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Arista Networks Inc. (NYSE:ANET)

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Common-Size Balance Sheet: Assets
Quarterly Data

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Arista Networks Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents
Marketable securities
Accounts receivable, net
Inventories
Prepaid expenses and other current assets
Current assets
Property and equipment, net
Goodwill
Deferred tax assets
Other assets
Long-term assets
Total assets

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 asset structure is characterized by a high concentration of current assets, which consistently comprise between 81% and 85% of total assets throughout the analyzed period. This indicates a highly liquid balance sheet with minimal reliance on fixed physical infrastructure.

Liquidity and Cash Management
Cash and cash equivalents exhibit significant volatility, reaching a peak of 24.72% in September 2024 before contracting to 9.66% by June 2026. Marketable securities represent the largest single component of the asset base; while this proportion declined from a high of 50.68% in September 2021 to approximately 30% in mid-2023, a recovery trend emerged thereafter, returning to 46.60% by the end of the period. Combined, these two liquid categories often represent over 60% of total assets, signaling a conservative liquidity posture.
Working Capital Dynamics
Inventories showed a pronounced upward trend, increasing from 9.87% in March 2021 to a peak of 22.77% in June 2023. This suggests a strategic accumulation of stock or supply chain adjustments during that window. Subsequently, a steady normalization occurred, with inventory levels receding to 10.69% by June 2026. Accounts receivable remained relatively stable, generally fluctuating between 8% and 13% of total assets, indicating consistent credit management relative to the overall balance sheet growth.
Non-Current Asset Composition
Long-term assets occupy a small fraction of the total balance sheet, ranging from 14.31% to 18.81%. Property and equipment, net, maintain a negligible presence, rarely exceeding 1.6%, which confirms an asset-light operational model. Goodwill has undergone a gradual decline from 3.85% to 1.75%, while deferred tax assets have remained a consistent component, typically fluctuating between 8% and 11% of total assets.

Overall, the financial trajectory reflects a shift from a period of inventory expansion back toward a highly liquid state dominated by marketable securities and cash, while maintaining a lean fixed-asset base.