# Arista is holding $6,865.9m it has not yet booked as revenue — 2.3 times a quarter's sales and up 69% in a year, with $1,703.2m newly deferred in this quarter alone

![Arista is holding $6,865.9m it has not yet booked as revenue — 2.3 times a quarter's sales and up 69% in a year, with $1,703.2m newly deferred in this quarter alone](https://aiswingx.com/static/covers/anet-2026q2_cover.jpg?v=1790083566)

**Q2 2026 10-Q: revenue $3,035.7m (+38%), operating income $1.38bn, net income $1.21bn. Deferred revenue at June 30 was $6,865.9m ($5,100.7m current plus $1,765.2m non-current) against $4,061.7m a year earlier. The quarter added $1,703.2m of new deferrals while recognizing $1,036.0m from the opening balance. Total future revenue including other performance obligations is $8.4bn, about 91% of it in future periods; receivables $2,266.2m and inventory $2.54bn**

Arista Networks (ANET) reported second-quarter 2026 revenue of $3,035.7m, up 38% from a year earlier, and net income of $1.21bn. The line that grew faster than revenue in the 10-Q filed on August 5 is on the other side of the balance sheet: deferred revenue — money not yet recognized as sales — stood at $6,865.9m at June 30.

- 종목: ANET (Arista Networks)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-22 13:26 UTC · 업데이트: 2026-09-22 15:58 UTC
- 원문: https://aiswingx.com/p/anet-2026q2

## 숫자 하나
Deferred revenue $6,865.9m ($4,061.7m a year earlier, +69%) = 2.26× quarterly revenue of $3,035.7m. New deferrals in the quarter $1,703.2m vs $1,036.0m recognized from the opening balance. Future revenue including other performance obligations $8.4bn (about 91% in future periods). Receivables $2,266.2m (75% of quarterly revenue), inventory $2.54bn, quarterly operating cash flow $1.08bn (prior quarter $1.69bn). Two customers were 26% and 16% of 2025 revenue.

## 비유 하나
(구독자 전용)

## 출처 하나
Arista Networks Form 10-Q for Q2 2026 (as of June 30): balance sheet (current and non-current deferred revenue, receivables, inventory), the deferred-revenue rollforward and remaining-performance-obligations paragraphs in the contract-liabilities note, cash-flow statement, the customer-concentration and payment-terms risk factors, and MD&A

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Arista Networks (ANET) sells high-speed data-center network switches and software and trades as a direct beneficiary of AI infrastructure build-outs.

Its quarterly report (10-Q) for Q2 2026 shows revenue of **$3,035.7m**, up 38% from $2,204.8m a year earlier, with gross profit of $1.91bn, operating income of $1.38bn and net income of **$1.21bn**. First-half revenue was $5,744.7m against $4,209.6m.

The line that grew faster sits on the liability side. **Deferred revenue** at June 30 was $5,100.7m current plus $1,765.2m non-current — **$6,865.9m** in total, against $4,061.7m a year earlier. That is 69% growth while revenue grew 38%.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## 관련 뉴스
- [Arista Networks director Andreas Bechtolsheim sells $59.7m in stock By Investing.com](https://news.google.com/rss/articles/CBMixAFBVV95cUxOTDd3WnlWRGZWRnF4MlVLU3dqSjZucmRKT0J0ZkphV21qd2dzeU5EMnFvMUVlWXJNbnFWaG1CZm43SGNKOVAwUHF0Ny14dEd6WjVtVEtZLS12QlFwcnlPUVJGQkpMRDJxMWVEa3RkSk5uWHN5c0hiSnMyNTJsZ1VMZUVzZWxZTWxfdEFtR2J0cC0zbWtZOWlmY0Zsd0E1U0hvSXdfVjNfQ1pNbGlXc0Q1U0dhMlhCLTF0enFMNmowWjJzRHZ4?oc=5) — Investing.com UK
- [Arista Networks Inc. stock underperforms Monday when compared to competitors despite daily gains](https://news.google.com/rss/articles/CBMigwJBVV95cUxOTUNlVXUyYlRwZWV0QkJKUXIxLW1aVW5LQ1hTcVZabmlKZG8xQkJpS2MwYXlya0dTbG44YVhTanBDNkRwbHFTLU9TOHJUZ3JQMUlKalNjZ09aVHh1WEpxWHVoUHpwbDJGVXltTm9BQm45M1o4dEVtTThjS3Y5Vldpek1SbDZNQVRFVmd3ZXZVYUxJMVVKekRiZURFOXBLVUpVUTdxc0Ria0k0S1hORFNWQ1pXUF8zdXY1c1ozeFpvWmRiZ3dhLXRDWG9Zc1MwSFBUVm1LTWJfNTVwV0M2WmYyX25vLVZYa1dJanF6WTNNUlRqQTY5VHRHRDZ0TXpOMDhYaWVJ?oc=5) — MarketWatch
- [Family trust tied to Arista (NYSE: ANET) insider unloads shares under preset trading plan](https://news.google.com/rss/articles/CBMiswFBVV95cUxOeVhRbzhrRU03U2J1ZmdfRXk2RzUtRWcxXzZMYnpqU19XUnM0aUZYUE1MY195TExQMXNaSm1PU0xybWxzUEkzdFQ5ek12bzlGS2l1dkJMVXlxMmp2elN3ZWJlTEw5bGgzOWVtVDZlMDRDSW15VjRKT254ZlRBTkNmZ19CYVJwYnFIVU9oWWVKVU9lcjVXYmg5LVUwOWZmTzl2QVlVMVlKTGphLUczMkwyZ1dMcw?oc=5) — stocktitan.net
- [Arista Networks Is Too Risky (NYSE:ANET)](https://news.google.com/rss/articles/CBMieEFVX3lxTE4tV2xFbkZMamxTQmxUX1lFakhNZndycTVxOHQtVXhMNGpFMWVuYnA1N2E4V2J1bkJEYk5DZ3JfQjNCUFJDUmxvLVJhTTdsWVJHaV9xX1ZkQlBmMUl1aDVpTmFBY0xLejdjb1czbXdVeVp2VERVdWc4Qw?oc=5) — Seeking Alpha

## FAQ

**Q. Is rising deferred revenue a good sign?**

The 10-Q states what it consists of — unearned multi-year support and product deferrals on contracts with acceptance clauses — and gives the balance and the quarter's movements. It is future revenue, but the timing depends on contract terms. This article reports the balance and the pace; the criteria for judging them are in the subscriber section.

**Q. Why did operating cash flow fall?**

Quarterly operating cash flow was $1.08bn against $1.69bn in the prior quarter. For the first half it was $2,776.5m ($1,841.8m a year earlier), with deferred revenue contributing +$1,493.5m while receivables (−$379.3m), inventories (−$288.2m) and other assets (−$619.7m) absorbed cash.

**Q. Why are inventory and deposits up?**

Inventory was $2.54bn at June 30, and deposits placed with contract manufacturers to secure purchase commitments were $124.4m against $53.0m at the end of last year. The company outsources most manufacturing and supply-chain management to third-party contract manufacturers.

**Q. Where can I verify these numbers?**

On SEC EDGAR: the Q2 2026 Form 10-Q (accession 0001596532-26-000175) — 'Deferred revenue' (current and non-current) on the balance sheet, the deferred-revenue rollforward and remaining-performance-obligations paragraphs in the contract-liabilities note, the cash-flow statement, and the customer-concentration and payment-terms risk factors.