ANET Arista Networks, Inc. Common Stock
NYSE · Communications · View on SEC EDGAR ↗ 10-K/10-Q Aug 5, 2026ANET Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Dec. 4, 2024 | 4-for-1 | Forward |
| Nov. 18, 2021 | 4-for-1 | Forward |
About Arista Networks, Inc. Common Stock Company overview from Wikipedia
Arista Networks, Inc. is an American provider of client to cloud networking services for large data center/AI, campus and routing environments.
Corporate history
Arista Networks was founded and incorporated in 2008, evolving from its roots in Arastra, established in 2004. Arista went public as ANET in 2014 and entered the S&P 100 in 2026 and was recognized on the 2026 Fortune 500 list of the largest United States corporations by revenue. It provides cloud and AI high performance networking. Members of Arista’s leadership team have experience in networking and innovation.
In June 2014, Arista Networks had its initial public offering on the New York Stock Exchange under the symbol ANET.
In December 2014, Cisco filed two lawsuits against Arista alleging intellectual property infringement., and the United States International Trade Commission issued limited exclusion and cease-and-desist orders concerning two of the features patented by Cisco and upheld an import ban on infringing products. In 2016, on appeal, the ban was reversed following product changes and two overturned Cisco patents, and Cisco's claim was dismissed. In August 2018, Arista agreed to pay Cisco US$400 million as part of a settlement that included a release for all claims of infringement by Cisco, dismissal of Arista's antitrust claims against Cisco, and a 5-year stand-down between the companies.
In August 2018, Arista Networks acquired Mojo Networks. In September 2018, Arista Networks acquired Metamako and integrated its low-latency product line as the 7130 series. In February 2020, Arista acquired Big Switch Networks. In October 2020, Arista acquired Awake Security.
Arista's CEO, Jayshree Ullal, was named to Barron's list of World's Best CEOs in 2018 and 2019.
In August 2022, Arista Networks acquired Pluribus Networks, a unified cloud network company, for an undisclosed sum.
In July 2025, Arista expanded its AI-driven campus and branch networking offerings and acquired the VeloCloud SD-WAN portfolio from Broadcom. This combination of innovations has the potential to bring operational ease through zero touch operations, proactive monitoring, and automated troubleshooting across the broad set of client-to-cloud networking domains.
Jayshree Ullal was named on the Fortune Most Powerful Women 2026 list.
Products
Extensible Operating System
Arista Extensible Operating System (EOS) is a network operating system with a feature set optimized for data center, campus and routing network use-cases across Cloud, AI, Enterprise, and Service Provider environments. Built on modern cloud operations principles, EOS operates as a single software base across Arista’s entire hardware portfolio, while also supporting virtualized (vEOS) and containerized (cEOS) deployments.
Core Architecture and State-Sharing Model
EOS is a networking stack built on an unmodified Linux kernel. Its design philosophy is a multi-process state-sharing architecture that completely separates state information from operational processes, unlike legacy operating systems that rely on monolithic kernels with fate-sharing code paths.
Protocol processing, security functions, and hardware drivers run entirely in the user address space as independent processes called agents. The center of this architecture is an in-memory database, SysDB, that governs system state via a streamlined publish/subscribe model:
State Decoupling: Agents never communicate directly with one another. Instead, they publish state changes to the central database, which automatically streams asynchronous notifications to any agents subscribed to those specific state types.
Software Fault Containment: Because services are strictly isolated in user space, a software defect or crash in one agent does not trigger a full system failure.
Stateful Restarts: If an agent restarts, it instantly re-subscribes to the central database and picks up exactly where it left off, achieving sub-50ms fault recovery and fast network convergence without rebuilding its state from scratch.
High Availability and Hitless Upgrades
Built explicitly for mission-critical production environments, EOS delivers high availability through its design:
Hitless Software Patches: Operators can apply hotfixes, often for security vulnerability patches, to an individual process level in real-time. The targeted agent restarts cleanly without impacting other system processes or disturbing the underlying data forwarding plane.
Smart System Upgrades (SSU): EOS supports hitless full-image upgrades. By leveraging accelerated software restarts, EOS upgrades the entire operating system image while maintaining continuous packet forwarding, helping to eliminate the need for planned downtime.
Evolution to Network-Wide State: Sysdb and NetDL
Device-level state sharing has historically been governed by SysDB, Arista's multi-process state repository present in every EOS instance. Modern EOS infrastructure expands this foundation into a Network Data Lake (NetDL). NetDL extends the EOS architecture beyond a single switch, centralizing and streaming device-level and network-wide states in real-time to a centralized repository. This functions as a network-wide software foundation for comprehensive visibility and predictive analytics, and serves as the basis for centralized management applications like Arista CloudVision.
Programmability and Modern NetDevOps
The pure Linux foundation of EOS allows the deployment of native Linux tools directly on the switch alongside modern DevOps frameworks. To support modern NetDevOps pipelines—treating network infrastructure as code—EOS offers an extensive programmability toolset:
eAPI (External API): A JSON-RPC based interface that allows operators to execute CLI commands remotely and retrieve outputs as structured JSON key-value pairs, eliminating brittle legacy screen-scraping methods.
EOS SDK: A native software development kit enabling operators to write custom, high-performance C++ or Python applications that run natively on the switch with direct programmatic access to the underlying hardware forwarding tables.
Modern Telemetry: Operating via open standards (like OpenConfig and gRPC), EOS continuously streams real-time system states directly to central monitoring fabrics like CloudVision for granular, historic forensic analysis.
Ethernet switches
Arista's switching portfolio spans cloud, AI, enterprise campus, routing, and ultra-low-latency environments. The product families include:
7800R4 and 7800R3 Series
High-performance modular routing and AI networking platforms designed for hyperscale cloud, AI, service provider, and large enterprise deployments. The 7800R family delivers scalable 400G and 800G Ethernet connectivity, advanced routing capabilities, deep buffering, and high-density spine architectures for next-generation AI clusters and data center fabrics.
7700R4 Series
Distributed Etherlink™ switching platforms optimized for large-scale AI networks. The 7700R4 family enables ultra-high-bandwidth AI cluster interconnects with support for 400G and 800G Ethernet, low-latency transport, and scalable AI fabric architectures.
7500R3 Series
Modular universal spine and routing systems providing deep-buffer performance, large routing tables, and cloud-scale resiliency. Designed for data center, cloud, and service provider networks requiring high-performance routing and switching at scale.
7388X5 Series
Compact modular spine switches delivering high-density 400GbE connectivity for modern data center and AI network architectures. The platform combines scalability, operational efficiency, and investment protection for evolving cloud infrastructures.
7280R4 and 7280R3 Series
Universal leaf, spine, and routing platforms featuring deep-buffer Virtual Output Queuing (VOQ) architecture. Available in multiple fixed-form-factor configurations supporting 10GbE through 400GbE interfaces, these systems are widely deployed in cloud, enterprise, and service provider environments.
7060X6 & XE7 Series
High-density data center switches supporting 100GbE, 400GbE, 800GbE and 1.6Tbps Ethernet connectivity. Designed for AI/ML workloads, cloud-scale applications, and next-generation data center fabrics.
7060X5, 7060X4, and 7050X Series
Fixed-configuration leaf and spine switches providing high-performance Ethernet connectivity from 10GbE through 400GbE. These platforms offer low latency, high port density, and flexible deployment options for enterprise and cloud data centers.
720XP, 722XPM, 720D, and 710P Campus Series
Enterprise access switches delivering multi-gigabit Ethernet, PoE/PoE++, MACsec encryption, and advanced telemetry capabilities. These systems form the foundation of Arista's Cognitive Campus architecture.
750 Series Modular Campus Switches
High-performance modular campus platforms providing scalable aggregation and core networking services for large enterprise environments, supporting integrated wired and wireless operations.
7130 Series
Ultra-low-latency programmable switching platforms combining FPGA acceleration, Layer 1 switching, packet capture, and advanced market-data processing capabilities. Widely deployed in financial trading, telecommunications, and specialized low-latency environments.
7170 Series
Programmable switching platforms supporting customized packet processing, advanced telemetry, and application-specific networking functions using programmable data plane technologies.
All platforms operate on Arista EOS® (Extensible Operating System), providing a consistent software architecture, automation framework, telemetry, observability, and operational model across data center, campus, WAN, and cloud deployments.
Key Deployment Areas
Arista Ethernet switches are widely deployed across:
AI and GPU cluster networking
Hyperscale cloud data centers
Enterprise data centers
Service provider networks
Campus and branch environments
Financial trading infrastructure
High-performance computing (HPC) environments
The combination of high-performance switching, cloud-scale routing, low-latency networking, and a common EOS software platform enables organizations to build scalable, resilient, and AI-ready network infrastructures.
