What is the primary revenue source for Arista Networks (ANET)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze ANET's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Arista Networks's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Arista Networks Makes Money: ANET Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 85.58% of revenue, indicating concentration.

Revenue: USD 5.74B
Largest revenue segment share (Product): 85.58%
Cost of revenue: USD 2.16B
Research and development: USD 691.90M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Research and developmentResearch and development · ResearchAndDevelopmentExpense
Largest revenue segment share (Product)Product · segment_value / revenue * 100
RevenueTotal revenue · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueTotal cost of revenue · CostOfGoodsAndServicesSold

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Inventory: USD 2.54B
Cash and cash equivalents: USD 2.29B
Accounts receivable: USD 2.27B
Total liabilities: USD 8.92B
Shareholder equity: USD 14.80B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 124.18% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 2.24B
Operating cash flow: USD 2.78B
Cash conversion: 124.18%
Free cash flow: USD 2.69B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?