Arista Networks | The Trojan Horse

Profile

OVR 72 Role player · draft rating

Arista's Q2 2026 revenue was $3.04bn, up 37.7%, with a 2026 outlook of about $12.6bn, and it ranked third in Ethernet AI back-end switches as Cisco gained share.

Dominance78

Third in Ethernet AI back-end switch sales in 2Q26 (Dell'Oro), with Q2 2026 revenue of $3.04bn. nasdaq.com
Momentum80

Q2 2026 revenue rose 37.7% to $3.04bn. nasdaq.com
Leverage50

The Atlas states no company that depends on Arista. nasdaq.com
Durability78

Its named risks are deferred AI revenue timing and Cisco and Celestica competing for the same orders. nasdaq.com
FirepowerNR

The Atlas states no cash, raise, profit, debt or spending commitment for this company.
Deal HeatNR

The Atlas reports no deal talks, pending deal, listing plan or stated acquisition plan for this company.

Ratings are the Atlas’s, set by its rubric. Draft means not yet reviewed.

10 Rows · Page 1 of 1

Financial splits dollar figures in $ billions
BY FISCAL YEAR	FORM	REV	GROWTH %	GROSS	R&D	OP INC	NET INC	OP CF	BUYBACKS
FY2026 YTD 2 of 4 qtrs	10-Q	5.74	36.5	3.59	0.69	2.54	2.24	2.78	0.00
FY2025	10-K	9.01	28.6	5.77	1.24	3.86	3.51	4.37	1.60
FY2024	10-K	7.00	19.5	4.49	1.00	2.94	2.85	3.71	0.42
FY2023	10-K	5.86	33.8	3.63	0.85	2.26	2.09	2.03	0.11
FY2022	10-K	4.38	48.6	2.68	0.73	1.53	1.35	0.49	0.67
FY2021	10-K	2.95	27.2	1.88	0.59	0.92	0.84	1.02	0.41
FY2020	10-K	2.32	-3.9	1.48	0.49	0.70	0.63	0.74	0.40
FY2019	10-K	2.41	12.1	1.54	0.46	0.81	0.86	0.96	0.27
FY2018	10-K	2.15	30.7	1.37	0.44	0.27	0.33	0.50	0.00
FY2017	10-K	1.65	45.8	1.06	0.35	0.47	0.42	0.63	0.00

10 Rows · Page 1 of 1

Financial splits share of revenue in %, revenue in $ billions
BY FISCAL YEAR	FORM	REV	GROWTH %	GM %	R&D %	OM %	NM %	OCF %	BUYBACK %
FY2026 YTD 2 of 4 qtrs	10-Q	5.74	36.5	62.4	12.0	44.1	38.9	48.3	0.0
FY2025	10-K	9.01	28.6	64.1	13.7	42.8	39.0	48.5	17.8
FY2024	10-K	7.00	19.5	64.1	14.2	42.0	40.7	53.0	6.0
FY2023	10-K	5.86	33.8	61.9	14.6	38.5	35.6	34.7	1.9
FY2022	10-K	4.38	48.6	61.1	16.6	34.9	30.9	11.2	15.3
FY2021	10-K	2.95	27.2	63.8	19.9	31.4	28.5	34.5	14.0
FY2020	10-K	2.32	-3.9	63.9	21.0	30.2	27.4	31.7	17.1
FY2019	10-K	2.41	12.1	64.1	19.2	33.4	35.7	39.9	11.0
FY2018	10-K	2.15	30.7	63.8	20.6	12.7	15.3	23.4	0.0
FY2017	10-K	1.65	45.8	64.5	21.2	28.6	25.7	38.4	0.0

8 Rows · Page 1 of 1

Financial splits dollar figures in $ billions
BY QUARTER	FORM	REV	GROWTH %	GROSS	R&D	OP INC	NET INC	OP CF	BUYBACKS
Q2 FY2026	10-Q	3.04	37.7	1.91	0.35	1.38	1.21	1.08	0.00
Q1 FY2026	10-Q	2.71	35.1	1.68	0.34	1.16	1.02	1.69	0.00
Q4 FY2025	10-K	2.49	28.9	1.56	0.35	1.03	0.96	1.26	0.62
Q3 FY2025	10-Q	2.31	27.5	1.49	0.33	0.98	0.85	1.27	0.00
Q2 FY2025	10-Q	2.20	30.4	1.44	0.30	0.99	0.89	1.20	0.20
Q1 FY2025	10-Q	2.00	27.6	1.28	0.27	0.86	0.81	0.64	0.79
Q4 FY2024	10-K	1.93	25.3	1.23	0.28	0.80	0.80	1.03	0.12
Q3 FY2024	10-Q	1.81	20.0	1.16	0.24	0.79	0.75	1.17	0.07

8 Rows · Page 1 of 1

Financial splits share of revenue in %, revenue in $ billions
BY QUARTER	FORM	REV	GROWTH %	GM %	R&D %	OM %	NM %	OCF %	BUYBACK %
Q2 FY2026	10-Q	3.04	37.7	62.9	11.5	45.4	40.0	35.7	0.0
Q1 FY2026	10-Q	2.71	35.1	61.9	12.7	42.7	37.8	62.5	0.0
Q4 FY2025	10-K	2.49	28.9	62.9	14.0	41.5	38.4	50.7	24.9
Q3 FY2025	10-Q	2.31	27.5	64.6	14.1	42.4	37.0	54.9	0.0
Q2 FY2025	10-Q	2.20	30.4	65.2	13.4	44.7	40.3	54.4	8.9
Q1 FY2025	10-Q	2.00	27.6	63.7	13.3	42.8	40.6	32.0	39.3
Q4 FY2024	10-K	1.93	25.3	63.8	14.8	41.4	41.5	53.4	6.4
Q3 FY2024	10-Q	1.81	20.0	64.2	13.0	43.4	41.3	64.9	3.6

Bio

Arista sells the high-speed Ethernet switches that connect servers inside cloud and AI data centers. It plays in the same row of the Atlas as Nvidia, which sells networking of its own.

It runs a similar play at a smaller scale: revenue grew from $1.6 billion in FY2017 to $9.0 billion in FY2025, and the first half of 2026 brought $5.7 billion, up 36% on a year earlier by my arithmetic.

Financials are from Arista Networks’s 10-K and 10-Q filings as tagged for the SEC, fetched 2026-11-03, and each FORM link opens the filing that first reported the period. Every period shows its most recently reported value. Fourth quarters, quarterly cash flow and buybacks (marked with a dotted line), the trailing-twelve-month strip and growth rates are my arithmetic. Linked bio facts are from Wikipedia. Logos are trademarks, used to identify the company.