Arista Networks (ANET) 10-K risk factor changes: FY2025 vs FY2024

- some [added: of the] key components in our products come from sole or limited sources of supply and increases the risk of supply shortages, extended lead times or supply changes;

- [removed: seasonality and] industry cyclicality may cause fluctuations in our revenue;

- failure to raise additional capital on [removed: favorable] terms [removed: could harm our business.][added: satisfactory to us.]

- sales of our [removed: switches] [added: switching and routing platforms] generate most of our product revenue;

- inability to offer high quality support and services [added: offerings] could adversely affect our business;

- declines in maintenance renewals [added: and support contracts] by customers could harm our business;

- we may become involved in litigation that may materially adversely affect [removed: us.][added: us;]

- failure to comply with government laws and [removed: regulations] [added: regulations, including privacy laws, environmental laws and export controls] could harm our business; [added: and]

- any future decisions to reduce or discontinue repurchasing our common stock pursuant to our stock repurchase [removed: program] [added: programs] could cause the market price of our common stock to decline;

[removed: Historically, large] [added: Large] purchases by a relatively limited number of customers have accounted for a significant portion of our revenue.

We have experienced unpredictability in the timing of orders from [removed: these] [added: our] large customers primarily due to the [removed: time it takes these customers to evaluate, test, qualify and accept our products, the] overall complexity of these large orders and changes in demand [removed: patterns] specific to these customers, including reductions in or changes in [added: the] mix of capital expenditures by these customers and the impact of cost reduction and other efficiency efforts by these customers.

For example, sales to [added: one end customer represented 16%, 15%, and 21% of] our [added: total revenue, and sales to the other] end customer [removed: Microsoft] represented [added: 26%,] 20%, [removed: 18%] and [removed: 16%] [added: 18%] of our total revenue for the years ended [added: December 31, 2025,] 2024, [removed: 2023] and [removed: 2022] [added: 2023,] respectively.

[removed: This] [added: In addition, the] variability in customer concentration [removed: has been] [added: is] linked to the timing of new product deployments, and spending cycles with these customers, [added: as well as the time it takes these customers to evaluate, test, qualify] and [added: accept our products and services, and] we expect continued variability in our customer concentration and timing of sales on a quarterly and annual basis.

In addition, we [removed: typically] [added: have provided, and plan to continue to] provide [added: in the future,] pricing discounts to large customers, which [removed: reduces gross] [added: may result in lower] margins for the period in which such sales occur.

Changes in the business requirements or focus, upgrade cycles, vendor selection, project prioritization, [removed: manner in which] [added: assignment of] spending allocations [removed: are assigned] among [removed: multiple] vendors based upon specific network roles or projects, financial prospects, lack of growth of our large customers, capital resources and expenditures or purchasing behavior and deceleration in spending of these customers could significantly decrease our sales to such customers or could lead to delays, reductions or cancellations of planned purchases of our products or services.

In addition, an increased focus on the deployment of [removed: AI enabled] [added: AI-enabled] solutions by these customers has accelerated the need for advanced technology [removed: offerings] [added: offerings,] including some offerings from potential new market entrants.

This prioritization of AI related infrastructure investment has at times come in conjunction with the announcement of [removed: various cost reduction measures by such customers, including optimization and increased efficiency in non-AI related capital expenditures.]

In addition, although the focus on deployment of [removed: AI enabled] [added: AI-enabled] solutions has driven increased demand for networking, the long-term trajectory [removed: is] [added: remains] unknown.

In some instances, such [removed: measures] [added: factors] have had, and may continue to have, an impact on certain current or future projects and [removed: have reduced] [added: reduce] our visibility to customer demand and may result in a reduction or uncertainty in the timing of orders from these large customers, which may negatively impact our revenue and increase the risk of excess and [removed: obsolescence] [added: obsolete inventory] charges on our products.

[removed: This has resulted] [added: An increase] in [removed: increased] customer trials and contracts with acceptance [removed: periods,] [added: provisions,] and an increase in the volatility and magnitude of our product deferred revenue balances, [removed: which in turn may create] [added: have created] variability in our [removed: revenue results on a quarterly and annual basis.][added: revenue.]

These customers may decide to delay or cancel such orders for any [removed: reason, including changes in their IT investment priorities, if economic conditions worsen or their financial performance, condition or prospects deteriorate.][added: reason.]

This limited visibility [removed: regarding our customers’ product needs or changes in those needs, the timing and quantity of which could vary significantly,] requires us to rely on estimated demand forecasts to determine how much material to purchase and product to manufacture.

[removed: Extended] [added: Further, extended] supplier lead times on some newer technologies can create greater pressure on our ability to forecast future demand, which can lead to excess inventory or product shortages and to delays in fulfilling current and future purchase orders that can impede production by our customers and harm our customer relationships.

[removed: We] [added: As a result, we] may be unable to sustain or increase our revenue from our large customers, grow revenue with new or other existing customers at the rate we anticipate or at all, or offset a decline or discontinuation of concentrated purchases by our larger customers with purchases by new or existing customers.

If [removed: these] [added: any of the] factors [added: discussed above] drive some of our large customers to cancel all or [removed: a] portion of their business relationships with us, the growth in our business and the ability to meet our current and long-term financial forecasts may be materially impacted.

The loss of such customers, or a significant delay or reduction in their purchases, including reductions or delays due to customer departures from recent buying patterns, or an unfavorable change in competitive [added: or economic] conditions could materially harm our business, financial condition, results of operations and prospects.

Weak domestic or global economic conditions and continuing economic uncertainty, fear or anticipation of such conditions, a recession, geopolitical pressures, including international trade disputes, [added: changes in tariff policies,] global [removed: pandemics such as the COVID-19 pandemic, or] [added: pandemics,] a reduction in information technology and network infrastructure spending or a deterioration of the financial performance, condition or prospects of our customers, could adversely affect our business, financial condition, results of operations and prospects in a number of ways, including longer sales cycles, reduced demand or lower prices for our products and services, higher default rates among our channel partners, reduced unit sales and lower or no growth.

In addition, the global macroeconomic environment has been negatively affected by, among other things, the uncertainty in the global banking and financial services markets, epidemics, instability in global economic markets, [removed: the new U.S. presidential administration,] [added: changes in government administration and policy positions,] increased uncertainty associated with recent [removed: and scheduled] [added: scheduled, threatened and/or anticipated] increases in [removed: U.S. trade] tariffs [removed: in the context of escalated] and [removed: unresolved trade disputes and tensions between the U.S., China, Mexico, Canada and] other [removed: countries,] [added: trade barriers,] inflationary pressures, higher interest rates, instability in the global credit markets, the impact and uncertainty regarding global central bank monetary policy, [removed: instability] [added: instability, tension and conflict] in the geopolitical environment, [removed: the Russia-Ukraine] and [removed: Israel-Hamas conflicts, political tensions between Taiwan and China, political demonstrations, and] foreign governmental debt concerns which have caused, and are likely to continue to cause, uncertainty and instability in local economies and in global financial markets.

[removed: A] [added: In addition, a] government shutdown or a default by the U.S. government on its debt obligations, or related credit-rating downgrades could also have adverse effects on the broader global economy and contribute to, or worsen, an economic recession.

For example, if banks or other financial institutions with whom we have banking relationships or whose corporate bonds are held in our marketable securities investment portfolio, enter receivership or become insolvent in the future, we may be unable to access, and we may lose some of our existing cash, cash equivalents and investments to the extent those funds are not insured or otherwise protected by the [removed: FDIC.][added: Federal Deposit Insurance Corporation ("FDIC").]

We also believe that our customers continue to assess the impact of [removed: these] macroeconomic factors on their [removed: businesses] [added: business] and future investment plans, resulting in business [removed: uncertainty and a more constrained approach to forecasts and orders.][added: uncertainty.]

[removed: worsening economic instability or the deterioration of the financial performance, condition or prospects of our customers could result in a cancellation of, or] defaults in the payments for, such orders or otherwise adversely affect spending for IT, network infrastructure, systems and tools, and limit our ability to forecast future demand for our products, which could reduce expected revenue or result in a write-down of excess or obsolete inventory.

[removed: A] [added: Furthermore, a] downturn or a recession may also significantly affect financing markets, the availability of capital and the terms and conditions of any financing arrangements, including the overall cost of financing as well as the financial health or creditworthiness of our customers.

Our products rely on [removed: components, including merchant silicon chips, integrated circuit components, printed circuit boards, connectors, optics, cables, custom-tooled sheet metal and power supplies] [added: components] that we purchase, or our contract manufacturers purchase on our behalf from a limited number of suppliers, including certain sole source providers.

Our reliance on component suppliers [removed: also] yields the potential for the infringement, misappropriation or other violation of third-party intellectual property rights due to the incorporation of such components into our products.

It is critical that we work in tandem with these vendors to ensure that their silicon includes improved features, that our products take advantage of such improved features, and that such vendors are able to supply us with sufficient quantities on commercially reasonable [removed: term] [added: terms] to meet customer demand.

[removed: Generally, we do not have guaranteed supply contracts with our component suppliers, and our] [added: Our] suppliers have, or in the future could continue to, suffer shortages, require longer lead times, delay shipments, prioritize shipments to other vendors, [removed: reject orders,] [added: reject, or] decommit orders, increase prices, impose expedite fees or cease manufacturing [removed: such] [added: their] products or selling them to us at any time.

Supply of these components worldwide was and could continue to be adversely affected by supply constraints, [removed: as well] [added: including] as [added: a result of] industry consolidation and geopolitical conditions such as international trade [removed: wars] [added: restrictions] and increased political tensions.

Although we have entered into significant purchase commitments to support long-term customer demand, if we are unable to obtain sufficient quantities of any of these components on commercially reasonable terms or in a timely manner, or if we are unable to obtain alternative sources for these components, shipments of our products could be delayed or halted entirely, [added: or we may be required to redesign our products.]

Additionally, if our suppliers do not meet their commitments, customers cancel orders or actual demand is less than our demand forecasts, it could result in excess or obsolete inventory, which we would be required to write down to its estimated realizable value, which in turn could [added: impact our cash flows and] result in lower gross margins and operating income.

- escalated or escalating United States (the "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;

- insufficient component supply and inventory management;

- defects, errors or vulnerabilities in our products, services and external facing or internal network systems, or the misuse of our products or services, or those of third parties on which we rely, could lead to cybersecurity incidents or a failure to detect cybersecurity incidents, or otherwise negatively impact our business;

- we, or third parties on which we rely, could experience cybersecurity incidents, which could disrupt our operations, cause vulnerabilities in our products or services, compromise intellectual property or other sensitive data, or otherwise negatively impact our business.

- foreign investment laws and regulations, and other trade or regulatory barriers, may have a negative effect on global economic conditions, financial markets and our business;

- enhanced import/export restrictions, such as enhanced export controls the U.S. has adopted targeting trade with China, as well as countermeasures taken by affected countries may negatively affect our business;

- natural disasters, social unrest, violent conflicts, systemic failures, and other catastrophic events could harm our business; and

various cost reduction measures by such customers, including optimization and increased efficiency in non-AI related capital expenditures, which could negatively impact our revenue.

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.

In addition, our contract manufacturing partners procure some components from China for use in the manufacturing of our products.

Over the last decade, and especially under the current administration, the U.S. government has enacted various new and increased tariffs affecting the import of various items from various countries.

Since February 2025, the U.S. has also imposed additional country-specific tariffs on most trading partners, including China, as well as additional commodity-specific tariffs on certain imported items, in both instances pursuant to executive orders issued under various trade authorities, including the International Emergency Economic Powers Act and Section 232 of the Trade Expansion Act of 1962.

In response to these and other U.S. measures, China, Mexico and other countries have taken or threatened to take a range of retaliatory measures.

These include the imposition of retaliatory tariffs on certain U.S.-origin goods; the implementation of new export controls by China on various critical minerals, including rare earths metals; the scheduling of further retaliatory tariff measures; and other actions that may affect us directly or indirectly.

The U.S., China, Malaysia, Vietnam, Mexico, Taiwan, Thailand, the Philippines and other governments may place additional tariffs and trade barriers on communication equipment products, our products and services, our inputs, or other items, which could result in higher costs to us and negatively affect our gross margins.

inputs necessary to produce certain items, and otherwise affect our manufacturing partners’ ability to provide our products at previously contracted prices.

We are adjusting our supply chain and manufacturing practices to minimize the impact of the tariffs and any impact on the supply chain of components sourced from affected countries, but our efforts may not be successful.

Continuing or worsening economic instability or the deterioration of the financial performance, condition or prospects of our customers could result in a cancellation of, or

Generally, we do not have guaranteed supply contracts with our component suppliers.

For example, we see tightening supply conditions in the memory market.

Although we have taken steps to mitigate these constraints, resulting shortages, increased lead times, reduced component allocations, and/or order decommitments may still adversely impact our revenue and gross margins.

Our growth strategy relies on maintaining our agility and increasing our investment in research and development to deliver market-leading features to enhance the functionality of existing cloud networking platform, expand our product offerings and build upon our technology leadership.

We must continue to expand our product offerings and build upon our technology leadership.

In addition we must continue to expand our global sales force and deepen our channel partnerships to reach new customers more effectively and increase sales to existing customers.

Any delays in acceptance, or rejection, or any return, of those products could further negatively impact our revenue.

Other factors may also contribute to declines in our revenue growth rates, including changes in demand for our products and services, particularly from our large customers, the deterioration of the financial performance, condition or prospects of our large customers, changes in capital spending by our large customers,

- the budgeting, sales, implementation and refresh cycles, purchasing practices, technology roadmaps and priorities and buying patterns of customers;

We remain in a period of new product introductions, adding new customers and expanded use cases, particularly in the AI Ethernet market.

administrative and managerial resources.

