{"schemaVersion":1,"research":true,"symbol":"anet","name":"Arista Networks","topic":"moat","path":"/stock/anet/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:05:19.573Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Arista demonstrates growing product demand, support renewals and resilient gross margins. EOS integration and lengthy customer qualification suggest switching friction, but the passages do not establish costly replacement or durable competitive superiority. Pricing power is constrained by lower pricing for large customers and cancellable orders; stable margins demonstrate resilience rather than price-setting power. The evidence supports a successful business, but remains insufficient to establish a narrow or wide moat.","advantages":[{"mechanism":"switching_costs","claim":"EOS provides a common software platform across networking products, while customers undertake substantial testing and qualification. Growing support renewals demonstrate continuing customer relationships. Together these suggest potential switching friction, but do not demonstrate the cost or disruption of replacing Arista.","durability":"The installed base and support relationships are current; durable customer dependence remains unverified. EOS support for third-party hardware also limits any inference of hardware lock-in.","risks":"Customers have modified purchase commitments with little notice. Large customers receive lower pricing, and alternatives include established vendors and white box systems. Qualification requirements can also burden Arista when winning new business.","invalidation":"The switching-cost thesis would be undermined by customers replacing EOS and associated platforms without substantial requalification, operational disruption or migration expense, or by persistent support-renewal declines despite an expanding installed base.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"Business: EOS functions across Arista platforms","excerpt":"Our cloud networking innovations started with pioneering Arista EOS, which provides switching, routing, state-streaming and telemetry functions across all Arista platforms."},{"id":"e2","sourceId":"filing-2","location":"Risk Factors: customer evaluation, testing and qualification","excerpt":"Customers, especially our large customers, often view the purchase of our products as a significant and strategic decision and require considerable time to evaluate, test and qualify our products prior to making a purchase decision and placing an order."},{"id":"e3","sourceId":"filing-3","location":"Fiscal 2025 business performance: service revenue and support renewals","excerpt":"In addition, service revenue increased by $309.7 million, or 27.7%, in the year ended December 31, 2025 compared to 2024, as a result of continued growth in initial and renewal support contracts as our customer installed base has continued to expand."},{"id":"e4","sourceId":"filing-4","location":"Business: perpetual EOS licenses and third-party hardware support","excerpt":"EOS is packaged as a perpetual license on Arista hardware platforms, virtualized EOS (vEOS) and CloudEOS for production or simulations use cases with flexible platform support including third-party hardware."},{"id":"e5","sourceId":"filing-2","location":"Risk Factors: previously modified or cancelled customer purchase commitments","excerpt":"Moreover, because our sales are based primarily on purchase orders, some of our customers have previously and could continue to cancel, delay, reduce or otherwise modify their purchase commitments with little or no notice to us."},{"id":"e6","sourceId":"filing-2","location":"Risk Factors: lower large-customer pricing and competitive margin pressures","excerpt":"We expect our gross margins to vary over time and the gross margins we have achieved in recent years may not be sustainable and may be adversely affected in the future by numerous factors, including but not limited to pricing pressure on our products and services due to competition, the ability of more fully integrated competitors to bundle their networking products with other products, or utilize proprietary silicon in their products, the mix of sales to large customers who generally receive lower pricing, the mix of products sold, manufacturing-related costs, including costs associated with sourcing key components from sole or limited suppliers and potential changes to our manufacturing and supply chain to respond to international trade tensions, supply chain sourcing activities, merchant silicon costs, excess/obsolete inventory and supplier liability charges, and fees to expedite supplier components and costs related to tariffs from our products that are manufactured internationally."