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Arista Networks (ANET) stock

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NYSE: ANET NYSE Communications Equipment Next results ~November 3, 2026

B+ Fundamentals grade

Arista Networks supplies data-driven, client-to-cloud networking-as-a-service. Its platform is built on the Extensible Operating System (EOS), which runs on standard Linux, together with the Network Data Lake (NetDL) and the CloudVision management system. Hardware includes high-speed Ethernet switches and routers, the Etherlink portfolio of more than twenty products for AI workloads, 800G switches, Power-over-Ethernet leaf switches and Wi-Fi access points, plus the VeloCloud SD-WAN range and security tools such as Arista NDR.

Customers fall into three groups: Cloud and AI Titans, AI and Specialty Providers, and Enterprise, the last spanning financial services, government, media, healthcare, oil and gas, education and manufacturing. Arista sells through a direct sales force and channel partners, including distributors, resellers, systems integrators and OEMs, earning money from equipment, software and A-Care support services. In 2025 two customers each accounted for more than 10% of sales.

The portfolio is grouped into Core, Cognitive Adjacencies and Cognitive Networks. Manufacturing is outsourced to partners including Jabil, Sanmina and Foxconn in Malaysia, Vietnam and Mexico, with switching chips drawn largely from Broadcom. At the end of 2025 the company employed roughly 5,115 full-time staff worldwide.

Based on Arista Networks's 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$200

Cash-flow model

Base case. Range ~$160–$260 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $164.14, November 2, 2026

Arista Networks valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Arista Networks files

Where Arista Networks stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $10.5bn, up 32.6% on a year earlier, faster than 30.6% a quarter earlier. Free-cash-flow margin fell to 48.9% from 50.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $162 a share, against a share price of $180. At that price, our model says the market is pricing in about 22.1% a year of cash-flow growth for five years, slower than the 29.0% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Arista Networks's trailing-twelve-month revenue grew 32.6% year on year, with a free-cash-flow margin of 48.9%. Where it stands out: operating margin of 43.1% ranks 1 of 40 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$200 per share in the base case (~$160–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 48.9% is in the 92nd percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $164.14 is 23% below our value per share of $200.
  • Fast growth. Revenue grew 32.6% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • High operating margin. 43.1% of revenue is left as operating profit, against a median of 2.4% for communications equipment companies we cover.
  • Strong cash generation. 48.9% of revenue turned into free cash flow, against a median of 8.2% for communications equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $2.3bn.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • High earnings multiple. The shares trade at 52 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 55% and a beta of 2.3 against the S&P 500.
  • Insiders selling. 8 insiders sold $1,392M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.02 against an average estimate of $0.89: beat by 15.2%
Revenue
$3.04bn, up 37.7% on a year earlier
Share reaction
+6.7% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue $3.3bn (third quarter of 2026); non-GAAP operating margin 48% to 49% (third quarter of 2026)
Next report
November 3, 2026; average EPS estimate $1.08

Arista Networks' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week-7.4%
  • 1 month-20.8%
  • This year+25.3%
  • 1 year+4.1%
  • 5 years+411.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.5B
Operating margin
43.1%
Net margin
38.4%
EPS (TTM, diluted)
$3.17

Growth

Revenue growth
+32.6%
Change in growth rate
+2.0 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$5.2B
FCF margin
48.9%
Stock pay % of revenue
4.8%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Announcement
  4. Results
  5. Results
  6. Guidance
  7. Announcement
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Arista Networks valuation models and calculator

What the price is pricing in

The share price implies about 19.7% a year of cash-flow growth for five years.That is slower than the 29.0% a year revenue growth Arista Networks has delivered.

  • Priced in19.7%
  • Last 12 months32.6%
  • 3 years a year26.1%
  • 5 years a year29.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.87, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$200
Price used
$169.87close November 3, 2026
Implied change
▲ +19%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Arista Networks's free cash flow after stock-based pay with after-tax interest added back ($4.5B, FY2026 Q2 TTM), growing 34.4% and 23.4% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Arista Networks's free cash flow after stock-based pay ( $4.5B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Arista Networks as an operating company, with every model that fits that kind of business. Cost of equity 11.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.53 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$200 ~$160–$260 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$63 ~$45–$78 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$80 ~$64–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$70 ~$52–$97 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$39 ~$35–$44 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$39–$200 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arista Networks with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −2%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $62$81$105$138$180$234
8.5% $50$64$81$104$134$173
10% $43$53$67$84$107$137

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$4.87$6.05$14.72$13.17$12.71$18.16$35.94$30.34$58.88$110.53$131.03$164.14
Market value$5.6bn$7.1bn$18.6bn$17.0bn$16.5bn$23.1bn$45.9bn$38.4bn$74.7bn$141.6bn$167.2bn$209.4bn
+ Net debt (− = net cash)−$687m−$568m−$859m−$650m−$1.1bn−$893m−$621m−$672m−$1.9bn−$2.8bn−$2.0bn−$2.3bn
Enterprise value$4.9bn$6.5bn$17.7bn$16.4bn$15.3bn$22.2bn$45.3bn$37.7bn$72.7bn$138.8bn$165.2bn$207.1bn
Multiples
Price / sales 6.6x6.3x11.3x7.9x6.8x10.0x15.6x8.8x12.7x20.2x18.6x19.9x
Price / earnings 45.9x38.5x44.0x51.9x19.1x36.4x54.6x28.4x35.8x49.6x47.6x51.8x
Price / free cash flow 25.5x46.3x30.2x35.5x17.4x32.1x48.2x85.7x37.4x38.5x39.3x40.6x
EV / EBITDA 29.9x24.8x36.1x54.4x18.3x30.2x46.4x23.7x31.3x46.2x42.0x44.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard Arista Networks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.8% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 63.9%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 32.7%; its worst year was 9.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.5% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 4.9% over five years; stock-based pay has been a median 4.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $3.3bn and EPS of $1.08 (range $1.06 to $1.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.12 +38% $12.7bn +41%
Next $5.22 +27% $16.4bn +29%

Next year's EPS estimate has moved +16.9% in 90 days, across 29 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +13.2% on 90 days ago. In the last 30 days, 1 analyst raised Arista Networks's forecast and 0 cut it.

Consensus EPS forecast Arista Networks, last 90 days
$3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.64 Current fiscal year, 60 days ago: $4.11 Current fiscal year, 30 days ago: $4.11 Current fiscal year, 7 days ago: $4.12 Current fiscal year, Now: $4.12 $4.12 Next fiscal year, 90 days ago: $4.47 Next fiscal year, 60 days ago: $5.16 Next fiscal year, 30 days ago: $5.19 Next fiscal year, 7 days ago: $5.22 Next fiscal year, Now: $5.22 $5.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.64$4.47
60 days ago $4.11$5.16
30 days ago $4.11$5.19
7 days ago $4.12$5.22
Now $4.12$5.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.89 $1.02 +15.2%
Mar 2026 $0.81 $0.87 +7.7%
Dec 2025 $0.76 $0.82 +8.2%
Sept 2025 $0.71 $0.75 +5.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Revenue third quarter of 2026 about $3.3bn
    “Revenue of approximately $3.3 billion;” source
  • Non-GAAP diluted net income per share third quarter of 2026 $1.06 to $1.08 Non-GAAP
    “Non-GAAP diluted net income per share between $1.06 and $1.08.” source
  • Non-GAAP operating margin third quarter of 2026 48% to 49% Non-GAAP
    “Non-GAAP operating margin of 48 - 49%; and” source

How earlier guidance turned out

  • Revenue, second quarter of 2026 guided about $2.8bn Above range: $3.0357bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Arista Networks's revenue by +34.4% next year and +23.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+37.9%, weight 57%) , management guidance (+43.0%, weight 18%) and the company's own record (+20.0%, weight 24%) . How the weights are set.

