Analysis of Inventory
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Inventory Disclosure
Arista Networks Inc., balance sheet: inventory
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Finished goods | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of inventories exhibits significant fluctuations over the observed period. A notable increase in all inventory components is evident between 2021 and 2023, followed by a stabilization and subsequent rise in 2025. Raw materials and finished goods contribute substantially to the overall inventory value, with finished goods consistently representing the larger portion.
- Raw Materials
- Raw materials inventory increased substantially from US$316.737 million in 2021 to US$759.519 million in 2022, and continued to rise to US$930.777 million in 2023. A decrease to US$565.379 million is observed in 2024, followed by a moderate increase to US$611.200 million in 2025. This suggests potential volatility in supply chain management or production planning, with a possible correction in 2024.
- Finished Goods
- Finished goods inventory demonstrates a consistent upward trend, increasing from US$333.380 million in 2021 to US$530.187 million in 2022, US$1,014.403 million in 2023, US$1,269.193 million in 2024, and reaching US$1,635.900 million in 2025. This sustained growth indicates increasing production output or potentially slower sales relative to production levels.
- Total Inventories
- Total inventories mirrored the trends in its components, rising from US$650.117 million in 2021 to US$1,289.706 million in 2022, and peaking at US$1,945.180 million in 2023. A slight decrease to US$1,834.572 million occurred in 2024, before resuming growth to US$2,247.100 million in 2025. The overall trend suggests a significant expansion of inventory holdings over the five-year period, with a temporary dip in 2024.
The increase in finished goods inventory, particularly from 2023 to 2025, warrants further investigation to determine if it is aligned with sales growth. The fluctuation in raw materials inventory suggests potential responsiveness to anticipated demand or disruptions in the supply chain. The overall increase in inventory levels may indicate a strategic decision to build buffer stock, or potentially, challenges in inventory turnover.