Arista Networks (ANET) Company Report

Arista closed FY 2025 with $9 billion in revenue, up 28.6%, achieving a non-GAAP gross margin of 64.6% and non-GAAP operating margin of 48.2%.
In Q4 2025, revenue was $2.49 billion (+28.9% YoY), gross margin 63.4%, net income $1.05 billion (42% of revenue) and diluted EPS $0.82.
FY 2026 guidance was raised to 25% revenue growth to $11.25 billion, with gross margin of 62–64% and operating margin of ~46%.
Capital returns included $620.1 million of share repurchases in Q4 and $1.6 billion for FY 2025, with $817.9 million remaining under the repurchase program.
Strategic growth drivers include a plan to double AI networking revenue to $3.25 billion and reach $1.25 billion in cognitive campus and branch revenue in 2026.

1 day ago

Transcript

Arista Networks reports Q4 2025 results and raises 2026 guidance

ANET

Earnings

Guidance Update

Share Buyback

Arista reported Q4 2025 revenue of $2.49 billion, up 28.9% YoY , and full-year revenue of $9 billion, up 28.6%, with a non-GAAP gross margin of 64.6% and operating margin of 48.2%.
Q4 net income was $1.05 billion (42% margin) with diluted EPS of $0.82, a 24.2% YoY increase; FY 2025 diluted EPS was $2.98, up 28.4%.
At quarter end, cash and equivalents totaled $10.74 billion; Arista repurchased $620.1 million of shares (with $817.9 million remaining) and generated $1.26 billion in operating cash flow.
For fiscal 2026, Arista guided to 25% revenue growth to $11.25 billion, gross margin of 62–64%, operating margin of ~46%, AI networking revenue of $3.25 billion, and campus revenue of $1.25 billion.

1 day ago

Transcript

Arista Networks announces Q4 2025 results

ANET

Earnings

Guidance Update

Arista reported $2.488 B in Q4 revenue, up 28.9% YoY, contributing to a $9.006 B fiscal 2025 total, up 28.6% YoY.
Q4 non-GAAP gross margin was 63.4%, and non-GAAP operating margin expanded to 47.5%.
Net income reached $1.047 B, a 23.2% YoY increase, with diluted EPS of $0.82, up 24.2%.
International revenue mix rose to 21%, driven by EMEA growth of ~80% and APAC growth of ~37%, while Americas grew 21%.
Q1 FY2026 guidance calls for ~$2.6 B in revenue, non-GAAP gross margin of 62–63%, and non-GAAP operating margin of ~46%.

1 day ago

Presentation

Arista Networks reports Q4 and full‐year 2025 results

ANET

Earnings

Share Buyback

Guidance Update

Q4 revenue was $2.49 billion, up 28.9% YoY; fiscal 2025 revenue reached $9 billion, up 28.6% YoY. Non-GAAP gross margin was 63.4% in Q4 (FY 64.6%) and non-GAAP operating margin was 48.2% for the year.
Net income in Q4 was $1.05 billion (42% of revenue) with diluted EPS of $0.82, and for FY 2025 diluted EPS was $2.98.
Services & subscription software accounted for 17.1% of Q4 revenue; international revenue was 21.2% of Q4 sales, at $528.3 million.
Cash, cash equivalents and marketable securities ended Q4 at $10.74 billion. The company repurchased $620.1 million of stock in Q4 and $1.6 billion over FY 2025.
Cloud & AI titans drove 48% of FY 2025 revenue, enterprise & financials 32%, and AI & specialty providers 20%; Arista targets $3.25 billion in AI networking revenue for 2026, doubling from 2025.

1 day ago

Transcript

Arista reports Q4 and full-year 2025 financial results

ANET

Earnings

Guidance Update

Arista reported Q4 revenue of $2.488 billion, up 28.9% YoY and 7.8% QoQ.
Q4 GAAP net income was $955.8 million ($0.75/diluted share); non-GAAP net income was $1.047 billion ($0.82/diluted share).
FY 2025 revenue reached $9.006 billion, up 28.6% YoY, with GAAP net income of $3.511 billion ($2.75/share) and non-GAAP net income of $3.806 billion ($2.98/share).
Q4 GAAP gross margin was 62.9% (non-GAAP 63.4%); FY gross margins were 64.1% GAAP and 64.6% non-GAAP.
Q1 2026 guidance: revenue ~$2.6 billion, non-GAAP gross margin 62–63% and non-GAAP operating margin ~46%.

