Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2014
- Return on Equity (ROE) since 2014
- Debt to Equity since 2014
- Aggregate Accruals
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Arista Networks Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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).
Net income demonstrates a consistent and significant upward trajectory over the analyzed period, growing from 180.4 million USD in March 2021 to 1.02 billion USD by March 2026. This growth reflects a strong expansion in profitability, with quarterly net income increasing by more than fivefold over the five-year span. Net cash provided by operating activities generally aligns with this growth, peaking at 1.69 billion USD in March 2026, although it exhibits higher volatility than net income due to fluctuations in working capital.
- Operating Cash Flow and Working Capital
- Net cash from operating activities has evolved from a range of 200 million to 300 million USD in 2021 to consistently exceeding 1 billion USD in the 2024-2026 period. A primary driver of this volatility is the changes in operating assets and liabilities. Notably, deferred revenue shows a substantial increase, rising from 69.2 million USD in March 2021 to 826.2 million USD in March 2026. This suggests a significant growth in advance payments or contracted obligations, providing a strong source of operating liquidity. Conversely, inventory levels and accounts receivable exhibit cyclical fluctuations, reflecting the inherent volatility in hardware supply chain management and revenue collection cycles.
- Investment Strategy and Liquidity Management
- Investing activities are dominated by the active management of marketable securities. There is a recurring pattern of large-scale purchases of marketable securities, frequently exceeding 1 billion USD in the later quarters, such as the 2.11 billion USD outflow in September 2025. These purchases are partially offset by steady proceeds from the maturity of marketable securities, which generally range between 300 million and 900 million USD per quarter. Capital expenditures on property and equipment remain relatively low compared to total cash flow, although a gradual increase is observed, peaking at 54.5 million USD in March 2026.
- Financing Activities and Shareholder Returns
- Cash flows from financing activities are primarily characterized by the repurchase of common stock and the issuance of shares under equity plans. Stock repurchases have been executed in large, episodic blocks, with significant outflows occurring in June 2022 (483.7 million USD), March 2024 (787.1 million USD), and December 2025 (620.1 million USD). These activities indicate a strategy of returning excess capital to shareholders. The proceeds from the issuance of common stock under equity plans provide a modest and consistent inflow, though this is typically outweighed by the scale of share buybacks.
- Cash Position Dynamics
- The net increase or decrease in cash and cash equivalents is subject to high variance due to the timing of marketable security purchases and large share buybacks. Despite these fluctuations, the company maintains a strong liquidity profile, as evidenced by its ability to fund aggressive investment in securities and substantial shareholder returns while simultaneously growing its operational cash base. The period ends with a significant net increase in cash of 825.6 million USD in March 2026, following a series of heavy investment and financing outflows in previous quarters.