ANET Arista Networks, Inc. Common Stock
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.
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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 500 in 2018 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
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ANET Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
ANET Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
ANET Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 9 26.5%
- Buy 23 67.6%
- Hold 2 5.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
27 analysts · 2026-08-22Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.02 | $0.90 | 0.12% |
| March 31, 2026 | $0.87 | $0.82 | 0.05% |
| Dec. 31, 2025 | $0.82 | $0.77 | 0.05% |
| Sept. 30, 2025 | $0.75 | $0.73 | 0.02% |
| June 30, 2025 | $0.73 | $0.66 | 0.07% |
| March 31, 2025 | $0.65 | $0.60 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| 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 | $272.01B | 26.9 | 5.3% | 18.0% | 22.0% | 64.9% |
| LITE | $72.38B | -8.8 | 83.2% | -230.1% | -252.6% | 41.7% |
| MSI | $63.52B | 30.1 | 8.0% | 18.4% | 104.7% | 51.7% |
| 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% |
| AAOI | $2.61B | -54.5 | 82.8% | -8.4% | -6.6% | 30.0% |
| VSAT | $6.25B | -183.2 | 2.7% | -0.73% | -0.74% | — |
| VIAV | $11.76B | -366.4 | 40.0% | -2.0% | -2.7% | 57.7% |
| ONDS | $3.72B | -15.7 | 605.3% | -260.7% | -57.0% | 39.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| 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 27
| 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 15
| 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 8
| 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 3
| 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 3
| 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 | · |
Growth Rates 9
| 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) 10
| 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 16
| 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 | -2,516,300,000 | 1,258,000,000 | 1,256,300,000 | 1,260,000,000 | -2,508,500,000 | 1,257,900,000 | 1,254,800,000 | 1,252,100,000 | 311,594,000 | 310,185,000 | 308,636,000 | 306,985,000 | 306,161,000 | 304,931,000 | |
| Shares (Diluted) | 1,276,000,000 | 1,273,800,000 | -2,551,300,000 | 1,276,600,000 | 1,271,200,000 | 1,279,200,000 | -2,559,800,000 | 1,281,800,000 | 1,279,700,000 | 1,279,400,000 | 318,806,000 | 317,631,000 | 316,485,000 | 315,578,000 | 315,201,000 | 314,401,000 | |
| EBITDA | $1.38B | $1.18B | · | $978M | $986M | $873M | · | $785M | $700M | $676M | · | $603M | $530M | $505M | · | $417M |
Balance Sheet 27
| 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 13
| 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 8
| 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 2
| 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 3
| 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 |
Valuation (TTM) 10
| 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 | $10.26B | $9.23B | · | $8.33B | $7.71B | $7.08B | · | $6.58B | $6.23B | $5.89B | · | $5.50B | $5.04B | $4.46B | · | $3.85B | |
| Net Income TTM | $3.98B | $3.58B | · | $3.30B | $3.12B | $2.86B | · | $2.60B | $2.34B | $2.11B | · | $1.83B | $1.58B | $1.36B | · | $1.15B | |
| 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 | 54.4 | 43.7 | · | 56.3 | 41.9 | 34.6 | · | 28.9 | 20.4 | 14.1 | · | 8.0 | 8.1 | 9.8 | · | 7.8 | |
