Arista Networks, Inc.

Company facts

Industry

Computer Communications Equipment

Headquarters

Santa Clara, California

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 1596532

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 0 positive, 7 notable, and 9 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with large swings in inventory, deferred revenue, and purchase commitments.
  Notable

  • Total remaining performance obligations of $8.6B, with 91% expected in next two years.
  • No stock repurchases in 9M 2026, leaving $817.9M authorized but unused.
  Negative

  • Evaluation inventory (likely at risk of obsolescence) doubled to $874.3M from $403.7M at Dec 31, 2025.
  • Non-cancellable purchase commitments of $11.4B as of Sep 30, 2026, dwarf deferred revenue of $6.84B.

• Management's Discussion (Item 2)

  Revenue surged 58.5% in Q3 2026, but gross margin fell and customer concentration is high.
  Notable

  • R&D spending jumped 49.4% in Q3 2026 to $486.9M, driven by $137M in new product introduction costs.
  Negative

  • Two customers each accounted for >10% of revenue in each of the last three years; one was 26% in FY2025.

• Risk Factors (Item 1A)

  Contains company-specific quantified risks: customer concentration, tariff exposure, supply chain, AI demand uncertainty.
  Notable

  • Acquired VeloCloud in June 2025; integration risks and management distraction are highlighted.
  • Insiders beneficially own ~16.6% of shares, giving them significant influence over corporate actions.
  Negative

  • Relies on Broadcom as predominant merchant silicon vendor; failure could force product redesigns and lost sales.
  • Two end customers represent 16% and 26% of FY2025 revenue, creating high dependency and revenue volatility.
  • Products primarily made in Malaysia, Vietnam, Mexico; new U.S. tariffs since Feb 2025 create cost and supply uncertainty.
  • Revenue growth volatile: 28.6% in FY2025, 19.5% in FY2024, 33.8% in FY2023; future rates uncertain due to cyclical trends.
  • AI network demand is hard to forecast; customers may overestimate and cancel orders with little notice.
  • Significant non-cancellable purchase commitments for semiconductors; excess inventory could lead to write-downs.

• Unregistered Sales and Repurchases (Item 2)

  New $1.5B buyback authorization in May 2025; no shares repurchased in nine months; $817.9M remaining.
  Notable

  • New $1.5B buyback authorized in May 2025; no shares repurchased in nine months through Sep 30, 2026.
  • $817.9 million remaining authorized for repurchases as of Sep 30, 2026.

What changed: Sep 2026 vs. Jun 2026

About 1% of ANET's Sep 2026 10-Q is new information. 5 paragraphs were added, 112 changed, and 27 removed. Below are the most important lines SECSift identified.

• Item 1A 28
• Item 1 26
• Item 2 24
• Item 5 5
• Item 4 2
• Item 6 2