ANET FINANCIAL STATEMENTS

Arista Networks — balance sheet, income statement and cash flow trends

ANETArista Networks

🇺🇸 USA · US · Technology · Computer Hardware

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue9.7 B $+30.6%

Gross Profit6.2 B $+29.4%

Operating Income4.2 B $+32.2%

EBITDA4.6 B $+30.7%

Net Income3.7 B $+22.9%

Peer Comparison· Computer Hardware

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ANET	30.6%	63.5%	47.9%	38.3%
SAP	6.2%	73.2%	35.9%	20.0%
IFX	3.3%	39.4%	24.4%	7.2%
SHOP	31.9%	47.9%	15.9%	10.9%
STMPA	4.4%	34.0%	19.2%	1.2%
ASML	9.7%	52.6%	38.7%	29.7%
Industry median	28.9%	38.1%	22.5%	16.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ANET	30.6%	63.5%	47.9%	38.3%
WDC	9.1%	45.4%	64.0%	55.1%
STX	28.9%	41.5%	30.7%	21.6%
DELL	38.8%	19.2%	9.8%	6.3%
SNDK	41.9%	41.8%	22.5%	17.2%
Industry median	28.9%	38.1%	22.5%	16.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity13.5 B $62%
Current Liabilities6.6 B $30%
Long-term Liabilities1.6 B $7%

Key Figures

YoY change

Total Assets21.7 B $+49.2%

Total Liabilities8.2 B $+85.9%

Total Equity13.5 B $+33.3%

Cash & ST Investments12.4 B $+51.6%

Total Debt——

Net Debt-2.8 B $—

Peer Comparison· Computer Hardware

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ANET	2.83	—	—	62.3%
SAP	1.07	—	—	61.1%
IFX	1.59	53.0%	1.83	53.0%
SHOP	6.20	1.4%	-2.84	88.5%
STMPA	3.31	15.7%	-0.72	70.7%
ASML	1.36	13.0%	-0.43	43.3%
Industry median	2.66	5.4%	0.17	55.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ANET	2.83	—	—	62.3%
WDC	1.49	17.8%	-0.20	64.3%
STX	1.33	381.6%	0.90	12.3%
DELL	0.95	-2,219.4%	1.49	-1.2%
SNDK	3.11	7.7%	-0.63	78.6%
Industry median	2.66	5.4%	0.17	55.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow5.4 B $+41.4%

Capital Expenditures145.6 M $+185.2%

Free Cash Flow5.3 B $+39.4%

Dividends Paid——

Peer Comparison· Computer Hardware

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ANET	55.9%	54.4%	1.5%	145.8%
SAP	23.7%	21.5%	2.2%	118.2%
IFX	19.1%	7.6%	11.5%	264.2%
SHOP	17.4%	17.2%	0.2%	159.0%
STMPA	18.0%	0.8%	17.2%	1,503.3%
ASML	33.0%	26.6%	6.5%	111.2%
Industry median	9.3%	7.0%	2.3%	145.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.