At a glance
Arista Networks is worth $207.02B, about 60 times its fiscal 2025 earnings. Revenue grew 28.6% to $9.01B in fiscal 2025, with 39.0% kept as profit; over 5 years it has grown 31.2% a year. It pays no dividend; it spent $3.22B buying back its shares over FY2021–FY2025. The stock returned +4.1% over the past year with dividends reinvested and +39.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.2% in the 2020 crash (S&P 500: 33.7%) and 36.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 9 months after the lows.
The business in plain English
Arista Networks makes high-speed network switches and routers, the equipment that directs data between computers. Its gear is used in large data centers, AI computing clusters, office campuses and the wide-area networks that link distant sites. The hardware runs on Arista's own software, the Extensible Operating System (EOS), and is managed through its CloudVision platform. A major focus is AI networking. Its Etherlink family of more than twenty products links many AI chips so they can work together, using open Ethernet standards instead of proprietary options such as InfiniBand.
Arista groups its customers into three categories: Cloud and AI Titans (the giant cloud and AI operators), AI and Specialty Providers, and Enterprise. It also offers campus switches, Wi-Fi access points and VeloCloud SD-WAN, which is software-managed connections between branch offices and data centers. Arista builds its systems around merchant silicon, meaning chips designed by outside companies, mostly from one main vendor. It relies on third-party manufacturers to assemble them.
Equipment brings in most of the money. In the fiscal year ended December 31, 2025, revenue was $9.0 billion. Products made up 84.1%, and switches and routing platforms generate most of that. Services, which include A-Care support plans, made up 15.9%. By region, the Americas accounted for 79.1%, Europe, the Middle East and Africa 11.9%, and Asia Pacific 9%.
Price history
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ANET +4.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $7.58B | 84.1% |
| Service | $1.43B | 15.9% |
By geography
| Americas | $7.12B | 79.1% |
| Europe, Middle East and Africa | $1.07B | 11.9% |
| Asia Pacific | $813.3M | 9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.04B, up 37.7% from a year earlier, and net income was $1.21B (+36.5%).
- For fiscal 2025, revenue was $9.01B (+28.6% year over year; +31.2% a year from FY2020 to FY2025) with a 39% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +31.2% good |
|---|---|
| Operating margin | 42.8% good |
| Free cash flow margin | 47.2% good |
| Return on equity (FY2025) | 28.4% good |
| Return on assets (FY2025) | 18.1% good |
| Cash and investments | $13.34B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.32B | $634.6M | $719.7M |
| FY2021 | $2.95B | $840.9M | $951.1M |
| FY2022 | $4.38B | $1.35B | $448.2M |
| FY2023 | $5.86B | $2.09B | $2.00B |
| FY2024 | $7.00B | $2.85B | $3.68B |
| FY2025 | $9.01B | $3.51B | $4.25B |
Valuation snapshot
| Market value | $207.02B |
|---|---|
| P/E ratio | 59.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Arista Networks’s market value went from $6.79B at the end of 2016 to $207.02B on Nov 2, 2026, about 30.5 times as much; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $207.02B | +25.5% |
| 2025 | $165.00B | +18.5% |
| 2024 | $139.24B | +90.0% |
| 2023 | $73.27B | +97.6% |
| 2022 | $37.08B | -16.1% |
| 2021 | $44.17B | +100.9% |
| 2020 | $21.98B | +41.5% |
| 2019 | $15.54B | -2.2% |
| 2018 | $15.89B | -7.7% |
| 2017 | $17.22B | +153.5% |
| 2016 | $6.79B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ANET price data to Nov 2, 2026 | +25.3% | +4.1% | +45.8% | +39.8% | +41.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.3% |
| 2025 | +18.6% |
| 2024 | +87.7% |
| 2023 | +94.1% |
| 2022 | -15.6% |
| 2021 | +97.9% |
| 2020 | +42.9% |
| 2019 | -3.5% |
| 2018 | -10.6% |
| 2017 | +143.4% |
| 2016 | +24.3% |
| 2015 | +28.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.1% over that stretch · deepest drop along the way 31.2%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.1% over that stretch · deepest drop along the way 36.7%, back to its old high 8.7 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 105 sales ($316.6M), 105 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 6, 2026 | Jayshree Ullal CEO and Chairperson, Director | sell (plan) | $55.0M |
| Oct 9, 2026 | Jayshree Ullal CEO and Chairperson, Director | sell (plan) | $20.2M |
| Oct 7, 2026 | Jayshree Ullal CEO and Chairperson, Director | sell (plan) | $15.0M |
| Aug 27, 2026 | Andreas Bechtolsheim 10% owner | sell (plan) | $15.0M |
| Aug 27, 2026 | Andreas Bechtolsheim 10% owner | sell (plan) | $14.1M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.25% | Mar 31, 2026 |
ETFs with the most weight in ANET
| AIFD TCW Artificial Intelligence ETF | 5.29% |
| SPRX Spear Alpha ETF | 5.09% |
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.05% |
| ARTY iShares Future AI & Tech ETF | 4.68% |
| BRIF FIS Bright Portfolios Focused Equity ETF | 4.46% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 4.41% |
| XTL SPDR S&P Telecom ETF | 4.11% |
| FDCF Fidelity Disruptive Communications ETF | 4.09% |
What could go wrong
- Heavy reliance on a few big customers. Large purchases by a limited number of customers make up a substantial portion of revenue. If one major cloud or AI customer delays or cuts orders, quarterly revenue could swing sharply.
