Arista Networks (ANET)

Market Price (8/7/2026): $192.95 | Market Cap: $243.1 BilInvestor Relations Sector: Information Technology | Industry: Communications Equipment

Arista Networks (ANET)

Market Price (8/7/2026): $192.95
Market Cap: $243.1 Bil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 5.3 Bil, FCF LTM is 5.2 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.0 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more.

Trading close to highs
Dist 52W High is -2.5%, Dist 3Y High is -2.5%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%

Key risks
ANET key risks include [1] a heavy reliance on a few major cloud customers like Microsoft and Meta and [2] a dependence on sole or limited-source suppliers for critical components such as merchant silicon.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 5.3 Bil, FCF LTM is 5.2 Bil
3	Stock buyback support Stock Buyback 3Y Total is 2.0 Bil
4	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more.
5	Trading close to highs Dist 52W High is -2.5%, Dist 3Y High is -2.5%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%
7	Key risks ANET key risks include [1] a heavy reliance on a few major cloud customers like Microsoft and Meta and [2] a dependence on sole or limited-source suppliers for critical components such as merchant silicon.

ANET in ETFs

Weight = ANET's share of each fund

SPY0.29%

VOO0.27%

IVV0.28%

VTI0.26%

ITOT0.26%

IWB0.26%

RSP0.23%

VUG0.52%

+27 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	8/7/26	2025	2024	2023	2022
Share Price			$192.95	$131.03	$110.53	$58.88	$30.34
Mkt Cap ($ Bil)			243.1	164.8	139.3	73.4	37.2
+ Debt ($ Bil)			0.0	0.0	0.0	0.0	0.0
- Cash ($ Bil)			13.3	10.7	8.3	5.0	3.0
TEV ($ Bil)			229.8	164.8	139.3	73.4	37.2
Valuation Ratios
P/S	16.9	20.9	23.1	18.3	19.9	12.5	8.5
P/EBIT	26.9	33.4	53.5	42.7	47.3	32.5	24.3
P/E	42.3	52.3	60.1	46.9	48.8	35.2	27.5
P/FCF	—	—	47.2	38.8	37.9	36.7	82.9
Sector Ratios (* = sector average)
P/S *			3.5	3.2	3.3	3.0	2.6
P/EBIT *			4.1	3.6	0.6	-0.2	-0.1
P/E *			0.4	-0.0	-0.2	-0.3	-0.4
P/FCF *			10.9	12.2	13.6	13.8	7.2

FYE: 12/31	Forward FYE		Now
	2027	2026	8/7/26
Share Price			$192.95
Mkt Cap ($ Bil)			243.1
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			13.3
TEV ($ Bil)			229.8
Valuation Ratios
P/S	16.9	20.9	23.1
P/EBIT	26.9	33.4	53.5
P/E	42.3	52.3	60.1
P/FCF	—	—	47.2
Sector Ratios (* = sector average)
P/S *			3.5
P/EBIT *			4.1
P/E *			0.4
P/FCF *			10.9

FYE: 12/31	ANET [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$10.5 Bil	—
FY 2026 Sales	$11.6 Bil	—
FY 2027 Sales	$14.4 Bil	—
FY 2026 Sales Growth	10.2%	—
FY 2027 Sales Growth	23.9%	13.0%
EARNINGS
LTM Net Income (GAAP) [3]	$4.0 Bil	—
FY 2026 Net Income (Non-GAAP)	$4.6 Bil	—
FY 2027 Net Income (Non-GAAP)	$5.7 Bil	—
FY 2027 Net Income Growth	23.6%	19.0%
FY 2026 EPS (Non-GAAP)	$3.64	—
FY 2027 EPS (Non-GAAP)	$4.47	—
FY 2027 EPS Growth	22.8%	—
VALUATION
FY 2026 P/S	20.9	1.7
FY 2027 P/S	16.9	—
FY 2026 P/E	52.3	8.1
FY 2027 P/E	42.3	—

[1] ANET forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	ANET	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	10.5
Rev Chg Q	37.7%	9.3%
Rev Chg LTM	32.6%	7.9%
Rev Chg 3Y Avg	26.2%	5.8%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	4.5
CFO LTM ($ Bil)	5.3
Net Inc LTM ($ Bil)	4.0
Op Mgn LTM	43.1%	18.5%
CFO/Rev LTM	50.3%	21.8%
Net Inc Mgn	38.4%	13.0%
VALUATION	VERY HIGH
P/S	23.1	3.3
P/CFO	45.8	15.7
P/FCF	47.2	20.3
P/E	60.1	24.1
STABILITY	VERY GOOD
Debt/Equity	0.00	0.19
Cash/Assets	0.56	0.07

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Metric	Value	Date	Source
Revenue from Cloud and AI Titans	48%	12312024	Link
Revenue from Enterprise Customers	35%	12312024	Link
Revenue from Service Providers	17%	12312024	Link
Revenue from Microsoft	20%	12312024	Link
Revenue from Meta Platforms	15%	12312024	Link
Number of Customers	10000ziger	2182025	Link
Number of 400-gig Customers	1000iger	12312024	Link
Software and Services Revenue Percentage	18.7%	9302025	Link

Price Chart

Upcoming
11/03/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $0.89 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 8/4/2026

Arista Networks (ANET) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings Beat: Arista Networks reported robust financial results for its fiscal second quarter ended June 30, 2026, with revenue reaching $3.036 billion. This represented a 37.7% increase year-over-year and significantly exceeded the consensus analyst estimate of $2.82 billion. The company also achieved non-GAAP diluted earnings per share (EPS) of $1.02, a 40% year-over-year rise, surpassing analysts' projections of $0.89. This performance marked Arista's first quarter ever to exceed $3 billion in revenue.

2. Strong Raised Full-Year and Fiscal Q3 2026 Guidance: Following its impressive Q2 2026 results, Arista Networks raised its fiscal year 2026 revenue outlook to approximately $12.6 billion, implying a 40% annual growth and an increase of $1.1 billion from its previous guidance. The company also provided optimistic guidance for fiscal Q3 2026, forecasting revenue of approximately $3.3 billion, which surpassed the Street's estimate of $2.94 billion, and projected adjusted EPS between $1.06 and $1.08, well above the $0.91 consensus.

3. Surging Demand and Innovation in AI Networking: A significant catalyst for the stock's positive trend was the "voracious AI networking demand." Arista introduced advanced 1.6 Tbps AI fabric platforms, including liquid-cooled options, specifically optimized for AI networks. The company reported a substantial increase in its Etherlink AI fabric customer base, now exceeding 100, up from just 4-5 customers at the start of 2024. Arista is targeting at least $3.5 billion in AI Fabrics revenue for fiscal year 2026.

4. Improved Supply Chain Conditions and Strategic Sourcing: Arista Networks demonstrated tangible progress in mitigating supply chain challenges, which has been critical in meeting heightened demand. The company tripled its multi-year purchase commitments to $9.7 billion from $3.6 billion a year prior. Furthermore, Arista successfully secured memory supply for fiscal 2026 with extended visibility into fiscal 2027 and established a dedicated liquid-cooling supply chain for next-generation AI systems.

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Stock Movement Drivers

Fundamental Drivers

The 11.4% change in ANET stock from 4/30/2026 to 8/6/2026 was primarily driven by a 17.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302026	8062026	Change
Stock Price ($)	172.71	192.32	11.4%
Change Contribution By:
Total Revenues ($ Mil)	9,006	10,541	17.0%
Net Income Margin (%)	39.0%	38.4%	-1.6%
P/E Multiple	61.9	59.9	-3.1%
Shares Outstanding (Mil)	1,258	1,260	-0.2%
Cumulative Contribution			11.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/6/2026

	Return	Correlation
ANET	11.4%
Market (SPY)	6.9%	43.6%
Sector (XLK)	16.2%	55.9%

Fundamental Drivers

The 35.7% change in ANET stock from 1/31/2026 to 8/6/2026 was primarily driven by a 24.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312026	8062026	Change
Stock Price ($)	141.74	192.32	35.7%
Change Contribution By:
Total Revenues ($ Mil)	8,448	10,541	24.8%
Net Income Margin (%)	39.7%	38.4%	-3.4%
P/E Multiple	53.1	59.9	12.8%
Shares Outstanding (Mil)	1,258	1,260	-0.2%
Cumulative Contribution			35.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/6/2026

	Return	Correlation
ANET	35.7%
Market (SPY)	11.4%	53.3%
Sector (XLK)	29.0%	62.6%

Fundamental Drivers

The 56.1% change in ANET stock from 7/31/2025 to 8/6/2026 was primarily driven by a 41.7% change in the company's Total Revenues ($ Mil).

(LTM values as of)	7312025	8062026	Change
Stock Price ($)	123.22	192.32	56.1%
Change Contribution By:
Total Revenues ($ Mil)	7,436	10,541	41.7%
Net Income Margin (%)	40.7%	38.4%	-5.8%
P/E Multiple	51.3	59.9	16.9%
Shares Outstanding (Mil)	1,260	1,260	0.0%
Cumulative Contribution			56.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/6/2026

	Return	Correlation
ANET	56.1%
Market (SPY)	22.6%	49.4%
Sector (XLK)	41.6%	58.6%

Fundamental Drivers

The 396.0% change in ANET stock from 7/31/2023 to 8/6/2026 was primarily driven by a 117.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	7312023	8062026	Change
Stock Price ($)	38.77	192.32	396.0%
Change Contribution By:
Total Revenues ($ Mil)	4,856	10,541	117.1%
Net Income Margin (%)	31.2%	38.4%	22.8%
P/E Multiple	31.4	59.9	90.9%
Shares Outstanding (Mil)	1,228	1,260	-2.6%
Cumulative Contribution			396.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/6/2026

	Return	Correlation
ANET	396.0%
Market (SPY)	73.8%	54.6%
Sector (XLK)	111.7%	64.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ANET Return	98%	-16%	94%	88%	19%	51%	986%
Peers Return	62%	-12%	20%	37%	47%	117%	646%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
ANET Win Rate	75%	42%	67%	83%	75%	62%
Peers Win Rate	65%	40%	60%	63%	57%	68%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ANET Max Drawdown	-17%	-37%	-22%	-20%	-50%	-23%
Peers Max Drawdown	-16%	-41%	-25%	-32%	-38%	-26%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, HPE, DELL, EXTR, CIEN. See ANET Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/6/2026 (YTD)

