What move does the options market price into Arista Networks's report?

Implied ±7.8%, either direction.

How often does Arista Networks move more than the options market prices?

4 of the last 8 reports moved at least as far as the implied move.

ANETNYSEComputer Communications Equipment

Arista Networks, Inc. (ANET) earnings date, market-implied expected move, and options open interest by expiry

168.76

−15.46 · −8.39%

post 169.66 +0.53%

Closed19:59 ET

Open176.00Volume8.3MMkt cap$213.0BP/E52.85EPS3.21

Day167.45 – 177.7022%52-wk114.52 – 217.4154%

ANET

Arista Networks, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±7.8%implied · report alone

8Q avg ±8.3%·×0.94·fair

155.70182.02

straddle ±8.9%

spot 168.86exp Nov 6ATM strike 170ATM straddle 17.72IV 94%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 3

after close · in 2 days

est.Q3 FY26

Calendar

Next report

Last report

+3.57%

vs ±8.8% implied · ×0.40

shaded = implied · ▲▼ = realized

Aug 4 '26 · confirmed

Implied vs realized

Largest filed tie

26.00%

of ANET revenue · Other end customer

customerANET 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

−2.84%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

2,262 managers

Top fund weight

0.98%

ANET weight · XLK

N-PORTJun 30 '26

11 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Arista Networks (ANET) is expected to report on Nov 3 after close (estimated date).

Implied vs realized

8 reports

4 of 8≥ implied

avg implied: ±8.3%
avg realized: ±8.3%

Nov 7 '24Nov 7 '24confirmed±7.1%▼−7.09%×1.00

Feb 18 '25Feb 18 '25confirmed±9.4%▼−6.43%×0.69

May 6 '25May 6 '25confirmed±8.3%▼−4.76%×0.58

Q2 FY25Aug 5 '25confirmed±7.8%▲+17.49%×2.23

Q3 FY25Nov 4 '25confirmed±8.2%▼−8.55%×1.04

Q4 FY25Feb 12 '26confirmed±8.8%▲+4.79%×0.54

Q1 FY26May 5 '26confirmed±7.8%▼−13.61%×1.75

Q2 FY26Aug 4 '26confirmed±8.8%▲+3.57%×0.40

quarterimplied−20%0+20%realized×

Q2 FY26±8.8%▲+3.57%×0.40

Q1 FY26±7.8%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 9 expiries · Oct 30 close

0.92OI · 9 expiries · Oct 30 closeP/C open interest · Nov 6 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

5,155+6%Nov 65d5,583+5%

1,580+3%Nov 1312d0.662,376+3%0.66

28,263+1%Nov 2019d1.0127,9200%1.01

1,764+26%Nov 2726d1.211,463+87%1.21

200+1%Dec 433d0.201,020+1%0.20

4 later expiries

0—Dec 1140d—0——

17,207+2%Dec 1847d1.05

ExpiryPutsCallsP/C

Nov 65d5,155+6%5,583+5%0.92

Nov 1312d1,580+3%2,376+3%0.66

Nov 2019d28,263+1%27,9200%1.01

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±8.9%

Funds 4

XLK±0.1%

FTC±0.1%

VUG±0.0%

SPY±0.0%

Suppliers 4

AVGO±4.9%×0.55

SANM±3.9%×0.44

FLEX±3.8%×0.43

Customers 2

META±2.0%×0.22

MSFT±1.4%×0.16

Dashed = straddle · × = co-movement · max 501dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

39.95%as filednet margin · revenue +12.06% QoQ · +37.69% YoY

Revenue

$3.0B+12.06% QoQ

Gross profit

$1.9B+13.93% QoQ

62.93% margin

Operating income

$1.4B+19.02% QoQ

45.39% margin

Pre-tax income

$1.5B+18.32% QoQ

Net income

$1.2B+18.57% QoQ

39.95% margin

Cost of revenue

$1.1B+9.03% QoQ

Operating expenses

$532M+2.56% QoQ

R&D $348M

Marketing $150M

SG&A $34M

Tax

$291M+17.26% QoQ

Other income

$126M+11.18% QoQ

Revenue$3.0B+12.06%

Gross profit

$1.9B+13.93%

62.93% margin

Operating income

$1.4B+19.02%

45.39% margin

Pre-tax income

$1.5B+18.32%

Net income

$1.2B+18.57%

39.95% margin

Cost of revenue

$1.1B+9.03%

Operating expenses

$532M+2.56%

R&D $348M

Marketing $150M

SG&A $34M

Other income$126M+11.18%

Tax$291M+17.26%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 19:45 ET

Intraday

Event sensitivity

GDP ×1.53· ±3.5% vs ±2.3% · 19 releases

eventrelease day|move|up · n×base

GDPgross domestic product±3.5%14 of 19×1.53

CPIconsumer prices±3.1%8 of 10×1.38

CPROFcorporate profits±3.1%10 of 12×1.37

PPIproducer prices±3.0%4 of 10×1.31

FOMCrate decision±2.8%17 of 24×1.24

NFPjobs report±2.3%4 of 10×1.01

PCEpersonal income & outlays±2.2%14 of 19×0.98

Bar = avg |move| to ±4% · tick = ±2.3% avg day · ×base = |move| ÷ ±2.3% · min 6 releases

Earnings history

EPS 0.95 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 4 '26 · confirmed	0.95	—
Q1 FY26	May 5 '26 · confirmed	0.80	—
Q4 FY25	Feb 12 '26 · confirmed	0.82	—
Q3 FY25	Nov 4 '25 · confirmed	0.67	—

Methodology

ties · implied moves · holdersMethod