},{"id":"e7","sourceId":"filing-2","location":"Risk Factors: established vendors and white box alternatives","excerpt":"goods; •changes in our pricing policies, whether initiated by us or as a result of competition; •the amount and timing of operating costs and capital expenditures related to the operation and expansion of our business such as those expenses related to construction of a new building in Santa Clara, California; •difficulty forecasting, budgeting and planning due to limited visibility into the spending plans of current or prospective customers; •excess or obsolete inventory resulting in write-downs and charges related to supplier liabilities; •the actual or rumored timing and success of new product and service introductions by us or our competitors or any other change in the competitive landscape of our industry, including consolidation among our competitors or customers; •our ability to successfully expand our business domestically and internationally; •our ability to increase the size and production of our sales or distribution channel, or any disruption in, or termination of, our sales or distribution channels; •decisions by potential customers to purchase our networking solutions from larger, more established vendors, white box vendors with open-source network operating systems or their primary network equipment vendors; •insolvency or credit difficulties confronting our customers, which could adversely affect their ability to purchase or pay for our products and services, or confronting our key suppliers, including our sole source suppliers, which could disrupt our supply chain; •cyclical fluctuations in our markets; and 29 Table of Contents •other risk factors described in this filing."},{"id":"e8","sourceId":"filing-3","location":"Appendix A: reported 2024–2025 gross and operating margins","excerpt":"Twelve Months Ended December 31, 2025 2024 GAAP gross profit $ 5,768.7 $ 4,491.3 GAAP gross margin 64.1% 64.1% Stock-based compensation expense 26.9 15.8 Intangible asset amortization 19.8 16.8 Non-GAAP gross profit $ 5,815.4 $ 4,523.9 Non-GAAP gross margin 64.6% 64.6% GAAP income from operations $ 3,856.1 $ 2,944.6 GAAP operating margin 42.8% 42.0% Stock-based compensation expense 439.2 355.4 Intangible asset amortization 41.7 26.8 Non-GAAP income from operations $ 4,337.0 $ 3,326.8 Non-GAAP operating margin 48.2% 47.5% NON-GAAP EXECUTIVE INCENTIVE PLAN (“INCENTIVE PLAN”) PERFORMANCE METRICS IN COMPENSATION DISCUSSION AND ANALYSIS We use certain non-GAAP financial performance metrics in our Incentive Plan, as described on pages 58 and 64."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors: experienced price-focused competition","excerpt":"In particular, we have experienced and could continue to experience price-focused competition from competitors in Asia, especially from China."},{"id":"e10","sourceId":"filing-2","location":"Segment disclosures: first-half 2026 and 2025 revenue","excerpt":"The following table represents revenue based on customers’ shipping addresses (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Americas(1) $ 2,337.9 $ 1,724.1 $ 4,628.0 $ 3,322.6 Europe, Middle East and Africa 438.2 281.6 673.2 456.2 Asia-Pacific 259.6 199.1 443.5 430.8 Total revenue $ 3,035.7 $ 2,204.8 $ 5,744.7 $ 4,209.6 (1) Includes $2,319.6 million and $1,712.1 million revenue generated from the U.S."},{"id":"e11","sourceId":"filing-2","location":"Liquidity and Capital Resources: first-half 2026 operating cash generation","excerpt":"During the six months ended June 30, 2026, cash provided by operating activities was $2.8 billion, consisting of net income of $2.2 billion, a net decrease of $476.4 million in working capital requirements, and favorable non-cash adjustments to net income of $64.3 million."},{"id":"e12","sourceId":"filing-2","location":"Operating cash flows: deferred revenue and tax-payment timing","excerpt":"The reduction in working capital requirements primarily consisted of an increase in deferred revenue of $1.5 billion primarily resulting from an increase in product deferred revenue related to customer contracts with acceptance terms and an increase in customer PCS contracts, and a $198.4 million increase in income tax payables related to timing of payments."},{"id":"e13","sourceId":"filing-1","location":"Note 6: actual 2025 and 2024 share repurchases","excerpt":"A summary of the stock repurchase activities for the years ended December 31, 2025 and 2024 is as follows (in millions, except per share amounts): Year Ended December 31, 2025 2024 Aggregate purchase price(1) $ 1,603.1 $ 423.6 Shares repurchased 15.9 5.5 Average price paid per share(1) $ 100.63 $ 77.13 (1) Aggregate purchase price and average price paid per share for the year of 2025 include costs associated with the repurchases but exclude the 1% excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022."},{"id":"e14","sourceId":"filing-2","location":"Commitments and Contingencies: June 2026 non-cancellable purchase commitments","excerpt":"As of June 30, 2026, we had non-cancellable purchase commitments not recorded on our balance sheet of $9.7 billion, of which $9.4 billion have expected receipt dates within 12 months, and $0.3 billion have expected receipt dates greater than 12 months."},{"id":"e15","sourceId":"filing-2","location":"Statements of Stockholders’ Equity: equity compensation and share issuance","excerpt":"Condensed Consolidated Statements of Stockholders’ Equity (Unaudited, in millions) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Shares Amount Shares Amount Balance at beginning of period 1,259.2 $ 0.1 $ 3,036.4 $ 10,469.9 $ (19.3) $ 13,487.1 1,256.5 $ 0.1 $ 2,911.8 $ 9,446.6 $ 12.0 $ 12,370.5 Net income — — — 1,212.9 — 1,212.9 — — — 2,235.8 — 2,235.8 Other comprehensive loss, net of tax — — — — (21.2) (21.2) — — — — (52.5) (52.5) Stock-based compensation — — 120.4 — — 120.4 — — 241.3 — — 241.3 Issuance of common stock in connection with employee equity incentive plans 2.0 — 3.5 — — 3.5 4.9 — 33.4 — — 33.4 Tax withholding paid for net share settlement of equity awards — — (5.0) — — (5.0) (0.2) — (31.2) — — (31.2) Other — — — — — — — — — 0.4 — 0.4 Balance at end of period 1,261.2 $ 0.1 $ 3,155.3 $ 11,682.8 $ (40.5) $ 14,797.7 1,261.2 $ 0.1 $ 3,155.3 $ 11,682.8 $ (40.5) $ 14,797.7 Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Shares Amount Shares Amount Balance at beginning of period 1,256.6 $ 0.1 $ 2,551.7 $ 7,569.2 $ (1.9) $ 10,119.1 1,261.3 $ 0.1 $ 2,465.4 $ 7,542.5 $ (13.2) $ 9,994.8 Net income — — — 888.8 — 888.8 — — — 1,702.6 — 1,702.6 Other comprehensive income, net of tax — — — — 5.7 5.7 — — — — 17.0 17.0 Stock-based compensation — — 85.2 — — 85.2 — — 178.2 — — 178.2 Issuance of common stock in connection with employee equity incentive plans 2.6 — 3.2 — — 3.2 6.9 — 31.3 — — 31.3 Repurchase of common stock (2.4) — — (195.9) — (195.9) (11.1) — — (983.0) — (983.0) Tax withholding paid for net share settlement of equity awards — — (4.5) — — (4.5) (0.3) — (39.3) — — (39.3) Balance at end of period 1,256.8 $ 0.1 $ 2,635.6 $ 8,262.1 $ 3.8 $ 10,901.6 1,256.8 $ 0.1 $ 2,635.6 $ 8,262.1 $ 3.8 $ 10,901.6 The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)."},{"id":"e16","sourceId":"filing-3","location":"Executive compensation practices: performance-based equity used in 2025","excerpt":"Performance-Based Equity. In 2025, we continued to use performance-based equity as a significant part of our compensation program for our Named Executive Officers."},{"id":"e17","sourceId":"filing-3","location":"Executive compensation practices: stock ownership requirements","excerpt":"Stock Ownership Guidelines. To align the long-term interests of our CEO, CFO, and Presidents with those of our stockholders, these executives are required to own specified minimum levels of Company stock."},{"id":"e18","sourceId":"filing-3","location":"Stockholder engagement: adverse advisory recommendations on the Duda grant","excerpt":"Duda in 2024 in light of the negative advisory recommendations of Glass Lewis and ISS, which were focused on this grant."},{"id":"e19","sourceId":"filing-3","location":"Corporate governance: audit committee responsibilities and independence","excerpt":"2026 PROXY STATEMENT 27 Table of Contents KEY RESPONSIBILITIES • Providing oversight of our accounting and financial reporting processes and the audit of our financial statements • Assisting our board of directors in oversight of (i) the audit and integrity of our financial statements, (ii) our compliance with legal and regulatory requirements, (iii) the independent auditor’s qualifications, independence, and performance, (iv) our accounting and financial reporting process and internal controls, and (v) the organization and performance of our internal audit function • Providing to our board of directors such information and materials as it may deem necessary to make our board of directors aware of significant financial matters that require the attention of our board of directors • Preparing the report required by the SEC rules to be included in our proxy statement for the annual meeting of stockholders • Reviewing and discussing with management, including our internal audit function, if applicable, and our independent auditor guidelines and policies to identify, monitor, and address enterprises risks, including our investment policies • Reviewing and discussing with management the adequacy and monitoring of our compliance programs with respect to legal, ethical, and regulatory requirements, including our Code of Ethics and Business Conduct, compliance with anti-bribery and anti-corruption laws, and compliance with export laws • Reviewing periodic reports from management on our internal compliance policies and procedures • Reviewing and discussing with management our policies and practices relating to environmental and social responsibility matters • Reviewing and discussing with management risks to significant cybersecurity matters and concerns involving the Company, including information security, data privacy, backup of information systems and related regulatory matters and compliance • Reviewing the results of the independent audit and quarterly reviews, and the independent auditor’s opinion on the audited financial statements INDEPENDENCE/QUALIFICATIONS: • All committee members are independent under the NYSE listing standards and the heightened independence requirements applicable to Audit Committee members under SEC rules • All current committee members are financially literate in accordance with NYSE listing standards."},{"id":"e20","sourceId":"filing-1","location":"Controls and Procedures: auditor opinion on year-end 2025 internal controls","excerpt":"GAAP. The effectiveness of our internal control over financial reporting, as of December 31, 2025, has been audited by Ernst & Young LLP, the independent registered public accounting firm that audits our Consolidated Financial Statements, as stated in their report included in Item 8 of this Annual Report on Form 10-K, which expresses an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2025."},{"id":"e21","sourceId":"filing-2","location":"Segment disclosures: combined CEO and board chair roles","excerpt":"Our chief operating decision maker (\"CODM\") is our Chief Executive Officer and Chairperson of the Board, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance."},{"id":"e22","sourceId":"filing-1","location":"Material Cash Requirements: December 2025 purchase commitments","excerpt":"As of December 31, 2025, we had non-cancellable purchase commitments not recorded on our balance sheet of $6.8 billion, of which $6.3 billion have confirmed receipt dates within 12 months, and $0.5 billion have confirmed receipt dates greater than 12 months."}],"changes":["Retain the previous uncertain moat verdict: the additional evidence demonstrates continuing customer relationships but still does not establish replacement costs or durable competitive superiority.","Recognize demonstrated retention evidence: 2025 service revenue grew 27.7%, with growth in both initial and renewal support contracts.","Add first-half 2026 revenue and cash-generation evidence, alongside increasing purchase commitments and actual equity dilution.","Assess management alignment and governance using supplied proxy disclosures rather than leaving them entirely unassessed."],"limitations":["All sources are issuer filings. Reported operating outcomes support numerical assessments, but product superiority and leadership assertions are not independently demonstrated.","Competitive passages identify generic categories rather than named competitors. Companies mentioned as former employers, acquisition counterparties or other business relationships are not established competitors here.","No customer migration costs, renewal rates, customer-level repeat-purchase cohorts, market-share comparisons or realized price changes are supplied.","The proxy supplies ownership requirements but no clearly attributable executive ownership table in these passages; the isolated ownership footnote cannot establish whose holdings it describes.","Stable gross margins cover 2024–2025; supplied first-half 2026 passages do not establish comparable gross-margin performance.","Source dates are filing dates: February 17, 2026 for filing-1, August 5, 2026 for filing-2 and April 16, 2026 for filing-3. Assessments distinguish these dates from the underlying reporting periods.","Generic risk factors identify possible erosion, while previously modified customer commitments and experienced price-focused competition describe actual conditions. Neither establishes overall realized competitive weakness."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"A common EOS platform and qualification requirements suggest differentiation and switching friction, but do not establish a defensible structural advantage.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":null,"rationale":"Growing support renewals establish continuing relationships, but the duration and strength of competitive protection remain unverified.","evidenceIds":["e3","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Strategic purchasing and support renewals do not establish operational dependence or costly replacement. Customers have modified purchase commitments.","evidenceIds":["e2","e3","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Revenue growth and stable margins show operating resilience, but cannot establish the resilience of an unproven moat against competing architectures and pricing.","evidenceIds":["e6","e7","e8","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Large customers generally receive lower pricing and Arista has experienced price-focused competition. These disclosed pricing conditions indicate constrained power; no magnitude of concessions or comparable-product price trend is supplied.","evidenceIds":["e6","e9"]},{"criterion":"retention","grade":3,"rationale":"Service revenue increased 27.7% in 2025 through growth in initial and renewal support contracts as the installed base expanded. This demonstrates continuing demand, although the renewal contribution is not isolated and no retention rate is disclosed.","evidenceIds":["e3"]},{"criterion":"margin_resilience","grade":3,"rationale":"GAAP gross margin remained 64.1% in both 2024 and 2025, while operating margin rose from 42.0% to 42.8%. This demonstrates resilience despite disclosed pricing pressures, without proving price increases or cost pass-through.","evidenceIds":["e8","e6","e9"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Sales primarily rely on purchase orders, and customers have cancelled, delayed or modified commitments with little notice. Combined with lower large-customer pricing, this indicates weak protection of supplier terms. Unilateral repricing rights are not disclosed.","evidenceIds":["e5","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual 2025 repurchases of $1.6031 billion and first-half 2026 operating cash generation of $2.8 billion support discipline. However, cash generation benefited from deferred revenue and tax timing, purchase commitments rose from $6.8 billion to $9.7 billion, and outstanding shares increased during first-half 2026. Commitment returns and repurchase value creation remain unproven.","evidenceIds":["e11","e12","e13","e14","e15","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Performance-based equity was actually used in 2025 and executives face minimum stock ownership requirements. Adverse advisory recommendations concerning the Duda grant and actual equity dilution temper the assessment. Ownership compliance and award-level realized outcomes are not supplied.","evidenceIds":["e16","e17","e18","e15"]},{"criterion":"execution","grade":3,"rationale":"First-half revenue increased from $4.2096 billion in 2025 to $5.7447 billion in 2026, following 2025 support growth and stable gross margins. These are strong demonstrated operating outcomes. Attribution to management is indirect and does not isolate market demand from execution.","evidenceIds":["e10","e3","e8"]},{"criterion":"governance","grade":2,"rationale":"An independent audit committee and an unqualified auditor opinion on 2025 internal controls provide concrete oversight evidence. Combined CEO and chair roles and compensation controversy create counterweights. The adverse recommendations do not establish a failed shareholder vote or misconduct.","evidenceIds":["e19","e20","e21","e18"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"39737f0848e16ff46002485b63f55c30f6e63f6f191a685f7867cb0bd8bed82f","updatedAt":"2026-10-18T12:05:19.573Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","publishedAt":"2026-02-17","sha256":"7f3e360b30ce837827531b8cbc7b3edaa6f9629547878b95cb885771cdd78199","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/anet-20260630.htm","publishedAt":"2026-08-05","sha256":"fd341e0ff4a042b8e445c7cfab6da3b8611b98334301986bdef67b6f9359af39","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1596532/000119312526158942/d66465ddef14a.htm","publishedAt":"2026-04-16","sha256":"b87eaeb4c5f7486a0f91edf51d6438e7fd20806411e11ec01ce73c5b2283071c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/anet-20241231.htm","publishedAt":"2025-02-19","sha256":"ebf566fd5a9d070dc93f4fe9962968cd3c309a50046e5cbfeaeace69ad4cdd91","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653224000043/anet-20231231.htm","publishedAt":"2024-02-13","sha256":"55ff233b00e74080d7ca2402f12e9e998900fc9a1fd609bcaa6f45478f833b84","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/anet-20260331.htm","publishedAt":"2026-05-06","sha256":"a402bb9d6dfb1182e47655f02befc558dd4a12cdadcf67c802dee55818779144","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a847aa0e0b51d5a9eb66512cceb4ae3e318d1bd76d8d5b890fa4df2c0aa0fc13","usage":{"input_tokens":87582,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":2987,"reasoning_output_tokens":93},"basisSupplement":{"previousHash":"6d5459982c0a3fe5c2ab8e85435ef3e669627eaa4eef71c6ea7ca8bb0b6f6841","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":63.79767282432345,"operating_margin":31.367957729160118,"roic":null,"fcf_margin":32.262824381105126,"sbc_revenue":6.338963859680187},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this 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disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","publishedAt":"2026-02-17","sha256":"7f3e360b30ce837827531b8cbc7b3edaa6f9629547878b95cb885771cdd78199","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/anet-20260630.htm","publishedAt":"2026-08-05","sha256":"fd341e0ff4a042b8e445c7cfab6da3b8611b98334301986bdef67b6f9359af39","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1596532/000119312526158942/d66465ddef14a.htm","publishedAt":"2026-04-16","sha256":"b87eaeb4c5f7486a0f91edf51d6438e7fd20806411e11ec01ce73c5b2283071c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653225000028/anet-20241231.htm","publishedAt":"2025-02-19","sha256":"ebf566fd5a9d070dc93f4fe9962968cd3c309a50046e5cbfeaeace69ad4cdd91","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653224000043/anet-20231231.htm","publishedAt":"2024-02-13","sha256":"55ff233b00e74080d7ca2402f12e9e998900fc9a1fd609bcaa6f45478f833b84","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/anet-20260331.htm","publishedAt":"2026-05-06","sha256":"a402bb9d6dfb1182e47655f02befc558dd4a12cdadcf67c802dee55818779144","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}