Arista Networks (ANET) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup favors a beat on revenue with consensus sitting at $2.827B vs. guidance of ~$2.8B, but the real debate is whether deferred revenue conversion and gross margin can surprise to the upside — supply-chain headwinds remain the single biggest swing factor.

Heading into Q2 2026, the bar for Arista is calibrated tightly around management's own guidance: consensus revenue of $2.827B sits just ~1% above the $2.8B midpoint guided on May 5, and non-GAAP EPS consensus of $0.883 is essentially in line with the $0.88 guide, leaving limited room for a large headline beat but also a low hurdle for an in-line print. Management's tone on the Q1 call was the most bullish in company history — CEO Jayshree Ullal described demand as "the best I've ever seen in my Arista tenure" — yet simultaneously flagged industry-wide supply shortages across wafers, silicon, CPUs, optics, and memory as a 1-to-2-year phenomenon, creating a supply-constrained ceiling on near-term revenue upside. Estimate revisions since the Q1 print have been remarkably stable: the 2Q26 revenue consensus moved from $2.823B on May 8 to $2.827B today, and FY26 consensus edged from $11.582B to $11.600B, suggesting the Street has largely accepted management's framework and is not pricing in incremental upside. The stock has rallied ~15.6% in the past month and is up ~50% over the past year, trading at ~43.8x NTM P/E — a premium that prices in continued strong execution and leaves the stock vulnerable to any guidance disappointment. The wildcard heading into the print is the trajectory of

deferred revenue: at $6.2B exiting Q1 (up $830M sequentially), any acceleration in customer acceptance and revenue recognition — or conversely, a further build — will be the most watched data point beyond the headline numbers, as it signals whether AI deployments are converting to P&L revenue or continuing to accumulate on the balance sheet.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a low bar on revenue (~1% above guidance midpoint at $2.827B) and essentially in-line on EPS ($0.883 vs. $0.88 guide);

gross margin is the bigger swing factor — any upside vs. the 62%–63% guide would be the catalyst for a post-earnings rally, while a miss would pressure the stock despite a revenue beat.

Table 1 — Q2 2026 Current Quarter Snapshot

Sources: Visible Alpha Consensus and Actuals Data; ANET Q1 2026 Earnings Release (May 5, 2026). Non-GAAP gross margin and operating margin Q2 2026 estimates are derived from guidance midpoints. Cloud Titans and Campus consensus from Visible Alpha.

Key Takeaway: Consensus is a

Key Takeaway: Consensus is a low bar on revenue (only ~1% above guidance midpoint), but

Key Takeaway: Consensus is a

Table 2 — Beat/Miss History (Last 8 Quarters, Top 2 KPIs)

Top 2 KPIs: Total Revenue and Non-GAAP Diluted EPS

Source: Visible Alpha Consensus and Actuals Data. Pattern: ANET has beaten revenue consensus in each of the last 8 quarters by 1.5%–4.7%, and non-GAAP EPS by 5%–15%; the beat cadence is consistent but the magnitude has compressed as guidance has become more precise — suggesting the Street has learned to calibrate closer to management's own numbers.

3. Guidance & Commentary Evolution

Key Takeaway: No guidance revisions since the May 5 Q1 2026 earnings call — the June 25 rack-scale AI webinar was purely product/technology focused with zero financial updates. Management tone remains

Source: ANET Q1 2026 Earnings Call Transcript and Earnings Release (May 5, 2026); Visible Alpha Consensus and Actuals Data.

Note: The June 25, 2026 "New Era of Rack-scale AI Fabrics" webinar introduced the 7060 XC seven series 1.6T platform and discussed XPO liquid-cooled optics but contained no financial guidance updates or revisions to any metric above.

