Arista Networks (ANET) FY2025 results: revenue $9.0 billion, up 28.6% on the year

Arista sells high-speed Ethernet switching and routing equipment, and the software that runs it, to operators of very large networks. The company calls its approach Centers of Data: treating the network as a service that joins four domains, AI centres, data centres, campus centres and wide area network centres, rather than as separate silos. Everything is anchored on two pieces of its own software, the Extensible Operating System and Network Data Lake, with CloudVision as the single management layer. Customers fall into three groups: Cloud and AI Titans, AI and Specialty Providers, and Enterprise.

What the platform is

One operating system, one data lake and one management product, which the company says keeps features consistent across the whole product range and lets a customer run the network with streaming real-time telemetry, in-service software upgrades and AI-assisted operations. The filing puts its differences as reliability backed by quality assurance and automated diagnostics, open and standards-based technology that avoids vendor lock-in, and telemetry and automation that cut the operator's manual work. A Technical Assistance Center provides support around the clock.

The AI products

The Etherlink portfolio runs to over twenty products for AI scale-out and scale-across use, with scale-up to come. It includes 800G switches, and named platforms are the 7800R AI Spine, the 7060 AI Leaf and the 7700R4 Distributed Etherlink Switch. Software features named alongside them are Smart System Upgrades, AI Analyzer and load balancing. Scale Across is the answer to clusters spread over long distances, where power and space limits and the pull of inference towards the edge mean a routed link has to cope with packet loss, delay and security on the wire. Other engineering areas named are deep packet buffer architectures, virtual output queuing, non-disruptive upgrades, optics, reversible cooling and system power efficiency. There is also a campus and routing line, aimed at networks where office, home and remote working have merged and where smart devices, security cameras and connected sensors have multiplied.

Who buys it

Customers are the large cloud and AI operators, other internet and service providers including specialty and AI neoclouds, and enterprises including financial firms and government agencies, with the enterprise base widened into media and entertainment, healthcare, oil and gas, education, manufacturing and industrial sectors. Concentration is high: two customers each accounted for more than 10 percent of sales in 2025, at 26 percent and 16 percent of the total.

How it is sold

Sales run through a direct sales force alongside channel partners, meaning distributors, value-added resellers, systems integrators and original equipment manufacturers, with the Arista Partner Program to coordinate them and authorised training partners delivering technical training. Partners usually take an order from an end customer before ordering from Arista, and the company verifies the end customer's identity before accepting; partners generally hold no stock. Sales teams are organised by geography, by major account or by vertical market, supported by systems engineers doing pre-sales technical work.

Who builds it

Most manufacturing is subcontracted, primarily to Jabil, Sanmina and Foxconn Hon Hai, in Malaysia, Vietnam, Mexico and other countries, with every location required to be ISO-9001 certified. Finished product ships to four direct fulfilment facilities, in the United States, the Netherlands and Singapore, which hold inventory, do final configuration and ship to customers and partners; installation is then done by the customer or by systems integrators and resellers. The contract manufacturers buy the components and assemble to Arista's specifications, while Arista keeps control of the bill of materials, the qualified suppliers, test procedures and quality assurance. Key components including merchant silicon, integrated circuits and power supplies come from a limited number of suppliers, some sole source, and the filing states the company is primarily reliant on Broadcom, its predominant merchant silicon vendor, for switching chips, with generally no written supply guarantee from component providers.

Competition and people

The data centre and campus networking markets have historically been dominated by Cisco, with competition also from Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia and white box vendors using open-source operating systems. Arista employed approximately 5,115 full-time people worldwide at the end of 2025, none of them represented by unions, with part-time staff and contractors beyond that who the filing says are not a material part of the workforce.

From Arista Networks' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.