Aslan Research · Hardware & networking
Arista Networks, Inc. (ANET)
Data as of 2026-09-03 · 28 quarters · filed in USD
Committed purchases have grown 65% per year, faster than revenue growth of 29% per year. That puts the $9.7 billion in purchase commitments against $10.5 billion of trailing-year revenue, showing commitments nearly match a full year of sales.
Earned, collected early, and merely signed
Reports — of debt; has promised $9.7B
The $9.7 billion total committed amount consists of purchases, with no separate lease amount reported here. It therefore adds little beyond reported debt only if reported debt excludes these purchase obligations.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years show $9.5 billion due for purchases against $61 million of future revenue promised over the same period. The resulting due-next-five-years versus promised-revenue measure is 155.4x.
The rates that matter
Expenses as filed vs after cited reconciliation
12 patterns worth a second look
The filings repeatedly describe purchase commitments not recorded on the balance sheet, rising to $8.9 billion by March 31, 2026. They also show five XBRL facts reported at inconsistent scales across filings and substantive later revisions to comparative diluted-share and diluted-EPS figures. SEC staff correspondence included replies filed on 2024-08-08, 2024-10-30, 2024-11-07, and 2025-01-24.
off balance sheet · 1
The filings repeatedly report enforceable, legally binding purchase commitments that are not recorded on the balance sheet, with the amount rising to $8.9 billion by March 31, 2026.
one time dressing · 1
The filings present substantial IRC Section 174 cash-tax payments and estimates as material cash requirements alongside recurring operating commitments.
regulator challenge · 4
A reply to SEC staff was filed on 2024-08-08, answering a staff comment letter dated 2024-07-25; it quotes 2 staff comments.
A reply to SEC staff was filed on 2024-10-30, answering a staff comment letter dated 2024-10-16; it quotes 0 staff comments.
A reply to SEC staff was filed on 2024-11-07, answering a staff comment letter dated 2024-10-16; it quotes 0 staff comments.
+ 1 more
related party exposure · 1
The filings report a large related-party financing balance with a foreign subsidiary through an intra-entity IP transfer.
subsequent event · 3
The filing reports a post-quarter $40.0 million land and improvements acquisition commitment that adds to the June 30, 2021 commitments profile.
The September 30, 2024 filing reports a four-for-one forward stock split approved after the reporting period.
The March 31, 2025 filing reports additional repurchases and a new $1.5 billion repurchase authorization after quarter end.
tagging quality · 1
5 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:NetIncomeLoss).
value revision · 1
The comparative diluted-share and diluted-EPS figures were substantively revised in later filings, consistent with a four-for-one stock split.