In addition, the markets for our products, particularly the AI Ethernet segment, are characterized by rapid evolution and volatility; consequently, these markets may experience significant fluctuations, including prolonged slowdowns, cyclical contractions, or the correction of speculative bubbles that could adversely affect demand.

We expect to continue to make substantial investments to introduce new products and services and enhance the functionality of our existing cloud networking platform through investments in our research and development organization, and investments in or acquisitions of complementary companies, products and technologies to expand our product offerings and build upon our technology leadership.

Furthermore, the entrance of new competitors into

New and changing laws, regulations, executive orders, directives, and enforcement priorities can adversely affect the Company’s business by increasing the Company’s costs, limiting the Company’s ability to continuously navigate global supply chain options in lieu of optimizing tariff outcomes, offer a product or service to customers in a timely manner, impacting customer demand for the Company’s products and services, and requiring changes to the Company’s business or supply chain.

New and changing laws, regulations, executive orders, directives, and enforcement priorities can also create uncertainty about how such laws and regulations will be interpreted and applied.

acquisitions could result in dilution to our stockholders.

Our business is reliant on demand for network infrastructure, which rises and falls in cycles.

Moreover, business cycles vary somewhat in different geographical regions and by customer type.

Our customers’ demand is driven by, among other factors, the development of new network infrastructure and the refreshment of existing network infrastructure.

Cyclical changes in our customers’ demand for our products and services, particularly changes in the demand of our largest customers, could result in fluctuations in our revenue, revenue growth and results of operations.

However,

- large customers require more favorable terms;

- managing the supply of our products and product components is complex;

Risks Related to Litigation

- defects, errors or vulnerabilities in our products, failure of our products to detect security breaches or incidents, misuse of our products or risks of product liability could harm our business;

- breaches of our cybersecurity systems or other security breaches could degrade our ability to conduct our business operations and deliver products and services to our customers, cause vulnerabilities in our products and services or subject us to regulatory enforcement actions and or fines or liabilities for damages incurred by our customers or partners.

- enhanced U.S. tax, tariff, import/export restrictions, Chinese regulations or other trade barriers may negatively affect our business;

- we are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability for violations.

- failure to comply with anti-bribery and anti-corruption laws and anti-money laundering laws, and similar laws, could subject us to penalties and other adverse consequences.

- sales of substantial amounts of our common stock could reduce the market price of our common stock;

- earthquakes, fire, power outages, floods, health epidemics and other catastrophic events could harm our business;

And sales to our end customer Meta Platforms represented 15%, 21% and 26% of our total revenue, respectively for the years ended 2024, 2023 and 2022.

As a consequence of the concentrated nature of our customer base and their purchasing behavior, our quarterly revenue and results of operations have fluctuated from quarter to quarter and are difficult to estimate and we expect the fluctuations to continue.

In addition, fiscal 2024 was marked by a year of new product introductions and expanded use cases, particularly in the AI Ethernet market, and we expect this to continue into fiscal 2025.

In addition, if we are not able to satisfy the requirements under customer trials or contracts with acceptance periods, we may be required to accept product returns from our customers, which would prevent us from recognizing revenue on such transactions and may result in the write-down of inventory.

For example, due to manufacturing and supply chain disruptions resulting in increased lead times, customers have, and may continue to place orders based on longer planning horizons.

Further, if we are unable to reduce our lead times, customers may also cancel existing orders or reduce future orders.

In the event of any cancellations or reductions of orders, or any reductions in future demand, we may not have enough time to reduce operating expenses to mitigate the effect of the lost revenue on our business, and in addition, could incur increased excess and obsolete inventory-related charges, all of which could materially affect our operating results.

These customers could reduce their spending levels or otherwise could choose to divert all or a portion of their business with us to one of our competitors, re-assign spending allocations, increase their adoption of "white box" solutions and open-source network operating systems, demand pricing concessions for our services, or require us to provide enhanced services that increase our costs.

Moreover, the AI market is new and customers continue to evaluate their opportunity in this market, recent advances in network architecture may result in increased efficiencies and lowering of infrastructure spending and the potential demand for our AI Ethernet switches may not develop as anticipated or at all.

While some of our customers may be adversely affected by negative macroeconomic conditions, the impact may be particularly significant in our enterprise market where we are seeking to increase our penetration into this market.

Customers may also be placing orders based on longer planning horizons to ensure supply.

Continuing or

Such shortages, increased component lead times, reduced allocations of components and rejections or decommitments of orders have resulted in and may continue to result in increased component prices, fewer sourcing options, unpredictability of supply, prolonged manufacturing disruptions and increased product lead times, which has impacted and may in the future adversely impact our revenue and gross margins.

or we may be required to redesign our products.

Our operating cash flows have also been and may in the future be negatively impacted by an increase of component inventories on hand or at our contract manufacturers.

- the budgeting, sales, implementation and refresh cycles, purchasing practices, technology roadmaps and priorities and buying patterns of customers, including large customers who generally receive lower pricing terms due to volume discounts and who may or may not make large bulk purchases in certain quarters or who may elect to re-assign allocations to multiple vendors based upon specific network roles or projects or who may be placing orders based on longer planning horizons to ensure supply;

- the cost and potential outcomes of existing and future litigation;

- disruptions caused by pandemics, such as the COVID-19 pandemic, and the government restrictions in response to pandemics;

- future accounting pronouncements or changes in our accounting policies;

- our overall effective tax rate, including impacts caused by any reorganization in our corporate structure, any changes in our valuation allowance for domestic deferred tax assets and any new legislation or regulatory developments;

- increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates, as an increasing portion of our expenses are incurred and paid in currencies other than the U.S. dollar;

- increases in cybersecurity threats, including security threats from state sponsors; and

For example, with our most recently introduced 800 GbE and AI focused Ethernet

Fiscal 2024 was marked by a year of new product introductions and expanded use cases, particularly in the AI Ethernet market, and we expect this to continue into fiscal 2025.

We expect to continue to invest heavily in software development in order to expand the capabilities of our cloud networking platform and introduce new products and features.

In addition, if business were subject to sustained economic

This industry consolidation may lead to increased competition and may harm our business.

- deterioration of political relations between the U.S. and China, Canada, Mexico, Russia and EU including international trade wars and increased tariffs between the U.S. and such countries or regions, which could have a material adverse effect on our sales as well as our manufacturing operations and supply chain in these countries;

- issues related to cloud-specific and/or AI regulatory requirements in certain countries, including the UK, EU and Asia-Pacific countries;

We may have difficulty retaining the employees of any acquired business or the acquired technologies or research and development expectations may prove unsuccessful.

The percentage of revenue derived from these product categories during the current fiscal year was approximately 65% from Core, 18% from Cognitive Adjacencies, and 17% from [removed: Networking software] [added: Software] and [removed: services.][added: Services.]

The percentage of revenue derived from these customers during the current fiscal year was approximately 48% from Cloud and AI Titans, [removed: 35%] [added: 32%] from Enterprise and [removed: 17%] [added: 20%] from [added: AI and Specialty] Providers.

Historically, [removed: large purchases by] a [removed: relatively] limited number of customers have accounted for a significant portion of our revenue.

[removed: For example, sales] [added: Sales] to [added: one end customer represented 16%, 15%, and 21% of] our [added: total revenue, and sales to the other] end customer [removed: Microsoft] represented [added: 26%,] 20%, [removed: 18%] and [removed: 16%] [added: 18%] of our total revenue for the years ended [added: December 31, 2025,] 2024, [removed: 2023] and [removed: 2022] [added: 2023,] respectively.

We believe an increased focus on the deployment of [removed: AI enabled] [added: AI-enabled] solutions by our large customers has accelerated the need for advanced technology [removed: offerings] [added: offerings,] including some offerings from potential new market entrants.

This prioritization and acceleration of AI related infrastructure investment [removed: has] [added: has,] at [removed: times] [added: times,] come in conjunction with a reduction or changes in the mix of previously planned purchases and various cost reduction measures by these customers, including optimization and increased efficiency in non-AI related capital expenditures.

In addition, although the focus on deployment of [removed: AI enabled] [added: AI-enabled] solutions has driven increased demand for networking, the long-term trajectory is unknown.

[removed: Fiscal 2024 was marked by] [added: We remain in] a [removed: year] [added: period] of new product introductions and expanded use cases, particularly in the AI Ethernet [removed: market, and we expect this to continue into fiscal 2025.][added: market.]

[removed: We must also continue to develop market-leading products and software features that address the changing needs of] [added: To sustain] our [removed: existing and new customers,] [added: success] and [added: adapt to the market, we must] increase sales in [removed: the] cloud, AI and enterprise data center [removed: ethernet] [added: Ethernet] switching/routing markets, and campus workspace [removed: markets.][added: markets by leveraging our ability to rapidly develop new features and software applications.]

[removed: In addition, we intend to continue to invest in] [added: Our growth strategy relies on maintaining] our [added: agility and increasing our investment in] research and development [removed: organization] to [added: deliver market-leading features to] enhance the functionality of our existing cloud networking platform, [removed: introduce new products and features,] [added: expand our product offerings] and build upon our technology leadership.

Global economic and business activities continue to face widespread macroeconomic uncertainties, including the effects of, among other things, inflation, monetary policy shifts, recession risks, potential supply chain disruptions, changes in [removed: the U.S. administration, geopolitical pressures] [added: government administration policy positions,] and [added: geopolitical pressures, including] escalating international trade [removed: measures.][added: measures and tariff uncertainty.]

Given the timing and prioritization of customer orders and shipment patterns, as well as the timing and outcome of customer trials and contracts with acceptance periods, near term revenue trends may not be reflective of current demand [removed: levels,] [added: levels] and [removed: as discussed above will also] [added: may] benefit from demand/deployment plans that have been previously committed.

[removed: Accordingly,] [added: Given these unpredictable factors,] current [removed: results and] financial conditions discussed herein may not be indicative of future operating results and trends.

Revenue, Cost of Revenue and Gross Margin (in [removed: thousands,] [added: millions,] except percentages)

| Total cost of revenue | | | | | | [removed: 2,511,843] [added: 2,511.8] | | | | | | 35.9 | | | | | | [removed: 2,229,887] [added: 2,229.9] | | | | | | 38.1 | | | | | | [removed: 281,956] [added: 281.9] | | | | | | 12.6 | | |

Revenue by Geography (in [removed: thousands,] [added: millions,] except percentages)

| Europe, Middle East and Africa | | | | | | [removed: 713,175] [added: 1,070.3] | | | | | | [removed: 10.2] [added: 11.9] | | | | | | [removed: 670,960] [added: 713.2] | | | | | | [removed: 11.4] [added: 10.2] | | |

| Asia-Pacific | | | | | | [removed: 560,932] [added: 560.9] | | | | | | 8.0 | | | | | | [removed: 538,015] [added: 538.0] | | | | | | 9.2 | | |

We expect our revenue may vary from period to period based on, among other things, [added: industry and customer cyclicality,] the timing, size, and complexity of orders, especially with respect to our large [removed: customers.][added: customers, and the time it takes for customers to evaluate, test, qualify and accept our products and services.]

[removed: International] [added: Non - Americas] revenues as a percentage of our total revenues decreased from 20.6% in 2023 to 18.2% in 2024, which was primarily driven by changes in the geographic mix of sales to our large global customers.

[added: Cost of service revenue primarily consists of] personnel and other costs associated with our global customer support and services organizations.

Gross margin, or gross profit as a percentage of revenue, has been and will continue to be affected by a variety of factors, including pricing pressure on our products and services due to competition, the mix of sales to large customers who generally receive lower pricing, the mix of products sold, manufacturing-related costs, including costs associated with [added: our manufacturing operations personnel, inflationary pressure and scarcity of materials in our] supply [removed: chain sourcing activities,] [added: chain,] merchant silicon costs, [removed: and excess/obsolete inventory and supplier liability charges.]

Operating Expenses (in [removed: thousands,] [added: millions,] except percentages)

The largest component of our operating expenses is personnel [added: costs and new product introduction] costs.

Personnel costs consist of wages, benefits, bonuses and, with respect to sales and marketing expenses, sales [removed: commissions.][added: incentive compensation.]

| Research and development | | | | | | $ | [removed: 996,717] [added: 996.7] | | | | | 14.2 | | % | | | | $ | [removed: 854,918] [added: 854.9] | | | | | 14.6 | | % | | | | $ | [removed: 141,799] [added: 141.8] | | | | | 16.6 | | % |

| Sales and marketing | | | | | | [removed: 427,264] [added: 427.3] | | | | | | 6.1 | | | | | | [removed: 399,034] [added: 399.0] | | | | | | 6.8 | | | | | | [removed: 28,230] [added: 28.3] | | | | | | 7.1 | | |

| General and administrative | | | | | | [removed: 122,706] [added: 122.7] | | | | | | 1.8 | | | | | | [removed: 119,080] [added: 119.1] | | | | | | 2.0 | | | | | | [removed: 3,626] [added: 3.6] | | | | | | 3.0 | | |

Research and development expenses consist primarily of personnel costs, [removed: prototype expenses, third-party engineering costs,] [added: new product introduction costs] and an allocated portion of facility and IT costs.

We expect our research and development expenses to increase in absolute dollars as we continue to invest in [removed: software] [added: research and] development in order to expand the capabilities of our cloud networking platform, introduce new products and features, and continue to invest in our technology.

The increase was primarily due to a $64.9 million increase in personnel costs driven by an increase in headcount, and a $52.3 million increase in new product introduction costs, including [removed: non-recurring] [added: third-party] engineering costs and prototype expenses as we expand our product portfolio.

