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Arista Networks cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $5.2B over twelve months

Operating cash flow$1.2B
Capital spending−$101M
Free cash flow+$1.1B
Cash / net income0.8×
Cash conversion cycle209 days

Analysis

In Q3 2026, Arista Networks generated $1.2B of operating cash flow and spent $101M on capital projects, leaving free cash flow of $1.1B. That is $138M less than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.2B; the largest uses were other investing ($4.7B), buybacks ($620M), taxes on employees’ shares ($55.9M); besides operations, cash came from shares issued ($63.7M); the cash balance fell by $38.4M.

Operating cash flow was $1.2B against net income of $1.6B — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$675M, deferred taxes +$582M, income taxes payable −$358M.

Its cash conversion cycle was 209 days (receivables 58 + inventory 198 − payables 47).

Free cash flow

Arista Networks: free cash flow by quarterArista Networks: free cash flow by quarter$1.0BQ4 2024$613MQ1 2025$1.2BQ2 2025$1.2BQ3 2025$1.3BQ4 2025$1.6BQ1 2026$1.1BQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Arista Networks: operating cash flow against capital spendingArista Networks: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$0Q4 2024$642M$28.4MQ1 2025$1.2B$24.0MQ2 2025$1.3B$30.1MQ3 2025$1.3B$0Q4 2025$1.7B$54.5MQ1 2026$1.1B$29.7MQ2 2026$1.2B$101MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $101M.

Capital allocation, year by year

Arista Networks: where the cash came from (up) and went (down), by fiscal yearArista Networks: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.0BFY2021: Shares issued $67.2MFY2021: Capital spending −$64.7MFY2021: Acquisitions $1.3MFY2021: Buybacks −$412M$1.1BFY2021FY2022: Operating cash flow $493MFY2022: Shares issued $48.4MFY2022: Capital spending −$44.6MFY2022: Acquisitions −$145MFY2022: Buybacks −$670M$541MFY2022FY2023: Operating cash flow $2.0BFY2023: Shares issued $62.1MFY2023: Capital spending −$34.4MFY2023: Acquisitions $1.8MFY2023: Buybacks −$112M$2.1BFY2023FY2024: Operating cash flow $3.7BFY2024: Shares issued $60.2MFY2024: Capital spending −$32.0MFY2024: Buybacks −$424M$3.8BFY2024FY2025: Operating cash flow $4.4BFY2025: Shares issued $57.7MFY2025: Capital spending −$120MFY2025: Acquisitions −$300MFY2025: Buybacks −$1.6B$4.4BFY2025
Over these 5 years operating cash flow totalled $11.6B; the largest uses were buybacks ($3.2B) and acquisitions ($445M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$14.4B
Debtnone
Net cash$14.4B

Arista Networks funds itself: free cash flow was $5.2B over the last twelve months, with $14.4B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Arista Networks: sources (+) and uses (−) of cash, Q3 2026Arista Networks: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.2BOther investing−$1.1BCapital spending−$101MShares issued$29.5MTaxes on employees’ shares−$18.5MCash drawn (+) / kept (−)$2.0MExchange rates$100K
Arista Networks: sources (+) and uses (−) of cash, TTM to Q3 2026Arista Networks: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.2BOther investing−$4.7BBuybacks−$620MShares issued$63.7MTaxes on employees’ shares−$55.9MCash drawn (+) / kept (−)$38.4MOther financing−$3.7MExchange rates−$3.5M

From profit to cash

Arista Networks: net income to operating cash flow, Q3 2026Arista Networks: net income to operating cash flow, Q3 2026Net income$1.6BDepreciation & amortization$23.6MStock-based pay$138MDeferred taxes$582MReceivables−$61.6MInventory−$675MPayables−$21.0MDeferred revenue−$26.4MPrepaid and other assets$15.5MOther liabilities$160MIncome taxes payable−$358MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265819847209
Q2 20266319953209
Q1 20266320255210
Q4 20256221956225
Q3 20256223758241
Q2 20256323955246
Q1 20255823448244
Q4 20245423744247

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$101M—$29.5M$2.0M$1.1B
Q2 2026$1.1B−$29.7M—$3.5M$499M$1.1B
Q1 2026$1.7B−$54.5M—$29.9M−$826M$1.6B
Q4 2025$1.3B—−$620M$800K$363M$1.3B
Q3 2025$1.3B−$30.1M—$25.6M−$101M$1.2B
Q2 2025$1.2B−$24.0M−$196M$3.2M−$380M$1.2B
Q1 2025$642M−$28.4M−$787M$28.1M$917M$613M
Q4 2024$1.0B—−$124M$4.7M$413M$1.0B

Arista Networks: income statement and cash flow

Arista Networks, Q3 2026: revenue $3.7B (+58% year over year), operating margin 44.9%. The chart follows the revenue to costs, profit and cash.

Arista Networks: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.