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    Arista Networks Inc (ANET)

    Arista Networks is a leader in data-driven, client-to-cloud networking solutions for large data centers, campuses, and routing environments. The company specializes in delivering high availability, agility, automation, analytics, and security through its advanced network operating stack, with the Arista Extensible Operating System (EOS) at its core. Arista's product offerings are divided into three main categories: Core, Cognitive Adjacencies, and Network Software and Services, catering to a diverse customer base that includes large cloud customers, service providers, financial services, and government agencies .

    1. Core - Provides high-speed data center and cloud networking systems and AI Ethernet switching platforms, serving as the primary revenue driver.
    2. Cognitive Adjacencies - Offers campus wired and wireless products and advanced routing systems, enhancing connectivity and network performance.
    3. Network Software and Services - Delivers subscription-based solutions like CloudVision and advanced threat sensors, focusing on network management and security.

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    NamePositionExternal RolesShort Bio

    Jayshree Ullal

    ExecutiveBoard

    President, CEO, and Chairperson of the Board

    Board Member at Snowflake Inc.

    Jayshree Ullal has been with ANET since October 2008, leading the company as CEO and President. She was appointed Chairperson of the Board in December 2023. Previously held leadership roles at Cisco.

    View Report →

    Ashwin Kohli

    Executive

    Chief Customer Officer (CCO)

    None

    Promoted to CCO in July 2024. Previously SVP of Customer Engineering. Focuses on customer satisfaction and AI networking solutions.

    Chantelle Breithaupt

    Executive

    Chief Financial Officer (CFO)

    None

    Joined ANET in January 2024 as SVP, Chief of Staff, and became CFO in February 2024. Previously CFO at Aspen Technology and held senior finance roles at Cisco and GE.

    Chris Schmidt

    Executive

    Chief Sales Officer

    None

    Promoted to Chief Sales Officer in July 2024. Previously SVP of Worldwide Sales.

    John McCool

    Executive

    Chief Platform Officer and SVP of Engineering and Operations

    None

    Joined ANET in March 2017. Leads hardware design, development, and manufacturing. Key contributor to AI and cloud networking product lines.

    Kenneth Duda

    Executive

    Chief Technology Officer and SVP of Software Engineering

    None

    Co-founder of ANET in 2004, Duda has been instrumental in software engineering and technological innovation at the company.

    Marc Taxay

    Executive

    SVP and General Counsel

    None

    Joined ANET in February 2013. Previously General Counsel at MedeAnalytics and Coremetrics.

    Charles Giancarlo

    Board

    Board Member

    CEO and Chairman of Pure Storage; Board Member at Zscaler

    Joined ANET's board in April 2013. Extensive experience in networking and cloud computing.

    Daniel Scheinman

    Board

    Board Member

    Board Member at Zoom Video Communications and SentinelOne

    Joined ANET's board in October 2011. Lead director at Zoom and SentinelOne.

    Kelly Battles

    Board

    Board Member

    Board Member at DataStax, Genesys, Clari, and Alpha Medical

    Joined ANET's board in July 2020. Chair of the Audit Committee. Former CFO at Quora and Alpha Medical.

    Lewis Chew

    Board

    Board Member

    Board Member at Cadence Design Systems and Intuitive Surgical

    Joined ANET's board in July 2021. Chair of the Audit Committee. Former CFO at Dolby Laboratories and National Semiconductor.

    Mark B. Templeton

    Board

    Board Member

    Board Member at Nutanix, Inc.

    Joined ANET's board in June 2017. Former CEO of Citrix Systems and DigitalOcean.

    Yvonne Wassenaar

    Board

    Board Member

    Board Member at Forrester Research, JFrog, and Rubrik

    Joined ANET's board in July 2022. Serves on the Audit and Nominating Committees. Former CEO of Puppet and Airware.

    1. Your 2025 outlook assumes some gross margin declines; can you elaborate on what's underlying these expectations and how customer mix and potential 10%+ customers factor into this?
    2. Given the extended lead times for advanced semiconductors and your increased purchase commitments and on-hand inventory, how are you managing the risks of overstocking or obsolescence if AI deployments slow down?
    3. With the progress of your five major AI trials being uneven and one customer moving slower than expected, how do you plan to mitigate the risks associated with such concentration, and what steps are you taking to expand beyond these key customers?
    4. Considering the competitive landscape in AI networking, especially with NVIDIA's increased market share and offerings like Spectrum X, how do you plan to defend your position against competitors including NVIDIA, Cisco, Juniper, and Nokia?
    5. You mentioned that WiFi is currently your weakest area in campus networking; what specific strategies are you implementing to improve in this segment, and how will you address the lack of sales coverage to fully capitalize on enterprise opportunities?

    Research analysts who have asked questions during Arista Networks Inc earnings calls.

