Arista Networks, Inc. (ANET) operating KPIs

ANETNYSEComputer Communications EquipmentFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026Score 15/3046% above fair value

$168.86−15.36 (-8.34%)

Close on Oct 30, 2026Market cap $212.97BP/E 53.3Yield –

KPIs

Operating metrics that drive Arista Networks's business · fiscal year ends December 31

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Metric	Q2 2026 2026-06-30	Q1 2026 2026-03-31	Q4 2025 2025-12-31	Q3 2025 2025-09-30	Q2 2025 2025-06-30	Q1 2025 2025-03-31	Q4 2024 2024-12-31	Q3 2024 2024-09-30	Q2 2024 2024-06-30	Q1 2024 2024-03-31	Q4 2023 2023-12-31	Q3 2023 2023-09-30

Total Remaining Performance Obligations (RPO)($M)3	8,400	7,700	6,100	5,300	4,700	3,700	3,400	3,300	3,000	2,600	2,300	2,100
Expected recognition over next 2 years(%)	91.0%	91.0%	90.0%	90.0%	88.0%	86.0%	85.0%	83.0%	81.0%	79.0%	79.0%	76.0%
Expected recognition in years 3–5(%)	9.0%	9.0%	10.0%	10.0%	12.0%	14.0%	15.0%	17.0%	19.0%	21.0%	21.0%	24.0%
Other Performance Obligations (Unbilled & Binding Product Backlog)($M)2	1,300	1,200	503	466	442	420	450	626	688	809	704	820
Binding contractual agreements for future product shipments($M)	875	968	228	88.7	56.4	62.7	61.6	112	175	266	368	507
Unbilled multi-year post-contract support (PCS) & services($M)	428	265	276	377	386	357	389	514	513	544	336	313
Total Deferred Revenue (Short-Term + Long-Term)($M)5	6,866	6,199	5,372	4,686	4,062	3,089	2,791	2,507	2,119	1,663	1,506	1,195
Current deferred revenue($M)	5,101	4,910	4,003	3,521	2,788	2,073	1,727	1,600	1,330	998	915	699
Non-current deferred revenue($M)	1,765	1,289	1,370	1,166	1,274	1,016	1,064	908	789	665	591	496
Product deferred revenue, sequential change (CFO call disclosure)($M)	600	643	469				150	320	253	-25	153
New revenue deferrals added in period($M)	1,703	2,091	1,283	1,324	1,310	716	528	638	706	441	420	283
Revenue recognized from beginning-of-period deferred revenue balance($M)	1,036	1,264		700	337	418		249	250	284		174
Shipped Hardware & Trial Clusters Pending Customer Acceptance3
Deferred cost of goods sold — current($M)	1,622	1,547	1,197				291
Customer evaluation inventory (finished goods at customer sites)($M)	616	526	404	427	335	436	422				0
Customer contract liabilities (rebates & refund obligations)($M)1	278	274	250	187	188	161	161	147	144	140	133	120
Current portion (in other current liabilities)($M)	134	131	114	78.5	83.6	66.3	65.7	60	59.2	59.4	59.2	52.5
Non-cancellable manufacturing purchase commitments($M)3	9,700	8,900	6,800	4,800	3,600	3,500	3,100	2,400	2,100	1,458	1,587	2,000
Due within 12 months($M)	9,400	7,600	6,300	4,300	3,100	3,000	2,800	2,000	1,700	1,425	1,547	1,700
Due after 12 months($M)	300	1,300	500	500	500	500	300	400	400	32.6	39.5	300
Deposits to contract manufacturers (current)($M)	124	95.5	53	50.1	66.8	80.1	95.8	117	128	132	133	201

Next-Quarter Financial Guidance (Indexed by Issuing Quarter)5
Next-quarter revenue guidance — point estimate($M)	3,300	2,800	2,600		2,250	2,100
Next-quarter Non-GAAP gross margin guidance — low (legacy range through Q1 2026)(%)		62.0%	62.0%	62.0%				63.0%	63.0%
Next-quarter Non-GAAP gross margin guidance — high (legacy range through Q1 2026)(%)		63.0%	63.0%	63.0%				64.0%	64.0%
Next-quarter diluted shares guidance(M)	1,279	1,277	1,275	1,281	1,275
Next-quarter Non-GAAP effective tax rate guidance(%)	21.5%	21.5%	21.5%	21.5%	21.5%
Full-Year 2026 Strategic Outlook (Tracked Quarterly as Issued)3
Full-year revenue growth outlook (Y/Y)(%)	40.0%	28.0%	25.0%
Full-year Non-GAAP gross margin outlook — low(%)	62.0%	62.0%	62.0%
Full-year Non-GAAP gross margin outlook — high(%)	64.0%	64.0%	64.0%

