Arista Networks, Inc. (ANET): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de las redes de nubes, Arista Networks surge como una fuerza transformadora, reinventando cómo las empresas e hiperscalers arquitectan su infraestructura digital. Al mezclar sin problemas la innovación de hardware de vanguardia con un diseño inteligente de software, Arista ha tallado un nicho único en la entrega de baja latencia, soluciones de red de alto rendimiento que impulsan los centros de datos y los entornos de nubes más exigentes del mundo. Esta profunda sumergencia en el modelo de modelo de negocio de Arista revela el plan estratégico detrás de su destreza tecnológica, revelando cómo empujan continuamente los límites del rendimiento de la red, la escalabilidad y la eficiencia en un ecosistema digital cada vez más interconectado.

Arista Networks, Inc. (ANET) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con hiperscalers de la nube

Arista Networks mantiene asociaciones críticas con los principales proveedores de la nube:

Proveedor de nubes	Detalles de la asociación	Año de colaboración
Microsoft Azure	Infraestructura de redes de nubes	2016
Servicios web de Amazon	Soluciones de redes en la nube	2014
Google Cloud	Tecnologías de optimización de red	2017

Colaboración con fabricantes de equipos de red

Arista Networks se asocia con los principales fabricantes de equipos de red:

• Sistemas de Cisco
• Redes de enebro
• Dell Technologies
• HPE (Hewlett Packard Enterprise)

Asociaciones tecnológicas con compañías de semiconductores

Socio semiconductor	Enfoque tecnológico	Alcance de la asociación
Broadcom Inc.	Cambio de desarrollo de silicio	Diseño de chips de red
Intel Corporation	Tecnologías de controlador de Ethernet	Optimización de la interfaz de red

Acuerdos de revendedor con integradores de sistemas globales

Arista Networks colabora con integradores de sistemas globales:

• Acentuar
• Wipro
• Infosys
• Tech Mahindra

Alianzas de ecosistema de redes abiertas

Arista Networks participa en iniciativas de redes abiertas:

• Proyecto de cómputo abierto
• Fundación de redes abiertas
• Networking de Linux Foundation

Arista Networks, Inc. (ANET) - Modelo de negocio: actividades clave

Desarrollo de hardware y software de redes en la nube

A partir del cuarto trimestre de 2023, Arista Networks invirtió $ 496.3 millones en investigación y desarrollo. La compañía producida 7280R3 y Serie 7300 Plataformas de hardware de redes en la nube.

Plataforma de hardware	Volumen de producción anual	Precio unitario promedio
Serie 7280R3	45,000 unidades	$12,500
Serie 7300	38,500 unidades	$15,200

Diseño e innovación del sistema operativo de red

La plataforma EOS (sistema operativo extensible) de Arista es compatible con Más de 100 protocolos de redes.

• EOS versión 4.30.3m lanzada en enero de 2024
• Soporte para interfaces de redes 400G y 800 g
• Características avanzadas de programabilidad

Investigación y desarrollo de soluciones de redes impulsadas por la IA

En 2023, Arista asignó $ 213.4 millones específicamente para el desarrollo de infraestructura de redes de IA.

Solución de redes de IA	Inversión de desarrollo	Mercado objetivo
CloudVision ai	$ 87.6 millones	Centros de datos empresariales
Redes de campus cognitivo	$ 62.8 millones	Educación/Investigación Superior

Ingeniería empresarial y de infraestructura de redes en la nube

Arista apoyado 3,200+ clientes empresariales en 2023, con implementaciones de infraestructura en múltiples sectores.

• Infraestructura de servicios financieros: 412 implementaciones
• Redes de proveedores de la nube: 876 implementaciones
• Infraestructura de telecomunicaciones: 294 implementaciones

Optimización de la plataforma de software continuo

Los esfuerzos de optimización de software dieron como resultado 7 actualizaciones principales de plataforma en 2023, con mejoras de rendimiento que promedian un 22% en las soluciones de redes.

