Arista Networks $ANET

Information Technology · Communications Equipment · NYSE/NASDAQ

Profile updated Figures as of

$180.50
-2.45 (-1.34%)
As of Oct 20, 2026, 12:08 PM EDT
Price history
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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Oct 7, 2026, the first target we tracked for ANET.

Key facts

52-week range (closes)
$116.13 – $216.74 Lowest close Mar 30, 2026, highest Oct 9, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends
December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since
Aug 28, 2018, replacing GGP Inc. (GGP) · GGP was acquired by Brookfield Property Partners. · All S&P 500 changes
Analyst coverage
1 open price target from 1 firm: Evercore ISI Approved targets tracked here; see the analyst section below

Arista Networks (ANET) is trading down at $180.50 (-1.34%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Information Technology sector.

Analyst price targets on ANET

One firm's current price target on Arista Networks: $250 — 39% above the current $181. Each is tracked to its date and scored the same way a member's call is.

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Arista Networks revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)
$9.01B$4.50B$0FY2016 revenue: $1.13BFY2016 net income: $184.2M · Net margin 16.3%'16FY2017 revenue: $1.65BFY2017 net income: $423.2M · Net margin 25.7%'17FY2018 revenue: $2.15BFY2018 net income: $328.1M · Net margin 15.3%'18FY2019 revenue: $2.41BFY2019 net income: $859.9M · Net margin 35.7%'19FY2020 revenue: $2.32BFY2020 net income: $634.6M · Net margin 27.4%'20FY2021 revenue: $2.95BFY2021 net income: $840.9M · Net margin 28.5%'21FY2022 revenue: $4.38BFY2022 net income: $1.35B · Net margin 30.9%'22FY2023 revenue: $5.86BFY2023 net income: $2.09B · Net margin 35.6%'23FY2024 revenue: $7.00BFY2024 net income: $2.85B · Net margin 40.7%'24FY2025 revenue: $9.01BFY2025 net income: $3.51B · Net margin 39.0%'250%20%40%60%FY2016 net margin: 16.3%FY2017 net margin: 25.7%FY2018 net margin: 15.3%FY2019 net margin: 35.7%FY2020 net margin: 27.4%FY2021 net margin: 28.5%FY2022 net margin: 30.9%FY2023 net margin: 35.6%FY2024 net margin: 40.7%FY2025 net margin: 39.0%
Arista Networks annual financial statements
FY2016Dec 2016FY2017Dec 2017FY2018Dec 2018FY2019Dec 2019FY2020Dec 2020FY2021Dec 2021FY2022Dec 2022FY2023Dec 2023FY2024Dec 2024FY2025Dec 2025
Income statement
Revenue$1.13B$1.65B$2.15B$2.41B$2.32B$2.95B$4.38B$5.86B$7.00B$9.01B
Growth (year over year)+34.8%+45.8%+30.7%+12.1%−3.9%+27.2%+48.6%+33.8%+19.5%+28.6%
Gross profit$723.1M$1.06B$1.37B$1.54B$1.48B$1.88B$2.68B$3.63B$4.49B$5.77B
Gross margin64.0%64.5%63.8%64.1%63.9%63.8%61.1%61.9%64.1%64.1%
Operating income$243.4M$470.3M$273.3M$805.8M$699.7M$924.7M$1.53B$2.26B$2.94B$3.86B
Operating margin21.6%28.6%12.7%33.4%30.2%31.4%34.9%38.5%42.0%42.8%
Net income$184.2M$423.2M$328.1M$859.9M$634.6M$840.9M$1.35B$2.09B$2.85B$3.51B
Net margin16.3%25.7%15.3%35.7%27.4%28.5%30.9%35.6%40.7%39.0%
EPS (diluted)$0.16$0.33$0.25$0.67$0.50$0.66$1.07$1.65$2.23$2.75
Balance sheet
Cash and equivalents$567.9M$859.2M$650.0M$1.11B$893.2M$620.8M$671.7M$1.94B$2.76B$1.96B
Total assets$1.73B$2.46B$3.08B$4.19B$4.74B$5.73B$6.78B$9.96B$14.0B$19.4B
Total liabilities$621.2M$798.9M$938.6M$1.29B$1.42B$1.76B$1.89B$2.74B$4.05B$7.08B
Shareholders' equity$1.11B$1.66B$2.14B$2.89B$3.32B$3.98B$4.89B$7.22B$9.99B$12.4B
Cash flow
Operating cash flow$174.3M$631.6M$503.1M$963.0M$735.1M$1.02B$492.8M$2.03B$3.71B$4.37B
Capital expenditure$21.4M$15.3M$23.8M$15.8M$15.4M$64.7M$44.6M$34.4M$32.0M$119.5M
Free cash flow$152.9M$616.3M$479.3M$947.3M$719.7M$951.1M$448.2M$2.00B$3.68B$4.25B
Share buybacks—$0$0$266.1M$395.2M$411.6M$670.3M$112.3M$423.6M$1.60B

