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ANET · Arista Networks, Inc.

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$159.16 -19.32 (-10.82%) At close · Nov 5
S&P 500 member Russell 1000 member Rebalance outlook locked
Customer concentration — top customer 26% of revenue

One customer — 26% of revenue (the year ended December 31, 2025)

“sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”

One customer — 16% of revenue (the year ended December 31, 2025)

“sales to one end customer represented 16%, 15%, and 21% of our total revenue”

One customer — 20% of revenue (the year ended December 31, 2024)

“sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”

One customer — 15% of revenue (the year ended December 31, 2024)

“sales to one end customer represented 16%, 15%, and 21% of our total revenue”

One customer — 21% of revenue (the year ended December 31, 2023)

“sales to one end customer represented 16%, 15%, and 21% of our total revenue”

One customer — 18% of revenue (the year ended December 31, 2023)

“sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
View the 10-Q filed Aug 5, 2026
Market Cap
$201.08B
Shares
1.26B
Volume · Nov 5 14.86M Avg daily vol (3M) 6.07M

Price & Indicators

Drag to pan · scroll to zoom
Indicators
Price
Panels
Event markers
20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$159.16 Open$167.35 Day$158.35–171.75 52W close$116.13–216.74 Avg vol 30d6.7M Short int12.2M · 1.0% of shares · 2.2d Short vol23% Last earningsNov 3, 2026 DataJan 2020–Nov 2026 Filing10-Q · Nov 4

Up next

Next earnings call
Feb 2, 2027 Est · unconfirmed · in 13 wks
Q3 2026 earnings call transcript
call held Nov 3, 2026
Play latest call

Latest documents

2026
Nov 4
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Quarterly report for FY2026 Q3 AI summary on its way
Revenue $3.66B ▲ 58.5% Net income $1.56B ▲ 82.9% Diluted EPS $1.22 ▲ 82.1%
All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$11.89B
Trailing 12 months
Net income (TTM)
$4.75B
Trailing 12 months
Revenue growth YoY
+58.5%
Year over year
Operating margin
43.8%
Trailing 12 months
P / E (TTM)
48.1
Trailing earnings · reciprocal yield 2.1%
FCF yield
2.2%
TTM · current market cap
Return on invested capital
30.0%
Trailing 12 months
Net cash
$2.29B
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
+0.1%
Year over year · more shares
Price change (1Y)
+16.2%
Trailing year
Short interest
1.0%
Latest settlement · 2.2 days to cover
View all 122 metrics

Quarterly results

Revenue Net income Net loss
▲25.3% $1.93B $801.00M '24 Q4* ▲27.6% $2.00B $813.80M '25 Q1 ▲30.4% $2.20B $888.80M '25 Q2 ▲27.5% $2.31B $853.00M '25 Q3 ▲28.9% $2.49B $955.80M '25 Q4* ▲35.1% $2.71B $1.02B '26 Q1 ▲37.7% $3.04B $1.21B '26 Q2 LATEST ▲58.5% $3.66B $1.56B '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q2 FY26 earnings call · Aug 4, 2026
Q2 FY26

TL;DR. Arista delivered its first $3 billion revenue quarter ($3.036B, +37.7% YoY) with non-GAAP EPS of $1.02, and raised full-year 2026 revenue guidance for the third time this year to approximately $12.6 billion (40% growth), while also raising the operating margin target to 48–49% and guiding Q3 revenue to ~$3.3 billion.

Bullish
  • + Non-GAAP EPS of $1.02, up 39.7% YoY
  • + Full-year 2026 revenue guidance raised for the third time this year to ~$12.6B, implying 40% growth
  • + Full-year 2026 operating margin target raised to 48–49%
  • + Q3 guidance of ~$3.3B revenue with EPS of $1.06–$1.08
  • + AI Etherlink customer base now exceeds 100 cumulative customers with AI target of at least $3.6B in 2026
Bearish
  • − Industry-wide supply tightness expected to persist through ~2028
  • − Multi-year purchase commitments nearly tripled YoY to ~$9.7B, raising future cost/inventory risk
  • − Full-year gross margin range maintained at only 62–64% inclusive of anticipated supply chain cost increases
  • − DSOs rose to 68 days from 64 days in Q1, signaling working-capital pressure
  • − Inventory grew to $2.5B and turns remain low at 1.7, with elevated balances expected