Analyst recommendations

32 analysts, Oct 2026
Buy3197%
Hold13%
Sell00%

Monthly trend

  1. Oct 202672432
  2. Sep 202672432
  3. Aug 202682331
  4. Jul 202672230

Counts of recommendations published by analysts covering Arista Networks, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.2%
of tradable shares
Days to cover
2.29
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
17.2%
of shares
Employees
5,115
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.1%

$157.69 on October 31, 2025 to $164.14

ThenNowEffect
Revenue (last 12 months) $8.0bn $10.5bn +32.6%
Net margin 40.9% 38.4% −6.2%
P/E multiple 62.0x 51.8x −16.5%
Share count 1279m 1276m +0.3%

Biggest factor: revenue.

Last 3 years +209.0%

$53.12 on November 3, 2023 to $164.14

ThenNowEffect
Revenue (last 12 months) $5.3bn $10.5bn +100.3%
Net margin 32.5% 38.4% +18.1%
P/E multiple 39.3x 51.8x +31.9%
Share count 1263m 1276m −1.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ANET+98%−16%+94%+88%+19%+25%
Industry peers (median)+17%−18%−12%+23%+1%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ANET75%42%67%83%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ANET−17%−37%−22%−20%−50%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 52% from April 16, 2019 to March 16, 2020. Getting back needed a 109% gain, reached on May 20, 2021, 430 days after the low.

Price behaviour

52-week range
$116.13 – $216.74
From 52-week high
−24.3%
vs 50-day average
−15.7%
vs 200-day average
−0.7%
Volatility (1 year)
55%
Beta vs S&P 500
2.30

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.8%
After a week
6 up, 6 down
typical move ±11.1%
After a month
7 up, 5 down
typical move ±9.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +6.7% +1.6% +7.0% +0.7%
May 5, 2026 −14.8% +2.2% −17.4% −3.8%
February 12, 2026 +0.7% −1.5% −5.6% −3.8%
November 4, 2025 −10.9% −0.8% −14.4% −18.4%
August 5, 2025 +15.3% +0.3% +17.4% +17.3%
May 6, 2025 −4.3% −0.4% +7.6% +5.3%
February 18, 2025 −2.8% +0.5% −13.1% −21.0%
November 7, 2024 −5.4% +1.2% −8.8% +0.1%
July 30, 2024 +8.1% +1.1% +0.9% +6.4%
May 7, 2024 +4.6% +0.1% +12.5% +6.4%
February 12, 2024 −6.0% −1.4% −8.1% −0.6%
October 30, 2023 +13.7% +1.8% +20.8% +24.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Arista Networks’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.23× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

ANET Arista Networks Grade B+ $164.28

Sell the $150 put expiring December 4, 2026 (32 days) for $5.50 a share — $550 per contract.

Previous session · Bid $5.50, ask $6.90, quoted Mon 2 Nov, 17:14 New York time with ANET at $164.28. Option prices move with the shares: check the live chain at your broker before trading.

  • If ANET ends above $150: you keep the $550 — 3.7% on the $15,000 set aside, or 41.8% a year at that pace.
  • If it ends below $150: you buy 100 shares at an effective $144.5, 12% below today's price and 28% below our value of ~$200.
$550 $0 −$2.9k Break-even $144.5 Price $164.28 Our value ~$200 →
Profit or loss per contract at expiry, by share price.
Premium
$550
Annualised
41.8%
Break-even
$144.5
Max gain
$550
Chance of buying
~28%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

ANET Arista Networks Grade B+ $164.28

Own 100 shares, sell the $200 call expiring December 18, 2026 (46 days) for $3.10 a share — $310 per contract.

Previous session · Bid $3.10, ask $3.50, quoted Mon 2 Nov, 17:14 New York time with ANET at $164.28. Option prices move with the shares: check the live chain at your broker before trading.

