Logo

ANET

Arista Networks, Inc.

ANET

Arista Networks, Inc. • NYSE
$130.85 ▲ 2.51% (+3.20)
Market Cap $164.70 B
52w High $164.94
52w Low $59.43
Dividend Yield 0%
P/E 49.75
Volume 3.83M
Outstanding Shares 1.26B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.308B ▲ $512M ▲ $853M ▼ 36.954% ▼ $0.68 ▼ $1.1B ▲
Q2-2025 $2.205B ▲ $452.4M ▲ $888.8M ▲ 40.312% ▼ $0.71 ▲ $1.093B ▲
Q1-2025 $2.005B ▲ $417.3M ▼ $813.8M ▲ 40.593% ▼ $0.65 ▲ $872.6M ▲
Q4-2024 $1.93B ▲ $431.342M ▲ $800.996M ▲ 41.493% ▲ $0.64 ▲ $815.04M ▲
Q3-2024 $1.811B $376.467M $747.938M 41.301% $0.6 $800.788M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.106B ▲ $18.049B ▲ $6.142B ▲ $11.907B ▲
Q2-2025 $8.844B ▲ $16.534B ▲ $5.633B ▲ $10.902B ▲
Q1-2025 $8.15B ▼ $14.515B ▲ $4.396B ▲ $10.119B ▲
Q4-2024 $8.303B ▲ $14.044B ▲ $4.049B ▲ $9.995B ▲
Q3-2024 $7.428B $12.847B $3.601B $9.246B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $853M ▼ $1.268B ▲ $-1.186B ▼ $20.6M ▲ $101.1M ▼ $1.238B ▲
Q2-2025 $888.8M ▲ $1.2B ▲ $-625.1M ▲ $-197.2M ▲ $380.4M ▲ $1.176B ▲
Q1-2025 $813.8M ▲ $641.7M ▼ $-765.9M ▲ $-793.8M ▼ $-917.3M ▼ $613.3M ▼
Q4-2024 $800.996M ▲ $1.031B ▼ $-1.31B ▼ $-130.036M ▼ $-412.77M ▼ $1.019B ▼
Q3-2024 $747.938M $1.174B $-373.872M $-55.626M $746.639M $1.167B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $1.61Bn ▲$1.69Bn ▲$1.88Bn ▲$1.91Bn ▲
Service
Service
 $320.00M ▲$310.00M ▼$330.00M ▲$400.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Arista’s income statement shows a company that has grown rapidly while staying highly profitable. Revenue has increased severalfold over the last five years, and profits have grown even faster than sales, which suggests strong economies of scale and good cost control. Gross margins remain robust, and operating income has expanded each year, indicating that Arista is not buying growth at the expense of profitability. Net income and earnings per share follow the same positive trajectory, with no loss-making years in this period. The key risk to watch is that a meaningful portion of revenue is tied to very large cloud customers, so their spending cycles can influence Arista’s growth pace from year to year.

Balance Sheet

Balance Sheet The balance sheet is a major strength. Arista has built a sizable asset base while keeping debt essentially negligible. Cash and investments have risen significantly, and shareholder equity has grown steadily, reflecting retained profits rather than heavy borrowing. This conservative financial structure gives the company flexibility to invest through industry cycles, fund R&D, and pursue acquisitions without stressing the balance sheet. The main consideration is how effectively the company continues to deploy this growing cash and asset base to sustain future innovation and expansion.

Cash Flow

Cash Flow Cash generation is a standout feature. Operating cash flow has scaled sharply with earnings, and free cash flow closely tracks it because capital spending needs are modest relative to revenue. This points to an asset-light, software-driven model where a large share of profits turns into actual cash. Over the last few years, cash flow growth has accelerated, giving Arista ample internal resources to fund new products, acquisitions, and potential shareholder returns. The key thing to monitor is whether this strong cash conversion can be maintained as the company invests more in AI networking, campus, and WAN offerings.

Competitive Edge

Competitive Edge Arista occupies a strong competitive position in high-performance data center and cloud networking, built primarily on its software capabilities rather than custom hardware. Its EOS operating system and CloudVision platform create a cohesive, automated networking environment that is difficult for customers to replace once deeply integrated. The company has deep relationships with hyperscale cloud providers and is increasingly targeting AI clusters, areas where performance, reliability, and automation are critical. At the same time, Arista faces powerful incumbent rivals in switching, routing, and campus markets, and it must navigate customer concentration risk and intense price and feature competition. Still, its focus, agility, and reputation in cloud-scale environments give it a clear edge in its core niches.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Arista’s strategy. The EOS operating system, with its modular, programmable design, and the CloudVision platform, which centralizes automation and analytics, are core differentiators that set it apart from more hardware-centric peers. Arista leverages merchant silicon, allowing it to ride rapid chip advances while focusing R&D on software, automation, and integration. It is also pushing hard into AI networking with specialized software suites and high-bandwidth platforms, and expanding toward campus and WAN through offerings like cognitive campus and the acquired SD-WAN technology. The main watchpoints are whether Arista can sustain its software lead as competitors improve their platforms and how effectively it can extend its innovation culture from data centers into broader enterprise environments.

Summary

Overall, Arista shows a combination of strong growth, high profitability, and very solid finances, underpinned by a clear software-led strategy in networking. Its core cloud and AI data center franchise appears well-defended by technology, integration depth, and customer relationships, while strong cash generation and a clean balance sheet provide room to invest in new areas. The company’s future trajectory will depend on continued leadership in AI networking, successful expansion into campus and WAN markets, and careful management of its reliance on a small number of very large customers. For observers, ANET represents a case study in how a focused, software-first approach can reshape a traditionally hardware-heavy industry, with both meaningful opportunities and execution risks ahead.

NEWS

November 4, 2025 · 4:05 PM UTC

Arista Networks, Inc. Reports Third Quarter 2025 Financial Results

Read more

October 29, 2025 · 9:00 AM UTC

Arista Networks Unveils Next Generation Data and AI Centers

Read more

October 7, 2025 · 4:05 PM UTC

Arista Networks to Announce Q3 2025 Financial Results on Tuesday, November 4, 2025

Read more

September 23, 2025 · 8:46 AM UTC

Arista Advanced Pet Care Celebrates Strong Start in Sandy Springs and Collaboration with Peacock Partnership

Read more

September 4, 2025 · 9:58 AM UTC

Defiance Launches ANEL: 2X Long ETF for Arista Networks, Inc.

Read more