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Research

our published analysis of this company

Equibles Rating

blended score · not investment advice
Overall
Neutral
SellHoldBuy
Technical Sell Momentum Strong Sentiment Neutral Fundamentals Excellent Quant / Vol Very High
Market backdrop VIX 28.2 · fear Equity put/call 0.44
Technical
price trend
Sell
50 / 200-day cross No cross
Price vs 200-day avg −4%
below
Price vs 50-day avg −18%
below
RSI (14) 36
neutral
MACD trend Negative
52-week position 43%
mid-range
Volume (OBV) Confirms
volume backs price
Momentum
relative strength
Strong
1-month return −25%
trailing
6-month return +12%
trailing
YTD return +21%
this year
Relative strength +13%
vs S&P · 6-mo
Sentiment
smart money
Neutral
Trend (MA cross) No cross
50d $193 › 200d $166 — 50d above 200d
Institutional flow Accumulating
1,333 of 2,292 funds reported for Sep 30 · net +671.1K sh shares · +147 new
Insider flow Flat
No net insider activity over 90 days
Short interest Rising
0.97% of shares out · ▲ +2.3% MoM · 2.2 days cover
Volume signal Reversal watch
High volume on a down day — possible exhaustion
Institution breadth Multi-yr high
2,292 holders — near 3-yr high, broad support
Squeeze score 45
elevated · 0–100
Fundamentals
Excellent
Revenue growth +29%
Y/Y
Gross margin 64%
contracting
EPS growth +23%
Y/Y
Free cash flow $4.4B
Valuation P/E 42.9
rich
Buyback $817.9M
remaining
Balance sheet $14.9M
net cash
Quant / Vol
risk profile
Very High
Volatility 56%
annualized · 1-yr
Max drawdown −27%
past year
ATR 6.4%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Beat or met 8 of last 8
Latest guidance · from the Earnings Call filed Aug 4, 2026
2026 fiscal year
Approximately 12.6 billion Non-GAAP $12.6B
fiscal year
Effective tax rate 21.5%
2026
Operating margin 48% – 49%
the third quarter
Operating margin 48% – 49%
Gross margin 63%
Previous outlook earlier release · from the Earnings Call filed May 5, 2026

Still-open targets the latest release did not restate under the same label.

Effective tax rate · second quarter 21.5%
Capital expenditures · fiscal year 2026 $180M
Prior guidance period ended · from the Earnings Call filed Aug 4, 2026
Gross margin of approximately 63 percent · third quarter 63%
Operating margin between 48 and 49 percent · third quarter 48% – 49%
Guided vs delivered · last 8 settled
Revenue third quarter of 2026
guided $3.3B
$3.66B Beat +10.8%
Revenue second quarter of 2026
guided $2.8B
$3.04B Beat +8.4%
Revenue first quarter of 2026
guided $2.6B
$2.71B Beat +4.2%
Revenue fourth quarter of 2025
guided $2.3B – $2.4B
$2.49B Beat +5.9%

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Sell
2 · 5 · 0
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
−4% Neutral
Price vs 50-day avg
−18% Bearish
RSI (14)
36 Neutral
MACD trend
Negative Bearish
52-week position
43% Neutral
Volume (OBV)
Confirms Neutral
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross) No cross
50d $193 › 200d $166 — 50d above 200d
Institutional flow Accumulating
1,333 of 2,292 funds reported for Sep 30 · net +671.1K sh shares · +147 new
Insider flow Flat
No net insider activity over 90 days
Short interest Rising
0.97% of shares out · ▲ +2.3% MoM · 2.2 days cover
Volume signal Reversal watch
High volume on a down day — possible exhaustion
Institution breadth Multi-yr high
2,292 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $116 Now $159 · 43% Range high $217
vs 200-day avg -4% vs 50-day avg -18%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings
Metric Latest Period YoY
Non-GAAP operating margin non-GAAP 49.9% second quarter 2026 —

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Computer Hardware — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
ANET
Arista Networks, Inc.
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 $201.50B +151.8% +18.8% 18.4 1.9%
SNDK
Sandisk Corp
 $121.25B +239.7% +175.3% 6.8 3.3%
STX
Seagate Technology Holdings plc
 $107.98B +69.4% -36.7% 24.7 3.4%
WDC
Western Digital Corp
 $100.18B +55.4% +35.7% 10.4 5.2%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Accumulating
Holders
2,397
% held
73.0%
Reported
1,333 of 2,292
Top holder
BlackRock, Inc.
Held Float
View
Held by Funds
Fund positions
1,307
View
Short & Settlement
Short Interest Rising
Shares short
12.2M
Days to cover
2.2d
Change
+272.1K sh
View
Short Volume
Short vol %
23%
As of
Nov 5, 2026
Short Total
View
Fails to Deliver
FTD shares
20
Value
$4.1K
As of
Sep 29, 2026
View
Off-Exchange
Off-exchange %
46.9%
Week of
Sep 28, 2026
Off-exch Lit
View
Smart Money
Congressional Trades Buy
Member
Dan Newhouse
Amount
$1.0K–$15.0K
Traded
Jul 10, 2026
View
Financials
Financials
Revenue (FY)
$9.0B
Net income (FY)
$3.5B
EPS diluted
$2.75
View
Buybacks
Authorized · 2 programs
$2.7B
Remaining
$817.9M
Spent Remaining
View
Filings
SEC Filings
Latest
10-Q
Filed
Nov 4, 2026
This year
19
View
Proposed Sales
Value
$28.3M
Shares
130.6K
Filed
Oct 9, 2026
View
Earnings & Events
Webcasts Upcoming
Next webcast
Dec 1, 2026
Last webcast
Nov 3, 2026
View
Investor Relations
Latest news
Arista Networks, Inc. Reports Thi…
Published
Nov 3, 2026
Upcoming events
3
View

Performance

5D 20D 120D MTD YTD
ANET -13.6% -24.6% +12.1% -5.7% +21.5%
SPY -4.7% -5.3% -0.8% -3.0% +7.5%
vs SPY -8.9% -19.3% +12.9% -2.7% +14.0%

Capital returns

Buyback programs · 2 active · as of Sep 30, 2026
Authorized (total)
$2.70B
Spent (derived)
$1.88B
Remaining
$817.90M
Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1596532 CUSIP 040413205 13F (30d) 1330 filings 1262 filers Visit website Investor relations