Mikel Arteta's FA Cup success in 2020 ensured the Spaniard had credit in the bank when things got tough during his first managerial stint. His project, after escaping the bleakness of 2021, has since promised so much, but the silverware which many believe his work deserves is yet to come to pass.
Arteta's Gunners remain nearly men, and it's a tag that'll follow the Spaniard's team around until, well, they make the final leap.
It's the absence of silverware which some 'supporters' can't stomach. They've washed their hands with the man whom, they believe, will perpetually unable to inspire Arsenal to the promised land once more.
The frustration is understandable, because the Gunners are so nearly there. Wednesday night's Champions League exit was their fourth semi-final elimination with Arteta at the helm, and we've had a go at ranking these four defeat based on how painful each exit was.
4. Newcastle (Carabao Cup - 2024/25)

There was an expectation that 2024/25 would finally be Arsenal's season after back-to-back second-place finishes in the Premier League. However, injuries and final-third woes quickly thrust the Gunners' title chances this term into doubt and placed greater emphasis on cup success.
Arteta's men benefitted from a kind run to the Carabao Cup semi-finals and had the chance to play for the first piece of silverware on offer when they met Newcastle in the last four.
Arsenal entered the tie as the favourites but were made to rue a litany of missed opportunities in the first leg, as the efficient Magpies, buoyed by the magnificent Alexander Isak, made them pay in north London.
Overturning a 2-0 deficit under the lights at St. James' Park was always going to be a tall order, and Arteta's men didn't really threaten a revival as Newcastle coasted to Wembley before eventually ending their 70-year wait for a major domestic trophy.
While the manner of Arsenal's defeat, especially in the first leg, was bitterly frustrating, there was a sense that grander opportunities were on the horizon for this team.
3. Liverpool (Carabao Cup - 2021/22)

Arsenal's first venture into the Carabao Cup semi-finals under Arteta arrived when the project was finally showing signs of life. 2021/22 was a season of growth, and the accumulation of silverware at this juncture would've been hugely beneficial.
However, the Gunners met Jurgen Klopp's Reds in the last four and were considerable underdogs to advance. Expectations were thus subdued as we visited Anfield, and even lower when Granit Xhaka received an early red card.
Against the odds, Arsenal held Liverpool to a stalemate on Merseyside, displaying the grit and defensive resolve which would eventually become synonymous with Arteta's side. The draw away facilitated greater hope heading into the return leg at the Emirates, and it was this newfound belief which rendered the 2-0 defeat all the more painful.
Diogo Jota scored twice as Klopp's side flexed their superiority in north London.
2. PSG (Champions League - 2024/25)

There was a sense of all-or-nothing surrounding Arsenal's first Champions League semi-final in 16 years. This was the club's last chance of claiming a trophy, otherwise, it'd be a fifth season without silverware for the boss.
After downing 15-time winners Real Madrid in the last eight, the Gunners had little to fear. Paris Saint-Germain had perhaps been the best-performing team on the continent in 2025, but there was a functional swagger about this Arsenal outfit which rendered them a major threat in this year's competition.
The first leg should've been a special Emirates occasion, but Ousmane Dembele stifled a previously fervent Arsenal crowd and ignited the majestic visitors. A 1-0 defeat in north London left the Gunners with a mountain to climb away, but they had the chance to make history in Paris.
The second-leg performance was far from poor, but, crucially, Arsenal faltered in both boxes. Gianluigi Donnarumma was outstanding, while PSG's impressive cohesion and litany of game-breakers in attack proved a frontier too far for this team. It hurts because the Gunners were ever so close, and the Madrid win sparked the belief that this team could conquer all, but an all-too-familiar defeat in Paris left a bitter taste.
1. Villarreal (Europa League - 2020/21)

This defeat pained me so much that I'm reluctant to divulge too deeply into it.
Yes, enduring a fifth season without silverware hurts, and some could argue that 2024/25 has been a campaign of regression, but we can take solace in knowing that the current issues can seemingly be mitigated by a bold transfer window. There's reason to believe.
Back in May 2021, a feeling of hopelessness permeated across the fanbase. The Europa League was the club's final salvation amid a bitterly disappointing domestic campaign, and this felt like a nadir from hell.
It was the meekest of semi-final exits, with Villarreal barely having to suffer to hold onto their 2-1 lead from the first leg. Worst of all, it was Unai Emery who masterminded the Gunners' downfall.