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.
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.
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 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 margin | 64.0% | 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 margin | 21.6% | 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 margin | 16.3% | 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 |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.81B | $1.93B | $2.00B | $2.20B | $2.31B | $2.49B | $2.71B | $3.04B |
| Growth (year over year) | +20.0% | +25.3% | +27.6% | +30.4% | +27.5% | +28.9% | +35.1% | +37.7% |
| Gross profit | $1.16B | $1.23B | $1.28B | $1.44B | $1.49B | $1.56B | $1.68B | $1.91B |
| Gross margin | 64.2% | 63.8% | 63.7% | 65.2% | 64.6% | 62.9% | 61.9% | 62.9% |
| Operating income | $785.3M | $799.5M | $858.8M | $986.2M | $978.2M | $1.03B | $1.16B | $1.38B |
| Operating margin | 43.4% | 41.4% | 42.8% | 44.7% | 42.4% | 41.5% | 42.7% | 45.4% |
| Net income | $748.0M | $801.0M | $813.8M | $888.8M | $853.0M | $955.8M | $1.02B | $1.21B |
| Net margin | 41.3% | 41.5% | 40.6% | 40.3% | 37.0% | 38.4% | 37.8% | 40.0% |
| EPS (diluted) | $0.58 | $0.63 | $0.64 | $0.70 | $0.67 | $0.74 | $0.80 | $0.95 |
| Balance sheet | ||||||||
| Cash and equivalents | $3.18B | $2.76B | $1.85B | $2.23B | $2.33B | $1.96B | $2.79B | $2.29B |
| Total assets | $12.8B | $14.0B | $14.5B | $16.5B | $18.0B | $19.4B | $21.7B | $23.7B |
| Total liabilities | $3.60B | $4.05B | $4.40B | $5.63B | $6.14B | $7.08B | $8.17B | $8.92B |
| Shareholders' equity | $9.25B | $9.99B | $10.1B | $10.9B | $11.9B | $12.4B | $13.5B | $14.8B |
| Cash flow | ||||||||
| Operating cash flow | $1.17B | $1.03B | $641.7M | $1.20B | $1.27B | $1.26B | $1.69B | $1.08B |
| Capital expenditure | $7.00M | $12.4M | $28.4M | $24.0M | $30.1M | $37.0M | $54.5M | $29.7M |
| Free cash flow | $1.17B | $1.02B | $613.3M | $1.18B | $1.24B | $1.22B | $1.64B | $1.05B |
| Share buybacks | $65.1M | $123.8M | $787.1M | $195.9M | $0 | $620.1M | $0 | $0 |
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'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.
| Measure | Arista Networks | Information 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 year | 39.0% | 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.
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
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.
| Fiscal year | Revenue (as reported in 10-K) | Reported as | Filed |
|---|---|---|---|
| 2021 | $2,948,037 thousand8 | Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenue, in thousands as filed | Feb 15, 2022 |
| 2022 | $4,381,310 thousand9 | Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenue, in thousands as filed | Feb 14, 2023 |
| 2023 | $5,860,168 thousand10 | Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenue, in thousands as filed | Feb 13, 2024 |
| 2024 | $7,003,146 thousand11 | Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenue, in thousands as filed | Feb 19, 2025 |
| 2025 | $9,005.7 million2 | Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenue, in millions as filed | Feb 17, 2026 |
| Name | Released | What 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 |
| Name | Released | What 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 |
| Name | Released | What 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 |
Figures last checked against the sources above on . General information, not investment advice.