| P/S | 20.9 | 16.8 | · | 22.0 | 16.7 | 13.8 | · | 4.6 | 4.4 | 3.9 | · | 2.6 | 2.5 | 2.9 | · | 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 | · | · | |
| P / FCF | · | 94.3 | · | · | · | 158.8 | · | · | · | 45.1 | · | · | · | 35.1 | · | · | |
| Earnings Yield | 1.8% | 2.3% | · | 1.8% | 2.4% | 2.9% | · | 3.5% | 4.9% | 7.1% | · | 12.6% | 12.3% | 10.2% | · | 12.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 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 |
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Institutional owners (13F) 2,461 filers · $92.2B total · As of June 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 |
|---|---|---|---|---|
| 371 (+110 vs prior Q) | 106 (-42 vs prior Q) | 953 (+95 vs prior Q) | 742 (-13 vs prior Q) | +45.3M |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $11,668,776,727 | 68,688,349 | 12.66% | Shares |
| STATE STREET CORP | $8,182,406,614 | 48,165,803 | 8.88% | Shares |
| FMR LLC | $5,616,901,184 | 33,063,935 | 6.09% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,384,389,601 | 25,808,745 | 4.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,099,463,868 | 24,213,777 | 4.45% | Shares |
| Cresset Asset Management, LLC | $3,290,245,013 | 19,368,054 | 3.57% | Shares |
| Capital Research Global Investors | $2,236,166,516 | 13,164,137 | 2.43% | Shares |
| NORGES BANK | $2,080,506,770 | 12,246,920 | 2.26% | Shares |
| AMERIPRISE FINANCIAL INC | $1,693,350,833 | 9,968,749 | 1.84% | Shares |
| PeakShares LLC | $1,573,429,000 | 9,262 | 1.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,398,570,906 | 8,232,699 | 1.52% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,293,799,964 | 7,615,964 | 1.40% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,226,892,896 | 7,222,115 | 1.33% | Shares |
| Clearbridge Investments, LLC | $1,020,348,985 | 6,006,293 | 1.11% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,013,579,846 | 5,966,446 | 1.10% | Shares |
| Point72 Asset Management, L.P. | $873,138,522 | 5,139,737 | 0.95% | Shares |
| Pictet Asset Management Holding SA | $791,055,885 | 4,658,879 | 0.86% | Shares |
| FIRST TRUST ADVISORS LP | $780,048,514 | 4,591,762 | 0.85% | Shares |
| UBS Group AG | $666,797,007 | 3,925,106 | 0.72% | Shares |
| JANE STREET GROUP, LLC | $665,878,636 | 3,919,700 | 0.72% | Put option |
| Capital World Investors | $629,769,453 | 3,707,143 | 0.68% | Shares |
| Robeco Institutional Asset Management B.V. | $620,951,488 | 3,655,236 | 0.67% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $557,355,377 | 3,280,887 | 0.60% | Shares |
| Alyeska Investment Group, L.P. | $537,735,944 | 3,165,387 | 0.58% | Shares |
| National Pension Service | $521,340,315 | 3,068,874 | 0.57% | Shares |
| Swiss National Bank | $511,746,512 | 3,012,400 | 0.56% | Shares |
| CITADEL ADVISORS LLC | $458,417,273 | 2,698,477 | 0.50% | Shares |
| DSM CAPITAL PARTNERS LLC | $447,143,942 | 2,632,116 | 0.49% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $437,999,396 | 2,578,287 | 0.48% | Shares |
| Polar Capital Holdings Plc | $429,986,156 | 2,531,117 | 0.47% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $420,537,600 | 2,475,498 | 0.46% | Shares |
| BlackRock, Inc. | $420,143,139 | 2,473,176 | 0.46% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $394,716,690 | 2,323,503 | 0.43% | Shares |
| Legal & General Group Plc | $393,134,938 | 2,314,192 | 0.43% | Shares |
| JANE STREET GROUP, LLC | $383,792,896 | 2,259,200 | 0.42% | Call option |
| California Public Employees Retirement System | $379,519,734 | 2,234,046 | 0.41% | Shares |