Event	ANET	S&P 500
2025 US Tariff Shock
% Loss	-38.1%	-18.8%
% Gain to Breakeven	61.4%	23.1%
Time to Breakeven	96 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-14.4%	-7.8%
% Gain to Breakeven	16.8%	8.5%
Time to Breakeven	51 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-13.2%	-9.5%
% Gain to Breakeven	15.2%	10.5%
Time to Breakeven	4 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-36.4%	-24.5%
% Gain to Breakeven	57.3%	32.4%
Time to Breakeven	263 days	427 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.3%	50.9%
Time to Breakeven	72 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-27.7%	-19.2%
% Gain to Breakeven	38.4%	23.8%
Time to Breakeven	53 days	105 days

Compare to CSCO, HPE, DELL, EXTR, CIEN

In The Past

Arista Networks's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	ANET	S&P 500
2025 US Tariff Shock
% Loss	-38.1%	-18.8%
% Gain to Breakeven	61.4%	23.1%
Time to Breakeven	96 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-36.4%	-24.5%
% Gain to Breakeven	57.3%	32.4%
Time to Breakeven	263 days	427 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.3%	50.9%
Time to Breakeven	72 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-27.7%	-19.2%
% Gain to Breakeven	38.4%	23.8%
Time to Breakeven	53 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-35.4%	-12.2%
% Gain to Breakeven	54.7%	13.9%
Time to Breakeven	218 days	62 days
2014-2016 Oil Price Collapse
% Loss	-36.8%	-6.8%
% Gain to Breakeven	58.2%	7.3%
Time to Breakeven	219 days	15 days

Compare to CSCO, HPE, DELL, EXTR, CIEN

In The Past

Arista Networks's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Arista Networks (ANET)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Arista Networks (ANET) is a global technology company specializing in high-performance cloud networking solutions. The company designs, develops, and sells the critical hardware and software infrastructure that enables large-scale data centers and cloud environments to operate efficiently and reliably. Essentially, Arista provides the foundational networking technology required for rapid data traffic management and high-speed communication within complex digital ecosystems.

The core of Arista's offering comprises advanced gigabit Ethernet switching and routing platforms, which are fundamental components for building fast and scalable networks. These platforms are powered by the company's extensible operating systems and a collection of network applications, offering sophisticated control and programmability. Complementing its hardware and software, Arista also delivers comprehensive post-contract customer support services, including technical assistance, hardware repair and replacement, and software updates, ensuring the continued performance and stability of its clients' networks.

Arista Networks serves a broad international clientele across multiple sectors. Its primary customers include major internet companies, service providers, and financial institutions that require robust and high-capacity networking solutions for their critical operations. Additionally, the company provides its technology to government agencies, media and entertainment firms, and various other enterprises seeking advanced cloud networking infrastructure. Arista markets its products globally through a combination of distributors, system integrators, value-added resellers, OEM partners, and its direct sales team.

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Like Cisco, but specializing in high-performance networking for cloud data centers.

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Extensible Operating Systems: Software that powers their cloud networking solutions.
Network Applications: A suite of software applications designed for network management and functionality.
Gigabit Ethernet Switching and Routing Platforms: Hardware devices providing high-speed network connectivity and traffic management capabilities.
Post Contract Customer Support Services: Comprehensive support including technical assistance, hardware repair and parts replacement, and software updates and patches.

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Arista Networks (ANET) primarily sells its cloud networking solutions to other companies.

Its major customers include:

Microsoft (MSFT)
Meta Platforms (META)

Beyond these specific major customers, Arista Networks serves a broad range of industries, including other internet companies, service providers, financial services organizations, government agencies, and media and entertainment companies.

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Celestica Inc. (CLS)
Sanmina Corporation (SANM)

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Jayshree Ullal, Chief Executive Officer and Chairperson

Jayshree Ullal has served as President and CEO of Arista Networks since October 2008 and became Chairperson in December 2023. She led the company to its initial public offering in June 2014. Prior to Arista, Ms. Ullal spent 15 years at Cisco Systems, where she was Senior Vice President, overseeing a $10 billion business in datacenter, switching, and services, and oversaw approximately 20 mergers and acquisitions in the enterprise sector. Before Cisco, she was the Vice President of Marketing at Crescendo Communications, which Cisco acquired in 1993. Her early career included engineering and strategy roles at Advanced Micro Devices (AMD), Fairchild Semiconductor, and Ungermann-Bass.

Chantelle Breithaupt, Chief Financial Officer

Chantelle Breithaupt was appointed Chief Financial Officer of Arista Networks, effective February 2024, succeeding Ita Brennan. She brings over 25 years of experience in global financial roles. Before joining Arista, Ms. Breithaupt served as Senior Vice President and CFO of Aspen Technology. Her career also includes executive finance positions at Cisco Systems and across four GE businesses.

Kenneth Duda, Co-Founder, President and Chief Technology Officer

Kenneth Duda co-founded Arista Networks in 2004 and has been its Chief Technology Officer and Senior Vice President of Software Engineering since September 2011, also holding the title of President. He is the lead architect of Arista Networks' Extensible Operating System (EOS). Prior to Arista Networks, Mr. Duda was CTO of There.com. He was also the fourth employee at Granite Systems, a leader in gigabit Ethernet switches, and continued his leadership role at Cisco Systems after its acquisition of Granite. Mr. Duda holds three simultaneous engineering degrees from MIT and a Ph.D. in Computer Science from Stanford University.

Todd Nightingale, President and Chief Operating Officer

Todd Nightingale joined Arista Networks as President and Chief Operating Officer, effective July 1, 2025, focusing on enterprise data centers, campus networks, and manufacturing. Before Arista, he served as CEO and a Board Member at Fastly, Inc. from September 2022 to June 2025. Mr. Nightingale also held leadership positions at Cisco Systems, Inc., including Executive Vice President and General Manager of Enterprise Networking and Cloud, and Senior Vice President and General Manager of Cisco Meraki. He holds a Bachelor of Science and a Master's in engineering from the Massachusetts Institute of Technology.

Andreas "Andy" Bechtolsheim, Co-Founder and Chief Architect

Andreas "Andy" Bechtolsheim co-founded Arista Networks in 2004 (originally Arastra). He currently serves as Chief Architect for Arista Networks, a role he transitioned to in December 2023, having previously been an executive officer and on the board. Mr. Bechtolsheim also co-founded Sun Microsystems in 1982, where he was its chief hardware designer. [cite: 3 (from previous search output)] He has been a founding member of the Open Compute Project (OCP) Board of Directors since 2011. [cite: 8 (from previous search output)] He holds an M.S. in Computer Engineering from Carnegie Mellon University and was a doctoral student at Stanford University. [cite: 8 (from previous search output)]

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Arista Networks (ANET) faces several key risks to its business operations and financial performance:

Customer Concentration: A significant portion of Arista Networks' revenue is derived from a limited number of large cloud and AI customers. For instance, over 40% of its revenue comes from two customers, and Microsoft's contribution increased to 20% in fiscal year 2024. This heavy reliance makes the company vulnerable to any changes in these key customers' spending patterns, capital expenditure cuts, or strategic shifts, which could lead to substantial revenue fluctuations.
Intense Competition: Arista operates in a highly competitive networking market. It faces strong competition from established players such as Cisco, Juniper Networks (now combined with HPE), Dell/EMC, Extreme Networks, and Huawei, as well as emerging threats like Nvidia in the AI networking space and white-box networking vendors. This intense competition can result in increased pricing pressure, reduced profit margins, and challenges in maintaining market share and its technological edge.
Supply Chain Risks and Technological Disruption: The company faces risks related to its supply chain, particularly its reliance on sole or limited sources for key components, such as merchant silicon from vendors like Broadcom. Geopolitical risks can further constrain the availability of these key components, and the rapid pace of new interconnect technology could disrupt current standards, leading to potential supply shortages, extended lead times, increased costs, and the need for continuous innovation to stay ahead.

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The increasing maturity and widespread adoption of disaggregated networking solutions, combining commodity "white box" hardware with sophisticated open-source network operating systems (such as SONiC), which offer lower costs and greater flexibility, potentially eroding the market for proprietary integrated networking solutions.

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Arista Networks (ANET) operates within several significant addressable markets related to cloud networking, Ethernet switching, and routing platforms.

According to statements by Arista Networks' CEO in March 2026, the company's total addressable market (TAM) has grown from $60 billion to an estimated $105 billion, driven by demand in AI and cloud infrastructure, data center growth, and strategic expansions into campus and routing, as well as increased observability market opportunities.

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

Data Center Networking: The global data center networking market was estimated at USD 38.49 billion in 2024 and is projected to reach USD 154.83 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 17.2% from 2025 to 2033. Another projection places the global data center networking market size at USD 44.37 billion in 2026, growing to USD 114.08 billion by 2034 with a CAGR of 12.53%. BNP Paribas projects the total addressable data center networking market to reach $120 billion by 2028.
Ethernet Switching: The global Ethernet switch market was valued at USD 43.84 billion in 2025 and is projected to grow to USD 76.4 billion by 2034, with a CAGR of 6.48%. Separately, the worldwide Ethernet switch market recorded USD 14.7 billion in revenue in the third quarter of 2025 alone. Another estimate values the global Ethernet switch market at USD 12.66 billion in 2024, expecting it to reach USD 19.92 billion by 2032, growing at a CAGR of 5.89% from 2025 to 2032.
Data Center Routing: The global data center router market was valued at USD 3.08 billion in 2024 and is projected to reach USD 14.23 billion by 2034, growing at a CAGR of 16.54% during the forecast period of 2025–2034. Another report estimates the global data center router market at USD 10.25 billion in 2025, anticipated to reach USD 13.44 billion by 2032, with a CAGR of 4.0% from 2026 to 2032.
Cloud Managed Networking / Multi-Cloud Networking: The global multi-cloud networking market size was estimated at USD 2.03 billion in 2024 and is projected to reach USD 13.14 billion by 2033, growing at a CAGR of 23.7% from 2025 to 2033. The global multi-cloud networking market was valued at USD 2.8 billion in 2023 and is estimated to reach USD 18.7 billion by 2032, registering a CAGR of over 23.5% between 2024 and 2032.

