Here are 1-3 brief analogies to describe Arista Networks:

• The Cisco of high-performance cloud networking.
• A modern, software-driven alternative to Cisco for data centers.

• Data Center Switches: High-performance Ethernet switches designed for cloud-scale data centers, enterprise data centers, and high-frequency trading environments.
• Campus Switches: Ethernet switches optimized for campus networks, providing secure and high-performance connectivity for enterprise users and devices.
• Routers: Routing platforms for various applications, including cloud peering, internet exchange, and enterprise WAN.
• Arista EOS (Extensible Operating System): The foundational network operating system that powers all Arista switching and routing platforms, known for its open architecture and programmability.
• Arista CloudVision: A network management and automation platform that provides a single point of control for the entire network, enabling automation, telemetry, and orchestration across data center, campus, and routing domains.

Major Customers of Arista Networks (ANET)

Arista Networks (ANET) primarily sells its networking equipment and software to other companies, operating on a business-to-business (B2B) model. Their solutions are crucial for building and managing modern data centers, cloud networks, and campus environments.

According to their financial disclosures, including their 2023 Annual Report on Form 10-K, Arista Networks has two particularly significant major customers:

• Microsoft Corporation (Symbol: MSFT)
• Meta Platforms, Inc. (Symbol: META)

These two hyperscale cloud providers consistently represent a substantial portion of Arista's total revenue, utilizing Arista's high-performance networking solutions for their extensive data center infrastructures (e.g., Microsoft Azure and Meta's various platforms like Facebook, Instagram, and WhatsApp).

• Broadcom (AVGO)
• Intel (INTC)
• Micron Technology (MU)

Jayshree Ullal, Chief Executive Officer and Chairperson

Jayshree Ullal has been the Founding CEO of Arista Networks since 2008 and currently serves as its Chairperson. She led the company to a successful IPO in June 2014. Prior to her time at Arista, Ullal spent over 15 years at Cisco, where she was Senior Vice President, overseeing a $10 billion business encompassing datacenter, switching, and services. She was also the Vice President of Marketing at Crescendo Communications, which was acquired by Cisco in 1993, marking Cisco's initial venture into the switching market. Her career began with roles at Fairchild Semiconductor and Advanced Micro Devices (AMD). She has also served on the boards of directors for Zscaler and Snowflake Inc.

Ita Brennan, Senior Vice President, Chief Financial Officer

Ita Brennan has held the position of Chief Financial Officer at Arista Networks since 2015. Before joining Arista, she served as CFO of QuantumScape Corporation from March 2014 to May 2015. Her experience also includes several key finance roles at Infinera Corporation, where she was CFO from July 2006 to February 2014. Earlier in her career, Brennan was the Vice President of Finance for worldwide operations at Maxtor Corporation, an information storage solutions company. She is a fellow of the Institute of Chartered Accountants. Brennan currently serves as a director on the boards of Cadence Design Systems Inc. and Planet Labs PBC.

Kenneth Duda, Co-Founder, Chief Technology Officer and Senior Vice President of Software Engineering

Kenneth Duda co-founded Arista Networks in 2004 and has served as its Chief Technology Officer and Senior Vice President of Software Engineering since September 2011. He is recognized as a pioneer in high-performance networking software and is the lead architect of Arista's EOS Network Data Lake (NetDL). Before Arista, Duda was the CTO at There.com, where he played a significant role in designing a real-time 3-D distributed system. He was also the first employee of Granite Systems and led software development efforts. Granite Systems was acquired by Cisco Systems in 1996 for $220 million. Duda holds three engineering degrees from MIT and a Ph.D. in Computer Science from Stanford University.

Anshul Sadana, Chief Customer Officer

Anshul Sadana joined Arista Networks in 2007 and is responsible for the company's cloud networking operations and global customer advocacy, including sales, market development, product definition, and customer support. Prior to his current role, he served as Senior Vice President of Customer Engineering and Vice President of Customer and Systems Engineering at Arista. Before joining Arista, Sadana was at Cisco, where he led software development for the Catalyst 4500 and 4900 product lines and managed strategic customer relationships. He holds an M.S. in Computer Science from the University of Illinois and an M.B.A. from the Wharton School of Business. He was also the Chief Operating Officer at Arista Networks from 2007 to 2024 and is now the Founder and CEO of Nexthop AI.

Andreas Bechtolsheim, Founder and Chief Architect

Andreas Bechtolsheim co-founded Arista Networks in 2004. He is also a co-founder of Sun Microsystems, established in 1982. Bechtolsheim founded Granite Systems, which was acquired by Cisco Systems in 1996.

