Arista Networks, Inc. (ANET) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.69B | 1.26B | 1.27B | 1.2B | 641.7M | 1.03B | 1.17B | 989M | 513.8M | 526.46M | 698.98M | 434.09M | 374.48M | 40.47M | 134.1M | 101.1M | 217.14M | 225.24M | 272.58M | 263.37M |
| Operating CF Margin % | 62.51% | 50.72% | 54.94% | 54.43% | 32.01% | 53.41% | 64.86% | 58.51% | 32.7% | 34.18% | 46.31% | 29.75% | 27.71% | 3.17% | 11.4% | 9.61% | 24.76% | 27.32% | 36.41% | 37.23% |
| Operating CF Growth % | 163.91% | 22.4% | 7.98% | 21.34% | 24.89% | 95.83% | 68.03% | 127.83% | 37.2% | 1200.78% | 421.22% | 329.38% | 72.46% | -82.03% | -50.8% | -61.61% | -14.74% | 20.5% | 26.71% | 90.55% |
| Net Income | 1.02B | 955.8M | 853M | 888.8M | 813.8M | 801M | 748M | 665.4M | 637.7M | 613.64M | 545.33M | 491.88M | 436.47M | 427.09M | 354M | 299.1M | 272.26M | 239.29M | 224.31M | 196.89M |
| Depreciation & Amortization | 23.3M | 22.8M | 23.2M | 12.8M | 13.8M | 15.39M | 15.6M | 15.5M | 15.6M | 14.4M | 17.01M | 18.32M | 20.91M | 17.53M | 17.16M | 14.92M | 13.09M | 12.47M | 12.63M | 12.58M |
| Stock-Based Compensation | 120.9M | 133.1M | 127.9M | 85.2M | 93M | 100.73M | 98.1M | 79.3M | 77.2M | 81.36M | 85.39M | 67.13M | 62.88M | 64.95M | 65.48M | 50.22M | 50.28M | 51.24M | 53.13M | 44.94M |
| Deferred Taxes | -104.9M | -109.5M | 135.4M | -230.8M | -107.1M | -116.15M | -148.2M | -150.7M | -77.8M | -153.31M | -87.2M | -59.13M | -71.15M | -96.03M | -42.42M | -24.11M | -81.82M | -98.72M | 2.42M | -4.42M |
| Other Non-Cash Items | -3.4M | -3.6M | -2.5M | -8.9M | -12.1M | -10.84M | -24.2M | -10.7M | -7.8M | -6.51M | -5.46M | -28M | 5.98M | 53K | 6.68M | 14.14M | -16.93M | 12.03M | 11.4M | 10.84M |
| Working Capital Changes | 634.7M | 263.3M | 131.2M | 453M | -159.7M | 240.83M | 485.2M | 390.2M | -131.1M | -23.11M | 143.91M | -56.11M | -80.61M | -373.13M | -266.79M | -253.17M | -19.74M | 8.92M | -31.32M | 2.54M |
| Change in Receivables | -36.9M | -397.5M | 134.2M | -187.7M | -295.4M | -9.58M | 105.7M | -136.7M | -65.5M | -191.19M | -58.99M | 83.15M | 60.22M | -271.58M | -65.61M | 67.53M | -131.86M | -120.92M | -31.38M | 16.25M |
| Change in Inventory | -133M | -91.4M | -96.6M | -101.8M | -122.7M | -64.61M | 83.8M | 171.4M | -80M | -51.64M | -29.2M | -181.63M | -393M | -189.16M | -247.74M | -158.52M | -43.53M | -74.45M | -32.47M | -60.03M |
| Change in Payables | -35.6M | 162.4M | -61.9M | 153.3M | 6.7M | 90.37M | -5.8M | 71M | -207.2M | 164.87M | -81.17M | 20.34M | 94.56M | -42.04M | 2.31M | 68.69M | 2.48M | 67.76M | -11.95M | 8.05M |
| Cash from Investing | -865.3M | -999.1M | -1.19B | -625.1M | -765.9M | -1.31B | -373.9M | -477.9M | -295.6M | -336.96M | -225.84M | -102.91M | -21.75M | -82.83M | 126.19M | 245.57M | -72.61M | -64.2M | -425.28M | -218.13M |
