#1ARISTA 71111 ARISTA Investor Presentation - February 2023 ARISTA Copyright © Arista 2023. All rights reserved.#2ARISTA 2 Safe Harbor Forward-Looking Statements - This presentation and accompanying oral presentation contain "forward-looking statements" including estimates regarding revenue, non-GAAP gross margin and non-GAAP operating margin for the first quarter of 2023, statements regarding Arista's business plans and its ability to execute such plans, statements regarding our ability to grow our revenue and expand our market share, statements regarding the benefits of Arista's products, growth drivers, potential growth opportunities, market potential, the data center switching market, the campus ethernet switching market, the NDR market, the expansion of the Cognitive Campus workspaces, security and segmentation, the demand from service providers, Arista's business initiatives, cloud networking strategy and technology, the transition to 400GbE/800GbE products, Arista's competitive position, guidance for the first quarter 2023, the benefits of our platforms, industry environment and potential market opportunities, emerging use cases, the adoption of Al, our as-a-service offerings, the introduction of new technology or acquired products, the benefits of acquisitions and our leadership in cloud networking. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from those anticipated in or implied by the forward-looking statements including risks associated with: interruptions or delays in shipments; the impact of supply shortages and manufacturing disruptions on our business including increased purchase commitments, excess inventory and extended lead times; adverse global economic and geopolitical conditions, including inflationary pressures which result in increased component costs and reduced information technology and network infrastructure spending, and the Russia/Ukraine conflict; dependence on a limited number of customers who represent a substantial portion of our revenue; the rapid evolution of the networking market; any failure to successfully pursue new products and service offerings and expand into adjacent markets; a decline in our revenue growth rate; fluctuations in our results of operations including as a result of seasonality; variability in our gross margins including as a result of changes in customer mix or product mix; intense competition; expansion of our international sales and operations; investments in or acquisitions of other businesses; fluctuations in currency exchange rates; any failure to raise any needed capital; our ability to attract new large end customers or sell products and services to existing end customers and dependence on large end customers; our ability to increase market awareness of our company and new products and services; a decline in the sales prices of our products and services; a decline in maintenance renewals by customers; product quality problems; our ability to anticipate technological shifts and develop products to meet those technological shifts; the management of the supply of our products and product components; our dependence on third-party manufacturers to build our products; our ability to protect, defend and maintain our intellectual property rights; vulnerabilities in our products and failure of our products to detect security breaches; tax, tariff, import/export restrictions or other trade barriers; and other future events. Additional risks and uncertainties that could affect us can be found in our most recent filings with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. You can locate these reports through our website at https://investors.arista.com/ and on the SEC's website at https://www.sec.gov/. All forward-looking statements in this press release are based on information available to the company as of the date hereof and we disclaim any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures - This presentation and accompanying oral presentation contain certain non-GAAP financial measures including non- GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margins, non-GAAP net income, non-GAAP diluted net income per share and non-GAAP tax rate. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquisition-related intangible assets, certain acquisition-related costs, unrealized gains on equity investments, and the income tax effect of these non-GAAP exclusions. In addition, non-GAAP financial measures exclude net tax benefits associated with stock-based awards, which include excess tax benefits, and other discrete indirect effects of such awards. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non- GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-GAAP financial measures and a reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Copyright Arista 2023. All rights reserved.