Analyst Consensus ?
ConsensusBuy52 ratings
Bullish4178.8%
Neutral1121.2%
Bearish00.0%
Arista Networks, Inc. · ANET · FY2026 Q2 · Calendar Q3 2026
Arista’s Q2: AI demand lifts revenue and FY2026 guidance
The current analysis supports the view that strong AI and enterprise demand, new networking products, and improved supply-chain visibility can support growth. The evidence against an unqualified bullish view is that management still faces supply constraints, potential cost and mix pressure, dependence on AI spending, and execution risk as it scales new products.
Reported After market closeNYSETechnology
$258.66B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.02
Consensus $0.89
EPS surprise
+15.1%
Reported versus consensus
Reported revenue
$3.04B
Consensus $2.83B
Revenue surprise
+7.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.6%
Event window
SPY move
-0.2%
Same window
Abnormal move
+3.8%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-5.7%
Up to 20 sessions
ANETSPY benchmark
Ask FN2 about ANET FY2026 Q2
Transcript, numbers and history already loaded
Why did ANET rise 3.6% after beating EPS estimates in FY2026 Q2?What changed in ANET's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ANET after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Arista reported its first $3.0 billion revenue quarter, raised FY2026 revenue guidance to $12.6 billion, raised its operating-margin target to 48–49%, and highlighted improved supply-chain visibility. The company also added a liquid-cooling supply chain and advanced its 7060XE7 and 7800 AI Spine rollout.
Guidance delta
Management raised FY2026 revenue guidance to $12.6 billion, implying 40% growth, and raised its operating-margin target to 48–49%; the gross-margin target remained 62–64%.
Key takeaways
- Q2 revenue reached $3.0 billion, up 37.7% year over year, and exceeded guidance.
- Management identified AI fabric and enterprise demand as primary growth engines.
- Supply-chain visibility and component qualification improved, while industry tightness is expected to persist.
- New products include the 7060XE7, 7800 AI Spine, and liquid-cooling offerings.
- The main counterweights are dependence on AI spending, cost pressure, inventory timing, and execution.
Management priorities
- Ramp 7060XE7 and liquid-cooled AI switches in the second half of 2026.
- Complete expanded Santa Clara facilities by the end of FY2026.
- Expand multi-vendor qualification for memory, PCB, and optics.
- Develop EOS features for AI workloads.
- Build the liquid-cooling supply chain and expand international manufacturing and market coverage.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$205.19Current
$87.5Low
$216.1Average
$430High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| 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 |
| Citigroup | Buy | Buy | Maintain | May 6, 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 current price $205.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $220 | $195.69 | +7.2% | Aug 31, 2026 |
| Goldman Sachs | Michael Ng | $225 | $198.82 | +9.7% | Aug 5, 2026 |
| UBS | David Vogt | $259 | $200.22 | +26.2% | Aug 5, 2026 |
| Morgan Stanley | Analyst unavailable | $220 | $195.07 | +7.2% | Aug 5, 2026 |
| Wells Fargo | Analyst unavailable | $255 | $190.51 | +24.3% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $250 | $190.51 | +21.8% | Aug 5, 2026 |
