Compute, memory and networkingANETFilings through August 5, 2026
Arista capital spending
In the quarter ended June 30, 2026, Arista spent $0.0 billion on capital equipment, 3% of its $1.1 billion of operating cash flow and up 24% from a year earlier. Free cash flow was $1.1 billion.
Next report: November 3, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through August 5, 2026
Arista’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Arista capital spending, filings through August 5, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
Arista’s quarterly capital spending has been above the same quarter a year earlier for seven consecutive quarters. Over the latest four quarters it generated $5.3 billion from operations and spent $0.2 billion, leaving $5.2 billion of free cash flow against $4.0 billion over the four before.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,175 | 1,031 | 642 | 1,200 | 1,268 | 1,262 | 1,694 | 1,083 |
| Long-term debt issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term borrowing, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock issued | 21 | 5 | 28 | 3 | 26 | 1 | 30 | 4 |
| Capital spending | 7 | 12 | 28 | 24 | 30 | 37 | 55 | 30 |
| Finance-lease principal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-term debt repaid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share repurchases | 65 | 124 | 787 | 196 | 0 | 620 | 0 | 0 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 1,168 | 1,019 | 613 | 1,176 | 1,238 | 1,225 | 1,639 | 1,053 |
| Net long-term debt issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returned to shareholders | 65 | 124 | 787 | 196 | 0 | 620 | 0 | 0 |
| Outside funding needed | (1,102) | (895) | 174 | (980) | (1,238) | (605) | (1,639) | (1,053) |
| Change in cash | 747 | (413) | (917) | 380 | 101 | (363) | 826 | (499) |
| Interest expense | — | — | — | — | — | — | — | — |
| Stock-based compensation | 98 | 101 | 93 | 85 | 128 | 133 | 121 | 120 |
Millions of dollars, outflows positive as reported in the cash flow statement.
The balance sheet
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 3,175 | 2,762 | 1,845 | 2,226 | 2,327 | 1,964 | 2,790 | 2,290 |
| Short-term investments | 4,253 | 5,541 | 6,305 | 6,619 | 7,780 | 8,779 | 9,564 | 11,053 |
| Long-term investments | — | — | — | — | — | — | — | — |
| Cash and investments | 7,428 | 8,304 | 8,150 | 8,844 | 10,106 | 10,743 | 12,353 | 13,343 |
| Long-term debt | — | — | — | — | — | — | — | — |
| Current debt | — | — | — | — | — | — | — | — |
| Gross debt | — | — | — | — | — | — | — | — |
| Finance-lease liability | — | — | — | — | — | — | — | — |
| Net debt | — | — | — | — | — | — | — | — |
| Property and equipment, net, as reported | 93 | 99 | 124 | 152 | 173 | 203 | 250 | 313 |
| Accumulated depreciation | 212 | 219 | 227 | 233 | 241 | 249 | 256 | 265 |
| Inventory | 1,770 | 1,835 | 1,957 | 2,059 | 2,156 | 2,247 | 2,380 | 2,535 |
| Inventory days | 249 days | 239 days | 245 days | 245 days | 240 days | 222 days | 210 days | 206 days |
| Total assets | 12,847 | 14,044 | 14,515 | 16,534 | 18,049 | 19,449 | 21,657 | 23,720 |
| Shareholders’ equity | 9,246 | 9,995 | 10,119 | 10,902 | 11,907 | 12,371 | 13,487 | 14,798 |
| Interest expense | — | — | — | — | — | — | — | — |
| Stock-based compensation | 98 | 101 | 93 | 85 | 128 | 133 | 121 | 120 |
| Shares outstanding, millions | 1,259 | 1,261 | 1,257 | 1,257 | 1,259 | 1,257 | 1,259 | 1,261 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
What the asset base is made of
Across the hyperscalers| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Servers and network equipment | 62 | 64 | 65 | 65 | 66 | 66 | 66 | 67 |
| Machinery and equipment | 158 | 161 | 168 | 174 | 178 | 188 | 199 | 208 |
| Land | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 |
| Leasehold improvements | 35 | 35 | 35 | 37 | 37 | 38 | 38 | 38 |
| Construction in progress | — | 8 | 33 | 58 | 81 | 108 | 152 | 214 |
| Other | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Classes combined | 305 | 318 | 351 | 386 | 413 | 452 | 507 | 577 |
| Property and equipment, gross, as reported | 305 | 318 | 351 | 386 | 413 | 452 | 507 | 577 |
| Accumulated depreciation | 212 | 219 | 227 | 233 | 241 | 249 | 256 | 265 |
| Share of the balance the classes explain | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Gross cost before depreciation, by the classes the company reports.Servers and network equipment are 11.6% of the classes combined at Jun 2026. Classes read: Computer Hardwareand Software, Construction In Progress, Furniture and Fixtures, Land, Leasehold Improvements, Machinery and Equipment.
