Arista
Our “Centers of Data” strategy is a fundamental pivot from legacy networking approaches that create incongruent silos to a unified, data-driven approach in which the network is a service that interconnects four primary domains: AI Centers, Data Centers, Campus Centers, and WAN Centers.
10-K, Feb 17, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Business
How does Arista make money?
Product is 84.1% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001596532-26-000013 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($9.0B).
- Product: $7.6B · 84.1%
- Service: $1.4B · 15.9%
What is left of every $100?
Of every $100 in revenue, $39 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $9.0B
- Gross profit: $5.8B
- Operating income: $3.9B
- Net income: $3.5B
- Free cash flow: $4.3B
Where do customers sit?
79.1% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001596532-26-000013 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Anchored by Arista’s state-oriented Extensible Operating System (EOS) and Network Data Lake (NetDL), our network-as-a-service platform delivers a seamless, consolidated networking experience regardless of data location.”
“This strategy and differentiation have also allowed us to deliver our comprehensive suite of products, services, and technologies to a global customer base segmented into three primary categories: Cloud and AI Titans, AI and Specialty Providers, and Enterprise.”
“Market research confirms that we continue to be a leader in high-speed Ethernet switching.”
Item 1 · Business · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Where did the growth actually come from?
Product drove 84% of Arista’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Product revenue +29%
“Product revenue increased by $1.7 billion, or 28.8%, for the year ended December 31, 2025 compared to 2024.”
Item 7 · MD&A · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Position (in the company’s words)
“In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner.”
Item 1 · Business · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
R&D +24%
“Research and development expenses increased by $240.6 million, or 24.1%, for the year ended December 31, 2025 compared to 2024.”
Item 7 · MD&A · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Number check (R&D expense): stated $241M matches the stored change ($241M, ±10%)
R&D expense: $1.2B FY2025 · +24.1% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue: $9.0B in FY2025.
Revenue grew 38% YoY to $3.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Did the growth reach the shareholder?
Per share, revenue grew 104.0%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: 42.8%.
Gross margin: 64.1%.
Operating income: $3.9B.
Net income: $3.5B.
R&D: $1.2B in FY2025.
SG&A grew 23% to $675M.
EPS diluted grew 23% to $2.75.
45.4% operating margin, up from 44.7%.
62.9% gross margin, down from 65.2%.
Operating income grew 40% YoY to $1.4B.
Net income grew 36% YoY to $1.2B.
R&D grew 17% YoY to $348M.
SG&A grew 18% YoY to $184M.
EPS diluted grew 36% YoY to $0.95.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Free cash flow: $4.3B.
Operating cash flow: $4.4B in FY2025.
Capex grew 273% to $120M.
Buybacks: $1.6B in FY2025.
Stock-based compensation: $439M in FY2025.
Free cash flow fell 10% YoY to $1.1B.
Operating cash flow fell 9.8% YoY to $1.1B.
Capex grew 24% YoY to $29.7M.
Buybacks: $0 in FY2026 Q2.
Stock-based compensation grew 41% YoY to $120M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How strong is the balance sheet?
Cash: $2.0B in FY2025.
Total assets: $19.4B.
Equity: $12.4B in FY2025.
Cash grew 2.9% YoY to $2.3B.
Total assets grew 43% YoY to $23.7B.
Equity grew 36% YoY to $14.8B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
How much revenue hangs on one customer?
One Arista customer: $2.3B.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Arista annual report)
“Sales to these two customers represented 26% and 16% of our total revenue for the year ended December 31, 2025, respectively.”
10-K · 0001596532-26-000013 · filed Feb 17, 2026 · basis: filing text, verified verbatim
Suppliers named by Arista
Arista holds stakes in
No stake in a covered company found in SEC filings.
Others name Arista
2 competitor mentions (e.g. Celestica, HPE) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 64 risk factors, one per theme.
Customer concentration
“We expect large purchases by a limited number of customers to continue to represent a substantial portion of our revenue, and any loss, delay, decline or other change in expected purchases could result in material quarter-to-quarter fluctuations of our revenue or otherwise adversely affect our results of operations.”
Item 1A · Risk Factors · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Competition
“We face intense competition, especially from larger, well-established companies and industry consolidation may lead to increased competition, which may harm our business, financial condition, results of operations and prospects.”
Item 1A · Risk Factors · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Trade, government policy and geopolitics
“Escalated or escalating U.S. tariffs, as well as countermeasures and retaliatory actions taken by other countries, may have a negative effect on global economic conditions, financial markets and our business.”
Item 1A · Risk Factors · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Economic conditions
“Adverse economic conditions, continuing uncertain economic conditions or reduced information technology and network infrastructure spending may adversely affect our business, financial condition, results of operations and prospects.”
Item 1A · Risk Factors · 10-K · 0001596532-26-000013 · filed Feb 17, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 6.25%.
Vanguard Capital Management LLC6.25%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Bechtolsheim Family Trust14.7% (then)
13G/A · as of Dec 31, 2023 · filed Jan 31, 2024 · older than 18 months, current position unknown
BlackRock Inc.5.9% (then)
13G/A · filed Jan 29, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.1%
91.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.6%
68.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.3%
48.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC5.3%
47.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Geode Capital Management, LLC3.1%
27.5M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,261 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 589 sales · $1.5B sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 30 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Total assets | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | |||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values