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Sunday 1 November 2026
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Arista Networks, Inc.
ANET Technology Computer Hardware
Arista Networks, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 28.6% from fiscal 2024.
- Revenue
- +37.7%
- EPS
- +35.2%
- Free cash flow
- −10.4%
Quarter to June 2026, against a year earlier
168.86
15.36
−8.34%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,129 | 1,646 | 2,151 | 2,411 | 2,318 | 2,948 | 4,381 | 5,860 | 7,003 | 9,006 | 10,541 | +25.9% | 12,681 | 16,363 | 20,066 | +30.6% | |
| Gross margin, % | 64.04 | 64.50 | 63.84 | 64.06 | 63.94 | 63.80 | 61.07 | 61.95 | 64.13 | 64.06 | 63.00 | 0.0 pt | ||||||
| EBT | 242 | 475 | 289 | 862 | 739 | 931 | 1,582 | 2,422 | 3,265 | 4,250 | 4,990 | +37.5% | ||||||
| EBT margin, % | 21.45 | 28.84 | 13.42 | 35.77 | 31.88 | 31.58 | 36.10 | 41.33 | 46.62 | 47.19 | 47.34 | +25.7 pt | ||||||
| Net income | 184 | 423 | 328 | 860 | 635 | 841 | 1,352 | 2,087 | 2,852 | 3,511 | 4,045 | +38.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 1.03 | 1.42 | 1.80 | 1.97 | 1.91 | 2.40 | 3.57 | 4.74 | 5.57 | 7.16 | 8.37 | +24.1% | |||||
| Earnings | 0.17 | 0.37 | 0.27 | 0.70 | 0.52 | 0.69 | 1.10 | 1.69 | 2.27 | 2.79 | 3.21 | +36.7% | ||||||
| Cash flow | 0.16 | 0.55 | 0.42 | 0.79 | 0.60 | 0.83 | 0.40 | 1.64 | 2.95 | 3.48 | 4.21 | +40.9% | ||||||
| Capex | (0.02) | (0.01) | (0.02) | (0.01) | (0.01) | (0.05) | (0.04) | (0.03) | (0.03) | (0.09) | (0.12) | +19.2% | ||||||
| Free cash flow | 0.14 | 0.53 | 0.40 | 0.78 | 0.59 | 0.78 | 0.37 | 1.62 | 2.93 | 3.38 | 4.09 | +42.6% | ||||||
| Book value | 1.01 | 1.44 | 1.79 | 2.37 | 2.73 | 3.25 | 3.99 | 5.83 | 7.96 | 9.83 | 11.74 | +28.8% | ||||||
| Shares, m | 1,100 | 1,156 | 1,196 | 1,221 | 1,216 | 1,226 | 1,226 | 1,237 | 1,256 | 1,258 | 1,258 | +1.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 36.37 | 39.55 | 48.15 | 18.06 | 34.75 | 52.37 | 27.42 | 34.36 | 48.58 | 46.80 | 52.70 | 38.6 | |||||
| P/S | 5.92 | 10.14 | 7.32 | 6.44 | 9.53 | 14.95 | 8.46 | 12.22 | 19.83 | 18.30 | 20.22 | 11.3 | ||||||
| P/B | 6.03 | 10.05 | 7.35 | 5.36 | 6.65 | 11.08 | 7.58 | 9.92 | 13.89 | 13.32 | 14.41 | 9.1 | ||||||
| EV/Sales | 5.18 | 9.23 | 6.43 | 5.32 | 8.30 | 13.80 | 7.78 | 11.38 | 18.65 | 17.11 | 18.96 | 10.3 | ||||||
| EV/FCF | 39.62 | 24.87 | 29.17 | 13.62 | 26.93 | 43.02 | 76.91 | 33.42 | 35.57 | 36.29 | 38.81 | 35.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 174 | 632 | 503 | 963 | 735 | 1,016 | 493 | 2,034 | 3,708 | 4,372 | 5,307 | +43.0% | |||||
| Capex | (21) | (15) | (24) | (16) | (15) | (65) | (45) | (34) | (32) | (119) | (151) | +21.0% | ||||||
| Free cash flow | 153 | 616 | 479 | 947 | 720 | 951 | 448 | 2,000 | 3,676 | 4,252 | 5,155 | +44.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,067 | 1,737 | 2,108 | 2,875 | 3,069 | 3,703 | 4,257 | 6,481 | 9,179 | 11,011 | 13,345 | +29.6% | |||||
| Net debt | (828) | (1,498) | (1,921) | (2,724) | (2,873) | (3,408) | (3,024) | (5,008) | (8,303) | (10,743) | (13,343) | +32.9% | ||||||
| Shareholders’ equity | 1,108 | 1,662 | 2,143 | 2,895 | 3,320 | 3,979 | 4,886 | 7,219 | 9,995 | 12,371 | 14,798 | +30.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 12.67 | 20.16 | 11.83 | 23.65 | 14.22 | 16.06 | 21.62 | 24.95 | 23.77 | 20.97 | 20.10 | +8.3 pt | |||||
| ROIC | 54.41 | 179.18 | 76.72 | 295.69 | 97.74 | 101.35 | 51.26 | 63.81 | 108.81 | 148.08 | 195.39 | +93.7 pt | ||||||
| ROE | 19.30 | 30.50 | 17.24 | 34.12 | 20.42 | 23.04 | 30.51 | 34.49 | 33.14 | 31.40 | 31.48 | +12.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,500 | 1,800 | 2,300 | 2,300 | 2,613 | 2,993 | 3,612 | 4,023 | 4,412 | 5,115 | — | +14.6% | |||||
| Revenue/emp, $m | 0.75 | 0.91 | 0.94 | 1.05 | 0.89 | 0.98 | 1.21 | 1.46 | 1.59 | 1.76 | — | +9.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Product | 7,577 | 84.13% |
|---|---|---|
| Service | 1,429 | 15.87% |
| Gross margin | 64.06% | |
| Operating margin | 42.82% | |
| Pre-tax margin | 47.19% |