Sales and marketing expenses increased by [removed: $28.2] [added: $28.3] million, or 7.1%, for the year ended December 31, 2024 compared to 2023 primarily due to an increase in personnel costs.

Other Income, Net (in [removed: thousands,] [added: millions,] except percentages)

Other income (expense), net consists primarily of interest income from our cash, cash equivalents and marketable [removed: securities, and gains and losses on our strategic investments.][added: securities.]

We expect other income (expense), net may fluctuate in the future as a result of changes in interest rates, changes in our cash, cash equivalents and marketable securities [removed: balances, and the re-measurement of our equity investments upon the occurrence of either observable price changes or impairments.][added: balances.]

| Other income (expense), net | | | | | | [removed: 9,420] [added: 9.5] | | | | | | 0.1 | | | | | | [removed: 12,356] [added: 12.3] | | | | | | 0.2 | | | | | | [removed: (2,936)] [added: (2.8)] | | | | | | (23.8) | | |

| Total other income, net | | | | | | $ | [removed: 320,418] [added: 320.5] | | | | | 4.6 | | % | | | | $ | [removed: 164,777] [added: 164.7] | | | | | 2.8 | | % | | | | $ | [removed: 155,641] [added: 155.8] | | | | | 94.5 | | % |

Provision for Income Taxes (in [removed: thousands,] [added: millions,] except percentages)

| Provision for income taxes | | | | | | $ | [removed: 412,980] [added: 413.0] | | | | | 5.9 | | % | | | | $ | [removed: 334,705] [added: 334.7] | | | | | 5.7 | | % | | | | $ | [removed: 78,275] [added: 78.3] | | | | | 23.4 | | % |

Year Ended December 31, [removed: 2023] [added: 2025] Compared to Year Ended December 31, [removed: 2022][added: 2024]

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.

Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service.

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.

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

Our solutions are differentiated because they:

- offer uncompromising reliability derived from the foundation of robust quality assurance capabilities, and a suite of automated diagnostics;

- are based on advanced open and standards-based technology that avoids what is often expensive vendor lock-in, and

- provide consistent real-time telemetry and intelligent automation to decrease the manual workload on the operator.

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.

Arista established itself as a market leader with platforms, products, and people to enable some of these hyperscalers’ most consequential networks.

Our network-as-a-service approach now empowers customers of all sizes to seamlessly leverage their data through offerings spanning three key categories: Core (AI, Cloud, and Data Center Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Networks (Software and Services).

With world-class engineering expertise and platform innovation, our customers gain the predictable performance and operational simplicity required to turn data into a sustainable competitive advantage in a modern, AI-driven world.

The market for cloud networking is characterized by rapid technological evolution, intensifying competition, and the expansion of generative and agentic AI.

In addition, we must continue to expand our global sales force and deepen our channel partnerships to reach new customers more effectively and increase sales to existing customers.

Two of our customers accounted for more than 10% of our total revenue in each of the last three years.

We have experienced unpredictability in the timing of orders from our high-volume customers, primarily due to the inherent complexity of large-scale orders and fluctuations in their specific demand.

This includes reductions or shifts in their capital expenditure budgets, as well as the impact of their internal cost-reduction and efficiency initiatives.

Furthermore, variability in customer concentration is driven by the timing of new product deployments, customer spending cycles, and the extensive periods required for evaluation, testing, and qualification.

We expect this variability in concentration and sales timing to continue on both a quarterly and annual basis.

Additionally, the pricing discounts typically required for these large-scale orders often reduce gross margins in the periods when the sales occur.

Management is actively working with contract manufacturers and suppliers to optimize our supply chain in response to evolving international trade policies and tariff uncertainties.

While we have not yet experienced significant disruptions, the potential for future trade measures remains a risk to our supply chain continuity and product costs.

We are maintaining a disciplined fulfillment cadence to ensure reliable inventory deployment.

As we build capacity to meet escalating demand, we are shipping products against previously committed demand/deployment plans and accelerating some deployments as needed.

Simultaneously, we are balancing customers’ requirements and lead times against the availability and lead times of key components and products from our suppliers and contract manufacturers.

In addition, we anticipate continued volatility in our inventory and purchase commitments as a result of new product introductions, shifts in customer demand, and fluctuations in supplier lead times.

This volatility creates a heightened risk of excess or obsolete inventory and supplier liability charges.

Simultaneously, supply chain inflation and material scarcity, such as the recent tightening of supply conditions in the memory market, have continued to put pressure on our gross margin.

If tariff or non-tariff measures escalate, and/or if supply conditions worsen and we are unable to pass on these costs to customers, our gross margins could be further impacted.

Additionally, broader macroeconomic instability could negatively affect demand, particularly within the enterprise market.

| | | | | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | Change in | | | | | | | | |

| Product | | | | | | $ | 7,576.9 | | | | | 84.1 | | % | | | | $ | 5,884.0 | | | | | 84.0 | | % | | | | $ | 1,692.9 | | | | | 28.8 | | % |

| Service | | | | | | 1,428.8 | | | | | | 15.9 | | | | | | 1,119.1 | | | | | | 16.0 | | | | | | 309.7 | | | | | | 27.7 | | |

| Total revenue | | | | | | 9,005.7 | | | | | | 100.0 | | | | | | 7,003.1 | | | | | | 100.0 | | | | | | 2,002.6 | | | | | | 28.6 | | |

| Product | | | | | | 2,978.7 | | | | | | 33.1 | | | | | | 2,299.0 | | | | | | 32.8 | | | | | | 679.7 | | | | | | 29.6 | | |

| Service | | | | | | 258.3 | | | | | | 2.8 | | | | | | 212.8 | | | | | | 3.1 | | | | | | 45.5 | | | | | | 21.4 | | |

| Total cost of revenue | | | | | | 3,237.0 | | | | | | 35.9 | | | | | | 2,511.8 | | | | | | 35.9 | | | | | | 725.2 | | | | | | 28.9 | | |

| Gross profit | | | | | | $ | 5,768.7 | | | | | 64.1 | | % | | | | $ | 4,491.3 | | | | | 64.1 | | % | | | | $ | 1,277.4 | | | | | 28.4 | | % |

| | | | | | | 2025 | | | | | | % of Total | | | | | | 2024 | | | | | | % of Total | | |

Arista Networks is an industry leader in data-driven, client to cloud networking for large AI, data center, campus and routing environments.

Arista's platforms deliver availability, agility, automation, analytics and security through an advanced network operating stack.

Since Arista’s inception, our founders have reimagined cloud networks for performance, scale and programmability with a focus on differentiating in three ways: uncompromising reliability built on the foundation of robust quality assurance capabilities with a suite of automated diagnostics, advanced open and standards-based technology and intelligent automation to decrease the manual workload on the operator.

At the core of Arista’s platform is Arista EOS, a modernized publish-subscribe state-sharing networking operating system.

Arista EOS, combined with a set of network applications and our Ethernet switching and routing platforms using best of breed merchant silicon, provides customers with a highly competitive and diversified portfolio of products with improved price/performance and time to market.

The Company’s current portfolio of products, services and technologies are grouped into the following categories: Core (Data Center, Cloud and AI Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Network (Software and Services).

Our customers include companies of all sizes and span a range of industries and geographies and are grouped into the following categories: Cloud and AI Titans, Enterprise and Providers.

We have experienced unpredictability in the timing of orders from these large customers primarily due to the time it takes these customers to evaluate, test, qualify and accept our newer products, the overall complexity of these large orders and changes in demand patterns specific to these customers, including reductions in or changes in mix of capital expenditures by these customers and the impact of cost reduction and other efficiency efforts by these customers.

And sales to our end customer Meta Platforms represented 15%, 21% and 26% of our total revenue, respectively for the years ended 2024, 2023 and 2022.

This variability in customer concentration has been linked to the timing of new product deployments and spending cycles with these customers, and we expect continued variability in our customer concentration and timing of sales on a quarterly and annual basis.

In addition, we typically provide pricing discounts to large customers, which reduces gross margins for the period in which such sales occur.

In some instances, such measures have had, and may continue to have, an impact on certain current or future projects and have reduced our visibility to customer demand and may result in a reduction or uncertainty in the timing of orders from these large customers and increase the risk of charges for excess and obsolete inventory.

We believe that cloud computing represents a fundamental shift from traditional legacy network architectures.

As organizations of all sizes have moved workloads to the cloud, spending on cloud and next-generation data centers has increased rapidly, while traditional legacy IT spending has grown at a slower rate.

Our cloud networking platforms are well positioned to address the growing cloud networking market, and to address increasing performance requirements driven by the growing number of connected devices, as well as the need for constant connectivity and access to data and applications.

The markets for cloud networking solutions are highly competitive and characterized by rapidly changing technology, changing end-customer needs, evolving industry standards, frequent introductions of new products and services, and industry consolidation.

We expect competition to intensify in the future as the market for cloud networking expands and existing competitors and new market entrants introduce new products or enhance existing products.

Our future success is dependent upon our ability to continue to evolve and adapt to our rapidly changing environment.

We intend to continue expanding our sales force and marketing activities in key geographies, as well as our relationships with channel, technology and system-level partners in order to reach new customers more effectively, increase sales to existing customers, and provide services and support.

We believe one of our greatest strengths lies in our ability to rapidly develop new features and applications.

Our business is emerging from a period of unprecedented global supply chain disruptions.

Throughout this period, we made significant supply chain investments, including funding additional working capital and incremental purchase commitments in response to extended visibility to deployment plans from our customers.

We have worked closely with our contract manufacturers and supply chain partners to ramp production following a period of delayed component sourcing and workforce disruptions.

Increased capacity has allowed us to ship products against previously committed demand/deployment plans and accelerate some deployments where needed, while trying to balance our customers' requirements and lead times with the availability of key components and products and lead times of our key suppliers and contract manufacturers.

As a result, some shipments against these previously committed demand/deployment plans have extended into 2025.

As the global supply chain has experienced some improvements and as customer lead times have been reduced from their peak, we have seen and expect to continue to see a commensurate reduction in visibility to customer demand and a gradual return to shorter demand-planning horizons.

We expect that our inventory and purchase commitments will remain volatile as we ramp new product introductions.

The magnitude of these balances, combined with a reduction in customer demand-planning horizons and shifting customer product priorities, has resulted in increased risk that we may not be able to sell all of this inventory, which in turn has resulted in additional excess and obsolete inventory and supplier liability charges.

In addition, inflation pressure in our supply chain and scarcity of some materials needed to build our products have increased our cost of revenue and have impacted, and may continue to negatively impact our gross margin.

These cost pressures may be increased if escalating tariff and non-tariff international trade measures continue to proliferate in or affect our supply chain.

We also may not be able to pass on the full burden of the increase in trade-related costs to our customers, which could further negatively impact our gross margin.

While we have seen improvements in our supply chain and manufacturing operations, any remaining or new supply chain and manufacturing related constraints could negatively impact our business in future periods.

Management continues to actively monitor the impact of macroeconomic factors on the Company's financial condition, liquidity, operations, suppliers, industry, and workforce.

The extent of the impact of these factors on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, the impact on our customers, partners, employees, contract manufacturers and supply chain, all of which continue to evolve and are unpredictable.

In addition, any continued or renewed disruption in manufacturing and supply and new or enhanced tariffs imposed by the U.S. and other countries resulting from these factors could negatively

impact our business.

Furthermore, any prolonged economic disruptions or further deterioration in the global economy could have a negative impact on demand from our customers in future periods, particularly in the enterprise market where we are continuing to expand our penetration.

| Product | | | | | | $ | 5,884,021 | | | | | 84.0 | | % | | | | $ | 5,029,493 | | | | | 85.8 | | % | | | | $ | 854,528 | | | | | 17.0 | | % |

| Service | | | | | | 1,119,125 | | | | | | 16.0 | | | | | | 830,675 | | | | | | 14.2 | | | | | | 288,450 | | | | | | 34.7 | | |

| Total revenue | | | | | | 7,003,146 | | | | | | 100.0 | | | | | | 5,860,168 | | | | | | 100.0 | | | | | | 1,142,978 | | | | | | 19.5 | | |

As of December 31, [removed: 2024,] [added: 2025,] and [removed: 2023,] [added: 2024,] we had cash, cash equivalents and available-for-sale marketable securities totaling [removed: $8.3] [added: $10.7] billion and [removed: $5.0] [added: $8.3] billion, respectively.

A hypothetical 100 basis point increase in market interest rates would have resulted in a decrease [added: of] approximately [removed: $70.0] [added: $100] million and [removed: $39.0] [added: $70] million in the market value of our available-for-sale debt securities and cash equivalents as of December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Strategic Equity Investments

Our non-marketable equity investments in privately-held companies are recorded in “other assets” in our consolidated balance sheets.

As of December 31, 2024 and 2023, the total carrying amount of our investments in privately-held companies was $81.3 million and $62.3 million, respectively.

See Note 2.

Fair Value Measurements of the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Annual Report on Form 10-K for details.

The privately-held companies in which we invested are in the startup or development stages.

These investments are inherently risky because the markets for the technologies or products these companies are developing are typically in the early stages and may never materialize.

We could lose our entire investment in these companies.

Our evaluation of investments in

privately-held companies is based on the fundamentals of the businesses invested in, including among other factors, the nature of their technologies and potential for financial return.

We continue to diversify the types of enterprise customers we [removed: sell to] [added: serve] and have [removed: continued to expand] [added: expanded] our presence across a wide spectrum of [removed: industries] [added: industries,] including media and entertainment, healthcare, oil and gas, education, [removed: manufacturing, industrial,] [added: manufacturing] and [removed: more.][added: industrial sectors, among others.]

