Arista Networks, Inc. (ANET) Balance Sheet
ANET balance sheet, 2025
December 31, 2025 · U.S. dollars$19.45B assets = $7.08B liabilities + $12.37B equity
Both columns are drawn to the same scale: what ANET owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ANET financial health
Current ratio3.05
Comfortable · current assets cover current liabilities 3.05×
Equity / assets63.6%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles2.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
ANET balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.73B2016 | $19.45B2025 | +30.9%/yr | |
| Total liabilities | $621.2M2016 | $7.08B2025 | +31.0%/yr | |
| Shareholders’ equity | $1.11B2016 | $12.37B2025 | +30.7%/yr | |
| Cash & short-term investments | $867.8M2016 | $10.74B2025 | +32.3%/yr | |
| Total debt | $130.5M2016 | $59.6M2024 | −9.3%/yr | |
| Net cash (debt) | $737.3M2016 | $8.24B2024 | +$7.5B | |
| Working capital | $1.07B2016 | $11.01B2025 | +$9.9B | |
| Book value per share | $0.952016 | $9.702025 | +29.5%/yr | |
| Current ratio | 3.322016 | 3.052025 | −0.27 | |
| Debt / equity | 0.122016 | 0.012024 | −0.11 | |
| Shares outstanding | 1.17B2016 | 1.28B2025 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANET assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
ANET liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
ANET debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ANET balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $10.74B | $8.30B | $5.01B | $3.02B | $3.41B | $2.87B | $2.72B | $1.96B | $1.54B | $867.8M |
| Cash & equivalents | $1.96B | $2.76B | $1.94B | $671.7M | $620.8M | $893.2M | $1.11B | $650.0M | $859.2M | $567.9M |
| Short-term investments | $8.78B | $5.54B | $3.07B | $2.35B | $2.79B | $1.98B | $1.61B | $1.31B | $676.4M | $299.9M |
| Receivables | $1.89B | $1.14B | $1.02B | $923.1M | $516.5M | $389.5M | $392.0M | $331.8M | $247.3M | $253.1M |
| Inventory | $2.25B | $1.83B | $1.95B | $1.29B | $650.1M | $479.7M | $243.8M | $264.6M | $306.2M | $236.5M |
| Other current assets | $1.51B | $632.3M | $412.5M | $314.2M | $237.7M | $94.9M | $111.5M | $162.3M | $177.3M | $168.7M |
| Total current assets | $16.39B | $11.91B | $8.39B | $5.55B | $4.81B | $3.84B | $3.47B | $2.71B | $2.27B | $1.53B |
| Property, plant & equipment (net) | $203.1M | $98.8M | $101.6M | $148.4M | $143.8M | $109.5M | $127.0M | $75.4M | $74.3M | $77.0M |
| Goodwill & intangible assets | $416.1M | $330.5M | $357.3M | $388.1M | $282.0M | $312.5M | $100.1M | $112.3M | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $39.5M | $20.2M | $8.3M | $4.2M | $30.3M | $36.1M | $36.1M |
| Other non-current assets | $2.44B | $1.70B | $1.10B | $648.7M | $475.7M | $471.6M | $482.4M | $149.2M | $84.0M | $89.8M |
| Total assets | $19.45B | $14.04B | $9.95B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B | $1.73B |
| Liabilities | ||||||||||
| Accounts payable | $651.7M | $381.1M | $435.1M | $232.6M | $202.6M | $134.2M | $92.1M | $93.8M | $52.2M | $79.5M |
| Short-term debt | — | $22.1M | $95.8M | $19.9M | $226.6M | $143.4M | $140.2M | $839,000 | $133.8M | $91.0M |
| Deferred revenue | $4.00B | $1.73B | $915.2M | $637.4M | $593.6M | $396.3M | $312.7M | $358.6M | $327.7M | $273.4M |
| Total current liabilities | $5.38B | $2.73B | $1.91B | $1.29B | $1.11B | $768.2M | $597.1M | $606.5M | $529.9M | $459.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $35.4M | $37.7M | $39.6M |
| Lease obligations | — | — | — | $44.0M | $56.5M | $72.4M | $83.0M | $35.4M | $37.7M | $39.6M |
| Other long-term liabilities | $1.70B | $1.32B | $818.1M | $596.1M | $646.0M | $650.4M | $693.5M | $296.7M | $231.4M | $122.0M |
| Total liabilities | $7.08B | $4.05B | $2.73B | $1.89B | $1.76B | $1.42B | $1.29B | $938.6M | $798.9M | $621.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $100,000 | $126,000 | $31,000 | $31,000 | $31,000 | $8,000 | $8,000 | $8,000 | $7,000 | $7,000 |
| Retained earnings (deficit) | $9.45B | $7.54B | $5.11B | $3.14B | $2.46B | $2.03B | $1.79B | $1.19B | $859.1M | $435.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $12.0M | −$13.2M | −$3.3M | −$33.9M | −$8.3M | $238,000 | $143,000 | −$4.0M | −$1.9M | −$1.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $12.37B | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B | $2.89B | $2.14B | $1.66B | $1.11B |
| Key figures | ||||||||||
| Total debt | — | $59.6M | $65.5M | $44.0M | $56.5M | $72.4M | $83.0M | $36.3M | $171.5M | $130.5M |
| Net cash (debt) | — | $8.24B | $4.94B | $2.98B | $3.35B | $2.80B | $2.64B | $1.92B | $1.36B | $737.3M |
| Working capital | $11.01B | $9.18B | $6.48B | $4.26B | $3.70B | $3.07B | $2.87B | $2.11B | $1.74B | $1.07B |
| Tangible book value | $11.95B | $9.66B | $6.86B | $4.50B | $3.70B | $3.01B | $2.79B | $2.03B | $1.66B | $1.11B |
| Book value per share | $9.70 | $7.80 | $5.69 | $3.86 | $3.12 | $2.61 | $2.24 | $1.66 | $1.32 | $0.95 |
| Shares outstanding | 1.28B | 1.28B | 1.27B | 1.27B | 1.28B | 1.27B | 1.29B | 1.29B | 1.26B | 1.17B |
| Current ratio | 3.05 | 4.36 | 4.39 | 4.29 | 4.34 | 4.99 | 5.81 | 4.48 | 4.28 | 3.32 |
| Quick ratio | 2.35 | 3.46 | 3.16 | 3.05 | 3.54 | 4.25 | 5.22 | 3.77 | 3.36 | 2.44 |
| Debt / equity | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.10 | 0.12 |
| Equity / assets | 63.6% | 71.2% | 72.6% | 72.1% | 69.4% | 70.1% | 69.2% | 69.5% | 67.5% | 64.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.34B | $12.35B | $10.74B | $10.11B | $8.84B | $8.15B | $8.30B | $7.43B | $6.27B | $5.45B | $5.01B | $4.46B |
| Cash & equivalents | $2.29B | $2.79B | $1.96B | $2.33B | $2.23B | $1.85B | $2.76B | $3.18B | $2.43B | $2.09B | $1.94B | $1.75B |
| Short-term investments | $11.05B | $9.56B | $8.78B | $7.78B | $6.62B | $6.30B | $5.54B | $4.25B | $3.84B | $3.36B | $3.07B | $2.71B |
| Receivables | $2.27B | $1.92B | $1.89B | $1.49B | $1.62B | $1.44B | $1.14B | $1.13B | $1.23B | $1.09B | $1.02B | $833.4M |
| Inventory | $2.54B | $2.38B | $2.25B | $2.16B | $2.06B | $1.96B | $1.83B | $1.77B | $1.85B | $2.03B | $1.95B | $1.89B |
| Other current assets | $2.02B | $1.90B | $1.51B | $1.43B | $976.4M | $733.5M | $632.3M | $548.7M | $487.8M | $361.3M | $412.5M | $472.5M |
| Total current assets | $20.16B | $18.56B | $16.39B | $15.18B | $13.50B | $12.28B | $11.91B | $10.88B | $9.84B | $8.93B | $8.39B | $7.65B |
| Property, plant & equipment (net) | $312.5M | $250.3M | $203.1M | $172.6M | $152.3M | $123.9M | $98.8M | $93.0M | $96.3M | $97.9M | $101.6M | $161.5M |
| Goodwill & intangible assets | $674.3M | $689.6M | $416.1M | $720.3M | $736.3M | $324.9M | $330.5M | $337.2M | $343.9M | $350.6M | $357.3M | $364.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $62.3M |
| Other non-current assets | $2.57B | $2.16B | $2.44B | $1.97B | $2.14B | $1.79B | $1.70B | $1.54B | $1.34B | $1.18B | $1.10B | $826.3M |
| Total assets | $23.72B | $21.66B | $19.45B | $18.05B | $16.53B | $14.51B | $14.04B | $12.85B | $11.62B | $10.55B | $9.95B | $9.07B |
| Liabilities | ||||||||||||
| Accounts payable | $692.7M | $608.4M | $651.7M | $481.0M | $543.9M | $389.1M | $381.1M | $289.2M | $297.8M | $223.3M | $435.1M | $269.0M |
| Short-term debt | — | — | — | — | — | — | $22.1M | $24.1M | $107.8M | $107.2M | $95.8M | $104.7M |