Wireless, Security, Observability, and SD-WAN Solutions
Beyond its Ethernet switching and routing portfolio, Arista provides a comprehensive suite of wireless networking, network security, observability, and software-defined WAN (SD-WAN) solutions. These offerings extend Arista's cloud networking architecture from the data center to the campus, branch, edge, and multi-cloud environments.
Wireless Networking
Arista's Cognitive Wi-Fi portfolio delivers cloud-managed wireless networking for enterprise campuses, branch offices, educational institutions, healthcare organizations, and distributed enterprises.
Key capabilities include:
Wi-Fi 6, Wi-Fi 6E, and Wi-Fi 7 access points
Cloud-native wireless management
AI-driven radio frequency (RF) optimization
Location services and asset tracking
User and device analytics
Seamless integration with wired campus infrastructure
Automated troubleshooting and network assurance
Arista's wireless architecture provides a unified operational model across wired and wireless networks through centralized management and policy enforcement.
Network Security
Arista's security portfolio is built around a Zero Trust networking model and combines network visibility, behavioral analytics, and threat detection capabilities.
Key security solutions include:
Network Detection and Response (NDR)
AI-driven threat detection and anomaly identification
East-west traffic visibility across campus, data center, and cloud environments
Device and user behavioral analytics
Asset discovery and classification
Network segmentation and micro-segmentation
Identity-based policy enforcement
MACsec encryption support across campus and data center networks
Arista's security architecture enables organizations to detect, investigate, and respond to threats while maintaining operational simplicity across distributed environments.
Network Observability and Operations
Arista provides a comprehensive network operations platform through CloudVision®, offering end-to-end visibility, automation, and assurance across data center, campus, cloud, and WAN infrastructures.
Key capabilities include:
Real-time streaming telemetry
Network-wide configuration management
Automated provisioning and change control
Compliance monitoring and auditing
Root-cause analysis and troubleshooting
Application and network performance monitoring
Capacity planning and predictive analytics
Network digital twin capabilities for testing and validation
End-to-end infrastructure observability
CloudVision serves as a centralized management platform that enables consistent operations across physical, virtual, and cloud-based networking environments.
SD-WAN and Secure Edge Networking
Arista's SD-WAN portfolio provides secure connectivity for branch offices, remote users, cloud applications, and distributed enterprise networks.
Key capabilities include:
Application-aware traffic steering
Dynamic path selection and optimization
Multi-cloud connectivity
Secure branch networking
Broadband, MPLS, and wireless WAN integration
Centralized policy management
WAN performance analytics
Automated deployment and provisioning
Integrated security and segmentation
The platform enables organizations to simplify WAN operations while improving application performance and reducing connectivity costs across geographically distributed locations.
Arista Community Central
Arista Community Central is a centralized resource created by Arista Networks for customers, partners, and technical professionals. The community serves as a platform for sharing knowledge, engaging in discussions, and accessing various technical resources related to Arista’s networking technologies.
The community utilizes a search engine powered by AI to provide the most relevant results and to enhance user experience.
What the Community Offers
Knowledge Base: A comprehensive Knowledge Base that includes technical articles, guides, and best practices for Arista products and solutions. It covers topics such as troubleshooting, tech tips, and configuration articles organized by technology, aiding users in managing and supporting their Arista products.
Community Forum: The forum allows users to ask questions and participate in discussions related to Arista’s products. While the forum is publicly available, participation is limited to registered users, ensuring focused and expert-driven dialogue.
Videos & Webinars: Arista Community Central also provides access to recorded webinars and technology-related videos hosted on the Community YouTube channel]aimed at deepening users’ understanding of Arista’s technology offerings.
Major competitors
Cisco Systems
Extreme Networks
Fortinet
Hewlett Packard Enterprise (Aruba Networks division)
Juniper Networks - acquired by HPE, 2025.
Nokia
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ANET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 54.55Y avg ≈35.0 | ≈35.0 | 34.0 | Overvalued | |
| P/S (TTM) | 20.65Y avg ≈9.4 | ≈9.4 | 8.5 | Overvalued | |
| P/B (MRQ) | 14.75Y avg ≈6.9 | ≈6.9 | 10.9 | Overvalued | |
| Price / FCF (TTM) | 42.25Y avg ≈23.6 | ≈23.6 | · | · | |
| Price / Cash Flow (TTM) | 41.05Y avg ≈22.8 | ≈22.8 | 32.5 | Overvalued | |
| Price / Tangible Book (MRQ) | 15.05Y avg ≈7.3 | ≈7.3 | · | · | |
| PEG Ratio | ≈8.3 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ANET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 63.0%5Y avg ≈63.0% | ≈63.0% | 46.2% | Top tier | |
| Operating Margin (TTM) | 43.1%5Y avg ≈37.9% | ≈37.9% | 21.1% | Top tier | |
| EBITDA Margin (TTM) | 44.0%5Y avg ≈39.1% | ≈39.1% | 21.3% | Top tier | |
| Pretax Margin (TTM) | 47.3%5Y avg ≈40.6% | ≈40.6% | 23.7% | Top tier | |
| Net Profit Margin (TTM) | 38.4%5Y avg ≈34.9% | ≈34.9% | 16.9% | Top tier | |
| ROA (TTM) | 20.1%5Y avg ≈21.5% | ≈21.5% | 6.3% | Top tier | |
| ROE (TTM) | 31.5%5Y avg ≈28.2% | ≈28.2% | 12.3% | Top tier | |
| ROIC | 25.8%5Y avg ≈25.2% | ≈25.2% | 17.4% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ANET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.05Y avg ≈4.1 | ≈4.1 | 2.2 | Strong liquidity | |
| Quick Ratio | 0.75Y avg ≈1.2 | ≈1.2 | 1.2 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ANET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 28.6%5Y avg ≈31.5% | ≈31.5% | · | · | |
| Revenue CAGR 3Y | 27.2%5Y avg ≈32.3% | ≈32.3% | · | · | |
| Revenue CAGR 5Y | 31.2% | · | · | · | |
| EPS YoY | 23.3%5Y avg ≈17.0% | ≈17.0% | · | · | |
| Net Income YoY | 23.1%5Y avg ≈41.5% | ≈41.5% | · | · | |
| EPS CAGR 3Y | 37.0%5Y avg ≈8.5% | ≈8.5% | · | · | |
| EPS CAGR 5Y | 6.6% | · | · | · | |
| Net Income CAGR 3Y | 37.4%5Y avg ≈45.5% | ≈45.5% | · | · | |
| Net Income CAGR 5Y | 40.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ANET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.6 | ≈0.6 | 0.5 | In line | |
| Inventory Turnover | 1.65Y avg ≈1.6 | ≈1.6 | 2.9 | Weak | |
| Receivables Turnover | 5.95Y avg ≈6.2 | ≈6.2 | 5.9 | In line | |
| Revenue / Employee | ≈$1.8M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 3, 2026 | $1.02 | $0.90 | 13.0% |
| March 31, 2026 | $0.87 | $0.82 | 5.8% | |
| Dec. 31, 2025 | $0.82 | $0.77 | 6.2% | |
| Sept. 30, 2025 | $0.75 | $0.73 | 3.0% | |
| June 30, 2025 | $0.73 | $0.66 | 10.2% | |