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Arista Networks (ANET) is positioned for robust revenue growth over the next two to three years, driven by several key factors:

Explosive Growth in AI Networking: Arista Networks is a primary beneficiary of the substantial investments being made in artificial intelligence (AI) infrastructure. The company has significantly raised its AI networking revenue targets for 2026 to $3.25 billion, reflecting accelerating customer adoption in both traditional and emerging cloud sectors. This growth is propelled by its Etherlink portfolio and strategic collaborations with AI leaders such as NVIDIA, Arm, AMD, and OpenAI, as well as the industry's shift from InfiniBand to Ethernet for AI clusters.
Continued and Expanding Hyperscale Cloud Provider Business: Arista maintains strong, deep-seated relationships with major hyperscale cloud providers, including Microsoft and Meta, which represent a significant portion of its revenue. These "cloud titans" are undertaking large capital outlays for compute and data center build-outs, directly benefiting Arista. Furthermore, the company anticipates adding one or two additional 10% customers in 2026, indicating ongoing diversification and expansion within this critical segment.
Accelerated Transition to Next-Generation Ethernet Switching Platforms: The rapid upgrade cycle for Ethernet switching technology, particularly the transition to 800 Gigabit Ethernet and the imminent 1.6 terabit migration, is a substantial revenue driver. The cadence for these upgrades has reportedly shortened from 3-5 years to approximately two years, leading to accelerated adoption and significant growth in demand for Arista's advanced 7000 Series platforms.
Expansion into the Enterprise Market and Cognitive Campus: Beyond its core cloud business, Arista is experiencing an accelerating pace of acceptance and adoption within the enterprise customer base. The expansion of its cognitive campus and branch networking portfolio is positioning the company for diversified customer growth and broader market penetration.
Increasing Contribution from Software and Services: Arista's software offerings, such as its CloudVision network-as-a-service platform and the Network Data Lake (NetDL) for AI/ML-driven automation and security, are gaining significant traction. These services are adding new customers and steadily contributing to the company's overall revenue, enhancing its comprehensive solution portfolio.

AI Analysis | Feedback

Share Repurchases

Arista's Board of Directors authorized an additional $1.5 billion stock repurchase program in May 2025.
An additional $1.2 billion stock repurchase program was authorized by the Board in May 2024.
In the first quarter of 2025, Arista completed $787 million in stock repurchases, which was the highest quarterly or annual amount in the company's history. Annual share buybacks were $1.603 billion in 2025, $423.619 million in 2024, and $112.279 million in 2023.

Share Issuance

Arista Networks' shares outstanding saw a 0.42% decline in 2025 to 1.276 billion, following a 0.99% increase in 2024 to 1.281 billion and a 0.21% increase in 2023 to 1.269 billion.
The net common equity issued/repurchased for 2025 was -$3.000 billion, indicating a net repurchase of shares.

Inbound Investments

Arete Wealth Advisors LLC made a new investment of approximately $4.93 million in Arista Networks during the third quarter (as of a March 2026 report).

Outbound Investments

In July 2025, Arista acquired the VeloCloud SD-WAN portfolio from Broadcom to accelerate its AI-driven campus and branch networking strategy.
Arista Networks acquired Pluribus Networks, a unified cloud network company, in August 2022.

Capital Expenditures

Arista Networks' capital expenditures averaged $34.643 million from fiscal years ending December 2020 to 2024.
Capital expenditures are projected to increase significantly from $32 million in FY2024 to an estimated $120 million in FY2025.
The primary focus of the increased capital expenditures for FY2025 includes investments in a 1.6T product development lab, VeloCloud integration, and internal AI/ML training facilities.

Interactive Breakdown

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Better Bets vs. Arista Networks (ANET)

INDUSTRY: Communications Equipment

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FIEE (2217372.4% | 3.1x)

FiEE

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

FIEE (2217372.4% | 11.1x)

FiEE

Higher Rev Chg LTM (Value for ANET: 32.6%)

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Higher Rev Chg 3Y Avg (Value for ANET: 26.2%)

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AAOI (35.5%)

Applied Optoelectronics

AMPG (34.2%)

AmpliTech

Higher Op Mgn LTM (Value for ANET: 43.1%)

IDCC (43.8%)

InterDigital

Higher CFO/Rev LTM (Value for ANET: 50.3%)

IDCC (70.8%)

InterDigital

VISN (59.9%)

Vistance Networks

Higher FCF/Rev LTM (Value for ANET: 48.9%)

IDCC (63.0%)

InterDigital

Higher Total Yield (Value for ANET: 1.7%)

IDCC (4.4%)

InterDigital

CSCO (3.9%)

Cisco Systems

MSI (3.7%)

Motorola Solutions

UI (3.3%)

Ubiquiti

FFIV (3.0%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ANET: 26.2% | 23.0x)

NVDA (121.7% | 21.0x)

NVIDIA

MU (80.9% | 11.0x)

Micron Technology

APH (33.8% | 7.2x)

Amphenol

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

NVDA (121.7% | 32.8x)

NVIDIA

MU (80.9% | 16.8x)

Micron Technology

APH (33.8% | 26.1x)

Amphenol

SNDK (35.6% | 34.0x)

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APP (44.4% | 21.3x)

AppLovin

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MU (167.0%)

Micron Technology

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Palantir Technologies

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Dell Technologies

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MU (80.9%)

Micron Technology

PLTR (46.3%)

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APH (33.8%)

Amphenol

AVGO (29.3%)

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APP (77.4%)

AppLovin

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Micron Technology

NVDA (64.0%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (44.1%)

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CRWV (96.0%)

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MU (5.1%)

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MSFT (4.3%)

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AAPL (3.2%)

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All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ANET: 26.2% | 23.0x)

LLY (39.4% | 13.4x)

Eli Lilly

GE (26.2% | 7.7x)

GE Aerospace

WELL (27.6% | 13.3x)

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NEM (32.1% | 4.4x)

Newmont

BX (44.0% | 8.3x)

Blackstone

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

LLY (39.4% | 26.9x)

Eli Lilly

GE (26.2% | 41.2x)

GE Aerospace

NEM (32.1% | 7.9x)

Newmont

MELI (40.5% | 31.9x)

MercadoLibre

AEM (34.4% | 9.9x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for ANET: 32.6%)

LLY (49.6%)

Eli Lilly

MELI (46.0%)

MercadoLibre

COF (45.1%)

Capital One Financial

WELL (37.8%)

Welltower

SCCO (32.8%)

Southern Copper

Higher Rev Chg 3Y Avg (Value for ANET: 26.2%)

BX (44.0%)

Blackstone

LLY (39.4%)

Eli Lilly

NEM (32.1%)

Newmont

WELL (27.6%)

Welltower

GE (26.2%)

GE Aerospace

Higher Op Mgn LTM (Value for ANET: 43.1%)

V (65.6%)

Visa

MA (59.8%)

Mastercard

SCCO (56.9%)

Southern Copper

LLY (49.7%)

Eli Lilly

MCD (46.0%)

McDonald's

Higher CFO/Rev LTM (Value for ANET: 50.3%)

RY (105.6%)

Royal Bank of Canada

BAC (78.2%)

Bank of America

META (57.1%)

Meta Platforms

COF (50.8%)

Capital One Financial

V (50.8%)

Visa

Higher FCF/Rev LTM (Value for ANET: 48.9%)

RY (102.5%)

Royal Bank of Canada

BAC (78.2%)

Bank of America

BNS (71.8%)

Bank of Nova Scotia

CME (62.2%)

CME

PLD (57.0%)

Prologis

Higher Total Yield (Value for ANET: 1.7%)

BRK-B (6.4%)

Berkshire Hathaway

GOOGL (5.9%)

Alphabet

META (4.9%)

Meta Platforms

AMZN (4.6%)

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LLY (3.1%)

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P/EBIT (Value for ANET: 53.3x)

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What You Get

Rev Chg 3Y Avg (Value for ANET: 26.2%)

APP (44.4%)

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ADEA (7.0%)

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GEN (15.1%)

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PTC

ROP (12.7%)

Roper Technologies

GDDY (7.1%)

GoDaddy

Rev Chg LTM (Value for ANET: 32.6%)

APP (60.6%)

AppLovin

NVDA (70.7%)

NVIDIA

ADEA (24.3%)

Adeia

GEN (27.1%)

Gen Digital

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

ZM (5.0%)

Zoom Communications

PTC (19.5%)

PTC

ROP (10.9%)

Roper Technologies

GDDY (7.4%)

GoDaddy

Rev Chg Q (Value for ANET: 37.7%)

APP (52.8%)

AppLovin

NVDA (85.2%)

NVIDIA

ADEA (12.1%)

Adeia

GEN (27.0%)

Gen Digital

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

ZM (5.5%)

Zoom Communications

PTC (-6.8%)

PTC

ROP (8.5%)

Roper Technologies

GDDY (6.6%)

GoDaddy

FCF/Rev 3Y Avg (Value for ANET: 47.2%)

APP (65.7%)

AppLovin

NVDA (48.3%)

NVIDIA

ADEA (41.1%)

Adeia

GEN (38.3%)

Gen Digital

ADBE (37.9%)

Adobe

FICO (37.4%)

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ZM (37.3%)

Zoom Communications

PTC (32.3%)

PTC

ROP (31.0%)

Roper Technologies

GDDY (30.0%)

GoDaddy

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Arista Networks Stock 5-Day Winning Spree: Stock Climbs 25%	08/06/2026
2	Arista Networks Stock Runs on a Different Fuel	07/23/2026
3	A 14% Yield On ANET Stock, And A Shot At Buying It 40% Lower	07/15/2026
4	AI Powers Arista Networks Stock, But Its Real Strength Lies Elsewhere	06/16/2026
5	The Warning Sign Inside Arista Networks Stock's Great News	06/09/2026
6	Buying ANET at a Discount? You Are Getting Paid to Do It	06/02/2026
7	Arista Networks Stock Testing Price Floor - Buy Now?	05/13/2026
8	Stress Testing ANET: Historical Drawdowns and Macro Risks	05/08/2026
9	Arista Networks Stock Plummets 18% With 5-Day Losing Streak	05/08/2026
10	Arista Networks Earnings Notes	05/02/2026
11	ARTICLES
12	Arista Networks Stock Followed Its Chip Orders, Not Its Headlines	08/06/2026
13	Arista Networks Stock Climbs 25% On A 5-Day Winning Streak	08/06/2026
14	The Calm Surface Of Arista Networks Stock Hides A Turbulent Forecast	08/01/2026
15	Arista Networks Stock And The Price Tag That Fades Over Time	07/28/2026
16	Arista Networks Stock: Is Its High Price an Illusion?	07/27/2026

	Title
0	DASHBOARDS
1	Arista Networks Stock 5-Day Winning Spree: Stock Climbs 25%
2	Arista Networks Stock Runs on a Different Fuel
3	A 14% Yield On ANET Stock, And A Shot At Buying It 40% Lower
4	AI Powers Arista Networks Stock, But Its Real Strength Lies Elsewhere
5	The Warning Sign Inside Arista Networks Stock's Great News
6	Buying ANET at a Discount? You Are Getting Paid to Do It
7	Arista Networks Stock Testing Price Floor - Buy Now?
8	Stress Testing ANET: Historical Drawdowns and Macro Risks
9	Arista Networks Stock Plummets 18% With 5-Day Losing Streak
10	Arista Networks Earnings Notes
11	ARTICLES
12	Arista Networks Stock Followed Its Chip Orders, Not Its Headlines
13	Arista Networks Stock Climbs 25% On A 5-Day Winning Streak
14	The Calm Surface Of Arista Networks Stock Hides A Turbulent Forecast
15	Arista Networks Stock And The Price Tag That Fades Over Time
16	Arista Networks Stock: Is Its High Price an Illusion?

