ANET

MKT CAP:$225B

Arista Networks, Inc.

Market Cap

$225B

Technology·Computer Hardware·🇺🇸 United States·NYSE

Technology·Computer Hardware·🇺🇸·NYSE

Stock Price

$179.06+$45.46 (+34.03%)

Apr 24, 2026

Company Details

Arista Networks, Inc. develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of...

CEO

Jayshree V. Ullal

IPO Date

Jun 6, 2014

Website

www.arista.com

Key Metrics TTM

Revenue

$9.0B

+28.6% YoY

Net Income

$3.5B

EPS (Diluted)

$2.76

Free Cash Flow

$4.3B

Revenue / Share

$7.06

Gross Margin

64.1%

Operating Margin

42.8%

Net Margin

39.0%

FCF Margin

47.2%

P/S

25.0x

P/E

64.2x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 13, 2026

$9.0B+28.6%EPS $2.75

Q4 2025

Feb 13, 2026

$2.5B+28.9%EPS $0.75

Q3 2025

Nov 4, 2025

$2.3B+27.5%EPS $0.67

Q2 2025

Aug 5, 2025

$2.2B+30.4%EPS $0.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$877M	$554M	$278M
Q2 22	$1.1B	$643M	$363M
Q3 22	$1.2B	$710M	$417M
Q4 22	$1.3B	$769M	$469M
Q1 23	$1.4B	$805M	$485M
Q2 23	$1.5B	$884M	$530M
Q3 23	$1.5B	$942M	$603M
Q4 23	$1.5B	$999M	$640M
Q1 24	$1.6B	$1.0B	$660M
Q2 24	$1.7B	$1.1B	$700M
Q3 24	$1.8B	$1.2B	$785M
Q4 24	$1.9B	$1.2B	$800M
Q1 25	$2.0B	$1.3B	$859M
Q2 25	$2.2B	$1.4B	$986M
Q3 25	$2.3B	$1.5B	$978M
Q4 25	$2.5B	$1.6B	$1.0B

Valuation

Quarter	P/S	P/E
Q1 22	13.6x	46.0x
Q2 22	8.7x	29.3x
Q3 22	9.0x	30.5x
Q4 22	8.0x	26.1x
Q1 23	10.7x	34.1x
Q2 23	9.4x	29.0x
Q3 23	10.5x	30.8x
Q4 23	13.1x	36.9x
Q1 24	15.5x	41.1x
Q2 24	17.8x	45.6x
Q3 24	18.3x	45.4x
Q4 24	20.1x	49.2x
Q1 25	13.1x	32.1x
Q2 25	16.2x	39.5x
Q3 25	21.3x	53.7x
Q4 25	18.7x	48.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$217M	$202M
Q2 22	$101M	$92M
Q3 22	$134M	$124M
Q4 22	$40M	$30M
Q1 23	$374M	$369M
Q2 23	$434M	$423M
Q3 23	$699M	$688M
Q4 23	$526M	$520M
Q1 24	$514M	$504M
Q2 24	$989M	$986M
Q3 24	$1.2B	$1.2B
Q4 24	$1.0B	$1.0B
Q1 25	$642M	$613M
Q2 25	$1.2B	$1.2B
Q3 25	$1.3B	$1.2B
Q4 25	$1.3B	$1.2B

Capital Expenditures

Quarter	CapEx
Q1 22	$15M
Q2 22	$9M
Q3 22	$10M
Q4 22	$10M
Q1 23	$6M
Q2 23	$12M
Q3 23	$11M
Q4 23	$6M
Q1 24	$9M
Q2 24	$3M
Q3 24	$7M
Q4 24	$12M
Q1 25	$28M
Q2 25	$24M
Q3 25	$30M
Q4 25	$37M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.4%	+29.9%
Q2 22	+48.7%	+41.2%
Q3 22	+57.2%	+47.4%
Q4 22	+54.7%	+44.4%
Q1 23	+54.1%	+44.7%
Q2 23	+38.7%	+34.8%
Q3 23	+28.3%	+19.4%
Q4 23	+20.8%	+11.6%
Q1 24	+16.3%	+5.1%
Q2 24	+15.9%	+6.7%
Q3 24	+20.0%	+13.1%
Q4 24	+25.3%	+25.6%
Q1 25	+27.6%	+25.8%
Q2 25	+30.4%	+23.0%
Q3 25	+27.5%	+29.7%
Q4 25	+28.9%	+28.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$50M	5.7%
Q2 22	$50M	4.8%
Q3 22	$65M	5.6%
Q4 22	$65M	5.1%
Q1 23	$63M	4.7%
Q2 23	$67M	4.6%
Q3 23	$85M	5.7%
Q4 23	$81M	5.3%
Q1 24	$77M	4.9%
Q2 24	$79M	4.7%
Q3 24	$98M	5.4%
Q4 24	$101M	5.2%
Q1 25	$93M	4.6%
Q2 25	$85M	3.9%
Q3 25	$128M	5.5%
Q4 25	$133M	5.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$172M	$23M	$81M
Q2 22	$178M	$23M	$79M
Q3 22	$188M	$23M	$81M
Q4 22	$190M	$24M	$85M
Q1 23	$201M	$25M	$93M
Q2 23	$230M	$26M	$98M
Q3 23	$212M	$25M	$102M
Q4 23	$211M	$42M	$106M
Q1 24	$208M	$28M	$105M
Q2 24	$268M	$26M	$104M
Q3 24	$236M	$34M	$107M
Q4 24	$285M	$35M	$111M
Q1 25	$266M	$34M	$117M
Q2 25	$297M	$29M	$127M
Q3 25	$326M	$35M	$151M
Q4 25	$348M	$43M	$139M

