Arista Networks

Memory prices described as horrendous and an order of magnitude higher, with situation worsening in January and February, forcing a one-time price increase on memory-intensive SKUS and purchase commitments rising significantly.

International revenues reached 21.2% of total with Asia and Europe growing north of 40% annually, crossing 10,000 cumulative customers with strong traction in the $5,000,000 to $10,000,000 customer category.

Campus and branch revenue exceeded $800,000,000 strategic goal in 2025, with $1,250,000,000 target committed for 2026 including VeloCloud acquisition driving unified secure client-to-branch-to-campus solution.

Total deferred revenue rose to $5,400,000,000 from $4,700,000,000 with product deferred increasing approximately $469,000,000 sequentially, driven by new AI products and customer-specific acceptance clauses creating significant quarterly unpredictability.