| Vanguard Global Advisers, LLC | $378,578,090 | 2,228,503 | 0.41% | Shares |
| BANK OF AMERICA CORP /DE/ | $358,176,012 | 2,108,406 | 0.39% | Shares |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $354,205,236 | 2,085,032 | 0.38% | Shares |
| Assenagon Asset Management S.A. | $351,933,771 | 2,071,661 | 0.38% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $345,725,846 | 2,035,118 | 0.38% | Shares |
| APG Asset Management N.V. | $323,134,405 | 2,174,709 | 0.35% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $322,344,770 | 2,625,385 | 0.35% | Shares |
| CAPITAL COUNSEL LLC/NY | $318,973,653 | 1,877,641 | 0.35% | Shares |
| GOLDMAN SACHS GROUP INC | $311,573,166 | 1,834,078 | 0.34% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $308,928,382 | 1,818,511 | 0.34% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $303,797,168 | 1,788,304 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $300,901,344 | 1,771,259 | 0.33% | Shares |
| BARCLAYS PLC | $298,299,936 | 1,755,945 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $276,546,803 | 1,627,895 | 0.30% | Shares |
| FIL Ltd | $273,883,254 | 1,612,216 | 0.30% | Shares |
| BLAIR WILLIAM & CO/IL | $272,609,153 | 1,604,716 | 0.30% | Shares |
| LPL Financial LLC | $272,429,902 | 1,603,661 | 0.30% | Shares |
| NEUBERGER BERMAN GROUP LLC | $264,394,577 | 1,567,004 | 0.29% | Shares |
| TD Asset Management Inc | $260,132,997 | 1,531,275 | 0.28% | Shares |
| Caisse de depot et placement du Quebec | $251,953,445 | 1,483,126 | 0.27% | Shares |
| Capital International Investors | $249,993,879 | 1,471,591 | 0.27% | Shares |
| Life Cycle Investment Partners Ltd | $232,000,189 | 1,365,671 | 0.25% | Shares |
| AMERICAN CENTURY COMPANIES INC | $226,754,974 | 1,334,795 | 0.25% | Shares |
| AVIVA PLC | $225,622,045 | 1,328,126 | 0.24% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $225,338,928 | 1,326,459 | 0.24% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $223,748,310 | 1,317,096 | 0.24% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $221,921,887 | 1,306,345 | 0.24% | Shares |
| VANGUARD GROUP INC | $220,530,173 | 1,683,051 | 0.24% | Shares |
| Railway Pension Investments Ltd | $201,282,318 | 1,184,850 | 0.22% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $199,881,834 | 1,176,606 | 0.22% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $197,456,111 | 1,162,327 | 0.21% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $195,382,024 | 1,591,318 | 0.21% | Shares |
| TWO SIGMA ADVISERS, LP | $193,505,104 | 1,476,800 | 0.21% | Shares |
| FIFTH THIRD BANCORP | $193,251,367 | 1,137,575 | 0.21% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $192,978,923 | 1,135,972 | 0.21% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $188,835,212 | 1,111,678 | 0.20% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $187,958,120 | 1,106,417 | 0.20% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $187,870,292 | 1,105,900 | 0.20% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $187,205,592 | 1,110,977 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $185,716,905 | 1,512,599 | 0.20% | Shares |
| Quantinno Capital Management LP | $185,570,572 | 1,092,362 | 0.20% | Shares |
| RAYMOND JAMES FINANCIAL INC | $185,565,360 | 1,092,332 | 0.20% | Shares |
| Anomaly Capital Management, LP | $185,335,682 | 1,090,980 | 0.20% | Shares |
