[ANET] Arista Networks: Q3 2026 earnings preview on deferred revenue and AI acceptance

Arista Networks (ANET) sells Ethernet switching and routing platforms for large AI clusters, cloud data centers, campus and routing networks, all built around its own EOS operating system [1]. Heading into its Q3 2026 earnings, Arista is scheduled to report results for the third quarter of 2026, ending September 30, 2026, and hold its earnings call on 2026-11-03 [2]. In the latest disclosed quarter, the second quarter of 2026, revenue was $3.036 billion, up 37.7% year over year and 12.1% sequentially, with GAAP and non-GAAP operating margins of 45.4% and 49.9% [3]; it was the first quarter in the company's history with revenue above $3 billion [4]. On August 4, Arista guided third-quarter revenue to about $3.3 billion, non-GAAP operating margin to 48%-49% and non-GAAP diluted EPS to $1.06-$1.08 [5]. On the call it guided gross margin to about 63% and raised its full-year revenue target for the third time, to about $12.6 billion, or roughly 40% growth [6]. Drillr's aggregation of 15 analysts puts consensus third-quarter revenue at $3.333 billion (range $3.323-$3.363 billion), and 18 analysts put consensus EPS at $1.08 (range $1.07-$1.11); that aggregate does not separate GAAP from non-GAAP [7].

Three things matter most in this report. The first is whether the $6.866 billion of deferred revenue keeps converting into revenue on schedule: in the second quarter Arista recognized $1.036 billion from its opening deferred balance, while evaluation inventory rose from $403.7 million to $616.0 million in six months [8][9], so whether third-quarter revenue reaches about $3.3 billion will show whether that balance looks more like demand waiting in line for acceptance or revenue held back by slow acceptance of new products. The second is whether gross margin holds within the full-year range of 62%-64% [6]: second-quarter GAAP gross margin was 62.9%, down from 65.2% a year earlier, which the company attributed to a larger share of sales to big customers who receive higher discounts [10], while higher memory and silicon prices are still working their way into costs. The third is whether $9.7 billion of non-cancellable purchase commitments turns into shipments rather than inventory [11]: first-half operating cash flow was $2.777 billion, about 1.24 times net income, but much of it came from growth in deferred revenue [12], and third-quarter inventory, commitments and cash flow will show how much locking in supply is costing.

Company Background and Business Structure

Arista describes itself as a client-to-cloud networking vendor for large AI, data center, campus and routing environments; its offering combines the Extensible Operating System (EOS), a set of network applications and Ethernet switching and routing platforms, its headquarters are in Santa Clara, California, and it operates abroad through wholly owned subsidiaries [1]. At the end of 2025 it had about 5,115 full-time employees worldwide [13]. Its customers include the cloud and AI titans, other internet and service providers including specialty and AI neoclouds, and a wide range of enterprises such as financial institutions and government agencies [14].

Arista reports a single segment and splits revenue into product and service. In 2025 product revenue was $7.577 billion, or 84.1% of the total, from switching and routing platforms and related network applications; service revenue was $1.429 billion, or 15.9%, mainly post-contract customer support (PCS) bought with products plus renewals, recognized over the service term [15]. Customer concentration is high: two end customers accounted for 26% and 16% of 2025 revenue, versus 20% and 15% in 2024 [16], and an earlier annual report named the two customers above 10% of revenue as Meta Platforms and Microsoft [14]. Geographically, revenue outside the Americas was 23.0% of the total in the second quarter of 2026 against 21.8% a year earlier, and the company says such swings mainly reflect changes in where its large global customers buy [17].

Arista outsources most manufacturing but keeps control of the bill of materials, qualified suppliers and test procedures; its main contract manufacturers are Jabil, Sanmina and Foxconn, producing in Malaysia, Vietnam, Mexico and other countries, with finished goods shipped through facilities in the United States, the Netherlands and Singapore, and it relies primarily on Broadcom for switching chips [18]. Large-customer contracts often carry acceptance terms, so revenue goes into deferred revenue when equipment ships and is recognized only after the customer accepts it; as a result the deferred revenue balance rose from $2.791 billion to $5.372 billion during 2025 [19]. To cope with component shortages the company placed large non-cancellable purchase orders, and off-balance-sheet commitments stood at $6.8 billion at the end of 2025 [20], which makes inventory, purchase commitments and deferred revenue the three ledgers for understanding Arista's revenue timing and cash flow.

Financial History and Current Position

The annual record shows Arista accelerating over three years while keeping high margins. Total revenue grew from $5.860 billion in 2023 to $7.003 billion in 2024 and $9.006 billion in 2025, increases of 19.5% and 28.6%, while gross margin rose from 61.9% in 2023 to 64.1% in 2024 and held at 64.1% in 2025 [21][15]. Operating income in 2025 was $3.856 billion, an operating margin of about 42.8%, with net income of $3.511 billion and diluted EPS of $2.75 [21]. Operating cash flow that year was $4.372 billion, above net income, driven mainly by a roughly $2.5 billion increase in deferred revenue, partly offset by a $412.5 million rise in inventory, a $937.4 million rise in other assets driven by deferred cost of goods sold and a $746.4 million rise in accounts receivable [22].

Revenue growth sped up further in the first half of 2026, but gross margin ran below the prior year. First-quarter revenue was $2.709 billion, up 35.1%, with GAAP and non-GAAP operating margins of 42.7% and 47.8% [23], and GAAP gross margin fell from 63.7% a year earlier to 61.9% [24]. Second-quarter revenue was $3.036 billion, including product revenue of $2.605 billion, up 38.8%, and service revenue of $430.5 million, up 31.3% [25][17], and GAAP gross margin was 62.9% against 65.2% a year earlier [10]. First-half revenue totaled $5.745 billion and net income $2.236 billion [25][12].

By the end of June 2026, the balances tied to the pace of growth had all grown noticeably. Deferred revenue rose from $5.372 billion at the start of the year to $6.866 billion [8], total remaining performance obligations including other obligations were about $8.4 billion, with about 91% expected to be recognized within two years [26], inventory rose from $2.247 billion to $2.535 billion [9], and off-balance-sheet non-cancellable purchase commitments reached $9.7 billion [11]. First-half operating cash flow was $2.777 billion, investing activities used $2.445 billion, and financing activities used only $1.5 million, which shows the company did not repurchase stock in the first half [12].

Operating Model

Arista's revenue splits into two parts that move at different speeds. Product revenue equals switching and routing shipments recognized immediately in the quarter plus earlier shipments whose acceptance was completed this quarter and moved out of the deferred balance; service revenue is multi-year PCS and renewals recognized over time, growing with the installed base [15][17]. Demand comes from data center, AI back-end and front-end, scale-across and campus builds at cloud and AI titans, specialty clouds, enterprises and financial customers; on the first-quarter call management said scale-across networking would contribute at least a third of AI revenue, and that industry-wide shortages of wafers, chips, optics and memory were limiting revenue growth [27]. Product revenue recognized in any quarter is therefore constrained by demand, supply and acceptance together: supply decides whether Arista can ship, acceptance decides when shipped product becomes revenue, and both make revenue lag orders.

On the profit side, product gross margin is the key variable. Gross profit equals product revenue times product gross margin plus service revenue times service gross margin; in 2025 product gross margin was about 60.7% and service gross margin about 82%, and product gross margin fell to about 59.8% in the second quarter of 2026 [15][25]. Product cost is mainly inventory paid to contract manufacturers and chip vendors, freight and tariffs, and supply chain costs, and big-customer discounts, component price increases, expedite fees and excess-inventory provisions all push product gross margin down [10][28]. Operating expenses are dominated by R&D, which was $1.237 billion in 2025, while sales, marketing and administrative expenses together were $675.3 million, about 7.5% of revenue [21], so operating margin stays above 40% and changes in gross margin pass fairly directly into operating margin.

Deferred revenue, deferred cost of sales and inventory sit between profit and cash flow. Operating cash flow roughly equals net income plus non-cash items such as stock-based compensation and the increase in deferred revenue, minus increases in deferred cost of sales, receivables and inventory; because large-customer contracts with acceptance terms are often billed and collected before revenue is recognized, 2025 operating cash flow of $4.372 billion exceeded net income of $3.511 billion [22]. In the other direction, non-cancellable orders placed to secure supply push inventory up and deferred cost of sales ties up cash: in the first quarter of 2026 other assets rose $298.7 million and inventory rose $133.0 million [29]. Once acceptances are completed in bulk and deferred revenue falls, the advantage of cash flow over profit would shrink with it.

