Arista Networks, Inc.

Name: Arista Networks, Inc. financial statements and ratios
Creator: Annalist

ANET · NYSE · Technology, networking equipment · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 5 August 2026. Snapshot FY2026Q2_2c2dfa16.

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Overview

Revenue, quarter

+37.7% year on year

Operating income, quarter

+39.7% year on year

Net income, quarter

+36.5% year on year

Diluted EPS, quarter

+35.7% year on year

Operating margin, last 4 quarters

−0.0pp year on year

Return on equity, last 4 quarters

−2.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$3.0 billion, 37.7% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$3.0 billion, 37.7% higher than in the same quarter a year earlier.Recorded from FY2026Q2_cc2991fc · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$2.7 billion, 35.1% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$2.5 billion, 28.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$2.3 billion, 27.5% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$2.2 billion, 30.4% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$2.0 billion, 27.6% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$1.9 billion, 25.3% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2024 StrengthenedRevenue for the quarter ended 30 September 2024 was US$1.8 billion, 20.0% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$1.7 billion, 15.9% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$1.2 billion, 36.5% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 StrengthenedNet income attributable to the company was US$1.2 billion, 36.5% higher than in the same quarter a year earlier.Recorded from FY2026Q2_cc2991fc · data update
2. Q1 FY2026 StrengthenedNet income attributable to the company was US$1.0 billion, 25.7% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedNet income attributable to the company was US$956 million, 19.3% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 WeakenedNet income attributable to the company was US$853 million, 14.0% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedNet income attributable to the company was US$889 million, 33.6% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedNet income attributable to the company was US$814 million, 27.6% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 WeakenedNet income attributable to the company was US$801 million, 30.5% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2024 StrengthenedNet income attributable to the company was US$748 million, 37.2% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2024 NewNet income attributable to the company was US$665 million, 35.3% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 43.1%, unchanged from a year earlier.
Newin Q2 FY2026 · first stated
Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-K 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 10 records
1. Q2 FY2026 NewThe operating margin over the last 4 quarters was 43.1%, unchanged from a year earlier.Recorded from FY2026Q2_cc2991fc · data update
2. Q2 FY2026 RetiredThe finding changed to unchanged from a year earlier.Recorded from FY2026Q2_cc2991fc · data update
3. Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was 42.8%, 0.5 percentage points higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 42.8%, 0.8 percentage points higher than a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 42.9%, 0.8 percentage points higher than a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 43.1%, 1.9 percentage points higher than a year earlier.Reconstructed · data update
7. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 42.3%, 2.3 percentage points higher than a year earlier.Reconstructed · data update
8. Q4 FY2024 WeakenedThe operating margin over the last 4 quarters was 42.0%, 3.5 percentage points higher than a year earlier.Reconstructed · data update
9. Q3 FY2024 WeakenedThe operating margin over the last 4 quarters was 42.1%, 4.8 percentage points higher than a year earlier.Reconstructed · data update
10. Q2 FY2024 NewThe operating margin over the last 4 quarters was 41.2%, 5.1 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 31.5%, against 33.6% a year earlier.
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 9 records
1. Q2 FY2026 ConfirmedReturn on equity over the last 4 quarters was 31.5%, against 33.6% a year earlier.Recorded from FY2026Q2_cc2991fc · data update
2. Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 31.5%, against 33.7% a year earlier.Reconstructed · data update
3. Q4 FY2025 ConfirmedReturn on equity over the last 4 quarters was 31.4%, against 33.1% a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 31.7%, against 33.8% a year earlier.Reconstructed · data update
5. Q2 FY2025 ConfirmedReturn on equity over the last 4 quarters was 33.6%, against 34.5% a year earlier.Reconstructed · data update
6. Q1 FY2025 ConfirmedReturn on equity over the last 4 quarters was 33.7%, against 34.7% a year earlier.Reconstructed · data update
7. Q4 FY2024 ConfirmedReturn on equity over the last 4 quarters was 33.1%, against 34.5% a year earlier.Reconstructed · data update
8. Q3 FY2024 StrengthenedReturn on equity over the last 4 quarters was 33.8%, against 34.9% a year earlier.Reconstructed · data update
9. Q2 FY2024 NewReturn on equity over the last 4 quarters was 34.5%, against 34.7% a year earlier.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: The quarterly depreciation and amortisation of Arista Networks mixed the total of its cash flow statement with depreciation alone; every quarter now comes from the total. Arista Networks reports its capital expenditure on one line in its 10-Qs and another in its 10-Ks, with no period in common that would show them equal, so its fourth quarters and fiscal years of capital expenditure are no longer published. Record 67 retires its free cash flow over the last 4 quarters, which needs them. Records 3, 4, 5, 6, 12, 13, 14, 15, 16, 17, 18, 19, 20, 28, 29, 30, 34, 35, 36, 40, 41, 42, 48, 57 and 64 cite figures that the correction changed. Correction of 22 October 2026: Changes against a year earlier compared 2 figures of different bases where a stock split, a spin-off or a restatement came between the 2 periods. 21 growth values of Arista Networks changed, among them diluted earnings per share growth for fiscal 2022, minus 59.3% before the correction and 62.4% on one basis. Records 16 and 17 cite figures of 2 bases, which give the same rounded changes as one basis.

