months of 2025. On that basis revenue was $11,890.1 million and net income $4,752.0 million.
• Arista has no borrowings. No balance sheet reported here shows short-term or long-term debt, so total debt is zero in every period where it is shown, and Arista states in both filings that it has never declared nor paid any dividends on its common stock, so dividends paid is zero in every period.
• Capital expenditures and share repurchases are shown as negative amounts, matching the cash flow statement's presentation of cash outflows. Free cash flow is operating cash flow less capital expenditures. The capital expenditure line is 'Purchases of property, equipment and intangible assets' in the 10-K and 'Purchases of property and equipment' in the 10-Q. Arista made no share repurchases in the first nine months of 2026, against $983.0 million in the first nine months of 2025.
• The cash figure in the cash flow block is the statement's own 'Cash, cash equivalents and restricted cash' total, which is slightly larger than balance-sheet cash because it includes restricted cash.
• The 10-Q's comparative 2025 columns agree with the FY2025 10-K and with the figures previously reported for those periods, so nothing reported here was restated.
• Other income, net was $273.1 million in the third quarter of 2026, against $98.9 million a year earlier; the 10-Q prints it as a single line on the income statement.

Uncertainties

• FY2023 has no full balance sheet. Total assets, cash, liabilities and the rest of that year's balance sheet are not presented in the FY2025 10-K, and only total stockholders' equity and shares outstanding at December 31, 2023 are reported here.
• The third quarter of 2025 has no full balance sheet, because the Q3 FY2026 10-Q does not present one at September 30, 2025; only total stockholders' equity and shares outstanding are shown.
• No quarter carries a discrete three-month cash flow statement, because Arista reports interim cash flows only on a cumulative year-to-date basis. Quarter-level operating cash flow, capital expenditure and free cash flow are therefore unavailable.
• Trailing-twelve-month figures are computed rather than reported by Arista. The trailing per-share amounts are the sum and difference of reported per-share figures, which are themselves rounded to the cent, so they may differ by a cent from a figure computed on trailing share counts.
• Statements are printed to the nearest $0.1 million, so a total can differ by $0.1 million from the sum of its components, and derived figures inherit that rounding.

Company details

Fiscal period

Source filings