Financials Arista Networks, Inc.

Equities

ANET

US0404132054

Communications & Networking

Real-time Estimate Cboe BZX Other stock markets 15:30:22 15/01/2026 GMT			5-day change	1st Jan Change
131.24 ^USD	+4.92%		+5.53%	-0.36%

01-07	Arista Networks Insider Sold Shares Worth $1,070,291, According to a Recent SEC Filing	MT
01-05	Arista Networks Shares Rise After Piper Sandler Upgrade	MT

Projected Income Statement: Arista Networks, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,318	2,948	4,381	5,860	7,003	8,901	10,898	13,086
Change	-	27.21%	48.62%	33.75%	19.5%	27.1%	22.44%	20.08%
EBITDA ¹	919.3	1,191	1,859	2,674	3,389	4,363	5,160	6,243
Change	-	29.57%	56.07%	43.84%	26.73%	28.74%	18.29%	20.97%
EBIT ¹	874.7	1,141	1,796	2,603	3,327	4,291	4,860	6,177
Change	-	30.42%	57.46%	44.93%	27.78%	28.97%	13.26%	27.11%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	738.9	930.9	1,582	2,422	3,265	4,128	4,909	5,933
Change	-	25.99%	69.92%	53.12%	34.81%	26.43%	18.91%	20.85%
Net income ¹	634.6	840.9	1,352	2,087	2,852	3,432	4,013	4,945
Change	-	32.51%	60.84%	54.34%	36.64%	20.33%	16.94%	23.23%
Announcement Date	18/02/21	14/02/22	13/02/23	12/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	648.5	667.6	707.3	748.7	824.5	877.1	1,052	1,177	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205	2,308	2,384	2,460	2,669	2,844	2,978	3,001	3,135	3,253
Change	-	2.94%	5.96%	5.85%	10.12%	6.38%	19.93%	11.87%	8.39%	5.94%	7.96%	3.46%	2.05%	2.01%	7.57%	7.13%	6.6%	3.85%	9.98%	4.69%	3.28%	3.17%	8.51%	6.56%	4.69%	0.79%	4.47%	3.75%
EBITDA ¹	256.1	263.9	284.3	306.3	336.7	348.7	440.4	509.3	560.7	577.7	624.8	713.2	758.4	759.7	801.1	905.6	922.5	971.2	1,089	1,145	1,158	1,169	1,250	1,331	1,348	1,399	1,448	1,518
Change	-	3.05%	7.7%	7.77%	9.9%	3.57%	26.31%	15.64%	10.1%	3.02%	8.16%	14.15%	6.33%	0.17%	5.45%	13.05%	1.86%	5.28%	12.15%	5.13%	1.17%	0.94%	6.93%	6.41%	1.33%	3.76%	3.51%	4.83%
EBIT ¹	243.5	251.3	271.7	293.7	324.2	335.6	425.5	492.1	543.2	556.8	606.5	696.2	744	744	785.6	890.1	907.1	957.4	1,076	1,122	1,133	1,109	1,187	1,266	1,311	1,399	1,447	1,514
Change	-	3.19%	8.12%	8.11%	10.38%	3.51%	26.79%	15.67%	10.37%	2.5%	8.93%	14.79%	6.86%	0.01%	5.58%	13.3%	1.91%	5.55%	12.43%	4.23%	0.96%	-2.12%	7.06%	6.67%	3.55%	6.7%	3.41%	4.67%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	200.2	207.9	221.1	234.6	267.3	309.5	362.3	424.2	485.8	496.7	586.4	644.5	694.4	722.8	770.4	882.9	888.9	955	1,080	1,077	1,108	1,104	1,182	1,258	1,305	-	-	-
Change	-	3.84%	6.36%	6.13%	13.91%	15.78%	17.08%	17.07%	14.54%	2.24%	18.05%	9.91%	7.74%	4.09%	6.6%	14.6%	0.68%	7.43%	13.11%	-0.29%	2.85%	-0.32%	7.07%	6.39%	3.75%	-	-	-