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Peer Comparisons

Peers to compare with:

Financials

	ANET	CSCO	HPE	DELL	EXTR	CIEN	Median
Name	Arista N.	Cisco Sy.	Hewlett .	Dell Tec.	Extreme .	Ciena
Mkt Price	192.32	120.88	52.43	437.65	24.32	403.76	156.60
Mkt Cap	242.3	477.7	70.0	284.0	3.2	57.3	156.2
Rev LTM	10,541	60,746	38,794	134,002	1,252	5,569	24,667
Op Inc LTM	4,547	14,408	2,248	10,848	40	624	3,397
FCF LTM	5,155	11,788	3,989	9,442	105	833	4,572
FCF 3Y Avg	3,943	12,334	2,353	6,128	90	524	3,148
CFO LTM	5,307	13,025	6,358	12,470	132	1,033	5,832
CFO 3Y Avg	4,027	13,277	4,739	8,895	113	671	4,383

Growth & Margins

	ANET	CSCO	HPE	DELL	EXTR	CIEN	Median
Name	Arista N.	Cisco Sy.	Hewlett .	Dell Tec.	Extreme .	Ciena
Rev Chg LTM	32.6%	9.2%	22.6%	38.6%	14.9%	30.6%	26.6%
Rev Chg 3Y Avg	26.2%	3.5%	10.0%	12.9%	1.2%	12.1%	11.1%
Rev Chg Q	37.7%	12.0%	40.0%	87.5%	11.4%	39.5%	38.6%
QoQ Delta Rev Chg LTM	8.6%	2.9%	8.5%	18.0%	2.7%	8.7%	8.5%
Op Inc Chg LTM	32.6%	19.0%	1.7%	63.1%	315.6%	201.4%	47.8%
Op Inc Chg 3Y Avg	33.8%	0.8%	-4.8%	29.1%	44.7%	53.5%	31.4%
Op Mgn LTM	43.1%	23.7%	5.8%	8.1%	3.2%	11.2%	9.6%
Op Mgn 3Y Avg	42.5%	24.0%	6.9%	7.2%	1.8%	7.6%	7.4%
QoQ Delta Op Mgn LTM	0.3%	0.5%	1.0%	0.8%	0.5%	3.0%	0.7%
CFO/Rev LTM	50.3%	21.4%	16.4%	9.3%	10.6%	18.5%	17.5%
CFO/Rev 3Y Avg	48.2%	23.2%	14.4%	8.2%	9.4%	14.0%	14.2%
FCF/Rev LTM	48.9%	19.4%	10.3%	7.0%	8.4%	15.0%	12.6%
FCF/Rev 3Y Avg	47.2%	21.6%	7.0%	5.6%	7.5%	10.9%	9.2%

Valuation

	ANET	CSCO	HPE	DELL	EXTR	CIEN	Median
Name	Arista N.	Cisco Sy.	Hewlett .	Dell Tec.	Extreme .	Ciena
Mkt Cap	242.3	477.7	70.0	284.0	3.2	57.3	156.2
P/S	23.0	7.9	1.8	2.1	2.6	10.3	5.2
P/Op Inc	53.3	33.2	31.1	26.2	80.0	91.9	43.2
P/EBIT	53.3	30.7	31.1	24.2	74.3	100.7	42.2
P/E	59.9	39.9	45.0	33.8	198.7	130.8	52.5
P/CFO	45.7	36.7	11.0	22.8	24.4	55.5	30.6
Total Yield	1.7%	3.9%	3.3%	3.5%	0.5%	0.8%	2.5%
Dividend Yield	0.0%	1.4%	1.0%	0.5%	0.0%	0.0%	0.3%
FCF Yield 3Y Avg	2.7%	4.5%	5.9%	4.4%	3.6%	3.4%	4.0%
D/E	0.0	0.1	0.3	0.1	0.1	0.0	0.1
Net D/E	-0.1	0.0	0.2	0.1	0.0	0.0	0.0

Returns

	ANET	CSCO	HPE	DELL	EXTR	CIEN	Median
Name	Arista N.	Cisco Sy.	Hewlett .	Dell Tec.	Extreme .	Ciena
1M Rtn	15.5%	8.1%	20.6%	5.1%	-19.0%	-3.6%	6.6%
3M Rtn	35.7%	31.7%	77.0%	90.4%	3.4%	-25.1%	33.7%
6M Rtn	49.5%	48.1%	133.0%	281.1%	61.5%	59.6%	60.5%
12M Rtn	38.6%	78.3%	165.9%	245.9%	20.7%	328.1%	122.1%
3Y Rtn	329.1%	146.8%	222.8%	741.5%	-20.3%	865.0%	276.0%
1M Excs Rtn	3.2%	3.2%	14.3%	-1.6%	-24.9%	-11.5%	0.8%
3M Excs Rtn	26.1%	27.7%	68.5%	78.9%	-1.4%	-34.7%	26.9%
6M Excs Rtn	35.6%	38.3%	115.7%	248.3%	50.1%	47.3%	48.7%
12M Excs Rtn	40.4%	60.3%	147.0%	217.3%	15.2%	318.9%	103.6%
3Y Excs Rtn	246.0%	80.0%	156.9%	692.0%	-81.1%	793.6%	201.5%

Comparison Analyses

	Title
0	Arista Networks vs. Motorola Solutions: With Return Forecast Of 12%, Arista Networks Is A Better Bet
1	ANET Looks Stronger Than FFIV With 36% Return Potential
2	Why ANET With 36% Upside May Beat JNPR?
3	Arista Networks vs. Ciena: With Return Forecast Of 29%, Ciena Is A Better Bet
4	ANET Could Deliver 36% Returns And Outperform NTAP
5	Arista Networks vs. Fidelity National Information Services: With Return Forecast Of 30%, Fidelity National Information Services Is A Better Bet
6	Arista Networks vs. Synopsys: With Return Forecast Of 26%, Arista Networks Is A Better Bet
7	Arista Networks vs. Edwards Lifesciences: With Return Forecast Of 26%-27%, Both Seem Like Good Bets
8	Arista Networks vs. Verisk Analytics: With Return Forecast Of 24%, Arista Networks Is A Better Bet
9	Arista Networks vs. Fortinet: With Return Forecast Of 31%, Fortinet Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/5/2026	2/17/2026	2/19/2025	2/13/2024	2/14/2023	2/15/2022	2/19/2021
Key Financials
Total Revenue	10,541	9,006	7,003	5,860	4,381	2,948	2,318
Gross Profit	6,641	5,769	4,491	3,630	2,676	1,881	1,482
EBITDA	4,640	3,929	3,007	2,328	1,590	975	735
Operating Income	4,547	3,856	2,945	2,257	1,527	925	700
Net Income	4,045	3,511	2,852	2,087	1,352	841	635
EPS	3.21	2.79	2.27	1.69	1.10	0.69	0.52
Growth Rates
Total Revenue Growth	32.6%	28.6%	19.5%	33.8%	48.6%	27.2%	-3.9%
EBITDA Growth	33.0%	30.7%	29.2%	46.4%	63.0%	32.7%	-12.4%
Operating Income Growth	32.6%	31.0%	30.4%	47.8%	65.1%	32.2%	-13.2%
Net Income Growth	24.4%	23.1%	36.6%	54.3%	60.8%	32.5%	-26.2%
Margins
Gross Margin	63.0%	64.1%	64.1%	61.9%	61.1%	63.8%	63.9%
EBITDA Margin	44.0%	43.6%	42.9%	39.7%	36.3%	33.1%	31.7%
Operating Income Margin	43.1%	42.8%	42.0%	38.5%	34.9%	31.4%	30.2%
Net Income Margin	38.4%	39.0%	40.7%	35.6%	30.9%	28.5%	27.4%
Cash & Debt
Total Cash	13,343	10,743	8,304	5,008	3,024	3,408	2,873
Total Debt	0	0	0	0	44	57	72
Net Debt / (Cash)	-13,343	-10,743	-8,304	-5,008	-2,980	-3,352	-2,800
Cash Flows & CapEx
Net Cash from Operations	5,307	4,372	3,708	2,034	493	1,016	735
Total CapEx	-151	-120	-32	-34	-45	-65	-15
Free Cash from Operations	5,155	4,252	3,676	2,000	448	951	720
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	620	1,603	424	112	670	412	395

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/5/2026	5/6/2026	2/17/2026	11/5/2025	8/6/2025	5/7/2025	2/19/2025	11/8/2024	7/31/2024	5/8/2024	2/13/2024	10/31/2023
Key Financials Quarterly
Total Revenue	3,036	2,709	2,488	2,308	2,205	2,005	1,930	1,811	1,690	1,571	1,540	1,509
Ebitda	1,401	1,181	1,056	1,001	999	873	815	801	715	676	654	620
Operating Income	1,378	1,158	1,033	978	986	859	800	785	700	660	640	603
Net Income	1,213	1,023	956	853	889	814	801	748	665	638	614	545
EPS	0.96	0.81	0.76	0.68	0.71	0.65	0.64	0.59	0.53	0.51	0.49	0.44
Key Financials TTM
Total Revenue TTM	10,541	9,710	9,006	8,448	7,951	7,436	7,003	6,613	6,312	6,080	5,860	5,595
Ebitda TTM	4,640	4,237	3,929	3,688	3,487	3,204	3,007	2,846	2,665	2,498	2,328	2,160
Operating Income TTM	4,547	4,155	3,856	3,623	3,430	3,143	2,945	2,785	2,602	2,433	2,257	2,086
Net Income TTM	4,045	3,720	3,511	3,357	3,252	3,028	2,852	2,665	2,462	2,289	2,087	1,901
Growth Rates Quarterly
Total Revenue Growth	37.7%	35.1%	28.9%	27.5%	30.4%	27.6%	25.3%	20.0%	15.9%	16.3%	20.8%	28.3%
EBITDA Growth	40.3%	35.4%	29.5%	25.0%	39.7%	29.1%	24.5%	29.2%	30.4%	33.7%	34.5%	42.6%
Operating Income Growth	39.7%	34.8%	29.2%	24.6%	41.0%	30.1%	24.9%	30.3%	32.0%	36.2%	36.5%	44.4%
Net Income Growth	36.5%	25.7%	19.3%	14.0%	33.6%	27.6%	30.5%	37.2%	35.3%	46.1%	43.7%	54.0%
Margins Quarterly
EBITDA Margin	46.2%	43.6%	42.4%	43.4%	45.3%	43.5%	42.2%	44.2%	42.3%	43.0%	42.5%	41.1%
Operating Income Margin	45.4%	42.7%	41.5%	42.4%	44.7%	42.8%	41.4%	43.4%	41.4%	42.0%	41.5%	39.9%
Net Income Margin	40.0%	37.8%	38.4%	37.0%	40.3%	40.6%	41.5%	41.3%	39.4%	40.6%	39.8%	36.1%
Cash & Debt
Total Cash	13,343	12,353	10,743	10,106	8,844	8,150	8,304	7,428	6,274	5,450	5,008	4,456
Total Debt	0	0	0	0	0	0	0	0	0	0	0	48
Net Debt / (Cash)	-13,343	-12,353	-10,743	-10,106	-8,844	-8,150	-8,304	-7,428	-6,274	-5,450	-5,008	-4,408
Cash Flows Quarterly
FCF from Operations	1,083	1,694	1,262	1,268	1,200	642	1,031	1,174	989	514	526	699
Cash Flows TTM
FCF from Operations TTM	5,307	5,424	4,372	4,141	4,047	3,836	3,708	3,204	2,728	2,173	2,034	1,548
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	620	-0	196	787	124	65	172	63	0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Product	7,577	5,884	5,030	3,716	2,378
Service	1,429	1,119	831	665	570
Total	9,006	7,003	5,860	4,381	2,948