From Arista Networks's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Arista Networks vs the Information Technology sector and the S&P 500

Arista Networks's latest reported figures next to the median of the other 75 S&P 500 Information Technology companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Arista Networks compared with the median Information Technology company and the median S&P 500 company
MeasureArista NetworksInformation Technology (75 other S&P 500 companies)S&P 500 (502 other companies)
Revenue growth, latest fiscal year+28.6%+13.7%+7.0%
Net margin, latest fiscal year39.0%16.5%12.9%
Share price change, 1 year+24.9%+11.0%+5.6%

Arista Networks: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Arista Networks included, are the last regular-session prices of October 19, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, 1-year price change 67/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.

About Arista Networks

Arista Networks, Inc. is an American provider of client to cloud networking services for large data center/AI, campus and routing environments.

Source: Wikipedia — Arista Networks

Headquarters
Santa Clara, California From SEC filings, Oct 2026

Company profile

Arista Networks, Inc., incorporated in Delaware and headquartered at 5453 Great America Parkway, Santa Clara, California, describes itself in its annual report for 2025 (Form 10-K) as an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus and routing environments. Its cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Ethernet switching and routing platforms. The 10-K groups its offerings into three categories: Core (AI, Cloud and Data Center Networking), Cognitive Adjacencies (Campus and Routing) and Cognitive Networks (Software and Services), which it says made up approximately 65%, 18% and 17% of 2025 revenue. It also groups its customers into Cloud and AI Titans, AI and Specialty Providers, and Enterprise, at approximately 48%, 20% and 32% of 2025 revenue. Its fiscal year ends December 31. Its common stock trades on the New York Stock Exchange under the symbol ANET, with 1,256,537,906 shares outstanding on February 10, 2026 (10-K cover) and 1,261,224,648 on July 30, 2026 (10-Q cover). It employed approximately 5,115 full-time employees worldwide at December 31, 2025 (10-K).

For 2025 the consolidated statements of income report total revenue of $9,005.7 million, against $7,003.1 million in 2024, made up of product revenue of $7,576.9 million and service revenue of $1,428.8 million. Income from operations was $3,856.1 million, against $2,944.6 million, and net income was $3,511.4 million, or $2.75 per diluted share, against $2,852.1 million, or $2.23, in 2024. The 10-K reports 2025 revenue by customer shipping address of $7,122.1 million in the Americas (including $7,063.8 million from the U.S.), $1,070.3 million in Europe, Middle East and Africa and $813.3 million in Asia Pacific. Two end customers accounted for 26% and 16% of 2025 revenue (10-K, Item 7).

