Short answer
Arista Networks (ANET) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.3B (up 27.5% year over year) with net income of $853M.
Q3 2025 key financials · XBRL
- Revenue
- $2.3B
- +27.5% YoY · +4.7% QoQ
- Net income
- $853M
- +14.0% YoY · −4.0% QoQ
- Operating margin
- 42.4%
- Gross margin
- 64.6%
- EPS (diluted)
- $0.66
- −71.8% YoY · −5.7% QoQ
Source: XBRL data from the Arista Networks (ANET) Q3 2025 10-Q on SEC EDGAR. USD.
Arista Networks Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2.31B, up 27.5% YoY; Product revenue $1.91B (+25.5%), Service revenue $397M (+38.1%) for Q3 FY25
- Gross margin 64.6% vs 64.2% YoY for Q3 FY25; 64.5% vs 64.3% YoY for 9 months FY25
- Best segment Product revenue $1.91B (+25.5%); Worst segment General & admin expenses up only 3.0% YoY
- Operating expenses increased 36.0% to $512M in Q3 FY25, led by R&D +38.3%, Sales & Marketing +41.6%
- Operating cash flow $3.11B in 9 months FY25, up from $2.68B; Cash, cash equivalents, securities $10.1B as of Q3 end
- Stock repurchases $983M in 9 months FY25; New repurchase program authorized $1.5B, $1.4B remaining
- Management cites macroeconomic uncertainties, supply chain volatility, AI-driven product demand growth, cautious near-term outlook
Risk Factors
- New risk: April 2025 U.S. tariffs under Int’l Emergency Economic Powers Act on China, Mexico; impacts supply chain costs, customers' order timing and demand
- Most updated risk: Customer concentration volatility; Microsoft 20% and Meta 15% of 2024 revenue with fluctuating purchasing and AI infrastructure investment impact
- Regulatory risk: Expanded U.S. export controls on semiconductors and AI training chips; risks with China countermeasures and UFLPA forced labor import restrictions
- Operational risk: Supply chain component shortages, extended lead times, and purchase commitments causing inventory risk and shipment delays harming near-term revenue
- Financial risk: Large non-cancellable purchase commitments for semiconductors raising working capital needs amid volatile demand and potential excess inventory write-downs
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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