Analyst Consensus ?
ConsensusBuy52 ratings
Bullish4178.8%
Neutral1121.2%
Bearish00.0%
Arista Networks, Inc. · ANET · FY2024 Q4 · Calendar Q1 2025
Arista raises outlook as AI networking demand accelerates
The supplied analysis provides evidence for the hypothesis that earnings growth and resilient demand can support AN over the next year: AI networking, cloud-titan spending, high-speed Ethernet, and software services were identified as growth drivers, and guidance sentiment was raised. The thesis is not settled because the supplied analysis also flags margin, tariff, deployment, competition, and spending risks, while the reported market reaction was negative.
Reported After market closeNYSETechnology
$257.53B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.57
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.90B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.4%
Event window
SPY move
+0.2%
Same window
Abnormal move
-6.7%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-18.8%
Up to 20 sessions
ANETSPY benchmark
Ask FN2 about ANET FY2024 Q4
Transcript, numbers and history already loaded
What drove ANET's -6.4% move after FY2024 Q4 earnings?What changed in ANET's guidance and outlook in FY2024 Q4?Give me the bull and bear case for ANET after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, management's tone remained confident but the current analysis described guidance as raised rather than maintained. The focus shifted toward scaling AI back-end clusters, 800Gb Ethernet, campus and routing products, and a larger Santa Clara investment, while gross-margin, tariff, deployment-timing, white-box competition, and cloud-spending concerns remained.
Guidance delta
Management's guidance sentiment moved from maintained in the prior analysis to raised in the current analysis, with FY2025 guidance described as 17% revenue growth, or $8.2 billion, including a $750 million AI back-end sales target.
Key takeaways
- Management highlighted 19.5% year-over-year revenue growth and a record 47.5% non-GAAP operating margin in the current analysis.
- AI and high-speed Ethernet products were described as driving market-share gains, with 400Gb and 800Gb platforms central to the outlook.
- The current analysis raised the FY2025 outlook to 17% revenue growth and identified a $750 million AI back-end sales target.
- The growth case is supported by cloud-titan demand and software expansion, but tariff, margin, deployment-timing, and competition risks remain.
Management priorities
- Launch 800Gb Ethernet switches and prepare for 1.6Tbps optics in later years.
- Scale AI back-end cluster sales toward the $750 million 2025 target.
- Expand campus and routing solutions, including SD-WAN and security offerings.
- Invest in R&D, sales, and a $100 million Santa Clara facilities project.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$204.52Previous close
$87.5Low
$214.12Average
$430High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Oct 8, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 5, 2026 |
| UBS | Buy | Buy | Maintain | Aug 5, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 5, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Aug 5, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Needham | Buy | Buy | Maintain | Aug 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 5, 2026 |
| B of A Securities | Buy | Buy | Maintain | Aug 5, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 16, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 13, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Sep 12, 2025 |
| Melius Research | Buy | Buy | Maintain | Sep 12, 2025 |
| Jefferies | Buy | Buy | Maintain | Jul 31, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Feb 13, 2024 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Feb 13, 2024 |
| Argus Research | Buy | Buy | Maintain | Aug 2, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | May 2, 2023 |
| Loop Capital | Buy | Buy | Maintain | Feb 14, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 14, 2023 |
| Cleveland Research | Buy | Neutral | Upgrade | Dec 17, 2021 |
| MKM Partners | Buy | Buy | Maintain | Aug 3, 2021 |
| Nomura Instinet | Neutral | Neutral | Maintain | May 6, 2020 |
| Nomura | Neutral | Neutral | Maintain | May 6, 2020 |
| New Street Research | Buy | Buy | Maintain | Nov 19, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Nov 1, 2019 |