Actualización de software	Mejora del rendimiento	Fecha de lanzamiento
EOS 4.28.0	Reducción de latencia del 18%	Marzo de 2023
EOS 4.30.3m	26% de mejora del rendimiento	Enero de 2024

Arista Networks, Inc. (ANET) - Modelo de negocio: recursos clave

Talento avanzado de ingeniería de software

A partir del cuarto trimestre de 2023, Arista Networks empleó a 3.407 empleados en total, con aproximadamente 1,250 dedicados a la ingeniería de software y los roles de I + D. El desglose del personal de la compañía incluye:

Categoría de empleado	Número de empleados
Total de empleados	3,407
Ingeniería de software	1,250
Investigación & Desarrollo	750

Sistema Operativo de Red Propietario (EOS)

El sistema operativo extensible (EOS) de Arista representa un recurso intelectual crítico con las siguientes características:

• Desarrollado más de 15 años de innovación continua
• Admite entornos de nubes y empresas múltiples de proveedores
• Proporciona capacidades de programabilidad y automatización

Cartera de propiedades intelectuales

A diciembre de 2023, Arista Networks sostuvo:

Categoría de IP	Recuento total
Patentes totales	387
Patentes activas	276
Aplicaciones de patentes pendientes	111

Diseños de hardware de red de alto rendimiento

Los recursos de hardware de Arista incluyen:

• Interruptores de la serie 7280R3 con capacidades de 100/400 g
• Plataforma CloudVision para la automatización de redes
• Diseños avanzados de silicio con comerciantes y asics personalizados

Capacidades de investigación y desarrollo

Detalles de inversión de I + D para el año fiscal 2023:

I + D Métrica	Cantidad
Gastos totales de I + D	$ 651.2 millones
I + D como porcentaje de ingresos	22.3%
Número de personal de I + D	750

Arista Networks, Inc. (ANET) - Modelo de negocio: propuestas de valor

Soluciones de redes en la nube de baja latencia y alto rendimiento

Arista Networks ofrece soluciones de redes en la nube con las siguientes especificaciones de rendimiento:

Métrica de rendimiento de la red	Especificación
Capacidad de cambio	Hasta 25.6 tbps por interruptor
Velocidades de puerto	100 g, 400 g, 800 g
Estado latente	Menos de 500 nanosegundos

Infraestructura de red programable y flexible

Oferta de soluciones de redes programables de Arista:

• EOS (sistema operativo extensible) con API abiertas
• Capacidades de redes definidas por software (SDN)
• Soporte de redes múltiples

Capacidades avanzadas de automatización y análisis

Característica de automatización	Capacidad
Plataforma CloudVision	Visibilidad y telemetría en la red en tiempo real
Automatización de red	99.99% de precisión de configuración
Análisis predictivo	Optimización de red basada en el aprendizaje automático

Hardware de redes de eficiencia energética

Métricas de eficiencia energética:

• Consumo de energía: 3-5W por puerto de 100 g
• Un consumo de energía hasta un 40% más bajo en comparación con los competidores
• Equipo de redes certificados de Energy Star

Arquitecturas de red nitativas nubes de nube escalables

Medición de escalabilidad	Especificación
Tamaño máximo del clúster	256 interruptores
Escala de red	Soporte para más de 100,000 servidores
Integración de nubes	Soporte nativo para AWS, Azure, Google Cloud

Arista Networks, Inc. (ANET) - Modelo de negocios: relaciones con los clientes

Soporte técnico y servicios de consultoría

Arista Networks proporciona Soporte técnico 24/7 con múltiples niveles de servicio:

Nivel de soporte	Tiempo de respuesta	Cobertura
Soporte de oro	30 minutos	Redes empresariales de misión crítica
Soporte de plata	2 horas	Entornos empresariales estándar
Soporte de bronce	4 horas	Infraestructura de red básica

Portales y documentación de clientes en línea

Arista ofrece recursos integrales en línea:

• CloudVision Portal con tiempo de actividad del 99.9%
• Biblioteca de documentación técnica extensa
• Centro de descarga de software
• Base de conocimiento con más de 5,000 artículos técnicos

Programas de actualización y mantenimiento de software proactivos

Programa	Actualización de frecuencia	Cobertura
Mantenimiento del software EOS	Trimestral	Todas las plataformas de redes empresariales
Actualizaciones de software de CloudVision	Mensual	Redes de nubes y empresas

