{
 "schema": "annalist.findings/0.1",
 "company": "arista-networks",
 "snapshot": "FY2026Q2_2c2dfa16",
 "as_of": {
  "period": "FY2026 Q2",
  "period_end": "2026-06-30",
  "release_date": "2026-08-05"
 },
 "findings_version": "0.4",
 "conventions": {
  "ledger": "Append-only: records are never changed or removed; seq gives the order of writing. A thread is one claim of one rule, written <rule>/<claim>.",
  "strength": "Claim polarity times measure. A thread is Strengthened or Weakened when its strength moves by more than the band of its rule, otherwise Confirmed.",
  "states": {
   "New": "The finding is stated for the first time, or again after it was retired.",
   "Confirmed": "The finding still holds and its measure moved by no more than the band of its rule.",
   "Strengthened": "The finding still holds and its measure moved further in the direction the finding states.",
   "Weakened": "The finding still holds and its measure moved back towards the opposite direction.",
   "Retired": "The finding no longer holds: its rule now states another claim, or no longer applies."
  },
  "changes": {
   "initial": "The first record of the rule for the company.",
   "data update": "A later period, from a new report.",
   "restatement": "The same period with different figures, after the company reported them differently.",
   "methodology": "A new method version of the rule.",
   "wording": "A new wording version of the rule, with the same method.",
   "correction": "The same period with different figures after Annalist corrected how it reads the filings; the reason names the correction, and config/corrections.toml lists the earlier records it concerns."
  },
  "basis": {
   "recorded": "Recorded from the snapshot named, after its publication.",
   "reconstructed": "Reconstructed from the figures of the snapshot named, as at the end of the period shown, when the ledger was opened. Figures are as later reported, so restated figures replace the original ones."
  },
  "claims": {
   "higher": "the measure is above its value a year earlier",
   "lower": "the measure is below its value a year earlier",
   "unchanged": "the measure is within rounding of its value a year earlier",
   "stated": "the figure is stated without a comparison",
   "profit_after_loss": "a profit follows a loss in the same period a year earlier",
   "loss": "the latest period shows a loss",
   "positive": "the amount is positive",
   "negative": "the amount is negative",
   "net_debt": "total debt exceeds cash and short-term investments",
   "net_cash": "cash and short-term investments exceed total debt",
   "ahead": "the share of the forecast reached exceeds the share of the year elapsed",
   "behind": "the share of the forecast reached is below the share of the year elapsed",
   "in_line": "the share of the forecast reached equals the share of the year elapsed, within rounding",
   "minimal": "the measure is within the minimal band of the S&P benchmark table",
   "modest": "the measure is within the modest band of the S&P benchmark table",
   "intermediate": "the measure is within the intermediate band of the S&P benchmark table",
   "significant": "the measure is within the significant band of the S&P benchmark table",
   "aggressive": "the measure is within the aggressive band of the S&P benchmark table",
   "highly_leveraged": "the measure is within the highly leveraged band of the S&P benchmark table",
   "covered": "the sources of cash cover the uses",
   "shortfall": "the sources of cash fall short of the uses",
   "cash_backed": "operating cash flow exceeds net income",
   "accrual_led": "net income exceeds operating cash flow",
   "safe_zone": "the score is above the safe threshold of the model",
   "grey_zone": "the score is between the thresholds of the model",
   "distress_zone": "the score is below the distress threshold of the model",
   "below_threshold": "the score is below the threshold of the model",
   "above_threshold": "the score is above the threshold of the model",
   "high_score": "7 or more of the 9 signals are met",
   "middle_score": "4 to 6 of the 9 signals are met",
   "low_score": "3 or fewer of the 9 signals are met"
  }
 },
 "rules": {
  "corp.altman_zone": {
   "version": "1.0",
   "module": "scores",
   "title": "Altman Z'' zone",
   "measure": "Altman Z'' score for the latest fiscal year",
   "band": "0.25 points"
  },
  "corp.beneish_threshold": {
   "version": "1.0",
   "module": "scores",
   "title": "Beneish M-score against its threshold",
   "measure": "Beneish M-score for the latest fiscal year",
   "band": "0.1 points"
  },
  "corp.cash_backing": {
   "version": "2.0",
   "module": "quality",
   "title": "Cash backing of earnings",
   "measure": "net income attributable to the company less operating cash flow, over average total assets, per cent, over 4 quarters or for a fiscal year, whichever ends later",
   "band": "0.5 percentage points"
  },
  "corp.free_cash_flow_ttm": {
   "version": "1.1",
   "title": "Free cash flow",
   "measure": "free cash flow over the last 4 quarters, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.net_income_yoy": {
   "version": "1.0",
   "title": "Net income against a year earlier",
   "measure": "growth of quarterly net income attributable to the company against the same quarter a year earlier, per cent; where either quarter shows a loss, the net income of the latest quarter",
   "band": "1.0 percentage point for growth; 5% of the earlier amount for amounts"
  },
  "corp.operating_margin_ttm": {
   "version": "1.1",
   "title": "Operating margin against a year earlier",
   "measure": "change of the operating margin over the last 4 quarters against a year earlier, percentage points",
   "band": "0.2 percentage points"
  },
  "corp.piotroski_score": {