Revenue Segments

Quarter	Product	Service
Q1 22	$725M	$152M
Q2 22	$886M	$166M
Q3 22	$1.0B	$168M
Q4 22	$1.1B	$179M
Q1 23	$1.2B	$179M
Q2 23	$1.3B	$197M
Q3 23	$1.3B	$224M
Q4 23	$1.3B	$230M
Q1 24	$1.3B	$243M
Q2 24	$1.4B	$267M
Q3 24	$1.5B	$287M
Q4 24	$1.6B	$322M
Q1 25	$1.7B	$312M
Q2 25	$1.9B	$328M
Q3 25	$1.9B	$397M
Q4 25	$2.1B	$392M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 22	$664M	$78M	$135M
Q2 22	$845M	$102M	$105M
Q3 22	$978M	$88M	$111M
Q4 22	$976M	$120M	$180M
Q1 23	$1.1B	$108M	$128M
Q2 23	$1.2B	$137M	$168M
Q3 23	$1.2B	$152M	$173M
Q4 23	$1.2B	$142M	$202M
Q1 24	$1.3B	$174M	$142M
Q2 24	$1.4B	$137M	$179M
Q3 24	$1.5B	$140M	$191M
Q4 24	$1.6B	$109M	$202M
Q1 25	$1.6B	$232M	$175M
Q2 25	$1.7B	$199M	$282M
Q3 25	$1.8B	$230M	$239M
Q4 25	$2.0B	$153M	$375M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$635M	$2.8B	$3.4B
Q2 22	$493M	$2.4B	$2.9B
Q3 22	$716M	$2.3B	$3.0B
Q4 22	$672M	$2.4B	$3.0B
Q1 23	$956M	$2.4B	$3.3B
Q2 23	$1.3B	$2.5B	$3.7B
Q3 23	$1.7B	$2.7B	$4.5B
Q4 23	$1.9B	$3.1B	$5.0B
Q1 24	$2.1B	$3.4B	$5.4B
Q2 24	$2.4B	$3.8B	$6.3B
Q3 24	$3.2B	$4.3B	$7.4B
Q4 24	$2.8B	$5.5B	$8.3B
Q1 25	$1.8B	$6.3B	$8.1B
Q2 25	$2.2B	$6.6B	$8.8B
Q3 25	$2.3B	$7.8B	$10.1B
Q4 25	$2.0B	$8.8B	$10.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	1.28B	-0.0%	+0.4%
Q2 22	1.27B	-1.0%	-0.7%
Q3 22	1.26B	-0.7%	-1.6%
Q4 22	1.26B	+0.3%	-1.4%
Q1 23	1.26B	+0.1%	-1.3%
Q2 23	1.27B	+0.3%	-0.0%
Q3 23	1.27B	+0.4%	+1.0%
Q4 23	1.28B	+0.4%	+1.2%
Q1 24	1.28B	+0.3%	+1.4%
Q2 24	1.28B	+0.0%	+1.1%
Q3 24	1.28B	+0.2%	+0.9%
Q4 24	1.28B	+0.1%	+0.6%
Q1 25	1.28B	-0.3%	-0.0%
Q2 25	1.27B	-0.6%	-0.7%
Q3 25	1.28B	+0.4%	-0.4%
Q4 25	1.28B	-0.1%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$293.0K	3K
Q2 22	$351.5K	3K
Q3 22	$393.2K	3K
Q4 22	$353.1K	4K
Q1 23	$374.1K	4K
Q2 23	$403.9K	4K
Q3 23	$417.9K	4K
Q4 23	$382.9K	4K
Q1 24	$390.6K	4K
Q2 24	$420.2K	4K
Q3 24	$450.1K	4K
Q4 24	$437.5K	4K
Q1 25	$454.4K	4K
Q2 25	$499.7K	4K
Q3 25	$523.2K	4K
Q4 25	$486.4K	5K

Revenue / Employee