Participación comunitaria a través de foros técnicos

Arista mantiene plataformas de comunidad técnica activa con:

• Más de 15,000 miembros de la comunidad registrados
• Interacciones promedio de foro mensual: 2,500
• Serie de seminarios web técnicos con más de 10,000 participantes anuales

Soluciones de redes empresariales personalizadas

Tipo de solución	Nivel de personalización	Mercado objetivo
Redes de centros de datos	Alto	Grandes empresas
Redes de nubes	Medio	Proveedores de servicios en la nube
Redes de campus	Bajo	Instituciones educativas

Arista Networks, Inc. (ANET) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

A partir del cuarto trimestre de 2023, Arista Networks mantiene una fuerza de ventas empresarial dedicada de aproximadamente 850 profesionales de ventas directas a nivel mundial. El equipo de ventas generó $ 1.46 mil millones en ingresos para el año fiscal 2023.

Métrico de canal de ventas	2023 datos
Tamaño total del equipo de ventas directas	850 profesionales
Ingresos de ventas empresariales	$ 1.46 mil millones

Plataformas de marketing digital en línea

Arista Networks aprovecha múltiples canales de marketing digital, con plataformas en línea que generan aproximadamente el 35% de su adquisición de clientes potenciales en 2023.

• Tráfico del sitio web: 2.3 millones de visitantes únicos anualmente
• Gasto de marketing digital: $ 42.5 millones en 2023
• Tasa de conversión de plataformas digitales: 4.7%

Conferencias tecnológicas y ferias comerciales

En 2023, Arista Networks participó en 37 conferencias tecnológicas principales, con una participación directa estimada de 12,500 clientes empresariales potenciales.

Métrica de compromiso de la conferencia	2023 datos
Conferencias totales a las que asistió	37
Interacciones potenciales del cliente	12,500

Redes de referencia de socios estratégicos

Arista Networks mantiene asociaciones con 215 socios de tecnología e integración, generando el 28% de las ventas totales a través de redes de referencia en 2023.

• Socios estratégicos totales: 215
• Ingresos generados por socios: $ 409 millones
• Tamaño promedio de la oferta de socios: $ 1.9 millones

Canales de contratación digital y comercio electrónico

Los canales de adquisición digital representaban el 22% de las ventas totales de Arista, con un volumen de transacciones en línea de $ 336 millones en 2023.

Métrico del canal de comercio electrónico	2023 datos
Porcentaje de ventas digitales	22%
Volumen de transacciones en línea	$ 336 millones

Arista Networks, Inc. (ANET) - Modelo de negocio: segmentos de clientes

HyperScalers de nubes grandes

Arista Networks sirve a los principales hiperscalers en la nube con requisitos específicos de infraestructura de red:

Hiperscaler	Inversión estimada de infraestructura de red
Servicios web de Amazon (AWS)	$ 14.5 mil millones en 2023
Microsoft Azure	$ 12.3 mil millones en 2023
Plataforma en la nube de Google	$ 9.7 mil millones en 2023

Centros de datos empresariales

Características del segmento del centro de datos empresarial:

• Tamaño del mercado de redes empresariales globales: $ 54.8 mil millones en 2023
• Gasto promedio de infraestructura de redes empresariales: $ 3.2 millones anuales
• Mercados verticales clave: tecnología, servicios financieros, atención médica

Instituciones de servicios financieros

Sector financiero	Gastos de infraestructura de red
Bancos de inversión globales	$ 6.7 mil millones en 2023
Banca comercial	$ 4.5 mil millones en 2023

Compañías de telecomunicaciones

Inversión de infraestructura de red de telecomunicaciones:

• Gasto global de la red de telecomunicaciones: $ 37.6 mil millones en 2023
• 5G Inversión de infraestructura: $ 19.3 mil millones
• Clientes clave de telecomunicaciones: Verizon, AT&T, Deutsche Telekom

Empresas de tecnología a escala web

Empresa a escala web	Presupuesto de infraestructura de red
Meta (Facebook)	$ 16.2 mil millones en 2023
Netflix	$ 3.8 mil millones en 2023
LinkedIn	$ 2.1 mil millones en 2023

Arista Networks, Inc. (ANET) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Arista Networks invirtió $ 616.1 millones en gastos de investigación y desarrollo, lo que representa el 22.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 616.1 millones	22.3%
2022	$ 540.4 millones	21.7%

Fabricación y producción de hardware

Los costos de producción de hardware de Arista Networks para 2023 fueron de aproximadamente $ 782.5 millones.