| Stifel | Hold | Buy | Downgrade | Nov 1, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Nov 1, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 1, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 2, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Jul 9, 2018 |
| Macquarie | Outperform | Outperform | Maintain | May 1, 2018 |
| Gabelli & Co. | Hold | Buy | Downgrade | Feb 16, 2018 |
| DA Davidson | Buy | Neutral | Upgrade | Nov 3, 2017 |
| Berenberg | Buy | Buy | Maintain | Sep 26, 2017 |
| William Blair | Outperform | Market Perform | Upgrade | Aug 4, 2017 |
| Pacific Crest | Overweight | Overweight | Maintain | Nov 22, 2016 |
| Argus | Buy | Buy | Maintain | Oct 25, 2016 |
| Buckingham Research | Neutral | Neutral | Maintain | Sep 16, 2015 |
| Sterne Agee CRT | Buy | Buy | Maintain | Jun 17, 2015 |
| Guggenheim | Buy | Neutral | Upgrade | Jun 8, 2015 |
| Wedbush | Neutral | Neutral | Maintain | Apr 9, 2015 |
| Imperial Capital | Outperform | Outperform | Maintain | Nov 5, 2014 |
| FBN Securities | Outperform | Outperform | Maintain | Sep 8, 2014 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Sep 2, 2014 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 1, 2014 |
| Raymond James | Perform | Market Perform | Maintain | Jul 1, 2014 |
Named analyst price targets
Upside is calculated against the persisted previous close $204.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $250 | $202.86 | +22.2% | Sep 30, 2026 |
| Deutsche Bank | Analyst unavailable | $220 | $195.69 | +7.6% | Aug 31, 2026 |
| Goldman Sachs | Michael Ng | $225 | $198.82 | +10.0% | Aug 5, 2026 |
| UBS | David Vogt | $259 | $200.22 | +26.6% | Aug 5, 2026 |
| Morgan Stanley | Analyst unavailable | $220 | $195.07 | +7.6% | Aug 5, 2026 |
| Wells Fargo | Analyst unavailable | $255 | $190.51 | +24.7% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $250 | $190.51 | +22.2% | Aug 5, 2026 |
| Barclays | Tim Long | $289 | $190.51 | +41.3% | Aug 5, 2026 |
| Needham | Alex Henderson | $260 | $190.51 | +27.1% | Aug 5, 2026 |
| Jefferies | Analyst unavailable | $250 | $190.51 | +22.2% | Aug 5, 2026 |
| Wells Fargo | Analyst unavailable | $200 | $171.92 | -2.2% | Jul 16, 2026 |
| KeyBanc | Brandon Nispel | $200 | $164.93 | -2.2% | Jun 18, 2026 |
| Morgan Stanley | Analyst unavailable | $190 | $156.4 | -7.1% | Jun 12, 2026 |
| Wolfe Research | George Notter | $175 | $152.16 | -14.4% | Jun 10, 2026 |
| Raymond James | Simon Leopold | $164 | $147.81 | -19.8% | May 15, 2026 |
| Barclays | Analyst unavailable | $195 | $147.06 | -4.7% | May 7, 2026 |
| UBS | David Vogt | $187 | $145.58 | -8.6% | May 6, 2026 |
| Truist Financial | Matthew Niknam | $175 | $145.54 | -14.4% | May 6, 2026 |
| Piper Sandler | Analyst unavailable | $181 | $170.22 | -11.5% | May 6, 2026 |
| Morgan Stanley | Meta Marshall | $180 | $175.47 | -12.0% | May 1, 2026 |
| UBS | Analyst unavailable | $200 | $127.43 | -2.2% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $165 | $147.43 | -19.3% | Feb 13, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $143.2 | -8.1% | Feb 13, 2026 |
| UBS | David Vogt | $177 | $146.95 | -13.5% | Feb 13, 2026 |
| Needham | Ryan Koontz | $185 | $143.86 | -9.5% | Feb 13, 2026 |
| Evercore ISI | Analyst unavailable | $200 | $141.92 | -2.2% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $175 | $135.12 | -14.4% | Feb 13, 2026 |
| KeyBanc | Analyst unavailable | $178 | $135.12 | -13.0% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $184 | $135.12 | -10.0% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $159 | $133.6 | -22.3% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $159 | $126.13 | -22.3% | Dec 17, 2025 |
| UBS | David Vogt | $155 | $127.01 | -24.2% | Dec 3, 2025 |
| Piper Sandler | James Fish | $145 | $142.65 | -29.1% | Nov 5, 2025 |
| Barclays | Tim Long | $183 | $153.55 | -10.5% | Nov 5, 2025 |
| Morgan Stanley | Analyst unavailable | $171 | $158.23 | -16.4% | Oct 10, 2025 |
| BNP Paribas | Analyst unavailable | $172 | $143.06 | -15.9% | Sep 25, 2025 |
| Evercore ISI | Analyst unavailable | $150 | $118.12 | -26.7% | Aug 6, 2025 |
| KeyBanc | Analyst unavailable | $115 | $96.31 | -43.8% | Jun 25, 2025 |
| UBS | Analyst unavailable | $115 | $87.82 | -43.8% | Mar 5, 2025 |
| Goldman Sachs | Hendi Susanto | $430 | $385.57 | +110.2% | Sep 23, 2024 |
| Evercore ISI | Amit Daryanani | $400 | $355.36 | +95.6% | Sep 12, 2024 |
| Jefferies | George Notter | $380 | $311.42 | +85.8% | Jul 31, 2024 |
| Wells Fargo | Aaron Rakers | $390 | $346.65 | +90.7% | Jul 24, 2024 |
| New Street | Michael Ng | $389 | $295.5 | +90.2% | Jun 6, 2024 |
| Morgan Stanley | Meta Marshall | $300 | $297.56 | +46.7% | Jun 5, 2024 |
| Rosenblatt Securities | Mike Genovese | $220 | $301.42 | +7.6% | May 23, 2024 |
| Evercore ISI | Amit Daryanani | $340 | $319.89 | +66.2% | May 20, 2024 |
| KeyBanc | Steve Enders | $349 | $291.67 | +70.6% | May 8, 2024 |
| Evercore ISI | Amit Daryanani | $300 | $271.22 | +46.7% | Apr 12, 2024 |
| Rosenblatt Securities | Mike Genovese | $210 | $296.58 | +2.7% | Apr 12, 2024 |
| Goldman Sachs | Michael Ng | $356 | $304.6 | +74.1% | Mar 21, 2024 |
| Piper Sandler | James Fish | $209 | $282.45 | +2.2% | Feb 12, 2024 |
| JMP Securities | Erik Suppiger | $200 | $185.61 | -2.2% | Aug 1, 2023 |
| Cowen & Co. | Analyst unavailable | $212 | $136.16 | +3.7% | Dec 13, 2022 |
| Credit Suisse | Sami Badri | $110 | $110.74 | -46.2% | Oct 25, 2022 |
| Cowen & Co. | Analyst unavailable | $163 | $118.45 | -20.3% | Aug 2, 2022 |
| UBS | Analyst unavailable | $134 | $117.01 | -34.5% | Aug 2, 2022 |
| Rosenblatt Securities | Analyst unavailable | $155 | $117.61 | -24.2% | Aug 2, 2022 |
| J.P. Morgan | Analyst unavailable | $160 | $117.61 | -21.8% | Aug 2, 2022 |
| Citigroup | Analyst unavailable | $170 | $117.61 | -16.9% | Aug 2, 2022 |
| Needham | Analyst unavailable | $140 | $117.61 | -31.5% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $125 | $117.61 | -38.9% | Aug 2, 2022 |
| Barclays | Analyst unavailable | $131 | $117.61 | -35.9% | Aug 2, 2022 |
| Piper Sandler | Analyst unavailable | $125 | $117.61 | -38.9% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $185 | $117.61 | -9.5% | Aug 2, 2022 |
| Evercore ISI | Amit Daryanani | $145 | $117.61 | -29.1% | Aug 2, 2022 |
| Rosenblatt Securities | Mike Genovese | $140 | $104.89 | -31.5% | Jul 20, 2022 |
| Needham | Alex Henderson | $128 | $103.6 | -37.4% | Jul 19, 2022 |
| J.P. Morgan | Analyst unavailable | $150 | $98.3 | -26.7% | Jul 14, 2022 |
| Piper Sandler | Analyst unavailable | $108 | $98.56 | -47.2% | Jul 13, 2022 |
| Morgan Stanley | Meta Marshall | $114 | $94.07 | -44.3% | Jun 30, 2022 |
| Evercore ISI | Analyst unavailable | $120 | $95.98 | -41.3% | Jun 28, 2022 |
| Barclays | Analyst unavailable | $138 | $118.26 | -32.5% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $178 | $118.26 | -13.0% | May 3, 2022 |
| Piper Sandler | Analyst unavailable | $133 | $118.26 | -35.0% | May 3, 2022 |
| Wells Fargo | Aaron Rakers | $160 | $120.91 | -21.8% | Mar 10, 2022 |
| Loop Capital Markets | Fahad Najam | $170 | $125.92 | -16.9% | Feb 20, 2022 |
| Morgan Stanley | Meta Marshall | $144 | $129.94 | -29.6% | Feb 15, 2022 |
| Credit Suisse | Sami Badri | $175 | $129.94 | -14.4% | Feb 15, 2022 |
| KeyBanc | Thomas Blakey | $172 | $129.94 | -15.9% | Feb 15, 2022 |
| UBS | David Vogt | $140 | $129.94 | -31.5% | Feb 15, 2022 |
| Evercore ISI | Amit Daryanani | $160 | $129.94 | -21.8% | Feb 15, 2022 |
| Loop Capital Markets | Fahad Najam | $157 | $122.82 | -23.2% | Feb 14, 2022 |
| Citigroup | Jim Suva | $150 | $120.19 | -26.7% | Jan 29, 2022 |
| Vertical Group | Jon Lopez | $143.5 | $117.92 | -29.8% | Jan 27, 2022 |
| Bank of America Securities | Tal Liani | $153 | $133.18 | -25.2% | Jan 11, 2022 |
| Goldman Sachs | Rod Hall | $135.5 | $122.97 | -33.7% | Nov 2, 2021 |
| Argus Research | Jim Kelleher | $110 | $95.53 | -46.2% | Aug 4, 2021 |
| Stifel Nicolaus | John Marchetti | $87.5 | $94.79 | -57.2% | Aug 3, 2021 |
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Start freeCompany context
Snapshot as of publicationArista Networks, Inc. is a leading global technology firm that designs, promotes, and distributes innovative cloud networking solutions across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions. Its comprehensive product portfolio features advanced extensible operating systems, a collection of powerful network applications, and high-performance gigabit Ethernet switching and routing hardware.…
Historical context
All ANET earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-04T00:03:19.509714+00:00
- Polygon adjusted daily market bars · 2026-10-14T10:30:43.623310+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T10:30:43.620559+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.