| March 31, 2025 | $0.65 | $0.60 | 7.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B | $2.41B | $2.15B | $1.65B | $1.13B | $838M | $584M | |
| Cost of Revenue | $3.24B | $2.51B | $2.23B | $1.71B | $1.07B | $836M | $866M | $778M | $584M | $406M | $294M | $192M | |
| Gross Profit | $5.77B | $4.49B | $3.63B | $2.68B | $1.88B | $1.48B | $1.54B | $1.37B | $1.06B | $723M | $544M | $392M | |
| R&D Expense | $1.24B | $997M | $855M | $728M | $587M | $487M | $463M | $442M | $350M | $274M | $209M | $149M | |
| SG&A Expense | $142M | $123M | $119M | $93M | $83M | $66M | $62M | $65M | $87M | $75M | $76M | $32M | |
| Operating Expenses | $1.91B | $1.55B | $1.37B | $1.15B | $956M | $782M | $739M | $1.10B | $591M | $480M | $394M | $267M | |
| Operating Income | $3.86B | $2.94B | $2.26B | $1.53B | $925M | $700M | $806M | $273M | $470M | $243M | $149M | $126M | |
| Interest Expense | · | · | · | · | · | · | · | $3M | $3M | $3M | · | · | |
| Other Non-op | $394M | $320M | $165M | $55M | $6M | $39M | $56M | $18M | $7M | $2M | $-147.0K | $2M | |
| Pretax Income | $4.25B | $3.27B | $2.42B | $1.58B | $931M | $739M | $862M | $289M | $475M | $242M | $146M | $122M | |
| Income Tax | $738M | $413M | $335M | $229M | $90M | $104M | $2M | $-39M | $52M | $58M | $25M | $35M | |
| Net Income | $3.51B | $2.85B | $2.09B | $1.35B | $841M | $635M | $860M | $328M | $423M | $184M | $121M | $87M | |
| EPS (Basic) | $2.79 | $2.27 | $1.69 | $1.10 | $2.74 | $2.09 | $2.82 | $4.39 | $5.85 | $2.66 | $1.81 | $1.42 | |
| EPS (Diluted) | $2.75 | $2.23 | $1.65 | $1.07 | $2.63 | $2.00 | $2.66 | $4.06 | $5.35 | $2.50 | $1.67 | $1.29 | |
| Shares (Basic) | 1,258,000,000 | 1,256,300,000 | 1,237,400,000 | 1,225,891,000 | 306,512,000 | 303,936,000 | 305,248,000 | 74,750,000 | 72,258,000 | 68,771,000 | 65,964,000 | 48,427,000 | |
| Shares (Diluted) | 1,275,700,000 | 1,281,100,000 | 1,268,500,000 | 1,265,835,000 | 319,238,000 | 317,860,000 | 323,516,000 | 80,844,000 | 78,977,000 | 73,222,000 | 71,411,000 | 54,590,000 | |
| EBITDA | $3.93B | $3.01B | $2.33B | $1.59B | $975M | $744M | $839M | $301M | $491M | $263M | $163M | $136M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.96B | $2.76B | $1.94B | $672M | $621M | $893M | $1.11B | $650M | $859M | $568M | $687M | $240M | |
| Receivables | $1.89B | $1.14B | $1.03B | $923M | $517M | $390M | $392M | $332M | $247M | $253M | $144M | $97M | |
| Inventory | $2.25B | $1.83B | $1.95B | $1.29B | $650M | $480M | $244M | $265M | $306M | $236M | $92M | $78M | |
| Prepaid Expense | $1.51B | $632M | $413M | $314M | $238M | $95M | $111M | $162M | $177M | $169M | $51M | $43M | |
| Other Current Assets | · | · | $282M | $152M | $173M | $61M | $64M | $96M | $96M | $79M | $29M | $12M | |
| Current Assets | $16.39B | $11.91B | $8.40B | $5.55B | $4.81B | $3.84B | $3.47B | $2.71B | $2.27B | $1.53B | $974M | $679M | |
| PP&E (Net) | $203M | $99M | $102M | $95M | $79M | $32M | $39M | $75M | $74M | $77M | $80M | $72M | |
| PP&E (Gross) | $452M | $318M | $290M | $252M | $212M | $147M | $137M | $165M | $143M | $126M | $110M | $89M | |
| Accum. Depreciation | $249M | $219M | $188M | $157M | $133M | $115M | $97M | $90M | $69M | $49M | $30M | $17M | |
| Goodwill | $416M | $268M | $269M | $266M | $188M | $190M | $55M | $54M | $0 | · | · | · | |
| Intangibles | $289M | $62M | $89M | $122M | $94M | $123M | $45M | $59M | $0 | · | · | · | |
| Other Non-current Assets | $669M | $325M | $152M | $167M | $33M | $30M | $30M | $23M | $19M | $19M | $21M | $12M | |
| Total Assets | $19.45B | $14.04B | $9.96B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B | $1.73B | $1.16B | $811M | |
| Accounts Payable | $652M | $381M | $435M | $233M | $203M | $134M | $92M | $94M | $52M | $79M | $44M | $32M | |
| Accrued Liabilities | $475M | $435M | $407M | $292M | $227M | $143M | $140M | $123M | $134M | $91M | $61M | $40M | |
| Current Liabilities | $5.38B | $2.73B | $1.92B | $1.29B | $1.11B | $768M | $597M | $607M | $530M | $460M | $235M | $144M | |
| Capital Leases | · | $37M | $44M | $44M | $57M | $72M | $83M | $0 | · | · | · | · | |
| Deferred Tax | · | · | $0 | $42.0K | $129M | $228M | $255M | $4M | $2M | $1M | $469.0K | $120.0K | |
| Other Non-current Liabilities | $332M | $253M | $227M | $102M | $55M | $42M | $38M | $28M | $10M | $8M | $7M | $5M | |
| Total Liabilities | $7.08B | $4.05B | $2.74B | $1.89B | $1.76B | $1.42B | $1.29B | $939M | $799M | $621M | $372M | $255M | |
| Common Stock | $100.0K | $100.0K | $125.0K | $31.0K | $31.0K | $30.0K | $8.0K | $8.0K | $7.0K | $7.0K | $7.0K | $7.0K | |
| Paid-in Capital | $2.91B | $2.47B | $2.11B | $1.78B | $1.53B | $1.29B | $1.11B | $957M | $805M | $674M | $538M | $426M | |
| Retained Earnings | $9.45B | $7.54B | $5.11B | $3.14B | $2.46B | $2.03B | $1.79B | $1.19B | $859M | $435M | $251M | $130M | |
| AOCI | $12M | $-13M | $-3M | $-34M | $-8M | $238.0K | $143.0K | $-4M | $-2M | $-1M | $-675.0K | $-334.0K | |
| Stockholders' Equity | $12.37B | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B | $2.89B | $2.14B | $1.66B | $1.11B | $788M | $556M | |
| Liabilities + Equity | $19.45B | $14.04B | $9.96B | $6.78B | $5.73B | $4.74B | $4.19B | $3.08B | $2.46B | $1.73B | $1.16B | $811M | |
| Shares Outstanding | 1,256,500,000 | 1,261,300,000 | 1,249,000,000 | 1,227,600,000 | 1,230,725,000 | 304,696,000 | 305,556,000 | 75,668,000 | 73,706,000 | 70,811,000 | 68,132,000 | 65,528,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $73M | $62M | $71M | $63M | $50M | $35M | $33M | $28M | $21M | $20M | $14M | $10M | |
| Stock-based Comp | $439M | $355M | $297M | $231M | $187M | $137M | $101M | $91M | $75M | $59M | $45M | $28M | |
| Deferred Tax | $-312M | $-493M | $-371M | $-244M | $-99M | $-9M | $-76M | $-58M | $8M | $-22M | $-24M | $-7M | |
| Amort. of Intangibles | $42M | $27M | $33M | $34M | $29M | $24M | $13M | $5M | · | · | · | · | |
| Other Non-cash | $661M | $932M | $-50M | $-909M | $37M | $-72M | $45M | $114M | $104M | $-110M | $46M | $15M | |
| Operating Cash Flow | $4.37B | $3.71B | $2.03B | $493M | $1.02B | $735M | $963M | $503M | $632M | $174M | $238M | $132M | |
| CapEx | $120M | $32M | $34M | $45M | $65M | $15M | $16M | $24M | $15M | $21M | $20M | $13M | |
| Investing Cash Flow | $-3.58B | $-2.46B | $-688M | $216M | $-926M | $-609M | $-284M | $-755M | $-391M | $-326M | $184M | $-249M | |
| Stock Repurchased | $1.60B | $424M | $112M | $670M | $412M | $395M | $266M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-1.60B | $-424M | $-112M | $-670M | $-412M | $-395M | $-266M | · | · | · | · | · | |
| Financing Cash Flow | $-1.60B | $-422M | $-84M | $-655M | $-361M | $-346M | $-218M | $43M | $51M | $33M | $26M | $244M | |
| Net Change in Cash | $-798M | $824M | $1.26B | $51M | $-272M | $-218M | $461M | $-211M | $293M | $-119M | $447M | $126M | |
| Taxes Paid | $1.10B | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $4.25B | $3.68B | $2.00B | $448M | $951M | $720M | $947M | $479M | $616M | $110M | $181M | $119M | |
| Levered FCF | · | · | · | · | · | · | · | $476M | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.1% | 64.1% | 62.0% | 61.1% | 63.8% | 63.9% | 64.1% | 63.8% | 64.5% | 64.0% | 64.9% | 67.1% | |
| Operating Margin | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% | 33.4% | 12.7% | 28.6% | 21.6% | 17.8% | 21.5% | |