Arista says it subcontracts the manufacturing of most of its products, with Jabil Inc., Sanmina Corporation and Foxconn Hon Hai as its primary manufacturing partners, and that it is primarily reliant on Broadcom, its predominant merchant silicon vendor, for its switching chips (10-K, Item 1). On June 30, 2025 it completed the acquisition of the VeloCloud business from Broadcom for total cash consideration of $300.0 million (10-K, Note 4). Cash provided by operating activities was $4,371.9 million in 2025, and it repurchased $1,603.1 million of its common stock (cash flow statement); the 10-K says about $817.9 million remained authorized under its $1.5 billion repurchase program at December 31, 2025. The 10-K says Arista has never declared nor paid any cash dividends on its common stock and does not anticipate paying any in the foreseeable future (10-K, Item 5).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenue was $3,035.7 million, against $2,204.8 million a year earlier, and net income was $1,212.9 million, or $0.95 per diluted share, against $888.8 million, or $0.70. For the six months, revenue was $5,744.7 million and net income $2,235.8 million. The 10-Q says Arista did not repurchase any shares in the first half of 2026, that it had non-cancellable purchase commitments of $9.7 billion at June 30, 2026, and that revenue from contract liabilities, deferred revenue and other performance obligations expected to be recognized in future periods amounted to $8.4 billion at that date. In its August 4, 2026 release Arista also reported non-GAAP diluted net income per share of $1.02 for the quarter, against $0.73 a year earlier (non-GAAP, as reported by Arista); the release says that from the fourth quarter of 2025 it changed how it calculates the income tax effect of non-GAAP adjustments and recast prior periods, which raised non-GAAP net income for the year-earlier quarter by $10.7 million and left its non-GAAP diluted net income per share unchanged.

In the same release Arista gave its outlook for the third quarter of 2026 of revenue of approximately $3.3 billion, non-GAAP operating margin of 48% to 49% and non-GAAP diluted net income per share of $1.06 to $1.08 (company projections, as of August 4, 2026). The quarter ended September 30, 2026; these are forecasts made before it ended, not reported results. Jayshree Ullal is Chief Executive Officer and Chairperson of the Board and Chantelle Breithaupt is Senior Vice President and Chief Financial Officer; both signed the 10-Q. Kenneth Duda, a founder, was appointed President and Chief Technology Officer on September 5, 2025 (Form 8-K) and signed the 10-K in that role.

Summary sources:123456

$9,005.7 million2
Total revenue, 2025 (year ended December 31, 2025)
$7,576.9 million2
Product revenue, 2025
$1,428.8 million2
Service revenue, 2025
$5,768.7 million2
Gross profit, 2025
$3,856.1 million2
Income from operations, 2025
$3,511.4 million2
Net income, 2025
$2.752
Diluted earnings per share, 2025
$1,237.3 million2
Research and development expense, 2025
$4,371.9 million3
Net cash provided by operating activities, 2025
$1,603.1 million3
Repurchase of common stock, 2025
$1,963.9 million and $8,779.1 million7
Cash and cash equivalents and marketable securities, December 31, 2025
$4,002.6 million and $1,369.8 million7
Deferred revenue, current and non-current, December 31, 2025
$19,448.6 million7
Total assets, December 31, 2025
$12,370.5 million7
Total stockholders' equity, December 31, 2025
approximately 5,1151
Full-time employees, December 31, 2025
$3,035.7 million4
Total revenue, quarter ended June 30, 2026 (unaudited)
$5,744.7 million4
Total revenue, six months ended June 30, 2026 (unaudited)
$1,212.9 million4
Net income, quarter ended June 30, 2026 (unaudited)
$0.954
Diluted net income per share, quarter ended June 30, 2026 (unaudited)
$9.7 billion4
Non-cancellable purchase commitments, June 30, 2026
$1.025
Non-GAAP diluted net income per share, quarter ended June 30, 2026 (non-GAAP, as reported by Arista)
approximately $3.3 billion5
Third-quarter 2026 revenue outlook (company projection, as of August 4, 2026)
$1.06 to $1.085
Third-quarter 2026 non-GAAP diluted net income per share outlook (company projection, as of August 4, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal yearRevenue (as reported in 10-K)Reported asFiled
2021$2,948,037 thousand8Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenue, in thousands as filedFeb 15, 2022
2022$4,381,310 thousand9Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenue, in thousands as filedFeb 14, 2023
2023$5,860,168 thousand10Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenue, in thousands as filedFeb 13, 2024
2024$7,003,146 thousand11Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenue, in thousands as filedFeb 19, 2025
2025$9,005.7 million2Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenue, in millions as filedFeb 17, 2026