[removed: Meta Platforms and Microsoft, two] [added: Two] of our [removed: Cloud and AI Titan end customers, each] [added: customers] accounted for more than 10% of our [removed: total revenue] [added: sales] for the [removed: years] [added: year] ended December 31, [removed: 2024, and December 31, 2023.][added: 2025.]

[removed: Market Drivers][added: Our Market Drivers and Products]

Public cloud [removed: leaders pioneered] [added: titans and, more recently, AI Neocloud providers have been at] the [added: forefront of this evolution, pioneering the] development of large-scale [removed: cloud] data [added: and AI] centers to meet [removed: these] [added: the] growing demands [removed: from] [added: of] their users, including business customers.

These [removed: cloud metrics] [added: networks] have become the [removed: baseline] [added: benchmark] for [removed: performance, cost] [added: superior performance] and efficiency of IT infrastructure [removed: investments.][added: at the lowest unit cost.]

Enterprises and service providers [removed: around the world] [added: worldwide] are [removed: also now] [added: therefore] adopting [removed: cloud computing] [added: these hyperscale] technologies and principles [removed: to] [added: for] their own [removed: non-cloud or hybrid] [added: network] operations [removed: in order] to achieve similar performance, operational [removed: efficiencies] [added: efficiencies,] and cost reductions.

[removed: A] [added: For instance, a] typical AI [removed: workload] [added: job] involves [removed: large] [added: large,] sparse matrix [removed: computations,] [added: math,] distributed across hundreds or thousands of [removed: processors (CPU,] [added: AI accelerators (XPU,] GPU, TPU, etc.) with intense computations for a period of [removed: time and requires a high-bandwidth, scalable, lossless network in order to service these workloads.][added: time.]

[removed: ][added: ]

[removed: In the post-pandemic world, the] [added: The] traditional [added: concept of a] “campus” has been redefined [added: in the post-pandemic world,] and the boundaries between the office, home, [removed: teleworker] [added: teleworker,] and user have converged.

At the same time, the proliferation and sophistication of devices that connect the campus, such as smart devices, security [removed: cameras] [added: cameras,] and [added: the] Internet of Things ("IoT"), [removed: has] [added: have] grown dramatically.

[removed: The] challenge lies in successfully transitioning the existing siloed campus into a data-driven, distributed campus [removed: model] with a common [removed: experience,] [added: operating model,] while addressing the growing security and availability needs.

Arista’s [added: cognitive] campus portfolio was driven by customers [removed: desiring] [added: seeking] the same quality and operational efficiency available [removed: from EOS and CloudVision® throughout] [added: in the data center across] their [removed: entire] enterprise [removed: network.][added: networks.]

Zero trust architectures [removed: attempt] [added: aim] to mitigate [removed: risk associated with] [added: the risks posed by] cyber threats by eliminating [removed: implicit trust in] [added: the assumption that] a device [added: is trusted] simply because it is on the “internal” network.

Adding multiple network security [removed: layers] [added: layers,] such as firewalls, network access control, and threat detection, among others, comes with tremendous cost, complexity, and brittleness, whereas the benefits are often hard to quantify.

[removed: These] [added: We offer a comprehensive suite of security] solutions [removed: map to] [added: that align with] the Cybersecurity and Infrastructure Security Agency’s Zero Trust Maturity Model and help organizations accelerate [removed: their journey] toward optimal zero trust maturity.

Moreover, these network security controls can help [removed: compensate for] [added: address] gaps in [removed: the] [added: an] organization’s zero trust posture [removed: in] [added: across other] domains such as identity, devices, [removed: workload,] [added: workloads,] and data.

[removed: Our] [added: The Arista] Data-Driven Cloud [removed: Networking Solutions][added: Networking-as-a-Service Platform]

The core of our cloud [removed: networking] [added: networking-as-a-service] platform is our data-driven operating system, [removed: EOS,] [added: EOS®,] which runs on top of standard Linux and offers programmability at all layers of the stack.

The Arista EOS network [removed: stack] architecture provides a [removed: foundation for consolidation] [added: foundational set] of [added: services for continuous] streamed device state, telemetry, packet, flow, alert, [removed: sensor] [added: sensor,] and third-party data into an aggregated Network Data Lake [removed: (Arista NetDL™).][added: (“Arista NetDL™”).]

[removed: ][added: ]

[removed: The Arista Etherlink AI] [added: Our] portfolio of 800G switches, coupled with Arista's EOS innovations such as [added: Smart System Upgrades (SSU),] AI [removed: Analyzer along with] [added: Analyzer, and] optimal [removed: load balancing solutions, offer] [added: load-balancing, offers] compelling solutions for contemporary AI applications and [removed: deployment.][added: deployments.]

Arista also continues to be innovative in [removed: such] areas [added: such] as deep packet buffer architectures, virtual output queuing, non-disruptive upgrades, [removed: embedded optics and next-generation] optics, reversible [removed: cooling] [added: cooling,] and overall system power efficiency.

The Arista 7800R AI Spine, 7060 AI [removed: Leaf] [added: Leaf,] and the [added: 7700R4] Distributed Etherlink Switch ("DES") are designed to address the demanding scale and performance requirements [removed: driven by large-scale] [added: of] AI [removed: networks.][added: Scale Out, Scale Up and Scale Across networking.]

[removed: Cloud-Grade Routing -] Arista’s Cloud-Grade Routing platforms, powered by EOS, combine [removed: high performance] [added: high-performance] routing, high port density, deep buffers, integrated [removed: DWDM] [added: dense wavelength division multiplexing (DWDM),] and [removed: wire speed] [added: wire-speed] encryption.

Our [removed: 7280R3] [added: 7280R4] Universal Leaf and 7500R3 and [removed: 7800R3] [added: 7800R4] Universal Spine platforms serve a variety of use [removed: cases] [added: cases,] including [removed: high speed] [added: high-speed] multi-cloud connect, Data Center Interconnect (DCI), controller-based traffic engineering, peering, business VPNs, core [removed: routing] [added: routing,] and [removed: Secure Enterprise] [added: secure enterprise] edge routing.

[removed: Networking Software] [added: Software] and [added: Services: AI Ops, Management, Observability, Zero Trust Networking, and A-Care] Services

[removed: CloudVision -] CloudVision is Arista’s modern, multi-domain [added: AI Ops and] management platform that leverages cloud networking principles to deliver a simplified end-to-end network operations experience for our Enterprise market.

Unlike traditional domain-specific management solutions, CloudVision enables [removed: consistent zero touch] [added: consistent, zero-touch] network operations across data [removed: center,] [added: centers,] campus wired and [removed: wireless,] [added: wireless networks,] routing [removed: interconnect] [added: interconnects,] and multi-cloud [removed: networks] [added: networks, thus] helping to break down the complexity of siloed management approaches.

[removed: Arista A-Care Services -] We have designed our customer support offerings, Arista A-Care Services, to [removed: provide our customers with] [added: deliver] high levels of [removed: support.][added: support to our customers.]

Our global team of support engineers engages directly with client IT teams and is [removed: always] available [removed: over e-mail,] by [removed: phone] [added: email, phone,] or through our website.

We offer multiple service [removed: options that allow] [added: options, allowing] our customers to select the product replacement service level that best meets their needs.

We stock spare parts in over 200 locations [removed: around the world] [added: worldwide] through our third-party logistics suppliers.

All our service options include unlimited access to [removed: bug-fixes, new-feature-releases,] [added: bug fixes, new-feature releases,] online case [removed: management] [added: management,] and our community forums.

We also [removed: sell in conjunction] [added: partner] with various technology [removed: partners.][added: companies to sell our products.]

To facilitate channel coordination and increase productivity, we have [removed: created a partner program,] [added: established] the Arista Partner Program, [added: designed] to engage partners who provide value-added services and extend our reach into the marketplace.

Authorized training partners [removed: perform] [added: deliver] technical training [removed: of] [added: to] our channel partners and end customers.

Our partners [removed: commonly] [added: typically] receive an order from an end customer [removed: prior to] [added: before] placing an order with us, and we [removed: confirm the identification of] [added: verify] the end [removed: customer prior to] [added: customer's identification before] accepting such orders.

Our sales organization is supported by systems engineers with deep technical expertise [removed: and responsibility] [added: who are responsible] for pre-sales technical support and solutions engineering for our customers, systems integrators, OEMs, and channel partners.

In general, the personnel in our sales organization are [removed: formed] [added: organized] into teams, and each team is responsible for a [added: specific] geographical territory, [removed: has responsibility for] [added: manages] a number of major direct end-customer [removed: accounts] [added: accounts,] or has [added: been] assigned accounts in a [removed: specific] [added: particular] vertical market.

Our marketing activities consist primarily of technology conferences, webinars, web marketing, trade shows, product demonstrations, seminars and events, public relations, analyst relations, demand generation and direct marketing to build our brand, increase [removed: end-customer] [added: customer] awareness, communicate our product advantages and generate qualified leads for our field sales force and channel partners.

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.

Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service.

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.

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.

Our solutions are differentiated because they:

- offer uncompromising reliability derived from the foundation of robust quality assurance capabilities, and a suite of automated diagnostics,

- are based on advanced open and standards-based technology that avoids what is often expensive vendor lock-in, and

- provide consistent real-time telemetry and intelligent automation to decrease the manual workload on the operator.

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.

Centers of Data Drive the World

In the modern competitive landscape, the ability to access, manipulate, and leverage data is fundamental to an organization’s growth and viability.

This is especially true in the era of Large Language Models (LLMs), agentic AI, and physical AI, where data has evolved from a byproduct of operations into the primary engine of intelligence and autonomy.

Consequently, the network has matured beyond traditional "IT infrastructure" to become the spine or central nervous system.

It serves as the critical conduit through which data flows from cloud and edge environments to the AI models that drive decision-making.

This heightened dependency on real-time data movement underscores the necessity for a network architecture defined by unprecedented scale, availability, predictable performance, and open programmability.

Operational simplicity and robust security are essential to ensure the business can compete in a world of massive, networked transactions.

Arista established itself as a market leader with platforms, products, and people to enable some of these hyperscalers’ most consequential networks.

Our network-as-a-service approach now empowers customers of all sizes to seamlessly leverage their data through offerings spanning three key categories: Core (AI, Cloud, and Data Center Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Networks (Software and Services).

With world-class engineering expertise and platform innovation, our customers gain the predictable performance and operational simplicity required to turn data into a sustainable competitive advantage in a modern, AI-driven world.

Networking at Scale for the AI Center

The rapid expansion of generative, agentic, and physical AI computing and distributed applications is blurring the lines between frontend and backend AI, Cloud, and Data Centers.

Modern workloads are both data- and compute-intensive and place significant demands on the underlying network.

This type of workload requires a high-bandwidth, scalable, lossless, and power-efficient network, based on open standards, to eliminate operational costs and complexities associated with proprietary approaches.

As a pioneer of leaf and spine networking for cloud and data centers, Arista’s "AI Center" now delivers a unified, data-driven network architecture that integrates distinct connectivity layers to optimize time-to-first-job, AI job completion times, and XPU utilization/efficiency.

This strategy addresses the massive bandwidth and traffic fidelity requirements of AI workloads through three specific domains:

- Scale Up: Currently dominated by proprietary technologies, this domain involves high-bandwidth, low-latency interconnects linking multiple XPUs within a single rack.

We believe Scale Up represents a future incremental opportunity as the market shifts toward open standards like Ethernet for Scale Up Networks (ESUN).

- Scale Out: This network connects XPUs across multiple racks to support massive training or inferencing clusters.

The industry trend toward replacing legacy, proprietary approaches, such as InfiniBand, with Ethernet, as defined by the Ultra Ethernet Consortium, creates an opportunity for us to gain share while enabling customers to scale from thousands to a million XPUs and beyond.

- Scale Across: Power and space constraints, along with the need for AI inference closer to the edge, are driving the need for distributed clusters spread across large geographic distances.

Our Scale Across solutions deliver the capabilities necessary to enable long-distance routed access while accounting for factors such as packet loss and delays, as well as data security on the wire.


The Arista Etherlink portfolio comprises a family of over twenty products designed to support the diverse range of AI Scale Out and Scale Across use cases today and Scale Up in the future.

Next Generation Campus and Routing

The

We offer a robust set of solutions, ranging from modular and fixed-form-factor campus spine switches to Power-over-Ethernet ("PoE") leaf switches and Wi-Fi access points, all managed through CloudVision®.

Recently, we also added the VeloCloud SD-WAN portfolio, which complements our wired and wireless campus portfolio by enhancing the branch center by providing leading cloud-delivered SD-WAN solutions with integrated security.

This portfolio of solutions offers expanded choice and enhanced performance for our customers, enabling global WAN services that seamlessly interconnect data centers and distributed campus offices.

NetDL makes these diverse datasets available via a single service endpoint, enhancing Arista and third-party applications and enabling customer-specific private clouds.

Arista Networks is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus and routing environments.

Arista’s platforms deliver availability, agility, automation, analytics, and security through an advanced network operating stack.

Since Arista’s inception, our founders have reimagined cloud networks for performance, scale and programmability with a focus on differentiating in three ways: uncompromising reliability built on the foundation of robust quality assurance capabilities with a suite of automated diagnostics, advanced open and standards-based technology and intelligent automation to decrease the manual workload on the operator.

At the core of Arista’s platform is Arista’s Extensible Operating System ("EOS®"), a modernized publish-subscribe state-sharing networking operating system.