Credit, liquidity, earnings quality and score findings: Analysis.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Free cash flow · retired in Q2 FY2026
1. Q2 FY2026 RetiredThe rule did not apply to the figures as at Q2 FY2026.Recorded from FY2026Q2_8a6897be · correction
2. Q2 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$5.2 billion, and operating cash flow was 1.3 times net income attributable to the company.Recorded from FY2026Q2_cc2991fc · data update
3. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$5.3 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
4. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$4.3 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
5. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$4.0 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
6. Q2 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$4.0 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
7. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$3.8 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
8. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$3.7 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
9. Q3 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$3.2 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
10. Q2 FY2024 NewFree cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 1.1 times net income attributable to the company.Reconstructed · initial

Data

Source documents26 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_2c2dfa16

Corporate Events

Stock split19 February 2025
The filing reported a stock split of 4 for 1.
Source 10-K 2024-12
Stock split15 February 2022
The filing reported a stock split of 4 for 1.
Source 10-K 2021-12

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 5 August 2026. Changes are against the previous report, and each figure shows its period.

3changes0thresholds crossed

Changes in This Report 3

StrengthenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$3.0 billion, 37.7% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$2.7 billion, 35.1% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$1.2 billion, 36.5% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$1.0 billion, 25.7% higher than in the same quarter a year earlier.
NewOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 43.1%, unchanged from a year earlier.
Earlier record, Q1 FY2026
The operating margin over the last 4 quarters was 42.8%, 0.5 percentage points higher than a year earlier.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost

Reconciliation of the Credit Figures

Item	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023
EBIT	$700m	$925m	$1.5bn	$2.3bn
Depreciation and amortisation	$35.2m	$50.3m	$62.7m	$70.6m
Goodwill impairment	$0	$0	$0	$0
Share-based compensation	$137m	$187m	$231m	$297m
Operating lease cost	$23.4m	$23.2m	$24.1m	$23.5m
Adjusted EBITDA	$895m	$1.2bn	$1.8bn	$2.6bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.3%, Operating cash flow to EBITDA 1.14x · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.3% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 10 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.3% of average total assets.Recorded from FY2026Q2_5c00976f · methodology
2. Q2 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.3% of average total assets.Recorded from FY2026Q2_cc2991fc · data update
3. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.4% of average total assets.Reconstructed · data update
4. Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.1% of average total assets.Reconstructed · data update
5. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.1% of average total assets.Reconstructed · data update
6. Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.7% of average total assets.Reconstructed · data update
7. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Reconstructed · data update
9. Q3 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Reconstructed · data update
10. Q2 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 8.46, Beneish −2.19 · Piotroski 5 of 9 · Last 4 quarters 8.33 at Q2 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 8.46, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Weakenedin FY2025 · stated since FY2023
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 3 records
1. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was 8.46, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 10.04, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 10.24, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.19, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-K 2024-12, 10-Q 2025-03 and 1 more
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.19, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.70, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.38, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2025-03 and 1 more
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to a middle score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was operating cash flow above net income.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	above threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

8.46Safe zone, above 2.60

The score of 8.46 is in the safe zone of the model, above 2.60. The largest part is working capital, at 3.71.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.566	6.560	3.714
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.486	3.260	1.583
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.198	6.720	1.332
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.748	1.050	1.835
Score			8.465