| Net Margin | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% | 35.7% | 15.2% | 25.7% | 16.3% | 14.5% | 14.9% | |
| Pretax Margin | 47.2% | 46.6% | 41.3% | 36.1% | 31.6% | 31.9% | 35.8% | 13.4% | 28.8% | 21.4% | 17.4% | 20.8% | |
| EBITDA Margin | 43.6% | 42.9% | 39.7% | 36.3% | 33.1% | 32.1% | 34.8% | 14.0% | 29.8% | 23.3% | 19.5% | 23.2% | |
| ROA | 21.0% | 23.8% | 25.0% | 21.6% | 16.1% | 14.2% | 23.7% | 11.8% | 20.2% | 12.8% | 12.3% | · | |
| ROE | 30.2% | 29.6% | 30.4% | 29.2% | 21.4% | 19.8% | 31.0% | 16.1% | 30.6% | 19.4% | 18.0% | · | |
| ROIC | 25.8% | 25.7% | 27.0% | 26.7% | 21.0% | 18.1% | 27.8% | 14.5% | 25.2% | 16.7% | 15.7% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 4.4 | 4.4 | 4.3 | 4.3 | 5.0 | 5.8 | 4.5 | 4.3 | 3.3 | 4.1 | · | |
| Quick Ratio | 0.7 | 1.4 | 1.6 | 1.2 | 1.0 | 1.7 | 2.5 | 1.6 | 2.1 | 1.8 | 3.5 | · | |
| Interest Coverage | · | · | · | · | · | · | · | 101.2 | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.6 | 0.7 | 0.7 | 0.6 | 0.5 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | · | |
| Inventory Turnover | 1.6 | 1.3 | 1.4 | 1.8 | 1.9 | 2.3 | 3.4 | 2.7 | 2.2 | 2.5 | 3.5 | · | |
| Receivables Turnover | 5.9 | 6.4 | 6.0 | 6.1 | 6.5 | 5.9 | 6.7 | 7.4 | 6.6 | 5.7 | 6.9 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $9.85 | $7.92 | $23.12 | $15.92 | $12.93 | $43.59 | $37.89 | $28.33 | $22.55 | $15.64 | $11.57 | · | |
| Revenue / Share | $7.06 | $5.47 | $18.48 | $13.84 | $9.23 | $29.16 | $29.81 | $26.61 | $20.84 | $15.42 | $11.73 | $10.70 | |
| Cash Flow / Share | $3.43 | $2.89 | $6.41 | $1.56 | $3.18 | $9.25 | $11.91 | $6.22 | $8.00 | $1.80 | $2.81 | $2.42 | |
| Cash / Share | $1.56 | $2.19 | $6.21 | $2.19 | $2.02 | $11.73 | $14.55 | $8.59 | $11.66 | $8.02 | $10.09 | · | |
| EPS (TTM) | $2.75 | $2.23 | $1.65 | $1.07 | $2.63 | $2.00 | $2.66 | $4.06 | $5.35 | $2.50 | $1.67 | $1.29 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 28.6% | 19.5% | 33.8% | 48.6% | 27.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 27.2% | 33.4% | 36.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 31.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 23.3% | 35.1% | 54.2% | -59.3% | 31.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 37.0% | -5.3% | -6.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 6.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 23.1% | 36.6% | 54.3% | 60.8% | 32.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 37.4% | 50.2% | 48.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 40.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B | $2.41B | $2.15B | $1.65B | $1.13B | $838M | $584M | |
| Net Income TTM | $3.51B | $2.85B | $2.09B | $1.35B | $841M | $635M | $860M | $328M | $423M | $184M | $121M | $87M | |
| Market Cap | $164.64B | $139.42B | $18.38B | $9.31B | $11.06B | $1.38B | $971M | $996M | $1.09B | $428M | $331M | · | |
| P/E | 47.6 | 49.6 | 35.7 | 28.4 | 13.7 | 9.1 | 4.8 | 3.2 | 2.8 | 2.4 | 2.9 | 2.9 | |
| P/S | 18.3 | 19.9 | 3.1 | 2.1 | 3.8 | 0.6 | 0.4 | 0.5 | 0.7 | 0.4 | 0.4 | · | |
| P/B | 13.3 | 13.9 | 2.5 | 1.9 | 2.8 | 0.4 | 0.3 | 0.5 | 0.7 | 0.4 | 0.4 | · | |
| P / Tangible Book | 14.1 | 14.4 | 2.7 | 2.1 | 3.0 | 0.5 | · | · | · | · | · | · | |
| P / Cash Flow | 37.7 | 37.6 | 9.0 | 18.9 | 10.9 | 1.9 | 1.0 | 2.0 | 1.7 | 3.3 | 1.7 | · | |
| P / FCF | 38.7 | 37.9 | 9.2 | 20.8 | 11.6 | 1.9 | 1.0 | 2.1 | 1.8 | 3.9 | 1.8 | · | |
| Earnings Yield | 2.1% | 2.0% | 2.8% | 3.5% | 7.3% | 11.0% | 20.9% | 30.8% | 36.3% | 41.3% | 34.3% | 34.0% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.04B | $2.71B | $2.49B | $2.31B | $2.20B | $2.00B | $1.93B | $1.81B | $1.69B | $1.57B | $1.54B | $1.51B | $1.46B | $1.35B | $1.28B | $1.18B | |
| Cost of Revenue | $1.13B | $1.03B | $924M | $818M | $766M | $729M | $699M | $649M | $593M | $570M | $541M | $567M | $575M | $547M | $507M | $467M | |
| Gross Profit | $1.91B | $1.68B | $1.56B | $1.49B | $1.44B | $1.28B | $1.23B | $1.16B | $1.10B | $1.00B | $999M | $942M | $884M | $805M | $769M | $710M | |
| R&D Expense | $348M | $344M | $348M | $326M | $296M | $266M | $285M | $236M | $268M | $208M | $211M | $212M | $230M | $201M | $190M | $188M | |
| SG&A Expense | $34M | $34M | $43M | $35M | $29M | $34M | $36M | $34M | $26M | $28M | $42M | $25M | $26M | $25M | $24M | $23M | |
| Operating Expenses | $532M | $519M | $531M | $512M | $452M | $417M | $432M | $376M | $398M | $341M | $359M | $340M | $354M | $320M | $300M | $293M | |
| Operating Income | $1.38B | $1.16B | $1.03B | $978M | $986M | $859M | $800M | $785M | $700M | $660M | $640M | $603M | $530M | $485M | $469M | $417M | |
| Other Non-op | $126M | $114M | $104M | $99M | $94M | $96M | $90M | $98M | $71M | $63M | $54M | $42M | $56M | $12M | $17M | $7M | |
| Pretax Income | $1.50B | $1.27B | $1.14B | $1.08B | $1.08B | $955M | $889M | $883M | $770M | $723M | $694M | $645M | $586M | $497M | $486M | $424M | |
| Income Tax | $291M | $248M | $182M | $224M | $191M | $141M | $88M | $135M | $105M | $85M | $81M | $99M | $95M | $60M | $59M | $70M | |
| Net Income | $1.21B | $1.02B | $956M | $853M | $889M | $814M | $801M | $748M | $665M | $638M | $614M | $545M | $492M | $436M | $427M | $354M | |
| EPS (Basic) | $0.96 | $0.81 | $0.75 | $0.68 | $0.71 | $0.65 | $0.64 | $0.59 | $0.53 | $0.51 | $-3.08 | $1.76 | $1.59 | $1.42 | $-1.92 | $1.16 | |
| EPS (Diluted) | $0.95 | $0.80 | $0.74 | $0.67 | $0.70 | $0.64 | $0.63 | $0.58 | $0.52 | $0.50 | $-3.00 | $1.72 | $1.55 | $1.38 | $-1.85 | $1.13 | |
| Shares (Basic) | 1,260,100,000 | 1,257,700,000 | · | 1,258,000,000 | 1,256,300,000 | 1,260,000,000 | · | 1,257,900,000 | 1,254,800,000 | 1,252,100,000 | · | 310,185,000 | 308,636,000 | 306,985,000 | · | 304,931,000 | |
| Shares (Diluted) | 1,276,000,000 | 1,273,800,000 | · | 1,276,600,000 | 1,271,200,000 | 1,279,200,000 | · | 1,281,800,000 | 1,279,700,000 | 1,279,400,000 | · | 317,631,000 | 316,485,000 | 315,578,000 | · | 314,401,000 | |
| EBITDA | $1.38B | $1.18B | · | $978M | $986M | $873M | · | $785M | $700M | $676M | · | $603M | $530M | $505M | · | $417M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.29B | $2.79B | $1.96B | $2.33B | $2.23B | $1.85B | $2.76B | $3.18B | $2.43B | $2.09B | · | $1.75B | $1.26B | $956M | · | $716M | |
| Receivables | $2.27B | $1.92B | $1.89B | $1.49B | $1.62B | $1.44B | $1.14B | $1.13B | $1.23B | $1.09B | · | $833M | $780M | $863M | · | $652M | |
| Inventory | $2.54B | $2.38B | $2.25B | $2.16B | $2.06B | $1.96B | $1.83B | $1.77B | $1.85B | $2.03B | · | $1.89B | $1.86B | $1.68B | · | $1.10B | |
| Prepaid Expense | $2.02B | $1.90B | $1.51B | $1.43B | $976M | $734M | $632M | $549M | $488M | $361M | · | $472M | $466M | $394M | · | $300M | |
| Other Current Assets | · | · | · | · | · | · | · | $435M | · | · | · | $274M | $168M | $125M | · | $143M | |
| Current Assets | $20.16B | $18.56B | $16.39B | $15.18B | $13.50B | $12.28B | $11.91B | $10.88B | $9.84B | $8.93B | · | $7.65B | $6.85B | $6.27B | · | $5.03B | |
| PP&E (Net) | $312M | $250M | $203M | $173M | $152M | $124M | $99M | $93M | $96M | $98M | · | $103M | $102M | $97M | · | $96M | |
| PP&E (Gross) | $577M | $507M | $452M | $413M | $386M | $351M | $318M | $305M | $301M | $295M | · | $283M | $274M | $262M | · | $247M | |