Arista EOS, combined with a set of network applications and our Ethernet switching and routing platforms using best of breed merchant silicon, provides customers with a highly competitive and diversified portfolio of products with improved price/performance and time to market.

Our current portfolio of products, services and technologies are grouped into the following categories: Core (Data Center, Cloud and AI Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Network (Software and Services).

Our customers include companies of all sizes and span a range of industries and geographies and are grouped into the following categories: Cloud and AI Titans, Enterprise and Providers.

Since we began shipping our products in 2008, we have experienced rapid growth, and, according to market research in 2024, we have achieved the leadership position in overall data center Ethernet switch ports and revenue and continue to lead the market in higher speed Ethernet port shipments of 100G and above.

We have been profitable and cash flow positive since 2010.

Our Market Opportunity

We sell our products through both a direct sales force and channel partners, competing primarily in the high-speed data center Ethernet switching markets for 10 Gigabit Ethernet ("GbE") and above, including the Cloud and AI Ethernet switching markets, Enterprise Data Center switching/routing market, the cloud-grade and enterprise routing markets, and the campus wired and wireless markets.

We also participate in the Network Monitoring, Network Detection and Response ("NDR") and Network Access Control security markets through both acquisition and organic development.

Digital Transformation

Digital transformation is fundamentally changing the way technology is integrated into business operations and as a result how IT infrastructure is built, and applications are delivered across cloud and end-customer environments.

The expanded dependency of business operations on the network has increased the complexity of the network and heightened the importance of network availability, predictable performance, open programmability, security, and operational simplicity.

Enterprises now have the option to move applications to the cloud as cloud services are generally easier and more cost effective to deploy, scale and operate than traditional applications.

Arista addresses our customers' requirements through our approach to network architecture, our platforms and our software.

Our comprehensive R-series, X-series and Etherlink switching and routing portfolios running the highly programmable EOS, transform networks with simplified and scalable architectures across multiple use-cases.

Artificial Intelligence (AI)

The expansion of generative AI computing and distributed applications is further pushing the boundary of predictable scale and performance in the network.

A common characteristic of these AI workloads is that they are both data and compute intensive.

With the exponential growth of AI applications, the need for standardized transport like Ethernet becomes paramount, enabling a power-efficient interconnect while overcoming the complexities of traditional approaches.

Arista's AI strategy is based on achieving two key objectives.

Arista provides network switching products intended to provide a robust interconnect that seamlessly links GPUs, compute and storage to deliver fast job completion time for training and generative AI workloads.

Arista also offers customers the Arista Autonomous Virtual Assist ("AVATM") which uses natural processing language to provide AI-assisted outcomes for network operations, security and observability.

An overview of our AI enabled solutions is shown below:

As a proud founding member, Arista is committed to leading the Ultra Ethernet Consortium ("UEC") to achieve scalable and efficient remote memory access, implemented with enhanced packet spraying, flexible ordering, and modern congestion control algorithms.

Hybrid Work

We entered the campus market with a diverse portfolio of modular and fixed form factor Campus spine switches, Power-over-Ethernet ("PoE") leaf switches based on EOS and Wi-Fi

access points managed through CloudVision.

We continue to expand our campus portfolio to offer the advantages of EOS across the entire enterprise network.

Most recently, we have added incremental Enterprise WAN products as well as embedded NDR security sensors into our campus switches to address more of the security challenges that face campus administrators.

Zero Trust Networking Security

Arista offers a full suite of security solutions built on the foundations of our unified operating system in EOS® and the common management plane in CloudVision™.

Limitations of Traditional Enterprise Data Center and Campus Networks

The introduction of large scale, highly complex, public cloud environments and the digital transformation of customer business models meant that the traditional ways of building networks were no longer adequate to meet the needs of customers for the deployment and provision of cloud applications and more recently generative AI applications.

New innovations were needed to push network performance forward.

Historically, most common network designs were rigidly hierarchical, based on a 3-tiered model developed in the early days of the internet for sparse north/south traffic patterns.

This model was limited in the number of devices that could be connected to a network and introduced many points of congestion as customers tried to scale the solution.

As more applications move to the cloud, network connections must scale, and the increased east/west traffic must be managed without congestion.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately [removed: $90.2] [added: $105.6] billion as of June [removed: 28, 2024] [added: 30, 2025] (the last business day of the registrant's most recently completed second fiscal quarter) based on the closing price of the registrant’s common stock on the New York Stock Exchange on such date.

On February [removed: 12, 2025, 1,261,122,596] [added: 10, 2026, 1,256,537,906] shares of the registrant’s common stock were outstanding.

Portions of the registrant’s definitive Proxy Statement relating to its [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after the registrant’s fiscal year end of December 31, [removed: 2024] [added: 2025] are incorporated by reference into Part III of this Annual Report on Form 10-K.

| Item 1. | | | [removed: [Business](#i584eaa2c85f14cbd851a042169686213_13)] [added: [Business](#ic0f806e8222f4ce1af6f2fd258a8c865_13)] | | | | | | [removed: [1](#i584eaa2c85f14cbd851a042169686213_13)] [added: [1](#ic0f806e8222f4ce1af6f2fd258a8c865_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i584eaa2c85f14cbd851a042169686213_19)] [added: Factors](#ic0f806e8222f4ce1af6f2fd258a8c865_19)] | | | | | | [removed: [14](#i584eaa2c85f14cbd851a042169686213_19)] [added: [12](#ic0f806e8222f4ce1af6f2fd258a8c865_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i584eaa2c85f14cbd851a042169686213_22)] [added: Comments](#ic0f806e8222f4ce1af6f2fd258a8c865_22)] | | | | | | [removed: [51](#i584eaa2c85f14cbd851a042169686213_22)] [added: [47](#ic0f806e8222f4ce1af6f2fd258a8c865_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i584eaa2c85f14cbd851a042169686213_25)] [added: [Cybersecurity](#ic0f806e8222f4ce1af6f2fd258a8c865_25)] | | | | | | [removed: [51](#i584eaa2c85f14cbd851a042169686213_22)] [added: [47](#ic0f806e8222f4ce1af6f2fd258a8c865_22)] | | |

| Item 2. | | | [removed: [Properties](#i584eaa2c85f14cbd851a042169686213_28)] [added: [Properties](#ic0f806e8222f4ce1af6f2fd258a8c865_28)] | | | | | | [removed: [52](#i584eaa2c85f14cbd851a042169686213_28)] [added: [48](#ic0f806e8222f4ce1af6f2fd258a8c865_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i584eaa2c85f14cbd851a042169686213_31)] [added: Proceedings](#ic0f806e8222f4ce1af6f2fd258a8c865_31)] | | | | | | [removed: [52](#i584eaa2c85f14cbd851a042169686213_31)] [added: [48](#ic0f806e8222f4ce1af6f2fd258a8c865_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i584eaa2c85f14cbd851a042169686213_34)] [added: Disclosures](#ic0f806e8222f4ce1af6f2fd258a8c865_34)] | | | | | | [removed: [52](#i584eaa2c85f14cbd851a042169686213_34)] [added: [48](#ic0f806e8222f4ce1af6f2fd258a8c865_34)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i584eaa2c85f14cbd851a042169686213_40)] [added: Securities](#ic0f806e8222f4ce1af6f2fd258a8c865_40)] | | | | | | [removed: [53](#i584eaa2c85f14cbd851a042169686213_40)] [added: [49](#ic0f806e8222f4ce1af6f2fd258a8c865_40)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i584eaa2c85f14cbd851a042169686213_43)] [added: [\[Reserved\]](#ic0f806e8222f4ce1af6f2fd258a8c865_43)] | | | | | | [removed: [55](#i584eaa2c85f14cbd851a042169686213_43)] [added: [51](#ic0f806e8222f4ce1af6f2fd258a8c865_43)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i584eaa2c85f14cbd851a042169686213_46)] [added: Operations](#ic0f806e8222f4ce1af6f2fd258a8c865_46)] | | | | | | [removed: [56](#i584eaa2c85f14cbd851a042169686213_46)] [added: [52](#ic0f806e8222f4ce1af6f2fd258a8c865_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i584eaa2c85f14cbd851a042169686213_70)] [added: Risk](#ic0f806e8222f4ce1af6f2fd258a8c865_70)] | | | | | | [removed: [68](#i584eaa2c85f14cbd851a042169686213_70)] [added: [63](#ic0f806e8222f4ce1af6f2fd258a8c865_70)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i584eaa2c85f14cbd851a042169686213_73)] [added: Data](#ic0f806e8222f4ce1af6f2fd258a8c865_73)] | | | | | | [removed: [70](#i584eaa2c85f14cbd851a042169686213_73)] [added: [64](#ic0f806e8222f4ce1af6f2fd258a8c865_73)] | | |

| Item 9. | | | [Change in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i584eaa2c85f14cbd851a042169686213_136)] [added: Disclosure](#ic0f806e8222f4ce1af6f2fd258a8c865_136)] | | | | | | [removed: [103](#i584eaa2c85f14cbd851a042169686213_136)] [added: [95](#ic0f806e8222f4ce1af6f2fd258a8c865_136)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i584eaa2c85f14cbd851a042169686213_139)] [added: Procedures](#ic0f806e8222f4ce1af6f2fd258a8c865_139)] | | | | | | [removed: [103](#i584eaa2c85f14cbd851a042169686213_139)] [added: [95](#ic0f806e8222f4ce1af6f2fd258a8c865_139)] | | |

| Item 9B. | | | [Other [removed: Information](#i584eaa2c85f14cbd851a042169686213_142)] [added: Information](#ic0f806e8222f4ce1af6f2fd258a8c865_142)] | | | | | | [removed: [104](#i584eaa2c85f14cbd851a042169686213_142)] [added: [96](#ic0f806e8222f4ce1af6f2fd258a8c865_142)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i584eaa2c85f14cbd851a042169686213_148)] [added: Inspections](#ic0f806e8222f4ce1af6f2fd258a8c865_148)] | | | | | | [removed: [104](#i584eaa2c85f14cbd851a042169686213_148)] [added: [96](#ic0f806e8222f4ce1af6f2fd258a8c865_148)] | | |

| [PART [removed: III](#i584eaa2c85f14cbd851a042169686213_151)] [added: III](#ic0f806e8222f4ce1af6f2fd258a8c865_151)] | | | | | | | | | | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i584eaa2c85f14cbd851a042169686213_154)] [added: Governance](#ic0f806e8222f4ce1af6f2fd258a8c865_154)] | | | | | | [removed: [105](#i584eaa2c85f14cbd851a042169686213_154)] [added: [97](#ic0f806e8222f4ce1af6f2fd258a8c865_154)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i584eaa2c85f14cbd851a042169686213_157)] [added: Compensation](#ic0f806e8222f4ce1af6f2fd258a8c865_157)] | | | | | | [removed: [105](#i584eaa2c85f14cbd851a042169686213_157)] [added: [98](#ic0f806e8222f4ce1af6f2fd258a8c865_157)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i584eaa2c85f14cbd851a042169686213_160)] [added: Matters](#ic0f806e8222f4ce1af6f2fd258a8c865_160)] | | | | | | [removed: [105](#i584eaa2c85f14cbd851a042169686213_160)] [added: [98](#ic0f806e8222f4ce1af6f2fd258a8c865_160)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i584eaa2c85f14cbd851a042169686213_163)] [added: Independence](#ic0f806e8222f4ce1af6f2fd258a8c865_163)] | | | | | | [removed: [105](#i584eaa2c85f14cbd851a042169686213_163)] [added: [98](#ic0f806e8222f4ce1af6f2fd258a8c865_163)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i584eaa2c85f14cbd851a042169686213_166)] [added: Services](#ic0f806e8222f4ce1af6f2fd258a8c865_166)] | | | | | | [removed: [105](#i584eaa2c85f14cbd851a042169686213_166)] [added: [98](#ic0f806e8222f4ce1af6f2fd258a8c865_166)] | | |

| [PART [removed: IV](#i584eaa2c85f14cbd851a042169686213_169)] [added: IV](#ic0f806e8222f4ce1af6f2fd258a8c865_169)] | | | | | | | | | | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i584eaa2c85f14cbd851a042169686213_172)] [added: Schedules](#ic0f806e8222f4ce1af6f2fd258a8c865_172)] | | | | | | [removed: [106](#i584eaa2c85f14cbd851a042169686213_172)] [added: [99](#ic0f806e8222f4ce1af6f2fd258a8c865_172)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i584eaa2c85f14cbd851a042169686213_178)] [added: Summary](#ic0f806e8222f4ce1af6f2fd258a8c865_178)] | | | | | | [removed: [109](#i584eaa2c85f14cbd851a042169686213_178)] [added: [102](#ic0f806e8222f4ce1af6f2fd258a8c865_178)] | | |

- our ability to expand our leadership position in the networking industry and to develop new products and expand our business into [added: existing and] new markets such as the [removed: AI Ethernet switching, campus workspace, enterprise] [added: artificial intelligence ("AI"), cloud,] data center [added: networking, routing, campus, software] and [removed: security markets;][added: services;]

- our ability to satisfy the requirements for networking solutions and to successfully anticipate technological shifts and market needs, including the impact of [removed: artificial intelligence,] [added: AI,] innovate new products, rapidly develop new features and applications, and bring them to market in a timely manner;

- our ability to fulfill our customers’ orders despite supply chain delays, issues with access to key commodities or technologies or geopolitical events that impact our manufacturers or their suppliers such as the escalating tariff and non-tariff-related international trade measures, the Russia-Ukraine [removed: and Israel-Hamas conflicts, the Houthi attacks on marine vessels in the Red Sea] [added: conflicts] or the impact of global [removed: pandemics such as the global coronavirus ("COVID-19") pandemic;][added: pandemics;]

- costs associated with defending intellectual property infringement and other claims and [added: legal proceedings, and] the potential outcomes of such disputes, such as any claims discussed in “Legal Proceedings”;

- the [added: potential of our products, including the] benefits realized by our customers in their use of our products and services including lower total cost of ownership;

- the effects of [removed: seasonal and] cyclical trends on our results of operations;

- the impact of tariffs or other changes in international trade policies imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods; [removed: and]

| [PART I](#ic0f806e8222f4ce1af6f2fd258a8c865_13) | | | | | | | | | | | |

| [PART II](#ic0f806e8222f4ce1af6f2fd258a8c865_37) | | | | | | | | | | | |

| | | | [Signatures](#ic0f806e8222f4ce1af6f2fd258a8c865_181) | | | | | | [103](#ic0f806e8222f4ce1af6f2fd258a8c865_181) | | |

- our expectation that we will continue to derive substantially all of our product revenue from sales of our switching and routing platforms for the foreseeable future;

- the potential impact of tightening supply conditions, including in the memory market;

- our belief that we will not pay any cash dividends in the foreseeable future; and

| [PART I](#i584eaa2c85f14cbd851a042169686213_13) | | | | | | | | | | | |

| [PART II](#i584eaa2c85f14cbd851a042169686213_37) | | | | | | | | | | | |

| | | | [Signatures](#i584eaa2c85f14cbd851a042169686213_181) | | | | | | [110](#i584eaa2c85f14cbd851a042169686213_181) | | |

- the impact of climate change and natural disasters;

In addition, our Legal and Information Technology [removed: (IT)/Information] [added: ("IT")/Information] Security [removed: (IS)] [added: ("IS")] teams work together to oversee our compliance with applicable laws and regulations and coordinate with subject matter experts throughout our business to identify, monitor and mitigate risk including information security risk management and cyber defense programs.

