# Arista Networks, Inc. (ANET)

> Source: Nexqual · https://nexqual.com/ANET · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Arista Networks, Inc. (ANET), nexqual.com/ANET" · informational, not investment advice.

**Price:** USD 171.07 (-7.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 184.33 · day 169.87–178.72 · 52w 114.52–217.41 · market cap $216B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Computer Hardware)
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%

## More
Full page: https://nexqual.com/ANET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ANET's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm):

| 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 P…" |
| 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 P…" |
| 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 P…" |
| 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 P…" |
| 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 P…" |

Other companies that name ANET in their own reports (relationship from ANET's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | EXTREME NETWORKS INC (EXTR) | 10-K 2026-08-17 | "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 l…" |
| customer | EPLUS INC (PLUS) | 10-K 2026-05-28 | "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 2026-02-27 | "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 da…" |
| competitor | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "•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., Hew…" |
| customer | COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) | 10-K 2026-02-20 | "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 2026-02-13 | "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 2026-02-11 | "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 2025-12-18 | "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 Networ…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $2.61B | 85.8% | +38.8% |
| Service | $430.5M | 14.2% | +31.3% |
| Total revenue | $3.04B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 176.4% of total revenue.

## Customer concentration

Period ended 2025-12-31: 26%, 16% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-08-04)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.08 | $0.92 | +17.7% | $3.33B | 26 |
| Next quarter (ends 2026-12-31) | $1.15 | $0.97 | +18.5% | $3.60B | 25 |
| Current fiscal year (ends 2026-12-31) | $4.12 | $3.64 | +13.2% | $12.68B | 29 |
| Next fiscal year (ends 2027-12-31) | $5.22 | $4.47 | +16.9% | $16.36B | 29 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±11.7%; earnings reaction alone ±8.2%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 53.2% | ±6.3% |
| 2026-11-06 | 14 | 72.8% | ±11.7% |
| 2026-11-13 | 21 | 65.1% | ±12.9% |
| 2026-11-20 | 28 | 61.7% | ±13.8% |
| 2026-11-27 | 35 | 58.4% | ±14.7% |
| 2026-12-04 | 42 | 55.4% | ±15.2% |
| 2026-12-18 | 56 | 55.1% | ±17.4% |
| 2027-01-15 | 84 | 53.2% | ±20.4% |