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Arista Networks, Inc.ANET

Sector
Technology
Industry
Computer Communications Equipment
Exchange
NYSE

Stock Price $ANET

Latest filings

You are here#20 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q348-K80

ANET filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 80 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jul ’21Jul ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  14. $9.01B
YoY changeLargest recent move+48.6%in FY22Latest +28.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ANET Financial Metrics58 metrics

Income Statement16

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

Arista Networks, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Arista Networks defied heavy customer concentration risk—with just two tech titans driving 16% and 26% of its FY2025 revenue—by delivering a striking 35.1% year-over-year revenue acceleration to $2.71 billiona in Q1 2026. This top-line momentum cements a clear thesis: the company's proprietary Extensible Operating System and Ethernet switching hardware are capturing a critical, expanding share of the highly lucrative artificial intelligence infrastructure market.

The networking provider's secular growth trajectory is starkly visible over a multi-year horizon, as total revenue scaled rapidly from $2.95 billion in FY2021 to $9.01 billionb in FY2025. Throughout this expansion, operational discipline remained intact. The company maintained a 64.1% gross margin in FY2025, converting its sales momentum into $3.51 billion in net income, which represented a 23.1% jump from the prior year. By Q1 2026, Arista had amassed $12.4 billion in cash, cash equivalents, and marketable securities, providing ample liquidity to fund a $1.5 billion stock repurchase program without sacrificing strategic research investments.

At the close of FY2025, the market priced in this consistent financial execution. The stock closed at $131.03c, commanding a $164.6 billion market cap and trading at a 47.6x price-to-earnings multiple as investors bet on sustained data center and cloud networking demand.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Arista's product revenue surged 36.6% year-over-year to $2.31 billiond, while service revenue climbed 27.3% to $397.7 million. This core top-line strength drove a 163.7% expansion in operating cash flow, reaching $1.7 billion on robust deferred revenue growth. On the governance front, shareholders recently re-elected three Class III directors to serve until 2029 and ratified executive compensation.

Bears warn that gross margins compressed to 61.9% from 63.7% in the prior year due to heavy discounting for major cloud clients, combined with a 29.0% spike in research and development expenses. Bulls counter that these aggressive strategic investments solidify the company's AI networking dominance, justifying a premium valuation of 53.5x earnings at $147.06e per share as of May 6, 2026.

What to watch: gross margin stabilization amid large-customer discounting; continued monetization of the 'Centers of Data' networking strategy.