Through this program, our [removed: IT/IS] [added: IT/Cybersecurity] team identifies and executes improvements based upon its own assessments, public cybersecurity events and the identification of new risks by third parties, including our external cybersecurity consultants.

As part of these continuous improvement efforts, there may be times when the [removed: IT/IS] [added: IT/Cybersecurity] team prioritizes certain cybersecurity fixes or program improvements over other measures, which could lead to new known or unknown risks being identified on an ongoing basis.

Our [removed: IT/IS] [added: IT/Cybersecurity] team leverages centralized identity management, encryption configurations and technologies on the systems, devices, and third-party connections used in our operations.

[removed: The Committee oversees management’s] implementation of our cybersecurity risk management program.

[added: The Committee receives quarterly reports from our Vice] President and Chief Information Security Officer [removed: (CISO),] [added: ("CISO"),] in conjunction with other senior managers, on cybersecurity risks.

Our [removed: IS] [added: Cybersecurity] team, led by one of our Vice Presidents who also serves as our CISO, is responsible for assessing and managing risks from cybersecurity threats.

The [removed: IS] [added: Cybersecurity] team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants.

Network Intrusion Prevention Systems [removed: (NIPS),] [added: ("NIPS"),] Host Intrusion Prevention Systems [removed: (HIPS),] [added: ("HIPS"),] Web Application Firewalls [removed: (WAF),] [added: ("WAF"),] Whitelisting, Endpoint/Server Host Monitoring [removed: (EDR)] [added: ("EDR")] and Virtualization Based Security [removed: (VBS).][added: ("VBS").]

In addition, our CISO has experience as a pen-tester and has in-depth knowledge of operating [removed: system,] [added: systems,] networking and security products.

As part of our [removed: IT security] [added: Cybersecurity] program, our Cybersecurity Executive Committee and Information Security Steering Committee meet throughout the year to monitor and assess information security risks.

The Committee oversees management’s

The Committee receives quarterly reports from our Vice

Our corporate headquarters are located in Santa Clara, California where we lease approximately 180,000 square feet of space under a lease agreement that expires in [removed: September 2026.][added: March 2027.]

As of February [removed: 12, 2025,] [added: 10, 2026,] there were [removed: 44] [added: 38] holders of record of our common stock.

The following graph compares the cumulative total return of our common stock with the total return for the NYSE Composite Index and the Standard & Poor’s 500 Index (the “S&P 500”) from December 31, [removed: 2019] [added: 2020] (the last trading day of the year) to December 31, [removed: 2024.][added: 2025.]

The graph assumes $100 was invested at the market close on December 31, [removed: 2019] [added: 2020] in the Company’s common stock and in each of the aforementioned indices with the re-investment of dividends, if any.

[removed: ][added: ]

There were no sales of unregistered securities during fiscal year [removed: 2024.][added: 2025.]

During the fourth quarter of [removed: 2024,] [added: 2025,] there were no repurchases of unvested shares of our common stock made pursuant to our equity incentive plans as a result of us exercising our rights nor pursuant to any publicly-announced plan or program.

From time to time, we repurchase shares of our common stock pursuant to [removed: the Repurchase Programs (as defined below)] [added: repurchase programs] that are funded from working capital.

In [removed: April 2024,] [added: May 2025,] we completed repurchases under our previous [removed: $1.0] [added: $1.2] billion stock repurchase program (the [removed: “Prior] [added: "Prior] Repurchase [removed: Program”).][added: Program"), and our board of directors authorized a new $1.5 billion stock repurchase program (the "New Repurchase Program" and together with the Prior Repurchase Program, the "Repurchase Programs").]

[removed: In] [added: (1) On] May [added: 7,] 2024, [added: we announced that on May 3, 2024,] our board of directors authorized [removed: and announced a new $1.2 billion stock repurchase program (the “New Repurchase Program” and together with] the Prior Repurchase [removed: Program, the "Repurchase Programs"),] [added: Program allowing up to $1.2 billion stock repurchases,] which [removed: expires] [added: was set to expire] in [removed: May] [added: May,] 2027.

The [added: New] Repurchase [removed: Programs do] [added: Program does] not obligate us to acquire any of our common [removed: stock,] [added: stock] and may be suspended or discontinued by the [removed: company] [added: Company] at any time without prior notice.

During the year ended December 31, [removed: 2024,] [added: 2025,] we repurchased a total of [removed: $279.0] [added: $921.0] million of our common stock under our [removed: New] [added: Prior] Repurchase Program and [removed: $144.6] [added: $682.1] million of our common stock under our [removed: Prior] [added: New] Repurchase Program.

As of December 31, [removed: 2024,] [added: 2025,] the remaining authorized amount for stock repurchases under the New Repurchase Program was approximately [removed: $921.0] [added: $817.9] million.

Our repurchases for the three months ended December 31, [removed: 2024] [added: 2025] are disclosed as below (in [removed: thousands,] [added: millions,] except per share amounts).

For our repurchase activities made for the year ended December 31, [removed: 2024,] [added: 2025,] please refer to Note 6.

| | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid Per [removed: Share] [added: Share(2)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or [removed: Programs] [added: Programs(1)] | | | | | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs | | |

The information set forth under "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" included in Part III, Item 12 of this Annual Report on Form 10-K is incorporated herein by reference.

This authorization allows us to repurchase shares of our common stock that will be funded from working capital.

Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchases, trading plans under Rule 10b5-1 of the Exchange Act, or a combination of the foregoing.

| October 1, 2025 - October 31, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,438.0 | |

| November 1, 2025 - November 30, 2025 | | | | | | 4.8 | | | | | | 127.84 | | | | | | 4.8 | | | | | | 817.9 | | |

| December 1, 2025 - December 31, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 817.9 | | |

| Total | | | | | | 4.8 | | | | | | | | | | | | 4.8 | | | | | | | | |

___________________________________________________________________

In May 2025, we completed repurchases under the Prior Repurchase Program.

On May 6, 2025, we announced that on May 2, 2025 our board of directors authorized the New Repurchase Program allowing up to $1.5 billion stock repurchases.

The New Repurchase Program expires on the earlier of the repurchase by the Company of $1.5 billion pursuant to the New Repurchase Program or our Board of Directors’ termination of the New Repurchase Program.

(2) Aggregate purchase price and average price paid per share for the year of 2025 include costs associated with the repurchases but exclude the 1% excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022.

Information about securities authorized for issuance under our equity compensation plans is provided in Note 6.

Stockholders' Equity and Stock-Based Compensation of the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Annual Report on Form 10-K.

| October 1, 2024 - October 31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,044,650 | |

| November 1, 2024 - November 30, 2024 (1) | | | | | | 1,306 | | | | | | 94.80 | | | | | | 1,306 | | | | | | 920,854 | | |

| December 1, 2024 - December 31, 2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | 920,854 | | |

| | | | | | | 1,306 | | | | | | | | | | | | 1,306 | | | | | | | | |

(1) November results have been adjusted to reflect the four-for-one stock split effected in December, 2024.

See Note 1,Organization and Summary of Accounting Policies, included in Part II, Item 8, of this Annual Report on Form 10-K for details.

| [Reports of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#i584eaa2c85f14cbd851a042169686213_76) 42[)](#i584eaa2c85f14cbd851a042169686213_76)] [added: ID:](#ic0f806e8222f4ce1af6f2fd258a8c865_76) 42[)](#ic0f806e8222f4ce1af6f2fd258a8c865_76)] | | | | | | [removed: [71](#i584eaa2c85f14cbd851a042169686213_76)] [added: [65](#ic0f806e8222f4ce1af6f2fd258a8c865_76)] | | |

| [Consolidated Balance [removed: Sheets](#i584eaa2c85f14cbd851a042169686213_82)] [added: Sheets](#ic0f806e8222f4ce1af6f2fd258a8c865_85)] | | | | | | [removed: [75](#i584eaa2c85f14cbd851a042169686213_82)] [added: [68](#ic0f806e8222f4ce1af6f2fd258a8c865_85)] | | |

| [Consolidated Statements of [removed: Income](#i584eaa2c85f14cbd851a042169686213_85)] [added: Income](#ic0f806e8222f4ce1af6f2fd258a8c865_82)] | | | | | | [removed: [74](#i584eaa2c85f14cbd851a042169686213_85)] [added: [69](#ic0f806e8222f4ce1af6f2fd258a8c865_82)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i584eaa2c85f14cbd851a042169686213_88)] [added: Income](#ic0f806e8222f4ce1af6f2fd258a8c865_88)] | | | | | | [removed: [76](#i584eaa2c85f14cbd851a042169686213_88)] [added: [70](#ic0f806e8222f4ce1af6f2fd258a8c865_88)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#i584eaa2c85f14cbd851a042169686213_91)] [added: Equity](#ic0f806e8222f4ce1af6f2fd258a8c865_91)] | | | | | | [removed: [77](#i584eaa2c85f14cbd851a042169686213_91)] [added: [71](#ic0f806e8222f4ce1af6f2fd258a8c865_91)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i584eaa2c85f14cbd851a042169686213_94)] [added: Flows](#ic0f806e8222f4ce1af6f2fd258a8c865_94)] | | | | | | [removed: [78](#i584eaa2c85f14cbd851a042169686213_94)] [added: [72](#ic0f806e8222f4ce1af6f2fd258a8c865_94)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i584eaa2c85f14cbd851a042169686213_97)] [added: Statements](#ic0f806e8222f4ce1af6f2fd258a8c865_97)] | | | | | | [removed: [79](#i584eaa2c85f14cbd851a042169686213_97)] [added: [73](#ic0f806e8222f4ce1af6f2fd258a8c865_97)] | | |

We have audited the accompanying consolidated balance sheets of Arista Networks, Inc. (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February [removed: 18, 2025] [added: 13, 2026] expressed an unqualified opinion thereon.

| | | | Inventory Valuation and [removed: Contract Manufacturer/Supplier] [added: Supplier] Liabilities | | |

| Description of the Matter | | | As discussed in Note 1 of the consolidated financial statements, the Company’s inventories are stated at the lower of cost [removed: (computed using the first-in, first-out method) and] [added: or] net realizable value. [added: Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis.] The Company’s inventory balance totaled [removed: $1.8] [added: $2.2] billion on December 31, [removed: 2024.] [added: 2025.] The Company records a provision when inventory is determined to be in excess of anticipated demand, or obsolete, to adjust inventory to its estimated realizable value. The Company records a [removed: contract manufacturer/supplier] [added: supplier] liability and a corresponding charge for non-cancellable, non-returnable purchase commitments with [removed: contract manufacturers or] suppliers for quantities in excess of the Company’s demand forecasts, or that are considered obsolete. Auditing management’s assessment of net realizable value for inventory and [removed: contract manufacturer/supplier liabilities] [added: supplier liability] was complex and highly judgmental due to the assessment of management’s estimates of forecasted product demand, which can be impacted by changes in [removed: overall customer demand, changes in the timing of the introduction and customer adoption of new products, adjustments to manufacturing and engineering schedules,] [added: current] and [removed: overall general economic] [added: expected orders from customers, product development plans,] and [removed: market conditions.] [added: current sales levels.] | | |

| How We Addressed the Matter in Our Audit | | | We obtained an understanding, evaluated the [removed: design] [added: design,] and tested the operating effectiveness of controls over the Company’s determination of the net realizable value of inventory and [removed: the contract manufacturer/supplier] [added: supplier] liability. This included controls over the preparation of the demand and production forecasts, and the evaluation of the accuracy and completeness of the inventory provision and [removed: contract manufacturer/supplier] [added: supplier] liability. To test the inventory provision and [removed: contract manufacturer/supplier] [added: supplier] liability, we performed audit procedures that included, among others, assessing the Company’s methodology over the computation of the provision and [removed: liability,] [added: supplier liability and] testing the significant assumptions and [removed: the] underlying inputs used by the Company in its [removed: analysis] [added: analysis,] including [removed: historical sales trends, expectations regarding future sales, changes in the Company’s business, customer base] [added: current] and [removed: other relevant factors.] [added: expected orders from customers, product development plans and current sales levels.] | | |

San [removed: Mateo,] [added: Jose,] California

We have audited Arista Networks, Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Arista Networks, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and our report dated February [removed: 18, 2025] [added: 13, 2026] expressed an unqualified opinion thereon.