• Ubicaciones de fabricación primaria: Estados Unidos y Asia
• Socios de fabricación de contratos: Flex Ltd. y Jabil Inc.
• Costo promedio de producción de hardware por unidad: $ 3,200

Gastos de ventas y marketing

En 2023, Arista Networks gastó $ 452.3 millones en ventas y marketing, representando el 16,4% de los ingresos totales.

Año fiscal	Ventas & Gastos de marketing	Porcentaje de ingresos
2023	$ 452.3 millones	16.4%
2022	$ 412.7 millones	16.6%

Adquisición y retención de talentos globales

Los gastos totales de personal para 2023 fueron de $ 1.1 mil millones, con una compensación promedio de empleados de $ 215,000.

• Total de empleados: 5.200
• Salario anual promedio: $ 215,000
• Asignación de beneficios para empleados: 18% de los gastos totales de personal

Infraestructura y sobrecarga operativa

La sobrecarga operativa para las redes Arista en 2023 totalizó $ 287.6 millones.

Categoría de costos	Cantidad	Porcentaje de costos operativos
Instalaciones del centro de datos	$ 124.3 millones	43.2%
Infraestructura en la nube	$ 89.5 millones	31.1%
Mantenimiento de la red	$ 73.8 millones	25.7%

Arista Networks, Inc. (ANET) - Modelo de negocios: flujos de ingresos

Venta de productos de hardware

Para el año fiscal 2023, Arista Networks reportó ingresos totales de productos de hardware de $ 4.12 mil millones. Las ventas de productos de hardware de la compañía consisten principalmente en interruptores y enrutadores de redes en la nube.

Categoría de productos	Ingresos (2023)	Porcentaje de ventas de hardware
Interruptores de redes de nubes	$ 3.65 mil millones	88.6%
Interruptores de redes empresariales	$ 470 millones	11.4%

Licencias de software y suscripciones

En 2023, Arista Networks generó $ 826 millones a partir de los ingresos por licencias de software y suscripción.

• Ingresos de suscripción de software de CloudVision: $ 245 millones
• Licencias del sistema operativo EOS: $ 348 millones
• Suscripciones avanzadas de software de redes: $ 233 millones

Servicios profesionales y consultoría

Los ingresos por servicios profesionales para 2023 totalizaron $ 187 millones, lo que representa un aumento del 12.4% respecto al año anterior.

Contratos de soporte y mantenimiento

Los ingresos de contrato de apoyo y mantenimiento anuales alcanzaron los $ 512 millones en 2023.

Tipo de contrato	Ganancia	Duración promedio del contrato
Contratos de soporte estándar	$ 378 millones	1-3 años
Contratos de soporte premium	$ 134 millones	3-5 años

Implementaciones de soluciones de redes en la nube

Los ingresos por implementación de la solución de redes en la nube para 2023 fueron de $ 276 millones, con un enfoque en los clientes de hiperescala y empresarial.

• Implementaciones de nube de hiperscala: $ 198 millones
• Implementaciones empresariales de redes en la nube: $ 78 millones

Arista Networks, Inc. (ANET) - Canvas Business Model: Value Propositions

Best-of-breed, high-speed networking for AI/ML clusters

Arista Networks, Inc. is positioned as the leader in high-speed networking, specifically within the 100G/200G/400G/800G segments vital for AI and cloud infrastructure. The company announced the R4 Series in October 2025, which includes the 7800R4 modular chassis supporting up to 576 ports of 800GbE in a single system. This new portfolio also introduced 3.2 Tbps HyperPorts. The 800 GbE segment saw port shipments triple sequentially during the second quarter of 2025 (Q2 '25). The use of the HyperPort can result in 44% shorter job completion time for AI bandwidth flows compared to traditional load balancing over four separate 800 Gbps ports. The Data Center AI Networking market is forecasted by 650 Group to approach $20 billion in 2026.

