Arista Networks, Inc. (ANET) Cash Flow Statement
Where ANET’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.37B +17.9% vs 2024
- Capital expenditures
- $119.5M 1.3% of revenue
- Free cash flow
- $4.25B 47.2% margin
- Returned to shareholders
- $1.60B 38% of free cash flow
- Change in cash
- −$798.5M cash at year-end $1.97B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ANET operating cash flow, capex and free cash flow
ANET cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $131.4M2016 | $4.37B2025 | +47.6%/yr | |
| Capital expenditures | $21.4M2016 | $119.5M2025 | +21.0%/yr | |
| Free cash flow | $110.0M2016 | $4.25B2025 | +50.1%/yr | |
| Free cash flow margin | 9.7%2016 | 47.2%2025 | +37.5 pts | |
| Operating cash flow / net income | 0.712016 | 1.252025 | +0.53 | |
| Stock-based compensation | $59.0M2016 | $439.2M2025 | +25.0%/yr | |
| Share buybacks (net) | $02016 | $1.60B2025 | — | |
| Capex / revenue | 1.9%2016 | 1.3%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANET cash flow by activity
ANET net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ANET cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.51B | $2.85B | $2.09B | $1.35B | $840.9M | $634.6M | $859.9M | $328.1M | $423.2M | $184.2M |
| Depreciation & amortization | $72.6M | $62.0M | $70.6M | $62.7M | $50.3M | $35.2M | $32.8M | $27.7M | $20.6M | $19.7M |
| Stock-based compensation | $439.2M | $355.4M | $296.8M | $230.9M | $186.9M | $137.0M | $101.3M | $91.2M | $75.4M | $59.0M |
| Change in working capital | $687.8M | $985.2M | −$15.9M | −$912.8M | −$6.9M | −$85.7M | $40.8M | $103.6M | $102.5M | −$68.4M |
| Other non-cash items | −$339.1M | −$546.4M | −$404.8M | −$240.4M | −$55.3M | $14.0M | −$71.8M | −$47.5M | $9.9M | −$63.1M |
| Cash from operating activities | $4.37B | $3.71B | $2.03B | $492.8M | $1.02B | $735.1M | $963.0M | $503.1M | $631.6M | $131.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$119.5M | −$32.0M | −$34.4M | −$44.6M | −$64.7M | −$15.4M | −$15.8M | −$23.8M | −$15.3M | −$21.4M |
| Investments (net) | −$3.17B | −$2.46B | −$687.5M | $216.3M | −$862.1M | −$369.4M | −$295.2M | −$632.5M | −$379.0M | −$326.0M |
| Acquisitions & other investing | −$285.1M | $32.0M | $34.4M | $44.6M | $1.3M | −$224.0M | $26.9M | −$98.8M | $1.7M | $21.4M |
| Cash from investing activities | −$3.58B | −$2.46B | −$687.5M | $216.3M | −$925.6M | −$608.8M | −$284.1M | −$755.1M | −$392.6M | −$326.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$1.60B | −$423.6M | −$112.3M | −$670.3M | −$411.6M | −$395.2M | −$266.1M | −$8.9M | −$4.0M | $10.3M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | −$1.9M | −$1.6M | −$1.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $7.2M | $1.8M | $28.5M | $15.7M | $50.8M | $48.8M | $48.2M | $53.7M | $57.1M | $66.6M |
| Cash from financing activities | −$1.60B | −$421.8M | −$83.7M | −$654.6M | −$360.9M | −$346.3M | −$218.0M | $42.9M | $51.5M | $75.6M |
| Summary | ||||||||||
| Net change in cash | −$798.5M | $824.3M | $1.26B | $50.9M | −$272.4M | −$218.1M | $461.4M | −$210.5M | $291.3M | −$119.4M |
| Cash at end of period | $1.97B | $2.76B | $1.94B | $676.0M | $625.0M | $897.5M | $1.12B | $654.2M | $859.2M | $567.9M |
| Free cash flow | $4.25B | $3.68B | $2.00B | $448.2M | $951.1M | $719.7M | $947.3M | $479.3M | $616.3M | $110.0M |
| Free cash flow margin | 47.2% | 52.5% | 34.1% | 10.2% | 32.3% | 31.1% | 39.3% | 22.3% | 37.4% | 9.7% |
| Capex / revenue | 1.3% | 0.5% | 0.6% | 1.0% | 2.2% | 0.7% | 0.7% | 1.1% | 0.9% | 1.9% |
| Operating cash flow / net income | 1.25 | 1.30 | 0.97 | 0.36 | 1.21 | 1.16 | 1.12 | 1.53 | 1.49 | 0.71 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.21B | $1.02B | $955.8M | $853.0M | $888.8M | $813.8M | $801.0M | $748.0M | $665.4M | $637.7M | $613.6M | $545.3M |
