For the year ending 2025-12-31, ANET had -$798,500K decrease in cash & cash equivalents over the period. $4,252,400K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,511,400 | 2,852,054 | 2,087,321 | 1,352,446 |
| Depreciation and amortization | 72,600 | 62,038 | 70,630 | 62,700 |
| Noncash lease expense | - | - | 18,236 | 18,648 |
| Stock-based compensation | 439,200 | 355,364 | 296,756 | 230,934 |
| Deferred income taxes | -312,000 | -492,874 | -370,796 | -244,382 |
| Unrealized gain on equity investments | - | - | - | 27,479 |
| Gain on strategic investments | - | - | 18,699 | - |
| Amortization (accretion) of investment premiums (discount) | - | 60,468 | 33,518 | -12,767 |
| Other | -27,100 | 6,939 | - | - |
| Accounts receivable, net | 746,400 | 106,080 | 101,473 | 401,531 |
| Inventories | 412,500 | -110,608 | 655,474 | 638,948 |
| Prepaid expenses and other current assets | - | - | - | 85,166 |
| Other assets | 937,400 | 234,242 | 66,401 | 32,299 |
| Accounts payable | 260,500 | -51,635 | 198,612 | 31,436 |
| Accrued liabilities | - | - | - | 66,586 |
| Other liabilities | 119,400 | 47,823 | 123,694 | 4,118 |
| Deferred revenue | 2,452,000 | 1,285,211 | 464,958 | 98,957 |
| Income taxes, net | -47,800 | -66,503 | 20,168 | 44,026 |
| Escrow receipts from past business acquisitions | - | - | - | 0 |
| Net cash provided by operating activities | 4,371,900 | 3,708,235 | 2,034,014 | 492,813 |
| Investments and notes receivable in privately-held companies | - | - | - | 12,691 |
| Proceeds from maturities of marketable securities | 3,432,500 | 2,058,588 | 1,887,939 | 1,643,824 |
| Proceeds from sale of marketable securities | 144,300 | 48,845 | 67,284 | 193,782 |
| Purchases of marketable securities | 6,748,400 | 4,526,127 | 2,606,878 | 1,418,857 |
| Purchases of property, equipment and intangible assets | 119,500 | 32,032 | 34,434 | 44,644 |
| Cash paid for business combination, net of cash acquired | 300,000 | 0 | -1,799 | 145,087 |
| Investment in notes and privately-held companies | - | - | 3,164 | - |
| Other | -14,900 | 6,628 | - | - |
| Net cash used in investing activities | -3,576,200 | -2,457,354 | -687,454 | 216,327 |
| Proceeds from issuance of common stock under equity plans | 57,700 | 60,181 | 62,093 | 48,411 |
| Tax withholding paid on behalf of employees for net share settlement | 50,500 | 58,372 | 33,563 | 32,725 |
| Repurchase of common stock | 1,603,100 | 423,619 | 112,279 | 670,287 |
| Net cash used in financing activities | -1,595,900 | -421,810 | -83,749 | -654,601 |
| Effect of exchange rate changes | 1,700 | -4,767 | 675 | -3,611 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -798,500 | 824,304 | 1,263,486 | 50,928 |
| Cash and cash equivalents at beginning of period | 2,763,800 | 1,939,464 | 675,978 | 625,050 |
| Cash and cash equivalents at end of period | 1,965,300 | 2,763,768 | 1,939,464 | 675,978 |
Arista Networks, Inc. (ANET)
Arista Networks, Inc. (ANET)