Key performance and financial metrics from the latest reported quarters:

Metric	Q2 2025 Value	Q3 2025 Value	FY 2025 Outlook (Target)
Revenue	$2.205 billion	$2.308 billion	Approximately $8.3 billion
Revenue YoY Growth	30.4%	27.5%	Approximately 25% (Raised Guidance)
GAAP Gross Margin	65.2%	64.6%	Long-term range of 60% to 62%
Recurring Software Revenue Share (Q2)	Nearly 18% of total sales	N/A	N/A

Single, unified OS (EOS) for data center, cloud, and campus

The unified Arista EOS (Extensible Operating System) underpins the differentiation. Arista's AI spine networks are generally 100% EOS-based, featuring advantages in routing and congestion control. The company has shipped over 15 million cloud networking ports globally utilizing CloudVision and EOS.

The software-driven approach is reflected in financial results:

• Recurring software revenues reached nearly 18% of total sales in Q2 2025.
• The company is targeting $750 million in revenue from AI back-end solutions for fiscal year 2025.

CloudVision for network-wide automation and AI-driven observability

Arista CloudVision® Universal Network Observability™ (CV UNO™) provides AI job-centric observability for troubleshooting and rapid issue inference, ensuring job completion reliability at scale. Arista Networks was recognized in the Visionaries Quadrant of the 2025 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure, published on June 25, 2025.

Open, programmable platforms that avoid vendor lock-in

Arista Networks, Inc. is a founding member of the 25/50GbE consortium, signaling a commitment to open standards. The platforms are programmable through APIs.

Scalable, reliable, and low-latency performance (e.g., 400G/800G)

The 7060X6 platforms, which use Broadcom's Tomahawk5 silicon, deliver 51.2 Tbps throughput and interoperate with the new spine gear running Arista EOS. The R4 family is designed to reduce Total Cost of Ownership (TCO) while ensuring low power consumption and integrated security. The company's overall market share in data center and AI networking was estimated at approximately 35% as of 2025.

The company's total addressable market (TAM) is targeted to expand from $41 billion in 2024 to $70 billion by 2028.

Arista Networks, Inc. (ANET) - Canvas Business Model: Customer Relationships

Arista Networks, Inc. maintains distinct relationship models tailored to its primary customer groups, which in 2024 comprised the cloud and AI titans at 48% of total revenue, enterprise and financial institutions at 35%, and service providers at 17% of sales.

For the top hyperscaler customers, the relationship is characterized by a dedicated, high-touch approach. In 2024, Microsoft accounted for 20% of Arista Networks, Inc.'s total revenue, and Meta Platforms accounted for 14.6%. The company is projecting AI-related revenue to exceed $1.5 billion in 2025, with $750 million specifically from AI back-end networking.

The Enterprise and Campus segments utilize a channel-led sales and support model, a strategy reinforced by Arista Networks, Inc.'s recognition in the Visionaries Quadrant of the 2025 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure. The company is actively expanding its Total Addressable Market (TAM) from $41 billion in 2024 to a target of $70 billion by 2028, driven by this push into campus networking. The campus revenue is projected to grow from $800 million in 2025 to $1.250 billion in 2026.

The commitment to long-term service contracts is evident in the growth of deferred revenue, which reached $2.79 billion at the end of Q4 2024, following a sequential increase of $280 million. By Q3 2025, deferred revenue growth was reported at 86%. Software and services revenues in Q4 2024 totaled $353.3 million, marking a 34.9% rise.

The land-and-expand strategy is seeing success by reversing the traditional flow, with Arista Networks, Inc. now winning campus deals first and then expanding into the data center. The overall 2025 annual growth target was raised to 25%, aiming for $8.75 billion in total revenue.

Key Customer Segment Revenue Context (2024 Data):

Customer Segment	2024 Revenue Percentage of Total	2024 Year-over-Year Growth
Cloud and AI Titans (Hyperscalers)	48%	33.4%
Enterprise and Financial Institutions	35%	16.2%
Service Providers	17%	-3.3%

Technical community and forums support the customer base, which is standardizing on the Arista Networks, Inc. platform to bring transformational innovation. The company is focused on providing portfolio options agnostic to the accelerator chip, LPO, or CPO.

