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Sentiment · FY2026 Q2
Arista surged to $2.71 billion in Q1 revenue growing 35.1% with EPS of $0.87 up 31.8% as AI networking leadership extended across scale-out and the emerging scale-across architecture that differentiated Arista's distributed AI fabric approach. Scale-across emerged as a new growth driver enabling AI workloads across geographically distributed data centers. Industry-wide supply chain constraints created a headwind to delivery though the demand backlog continued growing.
Cloud & AI | Demand | Competitive Dynamics | Revenue Growth | Innovation & R&D | Supply Chain | Margin | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 7 | 4 | 3 | 3 | 1 | ||
| 2025Q1 | 8 | 7 | 4 | 3 | 2 | 1 | 6 | |
| 2025Q2 | 8 | 4 | 6 | 2 | 2 | 1 | ||
| 2025Q3 | 10 | 8 | 4 | 3 | 3 | 2 | 3 | |
| 2025Q4 | 10 | 7 | 2 | 2 | 3 | 3 | ||
| 2026Q1 | 8 | 5 | 5 | 5 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 9 | 8 | 8 | 10 | 10 | 8 |
| Demand | 7 | 7 | 4 | 8 | 7 | 5 |
| Competitive Dynamics | 4 | 4 | 6 | 4 | 2 | 5 |
| Revenue Growth | 3 | 3 | 2 | 3 | 2 | 5 |
| Innovation & R&D | 3 | 2 | 2 | 3 | 3 | 3 |
| Supply Chain | 1 | 2 | 3 | 2 | ||
| Margin | 1 | 1 | 3 | 2 | ||
| Trade Tariffs | 6 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.93B | +25.3% | $0.62 | +29.2% | 63.8% | 41.4% | 41.5% | $1.02B |
| FY2025 Q1 | $2.00B | +27.6% | $0.64 | +28.0% | 63.7% | 42.8% | 40.6% | $613M |
| FY2025 Q2 | $2.20B | +30.4% | $0.70 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Aaron Rakers | Wells Fargo | 7 (0%) |
| Simon Leopold | Raymond James | 7 (0%) |
| Meta Marshall | Morgan Stanley |
| +34.6% |
| 65.2% |
| 44.7% |
| 40.3% |
| $1.18B |
| FY2025 Q3 | $2.31B | +27.5% | $0.67 | +15.5% | 64.6% | 42.4% | 37.0% | $1.24B |
| FY2025 Q4 | $2.49B | +28.9% | $0.75 | +21.0% | 62.9% | 41.5% | 38.4% | $1.22B |
| FY2026 Q1 | $2.71B | +35.1% | $0.80 | +25.0% | 61.9% | 42.7% | 37.8% | $1.64B |
| FY2026 Q2 | $3.04B | +37.7% | $0.95 | +35.7% | 62.9% | 45.4% | 40.0% | $2.69B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Mike Ng | Goldman Sachs | 7 (0%) |
| Amit Daryanani | Evercore ISI | 7 (0%) |
| Karl Ackerman | BNP Paribas | 7 (0%) |
| Ben Reitzes | Melius Research | 6 (33%) |
| Samik Chatterjee | JPMorgan | 6 (0%) |
| Dave Vogt | UBS | 6 (17%) |
| Tal Liani | Bank of America | 6 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wells Fargo | 1 | 7 (0%) |
| BNP Paribas | 1 | 7 (0%) |
| Needham | 3 | 7 (0%) |
| Raymond James | 1 | 7 (0%) |
| Evercore ISI | 1 | 7 (0%) |
| Goldman Sachs | 1 | 7 (0%) |
| Morgan Stanley | 1 | 7 (0%) |
| Bank of America | 1 | 6 (33%) |
What ANET and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we literally rewrite every piece of software and know all the Broadcom chip transistors very well”
Arista highlights deep integration with Broadcom silicon in its Blue Box/EOS platforms, reflecting its reliance on Broadcom merchant switching chips.
“the ability to connect AMD MI series XPUs”
Arista won a Neo Cloud AI network built to connect AMD MI-series accelerators, a positive read-through for AMD Instinct GPU deployment in AI clusters.
“So I would say today scale up is mostly limited to NVLink from NVIDIA and maybe some PCI switching.”
Arista frames NVIDIA's NVLink as the incumbent scale-up interconnect that Ethernet-based scale-up will begin to challenge in 2027-2028, positioning NVIDIA as the competitor to displace.
“Microsoft and Meta, they are all-time favorites. They have been 10% and greater customers for over a decade”
Meta remains one of Arista's two largest (10%+) customers for over a decade across cloud and AI, signaling sustained Meta networking/infrastructure demand.
“Microsoft and Meta, they are all-time favorites. They have been 10% and greater customers for over a decade”
Microsoft remains one of Arista's two largest (10%+) customers for over a decade across cloud and AI, underscoring continued Microsoft infrastructure spend with Arista.
“we saw great results from our technology partnership with Palo Alto Networks, ensuring the routing edge integrated securely and seamlessly with our overarching security architecture.”
Arista credits its technology partnership with Palo Alto Networks for winning a fiber-to-the-home service-provider deal, a positive read-through for PANW's integration at the routing edge.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| NTAP NetApp | 8 | +4.4% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |