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Side-by-side financial comparison of Arista Networks (ANET) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $2.5B, roughly 1.9× Arista Networks). Arista Networks runs the higher net margin — 38.4% vs 4.8%, a 33.6% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 28.9%). Over the past eight quarters, Arista Networks's revenue compounded faster (25.8% CAGR vs 23.3%).
Arista Networks, Inc. is an American computer networking company headquartered in Santa Clara, California. The company designs and sells multilayer network switches to deliver software-defined networking (SDN) for large datacenter, cloud computing, high-performance computing, and high-frequency trading environments. These products include 10/25/40/50/100/200/400/800 gigabit low-latency cut-through Ethernet switches. Arista's Linux-based network operating system, Extensible Operating System (E...
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
ANET vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5B | $4.8B |
| Net Profit | $955.8M | $233.0M |
| Gross Margin | 62.9% | — |
| Operating Margin | 41.5% | 9.9% |
| Net Margin | 38.4% | 4.8% |
| Revenue YoY | 28.9% | 31.2% |
| Net Profit YoY | 19.3% | -47.2% |
| EPS (diluted) | $0.74 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $2.3B | $4.8B | ||
| Q2 25 | $2.2B | $3.8B | ||
| Q1 25 | $2.0B | $4.3B | ||
| Q4 24 | $1.9B | $3.7B | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.7B | $3.6B | ||
| Q1 24 | $1.6B | $3.2B |
| Q4 25 | $955.8M | $233.0M | ||
| Q3 25 | $853.0M | $652.0M | ||
| Q2 25 | $888.8M | $327.0M | ||
| Q1 25 | $813.8M | $-268.0M | ||
| Q4 24 | $801.0M | $441.0M | ||
| Q3 24 | $747.9M | $1.9B | ||
| Q2 24 | $665.4M | $365.0M | ||
| Q1 24 | $637.7M | $-35.0M |
| Q4 25 | 62.9% | — | ||
| Q3 25 | 64.6% | — | ||
| Q2 25 | 65.2% | — | ||
| Q1 25 | 63.7% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 64.2% | — | ||
| Q2 24 | 64.9% | — | ||
| Q1 24 | 63.7% | — |
| Q4 25 | 41.5% | 9.9% | ||
| Q3 25 | 42.4% | 21.7% | ||
| Q2 25 | 44.7% | 13.7% | ||
| Q1 25 | 42.8% | -2.8% | ||
| Q4 24 | 41.4% | 16.4% | ||
| Q3 24 | 43.4% | 59.6% | ||
| Q2 24 | 41.4% | 22.5% | ||
| Q1 24 | 42.0% | 2.7% |
| Q4 25 | 38.4% | 4.8% | ||
| Q3 25 | 37.0% | 13.6% | ||
| Q2 25 | 40.3% | 8.7% | ||
| Q1 25 | 40.6% | -6.3% | ||
| Q4 24 | 41.5% | 12.0% | ||
| Q3 24 | 41.3% | 43.5% | ||
| Q2 24 | 39.4% | 10.1% | ||
| Q1 24 | 40.6% | -1.1% |
| Q4 25 | $0.74 | $0.55 | ||
| Q3 25 | $0.67 | $1.75 | ||
| Q2 25 | $0.70 | $0.81 | ||
| Q1 25 | $0.64 | $-0.93 | ||
| Q4 24 | $-4.17 | $1.09 | ||
| Q3 24 | $2.33 | $5.25 | ||
| Q2 24 | $2.08 | $0.90 | ||
| Q1 24 | $1.99 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $12.4B | $5.1B |
| Total Assets | $19.4B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $785.0M | ||
| Q3 25 | $2.3B | $602.0M | ||
| Q2 25 | $2.2B | $458.0M | ||
| Q1 25 | $1.8B | $561.0M | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $3.2B | $905.0M | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.1B | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $12.4B | $5.1B | ||
| Q3 25 | $11.9B | $5.2B | ||
| Q2 25 | $10.9B | $4.8B | ||
| Q1 25 | $10.1B | $4.8B | ||
| Q4 24 | $10.0B | $5.6B | ||
| Q3 24 | $9.2B | $5.4B | ||
| Q2 24 | $8.4B | $5.6B | ||
| Q1 24 | $7.9B | $5.7B |
| Q4 25 | $19.4B | $41.5B | ||
| Q3 25 | $18.0B | $38.0B | ||
| Q2 25 | $16.5B | $38.1B | ||
| Q1 25 | $14.5B | $38.2B | ||
| Q4 24 | $14.0B | $37.8B | ||
| Q3 24 | $12.8B | $37.9B | ||
| Q2 24 | $11.6B | $39.1B | ||
| Q1 24 | $10.6B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | 1.32× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $572.0M | ||
| Q1 25 | $641.7M | $599.0M | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $989.0M | $1.2B | ||
| Q1 24 | $513.8M | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $-118.0M | ||
| Q1 25 | $613.3M | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $985.9M | $698.0M | ||
| Q1 24 | $504.4M | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | 53.6% | 21.1% | ||
| Q2 25 | 53.3% | -3.1% | ||
| Q1 25 | 30.6% | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | 64.5% | 23.4% | ||
| Q2 24 | 58.3% | 19.4% | ||
| Q1 24 | 32.1% | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | 1.3% | 9.6% | ||
| Q2 25 | 1.1% | 18.4% | ||
| Q1 25 | 1.4% | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 0.4% | 15.8% | ||
| Q2 24 | 0.2% | 13.8% | ||
| Q1 24 | 0.6% | 14.7% |
| Q4 25 | 1.32× | 6.15× | ||
| Q3 25 | 1.49× | 2.25× | ||
| Q2 25 | 1.35× | 1.75× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.29× | 3.07× | ||
| Q3 24 | 1.57× | 0.90× | ||
| Q2 24 | 1.49× | 3.28× | ||
| Q1 24 | 0.81× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