| Accum. Depreciation | $265M | $256M | $249M | $241M | $233M | $227M | $219M | $212M | $204M | $197M | · | $181M | $173M | $164M | · | $150M | |
| Goodwill | $416M | $416M | $416M | $416M | $416M | $268M | $268M | · | $269M | $269M | · | $269M | $269M | $266M | · | $271M | |
| Intangibles | $258M | $274M | $289M | $304M | $320M | $56M | $62M | $69M | $75M | $82M | · | $95M | $104M | $113M | · | $132M | |
| Other Non-current Assets | $826M | $546M | $669M | $610M | $659M | $245M | $325M | $220M | $164M | $149M | · | $33M | $32M | $47M | · | $60M | |
| Total Assets | $23.72B | $21.66B | $19.45B | $18.05B | $16.53B | $14.51B | $14.04B | $12.85B | $11.62B | $10.55B | · | $9.07B | $8.19B | $7.54B | · | $6.16B | |
| Accounts Payable | $693M | $608M | $652M | $481M | $544M | $389M | $381M | $289M | $298M | $223M | · | $269M | $352M | $330M | · | $278M | |
| Accrued Liabilities | $487M | $442M | $475M | $471M | $381M | $263M | $435M | $324M | $320M | $271M | · | $410M | $363M | $352M | · | $241M | |
| Current Liabilities | $6.82B | $6.56B | $5.38B | $4.67B | $4.05B | $3.12B | $2.73B | $2.43B | $2.16B | $1.78B | · | $1.85B | $1.66B | $1.58B | · | $1.25B | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $48M | $52M | $55M | · | $47M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Other Non-current Liabilities | $339M | $320M | $332M | $310M | $307M | $258M | $253M | $142M | $133M | $132M | · | $68M | $62M | $58M | · | $59M | |
| Total Liabilities | $8.92B | $8.17B | $7.08B | $6.14B | $5.63B | $4.40B | $4.05B | $3.60B | $3.19B | $2.69B | · | $2.56B | $2.33B | $2.21B | · | $1.78B | |
| Common Stock | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | $31.0K | $31.0K | $31.0K | · | $31.0K | $31.0K | $31.0K | · | $31.0K | |
| Paid-in Capital | $3.16B | $3.04B | $2.91B | $2.78B | $2.64B | $2.55B | $2.47B | $2.37B | $2.26B | $2.19B | · | $2.03B | $1.93B | $1.86B | · | $1.72B | |
| Retained Earnings | $11.68B | $10.47B | $9.45B | $9.12B | $8.26B | $7.57B | $7.54B | $6.87B | $6.18B | $5.69B | · | $4.50B | $3.96B | $3.49B | · | $2.71B | |
| AOCI | $-40M | $-19M | $12M | $8M | $4M | $-2M | $-13M | $10M | $-15M | $-12M | · | $-23M | $-25M | $-22M | · | $-47M | |
| Stockholders' Equity | $14.80B | $13.49B | $12.37B | $11.91B | $10.90B | $10.12B | $9.99B | $9.25B | $8.43B | $7.86B | $7.22B | $6.51B | $5.86B | $5.33B | $4.89B | $4.39B | |
| Liabilities + Equity | $23.72B | $21.66B | $19.45B | $18.05B | $16.53B | $14.51B | $14.04B | $12.85B | $11.62B | $10.55B | · | $9.07B | $8.19B | $7.54B | · | $6.16B | |
| Shares Outstanding | 1,261,200,000 | 1,259,200,000 | 1,256,500,000 | 1,259,200,000 | 1,256,800,000 | 1,256,600,000 | 1,261,300,000 | 314,847,000 | 314,086,000 | 313,601,000 | 1,249,000,000 | 310,972,000 | 309,355,000 | 308,098,000 | 1,227,562,000 | 305,515,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $23M | $23M | $23M | $23M | $13M | $14M | $15M | $16M | $15M | $16M | $14M | $17M | $18M | $21M | $18M | $17M | |
| Stock-based Comp | $120M | $121M | $133M | $128M | $85M | $93M | $101M | $98M | $79M | $77M | $81M | $85M | $67M | $63M | $65M | $65M | |
| Deferred Tax | $-108M | $-105M | $-110M | $135M | $-231M | $-107M | $-116M | $-148M | $-151M | $-78M | $-153M | $-87M | $-59M | $-71M | $-96M | $-42M | |
| Amort. of Intangibles | · | · | $-145M | $16M | $165M | $6M | $7M | $7M | $7M | $7M | $7M | $8M | $9M | $9M | · | $9M | |
| Other Non-cash | · | $631M | · | · | · | $-172M | · | · | · | $-139M | · | · | · | $-75M | · | · | |
| Operating Cash Flow | $1.08B | $1.69B | $1.26B | $1.27B | $1.20B | $642M | $1.03B | $1.17B | $989M | $514M | $526M | $699M | $434M | $374M | $40M | $134M | |
| CapEx | $30M | $54M | $37M | $30M | $24M | $28M | $12M | $7M | $3M | $9M | $6M | $11M | $12M | $6M | $10M | $10M | |
| Investing Cash Flow | $-1.58B | $-865M | $-999M | $-1.19B | $-625M | $-766M | $-1.31B | $-374M | $-478M | $-296M | $-337M | $-226M | $-103M | $-22M | $-83M | $126M | |
| Stock Repurchased | $0 | $0 | $620M | $0 | $196M | $787M | $124M | $65M | $172M | $63M | $21.0K | $0 | $30M | $82M | $3M | $48M | |
| Net Stock Activity | · | $0 | · | · | · | $-787M | · | · | · | $-63M | · | · | · | $-82M | · | · | |
| Financing Cash Flow | $-2M | $0 | $-626M | $21M | $-197M | $-794M | $-130M | $-56M | $-173M | $-63M | $-1M | $15M | $-29M | $-68M | $-5M | $-34M | |
| Net Change in Cash | $-499M | $826M | $-363M | $101M | $380M | $-917M | $-413M | $747M | $337M | $154M | $190M | $487M | $302M | $285M | $-45M | $223M | |
| Free Cash Flow | · | $1.64B | · | · | · | $613M | · | · | · | $504M | · | · | · | $369M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9% | 61.9% | · | 64.6% | 65.2% | 63.6% | · | 64.1% | 64.9% | 63.7% | · | 62.4% | 60.6% | 59.5% | · | 60.3% | |
| Operating Margin | 45.4% | 42.7% | · | 42.4% | 44.7% | 42.8% | · | 43.4% | 41.4% | 42.0% | · | 39.9% | 36.3% | 35.9% | · | 35.5% | |
| Net Margin | 40.0% | 37.8% | · | 37.0% | 40.3% | 40.6% | · | 41.3% | 39.4% | 40.6% | · | 36.1% | 33.7% | 32.3% | · | 30.1% | |
| Pretax Margin | 49.5% | 46.9% | · | 46.7% | 49.0% | 47.6% | · | 48.8% | 45.6% | 46.0% | · | 42.7% | 40.2% | 36.8% | · | 36.0% | |
| EBITDA Margin | 45.4% | 43.6% | · | 42.4% | 44.7% | 43.5% | · | 43.4% | 41.4% | 43.0% | · | 39.9% | 36.3% | 37.4% | · | 35.5% | |
| ROA | 6.0% | 5.7% | · | 5.5% | 6.3% | 6.5% | · | 6.8% | 6.7% | 7.0% | · | 7.2% | 7.0% | 6.4% | · | 6.1% | |
| ROE | 9.4% | 8.7% | · | 8.1% | 9.2% | 9.0% | · | 9.5% | 9.3% | 9.7% | · | 10.0% | 10.0% | 9.2% | · | 8.6% | |
| ROIC | 7.5% | 6.9% | · | 6.5% | 7.4% | 7.2% | · | 7.2% | 7.2% | 7.4% | · | 7.8% | 7.6% | 8.0% | · | 7.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 2.8 | · | 3.3 | 3.3 | 3.9 | · | 4.5 | 4.6 | 5.0 | · | 4.1 | 4.1 | 4.0 | · | 4.0 | |
| Quick Ratio | 0.7 | 0.7 | · | 0.8 | 1.0 | 1.1 | · | 1.8 | 1.7 | 1.8 | · | 1.4 | 1.2 | 1.1 | · | 1.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.1 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | |
| Receivables Turnover | 1.6 | 1.6 | · | 1.8 | 1.5 | 1.6 | · | 1.8 | 1.7 | 1.6 | · | 2.0 | 2.1 | 1.8 | · | 2.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $11.73 | $10.71 | · | $9.46 | $8.67 | $8.05 | · | $29.37 | $26.84 | $25.07 | · | $20.92 | $18.93 | $17.30 | · | $14.35 | |
| Revenue / Share | $2.38 | $2.13 | · | $1.81 | $1.73 | $1.57 | · | $5.65 | $5.28 | $4.91 | · | $4.75 | $4.61 | $4.28 | · | $3.74 | |
| Cash Flow / Share | · | $1.33 | · | · | · | $0.50 | · | · | · | $1.61 | · | · | · | $1.19 | · | · | |
| Cash / Share | $1.82 | $2.22 | · | $1.85 | $1.77 | $1.47 | · | $10.08 | $7.73 | $6.67 | · | $5.62 | $4.08 | $3.10 | · | $2.34 | |
| EPS (TTM) | $3.16 | $2.91 | · | $2.64 | $2.55 | $2.37 | · | $-1.40 | $-0.26 | $0.77 | · | $2.80 | $2.21 | $1.60 | · | $3.66 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.54B | $9.71B | · | $8.45B | $7.95B | $7.44B | · | $6.61B | $6.31B | $6.08B | · | $5.60B | $5.26B | $4.86B | · | $3.93B | |
| Net Income TTM | $4.04B | $3.72B | · | $3.36B | $3.25B | $3.03B | · | $2.66B | $2.46B | $2.29B | · | $1.90B | $1.71B | $1.52B | · | $1.16B | |
| Market Cap | $214.25B | $154.60B | · | $183.48B | $128.58B | $97.36B | · | $30.21B | $27.52B | $22.73B | · | $14.30B | $12.53B | $12.93B | · | $8.62B | |
| P/E | 53.8 | 42.2 | · | 55.2 | 40.1 | 32.7 | · | -68.5 | -337.0 | 94.1 | · | 16.4 | 18.3 | 26.2 | · | 7.7 | |