• FY 2025 Revenue Growth Target: 25%
• Projected FY 2025 Total Revenue: $8.75 billion
• Q3 2025 Revenue: $2.308 billion
• FY 2026 Revenue Goal: $10 billion

Finance: review Q4 2025 deferred revenue projections by next Tuesday.

Arista Networks, Inc. (ANET) - Canvas Business Model: Channels

Direct sales force for large Cloud and AI Titan accounts

The direct sales force focuses heavily on the largest hyperscale and cloud builders, often referred to as Cloud and AI Titans. These relationships are critical, as they drive significant, high-volume hardware and software deployments for AI infrastructure.

Customer Segment (as of late 2024/early 2025)	Revenue Contribution Percentage
Cloud and AI Titans (Total)	48% (in 2024)
Microsoft and Meta (Combined)	35% (Q4 2024)
Microsoft (Individual)	20% (Q4 2024)
Meta (Individual)	14.6% (Q4 2024)
AI Networking Segment (Q3 2025 Estimate)	Roughly 65% of total sales

The company projects $1.5 billion in AI-related revenue for 2025, which includes $750 million specifically from AI back-end clusters. Arista's solutions support key clients including Amazon, Google, Microsoft, Meta, and Oracle.

Global network of value-added resellers (VARs) and distributors

While the Titans are served directly, a broader network supports the Enterprise and Service Provider segments. The Enterprise and Financials segment represented 35% of revenue in Q4 2024.

Managed Service Providers (MSPs) for SD-WAN and Enterprise solutions

Arista Networks expanded its Enterprise and SD-WAN reach by acquiring the VeloCloud SD-WAN portfolio from Broadcom in July 2025. Service revenues for Q3 2025 are estimated around $347 million. The recurring software revenue stream, which supports these offerings, reached nearly 18% of total sales in Q2 2025.

Revenue Component	Financial Metric/Percentage
Enterprise and Financials Segment (2024)	35% of base
Services Revenues (Q1 2025 YoY Growth)	28.8% increase
Services Revenues (Q1 2025 Amount)	$312.3 million
Recurring Software Revenue (Q2 2025)	Nearly 18% of total sales

Online technical resources and Arista Community Central

The overall customer base is substantial, indicating broad channel reach beyond the top-tier direct accounts.

• Over 10,000 cloud customers worldwide.
• More than 100 million ports installed globally.

Strategic technology alliances for joint go-to-market efforts

Strategic relationships are evidenced by the adoption of Arista's platforms by major cloud players and specific technology wins.

• Arista's 2025 full-year revenue guidance is set at approximately $8.75 billion.
• The company's Q2 2025 revenue was $2.205 billion.
• Arista won a mandate from Oracle to support its capital spending.

Arista Networks, Inc. (ANET) - Canvas Business Model: Customer Segments

You're looking at the core customer base driving Arista Networks, Inc.'s growth as of late 2025. This isn't just about selling boxes; it's about owning the network fabric for the world's most demanding compute environments.

The customer segments are clearly defined by their network requirements, moving from massive-scale cloud builders to specialized enterprise needs. For the full fiscal year 2025, Arista Networks, Inc. is targeting total revenue of approximately $8.75 billion, up from $7.003 billion in fiscal year 2024.

Here's how the customer base was structured based on the latest available full-year data, which is shifting rapidly due to AI demand:

Customer Segment	FY 2024 Revenue Share	FY 2025 Campus Revenue Target
Cloud and AI Titans (Hyperscalers)	48%	N/A (Included in overall growth)
Large Enterprise and Financial Institutions	35%	$750 million to $800 million
Service Providers (Telcos)	17%	N/A

The Cloud and AI Titans (Hyperscalers) segment remains the largest driver. This group includes major cloud builders and AI infrastructure operators. Arista Networks, Inc. expects its total AI-related revenue to be ahead of $1.5 billion in 2025. Specifically, the revenue from AI back-end cluster networking is projected to be over $750 million for the year. You know these customers demand the absolute lowest latency and highest throughput, which is why Arista Networks, Inc. is so central to their GPU cluster buildouts.

