What Arista Networks, Inc. told the SEC could break it.

Two of Arista's customers each accounted for more than 10% of sales in 2025, representing 26% and 16% of total revenue respectively — extreme customer concentration (Arista's largest cloud-titan customers).

“Two of our customers accounted for more than 10% of our sales for the year ended December 31, 2025. Sales to these two customers represented 26% and 16% of our total revenue for the year ended December 31, 2025, respectively.”

Arista is primarily reliant on its predominant merchant-silicon vendor, Broadcom, for its switching chips, and depends on a limited number of suppliers (including sole-source providers) for key components — generally without guaranteed written supply agreements.

“Our products rely on key components, including merchant silicon, integrated circuit components and power supplies, which are purchased from a limited number of suppliers, including certain sole source providers... we are primarily reliant upon our predominant merchant silicon vendor, Broadcom, for our switching chips.”

Arista subcontracts most manufacturing to Jabil, Sanmina and Foxconn, who produce in Malaysia, Vietnam, Mexico and other countries; its HQ and key manufacturing vendors/logistics partners and many customers are in disaster-exposed areas (San Francisco Bay Area, Japan, Taiwan).

“Our corporate headquarters and the operations of our key manufacturing vendors, logistics providers and partners, as well as many of our customers, are located in areas, such as the San Francisco Bay Area, Japan and Taiwan, that are exposed to risks of natural disasters”

U.S. Section 301 tariffs on China communications-equipment components, plus Feb 2025 country- and commodity-specific tariffs (IEEPA/Section 232), expose Arista's imports; China retaliated with export controls on germanium and gallium used in semiconductors and optical components (partially relaxed since May 2025).

“China has announced controls on both the use of Micron products and export controls on certain materials used, among other things, in the production of semiconductors, optical components, and other electronic devices including germanium and gallium.”