Short answer
Arista Networks (ANET) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $9.0B (+28.6% year over year) and net income of $3.5B.
- Top risk flagged: Economic exposure to foreign currency fluctuations risks reduced demand if U.S. dollar strengthens, despite revenue being primarily U.S. dollar-denominated
FY2025 key financial metrics · XBRL
- Revenue
- $9.0B
- +28.6% YoY
- Net income
- $3.5B
- +23.1% YoY
- Operating margin
- 42.8%
- +0.8 pp YoY
- Gross margin
- 64.1%
- −0.1 pp YoY
- EPS (diluted)
- $2.75
- +23.3% YoY
- ROE
- 28.4%
- −0.2 pp YoY
- Operating cash flow
- $4.4B
- +17.9% YoY
Source: XBRL data from the Arista Networks (ANET) FY2025 10-K on SEC EDGAR. USD.
Arista Networks FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core cloud and AI-driven data center networking-as-a-service platform powered by proprietary EOS OS and Network Data Lake for unified data interconnectivity
- Introduced AI Center networking strategy addressing Scale Up/Out/Across domains with 800G Etherlink portfolio including 7800R AI Spine, 7060 AI Leaf, 7700R4 DES switches
- Strategic emphasis on replacing proprietary AI interconnects (InfiniBand) with Ethernet-based open standards to gain market share in hyperscale AI environments
- Workforce of ~5,115 full-time employees globally as of Dec 31, 2025; recognized by Forbes, Time, and Comparably for culture and leadership in 2025
- Unique leadership note: one of few S&P 500 companies with both female CEO and CFO positions
Management Discussion & Analysis
- Revenue $9.01B in 2025, up 28.6% YoY from $7.00B in 2024; product revenue $7.58B (+28.8%), service revenue $1.43B (+27.7%)
- Gross margin stable at 64.1% in 2025 vs 64.1% in 2024; operating expenses increased to 21.3% of revenue in 2025 from 22.1% in 2024
- Best segment: Core networking $5.85B (65% of revenue); Worst margin pressure from large customer discounts and supply chain inflation
- Operating cash flow $4.37B in 2025; capex $119.5M plus $300M acquisition; financing cash outflow $1.60B mainly from stock repurchases/dividends
- Management highlights risks: macroeconomic uncertainties, supply chain inflation, AI market demand volatility; plans increased R&D and sales investments
Risk Factors
- Economic exposure to foreign currency fluctuations risks reduced demand if U.S. dollar strengthens, despite revenue being primarily U.S. dollar-denominated
- Interest rate risk causing $100 million unrealized loss on fixed income securities from 100 basis point increase in U.S. market interest rates as of Dec 31, 2025
- Concentration of investments $10.7 billion in cash, equivalents and securities primarily in short-term U.S. debt instruments with no hedging strategy
- Operational cost exposure to currency fluctuations in U.S., Europe, and Asia operations potentially affecting expenses and cash flows
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