Products

AI, cloud and data center networking

NameReleasedWhat it is
Arista Etherlink portfolio—A family of over twenty products that the 10-K says is designed for AI scale-out and scale-across networks today and scale-up networks in the future.1
7800R AI Spine—A spine platform the 10-K lists among the products designed for the scale and performance requirements of AI scale-out, scale-up and scale-across networking.1
7060 AI Leaf—A leaf platform the 10-K lists alongside the 7800R AI Spine for AI networking.1
7700R4 Distributed Etherlink Switch (DES)—A distributed switch the 10-K lists with the 7800R AI Spine and 7060 AI Leaf for AI scale-out, scale-up and scale-across networking.1
7060XE7 Series—A next-generation 1.6-terabit Etherlink portfolio for AI fabrics, listed as introduced in Arista's August 4, 2026 results release, with up to 100 Tbps of system bandwidth and support for Linear Pluggable Optics.5

Campus and routing

NameReleasedWhat it is
Cloud-Grade Routing: 7280R4 Universal Leaf, 7500R3 and 7800R4 Universal Spine—EOS-based routing platforms the 10-K says serve uses including multi-cloud connect, data center interconnect, peering, business VPNs, core routing and secure enterprise edge routing.1
Cognitive campus portfolio—Modular and fixed campus spine switches, Power-over-Ethernet leaf switches and Wi-Fi access points, all managed through CloudVision (10-K).1
VeloCloud SD-WAN—Cloud-delivered SD-WAN solutions with integrated security for branch sites. Arista acquired the VeloCloud business from Broadcom on June 30, 2025 for $300.0 million in cash (10-K, Item 1 and Note 4).1

Software and services

NameReleasedWhat it is
EOS (Extensible Operating System)—Arista's network operating system, which the 10-K says runs on top of standard Linux, stores system state in a centralized database and offers programmability at all layers of the stack.1
Arista NetDL (Network Data Lake)—Aggregates streamed device state, telemetry, packet, flow, alert, sensor and third-party data and makes it available through a single service endpoint (10-K).1
CloudVision—Arista's multi-domain AI Ops and management platform for network operations across data centers, campus wired and wireless networks, routing interconnects and multi-cloud networks (10-K).1
Arista AVA (autonomous virtual assist)—An agentic AI-enabled decision-support system for network and security operations that the 10-K says aims to flag issues such as failing optics or security threats and can automate provisioning changes and network audits.1
Arista NDR—Network detection and response offerings; the 10-K names Cisco, Darktrace and ExtraHop as competitors in that market.1
Arista DANZ Monitoring Fabric (DMF)—A network packet broker product; the 10-K names Cisco, Gigamon, Keysight and Netscout among its competitors.1
Arista A-Care Services—Customer support offerings with several product replacement service levels; the 10-K says all include bug fixes, new-feature releases and online case management, with spare parts stocked in over 200 locations.1

