COVERAGE / ANET / Technology

Arista Networks, Inc.

Computer Communications Equipment

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$9.01bn

Prior / $7bn

Change / +28.60%

SOURCE / 2026-02-17

Operating income

$3.86bn

Prior / $2.94bn

Change / +30.95%

SOURCE / 2026-02-17

Net income

$3.51bn

Prior / $2.85bn

Change / +23.12%

SOURCE / 2026-02-17

Diluted EPS

$2.75

Prior / $2.23

Change / +23.32%

SOURCE / 2026-02-17

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-17

Gross margin

64.06%

Prior / 64.13%

Change / -0.08 pp

SOURCE / 2026-02-17

Operating margin

42.82%

Prior / 42.05%

Change / +0.77 pp

SOURCE / 2026-02-17

Return on avg. equity

31.40%

Prior / 33.14%

Change / -1.74 pp

SOURCE / 2026-02-17

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 9005700000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "frame": "CY2025",
    "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 3511400000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "grossProfit": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 5768700000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "frame": "CY2025",
    "tag": "us-gaap:GrossProfit",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 3856100000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 2.75,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 4371900000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 19448600000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 7078100000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 12370500000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 16387000000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 5376500000,
    "accn": "0001596532-26-000013",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-17",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$9.01bn	$3.51bn	Not available	$2.75
2024-12-31	$7bn	$2.85bn	Not available	$2.23
2023-12-31	$5.86bn	$2.09bn	Not available	$1.65
2022-12-31	$4.38bn	$1.35bn	Not available	$1.07

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	72.56x	Unavailable	47.78x	16
P/S	27.94x	Unavailable	12.58x	14
P/B	20.34x	Unavailable	14.12x	13
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	1.72%	11

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-30 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 199.53,
  "tradingDate": "2026-09-17",
  "marketCap": 251652154015.44,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-30"
}

Company & operating context

Arista Networks, Inc. is an SEC-reporting issuer listed on NYSE under ANET. Its SEC industry description is Computer Communications Equipment. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-17PERIOD / 2025-12-31

ANET filed this 10-K on 2026-02-17 for the reported period 2025-12-31. Reading focus: Revenue mix, research spending, inventory and cash conversion. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0016ANETCompany Research

ANET: reading the FY2025 financial structure ↗

Arista Networks, Inc.

Research abstract

Annual revenue of USD 9.006 billion and net income of USD 3.511 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Revenue mix, research spending, inventory and cash conversion.

TECHNOLOGY SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-17
SEC annual filing · 2024-12-31 ↗Source date 2026-02-17
SEC annual filing · 2023-12-31 ↗Source date 2026-02-17
SEC annual filing · 2022-12-31 ↗Source date 2025-02-19
SEC issuer record ↗Source date 2026-09-18