| Capital Expenditures | -54.5M | -37M | -30.1M | -24M | -28.4M | -12.45M | -7M | -3.2M | -9.4M | -6.01M | -11.21M | -11.58M | -5.63M | -10.46M | -10.44M | -8.87M | -14.88M | -9.28M | -45.89M | -4.47M |
| CapEx % of Revenue | 2.01% | 1.49% | 1.3% | 1.09% | 1.42% | 0.65% | 0.39% | 0.19% | 0.6% | 0.39% | 0.74% | 0.79% | 0.42% | 0.82% | 0.89% | 0.84% | 1.7% | 1.13% | 6.13% | 0.63% |
| Acquisitions | 0 | -300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05M | -250K | 0 | 0 | -107.48M | -37.61M | 0 | -4.6M | -4.08M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5M | 324.9M | -10M | -300M | 0 | 0 | -5.6M | 0 | -1M | 0 | -4.25M | -250K | 250K | 0 | 0 | 0 | 0 | 0 | -120K | 1.4M |
| Cash from Financing | 0 | -625.5M | 20.6M | -197.2M | -793.8M | -130.04M | -55.6M | -173.1M | -63.1M | -1.33M | 15.21M | -29.23M | -68.4M | -4.66M | -34.24M | -485.89M | -129.81M | -170.9M | -109.16M | 4.95M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.7M | -619.3M | 25.6M | -192.7M | -759M | -119.12M | -44.1M | -172M | -62.7M | 0 | 0 | -30M | -82.28M | -2.82M | -27.5M | -479.83M | -117.07M | -165.04M | -104.89M | 8.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -26.2M | -620.1M | 0 | -195.9M | -787.1M | -123.8M | -65.1M | -172M | -62.7M | 0 | 0 | -30M | -82.28M | -2.82M | -47.58M | -483.66M | -136.23M | -176.13M | -134.16M | 0 |
| Other Financing | -3.7M | -6.2M | -5M | -4.5M | -34.8M | -10.92M | -11.5M | -1.1M | -400K | -1.33M | 15.21M | 772K | 13.87M | -1.84M | -6.74M | -6.06M | -12.74M | -5.86M | -4.27M | -3.86M |
| Net Change in Cash | 825.6M | -362.7M | 101.1M | 380.4M | -917.3M | -412.77M | 746.6M | 336.9M | 153.5M | 189.79M | 486.98M | 302.07M | 284.65M | -44.53M | 223.01M | -141.78M | 14.23M | -10.17M | -262.71M | 50.35M |
| Free Cash Flow | 1.64B | 1.22B | 1.24B | 1.18B | 613.3M | 1.02B | 1.17B | 985.8M | 504.4M | 520.45M | 687.76M | 422.51M | 368.85M | 30.01M | 123.67M | 92.23M | 202.26M | 215.96M | 226.69M | 258.89M |
| FCF Margin % | 60.5% | 49.24% | 53.64% | 53.34% | 30.59% | 52.76% | 64.47% | 58.32% | 32.1% | 33.79% | 45.56% | 28.96% | 27.3% | 2.35% | 10.51% | 8.77% | 23.06% | 26.19% | 30.28% | 36.6% |
| FCF Growth % | 167.24% | 20.26% | 6.05% | 19.3% | 21.59% | 95.7% | 69.75% | 133.32% | 36.75% | 1634.1% | 456.15% | 358.11% | 82.36% | -86.1% | -45.45% | -64.38% | -18.96% | 20.48% | 6.63% | 90.16% |
| FCF per Share | 1.29 | 0.96 | 0.97 | 0.93 | 0.48 | 0.79 | 0.91 | 0.77 | 0.39 | 0.41 | 0.54 | 0.33 | 0.29 | 0.02 | 0.10 | 0.07 | 0.16 | 0.17 | 0.18 | 0.20 |
| FCF Conversion (FCF/Net Income) | 1.66x | 1.32x | 1.49x | 1.35x | 0.79x | 1.29x | 1.57x | 1.49x | 0.81x | 0.86x | 1.28x | 0.88x | 0.86x | 0.09x | 0.38x | 0.34x | 0.80x | 0.94x | 1.22x | 1.34x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |