Common-Size Balance Sheet: Assets
Quarterly Data
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Arista Networks Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets has shifted considerably over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A notable trend is the increasing concentration of assets in cash and marketable securities, particularly from the latter half of 2024 into 2025. Conversely, the proportion of assets held as inventories has generally decreased, although with some fluctuation, over the entire period.
- Cash and Cash Equivalents
- The percentage of total assets represented by cash and cash equivalents demonstrated a significant decline from 17.23% in March 2021 to a low of 8.47% in June 2022. However, a substantial increase is observed from March 2024 onwards, reaching 20.90% in June 2024 and peaking at 24.72% in September 2024, before settling at 10.10% by December 2025. This suggests periods of both liquidity management and potentially increased cash reserves.
- Marketable Securities
- Marketable securities consistently represent a substantial portion of total assets, initially accounting for 44.64% in March 2021. The proportion increased to a high of 50.68% in September 2021, then gradually decreased to 30.29% in March 2023. A significant rise is then evident, reaching 45.14% in December 2025, indicating a strategic shift towards more liquid investments or a build-up of short-term holdings.
- Current Assets
- Current assets consistently comprise the majority of total assets, ranging between approximately 81% and 84% throughout the period. A slight downward trend is observable in the latter half of the period, with current assets decreasing from 84.67% in September 2024 to 84.26% in December 2025. This suggests a potential shift in asset allocation towards longer-term investments.
- Inventories
- The proportion of assets allocated to inventories exhibited an increasing trend from 9.87% in March 2021 to a peak of 19.04% in December 2022. Following this peak, a consistent decline is observed, decreasing to 11.55% by December 2025. This could indicate improved inventory management, increased sales, or a change in the business model.
- Long-Term Assets
- Long-term assets represent a smaller, but notable, portion of the asset base. The percentage of total assets allocated to long-term assets generally decreased from 18.20% in March 2021 to 15.65% in December 2023, before increasing to 18.33% in June 2025. Fluctuations within this category, particularly in deferred tax assets and goodwill, contribute to the overall trend.
- Goodwill
- The proportion of goodwill as a percentage of total assets has generally decreased over the period, from 3.85% in March 2021 to 2.14% in December 2025. This suggests potential impairment or a shift in acquisition strategy.
- Deferred Tax Assets
- Deferred tax assets have shown a fluctuating trend, initially decreasing from 8.96% in March 2021 to 7.71% in December 2021, then increasing to a peak of 9.51% in September 2023, and settling at 9.12% in December 2025. These fluctuations likely reflect changes in tax regulations or the company’s tax position.
Overall, the asset composition demonstrates a dynamic shift towards increased liquidity, as evidenced by the growth in cash and marketable securities, and a reduction in inventories. The changes in long-term assets, particularly goodwill and deferred tax assets, suggest ongoing adjustments to the company’s long-term strategy and financial position.