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, 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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income	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)	182,958)	168,375)	144,793)	138,431)
Depreciation and amortization	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)	12,615)	1,373)	10,962)	10,208)
Stock-based compensation	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)	40,095)	36,469)	32,922)	27,556)
Deferred income taxes	(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)	(12,405)	593)	2,211)	457)
Amortization (accretion) of investment premiums (discounts)	—)	—)	(15,859)	(16,766)	(15,425)	(12,418)	(11,129)	(10,391)	(7,778)	(4,220)	(1,400)	2,710)	4,424)	7,033)	7,654)	7,072)	6,675)	5,446)	4,351)	3,092)	1,896)	1,042)
Other	(8,900)	(12,100)	5,018)	(7,371)	4,712)	4,580)	4,621)	4,934)	(20,222)	10,204)	1,453)	3,968)	9,713)	(23,965)	4,374)	4,328)	4,167)	4,243)	200)	4,383)	4,150)	4,073)
Accounts receivable, net	(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)	(87,598)	83,008)	(31,066)	46,329)
Inventories	(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)	(41,322)	(111,105)	(65,200)	(17,691)
Other assets	(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)	(27,693)	14,329)	2,478)	29,697)
Accounts payable	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)	(30,642)	40,330)	37,859)	(6,386)
Deferred revenue	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)	84,801)	(15,207)	(19,263)	21)
Income taxes, net	(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)	10,472)	(18,487)	12,838)	3,982)
Other liabilities	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)	51,092)	7,974)	3,636)	(42,872)
Changes in operating assets and liabilities	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)	(40,890)	842)	(58,718)	13,080)
Adjustments to reconcile net income to net cash provided by operating activities	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)	3,966)	46,752)	(6,577)	56,416)
Net cash provided by operating activities	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)	186,924)	215,127)	138,216)	194,847)
Proceeds from maturities of marketable securities	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)	362,088)	308,388)	460,710)	414,503)
Proceeds from sale of marketable securities	7,100)	8,800)	3,980)	8,115)	—)	36,750)	17,700)	27,859)	—)	21,725)	7,000)	21,036)	165,746)	—)	—)	19,607)	—)	—)	—)	772,978)	—)	—)
Purchases of marketable securities	(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)	(471,628)	(979,959)	(561,828)	(674,649)
Purchases of property and equipment	(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)	(7,683)	(2,523)	(2,071)	(3,107)
Cash paid for business combinations, net of cash acquired	(300,000)	—)	—)	—)	—)	—)	—)	—)	1,799)	—)	—)	—)	(107,477)	(37,610)	—)	(120)	1,401)	18)	(161,103)	—)	(92)	(66,225)
Other	—)	—)	—)	(5,628)	—)	(1,000)	1,086)	—)	(4,000)	(250)	—)	(1,000)	—)	(11,691)	(9,249)	(4,600)	(4,084)	(2,000)	—)	3,399)	—)	—)
Net cash (used in) provided by investing activities	(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)	(278,326)	102,283)	(103,281)	(329,478)
Proceeds from issuance of common stock under equity plans	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)	14,852)	20,476)	5,146)	17,082)
Tax withholdings paid on behalf of employees for net share settlement	(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)	(2,790)	(1,932)	(2,260)	(1,740)
Repurchases of common stock	(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)	—)	(167,278)	—)	(227,895)
Net cash used in financing activities	(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)	12,062)	(148,734)	2,886)	(212,553)
Effect of exchange rate changes	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)	2,212)	1,417)	1,028)	(2,691)
Net increase (decrease) in cash, cash equivalents and restricted cash	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)	(77,128)	170,093)	38,849)	(349,875)

Net Income: Net income exhibited a general upward trend from March 2020 through June 2025. Starting at approximately $138 million in Q1 2020, the figure consistently increased, reaching nearly $889 million by Q4 2025. This steady growth indicates improving profitability over the observed period.
