=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-02-20
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: Arista Networks, Inc. (ANET)
CIK: 0001596532
--- Reporting Owner ---
Name: Ullal Jayshree
CIK: 0001605809
Role: Director, Officer (CEO and Chairperson)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: +20,592 | Price: $0.00
Shares Owned After: 30,509 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[Transaction #2]
Security: Common Stock
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: +77,640 | Price: $0.00
Shares Owned After: 108,149 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[Transaction #3]
Security: Common Stock
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: +27,660 | Price: $0.00
Shares Owned After: 135,809 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[Transaction #4]
Security: Common Stock
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: +57,240 | Price: $0.00
Shares Owned After: 193,049 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[Transaction #5]
Security: Common Stock
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: +41,224 | Price: $0.00
Shares Owned After: 234,273 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[Transaction #6]
Security: Common Stock
Date: 2026-02-20 | Code: F (Payment of exercise/tax)
Shares: -111,544 | Price: $137.23
Total Value: $15,307,183.12
Shares Owned After: 122,729 | Ownership: D (Direct)
Footnotes:
[F2] Represents shares withheld to satisfy tax withholding obligations on the vesting of restricted stock units.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Unit-10
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: -57,240 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F6] This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
[F6] This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
[Transaction #2]
Security: Restricted Stock Unit-11
Date: 2026-02-20 | Code: A (Grant or award)
Shares: +41,224 | Price: $0.00
Shares Owned After: 41,224 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F7] This performance stock award was granted in the first quarter of 2024 and was earned based on attainment of certain performance conditions. The award vested on February 20, 2026.
[F7] This performance stock award was granted in the first quarter of 2024 and was earned based on attainment of certain performance conditions. The award vested on February 20, 2026.
[Transaction #3]
Security: Restricted Stock Unit-11
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: -41,224 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F7] This performance stock award was granted in the first quarter of 2024 and was earned based on attainment of certain performance conditions. The award vested on February 20, 2026.
[F7] This performance stock award was granted in the first quarter of 2024 and was earned based on attainment of certain performance conditions. The award vested on February 20, 2026.
[Transaction #4]
Security: Restricted Stock Unit-7
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: -20,592 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F8] This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 25% on February 21, 2023 and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
[F8] This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 25% on February 21, 2023 and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
[Transaction #5]
Security: Restricted Stock Unit-8
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: -27,660 | Price: $0.00
Shares Owned After: 110,660 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F9] This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested (25%) on February 20, 2024, and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
[F9] This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested (25%) on February 20, 2024, and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
[Transaction #6]
Security: Restricted Stock Unit-9
Date: 2026-02-20 | Code: M (Exercise of derivative)
Shares: -77,640 | Price: $0.00
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
[F10] This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
[F10] This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
--- Holdings ---
[Holding #1]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] These shares are held in trust for the benefit of the children of the reporting person for which the reporting person serves as trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
[Holding #2]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F3] These shares are held in trust for the benefit of the children of the reporting person for which the reporting person serves as trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
[Holding #3]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F4] These shares are held in trust for the benefit of relatives of the reporting person for which the reporting person serves as co-trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
[Holding #4]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F4] These shares are held in trust for the benefit of relatives of the reporting person for which the reporting person serves as co-trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
[Holding #5]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F5] These shares are held by a family trust for which the reporting person is co-trustee.
--- Footnotes (Complete Index) ---
F1: Each restricted stock unit represents a contingent right to receive one share of Arista Networks, Inc. Common Stock upon vesting.
F10: This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
F2: Represents shares withheld to satisfy tax withholding obligations on the vesting of restricted stock units.
F3: These shares are held in trust for the benefit of the children of the reporting person for which the reporting person serves as trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
F4: These shares are held in trust for the benefit of relatives of the reporting person for which the reporting person serves as co-trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.
F5: These shares are held by a family trust for which the reporting person is co-trustee.
F6: This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested 1/2 on February 20, 2025, and will continue to fully vest on February 20, 2026.
F7: This performance stock award was granted in the first quarter of 2024 and was earned based on attainment of certain performance conditions. The award vested on February 20, 2026.
F8: This performance stock award was granted in the first quarter of 2022 and was earned based on attainment of certain performance conditions. The award vested 25% on February 21, 2023 and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
F9: This performance stock award was granted in the first quarter of 2023 and was earned based on attainment of certain performance conditions. The award vested (25%) on February 20, 2024, and will continue to vest quarterly over 3 years. A quarterly vest date is the first market trading day on or after February 20, May 20, August 20, and November 20 of each year.
--- Signature ---
/s/ By: Isabelle Bertin-Bailly, Attorney-in-Fact For: Jayshree Ullal (2026-02-24)
