Arista Networks debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

—

Cash & equivalents

USD millions

$2,290.2M

Net debt

USD millions

—

Debt / equity

—

Debt / assets

—

Net debt / EBITDA

× · TTM

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Debt / FCF

× · TTM

—

Reported borrowing balances are unavailable in the extracted statements for this period.

Interest coverage

× · TTM

—

Current ratio

2.96×

Diluted shares

Million shares

1,276M shares

Basic shares

Million shares

1,260.1M shares

Share count growth

0.3%

Share repurchases

USD millions

$0M

Quarterly data

Arista Networks capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	—	2,290.2	—	—	—	—	—	—	2.96×	1,276	1,260.1	0.3%	0
FY 2026 Q1	Mar 31, 2026	—	2,789.5	—	—	—	—	—	—	2.83×	1,273.8	1,257.7	-0.18%	0
FY 2025 Q4	Dec 31, 2025	—	1,963.9	—	—	—	—	—	—	3.05×	1,275.7	1,257.7	-0.2%	620.1
FY 2025 Q3	Sep 30, 2025	—	2,326.6	—	—	—	—	—	—	3.25×	1,276.6	1,258	0.01%	0
FY 2025 Q2	Jun 30, 2025	—	2,225.5	—	—	—	—	—	—	3.33×	1,271.2	1,256.3	0.12%	195.9
FY 2025 Q1	Mar 31, 2025	—	1,845.1	—	—	—	—	—	—	3.93×	1,279.2	1,260	0.63%	787.1
FY 2024 Q4	Dec 31, 2024	—	2,762.36	—	—	—	—	—	—	4.36×	1,283.36	1,260.28	1.12%	123.8
FY 2024 Q3	Sep 30, 2024	—	3,175.14	—	—	—	—	—	—	4.47×	1,281.79	1,257.93	1.39%	65.16
FY 2024 Q2	Jun 30, 2024	—	2,429.03	—	—	—	—	—	—	4.55×	1,279.68	1,254.84	1.64%	172.01
FY 2024 Q1	Mar 31, 2024	—	2,092.1	—	—	—	—	—	—	5.01×	1,279.46	1,252.13	1.97%	62.65
FY 2023 Q4	Dec 31, 2023	—	1,938.61	—	—	—	—	—	—	4.39×	1,275.32	1,246.34	1.77%	0
FY 2023 Q3	Sep 30, 2023	—	1,748.82	—	—	—	—	—	—	4.15×	1,270.52	1,240.74	1.72%	0
FY 2023 Q2	Jun 30, 2023	—	1,261.84	—	—	—	—	—	—	4.14×	1,265.94	1,234.54	0.61%	30
FY 2023 Q1	Mar 31, 2023	—	956.34	—	—	—	—	—	—	3.96×	1,262.31	1,227.94	-0.34%	82.28
FY 2022 Q4	Dec 31, 2022	—	671.71	—	—	—	—	—	—	4.29×	1,262.44	1,224.67	-0.44%	2.82
FY 2022 Q3	Sep 30, 2022	—	716.25	—	—	—	—	—	—	4.01×	1,257.6	1,219.72	-0.82%	47.58
FY 2022 Q2	Jun 30, 2022	—	493.25	—	—	—	—	—	—	3.7×	1,266.32	1,227.02	0.3%	483.66
FY 2022 Q1	Mar 31, 2022	—	635.03	—	—	—	—	—	—	3.73×	1,278.61	1,232.18	0.92%	136.23
FY 2021 Q4	Dec 31, 2021	—	620.81	—	—	—	—	—	—	4.34×	1,280.06	1,230.04	1.33%	176.13
FY 2021 Q3	Sep 30, 2021	—	630.98	—	—	—	—	—	—	5.06×	1,278.54	1,229.82	1.14%	134.16
FY 2021 Q2	Jun 30, 2021	—	893.69	—	—	—	—	—	—	5.03×	1,275.36	1,223.38	0.86%	0