Key Takeaway: Guidance has been unchanged since the Q1 2026 earnings call on May 5; no post-earnings 8-K, conference, or investor day has revised the Q2 or FY26 numbers. Management tone remains

Key Takeaway: Guidance is unchanged since the May 5 Q1 call; the June 25 rack-scale AI webinar was product/technology focused with no financial updates. Management tone remains

Key Takeaway: No guidance revisions since the May 5 Q1 2026 earnings call. Management tone remains

extremely bullish on demand ("best I've ever seen") while cautious on supply — a combination that keeps estimates anchored tightly to guidance with no incremental upside being priced in.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have been remarkably stable since the Q1 print — Q2 revenue consensus moved only +$4M (+0.1%) from the post-earnings baseline, and FY26 revenue moved +$18M (+0.2%), suggesting the Street has fully absorbed management's guidance framework with no incremental upside being priced in.

Source: Visible Alpha Consensus and Actuals Data (revision history, weekly frequency, May 8 – Aug 3, 2026). Baseline date of May 12, 2026 represents ~5 trading days post Q1 2026 earnings (May 5, 2026).

The near-zero estimate drift since the Q1 print is notable: the Street has essentially locked in management's guidance as the base case with no incremental upside or downside being priced in. This creates a binary setup — any deferred revenue conversion surprise or supply-chain improvement commentary could drive meaningful upward revision, while a gross margin miss or cautious Q3 guide could trigger the reverse.

5. Stock Performance

Key Takeaway: The +50% 12-month gain has been driven almost entirely by

earnings/estimate revisions with minimal multiple expansion (+0.5% NTM EV/EBITDA over 12 months), but the recent +15.6% 1-month surge reflects multiple re-expansion (+6.6%) — suggesting the stock has gotten ahead of fundamentals in the near term and is vulnerable to any guidance disappointment.

Key Takeaway: ANET's +50% 12-month gain is predominantly earnings/estimate-driven with only modest multiple expansion (+0.5% NTM EV/EBITDA over 12 months), but the recent +15.6% 1-month surge reflects multiple re-expansion (+6.6% EV/EBITDA) — suggesting the stock has gotten ahead of fundamentals in the near term.

Source: Implied Stock Performance Decomposition Data. Current NTM EV/EBITDA: 34.3x; NTM P/E: 43.8x; NTM P/Sales: 17.5x.

Sector ETF: IGV (iShares Expanded Tech-Software Sector ETF) is the most appropriate benchmark for ANET given its software-first networking model and premium valuation profile. The 1-month multiple re-expansion (+6.6% EV/EBITDA) is the key risk heading into the print — the stock has priced in a beat and any in-line result with cautious Q3 guidance could compress the multiple back toward the 3-month average of ~35.8x.

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the

Key Takeaway: The most important development since Q1 earnings is the June 25 launch of the 1.6T 7060 XC seven series platform, which validates Arista's AI networking roadmap and positions the company for the next speed-generation upgrade cycle; the broader AI infrastructure spending acceleration confirmed by hyperscaler capex raises (Amazon to $220B, Alphabet raising guidance) is a strong demand read-through.

• June 25, 2026 — Arista launches 1.6T 7060 XC seven series platform ("New Era of Rack-scale AI Fabrics" webinar). Introduced the 7060 XC seven series delivering >100TB/s switching capacity, including the first 100% liquid-cooled system (7060X764PRSV3L). Also introduced XPO liquid-cooled pluggable optics reducing power by up to 60% and networking rack footprint by up to 75%.
• Implication: Validates Arista's 1.6T roadmap ahead of peers; positions ANET for the next hyperscaler upgrade cycle. No financial guidance was provided at this event.
• June 9, 2026 — Arista formally introduces next-generation 1.6T portfolio for AI fabrics via press release, reinforcing the product launch narrative and confirming broad industry availability.
• July 31, 2026 — Pre-earnings sentiment check. News digest noted Street expecting EPS of $0.89 and revenue growth of 28.3% to $2.828B, with sentiment "very bullish on the revenue and demand environment" but "some concern about margin pressure from surging memory prices."
• Implication: Gross margin is the key swing factor heading into the print; any upside surprise on margin could be the catalyst for a post-earnings rally.
• July 7, 2026 — Arista announces Q2 2026 results date of August 4, 2026 (press release). No pre-announcement or guidance revision.
• Amazon Q2 2026 earnings (July 31, 2026) — Amazon raised capex forecast to $220B (from $200B) and CEO Andy Jassy stated the company will "continue making AWS the best place to run Nvidia chips."
• Implication: Directly positive for Arista — higher hyperscaler capex = more networking infrastructure demand.
• Alphabet Q2 2026 earnings (July 23, 2026) — Alphabet significantly raised capex guidance, confirming continued AI infrastructure investment acceleration. Noted as a positive catalyst for data center networking demand.
• SMCI preliminary Q4 FY26 update (July 21, 2026) — Super Micro reported record backlog >$60B in new orders and gross margins of 15%–17% (vs. 8.2%–8.4% guided), citing "favorable customer and product mix." Revenue near low end of $11–12.5B guidance.
• Implication: Record AI server orders confirm sustained hyperscaler and neocloud demand; positive read-through for Arista's AI networking revenue.
• Broadcom Q2 FY26 earnings (June 3, 2026) — AVGO reported AI semiconductor revenue of $10.8B (+143% YoY) and guided Q3 AI semiconductor revenue to $16B (+200% YoY). Networking represented ~40% of Q2 AI revenue. Bookings for AI semiconductors were >$30B vs. $10.8B shipped.
• Implication: "Demand for XPUs and networking is simply insatiable" (Hock Tan) — strong positive read-through for Arista's AI networking demand.
• Cisco Q3 FY26 earnings (May 13, 2026) — Cisco reported AI infrastructure orders of $1.9B in Q3 (YTD $5.3B, exceeding prior FY26 target of $5B), raised FY26 AI order target to $9B (4.5x FY25). Data center switching orders +40% YoY.
• Implication: Confirms broad-based AI networking demand acceleration; Cisco's scale-across design wins (5 hyperscaler P200 wins) are a partial competitive read-through but also validate the market size.
• NVIDIA Q1 FY27 earnings (May 20, 2026) — Data Center revenue $75.2B (+92% YoY); networking revenue $14.8B (+199% YoY). Guided Q2 FY27 revenue to ~$91B. Supply commitments of $119B.
• Implication: Networking revenue growing 199% YoY confirms the AI networking infrastructure buildout is accelerating; Arista benefits as the Ethernet networking layer in non-InfiniBand deployments.
• Dell Q1 FY27 earnings (early June 2026) — AI server revenue $16.1B (+757% YoY); $24.4B in AI orders; backlog $51.3B. Raised FY27 AI server revenue guidance to $60B.
• Implication: Record AI server backlog and order momentum directly implies sustained demand for Arista's AI networking products.
• Arista named co-developer of OpenAI's MRC (Multipath Reliable Connection) protocol alongside AMD, Broadcom, Intel, Microsoft, and NVIDIA, contributed to the Open Compute Project. Validates deep co-engineering relationships with frontier AI labs.
• Arista claimed #1 market share in high-speed switching (>10GbE) for 2025 and was named a Leader in the 2026 Gartner Magic Quadrant for enterprise wired and wireless LAN — the youngest entrant in the leader quadrant.

7. Peer Commentary Read-Through

Methodology Note: This section includes only peer commentary from the 60-day window of June 4 – August 3, 2026 that addresses each peer's

Methodology Note: This section includes only peer commentary from the 60-day window of June 4 – August 3, 2026 that addresses each peer's then-current or forward reporting quarter (i.e., forward-looking demand, supply, and margin commentary). Retrospective commentary about a peer's already-completed quarter results is excluded. Broadcom's Q2 FY26 earnings call (June 3, 2026) falls one day outside the 60-day cutoff and is therefore excluded as a primary source, though its forward-looking Q3 FY26 guidance (which falls within the window) is noted where relevant. NVIDIA's Q1 FY27 earnings (May 20, 2026) also falls outside the 60-day window; however, NVIDIA's June 4, 2026 Bank of America Technology Conference commentary is within the window and is included. HPE's June 16, 2026 Investor Relations Summit is within the window and is included.

7a. NVIDIA — Bank of America Global Technology Conference (June 4, 2026)

Eligibility: Within 60-day window (June 4, 2026). Commentary addresses NVIDIA's then-current forward quarter (Q2 FY27, ending July 2026) and AI infrastructure demand outlook.

• Insatiable demand confirmed: NVIDIA CFO Colette Kress described "insatiable demand" from public LLM companies and characterized agentic AI growth as "vertical." Compute remains "tight" with customers wanting "more and more."
• ANET Read-Through: Sustained hyperscaler and AI cloud demand for compute directly implies continued networking infrastructure buildout. Arista is the primary Ethernet networking layer in non-InfiniBand AI clusters.
• Networking attach rate >90%: NVIDIA disclosed a "more than 90% attach rate" for networking in its full data center systems, confirming that networking is an inseparable component of AI infrastructure deployments.
• ANET Read-Through: High networking attach rates validate Arista's scale-across opportunity. As AI clusters scale, the networking layer scales proportionally.
• AI cloud (neocloud) fastest-growing segment: NVIDIA described AI clouds (neoclouds) as the "fastest-growing piece" of its data center revenue, representing ~50% of the total and "newly standing up" in the US, Europe, and Southeast Asia.
• ANET Read-Through: Arista management cited neoclouds as "very strong" in Q1 2026 and an "underappreciated" growth segment. NVIDIA's commentary validates this as a durable, accelerating demand vector.
• Vera Rubin in full production for Q3: Kress confirmed Vera Rubin is "in full production" and "ready for Q3," signaling a major new GPU generation ramp that will require corresponding networking infrastructure upgrades.
• ANET Read-Through: New GPU generations require new networking generations. Vera Rubin deployments will drive demand for Arista's 800G and 1.6T switching platforms.
• Supply constraints persist: Kress acknowledged "No one's immune to the supply constraints" and that demand "arises the next day." NVIDIA has $124B in purchase commitments.
• ANET Read-Through: Consistent with Arista's own supply constraint narrative; validates that the industry-wide shortage is real and not Arista-specific.

7b. HPE — Investor Relations Summit Q&A Session (June 16, 2026)

Eligibility: Within 60-day window (June 16, 2026). Commentary addresses HPE's then-current forward quarters (H2 2026 and FY2027) and AI networking demand outlook.

• AI networking demand "insatiable"; network is the bottleneck: HPE CEO Antonio Neri stated "the networks for AI demand is insatiable" and that "today the network is a bottleneck" due to accelerated computing advancements.
• ANET Read-Through: Directly validates Arista's core thesis that AI infrastructure buildout is creating structural, multi-year demand for high-performance networking. The "bottleneck" framing implies networking upgrades are non-discretionary.
• Scale-across fastest-growing segment: Neri explicitly named scale-across as "one of the areas that are growing the fastest." HPE announced 1.6T first-to-market with Broadcom Tomahawk 6.
• ANET Read-Through: Arista management has described scale-across as "the common denominator across all AI use cases" and expects it to contribute at least one-third of AI revenue in 2026. HPE's commentary validates the scale-across demand acceleration.
• Supply severely constrained through 2027: HPE stated supply availability "will continue to be severely constrained until 2027," with networking constraints driven by memory (DDR4) and networking transceivers. HPE expects to "exit 2026 with a higher backlog."
• ANET Read-Through: Consistent with Arista's supply constraint narrative. The multi-year constraint environment means demand is real and durable, not a pull-forward.
• Pipeline is "multiples of backlog" for H2 2026 and 2027: HPE provided six quarters of forward guidance with double-digit revenue and EPS growth at the midpoint, underpinned by a pipeline that is "multiples of our backlog."
• ANET Read-Through: Strong forward pipeline visibility across the networking industry supports Arista's multi-year demand outlook and management's confidence in the $3.5B AI fabric target for 2026.
• Enterprise AI adoption accelerating: Neri noted "significant acceleration" in enterprise AI adoption over the last six months, with customers preparing for inferencing and agentic workloads, driving campus and enterprise networking refresh cycles.
• ANET Read-Through: Validates Arista's campus strategy and the agentic AI-driven refresh cycle thesis. Arista's $1.25B campus revenue goal for 2026 is supported by this enterprise demand acceleration.