Industry and Competitive Position

Data center and campus networking is a market Cisco has long dominated and where acquisitions are frequent. Arista also competes with Dell/EMC, Extreme Networks, HPE (which has acquired Juniper), Huawei, Nvidia and white-box vendors running open-source software; the annual report says arrangements such as Broadcom's acquisition of VMware and Nvidia's large investments in AI neoclouds are often used to influence buying decisions, and in AI back-end clusters Ethernet also competes with the InfiniBand and NVLink interconnects that Nvidia sells together with its GPUs [30].

Arista's evidenced strengths center on its unified EOS software, reliability and experience in large AI deployments, but they rest mostly on the company's own statements. Cumulative AI EtherLink switch customers exceeded 100 in the second quarter, up from the initial 4-5 in 2024; the company launched the 7060XE7 switch with 100 terabits of capacity and its first liquid-cooling option, and it put the 2030 market for scale-across switching and routing at $15-$20 billion [4]. In the Q&A management argued that white boxes suit only simple, low-software use cases and that more distributed networks need integrated hardware-software systems, and it said open co-packaged optics would not be broadly adopted until 2028-2029 [31]. Public disclosures do not give a market-by-market comparison of share or margins against Cisco or Nvidia, so the competitive advantage can only be tested indirectly through changes in revenue, gross margin and customer counts.

Core Debates

Is Arista's $6.9 billion of deferred revenue real demand waiting in line for acceptance, or revenue held back by slow acceptance of new products?

This question decides whether quarterly revenue should be read through demand or through the pace of acceptance. More than 80% of Arista's revenue comes from switching and routing products, growth is concentrated in next-generation network deployments at large cloud and AI customers, and those contracts often carry acceptance terms, so quarterly revenue depends not only on demand and supply but also on when customers finish testing [15][16]. The deferred revenue balance rose from $4.062 billion to $6.866 billion in a year and is an important reserve of future revenue [8]; but on the second-quarter call management also warned that customer-specific acceptance clauses for new AI products and new customer deployments could cause large quarterly swings in deferred revenue unrelated to business performance [31].

The current evidence shows the balance is moving rather than only piling up. Second-quarter revenue of $3.036 billion beat the company's earlier quarterly guidance of about $2.8 billion [3][23]; in the same quarter Arista recognized $1.036 billion from its opening deferred balance, versus $1.264 billion in the first quarter, both far above $337.4 million in the second quarter of 2025 [8][32]. Total remaining performance obligations were $8.4 billion, including $875.1 million of binding contracts primarily related to future product shipments, and about 91% is expected to be recognized within two years [26].

The financial chain here is long, which leaves room for a second reading. When large customers deploy next-generation 800G/1.6T, AI back-end and scale-across switches under contracts with acceptance terms, product revenue is deferred and cost goes into deferred cost of sales after shipment, and both move into the quarter's revenue and gross profit once the customer accepts. The alternative reading also has evidence behind it: evaluation inventory rose from $403.7 million to $616.0 million in six months [9], acceptance terms for new customers and new AI products are multiplying, some revenue may be pushed out, and failed acceptance could bring returns and inventory write-downs. Because the company does not split the deferred balance between product acceptances and PCS, it is not yet possible to tell which reading dominates.

The Q3 report offers three tests of this debate. The first is whether revenue reaches the roughly $3.3 billion guide and whether the roughly $12.6 billion full-year target is maintained or raised [5][6]; the second is whether the deferred balance stays at or above $6.866 billion and whether revenue recognized from the opening balance stays at or above $1 billion; the third is whether evaluation inventory keeps rising from $616.0 million and how the company describes acceptance terms and new deployments. If third-quarter revenue falls short of about $3.3 billion while deferred revenue and evaluation inventory keep rising, acceptances are being delayed and the deferred balance cannot be treated as revenue about to be realized; if recognition from the opening balance drops below $1 billion alongside a cut to the full-year target, large-customer deployments may already be slowing.

