Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Arista Networks Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

	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
Accounts payable	651,700)	481,000)	543,900)	389,100)	381,083)	289,161)	297,832)	223,305)	435,059)	268,972)	351,920)	330,171)	232,572)	278,469)	275,093)	204,675)	202,636)	135,252)	145,159)	136,885)
Accrued liabilities	475,400)	471,000)	380,700)	263,100)	435,277)	323,990)	320,071)	270,586)	407,302)	410,071)	363,036)	351,764)	292,487)	240,609)	210,334)	197,063)	226,643)	174,425)	163,245)	122,466)
Deferred revenue	4,002,600)	3,520,700)	2,787,600)	2,072,700)	1,727,280)	1,599,590)	1,329,450)	997,914)	915,204)	698,675)	624,207)	671,700)	637,432)	607,189)	697,762)	778,436)	593,578)	511,354)	482,112)	457,799)
Other current liabilities	246,800)	193,900)	339,200)	396,700)	188,582)	221,633)	214,526)	291,259)	152,041)	469,007)	316,629)	231,274)	131,040)	128,645)	94,837)	188,831)	86,972)	72,356)	69,419)	69,382)
Current liabilities	5,376,500)	4,666,600)	4,051,400)	3,121,600)	2,732,222)	2,434,374)	2,161,879)	1,783,064)	1,909,606)	1,846,725)	1,655,792)	1,584,909)	1,293,531)	1,254,912)	1,278,026)	1,369,005)	1,109,829)	893,387)	859,935)	786,532)
Deferred revenue, non-current	1,369,800)	1,165,500)	1,274,100)	1,016,100)	1,064,135)	907,741)	789,336)	665,328)	591,000)	496,076)	460,697)	420,574)	403,814)	333,855)	335,728)	345,310)	335,734)	289,086)	263,978)	262,232)
Other long-term liabilities	331,800)	309,600)	307,100)	257,800)	252,757)	258,719)	241,212)	239,472)	227,141)	220,679)	211,970)	208,409)	192,245)	188,025)	204,999)	240,694)	310,266)	389,617)	386,526)	393,628)
Long-term liabilities	1,701,600)	1,475,100)	1,581,200)	1,273,900)	1,316,892)	1,166,460)	1,030,548)	904,800)	818,141)	716,755)	672,667)	628,983)	596,059)	521,880)	540,727)	586,004)	646,000)	678,703)	650,504)	655,860)
Total liabilities	7,078,100)	6,141,700)	5,632,600)	4,395,500)	4,049,114)	3,600,834)	3,192,427)	2,687,864)	2,727,747)	2,563,480)	2,328,459)	2,213,892)	1,889,590)	1,776,792)	1,818,753)	1,955,009)	1,755,829)	1,572,090)	1,510,439)	1,442,392)
Preferred stock, $0.0001 par value; no shares issued and outstanding	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, $0.0001 par value	100)	100)	100)	100)	126)	31)	31)	31)	31)	31)	31)	31)	31)	31)	30)	31)	31)	8)	8)	8)
Additional paid-in capital	2,911,800)	2,784,100)	2,635,600)	2,551,700)	2,465,409)	2,371,010)	2,263,356)	2,185,149)	2,108,331)	2,028,301)	1,927,697)	1,857,467)	1,780,714)	1,717,605)	1,638,787)	1,590,793)	1,530,046)	1,473,595)	1,395,459)	1,345,569)
Retained earnings	9,446,600)	9,115,100)	8,262,100)	7,569,200)	7,542,460)	6,865,260)	6,182,479)	5,689,064)	5,114,025)	4,500,389)	3,955,062)	3,493,181)	3,138,983)	2,714,711)	2,408,294)	2,592,854)	2,456,823)	2,393,661)	2,303,513)	2,106,625)
Accumulated other comprehensive income (loss)	12,000)	7,800)	3,800)	(1,900)	(13,188)	9,588)	(15,058)	(11,929)	(3,328)	(23,166)	(25,208)	(21,505)	(33,908)	(47,129)	(41,319)	(30,501)	(8,300)	(2,004)	(1,139)	(864)
Stockholders’ equity	12,370,500)	11,907,100)	10,901,600)	10,119,100)	9,994,807)	9,245,889)	8,430,808)	7,862,315)	7,219,059)	6,505,555)	5,857,582)	5,329,174)	4,885,820)	4,385,218)	4,005,792)	4,153,177)	3,978,600)	3,865,260)	3,697,841)	3,451,338)
Total liabilities and stockholders’ equity	19,448,600)	18,048,800)	16,534,200)	14,514,600)	14,043,921)	12,846,723)	11,623,235)	10,550,179)	9,946,806)	9,069,035)	8,186,041)	7,543,066)	6,775,410)	6,162,010)	5,824,545)	6,108,186)	5,734,429)	5,437,350)	5,208,280)	4,893,730)