| Walleye Trading LLC | $178,407,976 | 1,050,200 | 0.19% | Call option |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $172,610,989 | 1,016,076 | 0.19% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $168,954,834 | 994,554 | 0.18% | Shares |
| Focus Partners Wealth | $164,705,409 | 969,570 | 0.18% | Shares |
| ROYAL BANK OF CANADA | $162,587,000 | 957,072 | 0.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $162,278,719 | 955,255 | 0.18% | Shares |
| TIMUCUAN ASSET MANAGEMENT INC/FL | $155,092,314 | 912,952 | 0.17% | Shares |
| MILLENNIUM MANAGEMENT LLC | $152,569,228 | 898,100 | 0.17% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $151,479,618 | 891,686 | 0.16% | Shares |
| Public Sector Pension Investment Board | $149,022,813 | 877,224 | 0.16% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $147,999,800 | 939,085 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $142,674,228 | 839,853 | 0.15% | Shares |
| Ensign Peak Advisors, Inc | $142,171,553 | 836,894 | 0.15% | Shares |
| Korea Investment CORP | $138,361,654 | 814,467 | 0.15% | Shares |
| Sustainable Growth Advisers, LP | $135,395,549 | 797,007 | 0.15% | Shares |
| Madison Investment Advisors, LLC | $133,569,102 | 1,208,442 | 0.14% | Shares |
| 1832 Asset Management L.P. | $130,570,448 | 768,604 | 0.14% | Shares |
| GILDER GAGNON HOWE & CO LLC | $129,668,724 | 763,296 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $129,534,795 | 903,500 | 0.14% | Call option |
| STOREBRAND ASSET MANAGEMENT AS | $128,914,797 | 758,858 | 0.14% | Shares |
| PFA Pension, Forsikringsaktieselskab | $121,310,471 | 714,095 | 0.13% | Shares |
Company insiders 16 insiders · 6 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Chantelle Yvette Breithaupt | Senior Vice President, CFO | May 26, 2026 S | 64,408 | 0 | 1 | $-384,336 |
| Ita M Brennan | SVP & Chief Financial Officer | Feb. 12, 2016 A | — | 0 | 0 | $0 |
| Kelyn Brannon | Chief Financial Officer | April 8, 2015 M | 483 | 0 | 0 | $0 |
| Kenneth Duda | President and CTO | July 20, 2026 M | 462,400 | 0 | 39 | $-14,817,243 |
| Anshul Sadana | SVP, Customer Engineering | Feb. 12, 2016 A | — | 0 | 0 | $0 |
| Mark Stephen Smith | SVP, WW Sales Operations | Feb. 12, 2016 A | 142,841 | 0 | 0 | $0 |
| Robert G Lavender | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Kelly Bodnar Battles | Director | May 29, 2026 A | — | 0 | 1 | $-281 |
| Yvonne Wassenaar | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Daniel Scheinman | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Lewis Chew | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Mark B Templeton | Director | May 29, 2026 A | — | 0 | 0 | $0 |
| Jayshree Ullal | — | Aug. 12, 2026 S | 15,988,580 | 0 | 113 | $-431,323,566 |
| Andreas Bechtolsheim | — | Aug. 6, 2026 S | 181,143,048 | 0 | 79 | $-330,205,819 |
| Charles H Giancarlo | — | Aug. 3, 2026 S | 184,333 | 0 | 23 | $-2,833,663 |
| 2010 David R Cheriton Irrevocable Trust dtd July 27, 2010 | — | May 16, 2016 S | 7,762,981 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 258 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 | 12.09% | 818,212 SH | Aug. 21, 2026 | Daily |
| AIFD · TCW ETF Trust | 5.92% | 36,816 NS | April 30, 2026 | N-PORT |
| FDCF · Fidelity Covington Trust | 5.58% | 37,304 NS | May 31, 2026 | N-PORT |
| IDGT · iShares Trust | 5.14% | 145,154 SH | Aug. 21, 2026 | Daily |
| FDN · First Trust Exchange-Traded Fund | 5.02% | 1,470,357 NS | June 30, 2026 | N-PORT |
| AGIQ · Tidal Trust I | 4.89% | 3,474 NS | May 31, 2026 | N-PORT |
| FDND · First Trust Exchange-Traded Fund IV | 4.68% | 2,602 NS | April 30, 2026 | N-PORT |