As its largest customers buy more and components get more expensive, can Arista keep gross margin within its 62%–64% range?

Gross margin decides whether high revenue growth turns into proportionate profit. Arista's operating margin is close to 50%, and at quarterly revenue of about $3.3 billion each percentage point of gross margin is worth about $33 million of gross profit [5]. The more growth concentrates in a few large customers, the more discounts and terms Arista gives up; at the same time, AI infrastructure demand is tightening memory and silicon supply, and suppliers can raise prices or charge expedite fees [28].

Gross margin has been below the prior year for two straight quarters, though it recovered sequentially in the second quarter. Two large customers accounted for 26% and 16% of 2025 revenue [16]; GAAP gross margin was 61.9% and 62.9% in the first and second quarters of 2026, below 63.7% and 65.2% a year earlier, and both quarterly reports attributed the decline to a larger share of sales to big customers who receive higher discounts [24][10]. Calculated from product revenue and product cost, second-quarter product gross margin was about 59.8%, down from about 62.3% a year earlier but up from about 58.4% in the first quarter [25].

Two opposing forces run through this chain, and whether the recovery lasts is still uncertain. A rising share of purchases by large customers brings deeper discounts and bundled upgrades, while price increases for memory, silicon and optics plus expedite fees raise unit costs, and together they squeeze product gross margin; service revenue, with gross margin of about 80%, reached $430.5 million in the second quarter, up 31.3%, and provides a partial offset [17]. The alternative reading is that the sequential recovery was only a temporary improvement in customer mix and that component inflation will show up fully only as purchase commitments arrive and flow into cost of sales; management described industry-wide supply tightness and rising component costs as a multi-year problem that will not fully resolve until 2028 [31], and the full-year gross margin range of 62%-64% already includes higher component costs [6].

The Q3 checkpoints for the margin debate are equally specific. Investors can watch whether GAAP gross margin stays at or above 61.9% and non-GAAP gross margin lands near the roughly 63% guide, whether product gross margin holds near 59.8% and how the company attributes component costs and customer mix, and whether service revenue keeps growing sequentially and the full-year range is maintained. If third-quarter gross margin falls below 61.9% and the company blames component costs, price increases are not being passed through and the full-year range faces a cut; if product gross margin returns above 60% while revenue meets guidance, the pressure from large-customer volume on unit margins has stabilized.

Arista has locked in supply with $9.7 billion of purchase commitments. Is that money turning into shipments, or piling up as inventory?

Cash flow is the second line for testing the quality of Arista's growth. Management said full-year revenue could rise further if supply beyond what the guidance assumes becomes available [6]; to secure it, Arista raised multi-year purchase commitments from about $3.6 billion a year earlier to $9.7 billion, close to triple [4]. These orders cannot be cancelled, so if demand or acceptances slow they would become excess inventory and purchase-liability provisions and weigh on operating cash flow.

Purchase commitments, inventory and cash flow are all at elevated levels. Non-cancellable purchase commitments were $9.7 billion at the end of the second quarter, with $9.4 billion expected to arrive within 12 months, compared with $8.9 billion at the end of the first quarter and $6.8 billion at the end of 2025 [11][33][20]; inventory was $2.535 billion, with raw materials rising from $611.2 million to $859.6 million in six months [9]. First-half operating cash flow was $2.777 billion against net income of $2.236 billion, a ratio of about 1.24 times, close to about 1.25 times for full-year 2025; cash flow relied mainly on a $1.494 billion increase in deferred revenue, offset by a $619.7 million rise in other assets driven by deferred cost of sales, a $379.3 million rise in receivables and a $288.2 million rise in inventory [12][34].

Whether the commitments end up as shipments or inventory depends on a long transmission chain. Shortages and long lead times for memory, silicon and optics push the company to add non-cancellable commitments, components and finished goods enter inventory, shipments with acceptance terms go into deferred cost of sales, and only after shipment and acceptance do they become cost of sales and revenue; the company says it has secured all of its memory supply for 2026 with extended visibility into 2027 [4], and management also warned that inventory will fluctuate from quarter to quarter and may run high ahead of customer deployments, affecting the timing of operating cash flow [31]. The alternative reading is that cash flow above profit comes mainly from customer prepayments and deferred billing, so once acceptances are completed in bulk and deferred revenue falls, cash flow would drop below profit while inventory and commitments stay high.