FY 2021 Q1	Mar 31, 2021	—	843.34	—	—	—	—	—	—	5.09×	1,273.97	1,220.9	0.06%	101.36
FY 2020 Q4	Dec 31, 2020	—	893.22	—	—	—	—	—	—	4.99×	1,268.87	1,213.84	-0.63%	0
FY 2020 Q3	Sep 30, 2020	—	970.35	—	—	—	—	—	—	5.5×	1,269.01	1,215.98	-0.56%	167.28
FY 2020 Q2	Jun 30, 2020	—	800.18	—	—	—	—	—	—	5.59×	1,268.77	1,212.93	-0.97%	0
FY 2020 Q1	Mar 31, 2020	—	761.33	—	—	—	—	—	—	5.82×	1,279.02	1,220.22	0.45%	227.9
FY 2019 Q4	Dec 31, 2019	—	1,111.29	—	—	—	—	—	—	5.81×	1,283.38	1,221.51	1.15%	51.53
FY 2019 Q3	Sep 30, 2019	—	1,095.27	—	—	—	—	—	1,245.73×	5.91×	1,292.05	1,222.82	1.89%	114.61
FY 2019 Q2	Jun 30, 2019	—	944.41	—	—	—	—	—	581.4×	5.77×	1,301.36	1,224.83	2.75%	100.01
FY 2019 Q1	Mar 31, 2019	—	809.49	—	—	—	—	—	163.33×	5.34×	1,299.22	1,214.72	2.6%	0
FY 2018 Q4	Dec 31, 2018	—	649.95	—	—	—	—	—	101.2×	4.48×	1,293.5	1,207.58	2.95%	0
FY 2018 Q3	Sep 30, 2018	—	524.69	—	—	—	—	—	78.78×	4.51×	1,296.29	1,200.18	3.34%	0
FY 2018 Q2	Jun 30, 2018	—	711.16	—	—	—	—	—	63.78×	3.17×	1,192.05	1,192.05	3.49%	—
FY 2018 Q1	Mar 31, 2018	—	886.16	—	—	—	—	—	194.62×	5.2×	1,291.54	1,183.9	4.05%	—
FY 2017 Q4	Dec 31, 2017	—	859.19	—	—	—	—	—	169.16×	4.28×	1,284.95	1,172.98	4.76%	—
FY 2017 Q3	Sep 30, 2017	—	854.48	—	—	—	—	—	—	3.66×	1,269.15	1,161.41	5.08%	—
FY 2017 Q2	Jun 30, 2017	—	823.48	—	—	—	—	—	—	3.19×	1,260.1	1,151.87	5.44%	—
FY 2017 Q1	Mar 31, 2017	—	746.57	—	—	—	—	—	—	3.26×	1,240.26	1,137.82	4.99%	—
FY 2016 Q4	Dec 31, 2016	—	567.92	—	—	—	—	—	77.62×	3.32×	1,191.14	1,119.68	4.42%	—
FY 2016 Q3	Sep 30, 2016	—	500.48	—	—	—	—	—	—	3.73×	1,175.25	1,105.22	3.67%	—
FY 2016 Q2	Jun 30, 2016	—	531.06	—	—	—	—	—	—	4.34×	1,165.07	1,092.4	4.2%	—
FY 2016 Q1	Mar 31, 2016	—	710.66	—	—	—	—	—	—	4.78×	1,155.42	1,083.79	4.8%	—
FY 2015 Q4	Dec 31, 2015	—	687.33	—	—	—	—	—	—	4.15×	1,151.07	1,072.28	6.06%	—
FY 2015 Q3	Sep 30, 2015	—	418.5	—	—	—	—	—	—	4.09×	1,150.19	1,066.06	6.77%	—
FY 2015 Q2	Jun 30, 2015	—	342.96	—	—	—	—	—	—	4.2×	1,139.44	1,048.38	70.23%	—
FY 2015 Q1	Mar 31, 2015	—	275.19	—	—	—	—	—	—	4.96×	1,131.55	1,034.16	—	—
FY 2014 Q4	Dec 31, 2014	—	240.03	—	—	—	—	—	—	4.71×	1,123.51	1,010.99	—	—
FY 2014 Q3	Sep 30, 2014	—	408.6	—	—	—	—	—	—	5.78×	1,115.79	998.43	—	—
FY 2014 Q2	Jun 30, 2014	0	397.2	-397.2	0×	0%	—	—	—	5.76×	704.91	615.86	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · ANET, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.