Arista Networks vs Cisco Systems (ANET vs CSCO)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Cisco Systems is the larger company by revenue ($63.3B vs $9.0B) and market value ($423.4B vs $223.2B). Arista Networks has grown revenue faster over the last 4 fiscal years (+205.5% cumulative vs +22.8%). Arista Networks runs the higher operating margin (42.8% vs 24.3%). Cisco Systems trades at the lower trailing P/E (32.2x vs 55.8x).
About Arista Networks
Arista Networks, Inc. provides data-driven networking-as-a-service solutions that connect AI Centers, Data Centers, Campus Centers, and WAN Centers. The company offers high-speed Ethernet switching platforms, software, and services designed for cloud, AI, and enterprise customers worldwide. Its products include network switches, routing platforms, and management software that support scalable, secure, and automated network operations.
About Cisco Systems
Cisco Systems, Inc. designs and sells technologies that support internet connectivity, security, collaboration, and data observability. Its main products include networking hardware and software such as switches and routers, security solutions, and collaboration tools, serving businesses, public institutions, governments, and service providers worldwide. Cisco also offers technical support and advanced services throughout the lifecycle of its products.
Head to head (ANET FY2025 vs CSCO FY2026)
| Metric | ANETFY2025 | CSCOFY2026 |
|---|---|---|
| Revenue | $9.01B | $63.33B |
| Revenue growth (YoY) | 28.6% | 11.8% |
| Gross margin | 64.1% | 64.5% |
| Operating margin | 42.8% | 24.3% |
| Net margin | 39.0% | 21.0% |
| Net income | $3.51B | $13.27B |
| Diluted EPS | $2.75 | $3.33 |
| FCF margin | 47.2% | 20.2% |
| ROE | 28.4% | 26.4% |
| Long-term debt / equity | — | 0.39× |
| Market cap | $223.21B | $423.39B |
| P/E | 55.8× | 32.2× |
Fundamentals are from each company’s SEC filings (ANET FY2025, CSCO FY2026). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| ANET by fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $2.95B | $4.38B | $5.86B | $7.00B | $9.01B |
| Net income | $840.9M | $1.35B | $2.09B | $2.85B | $3.51B |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| CSCO by fiscal year | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | $51.56B | $57.00B | $53.80B | $56.65B | $63.33B |
| Net income | $11.81B | $12.61B | $10.32B | $10.18B | $13.27B |
| Operating margin | 27.1% | 26.4% | 22.6% | 20.8% | 24.3% |
Arista Networks and Cisco Systems use different fiscal calendars (ANET's FY2025 ended 2025-12-31, CSCO's FY2026 ended 2026-07-25), so their fiscal years are shown separately rather than forced into one timeline.
Peer standing
Where each company ranks among the 627 Technology companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | ANET | CSCO |
|---|---|---|
| Gross margin | 64.1%66th percentile of 512 | 64.5%67th percentile of 512 |
| Operating margin | 42.8%98th percentile of 564 | 24.3%88th percentile of 564 |
| Net margin | 39.0%96th percentile of 577 | 21.0%86th percentile of 577 |
| FCF margin | 47.2%99th percentile of 545 | 20.2%73rd percentile of 545 |
| Revenue growth (YoY) | +28.6%82nd percentile of 618 | +11.8%55th percentile of 618 |
| ROE | 28.4%87th percentile of 546 | 26.4%86th percentile of 546 |
| P/E | 55.8×80th percentile of 319 | 32.2×54th percentile of 319 |
| Short interest (days to cover) | 2.31d32nd percentile of 624 | 2.31d32nd percentile of 624 |
Short interest
| FINRA settlement data | ANET | CSCO |
|---|---|---|
| Shares sold short | 11.9M | 51.1M |
| Change vs prior settlement | -9.9% | -11.5% |
| Days to cover | 2.31 | 2.31 |
| As of settlement | 2026-09-30 | 2026-09-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | ANET | CSCO |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 248 ($798.6M) | 21 ($6.0M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
8 tracked 13F managers hold both Arista Networks and Cisco Systems as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Maverick Capital, Millennium Management, Point72 Asset Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.