1 day ago

8-K

Arista Networks reports Q4 and FY 2025 results

ANET

Earnings

Guidance Update

Arista Networks reported Q4 revenue of $2.488 billion, up 7.8% QoQ and 28.9% YoY, and full year revenue of $9.006 billion, up 28.6% YoY.
Q4 GAAP net income was $955.8 million (EPS $0.75) and non-GAAP net income was $1.047 billion (EPS $0.82).
Q4 GAAP gross margin was 62.9% and non-GAAP gross margin was 63.4%; full year non-GAAP gross margin held at 64.6%.
For Q1 2026, Arista forecasts revenue of approximately $2.6 billion, non-GAAP gross margin of 62–63%, and non-GAAP operating margin of 46%.

1 day ago

Press Release

Arista outlines AI and campus networking strategies at Barclays conference

ANET

Guidance Update

Arista emphasizes its EOS software architecture—multi-process state-sharing, automation, single-binary image—and hardware designs using off-the-shelf chips to deliver ~25% lower power draw versus peers, driving efficiency at scale.
The company sees strong AI networking momentum in three segments: scale-out (Ethernet interconnect for accelerators), scale-across (DCI via 7800 chassis with coherent optics at 400/800 Gb), and emerging scale-up trials for non-NVIDIA accelerators targeting 2027 TAM expansion.
In the campus market (~~$30 billion), Arista targets the high-end enterprise (~~$15 billion), has gained ~2.5% share (approaching 5% in large enterprise), and expects >50% growth next year on continued share gains.
To mitigate supply risks amid surging demand, Arista holds 38–52 week chip purchase commitments, adjusts mix forecasts annually, and leverages third-party brokers to address intermittent shortages.
The firm reiterates revenue ambitions of $1.25 billion in campus and $2.75 billion in AI networking over the next cycle.

Dec 11, 2025, 7:00 PM

Transcript

Arista Networks discusses AI/cloud networking strategy

ANET

Guidance Update

Arista positions itself strongly in AI networking with its EOS software and efficient hardware design, focusing on scale-out (Ethernet interconnect) and scale-across (DCI) segments, while eyeing 2027 TAM expansion from non-NVIDIA accelerator pilots in 2026.
Campus segment sees 50%+ growth guidance, with Arista holding ~2.5% of the $30 billion market and ~5% in large enterprises after entering in 2018 to address demand for automation and visibility.
Deferred product revenue is rising as acceptance terms for large, complex deployments extend from 30 days to 18 months based on project size and customer requirements.
Supply chain risk managed via long-lead 38–52 week chip purchase commitments, requiring annual mix forecasting and occasional broker purchases to mitigate component shortages.

Dec 11, 2025, 7:00 PM

Transcript

Arista discusses AI networking and campus expansion at Barclays conference

ANET

Arista sees strong AI momentum, targeting $2.75 billion in AI-related revenue by focusing on scale-out and scale-across networking and exploring non-NVIDIA accelerators, with pilots in 2026 and material impact in 2027.
The company differentiates through its EOS software and optimized hardware delivering ~25% lower power draw, enhancing automation, visibility, and efficiency at scale.
Arista expects 50%+ growth in its $1.25 billion campus business, leveraging CloudVision, AI-driven features, and high-end enterprise focus to approach 5% share in the large enterprise segment.
Transition to 800 Gb networking is slated for 2026, with investments in liquid cooling, LPO, and CPO technologies to support future data center architectures.
Extended customer acceptance terms (30 days to 18 months) on large, complex deployments have increased the deferred product revenue balance.

Dec 11, 2025, 7:00 PM

Transcript

Arista Networks outlines $105B TAM and diversification strategy

ANET

Revenue Acceleration/Inflection

Guidance Update

Arista is a pure-play networking company approaching $10 billion in revenue with a 20% growth estimate for next year and targets a $105 billion total addressable market across AI, data center, cloud, enterprise, campus, routing, and observability (up from $70 billion).
While Arista’s top two hyperscalers once drove ~40% of revenue, it is diversifying into enterprise and campus, aiming for $800 million in campus revenue in 2025 and $1.25 billion in 2026 (≈5% market share) by replicating its data center strategy.
AI spending is projected at $2.3 trillion from 2022–2035, and Arista anticipates $0.30–$2 of front-end pull-through for every back-end AI dollar, supported by its capabilities across both segments.
Arista plans to pursue future scale-up Ethernet opportunities through the ESUN consortium; this potential market is currently excluded from the $105 billion TAM and may become accretive once standards mature over the next 24 months.

Dec 9, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Arista Networks.

Q4 2025

Feb 12, 2026

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Q3 2025

Nov 4, 2025

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Q2 2025

Aug 5, 2025

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Arista Networks (ANET)

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