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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Arista Networks Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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 financial information reveals a complex pattern of cash flows over the observed period. Net income demonstrates a generally increasing trend, particularly from 2021 through 2023, peaking at $613.636 million in December 2023, before experiencing some fluctuation in 2024 and 2025. However, the composition of cash flows from operating, investing, and financing activities exhibits significant variability.
- Operating Activities
- Net cash provided by operating activities generally increased from $254.675 million in March 2021 to a high of $1,268.2 million in December 2025. This growth is supported by increasing net income and adjustments to reconcile net income, including depreciation, amortization, and stock-based compensation. However, there were periods of volatility, particularly in 2022 and 2023, influenced by changes in operating assets and liabilities, notably accounts receivable, inventories, and deferred revenue. Deferred income taxes also show significant fluctuations, often negatively impacting operating cash flow.
- Investing Activities
- Investing activities consistently represent a net cash outflow. Purchases of marketable securities are the dominant driver of this outflow, with a substantial increase in outflows in late 2024 and 2025. Proceeds from maturities and sales of marketable securities provide some offset, but are insufficient to counteract the purchases. Purchases of property and equipment remain relatively stable, while cash paid for business combinations represents a notable outflow in certain periods. Overall, the net cash used in investing activities demonstrates a significant increase in magnitude over the period.
- Financing Activities
- Financing activities show considerable fluctuation. Repurchases of common stock are a major cash outflow, particularly pronounced in 2022, 2024, and 2025. Proceeds from the issuance of common stock under equity plans and tax withholdings provide some inflows, but are generally outweighed by the stock repurchases. Net cash used in financing activities is substantial in several quarters, indicating significant capital return to shareholders. The pattern suggests a deliberate strategy of share buybacks.
- Key Trends & Observations
- The company demonstrates a strong ability to generate cash from operations, particularly in recent periods. However, a significant portion of this cash is reinvested in marketable securities and returned to shareholders through stock repurchases. The volatility in deferred income taxes and changes in operating assets and liabilities require further investigation to understand their underlying drivers. The substantial increase in marketable securities purchases in late 2024 and 2025 warrants attention, as does the corresponding increase in cash outflow from investing activities. The company's financing activities are heavily influenced by its share repurchase program.
The overall cash flow pattern suggests a financially healthy company with robust operating performance, actively managing its capital structure through investments and shareholder returns. The increasing net income and operating cash flow are positive indicators, but the large outflows related to investing and financing activities should be monitored closely.