The Large Enterprise and Financial Institutions segment is a key area for diversification. This group includes traditional enterprises and the specialized High-Frequency Trading (HFT) firms that require ultra-low latency for their trading applications. For the campus portion of this segment, Arista Networks, Inc. increased its revenue target to be between $750 million and $800 million for fiscal year 2025. This segment accounted for 35% of revenue in 2024.

The Expanding Campus and Branch customers are now being aggressively targeted following the July 2025 acquisition of the VeloCloud SD-WAN portfolio from Broadcom. This move is designed to unify networking from the data center to the branch edge. The campus revenue target for 2025 includes only a minimal contribution from the VeloCloud integration as of the Q2 update. The focus here is on applying Arista Networks, Inc.'s architecture to the Wide Area Network (WAN) for application-aware routing.

The Service Providers (Telcos) segment, which represented 17% of revenue in 2024, focuses on core and edge routing solutions. While this segment saw a slight revenue decline in 2024 compared to 2023, the strategic focus on modernizing service provider cores continues.

It's worth noting the concentration risk, even with diversification efforts underway. In 2025, both Microsoft and Meta Platforms are each expected to account for more than 10% of Arista Networks, Inc.'s total revenue. Finance: draft 13-week cash view by Friday.

Arista Networks, Inc. (ANET) - Canvas Business Model: Cost Structure

You're looking at the hard costs Arista Networks, Inc. incurs to keep its high-growth engine running, especially with the AI boom driving demand. Honestly, the cost structure is dominated by the physical goods and the intellectual horsepower needed to stay ahead.

High Cost of Goods Sold (COGS) due to component costs for advanced hardware

The core cost is the hardware itself, which is complex and high-margin, but still requires significant upfront investment in components. For the third quarter ended September 30, 2025, Arista Networks, Inc. reported Total Revenue of $\mathbf{\$2.3083}$ billion. With a GAAP Gross Margin of $\mathbf{64.6\%}$ for that same quarter, the implied GAAP Cost of Revenue (COGS) was approximately $\mathbf{\$817.1}$ million ($\$2,308.3 \text{ million} \times (1 - 0.646)$).

The cost breakdown for the third quarter of 2025 shows:

Cost Component	Amount (Millions USD) - Q3 2025	Source/Context
Product Cost of Revenue	$\mathbf{\$745.5}$	Implied COGS for Product Sales
Service Cost of Revenue	$\mathbf{\$72.6}$	Implied COGS for Service Sales

The company's non-GAAP gross margin for Q3 2025 was $\mathbf{65.2\%}$, showing a slight compression from the prior quarter's $\mathbf{65.6\%}$, which management attributed in part to customer mix and anticipated tariff scenarios in future guidance.

Significant R&D investment in AI networking and software features

Arista Networks, Inc. pours money into Research and Development to maintain its lead in software like EOS (Extensible Operating System) and specialized AI networking solutions. This investment is non-negotiable for a company whose value proposition is tied to advanced, programmable platforms.

• R&D spending for the third quarter of 2025 was reported as $\mathbf{\$251.4}$ million.
• Another report indicates R&D investment for the quarter was $\mathbf{\$326}$ million, underscoring the commitment to innovation in AI and cloud networking.
• For the six months ended June 30, 2025, total R&D expenses were $\mathbf{\$178.2}$ million, which is likely a different reporting metric or includes stock-based compensation adjustments.

Sales and Marketing expenses for Enterprise channel expansion

Expanding the enterprise channel, especially following the VeloCloud acquisition, requires increasing the Sales and Marketing headcount and associated costs. These expenses are necessary to drive adoption beyond the core hyperscaler base.

For the third quarter of 2025, the Sales and Marketing expense was $\mathbf{\$151.2}$ million. This compares to $\mathbf{\$106.8}$ million in the second quarter of 2025. The dollar increases quarter-over-quarter were reportedly driven by additional headcount, inclusive of the VeloCloud acquisition.

Supply chain and logistics costs for global hardware distribution

While not a standalone line item in the provided snippets, supply chain and logistics costs are embedded within COGS and are a focus area given margin commentary. Management's Q4 2025 non-GAAP gross margin outlook of $\mathbf{62-63\%}$ explicitly included possible known tariff scenarios, showing that global distribution costs and trade dynamics directly impact the cost base. The company's focus on the 'Make in India' initiative suggests efforts to manage these logistics costs through regional manufacturing.