Net income ¹	183	180.4	196.9	224.3	239.3	272.3	299.1	354	427.1	436.5	491.9	545.3	613.6	637.7	665.4	747.9	801	813.8	888.8	853	884	883	945.2	987.4	1,030	1,082	1,142	1,220
Change	-	-1.42%	9.16%	13.93%	6.68%	13.78%	9.86%	18.36%	20.65%	2.2%	12.7%	10.86%	12.53%	3.92%	4.35%	12.4%	7.09%	1.6%	9.22%	-4.03%	3.63%	-0.11%	7.05%	4.46%	4.3%	5.09%	5.48%	6.88%
Announcement Date	18/02/21	04/05/21	02/08/21	01/11/21	14/02/22	02/05/22	01/08/22	31/10/22	13/02/23	01/05/23	31/07/23	30/10/23	12/02/24	07/05/24	30/07/24	07/11/24	18/02/25	06/05/25	05/08/25	04/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Arista Networks, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,873	-3,408	-3,024	-5,008	-8,303	-9,956	-13,723	-17,941
Change	-	-18.62%	11.27%	-65.61%	-65.79%	-19.9%	-37.84%	-30.74%
Announcement Date	18/02/21	14/02/22	13/02/23	12/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Arista Networks, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	15.38	64.74	44.64	34.43	32.03	114	78.49	81.39
Change	-	320.8%	-31.04%	-22.87%	-6.98%	255.92%	-31.16%	3.69%
Free Cash Flow (FCF) ¹	719.7	951.1	448.2	2,000	3,676	4,343	4,600	5,518
Change	-	32.15%	-52.88%	346.17%	83.85%	18.14%	5.92%	19.96%
Announcement Date	18/02/21	14/02/22	13/02/23	12/02/24	18/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Arista Networks, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	39.67%	40.41%	42.43%	45.63%	48.39%	49.01%	47.35%	47.7%
EBIT Margin (%)	37.75%	38.7%	41%	44.43%	47.5%	48.2%	44.59%	47.2%
EBT Margin (%)	31.88%	31.58%	36.1%	41.33%	46.62%	46.38%	45.04%	45.33%
Net margin (%)	27.38%	28.52%	30.87%	35.62%	40.73%	38.56%	36.82%	37.79%
FCF margin (%)	31.06%	32.26%	10.23%	34.12%	52.49%	48.79%	42.21%	42.17%
FCF / Net Income (%)	113.42%	113.11%	33.14%	95.8%	128.9%	126.54%	114.62%	111.59%
Profitability
ROA	16.1%	17.47%	23.15%	26.31%	21.64%	21.38%	19.64%	19.79%
ROE	23.12%	25.07%	32.68%	36.34%	30.24%	31.01%	27.36%	26.26%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.66%	2.2%	1.02%	0.59%	0.46%	1.28%	0.72%	0.62%
CAPEX / EBITDA (%)	1.67%	5.43%	2.4%	1.29%	0.95%	2.61%	1.52%	1.3%
CAPEX / FCF (%)	2.14%	6.81%	9.96%	1.72%	0.87%	2.63%	1.71%	1.47%
Items per share
Cash flow per share ¹	0.5782	0.7955	0.3893	1.603	2.895	3.191	3.586	4.775
Change	-	37.59%	-51.06%	311.84%	80.53%	10.23%	12.38%	33.16%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	2.731	3.233	3.986	5.834	7.956	10.14	13.21	17.41
Change	-	18.37%	23.29%	46.38%	36.37%	27.49%	30.23%	31.83%
EPS ¹	0.4994	0.6575	1.068	1.645	2.23	2.697	3.177	3.881
Change	-	31.66%	62.36%	54.1%	35.56%	20.93%	17.8%	22.19%
Nbr of stocks (in thousands)	1,210,583	1,229,134	1,222,290	1,244,401	1,259,760	1,259,285	1,259,285	1,259,285
Announcement Date	18/02/21	14/02/22	13/02/23	12/02/24	18/02/25	-	-	-