- One main chip supplier and outside factories. Arista relies mainly on one chip vendor and on third-party manufacturers. Some key parts have only one or a few sources, so shortages or long lead times could delay deliveries and cost sales.
- Larger rivals and the Ethernet bet. Arista competes with larger, well-established companies, and industry consolidation could intensify that. Its AI growth also depends on customers moving from proprietary networks to open Ethernet. If that shift stalls, revenue could suffer.
- Big purchase commitments and inventory risk. Arista has made significant purchase commitments based on sales forecasts. If demand falls short of those forecasts, it could be stuck with inventory it cannot use in time, which would squeeze profit margins.
- Tariffs and U.S.–China trade restrictions. Escalating U.S. tariffs, retaliation by other countries and tighter export controls aimed at China could raise costs, disrupt supply chains or limit where Arista can do business.
- Lumpy results and a volatile share price. Revenue growth and margins swing from period to period. Missing analyst expectations or guidance could hit the shares hard. The stock fell as much as 50.4% in the three years to October 27, 2026.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Arista Networks pays no dividend. Its 10-K says it has never paid one and does not plan to for the foreseeable future. Investors who need regular income would have to fund withdrawals by trimming shares. The company returns cash through share repurchases (buybacks) instead: $3.22 billion over fiscal 2021 through 2025, including $1.60 billion in fiscal 2025. Even so, the share count rose 2.6% between October 2021 and July 2026, so buybacks have not reduced the number of shares outstanding.
The stock has dropped sharply in market downturns. It fell 31.2% during the 2020 COVID crash and was back at its prior high about 2.4 months after the low. In the 2022 bear market it fell 36.7% and took about 8.7 months from the low to recover. Its trading history does not reach back to the 2008 financial crisis. As a single stock, Arista carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Arista Networks make money?
Mostly from equipment. Arista makes high-speed network switches and routing platforms for cloud providers, AI operators and businesses. In the fiscal year ended December 31, 2025, products brought in 84.1% of its $9.0 billion revenue. Services, which include A-Care support plans, brought in 15.9%. Its software, including the EOS operating system and the CloudVision management platform, ties the hardware together. The Americas generated 79.1% of revenue.
Does Arista Networks pay a dividend?
No. Arista has never paid a dividend, and its 10-K says it does not plan to pay one for the foreseeable future. Instead, it returns cash through share repurchases (buybacks). It spent $1.60 billion on them in fiscal 2025 and $3.22 billion over fiscal 2021 through 2025. The company held $13.3 billion in cash and investments as of June 30, 2026. For income investors, any cash from the shares would have to come from trimming the position.
Who are Arista Networks' biggest customers?
A small group of customers placing large orders. Arista's 10-K says those purchases make up a substantial portion of its revenue. The company groups its customers into three categories: Cloud and AI Titans, AI and Specialty Providers, and Enterprise. That concentration cuts both ways: a delay or cut in orders from one major customer could cause sharp swings in quarterly results. By region, the Americas accounted for 79.1% of fiscal 2025 revenue.
How fast is Arista Networks growing?
Quickly. Revenue rose 28.6% to $9.0 billion in fiscal 2025 and grew at a compound rate of 31.2% a year over the five years from fiscal 2020. Growth sped up in the quarter ended June 30, 2026, when revenue of $3.04 billion was 37.7% higher than a year earlier. The business is also highly profitable. Net income was $3.51 billion in fiscal 2025, a net margin of 39%, meaning 39 cents of profit per dollar of revenue. Past growth does not guarantee future results.
Is Arista Networks stock volatile?
Yes. In the year to October 27, 2026, its beta was 2.24, meaning the shares tended to move more than twice as much as the market. Its annualized volatility, a measure of how widely the price swings, was 54.4%. In the three years to that date, the stock fell as much as 50.4% from a peak. Gains averaged about 42.8% a year over the 10 years to that date. But the shares traded at 68 times fiscal 2025 earnings, which can magnify drops if growth slows.