Stock-based compensation (SBC) as a major non-GAAP exclusion

Stock-based compensation is a significant non-cash expense that Arista Networks, Inc. consistently excludes when presenting its non-GAAP operating and net income figures to show operational performance. This is a standard practice, but the dollar amount is substantial.

For the twelve months ending September 30, 2025, Arista Networks, Inc.'s stock-based compensation was $\mathbf{\$0.933}$ billion ($\mathbf{\$933}$ million). This represented an $\mathbf{18.8\%}$ increase year-over-year. For the first six months of 2025, SBC totaled $\mathbf{\$178.2}$ million.

Here's how SBC fits into the operating expense picture for the twelve months ending September 30, 2025:

Expense Category	Amount (Billions USD) - LTM Sep 30, 2025	Percentage of LTM OpEx
Total Operating Expenses	$\mathbf{\$4.826}$	$\mathbf{100.0\%}$
Stock-Based Compensation (SBC)	$\mathbf{\$0.933}$	$\mathbf{19.3\%}$

Finance: draft 13-week cash view by Friday.

Arista Networks, Inc. (ANET) - Canvas Business Model: Revenue Streams

You're looking at the engine driving Arista Networks, Inc.'s growth as of late 2025, which is heavily weighted toward high-volume hardware sales but increasingly bolstered by recurring software value. The overall picture for the full fiscal year 2025 is one of significant upward revision, reflecting strong market adoption, especially in AI infrastructure.

Arista Networks, Inc. has raised its full-year 2025 revenue guidance to approximately $8.75 billion, representing a 25% growth target from the prior year, based on momentum across AI, cloud, and enterprise sectors. This is a notable increase from earlier guidance. So, that's the big number you need to anchor on for the year-end expectation.

The core of the revenue still comes from the physical gear, but the software component is becoming a more material part of the mix. For instance, in the second quarter of 2025, recurring software revenue hit nearly 18% of total sales. That trend shows customers are embedding Arista Networks, Inc.'s software stack deeper into their operations.

The AI segment is a massive tailwind. Management projected an aggregate AI networking revenue to be ahead of $1.5 billion in 2025. This includes a specific target of approximately $750 million expected from AI back-end networking alone, which is incremental revenue Arista Networks, Inc. is capturing from the large language model build-outs.

Here's a look at the actual revenue split for the first nine months of 2025, which gives you a concrete view of where the money is coming from before the final quarter closes:

Revenue Component	Amount (Nine Months Ended Sept 30, 2025, in millions)	Percentage of Total 9-Month Revenue
Product Revenue (Switches/Routers)	$5,481.2	84.1%
Service Revenue (Support/Subscriptions)	$1,036.7	15.9%
Total Revenue	$6,517.9	100.0%

Product Revenue from sales of Ethernet switches and routers accounted for $5,481.2 million of the total revenue through the third quarter of 2025. This is the bread and butter, the high-speed switching and routing platforms that power the hyperscale and enterprise data centers.

Service Revenue, which covers the necessary ongoing relationship with the customer, was $1,036.7 million for the same nine-month period. This stream is vital because it locks customers into the ecosystem.

You can see the quarterly cadence building up to the full-year projection. For the third quarter of 2025 specifically, the reported revenue was $2.3083 billion. Honestly, the momentum is clear when you compare that to earlier quarters in the year.

The recurring revenue streams are anchored by the software licenses, primarily the Extensible Operating System (EOS), and the CloudVision subscriptions. These elements are what drive the stickiness and predictable component of the revenue base. You can track this growth through the following key elements:

• Recurring software revenue hit nearly 18% of total sales in Q2 2025.
• AI Networking revenue is projected to exceed $1.5 billion for the full year 2025.
• AI back-end networking revenue alone is on track for approximately $750 million in 2025.
• The company is integrating the VeloCloud SD-WAN portfolio, which will contribute to future service and subscription revenue.
• The full-year 2025 revenue target stands at approximately $8.75 billion.