Arista Networks, Inc.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
ANET$185.02-0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $3,511.4 | $2,852.1 | $2,087.3 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 72.6 | 62.0 | 70.6 |
| Stock-based compensation | 439.2 | 355.4 | 296.8 |
| Deferred income taxes | (312.0) | (492.9) | (370.8) |
| Other | (27.1) | (53.6) | (34.0) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (746.4) | (106.1) | (105.9) |
| Inventories | (412.5) | 110.6 | (655.5) |
| Other assets | (937.4) | (234.2) | (66.4) |
| Accounts payable | 260.5 | (51.6) | 198.6 |
| Other liabilities | 119.4 | 47.8 | 128.1 |
| Deferred revenue | 2,452.0 | 1,285.2 | 465.0 |
| Income taxes, net | (47.8) | (66.5) | 20.2 |
| Net cash provided by operating activities | 4,371.9 | 3,708.2 | 2,034.0 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from maturities of marketable securities | 3,432.5 | 2,058.6 | 1,887.9 |
| Proceeds from sale of marketable securities | 144.3 | 48.8 | 67.3 |
| Purchases of marketable securities | (6,748.4) | (4,526.1) | (2,606.9) |
| Purchases of property, equipment and intangible assets | (119.5) | (32.0) | (34.4) |
| Cash paid for business combination, net of cash acquired | (300.0) | — | 1.8 |
| Other | 14.9 | (6.6) | (3.2) |
| Net cash used in investing activities | (3,576.2) | (2,457.3) | (687.5) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock under equity plans | 57.7 | 60.2 | 62.1 |
| Tax withholding paid on behalf of employees for net share settlement | (50.5) | (58.4) | (33.6) |
| Repurchase of common stock | (1,603.1) | (423.6) | (112.3) |
| Net cash used in financing activities | (1,595.9) | (421.8) | (83.8) |
| Effect of exchange rate changes | 1.7 | (4.8) | 0.8 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (798.5) | 824.3 | 1,263.5 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period | 2,763.8 | 1,939.5 | 676.0 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $1,965.3 | $2,763.8 | $1,939.5 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes, net of refunds | $1,095.9 | $970.6 | $686.2 |
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