| Depreciation & amortization | $23.4M | $23.3M | $22.8M | $23.2M | $12.8M | $13.8M | $15.4M | $15.6M | $15.5M | $15.6M | $14.4M | $17.0M |
| Stock-based compensation | $120.4M | $120.9M | $133.1M | $127.9M | $85.2M | $93.0M | $100.7M | $98.1M | $79.3M | $77.2M | $81.4M | $85.4M |
| Change in working capital | −$158.3M | $634.7M | $263.3M | $131.2M | $453.0M | −$159.7M | $240.8M | $485.2M | $390.2M | −$131.1M | −$23.1M | $143.9M |
| Other non-cash items | −$115.4M | −$108.3M | −$113.1M | $132.9M | −$239.7M | −$119.2M | −$127.0M | −$172.4M | −$161.4M | −$85.6M | −$159.8M | −$92.7M |
| Cash from operating activities | $1.08B | $1.69B | $1.26B | $1.27B | $1.20B | $641.7M | $1.03B | $1.17B | $989.0M | $513.8M | $526.5M | $699.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$29.7M | −$54.5M | −$37.0M | −$30.1M | −$24.0M | −$28.4M | −$12.5M | −$7.0M | −$3.2M | −$9.4M | −$6.0M | −$11.2M |
| Investments (net) | −$1.51B | −$815.8M | −$987.0M | −$1.19B | −$625.1M | −$765.9M | −$1.31B | −$373.9M | −$477.9M | −$295.6M | −$337.0M | −$225.8M |
| Acquisitions & other investing | −$40.0M | $5.0M | $24.9M | $30.1M | $24.0M | $28.4M | $12.5M | $7.0M | $3.2M | $9.4M | $6.0M | $11.2M |
| Cash from investing activities | −$1.58B | −$865.3M | −$999.1M | −$1.19B | −$625.1M | −$765.9M | −$1.31B | −$373.9M | −$477.9M | −$295.6M | −$337.0M | −$225.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $26.2M | −$26.2M | −$620.1M | −$5.0M | −$195.9M | −$787.1M | −$123.8M | −$65.1M | −$172.0M | −$62.7M | −$9.6M | −$8.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$27.7M | $26.2M | −$5.4M | $25.6M | −$1.3M | −$6.7M | −$6.2M | $9.5M | −$1.1M | −$400,000 | $8.3M | $23.4M |
| Cash from financing activities | −$1.5M | $0 | −$625.5M | $20.6M | −$197.2M | −$793.8M | −$130.0M | −$55.6M | −$173.1M | −$63.1M | −$1.3M | $15.2M |
| Summary | ||||||||||||
| Net change in cash | −$499.3M | $825.6M | −$362.7M | $101.1M | $380.4M | −$917.3M | −$412.8M | $746.6M | $336.9M | $153.5M | $189.8M | $487.0M |
| Cash at end of period | $2.29B | $2.79B | $1.97B | $2.33B | $2.23B | $1.85B | $2.76B | $3.18B | $2.43B | $2.09B | $1.94B | $1.75B |
| Free cash flow | $1.05B | $1.64B | $1.22B | $1.24B | $1.18B | $613.3M | $1.02B | $1.17B | $985.8M | $504.4M | $520.5M | $687.8M |
| Free cash flow margin | 34.7% | 60.5% | 49.2% | 53.6% | 53.3% | 30.6% | 52.8% | 64.5% | 58.3% | 32.1% | 33.8% | 45.6% |
| Capex / revenue | 1.0% | 2.0% | 1.5% | 1.3% | 1.1% | 1.4% | 0.6% | 0.4% | 0.2% | 0.6% | 0.4% | 0.7% |
| Operating cash flow / net income | 0.89 | 1.66 | 1.32 | 1.49 | 1.35 | 0.79 | 1.29 | 1.57 | 1.49 | 0.81 | 0.86 | 1.28 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ANET cash generation
In fiscal 2025 (ended December 31, 2025), Arista Networks generated $4.4 billion of cash from operations (up 17.9%) and spent $119.5 million on capital expenditures, leaving free cash flow of $4.3 billion, 47.2% of revenue. It returned $1.6 billion to shareholders through dividends ($0) and net share buybacks ($1.6 billion). Cash and equivalents fell by $798.5 million over the year.
Related: ANET income statement, ANET balance sheet. See the ANET stock overview for the latest quote and news.
ANET cash flow FAQ
What is Arista Networks's free cash flow?
Arista Networks's free cash flow was $4.3 billion in fiscal 2025: $4.4 billion of operating cash flow minus $119.5 million of capital expenditures It was $3.7 billion a year earlier..
How much cash does Arista Networks generate from operations?
Arista Networks generated $4.4 billion of cash from operating activities in fiscal 2025, 1.25 times its net income of $3.5 billion.
How much does Arista Networks spend on capital expenditures?
Arista Networks spent $119.5 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with $32.0 million the year before.
How much stock does Arista Networks buy back?
Arista Networks spent $1.6 billion on net share repurchases in fiscal 2025.