Arista Networks, Inc. (ANET) Stock Price & Analysis
Arista Networks, Inc. (ANET) closed at USD 171.07 on Thursday, October 22, 2026, down 7.19% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 184.33; the Oct 22, 2026 session ranged USD 169.87–178.72 on volume of 8,285,055 shares. Market capitalization is $215.76B, with a 52-week range of USD 114.52–217.41 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:47 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ANET.md
Key facts (ANET)
- Last four reported quarters (through Jun 30, 2026): revenue $10.5B, net income $4.04B (38.4% margin), free cash flow $5.16B (SEC filings).
- Valuation: P/E 53.3x (avg 44.3x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold ANET (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.81 on a 1–5 scale) (32 analysts), mean target USD 243.59 (range 190–290).
- Total return with dividends: 1Y +12.0% vs S&P 500 +14.9%; 5Y +600.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.08, revenue estimate $3.33B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ANET)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.95B | $4.38B | $5.86B | $7.00B | $9.01B | $10.5B |
| Gross profit | $1.88B | $2.68B | $3.63B | $4.49B | $5.77B | — |
| Operating income | $925M | $1.53B | $2.26B | $2.94B | $3.86B | $4.55B |
| Net income | $841M | $1.35B | $2.09B | $2.85B | $3.51B | $4.04B |
| EPS (diluted) | $0.66 | $1.07 | $1.65 | $2.23 | $2.75 | — |
| Free cash flow | $951M | $448M | $2.00B | $3.68B | $4.25B | $5.16B |
| Gross margin | 63.8% | 61.1% | 61.9% | 64.1% | 64.1% | — |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% | 43.1% |
| Net margin | 28.5% | 30.9% | 35.6% | 40.7% | 39.0% | 38.4% |
| Revenue growth | +27.2% | +48.6% | +33.8% | +19.5% | +28.6% | — |
| Cash + short-term investments | $3.41B | $3.02B | $5.01B | $8.30B | $10.7B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (ANET)
P/E 53.3x · P/S 20.5x · P/FCF 41.9x · P/B 14.6x · FCF yield 2.39% · Earnings yield 1.87% · Buyback yield (TTM) 0.29%
P/E at fiscal year-ends: Dec 2025 47.6x, Dec 2024 49.6x, Dec 2023 35.8x.
Superinvestors (SEC 13F-HR, Q2 2026) (ANET)
2 of 80 tracked investors hold ANET. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 1.94% | $57.7M | Reduced -19.7% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | New position |
Analysts (ANET)
Consensus Buy (mean 1.81 on a 1–5 scale), 32 analysts; mean target USD 243.59 (low 190, high 290).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | TD Cowen | Target lowered | Buy | $250 → $205 |
| 2026-10-08 | Citigroup | Target raised | Buy | $215 → $248 |
| 2026-09-30 | Bernstein | Initiated | Outperform | $250 |
| 2026-09-01 | Deutsche Bank | Initiated | Hold → Buy | $220 |
| 2026-08-06 | Barclays | Target raised | Overweight | $195 → $289 |
| 2026-08-05 | UBS | Target raised | Buy | $187 → $259 |
| 2026-08-05 | TD Cowen | Target raised | Buy | $210 → $250 |
| 2026-08-05 | Morgan Stanley | Target raised | Overweight | $190 → $220 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $175 → $234 |
| 2026-08-05 | Piper Sandler | Target raised | Overweight | $181 → $240 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $200 → $255 |
| 2026-08-05 | Keybanc | Target raised | Overweight | $200 → $250 |
Total return (dividends reinvested) (ANET)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +12.0% | +600.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.0% | +47.5% |
| Volatility (annualized) | 54.3% | 48.5% |
| Max drawdown | -28.3% (Oct 2025→Mar 2026) | -50.2% (Jan 2025→Mar 2025) |
ANET revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $2.61B | 85.8% | +38.8% |
| Service | $430.5M | 14.2% | +31.3% |
| Total revenue | $3.04B | 100% | — |
ANET revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Americas | $2.34B | 77.0% | +35.6% |
| United States | $2.32B | 76.4% | +35.5% |
| Europe, Middle East and Africa | $438.2M | 14.4% | +55.6% |
| Asia-Pacific | $259.6M | 8.6% | +30.4% |
| Total revenue | $3.04B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ANET suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Broadcom (AVGO) | “Our product development efforts also depend upon continued collaboration with our key suppliers, such as Broadcom.” |
| Partner | Jabil (JBL) | “Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.” |
| Partner | Sanmina (SANM) | “Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.” |
| Partner | Hon Hai (Foxconn) | “Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.” |
| Competitor | Cisco (CSCO) | “The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utilize open-source operating systems.” |
| Competitor | Dell Technologies (DELL) | “The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utilize open-source operating systems.” |
| Competitor | Hewlett Packard Enterprise (HPE) | “The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utilize open-source operating systems.” |
| Competitor | Huawei | “The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utilize open-source operating systems.” |
| Competitor | NVIDIA (NVDA) | “The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utilize open-source operating systems.” |
Quoted from the company's 10-K filed Feb 17, 2026.
