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.

Arista Networks Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	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
Net income	1,212,900)	1,022,900)	955,800)	853,000)	888,800)	813,800)	800,996)	747,938)	665,428)	637,692)	613,636)	545,327)	491,885)	436,473)	427,089)	353,999)	299,099)	272,259)	239,295)	224,305)	196,888)	180,366)
Depreciation and amortization	23,400)	23,300)	22,800)	23,200)	12,800)	13,800)	15,388)	15,538)	15,498)	15,614)	14,397)	17,006)	18,322)	20,905)	17,531)	17,157)	14,921)	13,091)	12,470)	12,629)	12,577)	12,658)
Stock-based compensation	120,400)	120,900)	133,100)	127,900)	85,200)	93,000)	100,734)	98,123)	79,292)	77,215)	81,358)	85,390)	67,127)	62,881)	64,954)	65,477)	50,224)	50,279)	51,243)	53,135)	44,944)	37,553)
Deferred income taxes	(108,200)	(104,900)	(109,500)	135,400)	(230,800)	(107,100)	(116,148)	(148,266)	(150,638)	(77,822)	(153,307)	(87,202)	(59,134)	(71,153)	(96,027)	(42,418)	(24,115)	(81,822)	(98,717)	2,425)	(4,423)	1,425)
Other	(7,200)	(3,400)	(3,600)	(2,500)	(8,900)	(12,100)	(10,841)	(24,137)	(10,713)	(7,838)	(6,508)	(5,457)	(28,000)	5,984)	53)	6,678)	14,137)	(16,932)	12,028)	11,400)	10,842)	9,689)
Accounts receivable, net	(342,400)	(36,900)	(397,500)	134,200)	(187,700)	(295,400)	(9,581)	105,727)	(136,754)	(65,472)	(191,195)	(53,648)	83,149)	60,221)	(271,584)	(65,612)	67,526)	(131,861)	(120,919)	(31,376)	16,252)	9,074)
Inventories	(155,200)	(133,000)	(91,400)	(96,600)	(101,800)	(122,700)	(64,610)	83,814)	171,428)	(80,024)	(51,642)	(29,204)	(181,631)	(392,997)	(189,156)	(247,740)	(158,521)	(43,531)	(74,452)	(32,466)	(60,031)	(3,500)
Other assets	(321,000)	(298,700)	(253,700)	(280,500)	(289,500)	(113,700)	(61,123)	(80,542)	(130,659)	38,082)	52,221)	2,242)	(64,947)	(55,917)	(30,570)	76,797)	(55,053)	(108,639)	(64,819)	(26,469)	(28,975)	(18,771)
Accounts payable	76,500)	(35,600)	162,400)	(61,900)	153,300)	6,700)	90,370)	(5,769)	70,998)	(207,234)	164,872)	(81,165)	20,341)	94,564)	(42,044)	2,311)	68,691)	2,478)	67,756)	(11,954)	8,046)	2,833)
Deferred revenue	667,300)	826,200)	686,300)	624,300)	844,000)	297,400)	284,084)	388,545)	455,544)	157,038)	311,453)	109,847)	(7,370)	51,028)	100,202)	(92,446)	(95,993)	187,194)	128,872)	54,350)	26,059)	69,204)
Income taxes, net	(154,500)	352,900)	57,400)	(257,600)	(88,900)	241,300)	(126,266)	(14,304)	(83,470)	157,537)	(326,002)	148,070)	89,900)	108,200)	2,952)	30,282)	(96,200)	106,992)	9,788)	5,579)	1,292)	(10,436)
Other liabilities	71,000)	(40,200)	99,800)	69,300)	123,600)	(173,300)	127,960)	7,789)	43,057)	(130,983)	17,181)	47,771)	4,448)	54,294)	57,073)	29,620)	16,381)	(32,370)	62,691)	11,021)	39,895)	(35,420)
Changes in operating assets and liabilities	(158,300)	634,700)	263,300)	131,200)	453,000)	(159,700)	240,834)	485,260)	390,144)	(131,056)	(23,112)	143,913)	(56,110)	(80,607)	(373,127)	(266,788)	(253,169)	(19,737)	8,917)	(31,315)	2,538)	12,984)
Adjustments to reconcile net income to net cash provided by operating activities	(129,900)	670,600)	306,100)	415,200)	311,300)	(172,100)	229,967)	426,518)	323,583)	(123,887)	(87,172)	153,650)	(57,795)	(61,990)	(386,616)	(219,894)	(198,002)	(55,121)	(14,059)	48,274)	66,478)	74,309)
Net cash provided by operating activities	1,083,000)	1,693,500)	1,261,900)	1,268,200)	1,200,100)	641,700)	1,030,963)	1,174,456)	989,011)	513,805)	526,464)	698,977)	434,090)	374,483)	40,473)	134,105)	101,097)	217,138)	225,236)	272,579)	263,366)	254,675)
Proceeds from maturities of marketable securities	768,700)	739,900)	842,200)	939,100)	852,000)	799,200)	631,240)	474,776)	362,136)	590,436)	322,989)	299,645)	441,284)	824,021)	366,003)	448,107)	425,538)	404,176)	296,742)	338,916)	440,202)	379,605)
Proceeds from sale of marketable securities	117,500)	376,900)	102,900)	25,500)	7,100)	8,800)	3,980)	8,115)	—)	36,750)	17,700)	27,859)	—)	21,725)	7,000)	21,036)	165,746)	—)	—)	19,607)	—)	—)
Purchases of marketable securities	(2,396,300)	(1,932,600)	(1,932,100)	(2,110,600)	(1,160,200)	(1,545,500)	(1,932,709)	(844,110)	(836,867)	(912,441)	(672,722)	(542,136)	(530,408)	(861,612)	(445,368)	(331,510)	(229,365)	(412,614)	(342,411)	(733,196)	(651,181)	(590,476)
Purchases of property and equipment	(29,700)	(54,500)	(37,000)	(30,100)	(24,000)	(28,400)	(12,452)	(7,025)	(3,160)	(9,395)	(6,010)	(11,212)	(11,581)	(5,631)	(10,460)	(10,440)	(8,868)	(14,876)	(9,281)	(45,888)	(4,471)	(5,096)
Cash paid for business combinations, net of cash acquired	—)	—)	—)	—)	(300,000)	—)	—)	—)	—)	—)	—)	—)	1,799)	—)	—)	—)	(107,477)	(37,610)	—)	(120)	1,401)	18)
Other	(40,000)	5,000)	24,900)	(10,000)	—)	—)	—)	(5,628)	—)	(1,000)	1,086)	—)	(4,000)	(250)	—)	(1,000)	—)	(11,691)	(9,249)	(4,600)	(4,084)	(2,000)
Net cash (used in) provided by investing activities	(1,579,800)	(865,300)	(999,100)	(1,186,100)	(625,100)	(765,900)	(1,309,941)	(373,872)	(477,891)	(295,650)	(336,957)	(225,844)	(102,906)	(21,747)	(82,825)	126,193)	245,574)	(72,615)	(64,199)	(425,281)	(218,133)	(217,949)
Proceeds from issuance of common stock under equity plans	3,500)	29,900)	800)	25,600)	3,200)	28,100)	4,680)	20,984)	9,373)	25,144)	8,296)	23,387)	7,314)	23,096)	5,338)	20,082)	3,831)	19,160)	11,091)	29,270)	8,803)	18,081)
Tax withholdings paid on behalf of employees for net share settlement	(5,000)	(26,200)	(6,200)	(5,000)	(4,500)	(34,800)	(10,920)	(11,453)	(10,458)	(25,541)	(9,624)	(8,173)	(6,542)	(9,224)	(7,183)	(6,740)	(6,061)	(12,741)	(5,860)	(4,269)	(3,857)	(2,496)
Repurchases of common stock	—)	—)	(620,100)	—)	(195,900)	(787,100)	(123,796)	(65,157)	(172,013)	(62,653)	—)	—)	(30,004)	(82,275)	(2,817)	(47,582)	(483,660)	(136,228)	(176,133)	(134,157)	—)	(101,355)
Other	—)	(3,700)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash used in financing activities	(1,500)	—)	(625,500)	20,600)	(197,200)	(793,800)	(130,036)	(55,626)	(173,098)	(63,050)	(1,328)	15,214)	(29,232)	(68,403)	(4,662)	(34,240)	(485,890)	(129,809)	(170,902)	(109,156)	4,946)	(85,770)
Effect of exchange rate changes	(1,000)	(2,600)	—)	(1,600)	2,600)	700)	(3,756)	1,681)	(1,084)	(1,608)	1,609)	(1,363)	115)	314)	2,479)	(3,049)	(2,560)	(481)	(303)	(848)	173)	(838)
Net increase (decrease) in cash, cash equivalents and restricted cash	(499,300)	825,600)	(362,700)	101,100)	380,400)	(917,300)	(412,770)	746,639)	336,938)	153,497)	189,788)	486,984)	302,067)	284,647)	(44,535)	223,009)	(141,779)	14,233)	(10,168)	(262,706)	50,352)	(49,882)

