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Company file · ANET

Arista Networks

Arista Networks' revenue grew more than a quarter in 2025

Total revenue rose 28.6% to $9.0B, and net income rose 23.1% to $3.5B. Revenue in the quarter ended Jun 30, 2026 rose 37.7%.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026) · Data pulled Oct 25, 2026

Key facts

Arista Networks (NYSE: ANET) closed fiscal 2025 on Dec 31, 2025 with total revenue of $9.0B, up 28.6% from a year before; net income came to $3.5B, up 23.1%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $3.0B, up 37.7% on the same stretch of the prior year, and net income of $1.2B. Broken down product and service, Product led with 84% of fiscal 2025 total revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).

Revenue$9.0BFY2025 · +28.6% vs FY2024
Net income$3.5BFY2025 · +23.1% vs FY2024
Operating cash flow$4.4BFY2025 · +17.9% vs FY2024
Cash & equivalents$2.3Bat Jun 30, 2026 · +16.6% vs FY2025 end
Diluted shares1.28BFY2025 avg · −0.4% vs FY2024
Total revenue and net income, three fiscal yearsBy fiscal year, $bn
Total revenueNet income
Total revenue and net income by fiscal yearTotal revenue FY2023: $5.9B5.9Net income FY2023: $2.1B2.1FY2023Total revenue FY2024: $7.0B7.0Net income FY2024: $2.9B2.9FY2024Total revenue FY2025: $9.0B9.0Net income FY2025: $3.5B3.5FY2025

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly total revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenue, fiscal 2026 vs 2025FY2025 Q1: $2.0B2.0FY2026 Q1: $2.7B2.7Q1FY2025 Q2: $2.2B2.2FY2026 Q2: $3.0B3.0Q2

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026

How it makes money

FY2025 total by categoryProduct: $7.6B (84%)Service: $1.4B (16%)$9.0BFY2025 total

Product and service, FY2025

  • LineAmountSharevs FY2024
  • Product$7.6B84%+28.8%
  • Service$1.4B16%+27.7%

Source: 10-K FY2025, XBRL breakdown

Product sales were 84% of 2025 revenue and services 16%. The Americas were 79% of revenue.

Product and service: three-year mixShare of the total each fiscal year
ProductService

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$3.0B Q2 2026
$2.2B Q2 2025
37.7% increase
Net income
$1.2B Q2 2026
$889M Q2 2025
36.5% increase

Source: Arista Networks 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

Product and service

Product
$2.6B Q2 2026
$1.9B Q2 2025
38.8% increase
Service
$430M Q2 2026
$328M Q2 2025
31.3% increase

Source: Arista Networks 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

  • Cash & equivalents $2.3B at Jun 30, 2026, vs $2.0B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $2.8B vs $1.8B a year earlier.

The bull case and the bear case

The bull case

  • Total revenue rose 28.6% in 2025 to $9.0B, and net income rose 23.1% to $3.5B. 10-K, FY2025
  • Revenue in the quarter ended Jun 30, 2026 was $3.0B, up 37.7% on a year earlier, and net income rose 36.5% to $1.2B. 10-Q, quarter ended Jun 30, 2026
  • Operating cash flow rose 17.9% in 2025 to $4.4B. 10-K, FY2025
  • It reports no debt on its balance sheet. 10-K, FY2025

The bear case

  • The 10-K says a small number of large customers make up a large share of revenue, and changes in their purchases can move results. 10-K, Item 1A
  • It also lists sole or limited-source components, tariffs and supply shortages among its risks. 10-K, Item 1A
  • Cash and cash equivalents were $2.3B at Jun 30, 2026, as it holds much of its money in marketable securities, which aren't counted here. 10-Q, quarter ended Jun 30, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Arista Networks makes high-speed network switches and routers and the software that runs them, used in data centers, AI clusters, cloud networks and corporate campuses.

Its products are built around one operating system, EOS. Large cloud companies are among its biggest customers, using its switches to connect servers in data centers and AI computing clusters. It also sells campus networking and network security products.

Product sales make up most of revenue; services are mostly support contracts. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Arista Networks's latest 10-K. Read the original for the full list.

