ANET.US: Q2'26 update — AI Ethernet $2.87B / EPS $0.93

Snapshot

Price

USD 380

Mkt cap

USD 120.0B

Revenue

USD 11.5B

AI fabrics FY26 target

USD 3.5B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Arista Networks Q2 2026 revenue ~$2.87B, diluted EPS ~$0.93. FY26 AI fabrics target $3.5B. AI DC Ethernet + EOS + XPO thesis intact; valuation still rich vs growth.

Business

Model: datacenter Ethernet switching + EOS software. Flagships: AI fabrics; XPO optics. Edge: cloud giant DC share. Strategy: FY26 AI fabrics $3.5B.

Value chain

AI DC networking mid-stack. vs Cisco, NVDA Spectrum. See CRDO interconnect.

Valuation

~$380; 46–47% Non-GAAP OM platform premium.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
P/E（TTM 约）	约 45x	行情示意；以最新 EPS 为准
P/B	约 14x	净资产口径随季报更新
盈利收益率	约 2.2%	1/PE 近似
现价读法	约 380 USD	截至 2026-08-26 包内 KPI

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):

Valuation & return · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

OCF and leverage per latest filings.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Q2 ~$2.87B delivers upper guide range; EPS $0.93.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 营收	~$2.87B	Q2'26	AI fabrics 驱动
稀释 EPS	~$0.93	Q2	Non-GAAP OM 46–47%
AI fabrics FY26	$3.5B 目标	上修	800G 渗透
FY26 营收增速	~27.7%	~$11.5B	公司指引

Competition

Market share vs peers (illustrative):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
Arista (self)	AI eth fabrics lead	~64%	EOS + hyperscaler wins	MSFT concentration
Broadcom (switching ASICs)	Merchant switching silicon	High	Tomahawk / Jericho scale	System software less sticky
Cisco	Enterprise / campus	~65%	Installed base	AI DC share lag
NVIDIA Networking	IB + Spectrum eth	High	GPU-attached fabric	Eth share vs Arista

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
CEO	Jayshree Ullal	2008-10	No change
CFO	Chantelle Breithaupt	2024-05	Appointed May 2024 (succeeded Ita Brennan)
Founder / Chief Architect	Andy Bechtolsheim	2004	No change

Stability: Jayshree Ullal CEO long-tenured.

Outlook

AI fabrics $3.5B path, XPO 800G, vs Cisco/Spectrum competition.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q2 ~$2.8B guide and 46–47% Non-GAAP OM
2. AI fabrics $3.5B FY26 target
3. XPO optics and 800G penetration
4. vs Cisco / NVIDIA Spectrum competition
5. Multiple compression vs re-acceleration

References

1. ANET IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ANET
3. Cross-links in body [[article:]] refs

Not investment advice; defer to latest company filings.