Largest customers
Share of revenue or receivables, as disclosed| Period | Customer | Benchmark | Share | Filing |
|---|---|---|---|---|
| Year to Dec 2025 | Reseller A | Accounts receivable | 52.0% | 10-K |
| Year to Dec 2025 | Reseller B | Revenue | 26.0% | 10-K |
| Year to Dec 2025 | Reseller A | Revenue | 16.0% | 10-K |
Arista does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 4 customer labels seen in filings since 2023.
Demand behind the capex
All companies, side by side| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,811 | 1,930 | 2,005 | 2,205 | 2,308 | 2,488 | 2,709 | 3,036 |
| Remaining performance obligations | — | — | — | — | — | — | — | — |
| Backlog over trailing revenue | — | — | — | — | — | — | — | — |
| Deferred revenue, current | 1,600 | 1,727 | 2,073 | 2,788 | 3,521 | 4,003 | 4,910 | 5,101 |
| Deferred revenue | 2,507 | 2,791 | 3,089 | 4,062 | 4,686 | 5,372 | 6,199 | 6,866 |
At Dec 2022 Arista carried $1.3B of remaining performance obligations, 0.3× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 7 | 12 | 28 | 24 | 30 | 37 | 55 | 30 |
| Depreciation of property and equipment | 9 | 8 | 8 | 8 | 7 | 8 | — | — |
| Capex to depreciation | 0.8× | 1.5× | 3.5× | 3.1× | 4.1× | 4.8× | — | — |
| Amortization of intangibles | 7 | 7 | 6 | 165 | 16 | (145) | — | — |
| Depreciation and amortization, as reported | 16 | 15 | 14 | 13 | 23 | 23 | 23 | 23 |
| Property and equipment, net, as reported | 93 | 99 | 124 | 152 | 173 | 203 | 250 | 313 |
| Property and equipment, gross | 305 | 318 | 351 | 386 | 413 | 452 | 507 | 577 |
In Dec 2025 Arista spent 4.8× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 51 of 55 quarters on file.
The statement
Download the source data| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,811 | 1,930 | 2,005 | 2,205 | 2,308 | 2,488 | 2,709 | 3,036 |
| Operating cash flow | 1,175 | 1,031 | 642 | 1,200 | 1,268 | 1,262 | 1,694 | 1,083 |
| Capital spending | 7 | 12 | 28 | 24 | 30 | 37 | 55 | 30 |
| Free cash flow | 1,168 | 1,019 | 613 | 1,176 | 1,238 | 1,225 | 1,639 | 1,053 |
| Depreciation and amortization | 16 | 15 | 14 | 13 | 23 | 23 | 23 | 23 |
| Long-term debt | — | — | — | — | — | — | — | — |
| First filed / release date | Nov 8, 2024 | Feb 19, 2025 | May 7, 2025 | Aug 6, 2025 | Nov 5, 2025 | Feb 17, 2026 | May 6, 2026 | Aug 5, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did Arista spend on capital expenditures last quarter?
- Arista spent $0.0 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 24% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.2 billion.
- Did Arista's capital spending exceed its operating cash flow?
- No. In the quarter ended June 30, 2026 capital spending was 3% of Arista's $1.1 billion of operating cash flow, leaving free cash flow of $1.1 billion.
- What is Arista's free cash flow?
- $1.1 billion in the quarter ended June 30, 2026, and $5.2 billion over the latest four reported quarters, against $4.0 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
- Is Arista's capital spending still rising?
- Yes. Arista's quarterly capital spending has been above the same quarter a year earlier for seven consecutive quarters. The latest four quarters' spending is 111% above the four before.
- How does Arista's capital spending compare with its depreciation?
- In the quarter ended June 30, 2026 Arista spent 1.3 times its depreciation and amortization of $0.0 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
- Is this Arista's AI spending?
- No. These are Arista's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.