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NEW YORK STOCK EXCHANGE, INC. · Communications · CIK 0001596532
$181.19
-0.96% · delayed ~15 min
Last price from Oct 20, 2026
$227.67B market value
From Arista Networks, Inc.'s FY2025 10-K, filed Feb 17, 2026 · read the filing
Arista Networks makes computers and computing hardware. It took in $9.01B last year, which makes it a mid-sized company. Of every dollar it sells, about 39 cents is left as profit.
The financial picture is led by profitability, growth and debt.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Arista Networks, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Capital spending
$32.0M → $119.5M
Revenue
$7.00B → $9.01B
Gross profit
$4.49B → $5.77B
Operating income
$2.94B → $3.86B
Measured against FY2024, from the 10-K filed Feb 17, 2026
Changed: +273.4%
$32.0M to $119.5MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
How the latest move compares (quote delayed ~15 min), and what was published around it
ANET fell 0.96% on the latest quote. The average Technology company tracked here moved −1.21%, and the S&P 500 −1.04%. That is in line with its sector and in line with the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 19% a year for the next 10 years. Over the last 10 years it grew by about 35% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 39 cents of every dollar of sales as profit, earning $3.51B last year.
Yes, quickly. Sales grew 28.6% last year.
It does not appear so. For every $1 it owes, it owns $2.75 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $3.51B and generated $4.37B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 17, 2026Filing for FY2025 | FY202410-K · Feb 17, 2026Filing for FY2024 | FY202310-K · Feb 17, 2026Filing for FY2023 | FY202210-K · Feb 17, 2026Filing for FY2022 | FY202110-K · Feb 15, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | +28.6% |
| Cost of revenue | $3.24B | $2.51B | $2.23B | $1.71B | $1.07B | +28.9% |
| Gross profit | $5.77B | $4.49B | $3.63B | $2.68B | $1.88B | +28.4% |
| Gross marginGross profit ÷ revenueWhat is this? | 64.1% | 64.1% | 61.9% | 61.1% | 63.8% | −0.1 pts |
| Selling, general and administrative | $141.9M | $122.7M | $119.1M | $93.2M | $83.1M | +15.6% |
| Operating income | $3.86B | $2.94B | $2.26B | $1.53B | $924.7M | +31.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | +0.8 pts |
| Income before tax | $4.25B | $3.27B | $2.42B | $1.58B | $930.9M | +30.2% |
| Net income | $3.51B | $2.85B | $2.09B | $1.35B | $840.9M | +23.1% |
| Net marginNet income ÷ revenueWhat is this? | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | −1.7 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $2.79 | $2.26 | $1.67 | $4.41 | $2.73 | +23.6% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| ANETArista Networks, Inc. · this page | 10.0/10 | 5/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 17,333 shares at $14.15 ($245.2K)
Holds 30,309 shares after this filing.
Sold on the open market — 649 shares at $177.91 ($115.5K)
Holds 29,660 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +37.7% · Gross profit +32.8% · Operating income +39.7% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following Arista Networks, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ANET's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 17, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 10.0 | 5/8 | 10-K, filed Feb 17, 2026 |
| FY2024 | 10.0 | 6/8 | 10-K, filed Feb 17, 2026 |
| FY2023 | 10.0 | 5/8 | 10-K, filed Feb 19, 2025 |
| FY2022 | 10.0 | 5/8 | 10-K, filed Feb 14, 2023 |
| FY2021 | 10.0 | 6/8 | 10-K, filed Feb 15, 2022 |
| FY2020 | 7.3 | 4/8 | 10-K, filed Feb 19, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
21.78
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +28.6%
$7.00B to $9.01BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +28.4%
$4.49B to $5.77BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +31.0%
$2.94B to $3.86BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +23.1%
$2.85B to $3.51BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +15.7%
$3.68B to $4.25BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +23.6%
$2.26 to $2.79Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -28.9%
$2.76B to $1.96BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −1.7 pts
40.7% to 39.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +37.7%
$2.20B to $3.04BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +32.8%
$1.44B to $1.91BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +39.7%
$986.2M to $1.38BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +36.5%
$888.8M to $1.21BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +36.0%
$0.71 to $0.96Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: −2.3 pts
65.2% to 62.9%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +19.0%
$1.16B to $1.38BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +18.6%
$1.02B to $1.21BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +18.4%
$0.81 to $0.96Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -17.9%
$2.79B to $2.29BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +12.1%
$2.71B to $3.04BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +13.9%
$1.68B to $1.91BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +1.0 pts
61.9% to 62.9%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +2.6 pts
42.7% to 45.4%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +2.2 pts
37.8% to 40.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
3 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 16% and 21%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 35 analysts covering this company, as of . Their views, not this site's.