The financial trajectory exhibits consistent and robust growth in profitability and cash generation. Net income demonstrates a steady upward trend, rising from 180.37 million USD in March 2021 to a projected 1.21 billion USD by June 2026. This growth is mirrored in the net cash provided by operating activities, which shows a significant long-term increase, transitioning from quarterly averages of approximately 250 million USD in 2021 to frequently exceeding 1 billion USD in the 2024-2026 period.

Operating Cash Flow Dynamics: A strong correlation exists between rising net income and operating cash flows, although the relationship is modulated by significant fluctuations in working capital. Deferred revenue shows a marked increase, particularly from 2024 onwards, peaking at 844 million USD in June 2025, which indicates a strengthening pipeline of future revenue. Stock-based compensation has trended upward, increasing from approximately 37.55 million USD in early 2021 to over 120 million USD by mid-2026, acting as a consistent non-cash add-back to operating cash.
Investment and Treasury Strategy: Investing activities are dominated by the active management of marketable securities. There is a recurring pattern of high-volume purchases and maturities, suggesting a strategy of maintaining high liquidity. Capital expenditures for property and equipment remain relatively low compared to total cash flows, though a gradual increase is observed, peaking at 54.5 million USD in March 2026. A notable cash outflow for business combinations occurred in June 2025, totaling 300 million USD.
Financing and Shareholder Returns: Financing activities are primarily characterized by aggressive share repurchase programs. Significant outflows for the repurchase of common stock are observed periodically, with a peak of 787.1 million USD in March 2025. These buybacks are partially offset by proceeds from the issuance of common stock under equity plans, although the scale of repurchases heavily outweighs the equity issuance, resulting in a net reduction of shares outstanding.

The overall liquidity position is characterized by substantial cash inflows from operations that comfortably fund both capital expenditures and aggressive shareholder return initiatives. The transition toward higher deferred revenue and the scaling of net income suggest an expanding operational scale and a sustainable model for generating free cash flow.

AI Ask an analyst for more

Download chart

Arista Networks Inc. (NYSE:ANET)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data