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.19Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.19 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.287	0.920	1.184
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.001	0.528	0.529
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.015	0.404	0.410
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.286	0.892	1.147
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.939	0.115	0.223
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.044	4.679	−0.207
Leverage indexDebt against total assets, against a year earlier.	1.421	−0.327	−0.465
Score			−2.191

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.83 means a probability of a misstatement 0.83 times the average rate in the Dechow sample: 0.31% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.190	0.790	0.150
Change in receivables / average total assetsThe growth of receivables against average assets.	0.045	2.518	0.112
Change in inventories / average total assetsThe growth of stock against average assets.	0.025	1.191	0.029
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.889	1.979	1.758
Change in cash salesThe growth of sales collected in cash.	0.198	0.171	0.034
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.028	−0.932	0.026
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−5.783
Probability of a misstatement			0.31%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

5 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Not met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	5 Aug 2026	10-Q:0001596532-26-000175
Form 10-Q, period ended 31 March 2026	6 May 2026	10-Q:0001596532-26-000078
Form 10-K, period ended 31 December 2025	17 Feb 2026	10-K:0001596532-26-000013
Form 10-Q, period ended 30 September 2025	5 Nov 2025	10-Q:0001596532-25-000286
Form 10-Q, period ended 30 June 2025	6 Aug 2025	10-Q:0001596532-25-000216
Form 10-Q, period ended 31 March 2025	7 May 2025	10-Q:0001596532-25-000106
Form 10-K, period ended 31 December 2024	19 Feb 2025	10-K:0001596532-25-000028
Form 10-Q, period ended 30 September 2024	8 Nov 2024	10-Q:0001596532-24-000368
Form 10-Q, period ended 30 June 2024	31 Jul 2024	10-Q:0001596532-24-000279
Form 10-Q, period ended 31 March 2024	8 May 2024	10-Q:0001596532-24-000173
Form 10-K, period ended 31 December 2023	13 Feb 2024	10-K:0001596532-24-000043
Form 10-Q, period ended 30 September 2023	31 Oct 2023	10-Q:0001596532-23-000274
Form 10-Q, period ended 30 June 2023	1 Aug 2023	10-Q:0001596532-23-000197
Form 10-Q, period ended 31 March 2023	2 May 2023	10-Q:0001596532-23-000104
Form 10-K, period ended 31 December 2022	14 Feb 2023	10-K:0001596532-23-000016
Form 10-Q, period ended 30 September 2022	1 Nov 2022	10-Q:0001596532-22-000294
Form 10-Q, period ended 30 June 2022	2 Aug 2022	10-Q:0001596532-22-000220
Form 10-Q, period ended 31 March 2022	3 May 2022	10-Q:0001596532-22-000112
Form 10-K, period ended 31 December 2021	15 Feb 2022	10-K:0001596532-22-000026
Form 10-Q, period ended 30 September 2021	2 Nov 2021	10-Q:0001596532-21-000354
Form 10-Q, period ended 30 June 2021	3 Aug 2021	10-Q:0001596532-21-000255
Form 10-Q, period ended 31 March 2021	6 May 2021	10-Q:0001596532-21-000149
Form 10-K, period ended 31 December 2020	19 Feb 2021	10-K:0001596532-21-000049
Form 10-Q, period ended 30 September 2020	3 Nov 2020	10-Q:0001596532-20-000226
Form 10-Q, period ended 30 June 2020	5 Aug 2020	10-Q:0001596532-20-000148
Form 10-Q, period ended 31 March 2020	6 May 2020	10-Q:0001628280-20-006504

Checks

280256 of 280 checks passed, 24 warnings

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year103 of 126 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Revenue, FY2023: $5,860m against $5,860m

Cost of revenue, FY2023: $2,230m against $2,230m

Gross profit, FY2023: $3,630m against $3,630m

Research and development expense, FY2023: $855m against $855m

Operating income, FY2023: $2,257m against $2,257m

Income before income taxes, FY2023: $2,422m against $2,422m

Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Amortisation of intangible assets, Q4 FY2025: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities5 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit32 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,323
Proven by a check	44.9%, 594 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	20.0%, 265 values
Values withheld	1
Restated figures tracked	188
Changes compared on one basis	26
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Arista Networks, Inc., snapshot arista-networks/FY2026Q2_2c2dfa16 (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_2c2dfa16 · dataset SHA-256 2c2dfa167cf2eed918b8c4ea634efd972af272fc7f0060c29c8830455f65815a · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json