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Arista Networks, Inc.
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| USD ($) $ in Thousands | LTM | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ 4,044,600 | $ 3,511,400 | $ 2,852,054 | $ 2,087,321 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 92,700 | 72,600 | 62,038 | 70,630 | |||||||||
Noncash lease expense | - | - | - | 18,236 | |||||||||
Stock-based compensation | 502,300 | 439,200 | 355,364 | 296,756 | |||||||||
Deferred income taxes | (187,200) | (312,000) | (492,874) | (370,796) | |||||||||
Gain on strategic investments | - | - | - | (18,699) | |||||||||
Unrealized gain on equity investments | - | - | - | - | |||||||||
(Gain) loss on sale of marketable securities | - | - | - | - | |||||||||
Amortization (accretion) of investment premiums (discount) | - | - | (60,468) | (33,518) | |||||||||
Other | (16,700) | (27,100) | 6,939 | - | |||||||||
Excess tax benefit on stock based-compensation | - | - | - | - | |||||||||
Amortization of investment premiums | - | - | - | - | |||||||||
Provision for bad debts | - | - | - | - | |||||||||
Realized gain on notes receivable | - | - | - | - | |||||||||
Amortization of debt discount | - | - | - | - | |||||||||
Write-off of debt discount on notes payable | - | - | - | - | |||||||||
Changes in operating assets and liabilities: | |||||||||||||
Accounts receivable, net | (642,600) | (746,400) | (106,080) | (101,473) | |||||||||
Inventories | (476,200) | (412,500) | 110,608 | (655,474) | |||||||||
Other assets | (1,153,900) | (937,400) | (234,242) | (66,401) | |||||||||
Prepaid expenses and other current assets | - | - | - | - | |||||||||
Other assets | - | - | - | - | |||||||||
Accounts payable | 141,400 | 260,500 | (51,635) | 198,612 | |||||||||
Deferred revenue | 2,804,100 | 2,452,000 | 1,285,211 | 464,958 | |||||||||
Interest payable—related party | - | - | - | - | |||||||||
Income taxes payable | - | - | - | - | |||||||||
Other liabilities | 199,900 | 119,400 | 47,823 | 123,694 | |||||||||
Accrued liabilities | - | - | - | - | |||||||||
Income taxes, net | (1,800) | (47,800) | (66,503) | 20,168 | |||||||||
Interest payable | - | - | - | - | |||||||||
Net cash provided by operating activities | 5,306,600 | 4,371,900 | 3,708,235 | 2,034,014 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Proceeds from maturities of marketable securities | 3,289,900 | 3,432,500 | 2,058,588 | 1,887,939 | |||||||||
Escrow receipts from past business acquisitions | - | - | - | - | |||||||||
Investments and notes receivable in privately-held companies | - | - | - | - | |||||||||
Investments in privately-held companies | - | - | - | - | |||||||||
Proceeds from sale of marketable securities | 622,800 | 144,300 | 48,845 | 67,284 | |||||||||
Purchases of marketable securities | (8,371,600) | (6,748,400) | (4,526,127) | (2,606,878) | |||||||||
Purchases of property, equipment and intangible assets | (119,500) | (119,500) | (32,032) | (34,434) | |||||||||
Cash paid for business combination, net of cash acquired | (0) | (300,000) | 0 | 1,799 | |||||||||
Purchases of property and equipment | - | - | - | - | |||||||||
Proceeds from repayment of notes receivable | - | - | - | - | |||||||||
Investments in privately-held companies | - | - | - | - | |||||||||
Other | (20,100) | 14,900 | (6,628) | - | |||||||||
Investment in notes and privately-held companies | - | - | - | (3,164) | |||||||||
Investment in privately-held companies | - | - | - | - | |||||||||
Change in restricted cash | - | - | - | - | |||||||||
Net cash used in investing activities | (4,630,300) | (3,576,200) | (2,457,354) | (687,454) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Principal payments of lease financing obligations | - | - | - | - | |||||||||
Proceeds from issuance of common stock under equity plans | 59,800 | 57,700 | 60,181 | 62,093 | |||||||||
Proceeds from issuance of common stock upon exercising options, net of repurchases | - | - | - | - | |||||||||
Tax withholding paid on behalf of employees for net share settlement | (42,400) | (50,500) | (58,372) | (33,563) | |||||||||
Repurchase of common stock | (620,100) | (1,603,100) | (423,619) | (112,279) | |||||||||
Proceeds from issuance of common stock, employee stock purchase plan | - | - | - | - | |||||||||
Excess tax benefit on stock-based compensation | - | - | - | - | |||||||||
Proceeds from initial public offering, net of issuance cost | - | - | - | - | |||||||||
Repayment on notes payable | - | - | - | - | |||||||||
Net cash used in financing activities | (606,400) | (1,595,900) | (421,810) | (83,749) | |||||||||
Effect of exchange rate changes | (5,200) | 1,700 | (4,767) | 675 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 64,700 | (798,500) | 824,304 | 1,263,486 | |||||||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | - | - | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||||
Cash paid for income taxes, net of refunds | 1,095,900 | 1,095,900 | 970,639 | 686,155 | |||||||||
Cash paid for interest — lease financing obligation | - | - | - | - | |||||||||
Cash paid for interest— notes payable | - | - | - | - | |||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||||||||||||
Right-of-use assets recognized upon the adoption of ASC 842 | - | - | - | - | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | - | - | - | 20,567 | |||||||||
Common stock issued for business acquisition | - | - | - | 2,331 | |||||||||
Property and equipment included in accounts payable and accrued liabilities | - | - | - | - | |||||||||
Vesting of early exercised stock options and restricted stock awards | - | - | - | - | |||||||||
Acquisition of building with financing obligation | - | - | - | - | |||||||||
Unpaid deferred offering costs | - | - | - | - |