#33 ARISTA Leader in Data-Driven Networking Large, fast-growing market opportunity Scalable architecture, single operating system drive lower TCO Expanding market adjacencies and product/customer diversification High differentiation, quality, modern operating model drive profitable growth Copyright © Arista 2023. All rights reserved.#44 Arista At-a-Glance1 FY22 REVENUE 5-YEAR CAGR THROUGH FY'22 LTM GROSS MARGIN LTM OPERATING MARGIN $4.38B 21.6% -62% ~41% ARISTA IPO 2014 June 6th Leader in 100/400G Gartner Leader 2020 Magic Quadrant for Data Center and Cloud Networking S&P 500 Added in 2018 9000+ Customers Forrester Wave Leader Open Programmable Switches for Business Wide SDN 1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix. Copyright © Arista 2023. All rights reserved.#58 IT Relevance Cloud Networking Evolution Continues ARISTA Cloud From PINs to PICS Data Driven Leaf-Spine Copyright Arista 2023. All rights reserved. Universal Cloud Network Time Next Gen Cloud Networking Arista 2.0 DC/Cloud Cognitive Campus Routing DCI Al Spine Zero Trust with NDR+DMF Coming Soon WAN&AVD, Observability AVA Cloud PLATFORM#6Arista's Cognitive Cloud Principles: The Five "A"s Evolving at The Speed of Cloud ARISTA Anti Patterns Legacy Years Proactive Architectures Predictive Operations Agile & Available Prescriptive Experience API Driven Al Driven AVA Analytics Automation 1) Repeatable UCN Leaf-Spine design patterns 2) Multi-Vendor/ Open Protocols 1) Workflow automation 2) Read-Only Automation 1) Telemetry Analytics 2) Testing environments Months Weeks Days 1) Database Source of Truth 2) Integrated Testing 3) Real Time Streaming Hours 1) Al-driven Cognitive Ops 2) State Based 3) AVA Network Detection Real Time Copyright Arista 2023. All rights reserved.#7Arista 2.0 - The Age of Platform Innovations 10 10 2016-2018 Category Innovations ARISTA 2022-2027 Platform Innovations $4381 $2948 2411 $2318 $2151 2010-2014 Product Innovations $1646 $1129 $838 $584 $361 $72 $140 $193 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Copyright © Arista 2023. All rights reserved. FY17 FY18 FY19 FY20 FY21 FY22 Revenue in $M#8ARISTA A Seasoned Management Team with Domain Expertise Jayshree Ullal President & CEO Andy Bechtolsheim Chief Development Officer Ken Duda Chief Technology Officer Anshul Sadana Chief Operating Officer Ita Brennan Chief Financial Officer Copyright Arista 2023. All rights reserved. John McCool Chief Platform Officer#912 Arista's Commitment to Corporate Responsibility ARISTA Best Workplaces 500 2019 ARISTA Of The Your Forbes 2017 FAST TECH 25 INTEROP MSCI ESG RATINGS A AMERICAS FASTEST-GROWING TECH COMPANIES BEST CCC B BB BBB A AA AAA TOP WORK PLACES 2019 100 COMPANIES Environmental LEED Gold Certification for Corporate HQ building 30% Reduction in Scope 1 and Scope 2 emissions intensity by revenue between 2018 to 2020 3rd year of reforestation as part of Arista Tree Planting Initiative in Pune, India Carbon intensity by revenue decreased over 50% since 2014 Institutional Livestor $50 Social RATING ACTION DATE: May 27, 2022 LAST REPORT UPDATE: June 21, 2022 Certified "Great Place to Work" in US and India Best Place To Work in the Bay Area 2022 Arista invested in new partnerships with Society of Women Engineers and Path Forward to accelerate diversity 3X YoY increase in Arista Foundation grants in 2021 Arista Foundation and employees have provided 2.5M meals at Second Harvest of Silicon Valley. Arista donations to K-12 and Univs. for STEM education Governance Board of Directors composition: - 77% Independent - 44% Gender and Ethnic Diversity Arista is one of a select few Fortune 1000 companies currently with a female CEO and a female CFO Achieved MSCI A-Rating Copyright © Arista 2023. All rights reserved.#10Growth Drivers and Market Opportunity 13 Copyright © Arista 2023. All rights reserved. ARISTA#1114 Arista's Growth Drivers Addressing $51B TAM Cloud Networking Market Expansion Core 2023 Cognitive Adjacencies Cognitive Network $31B $41B Copyright © Arista 2023. All rights reserved. 2025 2027 $51B ARISTA Core = Data Center & Cloud Networks Cognitive Adjacencies = Campus & Routing Cognitive Network = SW & Services#12New Markets for Increased $10B SAM ARISTA 15 Branch/ Edge As A Service Service Network as a Validated Designs Copyright Arista 2023. All rights reserved. NetDL State Observability Security WAN Transit IV Spine#13Revenue in Billions ($) ARISTA Continued Growth Ahead In Switching Market Opportunity Data Center Ethernet Switch Revenue Campus Ethernet Switch Revenue $25 Top 3 Chinese Cloud SPS $20 Top 5 U.S. Cloud SPs Telco SPs $15 $10 Rest of Cloud Revenue in Billions ($) $25 $20 $15 $10 Large Business Medium Business $5 $5 Large Enterprises Rest of Enterprise Small Business $0 $0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Source: 650 Group Ethernet Switch Data Center Forecast Q3 2022 US Top 5 Cloud Providers: Amazon, Apple, Facebook, Google, Microsoft Chinese Tier 1 Cloud Providers: Alibaba, Baidu, Tencent Source: 650 Group Campus Ethernet Market Forecast Q3 2022 Large Business - Fortune 2000 Medium Business - Rest of Enterprise Market Small Business - Less than 50 Employees Data Center + Campus Opportunity Surpasses $40B 16 Copyright © Arista 2023. All rights reserved.