(In [removed: thousands,] [added: millions,] except per share amounts)

| | | | | | | [removed: Year Ended December 31,] | | | | | | [added: Year Ended December 31,] | | | | | | | | |

| | | | | | | [removed: 2024] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Earnings per [removed: share (1):] [added: share:] | | | | | | | | | | | | | | | | | | | | |

| Basic | | | | | | $ | [removed: 2.27] [added: 2.79] | | | | | $ | [removed: 1.69] [added: 2.27] | | | | | $ | [removed: 1.10] [added: 1.69] | |

| Diluted | | | | | | $ | [removed: 2.23] [added: 2.75] | | | | | $ | [removed: 1.65] [added: 2.23] | | | | | $ | [removed: 1.07] [added: 1.65] | |

| Weighted-average common shares [removed: outstanding (1):] [added: outstanding:] | | | | | | | | | | | | | | | | | | | | |

(In [removed: thousands,] [added: millions,] except par value)

| | | | | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

[removed: | Prepaid expenses] [added: Prepaid Expenses] and [removed: other current assets | | | | | | 632,292 | | | | | | 412,518 | | |][added: Other Current Assets]

| Property and equipment, net | | | | | | [removed: 98,845] [added: 203.1] | | | | | | [removed: 101,580] [added: 98.8] | | |

| Deferred revenue, non-current | | | | | | [removed: 1,064,135] [added: 1,369.8] | | | | | | [removed: 591,000] [added: 1,064.1] | | |

| Other long-term liabilities | | | | | | [removed: 252,757] [added: 331.8] | | | | | | [removed: 227,141] [added: 252.8] | | |

| Preferred stock, $0.0001 par [removed: value—100,000] [added: value—100] shares authorized and no shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | | | | — | | | | | | — | | |

| Common stock, $0.0001 par [removed: value—4,000,000] [added: value—4,000] shares authorized as of December 31, [removed: 2024] [added: 2025] and [removed: 2023; 1,261,334] [added: 2024; 1,256.5] and [removed: 1,248,982] [added: 1,261.3] shares issued and outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023 (1)] [added: 2024] | | | | | | [removed: 126] [added: 0.1] | | | | | | [removed: 125] [added: 0.1] | | |

| Accumulated other comprehensive income (loss) | | | | | | [removed: (13,188)] [added: 12.0] | | | | | | [removed: (3,328)] [added: (13.2)] | | |

| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | $ | [removed: 14,043,921] [added: 19,448.6] | | | | | $ | [removed: 9,956,635] [added: 14,043.9] | |

| Foreign currency translation adjustments | | | | | | [removed: (4,156)] [added: 1.6] | | | | | | [removed: 825] [added: (4.2)] | | | | | | [removed: (3,215)] [added: 0.9] | | |

| Changes in net unrealized gains (losses) on available-for-sale securities | | | | | | [removed: (5,657)] [added: 23.8] | | | | | | [removed: 25,939] [added: (5.7)] | | | | | | [removed: (23,025)] [added: 25.9] | | |

| Less: reclassification adjustment for net (gains) losses included in net income | | | | | | [removed: (47)] [added: (0.2)] | | | | | | [removed: 3,816] [added: —] | | | | | | [removed: 632] [added: 3.8] | | |

| Other comprehensive income (loss) | | | | | | [removed: (9,860)] [added: 25.2] | | | | | | [removed: 30,580] [added: (9.9)] | | | | | | [removed: (25,608)] [added: 30.6] | | |

| | | | | | | Shares [removed: (1)] | | | | | | Amount [removed: (1)] | | | | | | In Capital [removed: (1)] | | | Earnings | | | | | | Comprehensive Income (Loss) | | | Equity | | | | | | | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 1,352,446] [added: 2,087.3] | | | | | | — | | | | | | [removed: 1,352,446] [added: 2,087.3] | | |

February 13, 2026

San Jose, California

February 13, 2026

| | | | | | | 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | | | | $ | 1,963.9 | | | | | $ | 2,762.4 | |

| Marketable securities | | | | | | 8,779.1 | | | | | | 5,541.1 | | |

| Accounts receivable, net | | | | | | 1,886.9 | | | | | | 1,140.5 | | |

| Inventories | | | | | | 2,247.1 | | | | | | 1,834.6 | | |

| Prepaid expenses and other current assets | | | | | | 1,510.0 | | | | | | 632.3 | | |

| Total current assets | | | | | | 16,387.0 | | | | | | 11,910.9 | | |

| Goodwill | | | | | | 416.1 | | | | | | 268.5 | | |

| Deferred tax assets | | | | | | 1,773.6 | | | | | | 1,440.4 | | |

| Other assets | | | | | | 668.8 | | | | | | 325.3 | | |

| TOTAL ASSETS | | | | | | $ | 19,448.6 | | | | | $ | 14,043.9 | |

| Accounts payable | | | | | | $ | 651.7 | | | | | $ | 381.1 | |

| Deferred revenue | | | | | | 4,002.6 | | | | | | 1,727.3 | | |

| Other current liabilities | | | | | | 246.8 | | | | | | 188.5 | | |

| Total current liabilities | | | | | | 5,376.5 | | | | | | 2,732.2 | | |

| TOTAL LIABILITIES | | | | | | 7,078.1 | | | | | | 4,049.1 | | |

| Additional paid-in capital | | | | | | 2,911.8 | | | | | | 2,465.4 | | |

| Retained earnings | | | | | | 9,446.6 | | | | | | 7,542.5 | | |

| TOTAL STOCKHOLDERS’ EQUITY | | | | | | 12,370.5 | | | | | | 9,994.8 | | |

| Product | | | | | | $ | 7,576.9 | | | | | $ | 5,884.0 | | | | | $ | 5,029.5 | |

| Service | | | | | | 1,428.8 | | | | | | 1,119.1 | | | | | | 830.7 | | |

| Total revenue | | | | | | 9,005.7 | | | | | | 7,003.1 | | | | | | 5,860.2 | | |

| Product | | | | | | 2,978.7 | | | | | | 2,299.0 | | | | | | 2,061.2 | | |

| Service | | | | | | 258.3 | | | | | | 212.8 | | | | | | 168.7 | | |

| Total cost of revenue | | | | | | 3,237.0 | | | | | | 2,511.8 | | | | | | 2,229.9 | | |

| Gross profit | | | | | | 5,768.7 | | | | | | 4,491.3 | | | | | | 3,630.3 | | |

| Research and development | | | | | | 1,237.3 | | | | | | 996.7 | | | | | | 854.9 | | |

| Sales and marketing | | | | | | 533.4 | | | | | | 427.3 | | | | | | 399.0 | | |

| General and administrative | | | | | | 141.9 | | | | | | 122.7 | | | | | | 119.1 | | |

| Total operating expenses | | | | | | 1,912.6 | | | | | | 1,546.7 | | | | | | 1,373.0 | | |

| Income from operations | | | | | | 3,856.1 | | | | | | 2,944.6 | | | | | | 2,257.3 | | |

| Other income, net | | | | | | 393.6 | | | | | | 320.5 | | | | | | 164.7 | | |

| Income before income taxes | | | | | | 4,249.7 | | | | | | 3,265.1 | | | | | | 2,422.0 | | |

| Provision for income taxes | | | | | | 738.3 | | | | | | 413.0 | | | | | | 334.7 | | |

| Net income | | | | | | $ | 3,511.4 | | | | | $ | 2,852.1 | | | | | $ | 2,087.3 | |

| Basic | | | | | | 1,258.0 | | | | | | 1,256.3 | | | | | | 1,237.4 | | |

| Diluted | | | | | | 1,275.7 | | | | | | 1,281.1 | | | | | | 1,268.5 | | |

February 18, 2025

| Product | | | | | | $ | 5,884,021 | | | | | $ | 5,029,493 | | | | | $ | 3,716,079 | |

| Service | | | | | | 1,119,125 | | | | | | 830,675 | | | | | | 665,231 | | |

| Total revenue | | | | | | 7,003,146 | | | | | | 5,860,168 | | | | | | 4,381,310 | | |

| Product | | | | | | 2,299,063 | | | | | | 2,061,167 | | | | | | 1,573,629 | | |

| Service | | | | | | 212,780 | | | | | | 168,720 | | | | | | 131,985 | | |

| Total cost of revenue | | | | | | 2,511,843 | | | | | | 2,229,887 | | | | | | 1,705,614 | | |

| Gross profit | | | | | | 4,491,303 | | | | | | 3,630,281 | | | | | | 2,675,696 | | |

| Research and development | | | | | | 996,717 | | | | | | 854,918 | | | | | | 728,394 | | |

| Sales and marketing | | | | | | 427,264 | | | | | | 399,034 | | | | | | 326,955 | | |

| General and administrative | | | | | | 122,706 | | | | | | 119,080 | | | | | | 93,241 | | |

| Total operating expenses | | | | | | 1,546,687 | | | | | | 1,373,032 | | | | | | 1,148,590 | | |

| Income from operations | | | | | | 2,944,616 | | | | | | 2,257,249 | | | | | | 1,527,106 | | |

| Other income, net | | | | | | 320,418 | | | | | | 164,777 | | | | | | 54,690 | | |

| Income before income taxes | | | | | | 3,265,034 | | | | | | 2,422,026 | | | | | | 1,581,796 | | |

| Provision for income taxes | | | | | | 412,980 | | | | | | 334,705 | | | | | | 229,350 | | |

| Net income | | | | | | $ | 2,852,054 | | | | | $ | 2,087,321 | | | | | $ | 1,352,446 | |

| Basic | | | | | | 1,256,303 | | | | | | 1,237,417 | | | | | | 1,225,891 | | |

| Diluted | | | | | | 1,281,077 | | | | | | 1,268,538 | | | | | | 1,265,835 | | |

(1) Prior period results have been adjusted to reflect the four-for-one stock split effected in December 2024.

See Note 1, Organization and Summary of Accounting Policies, for details.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Cash and cash equivalents | | | | | | $ | 2,762,357 | | | | | $ | 1,938,606 | |

| Marketable securities | | | | | | 5,541,116 | | | | | | 3,069,362 | | |

| Accounts receivable, net | | | | | | 1,140,478 | | | | | | 1,034,398 | | |

| Inventories | | | | | | 1,834,572 | | | | | | 1,945,180 | | |

| Total current assets | | | | | | 11,910,815 | | | | | | 8,400,064 | | |

| Goodwill and acquisition-related intangible assets, net | | | | | | 330,540 | | | | | | 357,299 | | |

| Deferred tax assets | | | | | | 1,440,418 | | | | | | 945,792 | | |

| Other assets | | | | | | 263,303 | | | | | | 151,900 | | |

| TOTAL ASSETS | | | | | | $ | 14,043,921 | | | | | $ | 9,956,635 | |

| Accounts payable | | | | | | $ | 381,083 | | | | | $ | 435,059 | |

| Accrued liabilities | | | | | | 435,277 | | | | | | 407,302 | | |

| Deferred revenue | | | | | | 1,727,280 | | | | | | 915,204 | | |

| Other current liabilities | | | | | | 188,582 | | | | | | 161,870 | | |

| Total current liabilities | | | | | | 2,732,222 | | | | | | 1,919,435 | | |

| TOTAL LIABILITIES | | | | | | 4,049,114 | | | | | | 2,737,576 | | |

| Additional paid-in capital (1) | | | | | | 2,465,409 | | | | | | 2,108,237 | | |

| Retained earnings | | | | | | 7,542,460 | | | | | | 5,114,025 | | |

Management, with the participation of our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the [removed: SEC’s] [added: Commission's] rules and forms.

Based on the evaluation of our disclosure controls and procedures as of December 31, [removed: 2024,] [added: 2025,] our CEO and CFO concluded that, as of such date, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in [removed: Securities and Exchange] Commission [removed: (SEC)] rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the [removed: Securities and] Exchange [removed: Act of 1934,] [added: Act,] as amended, that occurred during the quarter ended December 31, [removed: 2024] [added: 2025] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide [added: reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely]

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013 framework).

Based on that assessment, management concluded that, as of December 31, [removed: 2024,] [added: 2025,] its internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. GAAP.

The effectiveness of our internal control over financial reporting, as of December 31, [removed: 2024,] [added: 2025,] has been audited by Ernst & Young LLP, the independent registered public accounting firm that audits our Consolidated Financial Statements, as stated in their report included in Item 8 of this Annual Report on Form 10-K, which expresses an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the Consolidated Financial Statements.

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the Consolidated Financial Statements.

During our last fiscal quarter, [added: each of] the following directors and [removed: officer,] [added: officers,] as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows:

On [removed: December 13, 2024,] [added: November 14, 2025,] Jayshree Ullal, our Chairperson and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of: (i) up to [removed: 7,349,668] [added: 5,726,000] shares of our common stock; and (ii) a number of shares of our common stock that may be earned in connection with grants of performance-based restricted stock units, which cannot be determined at this time.

The duration of the trading arrangement is until [removed: April 17,] [added: December 31,] 2026, or earlier if all transactions under the trading arrangement are completed.

The duration of the trading arrangement is until February 20, 2027, or earlier if all transactions under the trading arrangement are completed.