Of 35 analysts publishing on this company, 9 say strong buy, 25 say buy and 1 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.9% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 57.2x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 28.6% |
| 39.0% |
| 64.84x |
| 0.57x |
| CSCOCISCO SYSTEMS, INC. | 9.0/10 | 7/9 | 11.8% | 21.0% | 31.20x | 1.58x |
|---|
| MSIMotorola Solutions, Inc. | 9.0/10 | 6/9 | 8.0% | 18.4% | 36.76x | 7.05x |
|---|
| FFIVF5, INC. | 8.7/10 | 7/8 | 9.7% | 22.4% | 37.50x | 0.76x |
|---|
| Median of peers | 9.0/10 | — | 9.7% | 21.0% | 36.76x | 1.58x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 486 shares at $179.02 ($87.0K)
Holds 29,174 shares after this filing.
Sold on the open market — 3,538 shares at $180.12 ($637.3K)
Holds 25,636 shares after this filing.
Sold on the open market — 6,487 shares at $180.93 ($1.2M)
Holds 19,149 shares after this filing.
Sold on the open market — 5,973 shares at $181.78 ($1.1M)
Holds 13,176 shares after this filing.
Sold on the open market — 200 shares at $182.79 ($36.6K)
Holds 12,976 shares after this filing.
Sold on the open market — 599 shares at $177.91 ($106.6K)
Holds 1,170,319 shares after this filing.
Sold on the open market — 449 shares at $179.02 ($80.4K)
Holds 1,169,870 shares after this filing.
Sold on the open market — 3,265 shares at $180.12 ($588.1K)
Holds 1,166,605 shares after this filing.
Sold on the open market — 5,988 shares at $180.93 ($1.1M)
Holds 1,160,617 shares after this filing.
Sold on the open market — 5,514 shares at $181.78 ($1.0M)
Holds 1,155,103 shares after this filing.
Sold on the open market — 185 shares at $182.79 ($33.8K)
Holds 1,154,918 shares after this filing.
Sold on the open market — 374 shares at $177.91 ($66.5K)
Holds 442,026 shares after this filing.
Sold on the open market — 281 shares at $179.02 ($50.3K)
Holds 441,745 shares after this filing.
Sold on the open market — 2,041 shares at $180.12 ($367.6K)
Holds 439,704 shares after this filing.
Sold on the open market — 3,742 shares at $180.93 ($677.0K)
Holds 435,962 shares after this filing.
Sold on the open market — 3,446 shares at $181.78 ($626.4K)
Holds 432,516 shares after this filing.
Sold on the open market — 116 shares at $182.79 ($21.2K)
Holds 432,400 shares after this filing.
Sold on the open market — 4,000 shares at $217.05 ($868.2K)
Holds 4,793,347 shares after this filing.
Sold on the open market — 18,656 shares at $217.10 ($4.1M)
Holds 4,774,691 shares after this filing.
Sold on the open market — 4,000 shares at $217.05 ($868.2K)
Holds 4,793,347 shares after this filing.
Sold on the open market — 18,656 shares at $217.10 ($4.1M)
Holds 4,774,691 shares after this filing.
Sold on the open market — 19,990 shares at $217.05 ($4.3M)
Holds 15,525,748 shares after this filing.
Sold on the open market — 93,241 shares at $217.10 ($20.2M)
Holds 15,432,507 shares after this filing.
Sold on the open market — 13,860 shares at $217.14 ($3.0M)
Holds 4,797,347 shares after this filing.
Sold on the open market — 13,860 shares at $217.14 ($3.0M)
Holds 4,797,347 shares after this filing.
Sold on the open market — 69,272 shares at $217.14 ($15.0M)
Holds 15,545,738 shares after this filing.
Sold on the open market — 1,224 shares at $215.00 ($263.2K)
Holds 68,697 shares after this filing.
Sold on the open market — 13,179 shares at $211.36 ($2.8M)
Holds 4,863,793 shares after this filing.
Sold on the open market — 51,805 shares at $212.27 ($11.0M)
Holds 4,811,988 shares after this filing.
Sold on the open market — 781 shares at $213.06 ($166.4K)
Holds 4,811,207 shares after this filing.
Sold on the open market — 13,179 shares at $211.36 ($2.8M)
Holds 4,863,793 shares after this filing.
Sold on the open market — 51,805 shares at $212.27 ($11.0M)
Holds 4,811,988 shares after this filing.