#1418 enue In Billions Rever ($) $0 $14 $7 2021 Arista's Market Leadership in 100G/200G/400G Data Center Ethernet Switch Analysis and Forecast ARISTA $21 $28 Market Potential by Speed Data Center Ethernet Switch Revenue ($B) 40 Gbps 1Gbps 10 Gbps 2022 2023 25 Gbps 100 Gbps 400 Gbps 200 Gbps 2024 2025 Source: Dell'Oro January 2023 - Long Term Ethernet Switch Forecast Note Initial 800 Gbps shipments will not be using 800 G Ethernet MAC and will be configured mostly as 2x400 Gbps or as 8x100 Gbps Copyright © Arista 2023. All rights reserved. 800 Gbps 50 Gbps 2026 Software >=1.6 Tbps 2027#15Arista's Market Leadership in 100G/200G/400G Data Center High Speed Ethernet Port Analysis ARISTA 7 CO 5 ☑ 100/200/400G Switch Ports (Millions) 3 2 19 ■Cisco ■ROM ■ Arista 1.2 0.9 0.9 1.0 0.9 0.9 0.9 0.8 17.9% 1.1 1.4 Cisco 2.1 2.0 1.8 1.6 1.3 1.5 1.3 1.2 37.1% 2.2 2.2 ROM 45.0% 2.7 2.5 Arista 1.7 1.8 1.3 1.3 1.2 1.3 1.4 1.5 0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Source: Crehan Ethernet Switch Data Center Total Vendor Tables - 3Q'22 Copyright © Arista 2023. All rights reserved.#16Delivering Consistent Market Share Gains vs Cisco High Speed Data Center Switching Market ARISTA Share in Dollars Share in Ports 71.4% 70.8% 40% 78.1% 40% 78% 70% 35% 30% 74.4% 69.4% 64.7% 65.9% 35% 73% 65% 60.6% 30% 68% 60% 25% Arista 23.1% 25% Arista 63% 55% 51.6% 20.4% 19.4% 19.0% 20% 57.8% 18.0% 20% 49.9% 16.9% 16.4% 58% 17.3% 17.7% 17.1% - 50% 14.6% 14.4% 14.7% 15% 15% 11.6% 53% 12.0% 42.4% - 45% 10.0% 53.1% 49.8% 9.3% 10% 7.8% 45.4% 48% 10% - 40% 6.7% 5.4% 3.5% Cisco 42.7% 4.9% 5% 40.7% 43% 5% 39.4% 36.5% Cisco 34.5% 32.8% 35% 31.2% 0% 38% 0% 30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H2022 Source: Crehan Research Datacenter Switch Market Share Report Q2'22 Note: 10GbE and Higher - Excludes blade switches Double Digit Share Gains 20 20 Copyright Arista 2023. All rights reserved.#17ARISTA Arista's Product and Market Sector Diversification Market Sector Trends* Product Trends* 10%-15% 20%-25% 60%-65% Core Network SW & SVC ■ Cognitive Adjacency Core Data Center & Cloud Networks Cognitive Adjacencies - Campus & Routing Cognitive Network - SW & Services *Management estimate of long-term revenue mix trends during normalized business conditions; trends may vary in a supply constrained environment 24 21 Copyright © Arista 2023. All rights reserved. 25%-30% Cloud Titans 35%-39% 35%-39% Enterprise & Financial ■SP & T2 Cloud Geographic Mix Q4'22 14% 10% Americas EMEA 76% APAC#1822 Arista's 2023-2025 Vision for Arista 2.0 ARISTA Invest in Core Al Spine Enriched EOS Stack Network As A Service Adjacent Markets Routing & Campus NEW - Transit WAN Routing NEW - Edge As A Service (CUE) Software as a Service Deliver Zero Trust Networks Improve Deployment Designs Increase Visibility and Observability Copyright Arista 2023. All rights reserved.#19ARISTA Why 9000+ Customers Choose Arista Modern Architecture - Scalable, Programmable, Standards-based 23 23 Innovative & Data-driven Automation, Telemetry, Analytics Superior Quality - Low TCO and simplicity with EOS World-class Support Copyright © Arista 2023. All rights reserved.#2024 Arista's Leadership and Quality Recognized Forrester and TechValidate Net Promoter Score Recognition Challengers Contenders Strong Performers Stronger current offering Weaker current Leaders Arista Networks Huawei Juniper Networks Pluribus Networks NVIDIA-Cumulus Networks Cisco-NX-OS Cisco-IOS-XE H3C NVIDIA-Mellanox Dell EMC O Extreme Networks-SLX-OS offering Weaker strategy -Pica8 Market presence Stronger strategy ARISTA Arista NPS Score Rating: "World Class Support" +80 9.3/10 2022 Survey conducted through TechValidate Not at all ly 0 1 4 5 Detractor Passive ARISTA 10 Promoter PROMOTERS DETRACTORS NPS (NET PROMOTER SCORE) ARISTA TAC CUSTOMER SATISFACTION ARISTA TAC CUSTOMER SATISFACTION World-class Products and World- class Support: +80 NPS Arista Networks continues to lead the industry with a wider portfolio of solutions and truly world-class support with an NPS score of +80 and an average rating of 9.3 out of 10 in a TechValidate survey of customers in 2022. 100% of surveyed IT organizations are likely to recommend Arista TAC to their friends or colleagues! Open, Programmable Switches For A Businesswide SDN, Q3 2020 The Forrester WaveTM is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. The Forrester Wave TM is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave TM. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. Link to the TechValidate TechFacts Copyright Arista 2023. All rights reserved. 