Arista Networks, Inc.(ANET)Stock Analysis
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Rank #10 of 2,879 stocksTOP 1%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
ANET Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Arista Networks, Inc. (ANET), a Technology sector company. 13F Pro's AI-powered ranking engine scores ANET at 86.0/100 on a 32-signal composite quality model, placing it at rank #10 of 2,879 stocks — the top 1% of the AI-ranked universe. ANET scores in the top quartile across balance sheet strength (95.9), profitability (92.8), free cash flow (92.8). Shareholder dilution risk is elevated at 26.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Arista Networks, Inc. reports quarterly revenue of $2.7B, net income of $1.0B, an operating margin of 42.7%. Top institutional holders of ANET by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, FMR, based on the most recent SEC filings. ANET trades on the NYSE exchange and files with the SEC under CIK 1596532. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ANET daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Arista Networks, Inc. directly from SEC EDGAR. Arista Networks, Inc.'s 13F Pro composite quality score has ranged between 8 and 89 since 2021, currently 86.0 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving ANET's Business? Latest 10-Q Breakdown
AI-extracted from Arista Networks, Inc.'s 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Total revenue: $2,709.0M+35.1% YoY
Healthy customer demand and higher shipments of switching and routing platforms across customer base
Continued growth in initial and renewal support contracts as customer installed base expanded
Largest Expense Items
Increase driven by higher product and service revenues
$10.9M increase in personnel costs due to headcount growth and $52.1M increase in new product introduction costs
Increase driven by personnel costs from headcount growth
Slight decrease year-over-year
Watch Items from the Filing
- Two customers represented 16% and 26% of Q1 2026 revenue (vs. 15% and 20% in prior year), creating material concentration risk. Sales timing remains unpredictable due to large customer capital expenditure cycles and AI deployment prioritization.
- $8.9B in non-cancellable purchase commitments as of March 31, 2026, with $7.6B due within 12 months. Company increased commitments to respond to AI network deployment and manage silicon/memory supply constraints.
- $6.2B deferred revenue (current and non-current combined) increased from $5.4B at year-end 2025, driven by PCS contracts and product deferrals with customer acceptance terms, creating revenue timing volatility.
- Evaluation inventory of $525.7M (22% of finished goods) as of Q1 2026 vs. $403.7M at year-end, reflecting increased customer trials and contracts with acceptance periods in AI Ethernet market.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$2.7B
Net Income
Q1 2026
$1.0B
Free Cash Flow
Q1 2026
$1.6B
Operating Margin
Q1 2026
42.7%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+28.6% YoYNet Income
+23.1% YoYOperating Income
+31.0% YoYEPS (Diluted)
+23.3% YoYTotal Assets
+38.5% YoYOp. Cash Flow
+17.9% YoY| Metric | FY 2025 | FY 2024 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $9.01B +28.6% | $7.00B +137.6% | $2.95B +27.2% | $2.32B -3.9% | $2.41B +12.1% | $2.15B |
| Net Income | $3.51B +23.1% | $2.85B +339131885.7% | $841.00 -100.0% | $634.6M -26.2% | $859.9M +162.1% | $328.1M |
| Operating Income | $3.86B +31.0% | $2.94B +218.4% | $924.7M +32.2% | $699.7M -13.2% | $805.8M +194.8% | $273.3M |
| EPS (Diluted) | $2.75 +23.3% | $2.23 +239.2% | $0.66 +426.0% | $0.13 -24.8% | $0.17 -34.5% | $0.25 |
| Total Assets | $19.45B +38.5% | $14.04B +144.9% | $5.73B +21.0% | $4.74B +13.2% | $4.19B +35.8% | $3.08B |
| Operating Cash Flow | $4.37B +17.9% | $3.71B +265.0% | $1.02B +38.2% | $735.1M -23.7% | $963.0M +91.4% | $503.1M |
AI Insight: ANET Financial Trends
Arista delivered 47% revenue growth over eight quarters with expanding operating leverage and strengthening cash generation.
• Revenue surged from $1,690M in Q2 2024 to $2,709M in Q1 2026, a 60% increase. Operating margin widened from 41.4% to 42.7%.
• Operating cash flow averaged $1,167M across the period, reaching $1,694M in Q1 2026—the strongest quarter on record.
• Net income grew from $665M to $1,023M (54% increase), demonstrating profitable scale as revenue accelerates.
⚠ Operating cash flow dipped to $642M in Q1 2025, a 38% sequential drop—monitor for working capital seasonality patterns.
⚠ Equity grew 60% from $8.4B to $13.5B over eight quarters; assess capital allocation strategy amid retained earnings buildup.
AI Insight: ANET Ratio Trends
Arista's profitability margins have contracted through late 2025 and into Q1 2026, though operating leverage remains robust above 42%.
• Operating margin held steady at 42.7% in Q1 2026, but down from 44.7% peak in Q2 2025—a 200bp decline over nine months.
• Net profit margin compressed from 41.5% in Q4 2024 to 37.8% in Q1 2026, signaling margin pressure despite revenue scale.
• ROIC peaked at 36.2% in Q2 2025, then declined to 34.3% in Q1 2026—first sustained pullback in the data series.
⚠ ROA deteriorated from 23.3% (Q3 2024) to 18.9% (Q1 2026)—suggests asset productivity or asset base expansion is outpacing earnings growth.
⚠ ROE slipped from 32.6% (Q2 2025) to 30.3% (Q1 2026). Monitor if shareholder returns are masking underlying operating deceleration.
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Top Institutional Holders of ANET
BlackRock, Inc.
$11.3B91,907,642 shVANGUARD CAPITAL MANAGEMENT LLC
$8.4B68,270,206 shFMR LLC
$6.4B52,306,626 shSTATE STREET CORP
$5.7B46,761,991 shGEODE CAPITAL MANAGEMENT, LLC
$3.3B27,229,280 shVANGUARD PORTFOLIO MANAGEMENT LLC
$3.2B25,839,674 shCresset Asset Management, LLC
$2.5B20,692,711 shMORGAN STANLEY
$2.3B18,505,177 shCapital Research Global Investors
$1.8B14,759,167 shNuveen, LLC
$1.5B12,597,466 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $11.3B | 91,907,642 |
| VANGUARD CAPITAL MANAGEMENT LLC | $8.4B | 68,270,206 |
| FMR LLC | $6.4B | 52,306,626 |
| STATE STREET CORP | $5.7B | 46,761,991 |
| GEODE CAPITAL MANAGEMENT, LLC | $3.3B | 27,229,280 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3.2B | 25,839,674 |
| Cresset Asset Management, LLC | $2.5B | 20,692,711 |
| MORGAN STANLEY | $2.3B | 18,505,177 |
| Capital Research Global Investors | $1.8B | 14,759,167 |
| Nuveen, LLC | $1.5B | 12,597,466 |
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Is ANET a good stock to buy?
13F Pro's AI-powered analysis of Arista Networks, Inc. (ANET) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for ANET are available on the ANET stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own ANET?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling ANET. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Arista Networks, Inc.'s investment landscape.