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 .
- Core - Provides high-speed data center and cloud networking systems and AI Ethernet switching platforms, serving as the primary revenue driver.
- Cognitive Adjacencies - Offers campus wired and wireless products and advanced routing systems, enhancing connectivity and network performance.
- Network Software and Services - Delivers subscription-based solutions like CloudVision and advanced threat sensors, focusing on network management and security.
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| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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 earnings calls.
Aaron Rakers
Wells Fargo
4 questions for ANET
Amit Daryanani
Evercore
4 questions for ANET
Antoine Chkaiban
New Street Research
4 questions for ANET
Atif Malik
Citigroup Inc.
4 questions for ANET
Karl Ackerman
BNP Paribas
4 questions for ANET
Meta Marshall
Morgan Stanley
4 questions for ANET
Ryan Koontz
Needham & Company, LLC
4 questions for ANET
Samik Chatterjee
JPMorgan Chase & Co.
4 questions for ANET
Tal Liani
Bank of America
4 questions for ANET
Benjamin Reitzes
Melius Research
3 questions for ANET
David Vogt
UBS Group AG
3 questions for ANET
Michael Ng
Goldman Sachs
3 questions for ANET
Simon Leopold
Raymond James
3 questions for ANET
Benjamin Bollin
Cleveland Research Company
2 questions for ANET
James Fish
Piper Sandler Companies
2 questions for ANET
Matthew Niknam
Deutsche Bank
2 questions for ANET
Sebastien Cyrus Naji
William Blair & Company, L.L.C.
2 questions for ANET
George Notter
Jefferies
1 question for ANET
Sebastien Naji
William Blair
1 question for ANET
Timothy Long
Barclays
1 question for ANET
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
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). |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 targets $10.5 billion in FY 2026 revenue, reflecting 20% growth on a large base driven by AI and campus/branch segments.
- The company estimates its total addressable market will exceed $100 billion by 2029, fueled by AI networking (front-end and back-end) and campus modernization.
- Introduced NetDI diagnostics layer atop the NetDL state foundation, and unveiled AVA (Autonomous Virtual Assist) plus the Etherlink portfolio (7060, 7800, 7700 series) to optimize and scale AI networks.
- Campus/branch business to grow from $800 million to $1.25 billion, targeting 60% year-over-year expansion through VeloCloud SD-WAN, Arista Wi-Fi (Mojo) and Agni NAC solutions.
- Arista targets $10.5 billion in 2026 revenue, a 20% increase over 2025, with a total addressable market of $105 billion by 2029.
- Management forecasts 2026 gross margin of 62 – 64% and operating margin of 43 – 45%.
- Two key growth vectors are the campus network (including VeloCloud) expected to grow from $0.8 billion to $1.25 billion at 60% CAGR, and AI networking anticipated to reach $1.5 billion at 60 – 80% growth.
- Arista emphasizes its proprietary NetDI diagnostics and NetDL architecture, along with AI-driven CloudVision, as differentiation in high-performance AI networking.
- The company highlighted strategic partnerships with NVIDIA, AMD, Pure Storage, Broadcom, ARM, and others, and participation in the Ultra Ethernet Consortium to advance AI networking standards.
- Committed to $10.5 billion in revenue for 2026, reflecting 20% growth year-over-year on a large base.
- Projects a TAM exceeding $100 billion by 2029, up 75% in two years, with campus networking (VeloCloud driving growth to $1.25 billion) and AI networking (targeting $1.5 billion, 60–80% growth) as key drivers.
- Unveiled its NetDI diagnostic infrastructure, AVA AI-driven operations, and the Etherlink portfolio (7060, 7800, 7700 series) to optimize both front-end and back-end AI network performance.
- Emphasized a single-OS EOS architecture with CloudVision and NetDL for simplified operations, hitless upgrades, and predictive AI tooling across campus and data center environments.
- Highlighted partnerships with NVIDIA, Pure Storage, Broadcom, and others for integrated AI solutions, and noted co-development of the scheduled fabric DSF 7700 with Meta for advanced scale-out deployments.
- Arista commits to $10.5 billion in revenue for FY 2026, targeting 20% YoY growth, and foresees mid-teens CAGR to >$16 billion by 2029 with gross margin of 62–64% and operating margin of 43–45%.
- Management expands Total Addressable Market to ~$105 billion by 2029, driven by sustained growth in both AI infrastructure and campus/branch networking.
- The campus/branch segment is forecast to grow from $750–800 million to $1.25 billion this year, while the AI segment is expected to reach $1.5–1.8 billion with 60–80% growth.
- Product roadmap highlights the NetDI diagnostics infrastructure, Etherlink AI networking portfolio (7060, 7800, 7700 switch families), and Arista’s role in the Ultra Ethernet Consortium to advance Ethernet for HPC and AI workloads.
- Two months after hiring Todd Nightingale as President and COO, Arista is focusing on campus networking expansion and supply chain optimization.
- Raised its campus revenue target from $750 million to $800 million after completing the VeloCloud acquisition, completing its SD-WAN and campus portfolio.
- Reiterated full-year AI networking goals of $750 million in backend switching and $750 million in pull-through frontend sales, supported by 25–30 AI customers beyond the hyperscalers.
- Emphasized the EOS single-image operating system and a commitment to merchant silicon as differentiators, delivering consistent, high-quality networking across data center, AI, and campus environments.
- Todd Nightingale, two months into his role as President & COO, is prioritizing AI initiatives, campus networking expansion and optimizing manufacturing/supply chain to meet surging demand.
- Campus revenue guidance was raised from $750 million to $800 million following the completion of the VeloCloud acquisition, delivering a full portfolio: Wi-Fi, switching, routing, SD-WAN and NAC.
- AI networking targets of $750 million backend and $750 million frontend revenue remain in place, with customer count increasing from 4–5 to 25–30 AI and NeoCloud deployments, underpinning raised guidance.
- Differentiation centers on the single-image EOS operating system—subject to daily auto-tests for reliability—and deep merchant-silicon expertise enabling unique features and scale across data center, AI and campus products.
- Arista completed the VeloCloud acquisition on July 1, adding $50 million to its FY2025 revenue guidance and enhancing its branch-to-cloud WAN offering.
- The company will simplify AI networking guidance by combining front-end and back-end forecasts into a single number for 2026, reflecting customer feedback that they cannot distinguish between the two segments.
- In partnership with Broadcom, Arista’s Jericho 4 chip complements its Tomahawk portfolio for 200 Gbps AI spine and interconnect deployments; Tomahawk 6 is in sampling with expected product availability in H2 2026.
- Arista emphasizes end-to-end observability for large AI clusters via its CloudVision platform, which delivers network-to-NIC telemetry to minimize job completion times.
- The enterprise campus market represents a $30 billion TAM—matching the data center market—where Arista currently has low single-digit share versus ~30% in data centers, and is expanding channel partnerships to capture medium-sized campuses.
- 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.
- 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
- 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.