   "version": "1.0",
   "module": "scores",
   "title": "Piotroski F-score",
   "measure": "Piotroski F-score for the latest fiscal year, of 9",
   "band": "less than 1 point"
  },
  "corp.revenue_yoy": {
   "version": "1.0",
   "title": "Revenue against a year earlier",
   "measure": "growth of quarterly revenue against the same quarter a year earlier, per cent",
   "band": "1.0 percentage point"
  },
  "corp.roe_ttm": {
   "version": "1.1",
   "title": "Return on equity against a year earlier",
   "measure": "change of return on equity over the last 4 quarters against a year earlier, percentage points",
   "band": "0.5 percentage points"
  }
 },
 "corrections": [
  {
   "company": "arista-networks",
   "date": "2026-10-20",
   "text": "The quarterly depreciation and amortisation of Arista Networks mixed the total of its cash flow statement with depreciation alone; every quarter now comes from the total. Arista Networks reports its capital expenditure on one line in its 10-Qs and another in its 10-Ks, with no period in common that would show them equal, so its fourth quarters and fiscal years of capital expenditure are no longer published. Record 67 retires its free cash flow over the last 4 quarters, which needs them. Records 3, 4, 5, 6, 12, 13, 14, 15, 16, 17, 18, 19, 20, 28, 29, 30, 34, 35, 36, 40, 41, 42, 48, 57 and 64 cite figures that the correction changed.",
   "records": [
    3,
    4,
    5,
    6,
    12,
    13,
    14,
    15,
    16,
    17,
    18,
    19,
    20,
    28,
    29,
    30,
    34,
    35,
    36,
    40,
    41,
    42,
    48,
    57,
    64,
    67
   ]
  },
  {
   "company": "arista-networks",
   "date": "2026-10-22",
   "text": "Changes against a year earlier compared 2 figures of different bases where a stock split, a spin-off or a restatement came between the 2 periods. 21 growth values of Arista Networks changed, among them diluted earnings per share growth for fiscal 2022, minus 59.3% before the correction and 62.4% on one basis. Records 16 and 17 cite figures of 2 bases, which give the same rounded changes as one basis.",
   "records": [
    16,
    17
   ]
  }
 ],
 "threads": {
  "corp.revenue_yoy/higher": {
   "rule": "corp.revenue_yoy",
   "claim": "higher",
   "state": "Strengthened",
   "since": "FY2024 Q2",
   "active": true,
   "records": [
    1,
    10,
    16,
    26,
    32,
    38,
    44,
    53,
    59
   ]
  },
  "corp.net_income_yoy/higher": {
   "rule": "corp.net_income_yoy",
   "claim": "higher",
   "state": "Strengthened",
   "since": "FY2024 Q2",
   "active": true,
   "records": [
    2,
    11,
    17,
    27,
    33,
    39,
    45,
    54,
    60
   ]
  },
  "corp.operating_margin_ttm/higher": {
   "rule": "corp.operating_margin_ttm",
   "claim": "higher",
   "state": "Retired",
   "since": "FY2024 Q2",
   "active": false,
   "records": [
    3,
    12,
    18,
    28,
    34,
    40,
    46,
    55,
    61
   ]
  },
  "corp.roe_ttm/lower": {
   "rule": "corp.roe_ttm",
   "claim": "lower",
   "state": "Confirmed",
   "since": "FY2024 Q2",
   "active": true,
   "records": [
    4,
    13,
    19,
    29,
    35,
    41,
    47,
    56,
    63
   ]
  },
  "corp.free_cash_flow_ttm/positive": {
   "rule": "corp.free_cash_flow_ttm",
   "claim": "positive",
   "state": "Retired",
   "since": "FY2024 Q2",
   "active": false,
   "records": [
    5,
    14,
    20,
    30,
    36,
    42,
    48,
    57,
    64,
    67
   ]
  },
  "corp.cash_backing/cash_backed": {
   "rule": "corp.cash_backing",
   "claim": "cash_backed",
   "state": "Confirmed",
   "since": "FY2024 Q2",
   "active": true,
   "records": [
    6,
    15,
    21,
    31,
    37,
    43,
    49,
    58,
    65,
    66
   ]
  },
  "corp.altman_zone/safe_zone": {
   "rule": "corp.altman_zone",
   "claim": "safe_zone",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    7,
    22,
    50
   ]
  },
  "corp.beneish_threshold/below_threshold": {
   "rule": "corp.beneish_threshold",
   "claim": "below_threshold",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    8,
    23,
    51
   ]
  },
  "corp.piotroski_score/high_score": {
   "rule": "corp.piotroski_score",
   "claim": "high_score",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    9,
    24
   ]
  },
  "corp.piotroski_score/middle_score": {
   "rule": "corp.piotroski_score",
   "claim": "middle_score",
   "state": "Confirmed",
   "since": "FY2024",
   "active": true,
   "records": [
    25,
    52
   ]
  },
  "corp.operating_margin_ttm/unchanged": {
   "rule": "corp.operating_margin_ttm",
   "claim": "unchanged",
   "state": "New",
   "since": "FY2026 Q2",
   "active": true,
   "records": [
    62
   ]
  }
 },
 "records": [
  {
   "seq": 1,
   "company": "arista-networks",
   "thread": "corp.revenue_yoy/higher",
   "rule": "corp.revenue_yoy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": 15.8662,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 15.8662,
   "text": "Revenue for the quarter ended 30 June 2024 was US$1.7 billion, 15.9% higher than in the same quarter a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_quarterly/FY2024 Q2/revenue",
     "value": 1690400000.0,
     "sources": [
      "10-Q:0001596532-25-000216"
     ]
    },
    {
     "ref": "pl_quarterly/FY2023 Q2/revenue",
     "value": 1458924000.0,
     "sources": [
      "10-Q:0001596532-24-000279"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 2,
   "company": "arista-networks",
   "thread": "corp.net_income_yoy/higher",
   "rule": "corp.net_income_yoy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": 35.2755,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 35.2755,
   "text": "Net income attributable to the company was US$665 million, 35.3% higher than in the same quarter a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_quarterly/FY2024 Q2/net_income",
     "value": 665400000.0,
     "sources": [
      "10-Q:0001596532-25-000216"
     ]
    },
    {
     "ref": "pl_quarterly/FY2023 Q2/net_income",
     "value": 491885000.0,
     "sources": [
      "10-Q:0001596532-24-000279"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 3,
   "company": "arista-networks",
   "thread": "corp.operating_margin_ttm/higher",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": 5.1113,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 5.1113,
   "text": "The operating margin over the last 4 quarters was 41.2%, 5.1 percentage points higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/ttm/FY2024 Q2",
     "value": 41.232151274017795,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/ttm/FY2023 Q2",
     "value": 36.12085064724317,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 4,
   "company": "arista-networks",
   "thread": "corp.roe_ttm/lower",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": -0.200367,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 0.200367,
   "text": "Return on equity over the last 4 quarters was 34.5%, against 34.7% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/ttm/FY2024 Q2",
     "value": 34.462133242443684,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/ttm/FY2023 Q2",
     "value": 34.66249987073389,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 5,
   "company": "arista-networks",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": 2698440000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 2698440000.0,
   "text": "Free cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 1.1 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/ttm/FY2024 Q2",
     "value": 2698439000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/ttm/FY2024 Q2",
     "value": 1.1081155398648763,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 6,
   "company": "arista-networks",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "1.0",
   "claim": "cash_backed",
   "state": "New",
   "change": "initial",
   "period": "FY2024 Q2",
   "period_end": "2024-06-30",
   "measure": {
    "value": -2.68748,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 2.68748,
   "text": "Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/ttm/FY2024 Q2",
     "value": -2.687478330858735,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 7,
   "company": "arista-networks",
   "thread": "corp.altman_zone/safe_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "safe_zone",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 10.2366,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": 10.2366,
   "text": "The Altman Z'' score for fiscal 2023 was 10.24, above the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2023",
     "value": 10.236631556353835,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 8,
   "company": "arista-networks",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -2.37605,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.37605,
   "text": "The Beneish M-score for fiscal 2023 was minus 2.38, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2023",
     "value": -2.376051407063451,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 9,
   "company": "arista-networks",
   "thread": "corp.piotroski_score/high_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "high_score",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 8.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 8.0,
   "text": "The Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was operating cash flow above net income.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2023",
     "value": 8.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2026Q2_cc2991fc",
   "dataset_sha256": "cc2991fc8f71de43b63b114a16d4ba1f2b317f6d12cc4228f4f8f2b1ad0eb12c"
  },
  {
   "seq": 10,
   "company": "arista-networks",
   "thread": "corp.revenue_yoy/higher",
   "rule": "corp.revenue_yoy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024 Q3",
   "period_end": "2024-09-30",
   "measure": {
    "value": 19.9704,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 19.9704,
   "text": "Revenue for the quarter ended 30 September 2024 was US$1.8 billion, 20.0% higher than in the same quarter a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_quarterly/FY2024 Q3/revenue",
     "value": 1810900000.0,
     "sources": [
      "10-Q:0001596532-25-000286"
     ]
    },
    {
     "ref": "pl_quarterly/FY2023 Q3/revenue",
     "value": 1509456000.0,
     "sources": [
      "10-Q:0001596532-24-000368"
     ]
    }
   ],
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   "snapshot": "FY2026Q2_cc2991fc",
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  {
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   "change": "data update",
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    "value": 8.46477,
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   "band": [
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   "strength": 8.46477,
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   "figures": [
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     "ref": "ratio/corp.altman_z2/annual/FY2025",
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    "value": 5.0,
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     "ref": "ratio/corp.operating_margin/ttm/FY2026 Q1",
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   "strength": 2.16006,
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  {
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  {
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   "strength": 2.16251,
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  {
   "seq": 67,
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}