| P/S | 20.3 | 15.9 | · | 21.7 | 16.2 | 13.1 | · | 4.6 | 4.4 | 3.7 | · | 2.6 | 2.4 | 2.7 | · | 2.2 | |
| P/B | 14.5 | 11.5 | · | 15.4 | 11.8 | 9.6 | · | 3.3 | 3.3 | 2.9 | · | 2.2 | 2.1 | 2.4 | · | 2.0 | |
| P / Tangible Book | 15.2 | 12.1 | · | 16.4 | 12.6 | 9.9 | · | 3.3 | 3.4 | 3.0 | · | 2.3 | 2.3 | 2.6 | · | 2.2 | |
| P / Cash Flow | · | 91.3 | · | · | · | 151.7 | · | · | · | 44.2 | · | · | · | 34.5 | · | · | |
| Earnings Yield | 1.9% | 2.4% | · | 1.8% | 2.5% | 3.1% | · | -1.5% | -0.30% | 1.1% | · | 6.1% | 5.5% | 3.8% | · | 13.0% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B |
| Gross Margin % | 64.1% | 64.1% | 62.0% | 61.1% | 63.8% |
| Operating Margin % | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% |
| Net Income | $3.51B | $2.85B | $2.09B | $1.35B | $841M |
| Diluted EPS | $2.75 | $2.23 | $1.65 | $1.07 | $2.63 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 3.0 | 4.4 | 4.4 | 4.3 | 4.3 |
| Quick Ratio | 0.7 | 1.4 | 1.6 | 1.2 | 1.0 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $4.25B | $3.68B | $2.00B | $448M | $951M |
Institutional owners (13F) 2,495 filers · $165.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 377 (+112 vs prior Q) | 109 (-39 vs prior Q) | 987 (+118 vs prior Q) | 750 (-5 vs prior Q) | +22.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $15,524,287,266 | 91,383,843 | 9.41% | Shares |
| VANGUARD GROUP INC | $13,258,877,087 | 101,189,629 | 8.04% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $11,668,776,727 | 68,688,349 | 7.07% | Shares |
| STATE STREET CORP | $8,182,406,614 | 48,165,803 | 4.96% | Shares |
| FMR LLC | $8,043,794,998 | 47,349,865 | 4.88% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,658,704,750 | 27,505,753 | 2.82% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,384,389,601 | 25,808,745 | 2.66% | Shares |
| MORGAN STANLEY | $3,346,030,863 | 19,696,435 | 2.03% | Shares |
| Cresset Asset Management, LLC | $3,290,245,013 | 19,368,054 | 1.99% | Shares |
| Capital Research Global Investors | $2,236,166,516 | 13,164,137 | 1.36% | Shares |
| AMERIPRISE FINANCIAL INC | $2,174,367,920 | 12,800,606 | 1.32% | Shares |
| NORGES BANK | $2,080,506,770 | 12,246,920 | 1.26% | Shares |
| JPMORGAN CHASE & CO | $1,922,551,190 | 11,715,728 | 1.17% | Shares |
| Nuveen, LLC | $1,823,763,218 | 10,735,597 | 1.11% | Shares |
| NORTHERN TRUST CORP | $1,722,429,458 | 10,139,095 | 1.04% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $1,712,787,940 | 9,725,196 | 1.04% | Shares |
| FRANKLIN RESOURCES INC | $1,686,671,372 | 9,928,605 | 1.02% | Shares |
| GOLDMAN SACHS GROUP INC | $1,637,786,407 | 9,640,843 | 0.99% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $1,634,633,436 | 9,622,283 | 0.99% | Shares |
| DEUTSCHE BANK AG\ | $1,589,651,420 | 9,357,496 | 0.96% | Shares |
| PeakShares LLC | $1,573,429,000 | 9,262 | 0.95% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,433,950,794 | 8,440,963 | 0.87% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,398,637,499 | 8,233,091 | 0.85% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,304,014,703 | 10,620,742 | 0.79% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,293,799,964 | 7,615,964 | 0.78% | Shares |
| Amundi | $1,241,659,035 | 7,309,036 | 0.75% | Shares |
| Legal & General Group Plc | $1,197,897,272 | 7,051,432 | 0.73% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,111,877,799 | 6,545,078 | 0.67% | Shares |
| Swedbank AB | $1,072,793,725 | 6,315,009 | 0.65% | Shares |
| UBS Group AG | $1,070,405,047 | 6,300,948 | 0.65% | Shares |
| Clearbridge Investments, LLC | $1,020,589,195 | 6,007,707 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,013,579,846 | 5,966,446 | 0.61% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,002,865,763 | 5,932,011 | 0.61% | Shares |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $954,594,452 | 5,619,228 | 0.58% | Shares |
| Bank of New York Mellon Corp | $911,212,604 | 5,363,860 | 0.55% | Shares |
| Point72 Asset Management, L.P. | $873,138,522 | 5,139,737 | 0.53% | Shares |
| ROYAL BANK OF CANADA | $850,347,000 | 5,005,585 | 0.52% | Shares |
| WELLS FARGO & COMPANY/MN | $815,259,296 | 4,799,030 | 0.49% | Shares |
| Invesco Ltd. | $802,545,402 | 4,724,190 | 0.49% | Shares |
| Pictet Asset Management Holding SA | $791,055,885 | 4,658,879 | 0.48% | Shares |
| FIRST TRUST ADVISORS LP | $780,048,514 | 4,591,762 | 0.47% | Shares |
| Assenagon Asset Management S.A. | $695,244,377 | 3,414,924 | 0.42% | Shares |
| JANE STREET GROUP, LLC | $665,878,636 | 3,919,700 | 0.40% | Put option |
| Capital World Investors | $629,769,453 | 3,707,143 | 0.38% | Shares |
| JANUS HENDERSON GROUP PLC | $599,195,458 | 4,880,273 | 0.36% | Shares |
| Winslow Capital Management, LLC | $592,030,271 | 3,484,991 | 0.36% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $581,791,904 | 3,425,159 | 0.35% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $580,662,230 | 3,444,227 | 0.35% | Shares |
| Robeco Institutional Asset Management B.V. | $580,001,238 | 2,848,869 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $572,869,336 | 3,372,200 | 0.35% | Call option |
Company insiders 23 insiders · 10 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jayshree Ullal | CEO and Chairperson | Oct. 9, 2026 S | 15,432,507 | 0 | 172 | $-819,955,654 |
| Chantelle Yvette Breithaupt | Senior Vice President, CFO | Oct. 6, 2026 S | 68,697 | 0 | 4 | $-2,145,435 |
| Ita M Brennan | Senior Vice President, CFO | Dec. 1, 2023 M | 21,070 | 0 | 0 | $0 |
| Kelyn Brannon | Chief Financial Officer | April 8, 2015 M | 483 | 0 | 0 | $0 |
| Kenneth Duda | President and CTO | Oct. 20, 2026 M | 432,400 | 0 | 189 | $-94,437,391 |
| Todd Nightingale | President and COO | Aug. 20, 2026 M | 69,463 | 0 | 0 | $0 |
| Anshul Sadana | SVP, Chief Operating Officer | May 20, 2024 M | 72,199 | 0 | 0 | $0 |
| Marc Taxay | SVP and General Counsel | March 3, 2025 S | 0 | 0 | 0 | $0 |
| John F Mccool | Chief Platform Officer | Feb. 26, 2025 S | 0 | 0 | 0 | $0 |
| Manuel Felix Rivelo | SVP, Chief Customer Officer | Nov. 20, 2019 M | 1,634 | 0 | 0 | $0 |
| Mark B Templeton | Director | Oct. 1, 2026 S | 48,410 | 0 | 10 | $-2,007,621 |
| Kelly Bodnar Battles | Director | Aug. 21, 2026 S | 10,194 | 0 | 21 | $-244,335 |
| Robert G Lavender | Director | Aug. 20, 2026 M | 4,607 | 0 | 0 | $0 |
| Yvonne Wassenaar | Director | Aug. 20, 2026 M | 10,322 | 0 | 18 | $-778,157 |
| Daniel Scheinman | Director | Aug. 20, 2026 M | 158,730 | 0 | 0 | $0 |
| Charles H Giancarlo | Director | Aug. 20, 2026 M | 1,509 | 0 | 57 | $-12,053,084 |
| Lewis Chew | Director | Aug. 20, 2026 M | 31,770 | 0 | 0 | $0 |
| Nikos Theodosopoulos | Director | May 22, 2023 M | 26,002 | 0 | 0 | $0 |
| Ann Mather | Director | May 20, 2022 M | 4,100 | 0 | 0 | $0 |
| Marc F Stoll | Director | May 11, 2017 M | 0 | 0 | 0 | $0 |
| Andreas Bechtolsheim | 10% owner | Sept. 17, 2026 S | 180,543,048 | 0 | 127 | $-579,351,835 |
| 2010 David R Cheriton Irrevocable Trust dtd July 27, 2010 | 10% owner | May 27, 2016 S | 6,762,981 | 0 | 0 | $0 |
| Mark Stephen Smith | · | Feb. 15, 2017 M | 63,100 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 182 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IYZ · iShares Trust | 12.55% | 809,806 SH | Sept. 11, 2026 | Daily |