03—Filings

Recent SEC Filings

  1. 8-KArista Networks, Inc. 8-K Report, Financial Results (Aug 4, 2026)Arista Networks (ANET) reported second quarter 2026 results that marked its first quarter with revenue above $3 billion. Revenue was $3.036 billion, up 37.7% year-over-year and 12.1% sequentially. GAAP diluted EPS was $0.95 and non-GAAP diluted EPS was $1.02, up roughly 40% from $0.73 a year earlier. Profitability held firm: GAAP operating margin was 45.4% and non-GAAP operating margin was 49.9%, both modestly higher than a year ago. Non-GAAP gross margin, however, compressed to 63.4% from 65.6%, and GAAP gross margin fell to 62.9% from 65.2%, which is the most notable soft spot in the report. Balance sheet and cash generation were strong. Operating cash flow for the first six months was $2.78 billion versus $1.84 billion a year earlier. Cash plus marketable securities reached about $13.3 billion, up from $10.7 billion at year-end 2025, with no share repurchases during the first half, compared with $983 million in the prior-year period. Deferred revenue rose sharply to $6.87 billion total (current plus non-current), up from $5.37 billion at December 31, 2025, which points to strong forward visibility. Inventory and accounts receivable also grew, and other assets increased notably, which investors may want to monitor. For third quarter 2026, management guided to revenue of approximately $3.3 billion, a non-GAAP operating margin of 48% to 49%, and non-GAAP diluted EPS of $1.06 to $1.08. The guidance implies continued sequential growth but a slightly lower operating margin than Q2, consistent with the gross margin pressure seen this quarter. The company also highlighted new 1.6 Tbps AI fabric platforms and its Arista 2.0 platform strategy as drivers of future demand.
  2. 8-KArista Networks, Inc. 8-K Report, Shareholder Vote Results (Jun 2, 2026)Arista Networks, Inc. (ANET) filed an 8-K on June 2, 2026, detailing the results of its 2026 Annual Meeting of Stockholders held on May 29, 2026. The primary focus of the filing is the outcome of three key proposals voted on by shareholders. The report indicates strong support for the company's leadership and financial oversight. All three nominated Class III directors, Lewis Chew, Greg Lavender, and Mark B. Templeton, were elected to serve until the 2029 annual meeting, demonstrating continued confidence in the board's governance. Furthermore, shareholders provided an advisory "say-on-pay" approval for the compensation of named executive officers, signifying agreement with the company's executive compensation strategies. Finally, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was overwhelmingly ratified, underscoring shareholder trust in the company's financial reporting and audit process.
  3. 8-KArista Networks, Inc. 8-K Report, Financial Results (May 5, 2026)Arista Networks reported first quarter 2026 results on May 5, 2026, with revenue of $2.709 billion, up 35.1% year over year and up 8.9% sequentially from Q4 2025. GAAP diluted EPS was $0.80 and non-GAAP diluted EPS was $0.87, compared with $0.64 and $0.66 (recast) in Q1 2025. GAAP operating margin was 42.7% (versus 42.8% a year earlier) and non-GAAP operating margin was 47.8%, flat year over year despite strong top-line growth. Operating cash flow was $1.69 billion, more than double the $641.7 million generated in the prior-year quarter, driven largely by a $826 million increase in deferred revenue. The company guided Q2 2026 revenue to approximately $2.8 billion, non-GAAP operating margin to 46-47%, and non-GAAP diluted EPS to approximately $0.88. The implied guidance points to continued sequential growth but a modest step-down in non-GAAP operating margin from Q1's 47.8%, which investors will want to understand in terms of component costs, product mix, and supply chain dynamics. Management cited a dynamic macro and supply chain environment. Balance sheet strength improved meaningfully: cash and equivalents plus marketable securities rose to roughly $12.35 billion from about $10.74 billion at year-end 2025. Deferred revenue jumped to $6.20 billion in total (current plus non-current), and inventories rose to $2.38 billion. The company repurchased no stock in Q1 2026, compared with $787 million in Q1 2025. The company also announced the XPO high-density liquid-cooled pluggable optics platform, positioned for next-generation AI data centers.
  4. 8-KArista Networks, Inc. 8-K Report, Financial Results (Feb 12, 2026)Arista Networks reported fourth-quarter 2025 revenue of $2.488 billion, up 28.9% year over year and 7.8% sequentially, with non-GAAP operating margin of 47.5% and non-GAAP diluted EPS of $0.82. Full-year 2025 revenue reached $9.006 billion (+28.6%), GAAP net income was $3.511 billion ($2.75 per diluted share), and management highlighted crossing $1 billion of quarterly net income for the first time. Operating leverage was strong, though gross margins compressed sequentially: GAAP gross margin fell to 62.9% from 64.6% in Q3, and non-GAAP gross margin fell to 63.4% from 65.2%. The balance sheet and cash flow show a clear shift in business momentum. Current deferred revenue more than doubled to $4.0 billion from $1.7 billion, and operating cash flow rose to $4.37 billion for the year. Accounts receivable grew to $1.89 billion from $1.14 billion, and inventory rose to $2.25 billion, so investors should watch collections and working capital alongside the revenue growth. Arista also repurchased $1.6 billion of stock in 2025 (versus $424 million in 2024), spent $300 million on the VeloCloud SD-WAN acquisition, and ended the year with roughly $10.7 billion in cash and marketable securities. For Q1 2026, management guided to revenue of approximately $2.6 billion, non-GAAP gross margin of 62-63%, and non-GAAP operating margin of about 46%. The guide implies sequential margin pressure relative to Q4 2025. Investors should also note that Arista changed its methodology for the non-GAAP tax effect of stock-based awards effective Q4 2025, with prior periods recast. The filing also cites risks including tariffs and export controls, customer concentration, supply constraints, and reliance on a single merchant silicon vendor.
  5. 8-KArista Networks, Inc. 8-K Report, Financial Results (Nov 4, 2025)Arista Networks reported third-quarter 2025 revenue of $2.308 billion, up 27.5% year over year and 4.7% sequentially. GAAP diluted EPS was $0.67 and non-GAAP diluted EPS was $0.75, up 25% from $0.60 a year earlier. Operating leverage was strong: non-GAAP operating margin was 48.6%, down slightly from 49.1% a year ago, and GAAP operating income rose 24.6% to $978.2 million. Service revenue grew 38% year over year to $396.6 million, and product revenue grew 25% to $1.91 billion. Deferred revenue rose sharply to $3.52 billion in current liabilities (from $1.73 billion at year-end 2024), and total deferred revenue was about $4.69 billion, which suggests strong forward visibility into future revenue. The main investor concern is margin guidance. For Q4 2025, Arista expects revenue of $2.3-$2.4 billion (roughly flat to up about 4% sequentially), non-GAAP gross margin of 62-63% (versus 65.2% in Q3), and non-GAAP operating margin of 47-48%. The guided gross margin decline of roughly 220-320 basis points signals either mix shift, pricing pressure, or cost pressure, and management did not explain the drivers in this release. Balance sheet strength is solid, with cash and marketable securities of about $10.1 billion, $983 million of share repurchases year to date, and a $300 million cash acquisition. Inventory ($2.16 billion) and prepaid expenses and other current assets ($1.43 billion, up from $632 million) both grew significantly and merit monitoring.
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04—See also

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