  • If ANET ends below $200: you keep your shares and the $310 — 1.9% extra on the position, 15.0% a year at that pace.
  • If it ends above $200: your shares are sold at $200, a total return of 23.6% including the premium — at or above our value of ~$200.
$3.9k $0 −$3.2k Break-even $161.18 Price $164.28 Our value $200
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$310
Annualised
15.0%
Break-even
$161.18
Max gain
$3,882
Chance of selling
~20%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Arista Networks in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arista Networks
$4B $6B $8B $10B $12B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.6B Revenue (TTM), FY23 Q4: $5.9B Revenue (TTM), FY24 Q1: $6.1B Revenue (TTM), FY24 Q2: $6.3B Revenue (TTM), FY24 Q3: $6.6B Revenue (TTM), FY24 Q4: $7B Revenue (TTM), FY25 Q1: $7.4B Revenue (TTM), FY25 Q2: $8B Revenue (TTM), FY25 Q3: $8.4B Revenue (TTM), FY25 Q4: $9B Revenue (TTM), FY26 Q1: $9.7B Revenue (TTM), FY26 Q2: $10.5B $10.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.6B
FY23 Q4 $5.9B
FY24 Q1 $6.1B
FY24 Q2 $6.3B
FY24 Q3 $6.6B
FY24 Q4 $7B
FY25 Q1 $7.4B
FY25 Q2 $8B
FY25 Q3 $8.4B
FY25 Q4 $9B
FY26 Q1 $9.7B
FY26 Q2 $10.5B
Revenue growth, TTM YoY Arista Networks
10% 20% 30% 40% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 42.4% Revenue growth, TTM YoY, FY23 Q4: 33.8% Revenue growth, TTM YoY, FY24 Q1: 25.2% Revenue growth, TTM YoY, FY24 Q2: 19.9% Revenue growth, TTM YoY, FY24 Q3: 18.2% Revenue growth, TTM YoY, FY24 Q4: 19.5% Revenue growth, TTM YoY, FY25 Q1: 22.3% Revenue growth, TTM YoY, FY25 Q2: 26.0% Revenue growth, TTM YoY, FY25 Q3: 27.7% Revenue growth, TTM YoY, FY25 Q4: 28.6% Revenue growth, TTM YoY, FY26 Q1: 30.6% Revenue growth, TTM YoY, FY26 Q2: 32.6% 32.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 42.4%
FY23 Q4 33.8%
FY24 Q1 25.2%
FY24 Q2 19.9%
FY24 Q3 18.2%
FY24 Q4 19.5%
FY25 Q1 22.3%
FY25 Q2 26.0%
FY25 Q3 27.7%
FY25 Q4 28.6%
FY26 Q1 30.6%
FY26 Q2 32.6%
Operating margin (TTM) Arista Networks
36% 38% 40% 42% 44% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 37.3% Operating margin (TTM), FY23 Q4: 38.5% Operating margin (TTM), FY24 Q1: 40.0% Operating margin (TTM), FY24 Q2: 41.2% Operating margin (TTM), FY24 Q3: 42.1% Operating margin (TTM), FY24 Q4: 42.0% Operating margin (TTM), FY25 Q1: 42.3% Operating margin (TTM), FY25 Q2: 43.1% Operating margin (TTM), FY25 Q3: 42.9% Operating margin (TTM), FY25 Q4: 42.8% Operating margin (TTM), FY26 Q1: 42.8% Operating margin (TTM), FY26 Q2: 43.1% 43.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 37.3%
FY23 Q4 38.5%
FY24 Q1 40.0%
FY24 Q2 41.2%
FY24 Q3 42.1%
FY24 Q4 42.0%
FY25 Q1 42.3%
FY25 Q2 43.1%
FY25 Q3 42.9%
FY25 Q4 42.8%
FY26 Q1 42.8%
FY26 Q2 43.1%
FCF margin (TTM) Arista Networks
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 27.0% FCF margin (TTM), FY23 Q4: 34.1% FCF margin (TTM), FY24 Q1: 35.1% FCF margin (TTM), FY24 Q2: 42.8% FCF margin (TTM), FY24 Q3: 48.1% FCF margin (TTM), FY24 Q4: 52.5% FCF margin (TTM), FY25 Q1: 50.9% FCF margin (TTM), FY25 Q2: 50.0% FCF margin (TTM), FY25 Q3: 47.9% FCF margin (TTM), FY25 Q4: 47.2% FCF margin (TTM), FY26 Q1: 54.4% FCF margin (TTM), FY26 Q2: 48.9% 48.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 27.0%
FY23 Q4 34.1%
FY24 Q1 35.1%
FY24 Q2 42.8%
FY24 Q3 48.1%
FY24 Q4 52.5%
FY25 Q1 50.9%
FY25 Q2 50.0%
FY25 Q3 47.9%
FY25 Q4 47.2%
FY26 Q1 54.4%
FY26 Q2 48.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Arista Networks took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $9B
  2. Other income $394M · 4.4%
  3. Cost of revenue $3.2B · 35.9%
  4. Gross profit $5.8B · 64.1%
  5. Research and development $1.2B · 13.7%
  6. Selling, general and admin $675M · 7.5%
  7. Operating income $3.9B · 42.8%
  8. Income tax $738M · 8.2%
  9. Net income $3.5B · 39.0%