| AIFD · TCW ETF Trust | 5.90% | 40,972 NS | July 31, 2026 | N-PORT |
| IDGT · iShares Trust | 5.52% | 148,527 SH | Sept. 11, 2026 | Daily |
| FDND · First Trust Exchange-Traded Fund IV | 4.75% | 2,567 NS | July 31, 2026 | N-PORT |
| PWRD · TCW ETF Trust | 4.05% | 326,610 NS | July 31, 2026 | N-PORT |
| GPTY · Tidal Trust II | 3.89% | 21,950 NS | July 31, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 3.84% | 8,291 NS | July 31, 2026 | N-PORT |
| BRNY · EA Series Trust | 3.68% | 118,253 NS | July 31, 2026 | N-PORT |
| IWLG · New York Life Investments Active ET… | 3.52% | 60,865 NS | July 31, 2026 | N-PORT |
| NEWZ · EA Series Trust | 3.48% | 3,770 NS | July 31, 2026 | N-PORT |
| XPND · First Trust Exchange-Traded Fund VI… | 3.43% | 6,895 NS | Aug. 31, 2026 | N-PORT |
| WEBL · Direxion Shares ETF Trust | 3.32% | 17,206 NS | July 31, 2026 | N-PORT |
| CAML · Professionally Managed Portfolios | 3.13% | 64,034 NS | July 31, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 2.86% | 151,526 NS | July 31, 2026 | N-PORT |
| BRES · EA Series Trust | 2.80% | 104,311 NS | July 31, 2026 | N-PORT |
| ARTY · iShares Trust | 2.74% | 581,832 SH | Sept. 11, 2026 | Daily |
| HFGO · Hartford Funds Exchange-Traded Trust | 2.71% | 30,240 NS | July 31, 2026 | N-PORT |
| TEC · Harbor ETF Trust | 2.68% | 945 NS | July 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 2.48% | 3,203 NS | July 31, 2026 | N-PORT |
| ILDR · First Trust Exchange-Traded Fund VI… | 2.45% | 40,552 NS | Aug. 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 2.43% | 70,890 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 2.40% | 5,606 NS | July 31, 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 2.38% | 14,861 NS | July 31, 2026 | N-PORT |
| LCLG · Advisors Series Trust | 2.36% | 14,108 NS | July 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 2.30% | 83,459 SH | Sept. 11, 2026 | Daily |
| CHAT · Tidal Trust II | 2.17% | 213,262 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.08% | 239 NS | July 31, 2026 | N-PORT |
| KNCT · Invesco Exchange-Traded Fund Trust | 2.08% | 17,891 SH | Oct. 23, 2026 | Daily |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.90% | 234,829 SH | Oct. 23, 2026 | Daily |
| RPG · Invesco Exchange-Traded Fund Trust | 1.88% | 190,667 SH | Oct. 23, 2026 | Daily |
| NUGO · Nushares ETF Trust | 1.85% | 249,937 NS | July 31, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 1.80% | 287 NS | July 31, 2026 | N-PORT |
| EQTY · Valued Advisers Trust | 1.78% | 140,696 NS | July 31, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 1.68% | 2,439 NS | July 31, 2026 | N-PORT |
| FMAG · FIDELITY COVINGTON TRUST | 1.66% | 22,660 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 1.51% | 125,443 SH | Oct. 23, 2026 | Daily |
| SOVF · Elevation Series Trust | 1.51% | 7,328 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 1.50% | 14,762 NS | July 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.49% | 7,620 NS | July 31, 2026 | N-PORT |
| JHAI · Janus Detroit Street Trust | 1.49% | 1,928 NS | July 31, 2026 | N-PORT |
| QUAL · iShares Trust | 1.46% | 3,607,919 SH | Sept. 11, 2026 | Daily |
| IWFG · New York Life Investments Active ET… | 1.39% | 4,651 NS | July 31, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 1.34% | 198,863 SH | Oct. 23, 2026 | Daily |
| COWG · Pacer Funds Trust | 1.32% | 161,406 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 1.32% | 11,120 NS | July 31, 2026 | N-PORT |
| GARP · iShares Trust | 1.31% | 211,935 SH | Sept. 11, 2026 | Daily |
| HAPI · Harbor ETF Trust | 1.30% | 35,369 NS | July 31, 2026 | N-PORT |
| DARP · Tidal Trust II | 1.30% | 2,401 NS | July 31, 2026 | N-PORT |
| CLSE · Trust for Professional Managers | 1.30% | 59,605 NS | Aug. 31, 2026 | N-PORT |
| VUS · Virtus ETF Trust II | 1.28% | 1,272 NS | July 31, 2026 | N-PORT |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.18% | 415,123 SH | Oct. 23, 2026 | Daily |
| SEMI · Columbia ETF Trust I | 1.17% | 2,442 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 1.15% | 1,648 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 1.10% | 1,295 SH | Sept. 11, 2026 | Daily |
| LRND · New York Life Investments ETF Trust | 1.02% | 22,609 NS | July 31, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 1.01% | 4,188 NS | July 31, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 1.00% | 62,537 NS | July 31, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.98% | 46,247 SH | Oct. 23, 2026 | Daily |
| TECL · Direxion Shares ETF Trust | 0.89% | 252,254 NS | July 31, 2026 | N-PORT |
| EQWL · Invesco Exchange-Traded Fund Trust | 0.88% | 146,531 SH | Oct. 23, 2026 | Daily |
| IGM · iShares Trust | 0.87% | 487,190 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.84% | 926,226 NS | July 31, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.84% | 11,315 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 0.83% | 1,070,457 SH | Sept. 11, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.83% | 60,518 NS | July 31, 2026 | N-PORT |
| USXF · iShares Trust | 0.82% | 63,585 SH | Sept. 11, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.80% | 22,442 SH | Aug. 19, 2026 | Daily |
| ESUM · Strategy Shares | 0.79% | 8,019 NS | July 31, 2026 | N-PORT |
| ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 0.77% | 358 NS | July 31, 2026 | N-PORT |
| MGK · VANGUARD WORLD FUND | 0.76% | 1,498,017 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.74% | 7,393,453 SH | Aug. 19, 2026 | Daily |
| IXN · iShares Trust | 0.71% | 351,653 SH | Sept. 11, 2026 | Daily |
| MMLG · First Trust Exchange-Traded Fund VI… | 0.70% | 3,335 NS | Aug. 31, 2026 | N-PORT |
| IWY · iShares Trust | 0.70% | 573,765 SH | Sept. 11, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.66% | 9,039 NS | July 31, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.65% | 43,508 NS | July 31, 2026 | N-PORT |
| MNZL · EA Series Trust | 0.65% | 885 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.65% | 11,182 SH | Sept. 11, 2026 | Daily |
| PALC · Pacer Funds Trust | 0.65% | 7,537 NS | July 31, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.62% | 20,379 NS | July 31, 2026 | N-PORT |
| ILCG · iShares Trust | 0.61% | 100,120 SH | Sept. 11, 2026 | Daily |
| NPFE · Elevation Series Trust | 0.60% | 21,671 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.60% | 3,925,038 SH | Sept. 11, 2026 | Daily |
| JGLO · J.P. Morgan Exchange-Traded Fund Tr… | 0.60% | 221,405 NS | July 31, 2026 | N-PORT |
| EGUS · iShares Trust | 0.60% | 872 SH | Sept. 11, 2026 | Daily |
| FBUF · Fidelity Greenwood Street Trust | 0.59% | 777 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.56% | 155,192 SH | Oct. 23, 2026 | Daily |
| PEVC · Pacer Funds Trust | 0.55% | 73 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.55% | 2,202,206 SH | Sept. 11, 2026 | Daily |
| USMV · iShares Trust | 0.55% | 686,030 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.52% | 909,094 SH | Sept. 11, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 0.52% | 11,522,928 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.52% | 1,653,713 SH | Aug. 19, 2026 | Daily |
| SPTE · SP Funds Trust | 0.50% | 5,878 NS | July 31, 2026 | N-PORT |
