Arista Networks, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product was 84% and Service was 16% of revenue.

Quarters: Arista Networks, Inc.'s SEC filings, named by the month they end. Fiscal years: Arista Networks, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $39.0 ends up as net income. Net margin rose from 30.9% to 39.0% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Arista Networks, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Arista Networks buys from Jabil, Sanmina, Hon Hai Precision Industry and 1 more; two customers it does not name account for 16% and 26% of its revenue.

Their suppliers

TSMC TSMto Broadcom

Amkor Technology AMKRto Broadcom

ASE Technology ASXto Broadcom

Show 3

Suppliers

Broadcom AVGO

Jabil JBL

Sanmina SANM

Hon Hai Precision Industry 2317.TW

 

ANETArista Networks

Customers

Unnamed customer 26%

Unnamed customer 16%

Arista Networks's 10-K for the year to Dec 2025 gives two customers' shares of its revenue: Reseller B (26%) and Reseller A (16%).

From Arista Networks, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

Broadcom AVGOCollaborates on silicon features and product development

Changes since the previous annual report (10-K filed Feb 19, 2025)

Flex FLEXNo longer named (was a supplier)

Microsoft MSFTNo longer named (was a customer and a platform it sells through)Meta Platforms METANo longer named (was a customer)

OOptumSoftNo longer named (was a partner)

Alphabet GOOGLNo longer named (was a platform it sells through)Amazon AMZNNo longer named (was a platform it sells through)

Only the companies Arista Networks names in its 10-K filed Feb 17, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 55.5x; earnings are still growing. No peers to compare against.

No peers with a P/E to compare against.

Yahoo Finance's Computer Hardware list is another business, and this site has too few other companies in its StockFit industry group, Networking & Datacenter Equipment, near it in market value, so Arista Networks is not compared with peers.

At 55.5× trailing earnings ANET is above most of its five-year range; the five-year median is 44.3×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $249, 21% above the current price; 100% of 29 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 29 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $163.80 to $248.50 (+52%), while ANET went from $130.30 to $206.63 (+59%). In the past three months targets were raised 6 times and cut 3 times. 2 upgrades and no downgrades over the year; the latest: Rosenblatt moved it to Buy from Neutral on Apr 7, 2026.

The day after each of these reports the stock moved +0.7% (Dec 2025, beat); −14.8% (Mar 2026, beat); +6.7% (Jun 2026, beat); +8.7% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.29 a share, 57% more than the $0.82 of a year earlier, and revenue of $4.0B, up 60% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $6.02 a share, 38% more than the year before's estimate of $4.38, and revenue of $18.7B, up 40% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $5.0B in free cash flow over the year, of which $620M went back to shareholders (dividends plus buybacks), leaving $4.4B in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 3.0, no pressure to repay short-term debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 members of Congress and 7 funds whose copy leaves ANET out (on the exchange, not in the app yet): Swiss National Bank, James Comer, Canada Pension Plan Investment Board, Rob Bresnahan, Norges Bank, Bridgewater Associates and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 13 held ANET at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 4 cut, 2 bought new and 1 sold all. The largest of them is Norges Bank, 12.25M shares worth $2.1B at Jun 30, 2026, 3.0% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ANET at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $931M of ANET on the open market in the 12 months to Nov 10, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Jayshree Ullal (CEO and Chairperson; director), who sold $820M in 172 sales.

From the Form 4s filed with the SEC about Arista Networks, Inc. (127 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 133 other transactions (option exercises, shares withheld for tax, gifts and other transfers). Also not counted: 149 trades by holders of more than 10% who are neither officers nor directors.