Depreciation and Amortization: Depreciation and amortization values fluctuated somewhat but remained within a moderate range. The amounts varied between approximately $1.3 million and $20.9 million, peaking in early 2023 and showing a gradual decline thereafter, suggesting some stabilization in capital asset utilization or amortization schedules.
Stock-Based Compensation: Stock-based compensation increased overall across the timeline, starting near $27.6 million in early 2020 and reaching above $98 million mid-2024. Although there were short-term dips, the trend suggests growing expense related to employee compensation via stock options or awards, which could impact operating expenses.
Deferred Income Taxes: Deferred income tax balances showed significant volatility, shifting between positive and notably large negative amounts. From low positive or small negative values in 2020, it moved to large negative figures in the millions in later years, indicating fluctuating tax timing differences or tax position adjustments over the periods.
Accounts Receivable, Net: The net accounts receivable figures were highly volatile, with large positive and negative swings. There were several quarters with extreme negative values, suggesting possible write-offs, collections issues, or timing variations in revenue recognition and cash collection.
Inventories: Inventories showed predominantly negative values, with some sharp decreases particularly between 2022 and 2025. This pattern could indicate decreasing inventory levels or possible write-downs, which may be a response to changes in demand, supply chain optimization, or inventory management policies.
Other Assets: Other assets fluctuated considerably, including notable negative values in certain periods, pointing toward potential asset disposals, impairments, or reclassification activities. These large swings reflect shifts in non-core or miscellaneous assets held by the company.
Accounts Payable: Accounts payable amounts varied substantially, alternating between positive and negative balances. There were significant increases and decreases that may reflect changes in payment terms, timing of purchases, or operational adjustments affecting supplier obligations.
Deferred Revenue: Deferred revenue figures generally trended upward, especially from late 2021 onward, peaking near $844 million by mid-2025. This growth signifies an expanding customer base or increased prepaid service or product obligations, contributing to future revenue recognition.
Income Taxes, Net: Net income taxes displayed high variability, including substantial positive and negative amounts. This pattern indicates fluctuating tax burdens influenced by changes in profitability, tax planning, or unusual tax events impacting the effective tax rate across quarters.
Other Liabilities: Other liabilities demonstrated marked volatility, alternating between positive and negative values of considerable magnitude. This reflects changes in miscellaneous obligations or contingent liabilities, possibly due to restructuring, legal liabilities, or other operational factors.
Changes in Operating Assets and Liabilities: Operating assets and liabilities experienced significant swings, with large negative and positive values across quarters. This volatility suggests varying working capital dynamics driven by seasonal factors, changes in business activity, or shifts in payment and collection cycles.
Net Cash Provided by Operating Activities: Operating cash flow showed growth over time, with values increasing from approximately $195 million in early 2020 to over $1.2 billion by mid-2025, despite some interruptions. This pattern indicates improving cash generation capacity, supporting operational sustainability and potential for reinvestment.
Investing Activities: Cash flows from investing activities were mostly negative, reflecting consistent purchasing of marketable securities and property and equipment outlays. There were interspersed receipts from maturities and sales of securities, but overall investing activities suggest significant capital deployment exceeding liquidations.
Financing Activities: Financing cash flows were predominantly negative, driven by large repurchases of common stock and tax withholdings related to stock compensation. Occasional inflows from equity issuances partially offset outflows. Recent years show intensified stock repurchase activity, which may signal capital return strategies to shareholders.
Effect of Exchange Rate Changes: Exchange rate effects on cash were minor relative to other cash flow components but included both positive and negative impacts, suggesting some international exposure and currency translation adjustments influencing the cash position.
Net Change in Cash: The net changes in cash balances varied significantly across quarters, reflecting the interplay of operating, investing, and financing activities. Periods of cash increase corresponded mainly with strong operating cash inflows, while declines generally coincided with heavy investing or financing outflows.

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Arista Networks Inc. (NYSE:ANET)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data