The Q3 report will give the next set of readings on this debate. Investors can watch whether quarter-end purchase commitments stay above $9.7 billion and how the portion due within 12 months changes, whether inventory grows faster than revenue and raw materials keep rising, and whether nine-month operating cash flow stays above 1.2 times net income and the contribution from deferred revenue declines. If commitments keep rising while revenue misses guidance, supply lock-ins may exceed what Arista can actually ship and future inventory write-downs become a risk; if nine-month operating cash flow falls below net income, working capital is absorbing cash and the cash quality of growth is declining.

Risks and Falsifiers

The first risk is a shift in competition and technology. In AI back-end networks Ethernet competes with the InfiniBand and NVLink interconnects that Nvidia bundles with its GPUs, large customers could move to white-box hardware or in-house software, and rivals such as Cisco and HPE are broadening their product lines through acquisitions [30]. The exposure sits in product revenue of $7.577 billion, or 84.1% of 2025 revenue, where share or pricing pressure would hurt both revenue growth and product gross margin [15]. If large-customer revenue keeps growing, the AI networking target of at least $3.5 billion is held or raised, and product gross margin stays stable, this concern does not hold [6].

The second risk is dependence on Broadcom switching chips. The company relies primarily on this single merchant silicon vendor, so its product roadmap and shipment volumes depend on Broadcom's chip cadence and supply [18]. Merchant silicon is a major part of product cost, so supplier delays or reduced allocations would push out shipments and revenue recognition, and price increases would lower product gross margin [28]. If quarterly shipments and revenue meet guidance and the company discloses no shipment delays caused by chip supply, this risk has not materialized.

The third risk is delayed or failed acceptance of new products and new customers. If contracts with acceptance terms cannot meet requirements, revenue cannot be recognized and the company may have to accept returns or write down inventory, and management has acknowledged that acceptance clauses for new AI products are increasing [31]. At the end of the second quarter deferred revenue was $6.866 billion and evaluation inventory $616.0 million, so delayed acceptance would directly lower quarterly revenue and write-downs would hit gross profit [8][9]. If third-quarter revenue reaches the roughly $3.3 billion guide and revenue recognized from the opening deferred balance stays at or above $1 billion, this concern weakens [5].

The fourth risk is customer concentration. Two customers together made up about 42% of 2025 revenue, and changes in their purchase timing, architecture choices or supplier allocation would directly reshape Arista's quarterly revenue and margin mix [16]. Because large customers receive deeper discounts, a rising share for them pulls gross margin down, which is exactly how the company explained the year-over-year decline in second-quarter 2026 gross margin [10]. If the next annual report shows the two customers' combined share falling while total revenue keeps growing and gross margin holds above 62%, this risk is easing.

The fifth risk comes from both ends of the supply chain. When memory and silicon are scarce, suppliers may delay, cut allocations or decommit orders, delaying shipments, while if demand slows the non-cancellable commitments become a surplus [28]. The exposure is $9.7 billion of non-cancellable purchase commitments, $9.4 billion of them due within 12 months, and $2.535 billion of inventory; any excess would require inventory and supplier-liability provisions that reduce gross profit directly [11][9]. If third-quarter revenue meets guidance, inventory grows no faster than revenue and commitments stay in the $8.9-$9.7 billion range, this risk remains contained.