Companies that name ANET in their SEC reports
| Relationship to ANET | Company | Filing | Sentence |
|---|---|---|---|
| competitor | EXTREME NETWORKS INC (EXTR) | 10-K Aug 17, 2026 | “However, the market for network switching solutions is dominated by a few large companies, particularly Cisco Systems, Inc., Hewlett Packard Enterprise Company, and Huawei Technologies Co. Ltd. To a lesser extent, Extreme competes with products and solutions from Arista Networks Inc., RUCKUS Networks, Inc., Fortinet, Inc., and Ubiquiti Inc. Most of these competitors have greater name recognition, larger customer b…” |
| customer | EPLUS INC (PLUS) | 10-K May 28, 2026 | “Products manufactured by NetApp, Hewlett Packard Enterprise, Juniper Networks, Dell, and Arista Networks, collectively represented approximately 23% to 28% of net sales for the last three years.” |
| competitor | CELESTICA INC (CLS) | 10-K Feb 27, 2026 | “Our ODM competitors provide product design capabilities and manufacturing services and include Quanta Computer Inc., Wiwynn Corporation, and Accton Technology Corp. In some markets, particularly in data center switching, we also face competition from OEMs (including Arista Networks, Inc., Cisco Systems, Inc. and others), where customers may decide between the use of customized (ODM) and off-the-shelf (OEM) solutio…” |
| competitor | NVIDIA CORP (NVDA) | 10-K Feb 25, 2026 | “•networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hewlett Packard Enterprise Company, Huawei, Intel, Lumentum Holdings Inc., and Marvell Technology, Inc, as well as internal teams of system vendors and large cloud services companies.” |
| customer | COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) | 10-K Feb 20, 2026 | “We have expanded our suppliers of routers, adding Arista Networks, Inc. ("Arista") as a provider for certain types of routers but Cisco remains our primary vendor for routers.” |
| competitor | NETGEAR, INC. (NTGR) | 10-K Feb 13, 2026 | “Our principal competitors in the business market include Arista, Cisco Systems, D-Link, Extreme Networks, Fortinet, Haiwei, Hewlett-Packard Enterprise, Ruckus Networks, TP-Link, and Ubiquiti.” |
| partner | EASTGROUP PROPERTIES INC (EGP) | 10-K Feb 11, 2026 | “During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5% interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3.” |
| competitor | Hewlett Packard Enterprise Co (HPE) | 10-K Dec 18, 2025 | “Our primary competitors are technology vendors, such as Cisco Systems, Inc., Arista Networks Inc, Nokia Corporation, Huawei Technologies Co. Ltd., Ciena Corporation, NVIDIA Corporation, Extreme Networks, Inc., Palo Alto Networks, Fortinet, Inc., Zscaler, Inc., Netskope, Inc., Ruckus Networks, and Ubiquiti and networking-as-a-service vendors such as Nile and Meter.” |
ANET customer concentration
In the period ended Dec 31, 2025, 2 direct customers each accounted for at least 10% (26%, 16%) of revenue, per the company's 10-K filed Feb 17, 2026. The company does not name them.
ANET company outlook (results filed Aug 4, 2026)
- “For the third quarter of 2026, we expect: • Revenue of approximately $3.3 billion; • Non-GAAP operating margin of 48 - 49%; and • Non-GAAP diluted net income per share between $1.06 and $1.08.”
- “Guidance for non-GAAP financial measures excludes certain items, including stock-based compensation expense, intangible asset amortization, tax benefits on stock-based awards, the income tax effect on non-GAAP exclusions, and potential non-recurring charges or benefits.”
Quoted word-for-word from the SEC 8-K results press release.
ANET analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.08 | $0.92 | +17.7% | $3.33B | 26 |
| Next quarter (ends Dec 2026) | $1.15 | $0.97 | +18.5% | $3.60B | 25 |
| Current fiscal year (ends Dec 2026) | $4.12 | $3.64 | +13.2% | $12.68B | 29 |
| Next fiscal year (ends Dec 2027) | $5.22 | $4.47 | +16.9% | $16.36B | 29 |
Key Statistics (as of October 23, 2026 at 09:47 UTC)
| Price | USD 171.07 |
|---|---|
| Change | ▼ 7.19% (down) |
| Previous Close | USD 184.33 |
| Open | USD 178.5 |
| Day Range | USD 169.87 – 178.72 |
| 52-Week Range | USD 114.52 – 217.41 |
| Volume | 8,285,055 shares |
| Market Cap | $215.76B |
| Exchange | NYQ |
Technical Analysis (ANET)
Nexqual's technical model rates ANET "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:47 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 32.66 (neutral) |
| vs SMA50 | Below (USD 197.04) |
| MACD | -5.43 (negative) |
Analyst Ratings (ANET)
Wall Street analysts rate ANET "Buy" based on 32 analysts, with a mean price target of USD 243.59 (range USD 190–290), per Nexqual as of October 23, 2026 at 09:47 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 32 |
| Mean Target | USD 243.59 |
| High Target | USD 290 |
| Low Target | USD 190 |
| Buy / Hold / Sell | 31 / 1 / 0 |
Earnings (ANET)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 1.08 |
| Revenue Estimate | $3.33B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.02 vs est 0.89 ▲ beat |
| 2026-03-31 | USD 0.87 vs est 0.81 ▲ beat |
| 2025-12-31 | USD 0.82 vs est 0.76 ▲ beat |
| 2025-09-30 | USD 0.75 vs est 0.71 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financials & Fundamentals (ANET)
| Total Revenue | $10.54B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +37.70% |
| Gross Margin | +63.00% |
| Operating Margin | +45.39% |
| Profit Margin | +38.37% |
| ROE | +31.48% |
| Current Ratio | 2.96 |
| Total Cash | $13.34B |
| Total Debt | $0 |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $5.16B (48.9% of revenue) |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financial Health Score (ANET)
Nexqual rates Arista Networks, Inc.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:47 UTC.