| FYEE · Fidelity Greenwood Street Trust | 0.50% | 6,032 NS | July 31, 2026 | N-PORT |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.49% | 767,280 SH | Aug. 19, 2026 | Daily |
| OEI · Listed Funds Trust | 0.49% | 1,253 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.48% | 102,206 SH | Sept. 11, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.46% | 28 NS | July 31, 2026 | N-PORT |
| LRGF · iShares Trust | 0.45% | 87,486 SH | Sept. 11, 2026 | Daily |
| QARP · DBX ETF Trust | 0.45% | 1,796 NS | Aug. 31, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.44% | 113,577 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.44% | 11,125 NS | July 31, 2026 | N-PORT |
| FCPI · FIDELITY COVINGTON TRUST | 0.43% | 6,514 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.43% | 140,472 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.41% | 13,154 NS | July 31, 2026 | N-PORT |
| ESG · FlexShares Trust | 0.41% | 2,970 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.40% | 18,838 SH | Oct. 23, 2026 | Daily |
| QLC · FlexShares Trust | 0.38% | 21,504 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.38% | 33,179 NS | July 31, 2026 | N-PORT |
| USCL · iShares Trust | 0.38% | 56,649 SH | Sept. 11, 2026 | Daily |
| WRND · New York Life Investments ETF Trust | 0.36% | 210 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.36% | 627 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.36% | 3,820 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.35% | 40,577 SH | Sept. 11, 2026 | Daily |
| MGC · VANGUARD WORLD FUND | 0.34% | 214,208 SH | Aug. 19, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.34% | 44,055 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.33% | 11,882 SH | Sept. 11, 2026 | Daily |
| ADME · ETF Series Solutions | 0.33% | 5,387 NS | July 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.32% | 14,830 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.32% | 102 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.31% | 291,450 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.31% | 30,637 SH | Oct. 23, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.30% | 236,126 SH | Aug. 19, 2026 | Daily |
| ESLV · Strategy Shares | 0.30% | 237 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.30% | 13,014,770 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.29% | 19,958 SH | Sept. 11, 2026 | Daily |
| PTLC · Pacer Funds Trust | 0.29% | 52,441 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.29% | 1,250,021 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.29% | 4,214 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.29% | 87,651 NS | July 31, 2026 | N-PORT |
| APUE · Trust for Professional Managers | 0.29% | 36,784 NS | Aug. 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 141,707 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.29% | 17,382 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.28% | 722,895 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.28% | 323,815 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.28% | 44,274 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.28% | 171,277 SH | Oct. 23, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.27% | 6,278 SH | Oct. 23, 2026 | Daily |
| PABU · iShares Trust | 0.27% | 35,972 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.27% | 287,959 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.27% | 26,820,388 SH | Aug. 19, 2026 | Daily |
| SPUU · Direxion Shares ETF Trust | 0.27% | 3,896 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.27% | 1,342,178 SH | Sept. 11, 2026 | Daily |
| QDPL · Pacer Funds Trust | 0.26% | 24,855 NS | July 31, 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.26% | 172,673 SH | Aug. 19, 2026 | Daily |
| ESMV · iShares Trust | 0.25% | 103 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.25% | 33,984,398 SH | Aug. 19, 2026 | Daily |
| KOKU · DBX ETF Trust | 0.24% | 10,047 NS | Aug. 31, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.24% | 87,932 SH | Aug. 19, 2026 | Daily |
| SIZE · iShares Trust | 0.24% | 5,376 SH | Sept. 11, 2026 | Daily |
| TOK · iShares Trust | 0.24% | 2,954 SH | Sept. 11, 2026 | Daily |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 1,271 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.23% | 7,185 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.23% | 825 SH | Oct. 23, 2026 | Daily |
| URTH · iShares, Inc. | 0.22% | 95,744 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.22% | 80,725 NS | July 31, 2026 | N-PORT |
| XT · iShares Trust | 0.21% | 42,509 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.21% | 20,926 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.20% | 12,569 SH | Sept. 11, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 0.20% | 549 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.20% | 340,704 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.19% | 22,752 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.18% | 126,015 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.17% | 1,017,614 SH | Oct. 23, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.17% | 6,760 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.16% | 214 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.15% | 18,055 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.15% | 872,883 SH | Aug. 19, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.15% | 18,779 NS | July 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.12% | 46,912 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.11% | 20,366 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.10% | 5,780 SH | Oct. 23, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.08% | 29 NS | Aug. 31, 2026 | N-PORT |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.08% | 3,054 NS | Aug. 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.06% | 136,577 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.06% | 164,005 NS | July 31, 2026 | N-PORT |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 97 NS | July 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.05% | 802 NS | Aug. 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.05% | 30,538 SH | Oct. 23, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.05% | 27,642 SH | Oct. 23, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.03% | 369 NS | July 31, 2026 | N-PORT |
ANET Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
29 analysts · 2026-10-24Mean target $243.59 +41.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ANET | $164.64B | 47.6 | 28.6% | 39.0% | 30.2% | 64.1% |
| CSCO | $450.51B | 34.3 | 11.8% | 20.9% | 27.1% | 64.5% |
| MSI | $63.52B | 30.1 | 8.0% | 18.4% | 104.7% | 51.7% |
| LITE | $72.38B | -8.8 | 83.2% | -230.1% | -252.6% | 41.7% |
| CIEN | $26.78B | 223.4 | 18.8% | 2.6% | 4.5% | 42.0% |
| UI | $32.32B | 33.7 | 27.2% | 29.3% | 78.2% | 46.2% |
| FFIV | $18.64B | 27.4 | 9.7% | 22.4% | 20.1% | 81.4% |
| VIAV | $11.76B | -366.4 | 40.0% | -2.0% | -2.7% | 57.7% |
| VSAT | $6.25B | -183.2 | 2.7% | -0.73% | -0.74% | · |
| AAOI | $2.61B | -54.5 | 82.8% | -8.4% | -6.6% | 30.0% |
| ONDS | $3.72B | -15.7 | 605.3% | -260.7% | -57.0% | 39.7% |
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