What to Watch Next

• Deferred revenue conversion: second-quarter revenue was $3.036 billion against a third-quarter guide of about $3.3 billion; watch whether revenue meets the guide and the roughly $12.6 billion full-year target is held or raised. A miss alongside rising deferred revenue and evaluation inventory would point to delayed acceptances.
• Deferred balance and recognition: the balance was $6.866 billion and $1.036 billion was recognized from the opening balance in the second quarter; watch for a balance at or above $6.866 billion and recognition of at least $1 billion. Recognition below $1 billion with a cut to the full-year target would point to slower deployments.
• Evaluation inventory: $616.0 million; watch whether it keeps rising and how the company describes acceptance terms. A rise alongside a revenue miss would weaken the "waiting in line for acceptance" reading.
• GAAP gross margin: 62.9% in the second quarter (61.9% in the first quarter, 65.2% a year earlier); watch for at least 61.9% and non-GAAP near about 63%. A drop below 61.9% blamed on component costs would put the full-year range at risk.
• Product gross margin: about 59.8% in the second quarter; watch whether it holds or returns above 60%. A return above 60% with revenue on guide would suggest large-customer pressure has stabilized.
• Purchase commitments and inventory: $9.7 billion of commitments ($9.4 billion within 12 months) and $2.535 billion of inventory; watch whether commitments keep rising and inventory outgrows revenue. Rising commitments with a revenue miss would raise write-down risk.
• Cash conversion: first-half operating cash flow was about 1.24 times net income; watch whether it stays above 1.2 times and whether the deferred revenue contribution declines. Nine-month operating cash flow below net income would show working capital absorbing cash.

Conclusion

Arista's business is driven by network deployments at large cloud and AI customers, and it currently combines high growth, high margins and three large balances expanding at once. Revenue was $9.006 billion in 2025, up 28.6%, and $3.036 billion in the second quarter of 2026, up 37.7%, with operating margin above 40% [21][3]; at the same time deferred revenue reached $6.866 billion, inventory $2.535 billion and non-cancellable purchase commitments $9.7 billion [8][9][11], while GAAP gross margin ran below the prior year as large customers took a bigger share [10]. The central unresolved relationship is whether these balances can turn into revenue and cash on schedule while gross margin holds within 62%-64% [6].

Outside interpretation of this question is currently a blank. Since the second-quarter results on 2026-08-04, the third-party material available has consisted mainly of results recaps, call summaries, share-price commentary and paywalled blogs, none of which offered a verifiable, independently argued view on deferred revenue conversion, gross margin or purchase commitments. There is therefore no outside view to set against each of the three debates, and readers should not treat those recaps as a market consensus.

The current understanding would be materially strengthened if several observations held together: third-quarter revenue reaching the roughly $3.3 billion guide with the roughly $12.6 billion full-year target held or raised, recognition from the opening deferred balance of at least $1 billion, GAAP gross margin at or above 61.9%, and nine-month operating cash flow still clearly above net income [5][6]. It would be materially weakened by the opposite combination: revenue missing guidance while deferred revenue, evaluation inventory and purchase commitments keep rising, gross margin falling below 61.9% and being blamed on component costs, and operating cash flow dropping below net income.

Sources

[1] ANET 10-K filed 2026-02-17 · business overview and EOS platform · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/

[2] Drillr earnings calendar (updated 2026-10-12) · ANET 2026-11-03 call · 2026-10-12 · Drillr earnings calendar

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[9] ANET 10-Q filed 2026-08-05 · inventories and evaluation inventory · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/

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[24] ANET 10-Q filed 2026-05-06 · Q1 2026 gross margin drivers · 2026-05-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/

[25] ANET 10-Q filed 2026-08-05 · Q2 2026 product and service revenue and cost · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/

[26] ANET 10-Q filed 2026-08-05 · remaining performance obligations · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/

[27] ANET Q1 2026 earnings call 2026-05-05 · supply constraints and AI use cases · 2026-05-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[28] ANET 10-Q filed 2026-08-05 · supply risk factor · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/

[29] ANET 10-Q filed 2026-05-06 · Q1 2026 operating cash flow · 2026-05-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/

[30] ANET 10-K filed 2026-02-17 · competition · 2026-02-17 · 10-K · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/

[31] ANET Q2 2026 earnings call 2026-08-04 · risks and Q&A · 2026-08-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[32] ANET 10-Q filed 2026-05-06 · Q1 2026 deferred revenue roll-forward · 2026-05-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/

[33] ANET 10-Q filed 2026-05-06 · Q1 2026 purchase commitments · 2026-05-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/

[34] ANET 10-Q filed 2026-08-05 · H1 2026 operating cash flow · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/