Shares of revenue. Source: Arista Networks's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.2 0.4 0.6 0.8 1.1 1.6 2.2 2.4 2.3 2.9 4.4 5.9 7.0 9.0 10.5
Gross profit 0.1 0.2 0.4 0.5 0.7 1.1 1.4 1.5 1.5 1.9 2.7 3.6 4.5 5.8 6.6
EBITDA 0.0 0.1 0.1 0.2 0.3 0.5 0.3 0.8 0.7 1.0 1.6 2.3 3.0 3.9 4.6
Operating income 0.0 0.1 0.1 0.1 0.2 0.5 0.3 0.8 0.7 0.9 1.5 2.3 2.9 3.9 4.5
Net income 0.0 0.0 0.1 0.1 0.2 0.4 0.3 0.9 0.6 0.8 1.4 2.1 2.9 3.5 4.0
Diluted EPS $0.02 $0.04 $0.08 $0.10 $0.16 $0.33 $0.25 $0.67 $0.50 $0.66 $1.07 $1.65 $2.23 $2.75 $3.17
Growth (year on year)
Revenue — +86.8% +61.7% +43.4% +34.8% +45.8% +30.7% +12.1% −3.9% +27.2% +48.6% +33.8% +19.5% +28.6% +32.6%
EBITDA — +70.8% +90.4% +20.2% +61.5% +86.5% −38.7% +178.6% −12.4% +32.7% +63.0% +46.4% +29.2% +30.7% +33.1%
Operating income — +65.8% +89.7% +19.0% +63.0% +93.2% −41.9% +194.8% −13.2% +32.2% +65.1% +47.8% +30.4% +31.0% +32.6%
Net income — +98.9% +104.5% +39.4% +52.1% +129.8% −22.5% +162.1% −26.2% +32.5% +60.8% +54.3% +36.6% +23.1% +24.4%
Diluted EPS — +84.6% +79.2% +29.5% +49.7% +114.0% −24.1% +162.1% −24.8% +31.5% +62.7% +54.2% +35.2% +23.3% +24.7%
Margins
Gross margin 68.3% 66.0% 67.1% 64.9% 64.0% 64.5% 63.8% 64.1% 63.9% 63.8% 61.1% 61.9% 64.1% 64.1% 63.0%
EBITDA margin 21.5% 19.7% 23.2% 19.5% 23.3% 29.8% 14.0% 34.8% 31.7% 33.1% 36.3% 39.7% 42.9% 43.6% 43.9%
Operating margin 20.6% 18.3% 21.5% 17.8% 21.6% 28.6% 12.7% 33.4% 30.2% 31.4% 34.9% 38.5% 42.0% 42.8% 43.1%
Net margin 11.0% 11.8% 14.9% 14.5% 16.3% 25.7% 15.3% 35.7% 27.4% 28.5% 30.9% 35.6% 40.7% 39.0% 38.4%
Free-cash-flow margin 11.9% 4.0% 20.3% 26.0% 13.5% 37.4% 22.3% 39.3% 31.1% 32.3% 10.2% 34.1% 52.5% 47.2% 48.9%
Cash flow
Cash from operations 0.0 0.0 0.1 0.2 0.2 0.6 0.5 1.0 0.7 1.0 0.5 2.0 3.7 4.4 5.3
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.2
Free cash flow 0.0 0.0 0.1 0.2 0.2 0.6 0.5 0.9 0.7 1.0 0.4 2.0 3.7 4.3 5.2
Stock-based pay 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.5
Free cash flow after stock pay 0.0 0.0 0.1 0.2 0.1 0.5 0.4 0.8 0.6 0.8 0.2 1.7 3.3 3.8 4.7
Balance sheet
Cash 0.1 0.1 0.2 0.7 0.6 0.9 0.6 1.1 0.9 0.6 0.7 1.9 2.8 2.0 2.3
Total debt 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −0.1 −0.0 −0.2 −0.7 −0.6 −0.9 −0.6 −1.1 −0.9 −0.6 −0.7 −1.9 −2.8 −2.0 −2.3
Diluted shares 398m 481m 873m 1,143m 1,172m 1,264m 1,294m 1,294m 1,271m 1,277m 1,266m 1,269m 1,281m 1,276m 1,276m
Returned to shareholders
Buybacks — — — — — 0.0 0.0 0.3 0.4 0.4 0.7 0.1 0.4 1.6 0.6
Total returned — — — — — 0.0 0.0 0.3 0.4 0.4 0.7 0.1 0.4 1.6 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $23.7bn
Short-term assets $20.2bnLonger-term assets $3.6bn
What it owes, and who funded it · $23.7bn
Short-term liabilities $6.8bnLonger-term liabilities $2.1bnShareholders' equity $14.8bn
  • Short-term assets cover short-term liabilities $20.2bn of assets due within a year against $6.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $20.2bn short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Arista Networks's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$620M
Returned to shareholders
12%
of free cash flow
Buybacks, last 3 fiscal years
$2.1B
Diluted share count
−0.3%
year over year
Total shareholder yield
0.3%
dividends 0.0% + buybacks 0.3% of market value
R&D spending
13.0%
of revenue
Days sales outstanding
78 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated ANET MSI CIEN VSAT ERIC FFIV Median
Revenue, last 12 months $10.5bn $12.2bn $6.0bn $4.6bn $24.2bn $3.3bn $324m
Revenue growth, last 12 months 32.6% 10.3% 32.6% 1.3% 3.2% 9.4% 11.0%
Revenue growth, 3-year average 26.1% 8.2% 12.5% 18.8% — 5.7% 4.1%
Revenue growth, latest quarter 37.7% 13.3% 37.0% −1.2% — 10.9% 12.9%
Gross margin 63.0% 52.0% 44.1% — 47.6% 81.9% 43.7%
Operating margin 43.1% 24.9% 12.3% 2.4% 16.3% 24.5% 2.2%
Operating margin, 3-year average 42.5% 24.8% 7.5% −5.7% 4.4% 24.1% −1.4%
Net margin 38.4% 17.4% 10.9% −0.6% 12.0% 22.0% −0.0%
Cash from operations / revenue 50.3% 24.3% 17.5% 34.4% 13.9% 31.7% 9.9%
Free-cash-flow margin 48.9% 21.9% 13.5% 12.5% 12.8% 29.3% 7.7%
Free-cash-flow margin, 3-year average 47.2% 21.7% 11.3% 2.2% 10.3% 28.6% 2.2%
Stock pay / revenue 4.8% 2.9% 3.5% 2.1% — 7.6% 3.9%
Change in share count −0.3% −1.8% 0.1% 4.9% 0.1% −1.7% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 32.6% 11.3% 8 of 40
Change in growth rate Growth +2.0pp +2.0pp 19 of 40
Gross margin Profitability 63.0% 44.1% 11 of 36
Operating margin Profitability 43.1% 2.4% 1 of 40
Net margin Profitability 38.4% 0.6% 2 of 40
Free-cash-flow margin Cash generation 48.9% 8.2% 1 of 38
Stock pay as % of revenue Cash generation 4.8% 3.9% 21 of 37
Change in share count Balance sheet -0.3% 1.6% 9 of 36
Days sales outstanding Balance sheet 78 days 75 days 20 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $7.6B 84.1% ▲ 28.8%
Services $1.4B 15.9% ▲ 27.7%
Geography
Region Revenue YoY
Americas $7.1B ▲ 24.3%
United States $7.1B ▲ 24.7%
EMEA $1.1B ▲ 50.1%
Asia Pacific $813M ▲ 45.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Arista Networks's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$153B
Institutions reporting
2,235
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
337 / 119