Segments and products

Risks

Frequently asked questions

What does Arista Networks do?
Arista describes itself in its 10-K for 2025 as an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus and routing environments. It sells Ethernet switching and routing platforms running its EOS operating system, plus network applications, software and support services. Product revenue was $7,576.9 million and service revenue $1,428.8 million in 2025.
How much revenue did Arista make in 2025?
Total revenue was $9,005.7 million in 2025, against $7,003.1 million in 2024, according to its 10-K. Net income was $3,511.4 million, or $2.75 per diluted share, against $2,852.1 million, or $2.23, in 2024.
Why are some revenue figures shown in thousands and others in millions?
Each year in the revenue table is printed as filed in that year's own 10-K. Arista's 10-Ks for 2021 through 2024 present amounts in thousands (for example $7,003,146 thousand for 2024), while its 10-K for 2025 presents them in millions ($7,003.1 million for 2024).
Why do older Arista filings show much higher earnings per share?
Arista effected a four-for-one forward stock split on December 3, 2024, and its later filings restate share and per-share amounts for it. For example, its 10-K for 2023 reported diluted earnings per share of $6.58 for 2023, while its 10-K for 2025 presents 2023 at $1.65 per diluted share (10-K for 2025, Note 1).
Who are Arista's biggest customers?
Arista does not name them. Its 10-K says two end customers accounted for 26% and 16% of total revenue in 2025, and that Cloud and AI Titans made up approximately 48% of 2025 revenue, Enterprise 32% and AI and Specialty Providers 20%.
What were Arista's latest quarterly results?
For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenue of $3,035.7 million, against $2,204.8 million a year earlier, and net income of $1,212.9 million, or $0.95 per diluted share, against $888.8 million, or $0.70. Its August 4, 2026 release reports non-GAAP diluted net income per share of $1.02, against $0.73 a year earlier, as recast under the updated non-GAAP tax method, which the release says left that per-share figure unchanged.
What is Arista's outlook?
In its August 4, 2026 release Arista said it expected third-quarter 2026 revenue of approximately $3.3 billion, non-GAAP operating margin of 48% to 49% and non-GAAP diluted net income per share of $1.06 to $1.08. These are the company's own projections as of that date, not reported results.
Does Arista pay a dividend?
No. Its 10-K says it has never declared nor paid any cash dividends on its common stock and does not anticipate paying any in the foreseeable future. It has bought back shares instead: it repurchased $1,603.1 million of common stock in 2025, had about $817.9 million left under its $1.5 billion program at December 31, 2025, and made no repurchases in the first half of 2026 (10-K and 10-Q).
Who runs Arista Networks?
Jayshree Ullal is Chief Executive Officer and Chairperson of the Board and Chantelle Breithaupt is Senior Vice President and Chief Financial Officer; both signed the 10-Q for the quarter ended June 30, 2026. Kenneth Duda, a founder, has been President and Chief Technology Officer since September 5, 2025 (Form 8-K).

Sources

  1. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2025, Feb 17, 2026
  2. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Income (XBRL financial report R5), Feb 17, 2026
  3. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Cash Flows (XBRL financial report R8), Feb 17, 2026
  4. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-Q for the quarterly period ended June 30, 2026, Aug 5, 2026
  5. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 8-K, Item 2.02, Exhibit 99.1: press release dated August 4, 2026, Arista Networks, Inc. Reports Second Quarter 2026 Financial Results, Aug 4, 2026
  6. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 8-K dated September 5, 2025 (Items 5.02, 5.03 and 8.01): appointment of Kenneth Duda as President and Chief Technology Officer, Sep 8, 2025
  7. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2025: Consolidated Balance Sheets (XBRL financial report R3), Feb 17, 2026
  8. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2021: Consolidated Statements of Operations (XBRL financial report R4), Feb 15, 2022
  9. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2022: Consolidated Statements of Operations (XBRL financial report R5), Feb 14, 2023
  10. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2023: Consolidated Statements of Operations (XBRL financial report R5), Feb 13, 2024
  11. Arista Networks, Inc. (SEC filing), Arista Networks, Inc. Form 10-K for the fiscal year ended December 31, 2024: Consolidated Statements of Income (XBRL financial report R5), Feb 19, 2025

Figures last checked against the sources above on . General information, not investment advice.

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