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Arista Networks (ANET) investor relations material
Arista Networks UBS’s 2025 Global Technology and AI Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS’s 2025 Global Technology and AI Conference summary2 Dec, 2025
2026 outlook and growth targets
Projecting nearly 27% growth for FY25, with a 20% growth target for FY26 and an operating margin of 48%.
Campus business aims to grow from $800 million in FY25 to $1.25 billion in FY26, a 50% increase, starting from 5% market share.
AI center revenue expected to rise from $1.5 billion+ in FY25 to $2.75 billion in FY26, representing 60–80% growth.
Guidance is based on realistic assumptions, not expecting all targets to be fully achieved; updates will be provided as visibility improves.
Deferred revenue growth and purchase commitments provide visibility into 2026–2027 revenue streams.
AI and infrastructure trends
Large AI deployments with hyperscalers and NeoClouds are driving growth, with most 2026 revenue tied to already specified and designed programs.
Complexity and scale of AI clusters are increasing, requiring significant resources and longer deployment timelines.
Both hyperscalers and NeoClouds are optimizing for inference and training, with NeoClouds focusing on last-mile inference.
For every dollar spent on backend (training), $0.30–$2 may be spent on frontend (inference), depending on customer needs.
Portfolio optionality across frontend and backend is seen as a competitive advantage, with high win rates in proof-of-concept scenarios.
Supply chain, gross margin, and customer mix
No risk anticipated for FY25 or FY26 from supply chain issues, but capacity tightness is acknowledged; purchase commitments have increased to secure supply.
Gross margin guidance for FY26 is 62–64%, with mix between cloud and enterprise customers influencing the range.
Traditional enterprise business, if it grows faster, could push margins to the higher end of the range.
Enterprise AI is still small but growing, mainly focused on inference and influencing campus upgrades (e.g., Wi-Fi 7 adoption).
What are the key AI growth drivers for FY26?
How does competitor uncertainty aid campus wins?
What is the scale-up market opportunity and timing?
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Next Arista Networks earnings date
Raymond James TMT and Consumer Conference9 Dec, 2025
Next Arista Networks earnings date
Raymond James TMT and Consumer Conference9 Dec, 2025
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Frequently asked questions
Arista Networks, Inc. develops, markets, and sells cloud networking solutions primarily in the Americas, Europe, the Middle East and Africa, and the Asia-Pacific. The company offers extensible operating system, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products. It provides its products for use in large data center and computing environments. The company sells its products to value-added resellers or distributors; and original equipment manufacturers. Arista Networks, Inc. was founded in 2004 and is headquartered in Santa Clara, California
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