ANET · Arista Networks, Inc.
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.”
Price & Indicators
Up next
Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;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.
- + 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
- − 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-
Research ThesisSuper Micro Computer's 15–17% margin guide against a 10.1% recent print makes the bear trade the heavier one
The $60B FQ4 backlog is the cleanest demand signal in AI servers, but the lifted 15–17% gross-margin guide against a 10.1% Q3 FY2026 print, an active export-control board review, and 16.2% short interest leave the bear case as the heavier of the two trades heading into the August 11 print.
-
Research ThesisSandisk's $42 billion contract floor has bought the bull case three times trailing revenue; the bear trades it for the multiple
Sandisk re-rated on one quarter of contracted datacenter revenue: three fiscal Q3 contracts carry roughly $42 billion of minimum contractual revenue, five multi-year deals are backed by over $11 billion of guarantees, and the stock still sits 45.3% off its $2,335 52-week high at 14.1× EV/Revenue, the cheapest of the three storage names on that multiple.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Computer Hardware — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ANET
this stock
Arista Networks, Inc.
|
$243.21B | +52.2% | +28.6% | 61.0 | 1.2% |
|
DELL
Dell Technologies Inc.
|
$360.75B | +351.3% | +18.8% | 33.0 | 2.3% |
|
SNDK
Sandisk Corp
|
$262.36B | +654.8% | +175.3% | 24.3 | 4.1% |
|
STX
Seagate Technology Holdings plc
|
$194.64B | +211.8% | -36.7% | 61.8 | 3.7% |
|
WDC
Western Digital Corp
|
$159.13B | +156.2% | +35.7% | 18.2 | 5.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ANET | -0.1% | +8.5% | +65.1% | +1.9% | +52.2% |
| SPY | -0.3% | -0.1% | +20.1% | -0.7% | +11.7% |
| vs SPY | +0.2% | +8.6% | +45.0% | +2.6% | +40.5% |
Capital returns
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.