  1. Customer concentrationA few large cloud customers make up a big part of revenue.
  2. Supply chainKey components come from sole or limited sources.
  3. Trade and tariffsTariffs and trade restrictions can raise costs or slow sales.
  4. CompetitionIt competes with larger networking companies.
  5. Volatile resultsRevenue, growth and margins can swing from quarter to quarter.
  6. Cyber and IPSecurity flaws and intellectual property disputes can be costly.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenue$5.9B$7.0B$9.0B
Net income$2.1B$2.9B$3.5B
Operating cash flow$2.0B$3.7B$4.4B
Cash & equivalents (year end)$1.9B$2.8B$2.0B
Diluted shares1.27B1.28B1.28B
  • Total revenue: Sales of networking switches and routers, plus software subscriptions, support and services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Regional figures are the Americas, Europe/Middle East/Africa and Asia-Pacific, as Arista reports them.

What we left out

  • Total debt: Arista doesn't report any borrowings, so there's no debt figure to show.

Recent filings

FormFiledPeriod
10-QAug 5, 2026Jun 30, 2026
10-QMay 6, 2026Mar 31, 2026
DEF 14AApr 16, 2026May 29, 2026
10-KFeb 17, 2026Dec 31, 2025

Latest filings

  1. Oct 227:19 PM ET

    Form 4

    Arista Networks President Kenneth Duda reports selling 43,333 shares under a 10b5-1 plan

    The filing reports 43,333 shares in an open-market or private sale (code S) at weighted-average prices from $177.91 to $182.79, about $7.8 million in total; and 17,333 shares in an exercise or conversion of a derivative security (code M).

  2. Oct 137:09 PM ET

    Form 4

    Arista Networks CEO Jayshree Ullal reports selling 158,543 shares under a 10b5-1 plan

    The filing reports 158,543 shares in an open-market or private sale (code S) at weighted-average prices from $217.05 to $217.10, about $34.4 million in total.

  3. Oct 97:13 PM ET

    Form 4

    Arista Networks CEO Jayshree Ullal reports selling 96,992 shares under a 10b5-1 plan

    The filing reports 96,992 shares in an open-market or private sale (code S) at $217.14, about $21.1 million in total.

  4. Oct 87:18 PM ET

    Form 4

    Arista Networks CEO Jayshree Ullal reports selling 460,374 shares under a 10b5-1 plan

    The filing reports 460,374 shares in an open-market or private sale (code S) at weighted-average prices from $211.36 to $213.06, about $97.6 million in total.

  5. Oct 87:18 PM ET

    Form 4

    Arista Networks CFO Chantelle Yvette Breithaupt reports selling 1,224 shares under a 10b5-1 plan

    The filing reports 1,224 shares in an open-market or private sale (code S) at $215.00, about $263,160 in total.

All Arista Networks filings notes →

Common questions about Arista Networks

How does Arista Networks make money?

Fiscal 2025 total revenue: $9.0B. Product sales were 84% of 2025 revenue and services 16%. The Americas were 79% of revenue. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Arista Networks's revenue in fiscal 2025?

$9.0B, up 28.6% from fiscal 2024 ($7.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $5.9B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Arista Networks profitable?

Net income was $3.5B in fiscal 2025 (up 23.1%; fiscal 2024 was $2.9B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Arista Networks report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $3.0B (up 37.7% from $2.2B) and net income $1.2B (up 36.5% from $889M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.

What are the main risks Arista Networks lists?

The risk factors are in Item 1A of the 10-K filed Feb 17, 2026. This page sorts them into 6 groups (Customer concentration; supply chain; trade and tariffs; competition; volatile results; cyber and IP). The first group in plain English: A few large cloud customers make up a big part of revenue. Source: 10-K, Item 1A Risk Factors.

Where do these Arista Networks numbers come from?

The 10-K filed Feb 17, 2026 (fiscal 2025) and the 10-Q filed Aug 5, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ANET
The editor holds no position in Arista Networks (ANET). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ANET from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ANET, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Arista NetworksANETFY2025$9.0B+28.6%$3.5B
CiscoCSCOFY2026$63.3B+11.8%$13.3B
BroadcomAVGOFY2025$63.9B+23.9%$23.1B
NvidiaNVDAFY2026$215.9B+65.5%$120.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.