Top buyers and sellers, Q2 2026: 1,286 institutions bought and 849 sold ; the biggest buyer was Capital World Investors (+3.7M shares) and the biggest seller Price T Rowe Associates Inc (−6.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $15.5B 91.4M 10.2% ▼ 0.6%
Vanguard Capital Management LLC $11.7B 68.7M 7.6% ▲ 0.6%
State Street Corp $8.2B 48.2M 5.4% ▲ 3.0%
FMR LLC $8B 47.3M 5.3% ▼ 9.5%
Geode Capital Management, LLC $4.7B 27.5M 3.1% ▲ 1.0%
Vanguard Portfolio Management LLC $4.4B 25.8M 2.9% ▼ 0.1%
Price T Rowe Associates Inc $3.9B 23.2M 2.6% ▼ 20.8%
Morgan Stanley $3.3B 19.7M 2.2% ▲ 6.4%
Cresset Asset Management, LLC $3.3B 19.4M 2.2% ▼ 6.4%
Capital Research Global Investors $2.2B 13.2M 1.5% ▼ 10.8%
Ameriprise Financial Inc $2.2B 12.8M 1.4% ▲ 27.6%
Norges Bank $2.1B 12.2M 1.4% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Arista Networks's complete shareholder register. Values are as reported by the filers ; 10 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.4B 538 trades by 8 insiders · 100% under pre-set plans
Net ▼ $1.4B net selling
Insider Date Trade Shares Price Value
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 116 $182.79 $21,204
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 3,446 $181.78 $626,419
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 3,742 $180.93 $677,039
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 2,041 $180.12 $367,625
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 281 $179.02 $50,304
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 374 $177.91 $66,539
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 185 $182.79 $33,817
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 5,514 $181.78 $1M
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 5,988 $180.93 $1.1M
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 3,265 $180.12 $588,091
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 449 $179.02 $80,379
Duda Kenneth President and CTO October 20, 2026 Sell pre-set plan 599 $177.91 $106,569

