Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Arista Networks Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 liabilities and stockholders’ equity exhibited several notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates increasing proportions of deferred revenue and stockholders’ equity, alongside fluctuating levels of current liabilities and a gradual decrease in long-term liabilities.
- Current Liabilities
- Current liabilities, representing a significant portion of the total, initially increased from 16.07% in March 2021 to a peak of 22.41% in March 2022. Subsequently, these decreased to 16.90% by March 2023, then experienced another rise to 27.64% by December 2023, before declining to 27.64% in December 2025. This volatility suggests potential fluctuations in short-term obligations, possibly linked to operational cycles or financing activities. Within current liabilities, accounts payable and accrued liabilities remained relatively stable between 2.5% and 5% each, while other current liabilities showed more pronounced fluctuations, peaking at 5.17% in September 2023.
- Long-Term Liabilities
- Long-term liabilities demonstrated a consistent downward trend throughout the period. Starting at 13.40% in March 2021, they decreased to 8.23% by December 2023 and further to 8.75% by December 2025. This suggests a reduction in long-term debt or other long-term obligations. The component ‘Other long-term liabilities’ contributed significantly to this decline, decreasing from 8.04% to 1.71% over the period.
- Deferred Revenue
- Deferred revenue, both current and non-current, exhibited a notable upward trend. Current deferred revenue increased from 9.35% in March 2021 to 12.30% in December 2022, and then continued to rise, reaching 20.58% by December 2025. Non-current deferred revenue followed a similar pattern, increasing from 5.36% to 7.04% over the same period. This growth indicates an increasing amount of revenue collected in advance for future delivery of goods or services, potentially reflecting strong sales momentum or changes in revenue recognition policies.
- Stockholders’ Equity
- Stockholders’ equity consistently represented the largest portion of the total liabilities and equity, generally remaining above 70%. It initially decreased from 70.53% in March 2021 to 67.99% in March 2022, then increased to 72.58% by December 2023, before declining to 63.61% by December 2025. The primary driver of this component was retained earnings, which decreased from 43.05% to 48.57% over the period. Additional paid-in capital also decreased, from 27.50% to 14.97%.
- Total Liabilities
- Total liabilities as a percentage of the total decreased from 29.47% in March 2021 to 27.89% in December 2022, then increased to 36.39% by December 2025. This movement is largely influenced by the trends in current and long-term liabilities, as well as the significant increase in deferred revenue.
Overall, the balance sheet composition suggests a shift towards greater reliance on equity financing and an increasing proportion of deferred revenue, coupled with a reduction in long-term liabilities. The fluctuations in current liabilities warrant further investigation to understand the underlying drivers of these changes.