Arista Networks
ConvictionWeak
Sells Ethernet switching/routing systems (hardware built on Broadcom merchant silicon) bundled with its EOS network OS and CloudVision management; revenue is product hardware plus high-margin recurring software/subscription and support. Concentrated cloud-titan customer base.
Revenue
$9.006B FY2025+28.6% YoY (fact, FY2025 release); $2.709B Q1 FY26, +35.1% YoY (fact, Q1 FY26 releaseRev growth
+35.1% YoYQ1 FY26, fact); FY26 guide ~$11.5B = +27.7% (fact, raisedGross marginfact
64.1% GAAP / 64.6% non-GAAP FY2025Q1 FY26 guided non-GAAP 62-63% (margin under component/tariff pressureOp marginfact
47.8% non-GAAP / 42.7% GAAP Q1 FY26Capex intensityfact
~1.3% — $119.5M capex / $9.0B revenue FY2025asset-light, outsourced manufacturingMarket cap
~$213BJune 17, 2026; factPrice · 1-year trend
real · weekly$181+70% 1yUSD
52-week range
$106 – $181
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityWeak
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-17. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$2.9B
FY’22
$4.4B+49%
FY’23
$5.9B+34%
FY’24
$7.0B+20%
FY’25
$9.0B+29%
Margins & balance sheet — FY’25
Gross margin64.1%
Operating margin42.8%
Net margin39.0%
Net cash$2.8B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence