Arista Networks

Sources - 29

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1. S01primarycompany filing2026-02-17
   Arista 10-K for the year ended December 31, 2025
   Item 1 in full - the product and EOS description, the Competition section naming Cisco, Dell/EMC, Extreme, HPE, Huawei, Juniper, Nvidia and white box vendors, the Broadcom sole-silicon dependency, the three contract manufacturers, the customer concentration table and the qualification-cycle language
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2. S02primarycompany filing2026-08-05
   Arista 10-Q for the quarter ended June 30, 2026
   the statements, the balance sheet, the deferred revenue and remaining performance obligation note, the $9.7B purchase commitment note, the buyback disclosure, the single-segment note, and the MD&A sentence attributing the gross margin fall to large-customer discounts
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3. S03primarycompany filing2026-08-04
   Arista second quarter 2026 results release (Exhibit 99.1 to Form 8-K)
   the GAAP to non-GAAP reconciliation, the gross and operating margin series against the prior year, and the third-quarter guidance
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4. S04primarytranscript2026-08-04
   Arista second quarter 2026 earnings call transcript
   the $12.6B full-year guide and its two prior versions, the AI and campus goals, the purchase-commitment history, the supply-chain answers, and fourteen analyst questions including the white box, scale-up and visibility exchanges

   Given our improving stance in supply chain, we are excited to increase our guidance for the third time this year to $12.6 billion revenue in 2026. We are now projecting 40% annual growth, which is an incremental $2.1 billion over our Analyst Day goal of $10.5 billion and an incremental $1.1 billion over our recent projections of $11.5 billion in May of 2026. ... Arista is leaning in with our increased multiyear purchase commitments, now almost tripling from a year ago at $3.6 billion to approximately $9.7 billion by the end of Q2 2026. ... we still have the same kind of 2 quarters of visibility that we referred to. But what we would say is given where we are at this time of year, Jayshree and I are guiding based on what we're confident we can get the supply for. ... The industry is going to have a 2-year problem. I don't think we get out of it as an industry until 2028. ... we remain very committed to our 2 longest partners, Microsoft and Meta. And I fully expect there to be 1, maybe 2 10% customers. ... where NVIDIA provides the full vertical stack and usually, that's an NVLink. So there's very little participation from Arista or anybody else's scale up. ... Our AI fabrics momentum with Etherlink switches now exceeds 100 cumulative customers from the initial 4 to 5 customers I spoke of in 2024. ... On the 1.6T, if I -- I'll go back, history is always a great lesson for what will happen. If I look at the 800 T, we were in trials in '23, '24 and the real ramp came to us in '25 and '26. So it takes about 6 months, maybe even a year sometimes. ... So we will be in trials in the second half of this year. In terms of customers, it will be single digits, but very large customers. And I think the real production will still be in 2027. ... our 2026 campus revenue goal is at least $1.25 billion and our AI fabrics goal is at least $3.5 billion. For gross margin, we are maintaining the range for the fiscal year of 62% to 64%, inclusive of mix and anticipated supply chain cost increases for memory and silicon. ... Our total deferred revenue balance was approximately $6.9 billion, up from $6.2 billion in the prior quarter. The majority of the deferred revenue balance is product related. ... In the quarter, we did not repurchase our common stock. Of the $1.5 billion repurchase program approved in May 2025, $817.9 million remain available for repurchase in future quarters.

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5. S05primarycompany filing2026-02-12
   Arista fourth quarter and year end 2025 results release (Exhibit 99.1 to Form 8-K)
   the full year 2025 figures, the Gartner placements, the VeloCloud acquisition, the executive appointments and the first-quarter 2026 guidance
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6. S06primaryindustry data2026-09-03
   Dell'Oro Group - AI Back-End Networks Switch Sales Surpass Front-End Networks for the First Time in 2Q 2026 Dell'Oro Group
   the vendor ranking on the quarter Arista has just reported, the front-end/back-end crossover, and the supply-constrained call

   REDWOOD CITY, Calif. - September 03, 2026 - ... 2Q 2026 marked a major inflection point as switch sales in AI back-end networks surpassed those in front-end networks for the first time. ... "AI back-end networks have grown at such a rapid pace that, within just three years of their emergence, spending surpassed that of the large, well-established front-end network market" ... "We expect the market to remain supply-constrained, rather than demand-constrained, for at least the next one-to-two years." ... Celestica retained the leading position in Ethernet AI back-end switch sales, followed closely by NVIDIA. Arista ranked third, but would have been more closely tied if deferred AI revenue were included. Cisco gained the most share and ranked fourth. ... 800 Gbps switches accounted for the vast majority of the Ethernet switch shipments and revenues in AI back-end networks during the quarter. 1.6 Tbps began sampling and is expected to ramp in the second half of 2026.

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7. S07primaryindustry data2026-06-02
   Dell'Oro Group - Ethernet Extends Lead in AI Scale-Out Networks Despite Strong InfiniBand Rebound Dell'Oro Group
   the same ranking a quarter earlier, the Ethernet share of AI-cluster switch sales, and the InfiniBand rebound

   REDWOOD CITY, Calif. - June 02, 2026 - ... Ethernet switch sales in AI back-end networks more than doubled and accounted for about two-thirds of data center switch sales in AI clusters during the first quarter 2026. ... "InfiniBand sales more than tripled during the quarter, supported by the ramp of 800 Gbps switches shipping with NVIDIA's Blackwell Ultra platform. However, while greenfield deployments may have contributed to some of this growth, we believe a significant portion of this demand was tied to upgrades of the installed base in brownfield deployments rather than greenfield expansion." ... Celestica regained the leading position during the quarter, followed closely by NVIDIA. Arista ranked third, despite a significant portion of its AI-related product revenue being deferred. Including Arista's deferred revenue for the quarter, its AI back-end network sales would have been very close to those of Celestica and NVIDIA. Cisco recorded the largest share gain during the quarter and ranked fourth.

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8. S08primaryindustry data2026-02-04
   Dell'Oro Group - AI Back-End Switch Market Will Push Past $100 Billion by 2030 Dell'Oro Group
   the size of the prize measured from outside the company, the port-speed migration, and the scale-up read on NVLink, UALink and Ethernet

   REDWOOD CITY, Calif. - February 04, 2026 - ... spending on data center switches deployed in AI back-end networks is forecast to surpass $100 billion by 2030, driven by expanding deployments across scale-up, scale-out, and scale-across domains. While multiple technologies are expected to coexist and see strong adoption over the forecast period, Ethernet is projected to dominate both the scale-up and scale-out segments of the market. ... "Scale-up compute fabrics have been historically dominated by proprietary fabrics such as NVLink but just as Ethernet prevailed over InfiniBand in large-scale scale-out environments, we are now seeing alternative technologies such as UALink and Ethernet gain momentum in scale-up compute fabrics." ... The majority of switch ports deployed in AI back-end networks have shifted to 800 Gbps, and are expected to be 1600 Gbps by 2027 and 3200 Gbps by 2030. ... Neo Cloud will be the fastest growing customer segment over the next five years.

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9. S09primarycompany filing2026-09-02
   Cisco Systems 10-K for the fiscal year ended July 25, 2026 CSCO
   a rival naming Arista back, its own AI-infrastructure positioning, and the $34,668M of networking product revenue that sets the perimeter for the cohort
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10. S10primarycompany filing2026-08-17
    Extreme Networks 10-K for the fiscal year ended June 30, 2026 EXTR
    a rival's own ranking of the switching market, which puts Cisco, HPE and Huawei above Arista and names Arista only 'to a lesser extent'
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11. S11primarycompany filing2026-08-26
    NVIDIA 10-Q for the quarter ended July 26, 2026 NVDA
    the single Compute & Networking segment, and the absence of any separate networking revenue line - the disclosure that would size this competitor no longer exists
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12. S12primarycompany filing2026-08-26
    NVIDIA second quarter fiscal 2027 CFO commentary (Exhibit to Form 8-K) NVDA
    the scale of the memory pre-buy by the largest buyer in the market Arista is also buying memory in

    Our commitments increased from $119 billion last quarter to $279 billion, primarily related to the procurement of memory.

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13. S13primarycompany filing2026-02-27
    Celestica 10-K for the year ended December 31, 2025 CLS
    the white box switch business described by the company Dell'Oro ranks first in Ethernet AI back-end switching, and the CCS segment revenue that sets its perimeter
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14. S14primarycompany filing2026-07-30
    Meta Platforms 10-Q for the quarter ended June 30, 2026 META
    a named Arista customer's own filed capital plan for 2026 - the demand this thesis depends on, stated by the party that will spend it
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15. S15primarycompany filing2026-09-04
    Hewlett Packard Enterprise 10-Q for the quarter ended July 31, 2026 HPE
    the Networking segment revenue and its campus, routing and data-centre split, which sets the perimeter for the cohort after the Juniper acquisition
    read, but no claim rests on it
16. S16primaryvendor data2026-09-26
    Research pack, frozen at content/ANET/research-pack.json (refreshed 2026-09-26)
    the market tier: price, market value, the 252-day return and the theme comparison, the analyst split and consensus estimates, the insider filings, FINRA short interest, the volatility bucket, and the filed competitor cohort's multiples
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17. S17primaryindustry data2022-04-14
    Linux Foundation - Software for Open Networking in the Cloud (SONiC) Moves to the Linux Foundation Linux Foundation
    who created the competing operating system, how widely it runs, and the premier member list - which does not include Arista

    Created by Microsoft for its Azure data centers, SONiC is an open source network operating system (NOS) based on Linux that runs on over 100 different switches from multiple vendors and ASICs. ... "Microsoft founded SONiC to bring high reliability and fast innovation to the routers in Azure cloud data centers. We created it as open source so the entire networking ecosystem would grow stronger. SONiC already runs on millions of ports in the networks of cloud scalers, enterprises, and fintechs," said Dave Maltz, Technical Fellow and Corporate Vice President, Microsoft Azure Networking. ... SONiC brings a strong existing ecosystem, with premier members including Alibaba, Broadcom, Dell, Google, Intel, Microsoft, NVIDIA and 50+ global partners.

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18. S18primarycompany release2017-03-08
    Microsoft Azure blog - SONiC: The networking switch software that powers the Microsoft Global Cloud MSFT
    the customer's own account of why it wrote its own switch software, in its own words

    Running one of the largest clouds in the world, Microsoft has gained a lot of insight into building and managing a global, high performance, highly available, and secure network. Experience has taught us that with hundreds of datacenters and tens of thousands of switches, we needed to: Use best-of-breed switching hardware for the various tiers of the network. Deploy new features without impacting end users.

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19. S19primarycompany release2020-05-05
    Arista press release - Arista Extends Open Cloud Networking Software Leadership
    Arista's own answer to the substitute: sell the hardware into it, and treat migration back to EOS as the upside

    Arista Networks (NYSE:ANET) today strengthened its commitment to open network software with the introduction of Arista switches Powered by SONiC (Software for Open Networking in the Cloud). ... Distribution of Arista switches Powered by SONiC will be available as a network operating system in addition to Arista's standard EOS offering. Customers have the option of choosing between Arista EOS and Arista SAI with SONiC software on these systems, and as an added benefit, Arista platforms running SAI can be easily migrated to EOS, providing a flexible path to the mainstream, feature-rich EOS software for broader network roles. ... The open source SONiC operating system is already available and in production on Arista switching platforms for select customers.

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20. S20primarycompany release2015-03-10
    Meta engineering blog - Facebook Open Switching System (FBOSS) and Wedge in the open META
    the second of Arista's two largest customers building its own switch and its own switch operating system, eleven years ago

    Last summer, we shared that the networking team at Facebook was developing its own data center switches and switch software. The switches and software are now in production across multiple data centers. Today, we are happy to announce the initial release of our Facebook open switching system (code-named "FBOSS") project on GitHub and our proposed contribution of the specification for our top-of-rack switch (code-named "Wedge") to the OCP networking project.

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21. S21primarycompany release2021-11-09
    Meta engineering blog - OCP Summit 2021: Open networking hardware lays the groundwork for the metaverse META
    the customer co-developing an Arista switch alongside its own, and naming Celestica as the manufacturer of its in-house designs

    Meta has developed two next-generation 200G fabric switches, the Minipack2 (the latest version of Minipack, Meta's own modular network switch) and the Arista 7388X5, in partnership with Arista Networks. ... The Arista 7388X5 is also based on the Broadcom Tomahawk4 25.6T switch ASIC, with versions of the 7388X5 also utilizing a Credo chipset. ... Both the Wedge400 and 400C are manufactured by Celestica and are open platforms that developers of any size, from startups to large ISPs, can utilize for their own projects. ... In the past, FBOSS, Meta's own network operating system for controlling network switches, has utilized the specific API provided by the ASIC vendor. Now, with FBOSS being adapted to OCP SAI and deployed at scale in the Meta network, we can work with more silicon vendors.

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22. S22primaryother2024-07-31
    Meta, 'The Llama 3 Herd of Models' (arXiv 2407.21783), section 3.3.4 Reliability and Operational Challenges META
    a buyer's own count of what network faults cost it: 35 of 419 unexpected interruptions in 54 days of training came from switches and cables, on a fabric that names the Arista 7800

    Llama 3 405B is trained on up to 16K H100 GPUs, each running at 700W TDP with 80GB HBM3 ... Llama 3 405B used RDMA over Converged Ethernet (RoCE) fabric based on the Arista 7800 and Minipack2 Open Compute Project OCP rack switches. ... The synchronous nature of training makes it less fault-tolerant-a single GPU failure may require a restart of the entire job. ... During a 54-day snapshot period of pre-training, we experienced a total of 466 job interruptions. Of these, 47 were planned interruptions due to automated maintenance operations such as firmware upgrades or operator-initiated operations like configuration or dataset updates. The remaining 419 were unexpected interruptions ... Network Switch/Cable | Network | 35 | 8.4% ... Despite these challenges, for Llama 3, we achieved higher than 90% effective training time while supporting automated cluster maintenance

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23. S23secondarynews2025-02-19
    The Motley Fool - 'Why Arista Networks Stock Is Plummeting Today' (Johnny Rice)
    the objection stated on the day of the February 2025 fall: the Meta account shrinking

    Meta Platforms is one of Arista's largest, responsible for roughly 15% of the company's revenue. However, that figure is down from 20% last year.

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24. S24secondarynews2025-11-05
    XTB - 'Arista Networks drops 12% despite solid earnings; guidance triggered profit-taking on Wall Street'
    the objection stated on the day of the November 2025 fall: the fourth-quarter gross margin guide

    Q4 revenue: $2.3-$2.4 billion (midpoint $2.35B vs. $2.33B expected). Gross margin: 62-63%, slightly below the previous quarter. ... a softer margin outlook, in-line revenue guidance, and a broader tech-sector pullback prompted short-term profit-taking

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25. S25secondarynews2025-11-05
    The Motley Fool - 'Why Arista Networks Stock Is Sinking Today' (Timothy Green)
    a second, independent account of the same day naming the growth guide rather than the margin

    Arista expects to generate between $2.3 billion and $2.4 billion in revenue in the fourth quarter, which represents year-over-year growth of about 22% at the midpoint. This expected slowdown could be what's driving the stock lower

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26. S26secondarynews2026-05-05
    The Motley Fool - 'Arista Networks Stock Dives Despite Delivering a Beat and Raise Quarter. Here's Why' (Danny Vena)
    the objection stated on the day of the May 2026 fall: the multiple and the supply constraint

    The stock is currently selling for 62 times earnings and 39 times next year's expected earnings, a lofty multiple to be sure. ... Add to that the company's capacity constraints, and fair-weather investors are engaging in a bout of profit-taking.

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27. S27primaryvendor data2026-09-27
    FMP historical end-of-day prices for ANET, September 2023 to 25 September 2026
    the close before and after each of twelve results releases, and the change twenty and sixty sessions on
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28. S28primarytranscript2026-02-12
    Arista fourth quarter 2025 earnings call transcript
    the 2025 revenue split by customer sector and by product line, the 2026 AI and campus goals as first set, and the 2025 buyback total and average price

    Shifting to annual customer sector revenue for 2025, cloud and AI titans contributed significantly at 48%. Enterprise and financials recorded at 32%, while AI and specialty providers, which now includes Apple, Oracle, and their initiatives, as well as emerging Neo Cloud, performed strongly at 20%. ... Arista's core sector revenue was driven at 65% of revenue. ... The combined campus and routing adjacencies together contribute approximately 18% of revenue. Our third and final category is the network software and services based on subscription models, such as A-Care, CloudVision, observability, advanced security, and even some branch edge services. ... Arista's subscription-based network services and software revenue contributed approximately 17%, and please note that it does not include perpetual software licenses that are otherwise included in core or adjacent markets. ... Within fiscal 2025, we repurchased $1,600,000,000 of our common stock at an average price of $100.63 per share.

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29. S29primarycompany filing2026-04-16
    Arista Networks proxy statement (DEF 14A), filed April 16, 2026, for the 2026 annual meeting
    beneficial ownership as of April 2, 2026, the executive officers and director biographies, the 2025 Bonus Plan metrics, weights and targets, the PRSU goals and 2025 achievement, the CEO's outstanding awards and the 2025 say-on-pay result
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