ANET · 8-K · 20261103PR000252

Working Capital Changes

Arista Networks, Inc. · 2026-11-03 · Importance 57 · Surprise 56

Inventory increased to $3,209.8 million at September 30, 2026, from $2,247.1 million at December 31, 2025, a 42.8% rise. Accounts receivable increased to $2,327.8 million from $1,886.9 million, up 23.4%. In the first nine months of 2026, operating cash flow reflected a $962.8 million inventory use of cash and a $440.9 million accounts-receivable use, partly offset by $1,467.1 million from deferred revenue.