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Arista Networks vs Cisco Systems: revenue, profit, margins and growth compared

Arista Networks brought in $9B of revenue in fiscal 2025, Cisco Systems $63.3B in fiscal 2026. Revenue changed by +28.6% at Arista Networks and +11.8% at Cisco Systems on the year before, so Arista Networks grew faster. Arista Networks kept 39.0% of its revenue as net profit, Cisco Systems 21.0%. Free cash flow was $4.3B at Arista Networks and $12.8B at Cisco Systems.

Side by side, latest fiscal year

ANETCSCO
Fiscal year endedFY2025 (December 31, 2025)FY2026 (July 25, 2026)
Revenue$9B$63.3B
Revenue growth+28.6%+11.8%
Net income$3.5B$13.3B
Net margin39.0%21.0%
Free cash flow$4.3B$12.8B
Free cash flow margin47.2%20.2%
Earnings per share (diluted)$2.75$3.33
Cash$2B$7.2B
Debtn/a$22.9B
Price to earnings75.132.0
Market value$260.5B$420.6B
Dividend yieldn/a1.56%
Rank by revenue in sector#9 of 51 · Telecommunications#5 of 51 · Telecommunications

Over the years

Revenue
ANET FY2018: $2.2BANET FY2019: $2.4BANET FY2020: $2.3BANET FY2021: $2.9BANET FY2022: $4.4BANET FY2023: $5.9BANET FY2024: $7BANET FY2025: $9BCSCO FY2019: $51.9BCSCO FY2020: $49.3BCSCO FY2021: $49.8BCSCO FY2022: $51.6BCSCO FY2023: $57BCSCO FY2024: $53.8BCSCO FY2025: $56.7BCSCO FY2026: $63.3BFY18FY19FY20FY21FY22FY23FY24FY25FY26
ANET $9BCSCO $63.3B
Net income
ANET FY2018: $328.1MANET FY2019: $859.9MANET FY2020: $634.6MANET FY2021: $840.9MANET FY2022: $1.4BANET FY2023: $2.1BANET FY2024: $2.9BANET FY2025: $3.5BCSCO FY2019: $11.6BCSCO FY2020: $11.2BCSCO FY2021: $10.6BCSCO FY2022: $11.8BCSCO FY2023: $12.6BCSCO FY2024: $10.3BCSCO FY2025: $10.2BCSCO FY2026: $13.3BFY18FY19FY20FY21FY22FY23FY24FY25FY26
ANET $3.5BCSCO $13.3B
Net margin
ANET FY2018: 15.3%ANET FY2019: 35.7%ANET FY2020: 27.4%ANET FY2021: 28.5%ANET FY2022: 30.9%ANET FY2023: 35.6%ANET FY2024: 40.7%ANET FY2025: 39.0%CSCO FY2019: 22.4%CSCO FY2020: 22.7%CSCO FY2021: 21.3%CSCO FY2022: 22.9%CSCO FY2023: 22.1%CSCO FY2024: 19.2%CSCO FY2025: 18.0%CSCO FY2026: 21.0%FY18FY19FY20FY21FY22FY23FY24FY25FY26
ANET 39.0%CSCO 21.0%
Revenue growth
ANET FY2019: +12.1%ANET FY2020: -3.9%ANET FY2021: +27.2%ANET FY2022: +48.6%ANET FY2023: +33.8%ANET FY2024: +19.5%ANET FY2025: +28.6%CSCO FY2020: -5.0%CSCO FY2021: +1.0%CSCO FY2022: +3.5%CSCO FY2023: +10.6%CSCO FY2024: -5.6%CSCO FY2025: +5.3%CSCO FY2026: +11.8%FY19FY20FY21FY22FY23FY24FY25FY26
ANET +28.6%CSCO +11.8%
Free cash flow
ANET FY2018: $479.3MANET FY2019: $947.3MANET FY2020: $719.7MANET FY2021: $951.1MANET FY2022: $448.2MANET FY2023: $2BANET FY2024: $3.7BANET FY2025: $4.3BCSCO FY2019: $14.9BCSCO FY2020: $14.7BCSCO FY2021: $14.8BCSCO FY2022: $12.7BCSCO FY2023: $19BCSCO FY2024: $10.2BCSCO FY2025: $13.3BCSCO FY2026: $12.8BFY18FY19FY20FY21FY22FY23FY24FY25FY26
ANET $4.3BCSCO $12.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Arista Networks and Cisco Systems

Which is bigger by revenue, Arista Networks or Cisco Systems?

Cisco Systems is bigger by revenue: $63.3B in fiscal 2026, against $9B for Arista Networks in fiscal 2025.

Which keeps more of its revenue as profit, Arista Networks or Cisco Systems?

Arista Networks had a net margin of 39.0% in fiscal 2025; Cisco Systems had 21.0% in fiscal 2026.

Which grew revenue faster, Arista Networks or Cisco Systems?

In their latest fiscal years revenue changed by +28.6% at Arista Networks and +11.8% at Cisco Systems.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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