| Deferred revenue | $5.10B | $4.91B | $4.00B | $3.52B | $2.79B | $2.07B | $1.73B | $1.60B | $1.39B | $1.06B | $915.2M | $698.7M |
| Total current liabilities | $6.82B | $6.56B | $5.38B | $4.67B | $4.05B | $3.12B | $2.73B | $2.43B | $2.16B | $1.78B | $1.91B | $1.85B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | — | $48.0M |
| Other long-term liabilities | $2.10B | $1.61B | $1.70B | $1.48B | $1.58B | $1.27B | $1.32B | $1.17B | $1.03B | $904.8M | $818.1M | $716.8M |
| Total liabilities | $8.92B | $8.17B | $7.08B | $6.14B | $5.63B | $4.40B | $4.05B | $3.60B | $3.19B | $2.69B | $2.73B | $2.56B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $126,000 | $31,000 | $31,000 | $31,000 | $31,000 | $31,000 |
| Retained earnings (deficit) | $11.68B | $10.47B | $9.45B | $9.12B | $8.26B | $7.57B | $7.54B | $6.87B | $6.18B | $5.69B | $5.11B | $4.50B |
| Accumulated other comprehensive income | −$40.5M | −$19.3M | $12.0M | $7.8M | $3.8M | −$1.9M | −$13.2M | $9.6M | −$15.1M | −$11.9M | −$3.3M | −$23.2M |
| Total shareholders' equity | $14.80B | $13.49B | $12.37B | $11.91B | $10.90B | $10.12B | $9.99B | $9.25B | $8.43B | $7.86B | $7.22B | $6.51B |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | $59.6M | $69.8M | $107.8M | $42.2M | $65.5M | $48.0M |
| Net cash (debt) | — | — | — | — | — | — | $8.24B | $7.36B | $6.17B | $5.41B | $4.94B | $4.41B |
| Working capital | $13.35B | $12.00B | $11.01B | $10.52B | $9.45B | $9.15B | $9.18B | $8.44B | $7.68B | $7.14B | $6.48B | $5.81B |
| Tangible book value | $14.12B | $12.80B | $11.95B | $11.19B | $10.17B | $9.79B | $9.66B | $8.91B | $8.09B | $7.51B | $6.86B | $6.14B |
| Book value per share | $11.61 | $10.59 | $9.70 | $9.33 | $8.58 | $7.91 | $7.79 | $7.21 | $6.59 | $6.15 | $5.66 | $5.12 |
| Shares outstanding | 1.27B | 1.27B | 1.28B | 1.28B | 1.27B | 1.28B | 1.28B | 1.28B | 1.28B | 1.28B | 1.28B | 1.27B |
| Current ratio | 2.96 | 2.83 | 3.05 | 3.25 | 3.33 | 3.93 | 4.36 | 4.47 | 4.55 | 5.01 | 4.39 | 4.15 |
| Quick ratio | 2.29 | 2.18 | 2.35 | 2.48 | 2.58 | 3.07 | 3.46 | 3.52 | 3.47 | 3.67 | 3.16 | 2.86 |
| Debt / equity | — | — | — | — | — | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 62.4% | 62.3% | 63.6% | 66.0% | 65.9% | 69.7% | 71.2% | 72.0% | 72.5% | 74.5% | 72.6% | 71.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
ANET financial position
At the end of fiscal 2025 (December 31, 2025), Arista Networks had total assets of $19.4 billion (up 38.5% from a year earlier), total liabilities of $7.1 billion and shareholders' equity of $12.4 billion. Its current ratio was 3.05. In the latest quarter (ended June 30, 2026) total assets were $23.7 billion and equity $14.8 billion.
Related: ANET income statement, ANET cash flow statement, ANET key metrics. See the ANET stock overview for the latest quote and news.
ANET balance sheet FAQ
What are Arista Networks's total assets?
Arista Networks reported total assets of $19.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.0 billion a year earlier.
How much cash does Arista Networks have?
Arista Networks held $10.7 billion in cash and short-term investments at the end of fiscal 2025.
What is Arista Networks's book value?
Arista Networks's shareholders' equity (book value) was $12.4 billion at the end of fiscal 2025, or $9.70 per share.
What is Arista Networks's current ratio?
Arista Networks had current assets of $16.4 billion and current liabilities of $5.4 billion, a current ratio of 3.05 (it can cover its short-term obligations).
How much goodwill does Arista Networks have?
Arista Networks carried $416.1 million of goodwill and intangible assets, 2.1% of total assets, at the end of fiscal 2025.