    Aaron Rakers

    Wells Fargo

    4 questions for ANET

    Also covers: AAPL, AMD, AVGO +19 more

    Amit Daryanani

    Evercore ISI

    4 questions for ANET

    Also covers: AAPL, AKAM, APH +19 more

    Antoine Chkaiban

    New Street Research

    4 questions for ANET

    Also covers: MBLY

    Atif Malik

    Citigroup

    4 questions for ANET

    Also covers: AAPL, ALAB, AMAT +10 more

    Karl Ackerman

    BNP Paribas

    4 questions for ANET

    Also covers: AVGO, CIEN, CLS +15 more

    Meta Marshall

    Morgan Stanley

    4 questions for ANET

    Also covers: AXON, BAND, CIEN +20 more

    Ryan Koontz

    Needham & Company

    4 questions for ANET

    Also covers: AAOI, ADTN, BAND +20 more

    Samik Chatterjee

    JPMorgan Chase & Co.

    4 questions for ANET

    Also covers: AAPL, APH, CALX +28 more

    Tal Liani

    Bank of America

    4 questions for ANET

    Also covers: CHKP, CIEN, CRWD +10 more

    Benjamin Reitzes

    Melius Research

    3 questions for ANET

    Also covers: AAPL, AMD, AMKR +7 more

    David Vogt

    UBS Group AG

    3 questions for ANET

    Also covers: AAPL, CDW, CIEN +11 more

    Michael Ng

    Goldman Sachs

    3 questions for ANET

    Also covers: AAPL, AXON, CMCSA +13 more

    Simon Leopold

    Raymond James

    3 questions for ANET

    Also covers: AAOI, ATEN, BLZE +14 more

    Benjamin Bollin

    Cleveland Research Company

    2 questions for ANET

    Also covers: AAPL, CHKP, GRMN +2 more

    James Fish

    Piper Sandler Companies

    2 questions for ANET

    Also covers: AKAM, BAND, CSCO +14 more

    Matthew Niknam

    Deutsche Bank

    2 questions for ANET

    Also covers: AMT, COMM, CSCO +7 more

    Sebastien Cyrus Naji

    William Blair & Company, L.L.C.

    2 questions for ANET

    Also covers: ARM, CSCO

    George Notter

    Jefferies

    1 question for ANET

    Also covers: ADTN, AXON, CALX +12 more

    Sebastien Naji

    William Blair

    1 question for ANET

    Also covers: ALAB, ARM, CSCO +1 more

    Timothy Long

    Barclays

    1 question for ANET

    Also covers: CIEN, DELL, FFIV +5 more

    Unknown Analyst

    Unknown

    1 question for ANET

    Also covers: ACA, ACHC, ACR +144 more
    Program DetailsProgram 1Program 2
    Approval DateOctober 2021 May 2024
    End Date/DurationQ4 2024 May 2027
    Total Additional Amount$1.0 billion $1.2 billion
    Remaining Authorization$0.0 billion $1.0 billion
    DetailsPrior Repurchase Program New Repurchase Program

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    The data center and campus networking markets have been historically dominated by this competitor, and it is also a competitor in the NDR market. It has acquired Acacia Communications and offers network security solutions.

    This competitor provides GPUs and technologies like InfiniBand and NV Link, which compete with Ethernet for AI networking clusters. It is also a competitor in the data center and campus networking markets.

    This competitor is mentioned as a provider of network equipment and systems in the data center and campus networking markets.

    This competitor operates in the data center and campus networking markets and has acquired Force10 Networks.

    This competitor is active in the data center and campus networking markets and has entered into an agreement to acquire Juniper Networks.

    This competitor is mentioned in the data center and campus networking markets and is being acquired by Hewlett Packard Enterprise.

    This competitor has acquired VMware and is involved in cloud networking solutions.

    DarkTrace

    This competitor operates in the NDR market, providing network security solutions.

    ExtraHop

    This competitor is mentioned in the NDR market, providing network security solutions.

    Gigamon

    This competitor operates in the NPB market, competing with Arista DANZ Monitoring Fabric (DMF).

    This competitor is active in the NPB market, competing with Arista DANZ Monitoring Fabric (DMF).

    This competitor is mentioned in the NPB market, competing with Arista DANZ Monitoring Fabric (DMF).

    AVIZ Networks

    This competitor operates in the NPB market, competing with Arista DANZ Monitoring Fabric (DMF).

    CustomerRelationshipSegmentDetails

    Microsoft

    Strategic cloud customer with large periodic orders. Provides ongoing purchases of networking solutions.

    All

    Revenue share: $7,003.15 billion total revenue in 2024 ; Microsoft: 20% in 2024, 18% in 2023, 16% in 2022.

    Meta Platforms

    Strategic cloud customer with large periodic orders. Provides ongoing purchases of networking solutions.

    All

    Revenue share: $7,003.15 billion total revenue in 2024 ; Meta Platforms: 15% in 2024, 21% in 2023, 26% in 2022.

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2008 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Pluribus Networks

    2022

    Completed in June 2022, this acquisition enhanced Arista Networks’ unified cloud fabric networking capabilities, specifically for telco cloud, 5G, and DPU-based networking, by integrating Pluribus' technology and talent—including adding around 150 employees—and strengthening strategic partnerships with Ericsson and NVIDIA.

    Untangle, Inc.

    2022

    This deal was aimed at bolstering Arista Networks’ investments in security and switching fabrics by integrating Untangle’s edge threat management capabilities, targeting low-end security for commercial and distributed enterprise markets while aligning with the company’s broader system-wide product goals and culture.

    Recent press releases and 8-K filings for ANET.

    Arista previews AI networking scale-up TAM and product roadmap
    $ANET
    Product Launch
    • Arista expects the emerging scale-up AI networking market to be roughly equal in size to the scale-out market, with Ethernet becoming a realistic addressable technology by 2028.
    • The company’s 800 Gig portfolio, based on Tomahawk silicon, targets both back-end AI meshes and data-center interconnect (DCI); AI-DCI will remain a small slice of total AI networking spend for large customers.
    • Two cloud titans are at or near 100,000 GPU clusters by year-end 2025, with a third scaling early 2026 and a fourth (currently on InfiniBand) transitioning more slowly to Ethernet.
    • Arista highlights its hardware-plus-middleware “Blue Box” advantage—deep buffering, EOS intelligence and manufacturing diagnostics—to differentiate from white-box alternatives and is fully UEC-ready.
    • The firm is developing products on Broadcom’s Tomahawk 6 (mechanical samples received), with production timing to follow Broadcom’s typical ~12-month sample-to-production cycle.
    Aug 13, 2025, 6:00 PM
    Arista Networks Inc. sees infrastructure cycle boost from AI and data growth
    $ANET
    Guidance Update
    Revenue Acceleration/Inflection
    • Arista raised its guidance in its recent results, reflecting strong demand in the ongoing infrastructure cycle
    • Cisco’s cloud orders doubled from $350 million to $600 million QoQ, underscoring robust momentum in network equipment demand
    • Networking drives ~70% of Cisco’s product revenues, with orders growing faster than revenues and expected to accelerate revenue growth and prompt higher guidance in coming quarters
    • The boom is fueled by AI and data growth, spanning large cloud providers, “baby cloud” firms like Oracle, smaller cloud players, and enterprise deployments
    Aug 13, 2025, 12:18 PM
    Arista Networks appoints Todd Nightingale as President & COO
    $ANET
    Hiring
    Management Change
    Executive Compensation
    • The Board appointed Todd Nightingale, age 45 and former CEO of Fastly, as President & COO effective July 1, 2025.
    • Mr. Nightingale’s compensation includes a $350,000 annual base salary, a prorated FY 2025 bonus, and eligibility for discretionary bonus starting in FY 2026.
    • He will receive $30 million in RSUs vesting 25% after one year and 1/16 quarterly over ~4 years, plus $2 million in PSUs across three six-month performance periods.
    • The severance agreement provides 12 months of salary continuation, acceleration of time-based equity vesting, and a 50% unvested equity acceleration on a change in control, subject to release execution.
    Jun 16, 2025, 12:00 AM
    Arista Networks Emphasizes AI and Multi-Market Growth in Special Call
    $ANET
    New Projects/Investments
    • Arista is all in on AI, investing in both “networking for AI” (high-speed, low latency Ethernet-based products) and AI-enhanced network management tools like AVA for improved observability and root cause analysis.
    • The company envisions a $70 billion total addressable market (TAM), with each of its three pillars—AI, data center/cloud, and enterprise/campus—representing a $20-25 billion opportunity.
    • Arista continues to differentiate itself with its robust software stack (EOS), supporting both traditional cloud and advanced AI applications while maintaining leadership in spine-leaf networking for hyperscalers.
    • The executives also noted openness to emerging technologies such as co-packaged optics, while emphasizing that pluggable optics remain preferred for reliability, troubleshooting, and manufacturability.
    May 13, 2025, 2:11 PM
    Arista Networks Q1 2025 Earnings & Financial Results Summary
    $ANET
    Earnings
    Guidance Update
    Share Buyback
    Management Change
    • Q1 2025 Financial Performance: Delivered $2.05B in revenue (up 27.6% YoY) with net income of $826.2M and diluted EPS of $0.65
    • Share Repurchase Initiatives: Executed its largest quarterly repurchase of $887.1M and received Board approval for an additional $1.5B repurchase program
    • Product Innovation: Introduced intelligent AI networking capabilities, including Cluster Load Balancing and AI job-centric observability via CloudVision UNO
    • Guidance & Margins: Provided Q2 guidance with expected revenue of $2.1B; Q1 margins reported were 64.1% gross and non-GAAP margins of ~63% gross and ~46% operating
    • Tariff Impact: Management highlighted tariff uncertainties may impose a 1–1.5 percentage point adverse effect on gross margins
    • Leadership Update: General Counsel Marc Taxay resigned effective May 7, 2025, with Sean Christofferson promoted to General Counsel effective May 8, 2025
    May 6, 2025, 8:30 PM