花旗发布 Arista 财报前瞻，预计二季度收入符合指引并关注 FY26/FY27 展望

Arista reports Jun-Q results on Aug, 4 after market close. We expect Jun-Q sales of $2.8B/+ 28% Y/Y, in line with guidance and consensus expectations, driven by broad strength across the business, tempered by supply. While supply chain challenges and longer AI qualification/customer acceptance times may limit upside to FY26 topline growth and margin outlook vs the Street's +29%/ 62.4%, we see potential for a stronger FY27 outlook from new customers, an expanding TAM, and more supply coming available. Key investor topics are 1) top-line growth outlook, 2) margin puts and takes, and 3) new customers.
Rising Cloud Capex
We view the strengthening outlook for Big 5 cloud SP capex spend positively for our networking coverage and ANET specifically, given the company's top two customers in FY25 were MSFT and META, at 16% and 26% of sales, respectively.
New Opportunities - Higher Switch TAM
Dell'Oro's meaningfully higher growth expectations for the AI back end and front end switch markets point to significantly stronger than expected demand which ANET is well positioned to benefit from, given its #3 and #1 share, respectively. Additionally, we see the emerging Ethernet scale up segment of the AI back end market as an attractive new TAM. With at least two new potential 10% customers and potential collaboration with AMD Helios, we see multiple future growth opportunities for ANET.
Focus on the Call
Key areas of investor interest include 1) FY26 guidance and any commentary regarding FY27 outlook, 2) gross margin trends and update on supply chain, 3) growth in product deferred, and 4) new 10% customers.