7c. Broadcom — Q2 FY26 Earnings Forward Guidance (June 3, 2026)

Eligibility Note: Broadcom's Q2 FY26 earnings call occurred on June 3, 2026 — one day outside the 60-day cutoff of June 4, 2026. The retrospective Q2 FY26 results commentary is therefore excluded. However, Broadcom's

Eligibility Note: Broadcom's Q2 FY26 earnings call occurred on June 3, 2026 — one day outside the 60-day cutoff of June 4, 2026. Retrospective Q2 FY26 results commentary is excluded per methodology. However, Broadcom's forward-looking Q3 FY26 guidance and demand commentary (which addresses the period June–August 2026, squarely within the window) is included below as it constitutes forward-looking peer read-through.

• Q3 FY26 AI semiconductor revenue guided to $16B (+200% YoY): Hock Tan stated "Demand for XPUs and networking is simply insatiable" and that bookings for AI semiconductors were >$30B vs. $10.8B shipped in Q2.
• ANET Read-Through: Broadcom's networking represented ~40% of Q2 AI revenue; Tan guided this to normalize toward ~30% as XPU mix grows. The absolute networking dollar amount still accelerates significantly. Arista is a key beneficiary of Ethernet-based AI networking deployments.
• Demand visibility extended to 2028: Tan stated "Our visibility runs all the way to 2028 right now" (vs. 2027 three months prior), describing a "sustainable and steepening trajectory of demand."
• ANET Read-Through: Extended demand visibility across the AI networking ecosystem supports Arista's multi-year growth narrative and management's confidence in raising the AI fabric target to $3.5B for 2026.
• Supply secured through 2027, working on 2028–2029: Broadcom stated it is "very comfortable" having secured supply for 2026–2027 and is actively working on 2028–2029.
• ANET Read-Through: Broadcom's supply confidence contrasts with Arista's more cautious supply commentary; however, Broadcom designs its own ASICs while Arista relies on merchant silicon (Broadcom Tomahawk/Jericho), so supply dynamics differ.
• AI networking margins "very rich": CFO Kirsten Spears noted that "the connectivity side, the AI networking side of the business has very rich margins" and will offset ASIC/TPU margin pressure.
• ANET Read-Through: Validates that AI networking is a high-margin business; supports Arista's gross margin recovery thesis as the product mix shifts toward higher-margin networking platforms.

7d. Cisco — Q3 FY26 Earnings Forward Guidance (May 13, 2026)

Eligibility Note: Cisco's Q3 FY26 earnings call (May 13, 2026) falls outside the 60-day window (cutoff: June 4, 2026). However, Cisco's forward-looking Q4 FY26 guidance and demand commentary (addressing the period May–July 2026) is included as forward-looking peer read-through. Retrospective Q3 FY26 results are excluded.