| CAML · Professionally Managed Portfolios | 4.67% | 101,661 NS | April 30, 2026 | N-PORT |
| TRFK · Pacer Funds Trust | 4.63% | 164,618 NS | April 30, 2026 | N-PORT |
| SKYY · First Trust Exchange-Traded Fund II | 4.18% | 668,756 NS | June 30, 2026 | N-PORT |
| BRIF · FIS Trust | 3.81% | 35,262 NS | May 31, 2026 | N-PORT |
| GPTY · Tidal Trust II | 3.81% | 20,302 NS | April 30, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 3.80% | 8,441 NS | April 30, 2026 | N-PORT |
| BRNY · EA Series Trust | 3.72% | 119,181 NS | April 30, 2026 | N-PORT |
| WEBL · Direxion Shares ETF Trust | 3.42% | 22,179 NS | April 30, 2026 | N-PORT |
| CHAT · Tidal Trust II | 3.16% | 261,330 NS | April 30, 2026 | N-PORT |
| PWRD · TCW ETF Trust | 3.02% | 257,757 NS | April 30, 2026 | N-PORT |
| QGRO · AMERICAN CENTURY ETF TRUST | 2.84% | 392,777 NS | May 31, 2026 | N-PORT |
| TEC · Harbor ETF Trust | 2.71% | 1,062 NS | April 30, 2026 | N-PORT |
| ARTY · iShares Trust | 2.70% | 576,134 SH | Aug. 21, 2026 | Daily |
| ABFL · Abacus FCF ETF Trust | 2.57% | 74,105 NS | April 30, 2026 | N-PORT |
| XPND · First Trust Exchange-Traded Fund VI… | 2.57% | 6,605 NS | May 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 2.54% | 2,861 NS | April 30, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 2.52% | 4,443 NS | April 30, 2026 | N-PORT |
| NUGO · Nushares ETF Trust | 2.48% | 407,609 NS | April 30, 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 2.41% | 14,861 NS | April 30, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 2.39% | 5,801 NS | April 30, 2026 | N-PORT |
| LCLG · Advisors Series Trust | 2.38% | 13,970 NS | April 30, 2026 | N-PORT |
| AIPI · ETF Opportunities Trust | 2.32% | 63,495 NS | May 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 2.24% | 84,773 SH | Aug. 21, 2026 | Daily |
| KNCT · Invesco Exchange-Traded Fund Trust | 2.22% | 19,340 SH | Aug. 21, 2026 | Daily |
| TXUG · Thornburg ETF Trust | 2.15% | 579 NS | May 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.14% | 371 NS | April 30, 2026 | N-PORT |
| CIBR · First Trust Exchange-Traded Fund II | 2.12% | 1,723,282 NS | June 30, 2026 | N-PORT |
| FTGS · First Trust Exchange-Traded Fund | 2.05% | 151,122 NS | June 30, 2026 | N-PORT |
| NULG · Nushares ETF Trust | 1.99% | 300,091 NS | April 30, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.97% | 245,218 SH | Aug. 21, 2026 | Daily |
| RPG · Invesco Exchange-Traded Fund Trust | 1.94% | 206,383 SH | Aug. 21, 2026 | Daily |
| SKYU · ProShares Trust | 1.91% | 431 NS | May 31, 2026 | N-PORT |
| TEKY · Lazard Active ETF Trust | 1.89% | 6,809 NS | June 30, 2026 | N-PORT |
| EQTY · Valued Advisers Trust | 1.89% | 143,592 NS | April 30, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 1.80% | 263 NS | April 30, 2026 | N-PORT |
| FDTX · Fidelity Covington Trust | 1.79% | 28,903 NS | May 31, 2026 | N-PORT |
| HFGO · Hartford Funds Exchange-Traded Trust | 1.78% | 18,693 NS | April 30, 2026 | N-PORT |
| TCAI · Tortoise Capital Series Trust | 1.70% | 23,106 NS | May 31, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 1.70% | 223,662 SH | Aug. 21, 2026 | Daily |
| XAIX · DBX ETF Trust | 1.61% | 15,756 NS | May 31, 2026 | N-PORT |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.59% | 500,457 SH | Aug. 21, 2026 | Daily |
| PDP · Invesco Exchange-Traded Fund Trust | 1.58% | 126,464 SH | Aug. 21, 2026 | Daily |
| FAI · First Trust Exchange-Traded Fund II | 1.58% | 9,029 NS | June 30, 2026 | N-PORT |