On November 21, 2025, Yvonne Wassenaar, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of up to an aggregate of 5,576 shares of our common stock.

The duration of the trading arrangement is until February 26, 2027, or earlier if all transactions under the trading arrangement are completed.

The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).

On December 11, 2025, Chantelle Breithaupt, our Senior Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of a number of shares of our common stock that may be earned in connection with grants of performance-based restricted stock units, which cannot be determined at this time.

The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).

Information required by this Item is incorporated herein by reference to our definitive proxy statement with respect to our [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the [removed: SEC] [added: Commission] within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

Information required by this Item is incorporated herein by reference to our definitive proxy statement with respect to our [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the [removed: SEC] [added: Commission] within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

Information required by this Item is incorporated herein by reference to our definitive proxy statement with respect to our [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the [removed: SEC] [added: Commission] within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

Information required by this Item is incorporated herein by reference to our definitive proxy statement with respect to our [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the [removed: SEC] [added: Commission] within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

Information required by this Item is incorporated herein by reference to our definitive proxy statement with respect to our [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the [removed: SEC] [added: Commission] within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

| [removed: 3.2] [added: 3.3] | | | | | | [Amended and Restated Bylaws of Arista Networks, Inc. [removed: dated December 18, 2023](https://www.sec.gov/Archives/edgar/data/1596532/000159653223000349/bylaws_revisedxproxyacce.htm)] [added: dated](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000258/arista-amendedbylaws_clean.htm) [September 5](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000258/arista-amendedbylaws_clean.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000258/arista-amendedbylaws_clean.htm)[25](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000258/arista-amendedbylaws_clean.htm)] | | | | | | 8-K | | | | | | 001-36468 | | | | | | 3.1 | | | | | | [removed: 12/20/2023] [added: 9/8/2025] | | | | | | | | |

| [removed: 3.3] [added: 3.2] | | | | | | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant](https://www.sec.gov/Archives/edgar/data/1596532/000159653224000402/amendmenttotheamendedandre.htm) | | | | | | 8-K | | | | | | 001-36468 | | | | | | 3.1 | | | | | | 12/3/2024 | | | | | | | | |

| 4.2 | | | | | | [Description of Registrant’s securities registered under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex42descriptionofcapitalst.htm)] [added: Act](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/ex42descriptionofcapitalst.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 10.4 † | | | | | | [2014 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/arista-2014equityincentive.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36468] | | | | | | [added: 10.4] | | | | | | [added: 2/19/2025] | | | | | | [removed: ü] | | |

| 10.5 † | | | | | | [2014 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/arista-2014espp2024stocksp.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36468] | | | | | | [added: 10.5] | | | | | | [added: 2/19/2025] | | | | | | [removed: ü] | | |

| 10.6 [removed: †] [added: †] | | | | | | [Offer Letter, dated October 17, 2004, by and between the Registrant and Kenneth Duda.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex106.htm) | | | | | | S-1 | | | | | | 333-194899 | | | | | | 10.6 | | | | | | 3/31/2014 | | | | | | | | |

| 10.7 † | | | | | | [Offer Letter, dated [removed: June 8, 2007,] [added: August 1, 2008,] by and between the Registrant and [removed: Anshul Sadana.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex107.htm)] [added: Jayshree Ullal.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex108.htm)] | | | | | | S-1 | | | | | | 333-194899 | | | | | | [removed: 10.7] [added: 10.8] | | | | | | 3/31/2014 | | | | | | | | |

| [removed: 10.8] [added: 10.8] † | | | | | | [Offer Letter, dated [removed: August 1, 2008,] [added: March 27, 2013,] by and between the Registrant and [removed: Jayshree Ullal.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex108.htm)] [added: Charles Giancarlo.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex109.htm)] | | | | | | S-1 | | | | | | 333-194899 | | | | | | [removed: 10.8] [added: 10.9] | | | | | | 3/31/2014 | | | | | | | | |

| [removed: 10.15] [added: 10.9] † | | | | | | [Employee Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514149636/d639957dex1021.htm) | | | | | | S-1/A | | | | | | 333-194899 | | | | | | 10.21 | | | | | | 4/21/2014 | | | | | | | | |

| [removed: 10.16 †] [added: 10.16†] | | | | | | [removed: [Offer Letter, dated May 18, 2015,] [added: [Letter Agreement] by and between the [removed: Registrant] [added: Company] and [removed: Ita Brennan.](https://www.sec.gov/Archives/edgar/data/1596532/000159653215000008/ex101q12015.htm)] [added: Todd Nightingale, dated June 12, 2025](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000170/arista-2025final_offerlett.htm)] | | | | | | 8-K | | | | | | 001-36468 | | | | | | 10.1 | | | | | | [removed: 5/14/2015] [added: 6/16/2025] | | | | | | | | |

| [removed: 10.17 †] [added: 10.17†] | | | | | | [Severance [removed: Agreement, effective May 18, 2015,] [added: Ag](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000170/severanceagreement_toddxni.htm)[reement] by and between the [removed: Registrant] [added: Company] and [removed: Ita Brennan.](https://www.sec.gov/Archives/edgar/data/1596532/000159653215000008/ex102q12015.htm)] [added: Todd Nightingale](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000170/severanceagreement_toddxni.htm)] | | | | | | 8-K | | | | | | 001-36468 | | | | | | 10.2 | | | | | | [removed: 5/14/2015] [added: 6/16/2025] | | | | | | | | |

| [removed: 10.18] [added: 10.10] † | | | | | | [2015 Global Sales Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1596532/000159653216000255/ex1032015globalsalesincent.htm) | | | | | | 10-Q | | | | | | 001-36468 | | | | | | 10.3 | | | | | | 5/5/2016 | | | | | | | | |

| [removed: 10.19] [added: 10.11] † | | | | | | [removed: [Offer] [added: [Form of offer] letter, dated [removed: January 2, 2013,] [added: February 14, 2017,] by and between the Registrant and [removed: Marc Taxay.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex101marctaxay-offerletter.htm)] [added: John McCool.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex103johnmccool-offerletter.htm)] | | | | | | 10-Q | | | | | | 001-36468 | | | | | | [removed: 10.1] [added: 10.3] | | | | | | 5/8/2017 | | | | | | | | |

| [removed: 10.20] [added: 10.12] † | | | | | | [removed: [Severance Agreement, dated March 30, 2015,] [added: [Form of Severance Agreement] by and between the Registrant and [removed: Marc Taxay.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex102marctaxay-severanceag.htm)] [added: John McCool.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex104johnmccool-severancea.htm)] | | | | | | 10-Q | | | | | | 001-36468 | | | | | | [removed: 10.2] [added: 10.4] | | | | | | 5/8/2017 | | | | | | | | |

| [removed: 10.25] [added: 10.13] † | | | | | | [Awake Security, Inc. 2014 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1596532/000119312520273780/d77296dex991.htm) | | | | | | S-8 | | | | | | 333-249591 | | | | | | 99.1 | | | | | | 10/22/2020 | | | | | | | | |

| [removed: 10.27] [added: 10.14†] | | | | | | [Letter Agreement by and between the Company and Chantelle Breithaupt, dated October 15, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1596532/000159653223000324/ex101.htm)] [added: 2023](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/aristacfooffer_breithaup.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 001-36468] | | | | | | [removed: 10.1] | | | | | | [removed: 12/1/2023] | | | | | | [added: ü] | | |

| [removed: 10.28] [added: 10.15†] | | | | | | [removed: [Form of Severance] [added: [Severance] Agreement by and between the Company and Chantelle [removed: Breithaupt](https://www.sec.gov/Archives/edgar/data/1596532/000159653224000043/cfoseveranceagreement_ch.htm)] [added: Breithaupt](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/cfoseveranceagreement_ch.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 001-36468] | | | | | | [removed: 10.28] | | | | | | [removed: 2/13/2024] | | | | | | [added: ü] | | |

| [removed: 10.29] [added: 10.18†] | | | | | | [Consulting Agreement between the Company and [removed: Anshul Sadana,] [added: Marc Taxay,] dated May [removed: 21, 2024](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/consultingagreement_sada.htm)] [added: 6, 2025](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000216/consultingagreement-marc.htm)] | | | | | | [added: 10Q] | | | | | | [added: 001-36468] | | | | | | [added: 10.3] | | | | | | [added: 8/6/2025] | | | | | | [removed: ü] | | |

| 19.0 | | | | | | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/insidertradingpolicy_20250.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36468] | | | | | | [added: 19.0] | | | | | | [added: 2/19/2025] | | | | | | [removed: ü] | | |

| 21.1 | | | | | | [List of Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex211listofsubsidiariesq42.htm). | | | | | | [added: 10-K] | | | | | | [added: 001-36468] | | | | | | [added: 21.1] | | | | | | [added: 2/19/2025] | | | | | | [removed: ü] | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex231independentauditorcon.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/ex231independentauditorcon.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 24.1 | | | | | | [Power of [removed: Attorney](#i584eaa2c85f14cbd851a042169686213_181)] [added: Attorney](#ic0f806e8222f4ce1af6f2fd258a8c865_181)] (contained on signature page hereto) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 31.1 | | | | | | [Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex311ceocertificationq42024.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/ex311ceocertificationq42025.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 31.2 | | | | | | [Certification of the Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex312cfocertificationq42024.htm).] [added: 2002](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/ex312cfocertificationq42025.htm).] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 32.1* | | | | | | [Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/ex321ceoandcfo906certifica.htm).] [added: 2002](https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/ex321ceoandcfo906certifica.htm).] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ü | | |

| 10.9 † | | | | | | [Offer Letter, dated March 27, 2013, by and between the Registrant and Charles Giancarlo.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex109.htm) | | | | | | S-1 | | | | | | 333-194899 | | | | | | 10.9 | | | | | | 3/31/2014 | | | | | | | | |

| 10.11 | | | | | | [Lease between Arista Networks, Inc. and The Irvine Company LLC, dated August 10, 2012, as amended on February 28, 2013.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex1015.htm) | | | | | | S-1 | | | | | | 333-194899 | | | | | | 10.15 | | | | | | 3/31/2014 | | | | | | | | |

| 10.12 | | | | | | [Second Amendment to Lease, by and between Arista Networks, Inc. and The Irvine Company LLC, dated July 30, 2014.](https://www.sec.gov/Archives/edgar/data/1596532/000135027814000011/ex101secondamendmenttolease.htm) | | | | | | 10-Q | | | | | | 001-36468 | | | | | | 10.1 | | | | | | 8/8/2014 | | | | | | | | |

| 10.13 | | | | | | [License Agreement, dated November 30, 2004, by and between the Registrant and OptumSoft, Inc.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex1016.htm) | | | | | | S-1 | | | | | | 333-194899 | | | | | | 10.16 | | | | | | 3/31/2014 | | | | | | | | |

| 10.14‡ | | | | | | [Manufacturing Services Letter Agreement, dated February 5, 2007, between the Registrant and Jabil Circuit, Inc.](https://www.sec.gov/Archives/edgar/data/1596532/000119312514122171/d639957dex1017.htm) | | | | | | S-1 | | | | | | 333-194899 | | | | | | 10.17 | | | | | | 3/31/2014 | | | | | | | | |

| 10.21 † | | | | | | [Offer letter, dated February 14, 2017, by and between the Registrant and John McCool.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex103johnmccool-offerletter.htm) | | | | | | 10-Q | | | | | | 001-36468 | | | | | | 10.3 | | | | | | 5/8/2017 | | | | | | | | |

| 10.22 † | | | | | | [Severance Agreement, dated March 20, 2017, by and between the Registrant and John McCool.](https://www.sec.gov/Archives/edgar/data/1596532/000159653217000088/ex104johnmccool-severancea.htm) | | | | | | 10-Q | | | | | | 001-36468 | | | | | | 10.4 | | | | | | 5/8/2017 | | | | | | | | |

| 10.23 ‡ | | | | | | [Term Sheet of Mutual Release and Settlement Agreement, dated August 6, 2018, between the Registrant and Cisco Systems, Inc.](https://www.sec.gov/Archives/edgar/data/1596532/000159653218000233/ex101termsheetofciscosettl.htm) | | | | | | 10-Q | | | | | | 001-36468 | | | | | | 10.1 | | | | | | 11/5/2018 | | | | | | | | |

| 10.24 ‡ | | | | | | [Mutual Release and Settlement Agreement, dated August 6, 2018, by and between the Registrant and Cisco Systems, Inc.](https://www.sec.gov/Archives/edgar/data/1596532/000159653219000027/ex1024_mutualreleaseandset.htm) | | | | | | 10-K | | | | | | 001-36468 | | | | | | 10.24 | | | | | | 2/15/2019 | | | | | | | | |

| 10.26 | | | | | | [Third Amendment to Lease, by and between Arista Networks, Inc. and The SANTA CLARA GATEWAY I LLC, dated February 1, 2023](https://www.sec.gov/Archives/edgar/data/1596532/000159653223000016/aristanetworks_668401x66.htm) | | | | | | 10-K | | | | | | 001-36468 | | | | | | 10.1 | | | | | | 2/13/2023 | | | | | | | | |

| Dated: | | | February [removed: 18, 2025] [added: 13, 2026] | | | By: | | | /s/ JAYSHREE ULLAL | | |

| | | | | | | | | | [removed: President,] Chief Executive Officer and Chairperson of the Board | | |

| /s/ JAYSHREE ULLAL | | | | | | [removed: President,] Chief Executive Officer and Chairperson of the Board (Principal Executive Officer) | | | | | | February [removed: 18, 2025] [added: 13, 2026] | | |