The liabilities and stockholders’ equity of the company demonstrate significant changes over the observed period, from March 31, 2021, to December 31, 2025. Total liabilities increased substantially throughout the period, while stockholders’ equity also experienced growth, albeit with some fluctuations. A detailed examination of individual components reveals key trends.

Accounts Payable: Accounts payable exhibited volatility. Initial decreases were observed in late 2021 and early 2022, followed by a substantial increase throughout 2022 and into the first half of 2023. A subsequent decrease occurred in the latter half of 2023, but values rose again in 2024 and 2025, reaching a high of US$651,700 in December 2025. This suggests potential shifts in payment terms with suppliers or changes in purchasing patterns.
Accrued Liabilities: Accrued liabilities generally trended upward from March 2021 to December 2022, peaking at US$407,302. A decrease was noted in early 2023, but values increased again, reaching US$475,400 by December 2025. This indicates a growing level of short-term obligations not yet specifically identified.
Deferred Revenue: Deferred revenue demonstrated a consistent and substantial increase throughout the entire period. Starting at US$457,799 in March 2021, it rose to US$4,002,600 by December 2025. This significant growth suggests increasing pre-payments from customers, potentially indicating strong demand for the company’s products or services and successful subscription-based business models.
Other Current Liabilities: Other current liabilities showed an overall increasing trend, with considerable fluctuations. A notable increase occurred in 2021, followed by a decrease in 2022. Values then rose again in 2023 and 2024, peaking at US$469,007 in September 2023, before decreasing slightly in December 2025. This variability suggests the presence of short-term obligations with changing compositions.
Current Liabilities: Total current liabilities mirrored the trends of its components, exhibiting a general upward trajectory. A significant increase was observed from March 2021 to December 2022, followed by continued growth, reaching US$5,376,500 by December 2025. This indicates a growing level of short-term financial obligations.
Deferred Revenue, Non-Current: Non-current deferred revenue also increased over the period, though at a slower pace than current deferred revenue. It rose from US$262,232 in March 2021 to US$1,369,800 in December 2025, indicating a growing commitment of future revenue streams.
Other Long-Term Liabilities: Other long-term liabilities decreased from March 2021 to December 2022, then stabilized and showed a slight increase in 2024 and 2025. The overall trend suggests a reduction in long-term obligations beyond deferred revenue.
Long-Term Liabilities: Total long-term liabilities generally decreased from March 2021 to December 2022, then increased significantly in 2023, 2024 and 2025, reaching US$1,701,600 by December 2025. This increase was primarily driven by the growth in non-current deferred revenue.
Total Liabilities: Total liabilities increased substantially throughout the period, rising from US$1,442,392 in March 2021 to US$7,078,100 in December 2025. This growth was primarily driven by the significant increase in deferred revenue, both current and non-current.
Stockholders’ Equity: Stockholders’ equity also increased over the period, from US$3,451,338 in March 2021 to US$12,370,500 in December 2025. The primary driver of this growth was the increase in retained earnings, which rose from US$2,106,625 to US$9,446,600. Additional paid-in capital also contributed to the increase. Common stock remained relatively stable.
Total Liabilities and Stockholders’ Equity: The combined total of liabilities and stockholders’ equity increased significantly, from US$4,893,730 in March 2021 to US$19,448,600 in December 2025, reflecting the overall growth of the company’s financial position. The increasing proportion of liabilities relative to equity suggests a potential shift in the company’s capital structure.

In summary, the company experienced substantial growth in both liabilities and stockholders’ equity. The most prominent trend was the significant increase in deferred revenue, indicating strong customer demand and successful revenue recognition practices. The growth in retained earnings suggests profitability and effective capital management.

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Arista Networks Inc. (NYSE:ANET)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data