100%#21ARISTA Garnering Five Star Customer Reviews Gartner peerinsights. Link Link Link "Arista Is The New BEST Choice For Your Datacenter And Network!" Sr. Network Administrator Finance Industry "Anyone not using Arista for their network infrastructure doesn't enjoy their sleep." Enterprise Architect Retail Industry "Overall, we feel that we gained the functionality of a newer forward-looking vendor without sacrificing what we already knew." Systems Administrator Education Industry Link Link Link "Arista works and has been reliable for our company." Sr. Network Administrator Manufacturing Industry "CloudVision is THE Essential Component to Insure Success with an Arista Network." Infrastructure and Operations Finance Industry "We dreamed big on our network transformation and Arista met and exceed our expectations." Enterprise Architect Services Industry 25 Copyright Arista 2023. All rights reserved. Gartner "Magic Quadrant for Data Center and Cloud Networking," Andrew Lerner, et al, 30 June 2020. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.#2226 Expanding Across Multiple Markets and Industries ARISTA MAJOR VERTICALS Cloud Titans Enterprise Financials Specialty Cloud Service Providers EMERGING ENTERPRISES 181 M&E Federal Healthcare Education Retail Copyright Arista 2023. All rights reserved.#23Arista's Portfolio Offerings wwwwww 1. Core - Data Center & Cloud Networks 2. Cognitive Adjacencies - Campus & Routing 3. Network Software & Services NW W 27 27 Copyright © Arista 2023. All rights reserved. ARISTA#24Arista's Consistent Client-to-Cloud Portfolio ARISTA EOS 29 29 Public Cloud Cognitive Campus Data Center WAN/Branch/Edge Internet and Core 80. One Network Operating System NetDL One State & Al Data-Driven Management AVA One Operational Model CloudVision Consistency Across all Network Domains for New and Existing Markets Copyright Arista 2023. All rights reserved.#25Arista's Portfolio Offerings ° ARISTA CORE DATA CENTER & CLOUD NETWORKS COGNITIVE ADJACENCIES CAMPUS & ROUTING NETWORK SOFTWARE & SERVICES 30 50 Copyright Arista 2023. All rights reserved.#2631 Leadership in Data Center and Cloud Networking Arista Programmable EOS Notify NetDL Publish State Processes are Self-Healing Open Linux Merchant Silicon ARISTA Arista Extensible Operation System (EOS) • Modern, reliable, data-driven network operating system Programmability at every layer Data Driven with NetDL (Network Data Lake) Merchant Silicon • Leverage best-in-class merchant switching silicon Superior integration, performance, delivery, and power efficiency Silicon diversity optimized for target markets Best-of-Breed Systems • Fully featured next generation switching systems • Proven single EOS image quality across all product families Multi-generational investment protection Copyright Arista 2023. All rights reserved.#27Arista EOS - Modern State Oriented Architecture ARISTA Linux Kernel Unmodified with full access to the bash kernel Architecture Differentiators Publish/ Subscribe model SysDB delivers state updates from one agent to another HetDL State Linux Kerne Agent Segregates processes in protected user address space Open - Standards based, interoperable Publish-Subscribe Model - Highly Available Automation - NetDevOps enabler Modern Telemetry - Real time state streaming 3rd Party Integration - seamless integration 3rd party s/w and APIs 32 32 SysDB A database aggregating switch state information Better architecture leads to a more reliable system Copyright Arista 2023. All rights reserved.#2833 33 Best-in-Class Merchant Silicon Optimized for Target Markets Consistent and Open Single EOS Diverse Silicon Architectures Multiple Generations Automation & Programmability ARISTA Cloud Networking Telemetry Arista EOS Jericho Family Trident Family Tomahawk Family Intel Tofino Jericho2C+ Jericho2 Jericho+ Jericho Trident 4 Trident 3 Trident 2+ Trident 2 Trident + Helix Tomahawk 4 Tomahawk 3 Tomahawk 2 Tofino Tofino2 Tomahawk+ Tomahawk Enables open standards-based networking with rapid time-to-market Copyright Arista 2023. All rights reserved.#29Universal Leaf and Spine Modular Spine Fixed Leaf & Spine Cloud-Class Market Leadership Platform Portfolio ARISTA 7800R3 Series Up to 460Tbps 576 x 400G ports 36 x 400G, 48 x 100G LC Wirespeed, 5M Routes 7500R3 Series Up to 230Tbps 288 x 400G ports 24 x 400G, 36 x 100G LC Wirespeed, 2.5M Routes 7280R3 Series Up to 54 x 400G Wirespeed, 5M Routes Carrier Grade Routing 7388X5 Series Up to 128 x 200G 64 x 400G OSFP, QSFP-DD MACsec ready 7368X4 Series Up to 128 x 100G 32 x 400G OSFP, QSFP-DD 7358X4 Series Up to 128 x 100G 32 x 400G OSFP or QSFP-DD Feature Rich High Scale 7060X5 Series 64 x 400G/128 x 200G Hyperscale Performance I/O Intensive environments 34 =4 Copyright Arista 2023. All rights reserved. 