Available with Spatial Analyst license.
Overview
Performs a Bitwise Not (complement) operation on the binary value of an input raster.
Notes
If an input is floating point, the values are converted to integer values through truncation before the bitwise operation is performed.
All bitwise operations have the following things in common:
 Binary values are stored in two's complement.
 The tools work on 32bit integers.
 The leftmost bit position is reversed for the sign (positive or negative) of the value. If the integer is positive, the bit position is 0; if it's negative, the bit position is 1.
The Bitwise Not operation treats the sign bit as it would any other bit. If the input for a pixel location is negative, the output is negative; if the input is positive, the output is positive.
Parameters
Parameter name  Description 

Raster  The input raster on which to perform the Bitwise Not (complement) operation. 
Extent Type  Choose which extent should be used in the output raster:

Cellsize Type  Choose which cell size to use in the output raster. If all the input cell sizes are the same, all the options will yield the same results.

Learn more about bitwise
The bitwise tools evaluate the binary representation of the input values on a pixelbypixel basis. For each bit in the binary representation, a Boolean operation is performed.
The logic of how the various bitwise tools operate is illustrated in the following sections. The arrows are used to indicate the flow of operation of how input values are converted to a base_{2} binary representation, analyzed, and returned as a decimal (base_{10}) value.
Learn more about how Bitwise Not works
For Bitwise Not, the bitwise complement of the binary representation of an input value is determined. This means that for each input bit that is 1, the output is 0. Input bits that are 0 will be output as 1.