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Arista Networks, Inc. engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for AI, data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications. The company offers data center, cloud and AI networking, cognitive adjacencies, and cognitive network software and services. It also provides post contract customer support services, such as technical support, hardware repair and replacement parts beyond standard warranty, bug fixes, patches, and upgrade services. The company serves a range of industries comprising internet companies, cloud service providers, financial services organizations, government agencies, media and entertainment, healthcare, oil and gas, education, manufacturing, industrial, and others. It markets and sells its products through distributors, system integrators, value-added resellers, and original equipment manufacturer partners, as well as through its direct sales force. Arista Networks, Inc. was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. The company was incorporated in 2004 and is headquartered in Santa Clara, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.0B | $3.9B | $3.5B | $4.3B | 28.4% | 28.6% | 23.1% |
| 2024 | $7.0B | $3.0B | $2.9B | $3.7B | 28.5% | 19.5% | 36.6% |
| 2023 | $5.9B | $2.3B | $2.1B | $2.0B | 28.9% | 33.8% | 54.3% |
| 2022 | $4.4B | $1.6B | $1.4B | $448M | 27.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,381.31 | 5,860.20 | 7,003.10 | 9,005.70 |
| Operating Revenue | - | 4,381.31 | 5,860.20 | 7,003.10 | 9,005.70 |
| Cost Of Revenue | - | 1,705.61 | 2,229.90 | 2,511.80 | 3,237 |
| Gross Profit | - | 2,675.70 | 3,630.30 | 4,491.30 | 5,768.70 |
| Operating Expense | - | 1,148.59 | 1,373 | 1,546.70 | 1,912.60 |
| Research And Development | - | 728.39 | 854.90 | 996.70 | 1,237.30 |
| Selling General And Administration | - | 420.20 | 518.10 | 550 | 675.30 |
| Total Expenses | - | 2,854.20 | 3,602.90 | 4,058.50 | 5,149.60 |
| Operating Income | - | 1,527.11 | 2,257.30 | 2,944.60 | 3,856.10 |
| Total Operating Income As Reported | - | 1,527.11 | 2,257.30 | 2,944.60 | 3,856.10 |
| EBITDA | - | 1,589.81 | 2,327.90 | 3,006.60 | 3,928.70 |
| Normalized EBITDA | - | 1,589.81 | 2,327.90 | 3,006.60 | 3,928.70 |
| EBIT | - | 1,527.11 | 2,257.30 | 2,944.60 | 3,856.10 |
| Interest Income | - | 27.56 | 152.40 | 311 | 383.40 |
| Net Interest Income | - | 27.56 | 152.40 | 311 | 383.40 |
| Other Non Operating Income Expenses | - | 27.13 | 12.30 | 9.50 | 10.20 |
| Other Income Expense | - | 27.13 | 12.30 | 9.50 | 10.20 |
| Interest Income Non Operating | - | 27.56 | 152.40 | 311 | 383.40 |
| Net Non Operating Interest Income Expense | - | 27.56 | 152.40 | 311 | 383.40 |
| Pretax Income | - | 1,581.80 | 2,422 | 3,265.10 | 4,249.70 |
| Tax Provision | - | 229.35 | 334.70 | 413 | 738.30 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Net Income From Continuing And Discontinued Operation | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Net Income | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Net Income Common Stockholders | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Net Income Including Noncontrolling Interests | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Normalized Income | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Diluted NI Availto Com Stockholders | - | 1,352.45 | 2,087.30 | 2,852.10 | 3,511.40 |
| Basic Average Shares | - | 1,225.89 | 1,237.42 | 1,256.30 | 1,258 |
| Diluted Average Shares | - | 1,265.84 | 1,268.54 | 1,281.08 | 1,275.70 |
| Reconciled Depreciation | - | 62.70 | 70.60 | 62 | 72.60 |
| Reconciled Cost Of Revenue | - | 1,705.61 | 2,229.90 | 2,511.80 | 3,237 |
| Total Unusual Items | - | 27.48 | 18.70 | - | - |
| Total Unusual Items Excluding Goodwill | - | 27.48 | 18.70 | - | - |
| Gain On Sale Of Security | - | 27.48 | 18.70 | - | - |
| General And Administrative Expense | - | 93.24 | 119.10 | 122.70 | 141.90 |
| Other Gand A | - | 93.24 | 119.10 | 122.70 | 141.90 |
| Selling And Marketing Expense | - | 326.96 | 399 | 427.30 | 533.40 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Arista Networks, Inc.this co. | ANET | $209.0B | 59.53↓ discount | 16.90 | 28.4% | 50.48 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Seagate Technology Holdings plc | STX | $209.5B | 142.62 | -462.49 | -324.3% | 102.45 |
| Analog Devices, Inc. | ADI |
| - |
| - |
| - |
| - |
| - |
| $208.8B |
| 92.11 |
| 6.18 |
| 6.7% |
| 42.76 |
| Western Digital Corporation | WDC | $198.4B | 107.81 | 35.81 | 33.2% | 103.70 |
| CrowdStrike Holdings, Inc. | CRWD | $183.1B | -1126.48 | 41.34 | -3.7% | 978.97 |
| Amphenol Corporation | APH | $180.6B | 42.28 | 13.46 | 31.8% | 26.84 |
| Corning Incorporated | GLW | $170.1B | 106.61 | 14.41 | 13.5% | 47.66 |
| Peer Median | - | 99.36 | 13.94 | 14.0% | 75.05 | |