| Growth | Strong — Revenue +29% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 63%, operating 45% (last 12 months) |
| Balance Sheet | Mixed — $13.3B cash, no debt |
| Cash Flow | Strong — FCF $5.16B (last 4 quarters to Jun 2026, SEC), 49% margin |
| Efficiency | Strong — ROE 31%, ROA 14.1% |
Ownership (ANET)
| Insider Ownership | +17.25% |
|---|---|
| Institutional Ownership | +73.35% |
| Shares Outstanding | 1.26B |
| Float | 1.05B |
| Short % of Float | +1.14% |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Leadership (ANET)
Arista Networks, Inc. is led by Jayshree V. Ullal, CEO & Chairperson, per Nexqual as of October 23, 2026 at 09:47 UTC.
| CEO & Chairperson | Jayshree V. Ullal |
|---|---|
| Co-Founder, President, CTO & Director | Kenneth Duda |
| President & COO | Todd Nightingale |
| Senior VP & CFO | Chantelle Y. Breithaupt |
| Senior Vice President of Global Operations & Marketing | Mark Foss |
Major Backers & Investors (ANET)
Notable institutional backers of Arista Networks, Inc. include FMR, LLC, Price (T.Rowe) Associates Inc, Fidelity, according to Nexqual as of October 23, 2026 at 09:47 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 3.75% |
| Price (T.Rowe) Associates Inc | 1.84% |
| Fidelity | 1.58% |
| Morgan Stanley | 1.56% |
| Cresset Asset Management, LLC | 1.54% |
| Capital Group | 1.04% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 7.5% |
| BlackRock | 7.25% |
| State Street | 3.82% |
| Geode Capital | 2.18% |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
From Arista Networks, Inc.'s Latest SEC 10-K Filing (filed 2026-02-17)
Key Strengths & Strategy (as disclosed to the SEC)
- In the NDR market, our Arista NDR offerings compete with other network security vendors including Cisco, Darktrace, and ExtraHop.
- CloudVision is Arista's modern, multi-domain AI Ops and management platform that leverages cloud networking principles to deliver a simplified end-to-end network operations experience for our Enterprise market.
- Unlike the competition, our modular, software-driven architecture enables us to partner closely with our customers and rapidly evolve our offerings to address changing needs while maintaining structural integrity and quality.
- Our success relies on our foundation of deep engineering partnerships with our customers, which enables us to enhance existing products and develop new solutions and features that address changing customer needs and technological advancements.
Partnerships
- Generally, neither we nor our contract manufacturers have a written agreement with these component providers to guarantee the supply of the key components used in our products, nor do we have exclusive rights to such key components.
- Our relationships with our strategic alliance partners or suppliers may also shift as industry dynamics change.
Legal & Regulatory Risks (Item 1A, quoted)
- The Chinese government has retaliated to, and may continue to retaliate to, these or other U.S. trade restrictions in ways that could impact our business.
- Changes in our income taxes or our effective tax rate, enactment of new tax laws or changes in the application of existing tax laws of various jurisdictions or adverse outcomes resulting from examination of our income tax returns could adversely affect our results.
- Failure to comply with governmental laws and regulations, including privacy laws, environmental laws and export controls, could harm our business.
- We may experience reluctance or refusal by current or prospective customers in the European Economic Area (the "EEA"), the UK, or other regions to use our products, and we may find it necessary or desirable to modify our handling of personal data of residents of the EEA, UK, or other regions.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SNDK | Sandisk Corporation | USD 1,260.93 | ▼ 8.51% |
| DELL | Dell Technologies Inc. | USD 452.95 | ▼ 6.78% |
| STX | Seagate Technology Holdings PLC | USD 642.14 | ▼ 7.86% |
| WDC | Western Digital Corporation | USD 354.19 | ▼ 6.43% |
| P | Everpure, Inc. | USD 121.2 | ▼ 7.43% |
| HPQ | HP Inc. | USD 33.76 | ▲ 7.79% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:47 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt