Arista Networks, Inc.

ANETNYSETechnology● Active

$154.27

$-11.74(-7.07%)

Market Cap$194.3B

P/E Ratio—

52W High$179.8

52W Low$85.58

Avg Volume9.0M

Open$159.46

Beta1.61

Overview

Arista Networks, Inc. (ANET) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ANET · free cash flow · updated Jun 8, 2026

Core FCF metrics

ANET · FCF · TTM · margin & CAGR

Free cash flow was $4.25B for FY2025 (fiscal year ending 2025-12-31), up 15.7% year-over-year The FCF margin was 47.2%. Five-year CAGR stands at +42.7%.

FY2025 Free Cash Flow$4.25B▲ +15.7% YoY

Trailing 12M (TTM)$5.28Btrailing 4 quarters sum

FCF Margin47.2%$4.25B ÷ revenue

3-Year CAGR+111.7%FY2022 → FY2025

5-Year CAGR+42.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ANET · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$4.37B(120M)$4.25B▲ +15.7%47.2%

FY2024$3.71B(32M)$3.68B▲ +83.8%52.5%

FY2023$2.03B(34M)$2.00B▲ +346.2%34.1%

FY2022$492.8M(45M)$448.2M▼ 52.9%10.2%

FY2021$1.02B(65M)$951.1M▲ +32.1%32.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ANET · P/FCF · FCF yield · FCF per share

Arista Networks, Inc. (ANET) trades at a FCF yield of 2.72% and a price-to-free-cash-flow ratio of 36.7x. FCF per share stands at $4.20, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.72%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$4.20

TTM FCF ÷ Shares Outstanding

Price / FCF

x36.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x36.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ANET · cash flow statement · operating / investing / financing

For FY2025, Arista Networks, Inc. generated $4.37B in operating cash flow and spent 120M in capital expenditures, yielding $4.25B in free cash flow.

Operating Activities

+$4.37B

Cash from core business operations

2025-12-31

Investing Activities

−$3.58B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.60B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($4.37B) − |CapEx| (120M) = FCF ($4.25B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

ANET vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Arista Networks, Inc.YOU

ANET

$4.25B+15.7%47.2%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Arista Networks, Inc. (ANET) reported free cash flow of $4.25B for FY2025 (fiscal year ending 2025-12-31), up 15.7% year-over-year. The FCF margin was 47.2%.

Based on available data, Arista Networks, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $4.25B in FY2025. The 5-year CAGR stands at +42.7%.

Arista Networks, Inc.'s FCF yield is 2.72% and price-to-FCF ratio is 36.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ANET free cash flow · 8 questions

Arista Networks, Inc. free cash flow was $4.25B for FY2025, up 15.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $5.28B.

ANET free cash flowANET FCFANET FCF 2025ANET free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Arista Networks, Inc. · Arista Networks, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026