Price Behavior

Price Behavior

Market Price	$192.32
Market Cap ($ Bil)	241.9
First Trading Date	06/06/2014
Distance from 52W High	-2.5%
	50 Days	200 Days
DMA Price	$168.06	$146.35
DMA Trend	up	up
Distance from DMA	14.4%	31.4%
	3M	1YR
Volatility	59.8%	53.6%
Downside Capture	197.42	227.97
Upside Capture	288.38	213.83
Correlation (SPY)	59.0%	48.8%

ANET Betas & Captures as of 7/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	3.29	2.77	2.07	2.25	2.15	1.83
Up Beta	7.27	3.18	1.14	1.96	1.75	1.33
Down Beta	2.49	2.66	2.65	2.43	2.06	2.16
Up Capture	300%	383%	227%	328%	461%	2093%
Bmk +ve Days	11	22	35	67	138	427
Stock +ve Days	12	23	31	66	136	423
Down Capture	186%	201%	197%	180%	160%	111%
Bmk -ve Days	11	21	28	59	114	326
Stock -ve Days	10	20	32	60	116	329

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ANET
ANET	63.1%	56.2%	1.07	-
Sector ETF (XLK)	43.3%	25.9%	1.35	58.1%
Equity (SPY)	23.5%	12.9%	1.37	48.7%
Gold (GLD)	25.3%	28.3%	0.79	16.9%
Commodities (DBC)	32.4%	19.8%	1.30	4.4%
Real Estate (VNQ)	12.9%	13.8%	0.64	-10.0%
Bitcoin (BTCUSD)	-43.6%	43.0%	-1.21	28.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ANET
ANET	51.8%	48.3%	1.03	-
Sector ETF (XLK)	20.2%	25.8%	0.70	65.6%
Equity (SPY)	13.2%	17.2%	0.59	56.9%
Gold (GLD)	17.9%	18.5%	0.78	9.1%
Commodities (DBC)	8.0%	19.6%	0.31	12.9%
Real Estate (VNQ)	2.3%	18.9%	0.02	22.7%
Bitcoin (BTCUSD)	10.0%	53.0%	0.38	24.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ANET
ANET	45.8%	45.3%	1.00	-
Sector ETF (XLK)	24.4%	24.9%	0.89	61.4%
Equity (SPY)	15.3%	17.9%	0.73	54.7%
Gold (GLD)	11.8%	16.2%	0.59	6.2%
Commodities (DBC)	7.4%	18.0%	0.33	14.5%
Real Estate (VNQ)	4.9%	20.7%	0.20	28.5%
Bitcoin (BTCUSD)	58.3%	66.2%	0.98	13.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	7152026
Short Interest: Shares Quantity	19.9 Mil
Short Interest: % Change Since 6302026	-8.1%
Average Daily Volume	8.9 Mil
Days-to-Cover Short Interest	2.2 days
Basic Shares Quantity	1,260.1 Mil
Short % of Basic Shares	1.6%

Returns Analyses

	Title
0	Stress Testing ANET: Historical Drawdowns and Macro Risks
1	Would You Still Hold Arista Networks Stock If It Fell Another 30%?
2	ANET YTD Stock Return Of -11% Outperforms NTAP by 2.1% and Underperforms FFIV by -23%
3	ANET YTD Stock Return Of -1.5% Outperforms NTAP by 0.04% and Underperforms JNPR by -1.6%
4	Arista Networks Stock Return Comparison
5	Arista Networks Total Shareholder Return (TSR): -15.6% in 2022 and 33.6% 3-yr returns (above peer average)
6	[9/28/2021] Arista Networks (ANET) Stock Price Forecast: AI Forecasts ANET Stock Price To Be Around $358 In A Month (Up 3.2%)

Earnings Returns History

Updated 8/7/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/4/2026	3.6%
5/5/2026	-13.6%	-16.3%	-2.5%
2/12/2026	4.8%	-1.7%	0.2%
11/4/2025	-8.6%	-12.1%	-16.3%
8/5/2025	17.5%	19.6%	19.5%
5/6/2025	-4.8%	7.1%	4.9%
2/18/2025	-6.4%	-16.4%	-24.0%
11/7/2024	-7.1%	-10.5%	-1.7%
...
SUMMARY STATS
# Positive	15	11	15
# Negative	10	13	9
Median Positive	5.8%	14.5%	12.5%
Median Negative	-6.8%	-10.5%	-7.7%
Max Positive	20.4%	28.8%	25.7%
Max Negative	-15.7%	-16.7%	-24.0%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/4/2026	3.6%
5/5/2026	-13.6%	-16.3%	-2.5%
2/12/2026	4.8%	-1.7%	0.2%
11/4/2025	-8.6%	-12.1%	-16.3%
8/5/2025	17.5%	19.6%	19.5%
5/6/2025	-4.8%	7.1%	4.9%
2/18/2025	-6.4%	-16.4%	-24.0%
11/7/2024	-7.1%	-10.5%	-1.7%
7/30/2024	11.3%	3.9%	9.5%
5/7/2024	6.5%	14.5%	8.2%
2/12/2024	-5.5%	-7.6%	-0.1%
10/30/2023	14.0%	21.1%	24.8%
7/31/2023	19.7%	15.6%	19.6%
5/1/2023	-15.7%	-13.8%	3.9%
2/13/2023	4.0%	-1.1%	13.1%
10/31/2022	5.7%	8.0%	15.3%
8/1/2022	-0.4%	6.0%	3.0%
5/2/2022	-3.6%	-13.3%	-14.0%
2/14/2022	5.8%	-0.8%	1.1%
11/1/2021	20.4%	28.8%	18.8%
8/2/2021	0.5%	-0.4%	-2.0%
5/4/2021	3.7%	6.9%	12.5%
2/18/2021	0.7%	-9.3%	-7.7%
11/2/2020	15.4%	21.1%	25.7%
8/4/2020	-10.9%	-16.7%	-13.4%
SUMMARY STATS
# Positive	15	11	15
# Negative	10	13	9
Median Positive	5.8%	14.5%	12.5%
Median Negative	-6.8%	-10.5%	-7.7%
Max Positive	20.4%	28.8%	25.7%
Max Negative	-15.7%	-16.7%	-24.0%

SEC Filings

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Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/06/2026	10-Q
12/31/2025	02/17/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/13/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/14/2023	10-K
09/30/2022	11/01/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/06/2026	10-Q
12/31/2025	02/17/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/13/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/01/2023	10-Q
03/31/2023	05/02/2023	10-Q
12/31/2022	02/14/2023	10-K
09/30/2022	11/01/2022	10-Q
06/30/2022	08/02/2022	10-Q
03/31/2022	05/03/2022	10-Q
12/31/2021	02/15/2022	10-K
09/30/2021	11/02/2021	10-Q
06/30/2021	08/03/2021	10-Q
03/31/2021	05/06/2021	10-Q
12/31/2020	02/19/2021	10-K
09/30/2020	11/03/2020	10-Q
06/30/2020	08/05/2020	10-Q
03/31/2020	05/06/2020	10-Q
12/31/2019	02/14/2020	10-K
09/30/2019	11/01/2019	10-Q

Recent Forward Guidance

Updated 8/5/2026

Latest: Q2 2026 Earnings Reported 8/4/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Revenue		3.30 Bil		17.9%		Higher New	Actual: 2.80 Bil for Q2 2026
Q3 2026 Non-GAAP Operating Margin	48.0%	48.5%	49.0%		2.0%	Higher New	Actual: 46.5% for Q2 2026
Q3 2026 Non-GAAP Diluted Net Income Per Share	1.06	1.07	1.08	21.6%		Higher New	Actual: 0.88 for Q2 2026

Prior: Q1 2026 Earnings Reported 5/5/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue		2.80 Bil		7.7%		Higher New	Actual: 2.60 Bil for Q1 2026
Q2 2026 Non-GAAP Operating Margin	46.0%	46.5%	47.0%		0.5%	Higher New	Actual: 46.0% for Q1 2026
Q2 2026 Non-GAAP Diluted Net Income Per Share		0.88

Q4 2025 Earnings Reported 2/12/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue		2.60 Bil		10.6%		Higher New	Guidance: 2.35 Bil for Q4 2025
Q1 2026 Non-GAAP Gross Margin	62.0%	62.5%	63.0%		0	Same New	Guidance: 62.5% for Q4 2025
Q1 2026 Non-GAAP Operating Margin		46.0%			-1.5%	Lower New	Guidance: 47.5% for Q4 2025

Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Revenue	2.30 Bil	2.35 Bil	2.40 Bil	4.4%		Higher New	Guidance: 2.25 Bil for Q3 2025
Q4 2025 Non-GAAP Gross Margin	62.0%	62.5%	63.0%		-1.5%	Lower New	Guidance: 64.0% for Q3 2025
Q4 2025 Non-GAAP Operating Margin	47.0%	47.5%	48.0%		0.5%	Higher New	Guidance: 47.0% for Q3 2025