Non-GAAP gross profit($M)1	1,925	1,691	1,578	1,505	1,447	1,285	1,240	1,170	1,105	1,009	1,007	952
Non-GAAP gross margin(%)	63.4%	62.4%	63.4%	65.2%	65.6%	64.1%	64.2%	64.6%	65.4%	64.2%	65.4%	63.1%
Non-GAAP income from operations($M)1	1,514	1,294	1,181	1,122	1,076	957	907	890	786	744	744	696
Non-GAAP operating margin(%)	49.9%	47.8%	47.5%	48.6%	48.8%	47.8%	47.0%	49.1%	46.5%	47.4%	48.3%	46.1%
Non-GAAP net income($M)2	1,302	1,108	1,047	962	934	846	850	769	673	638	664	581
Non-GAAP diluted net income per share (post-Dec 2024 4:1 split)($)	1.02	0.87	0.82	0.75	0.73	0.66	0.66	0.60	0.53	0.50	0.52
Non-GAAP diluted net income per share (legacy pre-Dec 2024 4:1 split)($)								2.40	2.10	1.99	2.08	1.83
Stock-based compensation expense — total($M)6	120	121	133	128	85.2	93	101	98.1	79.3	77.2	81.4	85.4
Research & development($M)	70.1	72.2	75.9	74.6	53.2	57	58.9	58.3	50.7	43.8	46.5	48
Sales & marketing($M)	32.2	29.8	32.5	32.9	18.8	19.9	22.2	21	16.8	18.9	19.6	20.5
General & administrative($M)	10.7	11.9	17.1	12.4	7.40	10.6	15.4	14.7	7.80	11.1	11.9	13.2
Cost of revenue($M)	7.40	7	7.60	8	5.80	5.50	4.30	4.10	4	3.40	3.30	3.70
Unrecognized stock-based compensation cost($M)	1,500	1,500	1,500	1,600	1,400	1,100	1,000	1,100	1,083	746	734	804
Unvested restricted stock units (RSUs) outstanding(M)	24.6	26.3	28.1	29.3	29.1	26.4	28.6	7.70	8.20	7.40	31.6	8.50

Inventories, net — total($M)2	2,535	2,380	2,247	2,156	2,059	1,957	1,835	1,770	1,854	2,025	1,945	1,894
Raw materials($M)	860	811	611	651	601	576	565	652	771	980	931	944
Finished goods (including customer evaluation inventory)($M)	1,676	1,569	1,636	1,505	1,458	1,381	1,269	1,118	1,082	1,045	1,014	949
Property and equipment, gross($M)7	577	507	452	413	386	351	318	305	301	295	290	283
Equipment & machinery($M)	208	199	188	178	174	168	161	158	154	152	145	142
Construction in progress($M)	214	152	108	81.1	58.1	32.9	8.20		3.40	0.30	4.20	4.40
Computer hardware & software($M)	66.9	66.3	66.2	65.9	65.4	64.9	63.9	62.3	59.2	58.4	57.8	57.1
Land & improvements($M)	47.3	47.3	47.3	47.3	47.3	47.3	47.2	46.9	45.9	45.2	44.6	44
Leasehold improvements($M)	38.3	38.2	38.4	37	37.1	34.8	34.7	34.8	34.7	34.7	34.6	32.1
Furniture & fixtures($M)	3.70	3.70	3.70	3.70	3.70	3.50	3.50	3.60	3.60	3.60	3.60	3.60
Accumulated depreciation($M)	265	256	249	241	233	227	219	212	204	197	188	181
Common stock repurchases (cash paid)($M)1	0	0	620	0	196	787	124	65.1	172	62.7	0	0
Remaining share repurchase authorization($M)	818	818	818	1,400	1,400	134	921	1,000	1,100	82	145	145

Cloud Titan & Hyperscaler Customer Capital Expenditures (SEC / DB)4
Microsoft Corp. (MSFT — 26% of ANET FY25 revenue) capital expenditures($M)	35,802	30,876	29,876	19,394	17,079	16,745	15,804	14,923	13,873	10,952	9,735	9,917
Meta Platforms, Inc. (META — 16% of ANET FY25 revenue) capital expenditures($M)	30,116	18,997	21,383	18,829	16,538	12,941	14,425	8,258	8,173	6,400	7,592	6,496
Alphabet Inc. (GOOGL) capital expenditures($M)	44,924	35,674	27,851	23,953	22,446	17,197	14,276	13,061	13,186	12,012	11,019	8,055
Amazon.com, Inc. (AMZN) capital expenditures($M)	54,208	44,203	39,522	35,095	32,183	25,019	27,834	22,620	17,620	14,925	14,588	12,479