Arista Networks, Inc. vs peers in Computer Hardware (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DELL Dell Technologies Inc. | $302.3B | 24.3× | 17.5× | +57.75% (above 0%: growing) | +277.06% (above 0%: growing) | −47.22% (below 0%: shrinking) | 20.93% | 11.46% | Compare |
| ANET Arista Networks, Inc. | $232.3B | 52.7× | 44.3× | +37.69% (above 0%: growing) | +35.21% (above 0%: growing) | −10.44% (below 0%: shrinking) | 62.93% | 45.39% | |
| SNDK Sandisk Corporation | $192.2B | 14.8× | 5.2× | +371.59% (above 0%: growing) | n/m | +14,355.10% (above 0%: growing) | 84.57% | 78.49% | Compare |
| STX Seagate Technology Holdings PLC | $159.3B | 44.5× | 16.3× | +48.49% (above 0%: growing) | +150.00% (above 0%: growing) | +163.06% (above 0%: growing) | 52.30% | 42.96% | Compare |
| WDC Western Digital Corporation | $148.0B | 13.5× | 15.1× | +43.84% (above 0%: growing) | +1,070.51% (above 0%: growing) | +89.78% (above 0%: growing) | 54.12% | 41.71% | Compare |
| P Everpure, Inc. | $45.7B | 168× | 130× | +37.73% (above 0%: growing) | +57.14% (above 0%: growing) | −258.26% (below 0%: shrinking) | 68.42% | 5.33% | Compare |
| HPQ HP Inc. | $28.7B | 10.9× | 11.2× | +12.53% (above 0%: growing) | −11.11% (below 0%: shrinking) | +7.05% (above 0%: growing) | 18.79% | 5.69% | Compare |
| SMCI Super Micro Computer, Inc. | $22.6B | 9.2× | 7.2× | +93.16% (above 0%: growing) | +454.55% (above 0%: growing) | −12.95% (below 0%: shrinking) | 17.47% | 13.38% | Compare |
| IONQ IonQ, Inc. | $13.6B | — (loss-making) | — (loss-making) | +286.83% (above 0%: growing) | n/m | −110.77% (below 0%: shrinking) | 24.91% | (421.29%) | Compare |
| Median of peers | $96.9B | 14.8× | 15.1× | +53.12% | +213.53% | −2.95% | 38.61% | 12.42% |
From the latest earnings call
- Jayshree Ullal said Arista raised its 2026 revenue outlook to $12.6 billion as supply-chain conditions improved and the company expected broader product-sector fulfillment.
- Chantelle Breithaupt said Arista’s outlook reflected supply it was confident it could secure, while additional supply could create an opportunity to exceed the annual outlook.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
70.93%
Held by the ten largest
33.51%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 105.45m | 8.36% | +596.19k |
| BlackRock | 91.38m | 7.25% | −523.80k |
| State Street | 48.17m | 3.82% | +1.40m |
| Fidelity (FMR) | 47.35m | 3.75% | −4.96m |
| T. Rowe Price | 28.35m | 2.25% | −3.38m |
| Geode Capital Management | 27.51m | 2.18% | +276.47k |
| Morgan Stanley | 19.70m | 1.56% | +1.19m |
| Cresset Asset Management, LLC | 19.37m | 1.54% | −1.32m |
| Capital Group | 18.54m | 1.47% | +3.78m |
| UBS | 16.76m | 1.33% | +525.46k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 16 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.87m | 26.19m | 721.00 |
| 2024 | 8.95m | 62.20m | 608.00 |
| 2023 | 15.56m | 63.91m | 324.00 |
| 2022 | 10.74m | 3.17m | 167.00 |
| 2021 | 15.99m | 65.32m | 198.00 |
Ownership
Directors and executive officers, together
2.70%
The Bechtolsheim Family Trust
14.60%
BlackRock, Inc.
5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Arista Networks, Inc. (ANET) Latest News
29 Oct
28 Oct
26 Oct
23 Oct
22 Oct
21 Oct
20 Oct
19 Oct
ANET metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Arista Networks is a Santa Clara-based networking company founded in 2004. It sells the equipment and software that move data between computing systems in AI centers, cloud and enterprise data centers, offices and wide-area networks.
Its platform combines Ethernet switches and routing platforms with EOS, its network operating system; NetDL, its network data lake; and CloudVision, its management platform. In plain terms, the hardware connects servers, accelerators, storage and sites, while the software helps customers configure, monitor, automate and troubleshoot those networks. The company’s Core offerings cover AI, cloud and data-center networking; Cognitive Adjacencies cover campus networks and routing; and Cognitive Networks cover software and services.