Insider Activity

Updated 7/22/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Duda, Kenneth	President and CTO	Direct	Sell	7222026	170.51	17,333	2,955,515	2,212,587	Form
2	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	7222026	170.51	16,000	2,728,220	175,828,316	Form
3	Duda, Kenneth	President and CTO	Foundation	Sell	7222026	170.51	10,000	1,705,137	78,845,519	Form
4	Bechtolsheim, Andreas		by Trust	Sell	7162026	180.77	300,000	54,231,399	32,853,932,474	Form
5	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7142026	187.18	36,888	6,904,534	960,998,276	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Duda, Kenneth	President and CTO	Direct	Sell	7222026	170.51	17,333	2,955,515	2,212,587	Form
2	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	7222026	170.51	16,000	2,728,220	175,828,316	Form
3	Duda, Kenneth	President and CTO	Foundation	Sell	7222026	170.51	10,000	1,705,137	78,845,519	Form
4	Bechtolsheim, Andreas		by Trust	Sell	7162026	180.77	300,000	54,231,399	32,853,932,474	Form
5	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7142026	187.18	36,888	6,904,534	960,998,276	Form
6	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	7142026	187.18	36,888	6,904,534	960,998,276	Form
7	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	7142026	187.18	160,802	30,098,211	3,210,999,290	Form
8	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7132026	188.17	38,112	7,171,484	973,037,980	Form
9	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	7132026	188.17	38,112	7,171,484	973,037,980	Form
10	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	7132026	188.17	166,198	31,273,253	3,258,292,898	Form
11	Bechtolsheim, Andreas		by Trust	Sell	7072026	162.67	240,000	39,040,876	29,612,999,969	Form
12	Bechtolsheim, Andreas		by Trust	Sell	7062026	164.22	260,000	42,696,873	29,934,293,155	Form
13	Giancarlo, Charles H		by Trust	Sell	7062026	167.06	8,000	1,336,474	32,131,003	Form
14	Duda, Kenneth	President and CTO	Direct	Sell	6242026	171.42	17,333	2,971,253	2,224,368	Form
15	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	6242026	171.42	16,000	2,742,760	179,508,127	Form
16	Duda, Kenneth	President and CTO	Foundation	Sell	6242026	171.42	10,000	1,714,221	80,979,807	Form
17	Bechtolsheim, Andreas		by Trust	Sell	6172026	165.57	260,000	43,049,018	30,224,226,743	Form
18	Bechtolsheim, Andreas		Direct	Sell	6092026	157.93	220,000	34,743,812	17,663,754	Form
19	Bechtolsheim, Andreas		Direct	Sell	6082026	163.06	240,000	39,135,436	54,112,567	Form
20	Giancarlo, Charles H		by Trust	Sell	6032026	169.09	8,000	1,352,728	33,874,499	Form
21	Ullal, Jayshree	CEO and Chairperson	Direct	Sell	5282026	155.04	13,809	2,141,004	1,537,572	Form
22	Breithaupt, Chantelle Yvette	Senior Vice President, CFO	Direct	Sell	5282026	157.00	2,448	384,336	10,112,056	Form
23	Bechtolsheim, Andreas		by Trust	Sell	5282026	156.86	220,000	34,508,850	28,674,195,150	Form
24	Battles, Kelly Bodnar		Direct	Sell	5262026	146.44	422	61,797	1,475,808	Form
25	Wassenaar, Yvonne		Direct	Sell	5222026	140.93	971	136,846	1,378,893	Form
26	Duda, Kenneth	President and CTO	Direct	Sell	5202026	140.08	32,000	4,482,711	1,817,739	Form
27	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	5202026	140.08	16,000	2,241,356	148,933,611	Form
28	Duda, Kenneth	President and CTO	Foundation	Sell	5202026	140.08	10,000	1,400,847	67,576,846	Form
29	Giancarlo, Charles H		by Trust	Sell	5052026	175.40	8,000	1,403,202	36,541,650	Form
30	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	4242026	177.44	64,000	11,356,159	924,321,593	Form
31	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	4242026	177.44	64,000	11,356,159	924,321,593	Form
32	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	4242026	177.44	300,000	53,231,996	3,102,007,646	Form
33	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	4222026	167.31	45,920	7,682,967	884,626,563	Form
34	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	4222026	167.31	45,920	7,682,967	884,626,563	Form
35	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	4222026	167.31	214,299	35,854,794	2,986,136,223	Form
36	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	4202026	159.32	50,000	7,965,805	849,665,733	Form
37	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	4202026	159.32	50,000	7,965,805	849,665,733	Form
38	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	4202026	159.32	250,000	39,829,021	2,877,568,675	Form
39	Wassenaar, Yvonne		Direct	Sell	4172026	153.07	1,395	213,533	1,497,636	Form
40	Ullal, Jayshree	CEO and Chairperson	Direct	Sell	4152026	150.11	112,812	16,934,672	1,488,682	Form
41	Giancarlo, Charles H		by Trust	Sell	4032026	125.95	8,000	1,007,603	27,247,234	Form
42	Wassenaar, Yvonne		Direct	Sell	3182026	134.34	1,395	187,404	1,501,788	Form
43	Giancarlo, Charles H		by Trust	Sell	3042026	128.67	8,000	1,029,372	229,550	Form
44	Wassenaar, Yvonne		Direct	Sell	2272026	132.44	1,815	240,380	1,665,314	Form
45	Battles, Kelly Bodnar		Direct	Sell	2252026	128.06	422	54,042	1,220,307	Form
46	Duda, Kenneth	President and CTO	Direct	Sell	2192026	142.44	32,000	4,557,938	1,848,244	Form
47	Duda, Kenneth	President and CTO	Foundation	Sell	2192026	142.44	10,000	1,424,355	72,983,960	Form
48	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	2192026	142.29	16,000	2,276,709	158,112,858	Form
49	Giancarlo, Charles H		by Trust	Sell	2042026	140.43	8,000	1,123,469	1,374,002	Form
50	Duda, Kenneth	President and CTO	Direct	Sell	1222026	128.43	30,000	3,852,972	1,666,539	Form
51	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	1222026	128.43	16,000	2,054,918	144,764,864	Form
52	Duda, Kenneth	President and CTO	Foundation	Sell	1222026	128.43	10,000	1,284,322	67,093,005	Form
53	Giancarlo, Charles H		by Trust	Sell	1062026	133.79	8,000	1,070,291	2,379,258	Form
54	Duda, Kenneth	President and CTO	Direct	Sell	12192025	123.16	30,000	3,694,672	1,598,069	Form
55	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	12192025	123.16	16,000	1,970,493	140,787,769	Form
56	Duda, Kenneth	President and CTO	Foundation	Sell	12192025	123.16	10,000	1,231,557	65,568,094	Form
57	Giancarlo, Charles H		by Trust	Sell	12032025	128.09	8,000	1,024,749	3,302,765	Form
58	Ullal, Jayshree	CEO and Chairperson	Direct	Sell	11262025	124.55	24,042	2,994,534	1,235,205	Form
59	Battles, Kelly Bodnar		Direct	Sell	11252025	117.15	422	49,436	1,051,982	Form
60	Duda, Kenneth	President and CTO	Direct	Sell	11192025	128.61	30,000	3,858,423	1,668,897	Form
61	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	11192025	128.61	16,000	2,057,828	149,085,508	Form
62	Duda, Kenneth	President and CTO	Foundation	Sell	11192025	128.61	10,000	1,286,140	69,760,231	Form
63	Giancarlo, Charles H		by Trust	Sell	11052025	157.12	8,000	1,256,957	5,308,129	Form
64	Duda, Kenneth	President and CTO	Direct	Sell	10212025	142.75	30,000	4,282,401	1,852,281	Form
65	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	10212025	142.75	16,000	2,283,946	167,751,241	Form
66	Duda, Kenneth	President and CTO	Foundation	Sell	10212025	142.75	10,000	1,427,467	78,853,279	Form
67	Giancarlo, Charles H		by Trust	Sell	10032025	147.49	8,000	1,179,890	6,162,566	Form
68	Giancarlo, Charles H		Charitable Trust	Sell	9232025	148.42	50,000			Form
69	Giancarlo, Charles H		by Trust	Sell	9232025	148.42	8,000	1,187,361	7,388,948	Form
70	Duda, Kenneth	President and CTO	Direct	Sell	9192025	141.79	30,000	4,253,849	1,839,932	Form
71	Duda, Kenneth	President and CTO	Childrens' Trust	Sell	9192025	141.80	16,000	2,268,723	168,901,917	Form
72	Duda, Kenneth	President and CTO	Foundation	Sell	9192025	141.80	10,000	1,417,951	79,745,586	Form
73	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	9122025	148.53	172,166	25,572,363	799,584,828	Form
74	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	9122025	148.53	172,166	25,572,363	799,584,828	Form
75	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	9122025	148.53	903,356	134,178,336	2,858,819,523	Form
76	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	9102025	143.56	7,803	1,120,180	797,516,067	Form
77	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	9102025	143.56	7,803	1,120,180	797,516,067	Form
78	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	9102025	143.56	40,942	5,877,535	2,892,737,939	Form
79	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	9092025	143.84	60,545	8,709,035	800,229,518	Form
80	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	9092025	143.84	60,545	8,709,035	800,229,518	Form
81	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	9092025	143.84	317,674	45,695,495	2,904,398,285	Form
82	Ullal, Jayshree	CEO and Chairperson	Direct	Sell	8272025	132.77	24,040	3,191,740	1,316,659	Form
83	Duda, Kenneth	CTO and SVP Software Eng.	Direct	Sell	8202025	136.51	30,000	4,095,196	1,771,309	Form
84	Duda, Kenneth	CTO and SVP Software Eng.	Childrens' Trust	Sell	8202025	136.51	16,000	2,184,105	164,786,322	Form
85	Duda, Kenneth	CTO and SVP Software Eng.	Foundation	Sell	8202025	136.51	10,000	1,365,066	78,136,362	Form
86	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	8122025	139.67	26,625	3,718,732	785,469,049	Form
87	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	8122025	139.67	26,625	3,718,732	785,469,049	Form
88	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	8122025	139.67	139,729	19,516,047	2,864,503,872	Form
89	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	8112025	139.93	47,728	6,678,617	790,657,353	Form
90	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	8112025	139.93	47,728	6,678,617	790,657,353	Form
91	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	8112025	139.93	250,400	35,038,669	2,889,390,384	Form
92	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	8082025	136.22	246,331	33,555,360	776,195,139	Form
93	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	8082025	136.22	246,331	33,555,360	776,195,139	Form
94	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	8082025	136.22	1,292,503	176,065,561	2,846,889,875	Form
95	Giancarlo, Charles H		by Trust	Sell	8052025	117.01	8,000	936,044	6,761,043	Form
96	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	8042025	124.79	121,454	15,156,785	741,828,722	Form
97	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	8042025	124.79	121,454	15,156,785	741,828,722	Form
98	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	8042025	124.79	637,272	79,528,002	2,769,390,019	Form
99	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	8012025	122.19	39,854	4,869,695	741,177,304	Form
100	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	8012025	122.19	39,854	4,869,695	741,177,304	Form
101	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	8012025	122.19	209,112	25,551,049	2,789,423,770	Form
102	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7312025	119.15	81,137	9,667,702	727,512,901	Form
103	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	7312025	119.15	81,137	9,667,702	727,512,901	Form
104	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	7312025	119.15	425,726	50,726,453	2,745,042,431	Form
105	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7302025	115.59	72,761	8,410,248	715,121,318	Form
106	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	7302025	115.59	72,761	8,410,248	715,121,318	Form
107	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	7302025	115.59	381,780	44,128,923	2,712,108,714	Form
108	Ullal, Jayshree	CEO and Chairperson	Trust for Child 1	Sell	7292025	115.02	8,376	963,415	719,986,091	Form
109	Ullal, Jayshree	CEO and Chairperson	Trust for Child 2	Sell	7292025	115.02	8,376	963,415	719,986,091	Form
110	Ullal, Jayshree	CEO and Chairperson	by Trust	Sell	7292025	115.02	43,946	5,054,708	2,742,731,331	Form
111	Battles, Kelly Bodnar		Direct	Sell	7292025	114.68	864	99,081	855,494	Form
112	Duda, Kenneth	CTO and SVP Software Eng.	Direct	Sell	7212025	111.19	30,000	3,335,759	1,442,827	Form
113	Duda, Kenneth	CTO and SVP Software Eng.	Childrens' Trust	Sell	7212025	111.19	16,000	1,779,070	136,006,342	Form
114	Duda, Kenneth	CTO and SVP Software Eng.	Foundation	Sell	7212025	111.19	10,000	1,111,920	64,758,213	Form
115	Giancarlo, Charles H		by Trust	Sell	7032025	99.36	8,000	794,906	6,536,509	Form
116	Ullal, Jayshree	President and CEO	Direct	Sell	7022025	102.43	93,468	9,573,859	1,015,791	Form
117	Ullal, Jayshree	President and CEO	Trust for Child 1	Sell	7022025	102.43	100,862	10,331,221	642,025,341	Form
118	Ullal, Jayshree	President and CEO	Trust for Child 2	Sell	7022025	102.43	100,862	10,331,221	642,025,341	Form
119	Ullal, Jayshree	President and CEO	Trust for Nephew	Sell	7022025	102.43	8,756	896,870	3,072,877	Form
120	Ullal, Jayshree	President and CEO	Trust for Niece	Sell	7022025	102.43	8,756	896,870	3,072,877	Form
121	Ullal, Jayshree	President and CEO	by Trust	Sell	7022025	102.43	529,208	54,206,389	2,446,978,928	Form
122	Ullal, Jayshree	President and CEO	Direct	Sell	7012025	101.99	223	22,744	10,544,453	Form
123	Ullal, Jayshree	President and CEO	Trust for Child 1	Sell	7012025	101.99	241	24,580	649,572,284	Form
124	Ullal, Jayshree	President and CEO	Trust for Child 2	Sell	7012025	101.99	241	24,580	649,572,284	Form
125	Ullal, Jayshree	President and CEO	Trust for Nephew	Sell	7012025	101.99	20	2,040	3,952,806	Form
126	Ullal, Jayshree	President and CEO	Trust for Niece	Sell	7012025	101.99	20	2,040	3,952,806	Form
127	Ullal, Jayshree	President and CEO	by Trust	Sell	7012025	101.99	1,271	129,632	2,490,510,209	Form
128	Ullal, Jayshree	President and CEO	Direct	Sell	6302025	102.03	13,075	1,334,074	10,571,373	Form
129	Ullal, Jayshree	President and CEO	Trust for Child 1	Sell	6302025	102.03	14,110	1,439,677	649,853,539	Form
130	Ullal, Jayshree	President and CEO	Trust for Child 2	Sell	6302025	102.03	14,110	1,439,677	649,853,539	Form
131	Ullal, Jayshree	President and CEO	Trust for Nephew	Sell	6302025	102.03	1,224	124,888	3,956,408	Form
132	Ullal, Jayshree	President and CEO	Trust for Niece	Sell	6302025	102.03	1,224	124,888	3,956,408	Form
133	Ullal, Jayshree	President and CEO	by Trust	Sell	6302025	102.03	74,039	7,554,377	2,491,623,964	Form