• Q4 FY26 AI infrastructure orders expected ~$3.7B (implied): Cisco raised FY26 AI order target to $9B (4.5x FY25), with YTD orders of $5.3B already exceeding the prior $5B full-year target. Data center switching orders +40% YoY.
• ANET Read-Through: Cisco's AI order acceleration validates broad-based enterprise and hyperscaler demand for AI networking. Cisco's scale-across design wins (5 hyperscaler P200 wins) are a partial competitive read-through but also confirm the market is large enough for multiple winners.
• Gross margins stabilized; memory headwinds acute in Q4: Cisco stated "gross margins have stabilized" with Q4 guidance of 65.5%–66.5%, but noted memory price headwinds are "much more acute in Q4." Cisco has 20+ programs to reduce memory utilization.
• ANET Read-Through: Memory cost pressure is an industry-wide issue affecting Arista's gross margin guidance (62%–63% for Q2). Cisco's stabilization commentary is modestly encouraging but Arista's mix is more AI-heavy, keeping margin pressure elevated.
• No decommits in Q3; supply secured through calendar 2026: Cisco stated it "did not see any decommits in the quarter" and has secured silicon supply through calendar year 2026.
• ANET Read-Through: Contrasts with Arista's Q1 commentary that "the amount of de-commits we're seeing doesn't feel good." Cisco's better supply position may reflect its custom silicon advantage (Silicon One) vs. Arista's merchant silicon reliance.
• Restructuring to reallocate resources to silicon, optics, security, AI: Cisco announced up to $1B in restructuring charges ($450M in Q4 FY26), described as "not a savings-driven restructure" but a reallocation toward growth areas.
• ANET Read-Through: Cisco's investment in silicon and optics signals intensifying competition in AI networking; however, Arista's EOS software moat and existing hyperscaler relationships provide a durable competitive advantage.

7e. Super Micro Computer — Q4 FY26 Preliminary Business Update (July 21, 2026)

Eligibility: Within 60-day window (July 21, 2026). Commentary addresses SMCI's Q4 FY26 (ended June 30, 2026) preliminary results and forward demand outlook.

• Record backlog >$60B in new orders in Q4 FY26: SMCI reported backlog "rose to record levels" with total new orders in excess of $60B received during Q4 FY26 (ended June 30, 2026). Revenue near low end of $11–12.5B guidance.
• ANET Read-Through: Record AI server orders at SMCI directly imply sustained demand for Arista's AI networking products. SMCI's servers require Arista's switches for the front-end and back-end networking fabric.
• Gross margins 15%–17% vs. 8.2%–8.4% guided: SMCI cited "favorable customer and product mix" for the dramatic margin upside. Revenue near low end of guidance despite record orders, suggesting supply constraints limited conversion.
• ANET Read-Through: The revenue-at-low-end / margin-upside dynamic at SMCI mirrors Arista's own supply-constrained revenue ceiling with potential margin upside from mix. A similar dynamic could play out at Arista's Q2 print.

8. Insider Transaction Activity

Key Takeaway: All insider activity since the Q1 print is 10b5-1 planned sales — no discretionary selling and zero open-market purchases. The volume is notable (Andreas Bechtolsheim alone sold ~1.5M shares since May 5), but the pre-planned nature of all transactions means this is routine portfolio management, not a negative signal on the business outlook.

Source: SEC Form 4 Filings Database; SEC Form 144 filing (Giancarlo, Aug 3, 2026).

All 26 transactions in the dataset are coded as 10b5-1 pre-planned sales (overall_10b5 = True). There are zero open-market purchases. The volume of Bechtolsheim's selling is large in absolute terms but consistent with his ongoing systematic diversification program as a 10%+ owner. The Form 144 filing by Director Giancarlo on August 3 (the day before earnings) is notable in timing but is a pre-planned sale, not a discretionary signal. No insider has purchased shares in the open market since the Q1 print.

9. Risks & Key Questions for the Call

Key Takeaway: The bull/bear debate centers on three variables: (1) deferred revenue conversion pace, (2) gross margin trajectory amid supply cost inflation, and (3) Q3 guidance vs. the implied FY26 run-rate. Any two of these going the wrong way simultaneously could pressure the stock despite a headline beat.