| Barclays | Tim Long | $289 | $190.51 | +40.8% | Aug 5, 2026 |
| Needham | Alex Henderson | $260 | $190.51 | +26.7% | Aug 5, 2026 |
| Jefferies | Analyst unavailable | $250 | $190.51 | +21.8% | Aug 5, 2026 |
| Wells Fargo | Analyst unavailable | $200 | $171.92 | -2.5% | Jul 16, 2026 |
| KeyBanc | Brandon Nispel | $200 | $164.93 | -2.5% | Jun 18, 2026 |
| Morgan Stanley | Analyst unavailable | $190 | $156.4 | -7.4% | Jun 12, 2026 |
| Wolfe Research | George Notter | $175 | $152.16 | -14.7% | Jun 10, 2026 |
| Raymond James | Simon Leopold | $164 | $147.81 | -20.1% | May 15, 2026 |
| Barclays | Analyst unavailable | $195 | $147.06 | -5.0% | May 7, 2026 |
| UBS | David Vogt | $187 | $145.58 | -8.9% | May 6, 2026 |
| Truist Financial | Matthew Niknam | $175 | $145.54 | -14.7% | May 6, 2026 |
| Piper Sandler | Analyst unavailable | $181 | $170.22 | -11.8% | May 6, 2026 |
| Morgan Stanley | Meta Marshall | $180 | $175.47 | -12.3% | May 1, 2026 |
| UBS | Analyst unavailable | $200 | $127.43 | -2.5% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $165 | $147.43 | -19.6% | Feb 13, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $143.2 | -8.4% | Feb 13, 2026 |
| UBS | David Vogt | $177 | $146.95 | -13.7% | Feb 13, 2026 |
| Needham | Ryan Koontz | $185 | $143.86 | -9.8% | Feb 13, 2026 |
| Evercore ISI | Analyst unavailable | $200 | $141.92 | -2.5% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $175 | $135.12 | -14.7% | Feb 13, 2026 |
| KeyBanc | Analyst unavailable | $178 | $135.12 | -13.3% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $184 | $135.12 | -10.3% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $159 | $133.6 | -22.5% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $159 | $126.13 | -22.5% | Dec 17, 2025 |
| UBS | David Vogt | $155 | $127.01 | -24.5% | Dec 3, 2025 |
| Piper Sandler | James Fish | $145 | $142.65 | -29.3% | Nov 5, 2025 |
| Barclays | Tim Long | $183 | $153.55 | -10.8% | Nov 5, 2025 |
| Morgan Stanley | Analyst unavailable | $171 | $158.23 | -16.7% | Oct 10, 2025 |
| BNP Paribas | Analyst unavailable | $172 | $143.06 | -16.2% | Sep 25, 2025 |
| Evercore ISI | Analyst unavailable | $150 | $118.12 | -26.9% | Aug 6, 2025 |
| KeyBanc | Analyst unavailable | $115 | $96.31 | -44.0% | Jun 25, 2025 |
| UBS | Analyst unavailable | $115 | $87.82 | -44.0% | Mar 5, 2025 |
| Goldman Sachs | Hendi Susanto | $430 | $385.57 | +109.6% | Sep 23, 2024 |
| Evercore ISI | Amit Daryanani | $400 | $355.36 | +94.9% | Sep 12, 2024 |
| Jefferies | George Notter | $380 | $311.42 | +85.2% | Jul 31, 2024 |
| Wells Fargo | Aaron Rakers | $390 | $346.65 | +90.1% | Jul 24, 2024 |
| New Street | Michael Ng | $389 | $295.5 | +89.6% | Jun 6, 2024 |
| Morgan Stanley | Meta Marshall | $300 | $297.56 | +46.2% | Jun 5, 2024 |
| Rosenblatt Securities | Mike Genovese | $220 | $301.42 | +7.2% | May 23, 2024 |
| Evercore ISI | Amit Daryanani | $340 | $319.89 | +65.7% | May 20, 2024 |
| KeyBanc | Steve Enders | $349 | $291.67 | +70.1% | May 8, 2024 |
| Evercore ISI | Amit Daryanani | $300 | $271.22 | +46.2% | Apr 12, 2024 |
| Rosenblatt Securities | Mike Genovese | $210 | $296.58 | +2.3% | Apr 12, 2024 |
| Goldman Sachs | Michael Ng | $356 | $304.6 | +73.5% | Mar 21, 2024 |
| JMP Securities | Erik Suppiger | $325 | $282.45 | +58.4% | Feb 12, 2024 |
| JMP Securities | Erik Suppiger | $200 | $185.61 | -2.5% | Aug 1, 2023 |
| Cowen & Co. | Analyst unavailable | $212 | $136.16 | +3.3% | Dec 13, 2022 |
| Credit Suisse | Sami Badri | $110 | $110.74 | -46.4% | Oct 25, 2022 |
| Cowen & Co. | Analyst unavailable | $163 | $118.45 | -20.6% | Aug 2, 2022 |
| UBS | Analyst unavailable | $134 | $117.01 | -34.7% | Aug 2, 2022 |
| Rosenblatt Securities | Analyst unavailable | $155 | $117.61 | -24.5% | Aug 2, 2022 |
| J.P. Morgan | Analyst unavailable | $160 | $117.61 | -22.0% | Aug 2, 2022 |
| Citigroup | Analyst unavailable | $170 | $117.61 | -17.1% | Aug 2, 2022 |
| Needham | Analyst unavailable | $140 | $117.61 | -31.8% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $125 | $117.61 | -39.1% | Aug 2, 2022 |
| Barclays | Analyst unavailable | $131 | $117.61 | -36.2% | Aug 2, 2022 |
| Piper Sandler | Analyst unavailable | $125 | $117.61 | -39.1% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $185 | $117.61 | -9.8% | Aug 2, 2022 |
| Evercore ISI | Amit Daryanani | $145 | $117.61 | -29.3% | Aug 2, 2022 |
| Rosenblatt Securities | Mike Genovese | $140 | $104.89 | -31.8% | Jul 20, 2022 |
| Needham | Alex Henderson | $128 | $103.6 | -37.6% | Jul 19, 2022 |
| J.P. Morgan | Analyst unavailable | $150 | $98.3 | -26.9% | Jul 14, 2022 |
| Piper Sandler | Analyst unavailable | $108 | $98.56 | -47.4% | Jul 13, 2022 |
| Morgan Stanley | Meta Marshall | $114 | $94.07 | -44.4% | Jun 30, 2022 |
| Evercore ISI | Analyst unavailable | $120 | $95.98 | -41.5% | Jun 28, 2022 |
| Barclays | Analyst unavailable | $138 | $118.26 | -32.7% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $178 | $118.26 | -13.3% | May 3, 2022 |
| Piper Sandler | Analyst unavailable | $133 | $118.26 | -35.2% | May 3, 2022 |
| Wells Fargo | Aaron Rakers | $160 | $120.91 | -22.0% | Mar 10, 2022 |
| Loop Capital Markets | Fahad Najam | $170 | $125.92 | -17.1% | Feb 20, 2022 |
| Morgan Stanley | Meta Marshall | $144 | $129.94 | -29.8% | Feb 15, 2022 |
| Credit Suisse | Sami Badri | $175 | $129.94 | -14.7% | Feb 15, 2022 |
| KeyBanc | Thomas Blakey | $172 | $129.94 | -16.2% | Feb 15, 2022 |
| UBS | David Vogt | $140 | $129.94 | -31.8% | Feb 15, 2022 |
| Evercore ISI | Amit Daryanani | $160 | $129.94 | -22.0% | Feb 15, 2022 |
| Loop Capital Markets | Fahad Najam | $157 | $122.82 | -23.5% | Feb 14, 2022 |
| Citigroup | Jim Suva | $150 | $120.19 | -26.9% | Jan 29, 2022 |
| Vertical Group | Jon Lopez | $143.5 | $117.92 | -30.1% | Jan 27, 2022 |
| Bank of America Securities | Tal Liani | $153 | $133.18 | -25.4% | Jan 11, 2022 |
| Goldman Sachs | Rod Hall | $135.5 | $122.97 | -34.0% | Nov 2, 2021 |
| Argus Research | Jim Kelleher | $110 | $95.53 | -46.4% | Aug 4, 2021 |
| Stifel Nicolaus | John Marchetti | $87.5 | $94.79 | -57.4% | Aug 3, 2021 |
Track every rating change on ANET the moment it posts. Free to start.
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 |
|---|---|---|---|---|
| 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 |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T05:08:48.886925+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-09-22T21:20:59.378951+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T21:20:59.376223+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 2026-09-22. For educational purposes only; not investment advice.