Investor Activity (13F)

Updated Aug 7, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Varenne Capital Partners	$51.7 Mil	12.8%	27	Hold	13F
Cresset Asset Management, LLC	$2.5 Bil	11.0%	1582	Hold	13F
Capital Counsel Llc/Ny	$242.7 Mil	10.3%	62	Hold	13F
DSM Capital Partners LLC	$329.9 Mil	5.8%	44	Hold	13F
Anomaly Capital Management, LP	$70.6 Mil	4.3%	21	New	13F
Timucuan Asset Management Inc/Fl	$112.7 Mil	4.1%	28	Hold	13F
Nepsis Inc.	$9.7 Mil	3.2%	29	Hold	13F
Cambridge Financial Group, Inc.	$7.3 Mil	2.7%	33	Hold	13F
Ithaka Group LLC	$12.8 Mil	2.6%	38	Hold	13F
M & L Capital Management Ltd	$10.6 Mil	2.6%	19	Hold	13F
Eleva Capital SAS	$5.8 Mil	1.7%	24	New	13F
First Washington CORP	$5.3 Mil	1.5%	50	Hold	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anomaly Capital Management, LP	$70.6 Mil	4.3%	21	New	13F
Eleva Capital SAS	$5.8 Mil	1.7%	24	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
D1 Capital Partners L.P.	$126.1 Mil	1.2%	42	Exited	13F
Talos Eurisko Asset Management LP	$94.7 Mil	16.8%	24	Exited	13F
Benchstone Capital Management LP	$17.6 Mil	2.0%	43	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Cresset Asset Management, LLC	$2.5 Bil	11.0%	1582	Hold	13F
DSM Capital Partners LLC	$329.9 Mil	5.8%	44	Hold	13F
Capital Counsel Llc/Ny	$242.7 Mil	10.3%	62	Hold	13F
Timucuan Asset Management Inc/Fl	$112.7 Mil	4.1%	28	Hold	13F
Anomaly Capital Management, LP	$70.6 Mil	4.3%	21	New	13F
Varenne Capital Partners	$51.7 Mil	12.8%	27	Hold	13F
Ithaka Group LLC	$12.8 Mil	2.6%	38	Hold	13F
M & L Capital Management Ltd	$10.6 Mil	2.6%	19	Hold	13F
Nepsis Inc.	$9.7 Mil	3.2%	29	Hold	13F
Cambridge Financial Group, Inc.	$7.3 Mil	2.7%	33	Hold	13F
Eleva Capital SAS	$5.8 Mil	1.7%	24	New	13F
First Washington CORP	$5.3 Mil	1.5%	50	Hold	13F

ANET Trade Sentinel

Stock Conviction

High Conviction

CONVICTION RATIONALE

Arista is capturing a dominant share of the AI networking buildout, a multi-year cycle. The company's accelerating revenue, three guidance raises to 40% annual growth, and $9.7 billion in purchase commitments provide strong visibility. This execution demonstrates a clear ability to convert unprecedented demand into financial results, justifying a positive outlook.

STOCK ARCHETYPE

Capital Equipment / Infrastructure Provider

(Number of devices sold) x (Average Selling Price per device) Product mix shifting towards higher-performance, more complex AI systems, combined with operating leverage from a scalable software model.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can Arista sustain its lead in the AI networking arms race?

Evidence suggests Arista is a primary beneficiary, converting unprecedented demand into accelerating growth.

Mechanism: The company is capturing the AI infrastructure buildout, raising its 2026 revenue growth forecast to 40% and its AI-specific revenue goal to at least $3.5 billion.

Supporting Evidence:

Full-year 2026 revenue guidance was raised for a third time to $12.6 billion.
Latest quarterly revenue growth accelerated to 37.7% year-over-year.
Purchase commitments for components have nearly tripled to $9.7 billion.
The company has a total deferred revenue balance of approximately $6.9 billion.
The AI Etherlink customer base now exceeds 100 cumulative customers.

PRIMARY RISK

Concentration and Supply Chain Risk

Extreme customer concentration and reliance on a single key supplier create significant vulnerability to spending shifts or component shortages, which could derail growth.

Mechanism: A failure to meet its raised $12.6 billion revenue guidance for 2026.

Supporting Evidence:

Two customers accounted for 26% and 16% of total revenue in 2025.
The company is 'primarily reliant' on Broadcom for its switching chips.
Management has noted 'tightening supply conditions in the memory market'.
Gross margin in the latest quarter fell 2.3 percentage points year-over-year.

Key KPI Watchlist

KPI	Status	Rationale
Revenue Growth	37.7% year-over-year growth for the quarter ended 6/30/2026 - Accelerating	Year-over-year revenue growth has accelerated for two consecutive quarters, indicating strengthening demand and execution. The latest quarter's growth represents a significant step-up from the high-20s rate seen two quarters prior.
AI Fabrics Revenue Goal	Fiscal year 2026 AI fabrics revenue goal of at least $3.5 billion. - Accelerating	Management has repeatedly raised its full-year 2026 AI revenue target, signaling increasing confidence in both demand for its AI networking solutions and its ability to supply the necessary products. This progression from $3.25 billion to $3.5 billion reflects a strengthening outlook.
Cumulative AI Etherlink Customers	exceeds 100 (Q2 2026)	Signals the breadth of adoption for Arista's AI-focused networking solutions beyond its initial large customers, indicating market penetration and diversification.
Net Promoter Score (NPS)	89 (Q1 2026)	Measures customer satisfaction and loyalty. A high score indicates strong customer relationships and a competitive advantage in service and support, which is critical for mission-critical network infrastructure.
Cumulative Ports Shipped	150,000,000 (Q4 2025)	Indicates the scale of the company's installed base, which drives future opportunities for upgrades, services, and software subscriptions.

Core Investment Debate

AI Supercycle vs. Supply-Side Execution

BULL VIEW

Unprecedented AI demand, evidenced by a 40% growth forecast, will power results as Arista's $9.7 billion in purchase commitments show it has secured the necessary supply.

CORE TENSION

Can accelerating demand, reflected in a $6.9 billion deferred revenue balance, overcome supply constraints, which previously caused a -15.0% post-earnings stock decline?

PREVAILING SENTIMENT

BULLISH

The latest evidence favors the bull view. Management's third guidance raise this year indicates growing confidence in its ability to secure components and meet demand.

BEAR VIEW

The company's growth is capped by a fragile supply chain. Any de-commitment from its key silicon vendor could cause a material miss on its ambitious $12.6 billion revenue target.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
by the end of fiscal 2026	Santa Clara Facility Completion Watch: Construction work to build expanded facilities in Santa Clara is expected to be completed.
9/3/2026	Peer Ciena Earnings Watch: Peer Ciena (CIEN) is scheduled to report earnings.
10/27/2026	Peer Extreme Networks Earnings Watch: Peer Extreme Networks (EXTR) is scheduled to report earnings.
11/2/2026	Margin Pressure From Costs and Mix Watch: Q3 gross margin relative to 63% guide and any change to the full-year 62-64% range.
11/2/2026	Supply Constraints Impacting Raised Guidance Watch: Q3 revenue versus the $3.3 billion guide and any commentary on ability to meet the new $12.6 billion annual target.
11/10/2026	Negative Read-Through From Peers Watch: Peers' commentary on data center, campus, and AI networking demand and their outlooks for the communications equipment industry.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-08-04	Raised Full-Year 2026 Guidance Details: Management raised its 2026 fiscal year outlook to 40% revenue growth, equating to approximately $12.6 billion. This was an increase from the prior projection of $11.5 billion.	+6.7% $184.89 -> $197.31
2026-08-04	Reported Strong Q2 2026 Results Details: The company reported its first $3 billion quarter, with revenue of just over $3 billion, up 37.7% year-over-year, beating guidance of $2.8 billion.	+6.7% $184.89 -> $197.31
2026-07-07	Announced Q2 2026 Earnings Date Details: Arista announced it would release its financial results for the quarter ended June 30th, 2026, after markets close on Tuesday, August 4th, 2026.	+4.5% $173.28 -> $181.05
2026-06-09	Announced 1.6T AI Fabric Portfolio Details: The company introduced a new portfolio of 1.6Terabit networking platforms designed as the foundation for rack-scale AI infrastructure.	-3.0% $156.40 -> $151.76
2026-05-05	Reported Q1 2026 Results Details: Revenue grew 35.1% year-over-year. Management raised the 2026 outlook to 27.7% growth ($11.5 billion) but highlighted industry-wide supply shortages. The stock reacted negatively, falling 15.0%.	-14.8% $172.62 -> $147.06
2026-02-12	Reported Q4 2025 Results Details: The company reported record revenue of $9 billion for FY2025, a 28.6% growth. It also issued initial 2026 guidance for 25% annual growth to $11.25 billion.	+0.7% $140.66 -> $141.59

Risk Management

Position Sizing

2% - 4%

REDUCED POSITION

Sizing is volatility-based: ANET trades at roughly 60% annualized options-implied volatility versus about 14% for the S&P 500 (4.4x the market), around the 92nd percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

CSCO - Cisco Systems

Incumbent Exposure

Cisco offers a broader portfolio and a massive established enterprise customer base, providing more diversified and mature, albeit slower, growth.

Core Thesis: The company is leveraging its scale and Silicon One architecture to capture a significant share of AI infrastructure spending from hyperscalers.

NVDA - Nvidia

Vertical Integration Play

Nvidia provides a fully integrated hardware and software stack for AI, including proprietary InfiniBand and NVLink interconnects that compete directly with Arista's Ethernet solutions.

Core Thesis: The company's dominance in AI accelerators provides a powerful advantage in selling its own vertically integrated networking solutions.

How Is The Market Pricing ANET?

The premier 'plumber' for the AI data center boom, providing the essential high-speed Ethernet networking that connects massive clusters of AI accelerators.

Arista has pivoted from being a key supplier for cloud data centers to a critical enabler of the AI revolution. Its high-performance Ethernet fabrics are the nervous system for AI supercomputers, a market where demand is currently outstripping the entire industry's ability to supply. The company's primary challenge and opportunity is navigating severe supply chain constraints to meet this unprecedented demand, with its revenue growth being a direct function of its execution on supply.

What will confirm the thesis

Announcements of new large-scale AI fabric design wins with Cloud Titans or neo-clouds, continued upward revisions to revenue guidance, and commentary indicating further improvements in component supply.

What will damage the thesis

A major Cloud Titan announcing a large-scale deployment using a competing technology (like InfiniBand or a competitor's Ethernet solution), a significant slowdown in AI-related capital expenditures, or a failure to secure components leading to guidance cuts.

Noise: Real but irrelevant to thesis

Quarter-to-quarter fluctuations in customer concentration or gross margin due to the timing of large deployments, which management has flagged as normal.

Repricing Catalyst

The company's demonstrated ability to manage supply chain constraints better than expected, leading to a third significant upward revision of its 2026 revenue guidance to 40% annual growth.

What ANET Makes & Who Pays

TTM figures based on the twelve months through fiscal Q2 2026

Network Software and Services

$1.6B TTM (15% of Total)

What It Is

This segment consists of subscription-based offerings, including A-Care support services, CloudVision for network management and automation, and solutions for observability and security.

Who Pays & How

Customers pay for ongoing support, bug fixes, new feature releases, and advanced software capabilities to manage, monitor, and secure their networks. They choose these services for high-quality support and to simplify network operations through automation and AI-driven insights (AIVA).

Subscription-based models.

Competition

The tight integration of its software and services with its EOS-based hardware creates a sticky ecosystem. The company cites an industry-leading Net Promoter Score, reflecting high customer satisfaction with its support services.

ANET Evolution: Price Return by Era

· Pioneering Cloud Networking

Arista established itself as a market leader by pioneering the use of 'leaf and spine' network topologies for cloud and data centers. This was a fundamental shift from legacy networking approaches and enabled the massive scale required by public cloud titans.

· Expanding to Enterprise & Adjacencies

The company leveraged its success in the data center to expand into adjacent markets, including enterprise campus networking (wired and wireless), routing, and network security. This strategy, termed 'Arista 2.0', aims to provide a unified, software-driven networking experience from 'client-to-cloud'.

2024-Present · Enabling the AI Era

+241%

Arista is now at the forefront of providing the critical network infrastructure for AI. The company's 'Etherlink' portfolio is designed for AI fabrics, supporting 'scale-up', 'scale-out', and 'scale-across' architectures to connect vast clusters of AI accelerators, with AI-related sales expected to more than double in 2026.

Market Is In Wait-and-See Mode

Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum are mixed. There is no clear institutional footprint in either direction. Earnings history is neutral. The market reaction and subsequent drift do not give a clear directional signal.

① Structure

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

4 / 12

1 Price Structure & Trend Trending Up · - ▾

2 Momentum Decelerating ▾

3 Relative Strength vs. SPY Mild Outperformance ▾

4 Institutional Footprint & Volume Mild Accumulation ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Rising ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	+4
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 1 · Bear Pillars: 0 · Combined Score: 4 → Market Is In Wait-and-See Mode

Arista Networks — Investor Video Playlist

Leadership

Memory is the new gold, says Arista Networks CEO Jayshree Ullal

CNBC Television · 2026-08-05

Investor / Analyst

Arista Networks Q2 FY26 Earnings Call | $ANET | 🔴 WATCH LIVE

Benzinga · 2026-08-05

Products & Services

Introducing XPO: Pluggable Optics for AI Networking

Arista Networks · 2026-03-12

Products & Services

Arista AI Ecosystem of Innovators - Anthropic

Arista Networks · 2026-01-20

Products & Services

Arista AI Ecosystem of Innovators: OpenAI

Arista Networks · 2025-10-14

Investor / Analyst

Arista AI Innovations - An Expert View

Arista Networks · 2025-09-23

Products & Services

Arista Unveils Modern Stacking for Campus Networks

Arista Networks · 2024-12-03

Products & Services

Arista NDR: Safeguarding Healthcare in the Age of AI: Give Analysts Superpowers

Arista Networks · 2024-04-01

Products & Services

Introducing CloudVision® Universal Network Observability™(CV UNO™)

Arista Networks · 2024-03-05

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Arista Networks (ANET)

Market Price (8/7/2026): $192.95 | Market Cap: $243.1 BilInvestor Relations ↗Sector: Information Technology | Industry: Communications Equipment

Arista Networks (ANET)

Market Price (8/7/2026): $192.95Market Cap: $243.1 BilSector: Information TechnologyIndustry: Communications Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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About Arista Networks (ANET)

Interactive Breakdown

Better Bets vs. Arista Networks (ANET)

INDUSTRY: Communications Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for ANET: 26.2% | 23.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

Higher Rev Chg LTM (Value for ANET: 32.6%)

Higher Rev Chg 3Y Avg (Value for ANET: 26.2%)

Higher Op Mgn LTM (Value for ANET: 43.1%)

Higher CFO/Rev LTM (Value for ANET: 50.3%)

Higher FCF/Rev LTM (Value for ANET: 48.9%)

Higher Total Yield (Value for ANET: 1.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ANET: 26.2% | 23.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

Higher Rev Chg LTM (Value for ANET: 32.6%)

Higher Rev Chg 3Y Avg (Value for ANET: 26.2%)

Higher Op Mgn LTM (Value for ANET: 43.1%)

Higher CFO/Rev LTM (Value for ANET: 50.3%)

Higher FCF/Rev LTM (Value for ANET: 48.9%)

Higher Total Yield (Value for ANET: 1.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ANET: 26.2% | 23.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ANET: 26.2% | 53.3x)

Higher Rev Chg LTM (Value for ANET: 32.6%)

Higher Rev Chg 3Y Avg (Value for ANET: 26.2%)

Higher Op Mgn LTM (Value for ANET: 43.1%)

Higher CFO/Rev LTM (Value for ANET: 50.3%)

Higher FCF/Rev LTM (Value for ANET: 48.9%)

Higher Total Yield (Value for ANET: 1.7%)

Best Bets in Information Technology

P/EBIT (Value for ANET: 53.3x)

P/E (Value for ANET: 59.9x)

Rev Chg 3Y Avg (Value for ANET: 26.2%)

Rev Chg LTM (Value for ANET: 32.6%)

Rev Chg Q (Value for ANET: 37.7%)

FCF/Rev 3Y Avg (Value for ANET: 47.2%)

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Market Price (8/7/2026): $192.95 | Market Cap: $243.1 BilInvestor Relations Sector: Information Technology | Industry: Communications Equipment

Market Price (8/7/2026): $192.95
Market Cap: $243.1 Bil
Sector: Information Technology
Industry: Communications Equipment