Total revenue($M)5	3,036	2,709	2,488	2,308	2,205	2,005	1,930	1,811	1,690	1,571	1,541	1,510
Product revenue($M)	2,605	2,311	2,096	1,912	1,877	1,693	1,608	1,524	1,423	1,329	1,310	1,286
Service revenue($M)	431	398	392	397	328	312	322	287	267	243	230	224
Americas revenue($M)1	2,338	2,290	1,960	1,840	1,724	1,599	1,619	1,480	1,374	1,255	1,197	1,185
United States revenue($M)	2,320	2,272	1,945	1,826	1,712	1,582	1,602	1,465	1,363	1,233	1,175	1,151
EMEA revenue($M)	438	235	375	239	282	175	202	191	179	142	202	173
Asia-Pacific revenue($M)	260	184	153	230	199	232	109	140	137	174	142	152
GAAP gross profit($M)	1,910	1,677	1,564	1,490	1,439	1,276	1,231	1,162	1,097	1,001	999	942
GAAP operating income($M)3	1,378	1,158	1,033	978	986	859	800	785	700	660	640	603
GAAP research & development($M)	348	344	348	326	297	266	285	236	268	208	212	212
GAAP sales & marketing($M)	150	142	139	151	127	117	111	107	104	105	106	102
GAAP general & administrative($M)	33.8	33.7	43.4	34.8	29.4	34.3	35.4	33.8	25.7	27.7	42.3	25.3
GAAP net income($M)	1,213	1,023	956	853	889	814	801	748	665	638	614	545
Operating cash flow($M)1	1,083	1,694	1,262	1,268	1,200	642	1,031	1,175	989	514	526	699
Capital expenditures($M)	29.7	54.5	37	30.1	24	28.4	12.4	7	3.20	9.40	6	11.2
Cash, cash equivalents & marketable securities1
Accounts receivable, net($M)	2,266	1,924	1,887	1,489	1,624	1,436	1,141	1,131	1,227	1,090	1,034	833
Long-Lived Assets by Geography2
United States long-lived assets($M)	288	229	185	156	135	108	83.5	75.6	77.9	76.8	79.7	80.4
International long-lived assets($M)	24.6	21.5	18.3	17	17.1	15.6	15.3	17.5	18.3	21.2	21.9	22.1

3 metrics have no data in the last 12 quarters — .

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

Fiscal year ends December 31 (Q2 2026 ended June 30, 2026; Q3 2026 had not yet been reported as of October 31, 2026).
Because large Cloud & AI Titan deployments carry customer-specific trial and acceptance clauses, Total RPO ($8.4B at Q2 2026), Binding Product Shipment Agreements ($875.1M), Product Deferred Revenue sequential additions (+$600M in Q2 2026), Deferred COGS ($1,621.9M), Customer Evaluation Inventory ($616.0M), and Non-Cancellable Manufacturing Purchase Commitments ($9.7B) lead GAAP recognized revenue by 2–6 quarters.
Italicized cells represent allowed period splits from reported cumulative figures (Q4 = full year − nine months; Q2 = 6M − Q1; Q3 = 9M − 6M). No other calculated ratios, sums, or growth rates are displayed.
Consolidated − standalone parent carve-outs do not apply: Arista reports consolidated financials under US GAAP with no standalone parent operating statements.

Not shown because recent periods are missing (9)

Full-Year Strategic Outlook › AI Fabrics Revenue Goal ($3.50B+ in Q2 2026 deck: lower-bound '+' figure in latest quarter; only 2 point quarters Q4 2025 ~$3.25B & Q1 2026 ~$3.5B)
Full-Year Strategic Outlook › Campus Revenue Goal ($1.25B+ in Q2 2026 deck: lower-bound '+' figure in latest quarter; only 2 point quarters Q4 2025 ~$1.25B & Q1 2026 ~$1.25B)
Installed Base › Cumulative Customers (10,000+ in IR decks / >10,000 in 10-K: disclosed only as lower-bound figure)
People & Supply Chain › 3TG RMI Compliant or Active SORs by Metal (new FY2025-only definition in 2026 Form SD: 1 annual period, insufficient 2-year continuity)
People & Supply Chain › Annual Employee Turnover Rate (9% in FY2025 CRR: single-year numeric point; prior years shown only as unlabeled bar chart)
Next-Quarter Financial Guidance (Indexed by Issuing Quarter) › Next-quarter revenue guidance — range low (legacy through Q3 2025)
Next-Quarter Financial Guidance (Indexed by Issuing Quarter) › Next-quarter revenue guidance — range high (legacy through Q3 2025)
Next-Quarter Financial Guidance (Indexed by Issuing Quarter) › Next-quarter Non-GAAP operating margin guidance — range low
Next-Quarter Financial Guidance (Indexed by Issuing Quarter) › Next-quarter Non-GAAP operating margin guidance — range high

Data updated 2026-10-31.

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Arista Networks, Inc. (ANET) operating KPIs

KPIs

Every KPI on its own page

Backlog, RPO, AI Deferred Revenue Pipeline & Supply Commitments (Key Metrics)

Installed Base, High-Speed Switching Market Share & Cloud Titan Mix (Key Metrics)

Quarterly Guidance & Full-Year Strategic Outlook

Non-GAAP Operating Performance & Stock-Based Compensation Allocation

Inventory Stages, PP&E Breakdown, Leases, Share Repurchases & Warranty

Headcount, Facilities, 3TG Supply-Chain (Form SD) & Sustainability (ESG)

U.S. Communications Equipment Monthly Indicators (FRED through 2026-09) & Cloud Titan Customer CapEx

Financial, Product & Geographic Context (from DB)