Arista Networks, Inc. (ANET) reported a net cash flow of $3.11 billion from operating activities in the first nine months of 2025, up from $2.68 billion in the same period last year. GAAP net income surged to $2.55 billion, an increase from $2.05 billion year-on-year, while revenue growth reached 27.6%, driven by demand in the AI networking sector. The company’s operational expenses remained steady at around 22% of total revenue, supporting enhanced profitability.
Arista’s working capital efficiency also showed improvement, with a net decrease in working capital requirements by $424.5 million. Deferred revenues increased by $1.8 billion, reflecting strong customer contracts. However, accounts receivable rose by $348.1 million, which highlights Arista’s extended credit to customers amid rising inventory levels of $321 million to meet product demand.
In related performance, Celestica, Inc. (CLS) generated $408.9 million in operating cash flow for the first nine months of 2025, compared to $330.5 million in the prior year, while Sanmina Corporation (SANM) produced $620.7 million in cash, up from $340.2 million year-over-year.