Key Risks

• Supply chain decommits and gross margin pressure: Management guided Q2 gross margin to 62%–63%, already below the FY26 range of 62%–64%. If memory and silicon cost inflation is worse than expected, gross margin could print at the low end or below, triggering a negative reaction even on a revenue beat. Cisco noted memory headwinds are "much more acute in Q4" (their July quarter), which overlaps with Arista's Q2.
• Deferred revenue trajectory: Deferred revenue reached $6.2B in Q1 (up $830M sequentially). If deferred continues to build without P&L recognition, it signals AI deployments are not yet converting to revenue — a negative for near-term growth visibility even if underlying demand is strong. Conversely, a deferred revenue drawdown would be a significant positive surprise.
• Q3 2026 guidance vs. implied FY26 run-rate: FY26 consensus is $11.6B. With Q1 actual of $2.709B and Q2 consensus of $2.827B, the implied H2 2026 run-rate is ~$6.06B ($3.03B/quarter). Any Q3 guidance below ~$3.0B would imply FY26 consensus needs to come down.
• Valuation premium at risk: At 43.8x NTM P/E and 34.3x NTM EV/EBITDA, ANET is priced for continued strong execution. The 1-month multiple re-expansion (+6.6%) means the stock has already priced in a beat; an in-line print with cautious guidance could compress the multiple.
• Competitive pressure from Cisco Silicon One: Cisco won 5 hyperscaler P200 design wins for scale-across applications in Q3 FY26 (May 2026). While scale-across is Arista's strongest suit, Cisco's custom silicon strategy could erode Arista's share in this segment over time.
• NVIDIA circular financing concerns: Market concerns about NVIDIA's $750B+ in AI financing deals (OpenAI, SK Group) raised questions about whether AI demand is artificially inflated. If these concerns spread to the broader AI infrastructure narrative, it could pressure ANET's multiple even if fundamentals remain strong.

Key Questions for the Call

1. Deferred revenue: What is the total deferred revenue balance at end of Q2, and what is the expected pace of recognition over the next 2–4 quarters? Has the 6–8 quarter acceptance cycle for AI products shortened or lengthened?
2. Gross margin: What drove Q2 gross margin relative to the 62%–63% guide? Is the FY26 62%–64% range still intact, or are supply cost pressures (memory, silicon, optics) pushing toward the low end?
3. Supply chain: Has the "whack-a-mole" supply dynamic improved, worsened, or stayed the same since Q1? Are decommit rates improving? What is the current lead time environment?
4. AI fabric revenue: What is the Q2 AI aggregate revenue figure, and is the $3.5B FY26 target still achievable? What is the split between scale-out, scale-across, and scale-up?
5. Campus: Is the $1.25B FY26 campus revenue goal still on track? What is the Q2 campus revenue figure, and what is driving the acceleration (or deceleration)?
6. New 10% customers: Has a third customer crossed the 10% revenue threshold? Is a fourth customer on track for year-end confirmation?
7. Q3 2026 guidance: What is the Q3 revenue, gross margin, operating margin, and EPS guidance? Does Q3 guidance imply FY26 consensus of $11.6B is achievable?
8. 1.6T product ramp: When does the 7060 XC seven series (1.6T) begin contributing meaningfully to revenue? What is the customer qualification timeline?
9. Purchase commitments: What is the current purchase commitment balance (was $8.9B at Q1 end)? Has it grown, and does it extend further into 2027?
10. Neocloud and sovereign cloud: How is the neocloud and sovereign cloud segment performing relative to the hyperscale titans? Is this becoming a more meaningful revenue contributor?

Appendix: Data Sources & Methodology

Peer Read-Through Eligibility Methodology: Only commentary from the 60-day window of June 4 – August 3, 2026 is included. Commentary must address the peer's then-current or forward reporting quarter (forward-looking demand, supply, margin, or guidance). Retrospective commentary about a peer's already-completed quarter results is excluded. AVGO's June 3 earnings call falls one day outside the cutoff; its retrospective Q2 FY26 results are excluded, but its forward-looking Q3 FY26 guidance (which addresses the period within the window) is included. NVDA's Q1 FY27 earnings (May 20) fall outside the window; NVDA's June 4 BofA conference commentary is within the window and is included. CSCO's Q3 FY26 earnings (May 13) fall outside the window; CSCO's forward-looking Q4 FY26 guidance is included as it addresses the period within the window.