What it does
The company states that its network-as-a-service platform connects AI Centers, Data Centers, Campus Centers and WAN Centers. Its platform is anchored by its Extensible Operating System (EOS) and Network Data Lake (NetDL). The filing describes offerings across Core networking for AI, cloud and data centers; Cognitive Adjacencies for campus and routing; and Cognitive Networks software and services. It also describes CloudVision for network operations and management, Arista AVA for decision support, security offerings aligned with zero-trust architectures, and A-Care support services.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it markets and sells products through its direct sales force and channel partners, including distributors, value-added resellers, systems integrators and OEM partners. It also partners with technology companies to sell its products. The filing describes sales of networking platforms and related software, services and support offerings. Channel partners generally receive an end-customer order before ordering from Arista, and the company verifies the end customer’s identity before accepting those orders. Its support offerings include product-replacement service options, bug fixes, new-feature releases and online case management.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing groups its global customer base into Cloud and AI Titans, AI and Specialty Providers, and Enterprise customers. It identifies large cloud customers, other internet and service providers, specialty and AI Neoclouds, and enterprise customers including financial services organizations and government agencies. It also lists enterprise activity across media and entertainment, healthcare, oil and gas, education, manufacturing and industrial sectors. Two customers each accounted for more than 10% of 2025 sales: their sales represented 26% and 16% of total revenue, respectively. Sales teams are assigned by geographical territory, major direct accounts or vertical market.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that its markets are highly competitive and names Cisco as the historical leader in data-center and campus networking. It lists Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia and white-box networking vendors as other competitors. For AI back-end networking clusters, the filing says Ethernet competes with InfiniBand and NVLink interconnects. It names Cisco, Darktrace and ExtraHop in network detection and response, and Cisco, Gigamon, Keysight and Netscout in network packet brokers. The filing also identifies new entrants, technology partners and customers that may develop or acquire competing offerings.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing highlights these risks:
- Some key components come from sole or limited sources of supply, increasing the risk of supply shortages, extended lead times or supply changes.
- Large purchases by a limited number of customers represent a substantial portion of revenue.
- Escalated U.S. tariffs, countermeasures and retaliatory actions by other countries may negatively affect global economic conditions, financial markets and the business.
- Adverse or uncertain economic conditions, or reduced IT and network-infrastructure spending, may adversely affect the business.
- The company faces intense competition and industry consolidation.
- Product quality problems, defects, errors or vulnerabilities could harm the business.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company employed approximately 5,115 full-time employees worldwide. The filing states that none of its employees are represented by unions and that it also uses part-time employees and contractors, which do not represent a material portion of its workforce. It subcontracts manufacturing of most products to contract manufacturers, principally Jabil Inc., Sanmina Corporation and Foxconn Hon Hai, with manufacturing in Malaysia, Vietnam, Mexico and other countries. Products are shipped to fulfillment facilities in the United States, the Netherlands and Singapore; the company states that it has four direct fulfillment facilities worldwide.
Source: Arista Networks, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov