Aslan Research · Hardware & networking
Arista Networks, Inc. (ANET)
Data as of 2026-08-21 · 28 quarters · filed in USD
Revenue reached $10.5 billion over the trailing year, while expenses were $6.9 billion. Commitments grew 65% per year, faster than revenue growth of 29% and expense growth of 40%.
Earned, collected early, and merely signed
Reports — of debt; has promised $9.7B
The $9.7 billion of total committed money is all tied to purchases, with no lease amount shown separately. That purchase commitment total is close to the $6.9 billion of trailing-year expenses, but it covers future purchases rather than reported spending.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $9.5 billion of commitments due against $61 million of future revenue promised for the same period. The filings show a 155.4x gap between what is due and that promised revenue.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The sharpest flag is circular financing: filings report financing for privately held companies that may also be counterparties to future customer or product-shipment agreements. Filings also report large legally binding purchase commitments not recorded on the balance sheet, a $267.2 million inventory write-down charge alongside a $74.3 million credit related to supplier liabilities, and changes in how customer and commitment categories are presented.
circular financing · 1
The filings report company financing of privately held companies that may also be counterparties to future customer or product-shipment agreements.
off balance sheet · 1
The filings repeatedly report large legally binding purchase commitments that are not recorded on the balance sheet.
one time dressing · 1
The FY2024 filing reports a $267.2 million inventory write-down charge alongside a $74.3 million credit related to supplier liabilities.
redefinition · 1
The filings change the presentation of customer and commitment categories from named end customers and supplier commitments to broader or differently described populations.
related party exposure · 1
The filings report a recurring material ownership concentration and insider trading arrangements involving directors, executives, and greater-than-10% stockholders.
subsequent event · 2
The June 30, 2021 filing reports a subsequent $40.0 million land-and-improvements commitment following the period end.
The March 31, 2024 filing reports post-period completion of the prior repurchase program and authorization of a new $1.2 billion program.
tagging quality · 1
5 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:NetIncomeLoss).
value revision · 1
Several weighted-average diluted-share figures are substantively revised between filings rather than merely reformatted.