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 49 trades and filings

In the last 12 months, 2 members of Congress disclosed 3 purchases and 2 sales of Arista Networks shares.

  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 25, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 30, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 12, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Arista Networks was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Arista Networks in brief

What does Arista Networks do?
Arista Networks is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Arista Networks's stock ticker?
Arista Networks trades under the ticker ANET on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arista Networks's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arista Networks reported revenue of $10.5B, 32.6% higher than a year earlier, according to its SEC filings.
What is Arista Networks's free cash flow?
Arista Networks's free-cash-flow margin is 48.9% of revenue over the trailing twelve months, ranking 1 of the 38 communications equipment companies we cover.
What is Arista Networks's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Arista Networks's free cash flow after stock-based pay gives ~$200 per share in the base case, and ~$160–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Arista Networks's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Arista Networks buying back stock, and does it pay a dividend?
Arista Networks spent $620M on share repurchases over the trailing twelve months, and its diluted share count fell 0.3% over the year.
What is Arista Networks's market cap?
On November 2, 2026, Arista Networks's market capitalisation was about $209B, with a price-to-earnings ratio of 51.8 and net debt of -$2.3B. Market figures come from third-party market data and may be delayed.
Who are Arista Networks's competitors?
In our Communications Equipment peer group, the companies closest to Arista Networks are Motorola Solutions, Ciena, Viasat Inc, Ericsson LM Telephone Co and F5, Inc. The side-by-side comparison below sets their revenue, margins and growth against Arista Networks's.
Are insiders buying or selling Arista Networks stock?
Over the last 12 months, Arista Networks's directors and officers reported 0 open-market purchases and 538 sales on Form 4. The insider trading page charts every trade.
When is Arista Networks's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arista Networks announces its own schedule.