7060X4 Series 32 x 400G/128 x 100G Hyperscale Performance 7050X4 Series 32 x 400G/128 x 100G Feature Rich High Scale STA#30Trends driving 400G and 800G in the Data Center Cloud O ° Enterprise ○ Scaled out HPC 25/50G ->100/200G Distributed Storage Highest throughput Lowest cost/GB AI/ML NVMeoF Low Power / GB Encryption MMF -> SMF 10G -> 25/50G HCI / VSAN Private Cloud Virtualization Rich EVPN Features Copyright Arista 2023. All rights reserved. ARISTA#31ARISTA Enterprise and Hyperscale Evolution to Next Generation Compute 7060DX5-64S* 64 port 400G QSFP-DD in 2RU 7060DX5-32 32 port 400G QSFP-DD in 1RU 7060DX5-64E/7060PX5-64E * Launched in Nov 2021 32 port 800G OSFP or QSFP-DD in 1RU 36 Copyright Arista 2023. All rights reserved. 7050CX4M-48D8 48 port 100G QSFP-28 and 8 port 400G in 2RU 7050CX4-24D8 24 port 200G QSFP-56 and 8 port 400G in 1RU 7050CX4-40D 40 port 200G QSFP-56 in 1RU 7050SDX4-48D8 / 7050SPX4-48D8 48 port 100G SFP-DD/DSFP and 8 port 400G QSFP-DD in 1RU#32ARISTA Arista 7800R Ideally Suited for Al Intensive Workloads 37 327 • • • Al Cluster Requirements Al Chips require high bandwidth Al Clusters have multiplicative effect on bandwidth Al Clusters require lossless, low latency fabrics Copyright Arista 2023. All rights reserved. • • Arista 7800R Delivers Industry Leading Density - Up to 460 Terabit/sec throughput - Rapid advancement from 100 to 200 to 400G and beyond Congestion and Collision-free architecture Large Buffers & No Packet Loss - Ideal for RDMA Application Traffic#33Arista's Portfolio Offerings ° ARISTA CORE DATA CENTER & CLOUD NETWORKS COGNITIVE ADJACENCIES CAMPUS & ROUTING NETWORK SOFTWARE & SERVICES 38 Copyright Arista 2023. All rights reserved.#34Wi-Fi Leaf Spine Arista's Cognitive Campus Portfolio Offerings ARISTA Compact 710 PoE Compact ARISTA Collapsed Spine MACsec Spine TunnelSec Modular Spine 7050X3 Series 10G - 25G 7050X3 Series 25G-100G 7280R3 Series 25G-400G 7358X4 Series 25G - 400G 7300X3 10G - 100G 1RU A MACsec New AVA Sensors 2RU 720D 1G POE 720XP 1G/5G POE 722XPM-48 1G/2.5G POE 720XP-96 2.5G/5G POE 7050X 1G to 25G AVA C-260 Dual-Band Wi-Fi 6 ARISTA C-230/E Dual-band Wi-Fi 6 O-235/E Dual-band ASTA Wi-Fi 6 C-200 Dual-band Wi-Fi 6 C-360 Tri-band ARISTA Wi-Fi 6E Modular A MACsec TunnelSec 750 Series 1G/2.5G/10G POE EOS and CloudVision Provides Operational Efficiency 39 Copyright Arista 2023. All rights reserved. W-318 Tri-band Wi-Fi 6E#3540 40 Arista Cloud-Grade Routing Platform Diverse Use Cases Consistent Architecture Routing Applications Customer Segments Design Automation ARISTA Peering Cloud Edge Content Delivery Provider Core Provider Edge 5G RAN Edge Secure Metro Edge Edge Multi- Cloud Data Center Interconnect Cloud Titan Specialty Cloud Service Provider Internet Exchange Enterprise VXLAH NetDL Software State Portfolio BCMP Universal Cloud Network CloudVision + Open API Integrations Arista EOS Based on Cloud Principles: Scale-out, Simplify, Software-driven control Copyright © Arista 2023. All rights reserved.#36Arista's Approach to Secure Observability. ARISTA Network UCN Observability Fabric Network Detection and Response API Arista CloudVision (CV) CloudVision Arista DANZ Monitoring Fabric (DMF) ΑΡΙ Flil Arista NDR DMF Fabric Analyst * Data Lake / SIEM Programmable Packet Capture Encrypted Traffic Analysis Forensic Recorder Adversarial Modeling Autonomous Entity Language Tracking Endpoint Security Intelligent Automation ΑΡΙ Contextual Analytics, Proactive RCA Telemetry, Flows, Topology Traffic Visibility Fabric Federated Management - Automated Workflows across multiple consoles Network Data Lake (NetDL) with AI/ML Intelligence (Proactive, Predictive, Prescriptive) 11 41 Copyright Arista 2023. All rights reserved.#3742 22 Arista NDR Extended to 720XP Platform Powered by AVA, Autonomous Virtual Assist AVA SENSORS (Full Packet Analysis) AVA NUCLEUS (Cloud or on Premise) On-Premise (Campus, Data Center, IOT) Cloud Taps SaaS Apps Arista 720XP Copyright © Arista 2023. All rights reserved. • ARISTA AVA Autonomous Virtual Assist a Autonomous Hunting & Response Autonomous Security (AVA™) Al-based expert system to automate triage, investigation & response skills Threat Detection (Adversarial Modeling™M) Uncover entire attacks with low false positives & negatives • Situational Awareness (EntityIQ™) Discover, profile and track devices, users and applications using Al-based fingerprinting#38ARISTA Arista Cognitive Unified Edge The Arista Experience for the Commercial Market CUE is an as-a-service solution for a secure corporate network, complete with wired and wireless networks, switches and end to end security Edge as a Service Edge Platforms Partner Program Cloud Provisioned 43 443 CloudVision CUE 0 Cloud Managed ARISTA ARISTA ARISTA 3333 ARISTA Visz Wi-Fi Access Points, switches, and Edge Threat Management Arista Partner Program extended to Commercial Channel Partners 100% Channel driven Extending Arista's Edge Networking to the Commercial and Distributed Branch Copyright Arista 2023. All rights reserved.#39Arista's Portfolio Offerings. ° ARISTA CORE DATA CENTER & CLOUD NETWORKS COGNITIVE ADJACENCIES CAMPUS & ROUTING NETWORK SOFTWARE & SERVICES 44 Copyright Arista 2023. All rights reserved.#40ARISTA Network Software and Services - Arista's Holistic Approach CloudVision State State State State State Cloud EOS CloudVision - Automation Tool for Configuration and Management of Wired and Wireless networks, Collects Streaming Telemetry from EOS State Database for End-to- End Network Visibility DANZ Monitoring Fabric DMF Controllers DMF Fabric DMF Smart Nodes Mirroring (TAP, SPAN Service Analytics Arista A-Care Arista A-Care - Software updates, features and break/fix troubleshooting. Powered by Arista Al ops toolset designed to speed problem identification and resolution. CloudEOS - Virtualized/Containerized version of EOS for hybrid multi-cloud networking. Running on Amazon AWS, Microsoft Azure, and Google public clouds via their marketplace and service catalogs. Al Intent Driven Threats Behavioral Threats THREAT COMPLEXITY Intent Detection Behavioral AWAKE Detection Anomaly Detectio Recorder High-Performance Switch and Server Platforms DMF - DANZ Monitoring Fabric - Network Monitoring, Analytics, and Recording, for Capturing Data inside the network 45 Copyright Arista 2023. All rights reserved. Malware Threats Intrusion Detection Reactiv SECURITY MATURITY Proacti Predictiv e ve Arista NDR Security - Network Detection and Response - NDR - Proactive Network based machine learning technology to identify an attacker based on their intent versus merely looking at indicators of an attack#4146 46 Arista Cognitive Enterprise for Multi-Domain Ops ARISTA Level 1/Helpdesk Network Eng DevOps/CloudOps Network Ops CloudVision SaaS or On-Prem }) Network-wide Data models Dev Ops DevOps Toolchains {API} AI/ML Processing Machine-Machine APIs Public Cloud Campus Data Center WAN/Branch/Edge Inter-connect Consistent Software, Management, and Operations Across All Networks Copyright Arista 2023. All rights reserved.#42NetDL Partnering to Enable A Broad Ecosystem - ARISTA 47 7 AVA - Autonomous Virtual Assist Quality of Experience Proactive NetOps Network Detection and Response Other NetDL - Enabled Applications Third Party Ecosystem Partners Customer Automation Frameworks Al-Driven AVA API Access Microsoft zscaler vmware Data Ingestion Integrations paloalto Zoom RED HAT A ANSIBLE Network Automation EQUINIX Analytic / Reporting servicenow Integrations splunk slack NetDL State Single API Surface Network Database Systems Internet Identity DNS Packet Graph TAC AI/ML Enriched EOS Network Data Lake - NetDL Copyright Arista 2023. All rights reserved.#4348 48 Arista's As-a-Service Approach CloudVision CUE Al-Driven AVA API Access CloudVision as-a-Service Cloud Vision Network as-a-Service' Multi-domain Experience Cognitive Unified Edge 'Edge as-a-Service' Client Experience NetDL Commercial Edge Enterprise Campus Workspaces Enterprise Data Center Enterprise WAN Built on the CloudVision as-a-Service Foundation Copyright Arista 2023. All rights reserved. ARISTA#44Arista's Network-as-a-Service Framework Cloud Principles Applied to On-Premises Infrastructure ARISTA Prescriptive Architecture Prescriptive architectures support all common design patterns, validated and secure Prescriptive Services Cloud-like catalog to provision deployments, topologies, overlays, policies and controls Predictive Monitoring Full lifecycle management, from design to device selection, procurement, shipping, deployment, upgrades Proactive Support Shift from reactive TAC to proactive AVA-led troubleshooting and multi-channel support 49 49 49 49 Copyright Arista 2023. All rights reserved. 韪 Vendor Managed NaaS Delivery Model MSP Outsource In House#45Arista Continuous Integration (CI) Pipeline. The Modern Operating Model ARISTA Continuous Design AVD New Continuous Testing New Continuous Integration CLOUD TEST CloudVision CI Pipeline New Arista Validated Designs Continuously evolving best practice network designs delivered as software - Infrastructure-as-Code - enabling consistent design patterns Cloud Test Test networks without physical hardware using Cloud Test CI Pipeline Use CloudVision Cl or Open Cl to automate the workflow from build to test to deployment and documentation Bringing Modern Software Development and DevOps Operating Models to Network Infrastructure 50 50 Copyright Arista 2023. All rights reserved.#46Business Model and Q4'22 Financial Update 5555 51 Copyright © Arista 2023. All rights reserved. ARISTA#4752 Financial Results for Q4 2022 Financial Results (non-GAAP)1 Revenue Gross Margin (Non-GAAP)(1) Q4'22 Results $1.276B, up 55% YoY 61.0% Operating Margin (Non-GAAP)(1) 42.6% EPS (Non-GAAP)(1) $1.41 1 Amounts are non-GAAP except for Revenue; refer to reconciliation between non-GAAP and GAAP in the appendix. Copyright Arista 2023. All rights reserved. ARISTA#48Q4-2022: Key Highlights ARISTA · · • Arista Delivers Continuous Integration Pipeline for Network as a Service Automation - Arista announced a comprehensive network automation solution with the Arista Continuous Integration (CI) Pipeline. Built on Arista's EOS Network Data Lake (NetDLT), the Arista CI Pipeline helps enterprise customers adopt a modern network operating model. This approach delivers an agile, data-driven change management process for the network, enabling faster, more reliable deployment with reduced operational time and expense. Arista Delivers Next Generation Switching for Compute and Storage - Arista announced the expansion of its widely deployed 7050X4 Series, adding new 100G to 400G systems, providing longevity and investment protection for enterprise compute and storage, colocation providers (Colo) and managed services providers (MSPs). Complementing the new 7050X4 Series, Arista also announced an expansion of the 7060X5 Series with the addition of 800G, which doubles the capacity of hyperscale backbones while reducing space and power per gigabit. Arista Wins Best Company for Diversity awarded by Comparably for 2022 - Arista is named amongst the Top 100 highest-rated Companies for Diversity 53 Copyright Arista 2023. All rights reserved.#49ARISTA Financial Model Delivering Strong Revenue Growth: 5-year CAGR 21.6% FY22 YoY growth: 49% 54 54 Revenue FY17 - FY22 $Millions 5-yr CAGR: 21.6% $2,411 $2,318 $2,151 $1,646 FY'17 FY'18 Copyright Arista 2023. All rights reserved. $2,948 $4,381 FY'19 FY'20 FY'21 FY'22#5055 Financial Model1 Consistent, Healthy Gross Margin Drives Leading Operating Margin ARISTA Healthy Gross Margins Leading Operating Margins 64.7% 65.0% 64.8% 64.4% 61.9% 36.7% 38.7% 38.3% 37.7% 41.0% FY'18 FY'19 FY'20 FY'21 FY'22 FY'18 FY'19 FY'20 FY'21 FY'22 1 Amounts are non-GAAP; refer to reconciliation between non-GAAP and GAAP in the appendix. Copyright Arista 2023. All rights reserved.#5156 ARISTA Financial Model1 Delivering Strong EPS Growth: 5-year CAGR 26.7% FY17 - FY22 EPS CAGR 26.7% Significant EPS Growth FY17 - FY22, EPS in $ 4.58 2.43 2.26 1.99 1.4 FY'17 FY'18 FY'19 FY'20 2.87 FY'21 FY'22 1 Amounts are non-GAAP; refer to reconciliation between non-GAAP and GAAP in the appendix. Copyright Arista 2023. All rights reserved.#5258 ARISTA Balance Sheet & Cash Conversion Cycle $4,000 Cash, Cash Equivalents & Marketable Securities AR AR and DSO $1,000 DSO 67 67 75 $3,500 $3,000 $800 58 51 51 60 $2,500 $600 45 45 $2,000 $400 $1,500 30 $1,000 Millions $500 3,408 3,424 2,902 2,980 3,024 Millions $0 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 $200 15 517 649 586 652 923 $0 0 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Inventory and Turns Cash Conversion Cycle $1,400 4.0 300 Inventory 259 Turns $1,200 3.5 250 221 3.0 206 205 $1,000 180 200 2.5 $800 1.9 1.7 1.7 1.7 1.6 2.0 150 $600 1.5 100 $400 1.0 Millions 50 $200 0.5 650 694 853 1,101 1,290 Days $0 0.0 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Copyright Arista 2023. All rights reserved.#5359 Our Approach to Capital Allocation FY2022 Net Income $1.4B 1. Maintain a healthy Balance Sheet (Fund the business / large aggressive competitors) 2. Invest to strengthen operations / position of existing business if we earn a reasonable return e.g. Working Capital investments 3. M&A (strategic opportunities) 4. Share repurchases to offset dilution and return cash to shareholders (if the price is below a reasonable range estimate of intrinsic value) 5. Dividends as business matures Copyright Arista 2023. All rights reserved. M&A $145M Share Repurchase $670M ARISTA 2022 Use of Cash & Investments ($384M) Retain in the Business Working Capital Investment $912M#54First Quarter 2023 - Guidance Revenue Gross Margin (Non-GAAP)(1) Operating Margin (Non-GAAP)(1) Q1'23 Guidance $1.275B to $1.325B ~ 60% ~ 40% 1 Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, and other non-recurring items. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis because these measures are difficult to predict and subject to change. The actual amount of stock-based compensation expense will have a significant impact on the company's GAAP gross margin and GAAP operating margin. Diluted Shares ~ 316 Million Non-GAAP Tax Rate (1) ~ 21.5% 60 60 Copyright Arista 2023. All rights reserved. ARISTA#55F 61 - Q1 2023 Investor Conference Participation ARISTA Arista will participate in the following conferences in March with the financial community. 2023 JMP 2023 Securities Technology Conference Martin Hull, Vice President, Cloud, Platform Product Management and System Engineering Monday, March 6, 2023 Time: 12:30pm ET/ 9:30am PT Morgan Stanley Technology, Media and Telecom Conference Ita Brennan, CFO Tuesday, March 7, 2023 Time: 1:25pm ET/ 10:25am PT Copyright Arista 2023. All rights reserved.#56Appendix I GAAP to Non-GAAP Reconciliation 62 Copyright © Arista 2023. All rights reserved. ARISTA#57Appendix: GAAP to Non-GAAP Reconciliation In 000's except per share data GAAP gross profit Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 YTD 2022 $ 522,714 $ 553,845 $ 643,265 $ 709,980 $ 768,606 $ 2,675,696 GAAP gross margin Stock-based compensation expense Intangible asset amortization 63.4% 63.1% 61.2% 60.3% 60.3% 61.1% 2,246 1,309 2,312 2,992 3,075 9,688 5,464 5,721 6,012 6,820 6,821 25,374 Non-GAAP gross profit Non-GAAP gross margin $ 530,424 $ 64.3% 560,875 $ 651,589 $ 719,792 $ 778,502 63.9% 61.9% 61.2% 61.0% $ 2,710,758 61.9% GAAP income (loss) from operations $ 265,788 $ 277,987 $ 362,853 $ 417,347 $ 468,919 GAAP operating margin 32.2% 31.7% 34.5% 35.5% 36.8% $ 1,527,106 34.9% Stock-based compensation expense 51,243 50,279 50,224 65,477 64,954 230,934 Intangible asset amortization 7,159 7,311 7,708 9,315 9,316 33,650 Acquisition-related costs 4,691 4,691 Non-GAAP income from operations $ 324,190 $ 335,577 $ 425,476 $ 492,139 $ 543,189 Non-GAAP operating margin 39.3% 38.3% 40.4% 41.8% 42.6% $ 1,796,381 41.0% GAAP net income $ 239,295 $ 272,259 $ 299,099 $ 353,999 $ 427,089 $ 1,352,446 Stock-based compensation expense 51,243 50,279 50,224 65,477 64,954 230,934 (Gain)/loss on investments (28,497) 5,084 (708) (3,358) (27,479) Intangible asset amortization 7,159 7,311 7,708 9,315 9,316 33,650 Acquisition-related costs 4,691 4,691 Tax benefits on stock-based awards Tax effect of non-GAAP exclusions Non-GAAP net income (30,470) (4,814) $ 262,413 $ (30,964) (1,880) 268,508 $ (17,725) (27,636) (37,177) (113,502) (6,401) (8,524) (15,677) (32,482) 342,680 $ 391,923 $ 445,147 $ 1,448,258 GAAP diluted net income per share $ Non-GAAP adjustments Non-GAAP diluted income per share $ 0.75 $ 0.07 0.85 $ (0.01) 0.94 $ 1.13 $ 1.35 $ 4.27 0.82 $ 0.84 $ 0.14 1.08 $ 0.12 0.06 0.31 1.25 $ 1.41 $ 4.58 319,753 319,652 316,581 314,401 315,201 316,459 GAAP and non-GAAP diluted shares Summary of non-GAAP adjustments: Cost of revenue-product $ 6,529 $ 5,822 $ 7,066 $ 8,228 $ 8,238 $ 29,354 Cost of revenue-service 1,181 1,208 1,258 1,584 1,658 5,708 Research and development 27,605 27,745 30,111 37,698 37,174 132,728 Sales and marketing 13,575 14,530 16,291 18,598 18,027 67,446 General and administrative 9,512 8,285 7,897 8,684 9,173 34,039 Other expense (income) (28,497) 5,084 (708) (3,358) (27,479) Provision for income taxes (35,284) (32,844) (24,126) (36,160) (52,854) (145,984) 63 Copyright © Arista 2023. All rights reserved. ARISTA#58ARISTA Appendix: GAAP to Non-GAAP Reconciliation In 000's except per share data GAAP gross profit GAAP gross margin Stock based compensation Intangible asset amortization Acquisition-related expenses FY2018 FY2017 FY 2019 $ 1,061,769 $ 1,373,377 $ 1,544,338 $ 1,481,886 FY 2020 FY 2021 $ 1,880,779 64.5% 63.8% 64.1% 63.9% 63.8% 4,353 5,087 4,637 6,272 7,444 3,824 10,503 17,480 21,857 3,138 Non-GAAP gross profit $ Non-GAAP gross margin 64.8% 1,066,122 $ 1,385,426 $ 1,559,478 64.7% $1,505,638 $1,910,080 64.4% 65.0% 64.8% GAAP income (loss) from operations $ 470,272 $ GAAP operating margin 28.6% 12.7% Stock based compensation 75,427 91,202 273,347 $ 805,774 $ 33.4% 101,280 699,684 $ 924,739 30.2% 137,042 31.4% 186,875 Litigation expenses 40,352 6,566 2,295 Legal settlement 405,000 Acquisition-related expenses 7,745 Intangible asset amortization 5,110 13,375 13,933 24,086 29,235 Non-GAAP income from operations $ Non-GAAP operating margin 586,051 35.6% $ 788,970 $ 922,724 $ 874,745 $ 1,140,849 36.7% 38.3% 37.7% 38.7% GAAP net income (loss) $ Stock based compensation 91,202 423,201 $ 328,115 $ 859,867 $ 75,427 634,557 $ 840,854 (Gain)/Loss on investments 13,800 101,280 (5,427) 137,042 186,875 (4,164) Acquisition-related expenses 7,745 13,933 Intangible asset amortization 5,110 Litigation expenses 40,352 6,566 13,375 2,295 24,086 29,235 Legal settlement 405,000 Impact of the U.S. Tax Cuts and Jobs Act 51,812 (12,632) Tax benefits on stock-based awards (111,542) (92,675) (89,415) (60,880) (115,154) Tax benefits on intra-entity IP Transfer (85,819) Other non-recurring income tax charges Tax effect of non-GAAP exclusions Non-GAAP net income 9,781 (108,916) $ (36,421) (26,163) 442,829 $ 643,315 $ 786,844 $ 718,411 $ (19,093) (26,813) 914,997 GAAP diluted net income per share $ Non-GAAP adjustments 1.34 $ 0.06 Non-GAAP diluted net income per share $ 1.40 $ 1.01 $ 0.98 1.99 $ 2.66 $ (0.23) 2.43 $ 2.00 $ 2.63 0.26 0.24 2.26 $ 2.87 GAAP and non-GAAP weighted diluted shares 315,908 323,376 323,516 317,860 319,238 Summary of non-GAAP adjustments: Cost of revenue-product 64 - Cost of revenue-service Research and development Sales and marketing General and administrative Legal settlement Other expense (income) Provision for income taxes Copyright © Arista 2023. All rights reserved. $ 2,142 $ 2,211 9,254 $ 12,772 $ 20,254 $ 2,795 2,368 3,498 42,184 49,220 53,068 87,693 24,919 4,382 101,798 17,953 26,281 32,040 43,477 51,871 51,289 23,073 16,702 20,139 33,140 405,000 13,800 (5,427) (4,164) (96,151) (214,223) (184,546) (87,043) (141,967)#59Thank You www.arista.com 74 Copyright © Arista 2023. All rights reserved. ARISTA