1. Customer Concentration Risk: Arista Networks is heavily reliant on a limited number of hyperscale cloud customers, such as Microsoft and Meta Platforms, for a substantial portion of its revenue. A significant reduction in orders, a shift in vendor preference, or a slowdown in spending by any of these key clients could lead to a sharp decline in sales and operating leverage.
2. Intense Competition and Pricing Pressure: The networking equipment market in which Arista Networks operates is intensely competitive, with established players like Cisco, Juniper Networks, and Hewlett Packard Enterprise, as well as emerging white-box solutions. This competitive landscape can result in increased pricing pressure, which may lead to reduced profit margins, higher sales and marketing expenses, and a potential loss of market share. Industry consolidation further exacerbates this competitive environment.
3. Supply Chain Risks and Reliance on Sole/Limited Sources: Arista Networks depends on sole or limited sources for critical components, including merchant silicon chips, such as those from Broadcom. Any disruptions in the supply chain, extended lead times, or the inability of these key suppliers to innovate could delay product availability, increase production costs, and negatively impact customer relationships and the company's ability to bring new products to market.

The increasing adoption and capabilities of Data Processing Units (DPUs) and SmartNICs represent a clear emerging threat. As these server-side processors gain traction, they are increasingly able to offload and perform networking, security, and storage functions directly on the server, moving intelligence and functionality away from dedicated network switches. This architectural shift could potentially commoditize network hardware, reduce the demand for certain advanced features in standalone switches, and shift the locus of network control and value into the server infrastructure itself. If this trend accelerates and expands across more data center environments, it could diminish the role and market for traditional network equipment providers like Arista Networks.

Arista Networks (ANET) operates in several significant addressable markets for its cloud networking solutions, which include operating systems, networking applications, and Ethernet switching and routing platforms, alongside customer support services.

The company estimates its overall total addressable market (TAM) to be around $70 billion, with projections to exceed $100 billion in the coming years, primarily driven by the growth in artificial intelligence (AI) infrastructure.

Key addressable markets for Arista Networks' products and services include:

• Data Center Ethernet Switching: The worldwide data center Ethernet switch market is a major segment for Arista. In the first quarter of 2025, the data center portion of the Ethernet switch market saw revenues of $6.92 billion, representing a 54.7% year-over-year increase. The global data center switch market size is valued at approximately $17.93 billion in 2025 and is forecast to grow to $23.18 billion by 2031, with a compound annual growth rate (CAGR) of 8.39%. For the full year 2023, the Ethernet data center switch market generated over $19 billion in revenue globally.
• Campus Switching: This market covers Ethernet switches primarily used in enterprise campus and branch networks. The non-datacenter segment, which includes campus and edge, generated $4.78 billion in sales in the first quarter of 2025, showing a 9.5% increase year-over-year. Globally, the non-datacenter Ethernet switch market increased 9.6% year-over-year in Q1 2025. Arista Networks has a stated target of $750 million in revenue from its campus networking segment for the upcoming year.
• Routing: Arista Networks also participates in the routing market with its routing platforms. The worldwide enterprise and service provider router market reached $3.4 billion in revenue in the first quarter of 2025, marking a 5.9% increase year-over-year. The global routing market size was estimated at $15.1 billion in 2022 and is projected to reach $22.9 billion by 2027, growing at a CAGR of 8.6% from 2022-2027.

Arista Networks (ANET) Expected to Drive Future Revenue Growth Through AI, Cloud, Campus, and Software Expansion

Key Drivers of Future Revenue Growth:

Share Repurchases

• In May 2025, Arista Networks' Board of Directors authorized an additional stock repurchase program of up to $1.5 billion, with approximately $1.4 billion remaining available for repurchase as of Q3 2025.
• During Q1 2025, the company completed $787 million in stock repurchases, marking its highest quarterly or annual repurchase level in history.
• Prior to May 2024, Arista completed $2 billion in repurchases under previous stock repurchase programs, and in May 2024, an additional $1.2 billion program was authorized, set to expire in May 2027.

Share Issuance

• Arista Networks' shares outstanding saw a 0.99% increase to 1.281 billion in 2024 from 2023, and a 0.21% increase to 1.269 billion in 2023 from 2022.
• The company executed a four-for-one forward stock split of its common stock in December 2024 to make shares more accessible to a broader base of investors.

Outbound Investments

• In July 2025, Arista Networks acquired the VeloCloud SD-WAN portfolio from Broadcom for "well under a billion dollars".
• This acquisition was made to expand Arista's AI-driven campus and branch networking offerings, enhance cloud WAN capabilities, and strengthen enterprise WAN networks.

Capital Expenditures

• Arista Networks' capital expenditures for fiscal years ending December 2020 to 2024 averaged $34.655 million, peaking at $56.877 million in December 2021 and hitting a 5-year low of $12.593 million in December 2020.
• The company's capital expenditures for the latest twelve months were $30.92 million.
• There has been a continued investment in research and development to drive innovation and maintain a competitive edge.