Sold on the open market — 781 shares at $213.06 ($166.4K)
Holds 4,811,207 shares after this filing.
Sold on the open market — 65,897 shares at $211.36 ($13.9M)
Holds 15,877,957 shares after this filing.
Sold on the open market — 259,045 shares at $212.27 ($55.0M)
Holds 15,618,912 shares after this filing.
Sold on the open market — 3,902 shares at $213.06 ($831.4K)
Holds 15,615,010 shares after this filing.
Sold on the open market — 700 shares at $201.62 ($141.1K)
Holds 52,710 shares after this filing.
Sold on the open market — 500 shares at $202.90 ($101.4K)
Holds 52,210 shares after this filing.
Sold on the open market — 1,800 shares at $204.44 ($368.0K)
Holds 50,410 shares after this filing.
Sold on the open market — 1,800 shares at $205.58 ($370.0K)
Holds 48,610 shares after this filing.
Sold on the open market — 200 shares at $206.03 ($41.2K)
Holds 48,410 shares after this filing.
Sold on the open market — 8,948 shares at $211.40 ($1.9M)
Holds 4,876,972 shares after this filing.
Sold on the open market — 8,948 shares at $211.40 ($1.9M)
Holds 4,876,972 shares after this filing.
Sold on the open market — 44,726 shares at $211.40 ($9.5M)
Holds 15,943,854 shares after this filing.
Exercised stock options — 17,333 shares at $14.15 ($245.2K)
Holds 30,309 shares after this filing.
Sold on the open market — 1,480 shares at $201.70 ($298.5K)
Holds 28,829 shares after this filing.
Sold on the open market — 7,420 shares at $202.66 ($1.5M)
Holds 21,409 shares after this filing.
Sold on the open market — 2,700 shares at $203.49 ($549.4K)
Holds 18,709 shares after this filing.
Sold on the open market — 3,533 shares at $204.78 ($723.5K)
Holds 15,176 shares after this filing.
Sold on the open market — 2,200 shares at $205.50 ($452.1K)
Holds 12,976 shares after this filing.
Sold on the open market — 1,366 shares at $201.70 ($275.5K)
Holds 1,185,552 shares after this filing.
Sold on the open market — 6,849 shares at $202.66 ($1.4M)
Holds 1,178,703 shares after this filing.
Sold on the open market — 2,492 shares at $203.49 ($507.1K)
Holds 1,176,211 shares after this filing.
Sold on the open market — 3,262 shares at $204.78 ($668.0K)
Holds 1,172,949 shares after this filing.
Sold on the open market — 2,031 shares at $205.50 ($417.4K)
Holds 1,170,918 shares after this filing.
Sold on the open market — 854 shares at $201.70 ($172.3K)
Holds 451,546 shares after this filing.
Sold on the open market — 4,281 shares at $202.66 ($867.6K)
Holds 447,265 shares after this filing.
Sold on the open market — 1,558 shares at $203.49 ($317.0K)
Holds 445,707 shares after this filing.
Sold on the open market — 2,038 shares at $204.78 ($417.3K)
Holds 443,669 shares after this filing.
Sold on the open market — 1,269 shares at $205.50 ($260.8K)
Holds 442,400 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 51,999 shares ($9.5M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 30,000 shares ($5.5M) on or after .
Shares originally obtained via Gift.
Filed notice to sell 24,000 shares ($4.4M) on or after .
Shares originally obtained via Grantor Annuity Trust distribution.
Filed notice to sell 24,000 shares ($4.4M) on or after .
Shares originally obtained via Grantor Annuity Trust distribution.
Filed notice to sell 130,553 shares ($28.3M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 27,990 shares ($203.7K) on or after .
Shares originally obtained via Stock Option Exercise.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Held a shareholder vote
Quarterly report for Q1 FY2026
Revenue +35.1% · Profit margin −2.8 pts · Free cash flow +167.2% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +28.6% · Profit margin −1.7 pts · Capital spending +273.4% — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +27.5% · Profit margin −4.3 pts · Earnings per share -71.5% — against Q3 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Amended its charter or changed its financial year · Reported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +30.4% · Operating margin +3.3 pts · Operating income +41.0% — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Revenue +27.6% · Earnings per share -68.2% · Shares in issue +300.7% — against Q1 FY2025
Read the filingHad a director or senior officer leave or join · Published results · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join · Reported another event
Read the filingAnnual report for FY2024
Revenue +19.5% · Operating margin +3.5 pts · Free cash flow +83.8% — against FY2023
Read the filingArista Networks (ANET) Is Considered a Good Investment by Brokers: Is That True?
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Primary sources and further research