Arista Networks (ANET): what its 10-K says it depends on

Customers

Largest end customer (unnamed)

earns from · 26% of our total revenuenamed as a risk

For example, sales to one end customer represented 16%, 15%, and 21% of our total revenue, and sales to the other end customer represented 26%, 20%, and 18% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.Risk factors (Item 1A)

Also named by ALAB

Second-largest end customer (unnamed)

earns from · 16% of our total revenuenamed as a risk

Sales to these two customers represented 26% and 16% of our total revenue for the year ended December 31, 2025, respectively.Business (Item 1)

Suppliers

Broadcom

depends onnamed as a risk

In particular, we are primarily reliant upon our predominant merchant silicon vendor, Broadcom, for our switching chips.Risk factors (Item 1A)

Also named by ALAB, CIEN, FFIV, FTNT, HPE, SWKS

Jabil Inc.

depends onnamed as a risk

Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.Business (Item 1)

Also named by CLS, SNX

Sanmina Corporation

depends onnamed as a risk

Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.Business (Item 1)

Also named by AMD

Foxconn (Hon Hai Precision Industry)

depends onnamed as a risk

Our primary manufacturing partners are Jabil Inc., Sanmina Corporation and Foxconn Hon Hai.Business (Item 1)

Also named by SMCI

Other companies

VeloCloud

named as a risk

For example, we completed the acquisition of VeloCloud in June 2025 which required management to focus efforts on integrating the VeloCloud business with the Company.Risk factors (Item 1A)

Competitors

Nvidia

competes withnamed as a risk

Both IB and NVLink are often sold as part of a vertical solution along with the GPUs from Nvidia.Business (Item 1)

Also named by AMD, BAM, CDNS, COHR, DOCN, HPE, INTC, NOW and 3 more

Hewlett Packard Enterprise

competes withnamed as a risk

For example, Broadcom has acquired VMware, Hewlett Packard Enterprise has acquired Juniper Networks and Nvidia has made significant investments in several AI Neoclouds.Business (Item 1)

Also named by CIEN, CLS, HPQ, IBM, P, SMCI

Cisco

competes withnamed as a risk

The data center and campus networking markets have been historically dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Nvidia and white box networking vendors utilizing open-source operating systems.Risk factors (Item 1A)

Also named by CDW, CIEN, FFIV, SMCI

Places

Mexico

concentrated innamed as a risk

Our products are primarily manufactured in Malaysia, Vietnam, and Mexico, and we also procure a limited number of products originating from China, Taiwan, Thailand and the Philippines.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, AOS, ARES, AYI, AZO, BBY and 83 more

China

depends onnamed as a risk

In addition, our contract manufacturing partners procure some components from China for use in the manufacturing of our products.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

operates innamed as a risk

Any deterioration in relations between Taiwan and China could lead to additional sanctions or export controls on China, on specific individuals or entities, or otherwise in the region which could impact our ability to sell to certain of our customers, source components from China, or otherwise negatively impact our business.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Japan

operates innamed as a risk

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 and threats, such as fires, earthquakes, tsunamis, extreme precipitation or winds, high heat or outbreaks of disease, and systemic failures, or other catastrophic events, such as widespread power outages or transportation network malfunctions.Risk factors (Item 1A)

Also named by A, AAPL, AFL, AMKR, BMY, BSX, CAT, CDNS and 25 more

Vietnam

concentrated innamed as a risk

Our products are primarily manufactured in Malaysia, Vietnam, and Mexico, and we also procure a limited number of products originating from China, Taiwan, Thailand and the Philippines.Risk factors (Item 1A)

Also named by AAPL, AMKR, ASO, BBW, CGNX, CIEN, CROX, CSW and 16 more

Malaysia

concentrated innamed as a risk

Our products are primarily manufactured in Malaysia, Vietnam, and Mexico, and we also procure a limited number of products originating from China, Taiwan, Thailand and the Philippines.Risk factors (Item 1A)

Also named by A, AVGO, CGNX, DELL, FSLR, LITE, MSI, NXT and 6 more

San Francisco Bay Area

operates innamed as a risk

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 and threats, such as fires, earthquakes, tsunamis, extreme precipitation or winds, high heat or outbreaks of disease, and systemic failures, or other catastrophic events, such as widespread power outages or transportation network malfunctions.Risk factors (Item 1A)

Also named by ADBE, ARE, DASH, DOCU, QLYS, RMNI, SIRI, ZS

Singapore

operates in

After manufacturing and testing, the products are shipped to direct fulfillment facilities in the United States, the Netherlands and Singapore for further transformation as needed and distribution.Business (Item 1)

Also named by A, AAPL, ALAB, AMAT, APP, AVGO, DLR, EW and 12 more

Netherlands

operates in

After manufacturing and testing, the products are shipped to direct fulfillment facilities in the United States, the Netherlands and Singapore for further transformation as needed and distribution.Business (Item 1)

Also named by BKNG, CACI, COO, CROX, GILD, PCAR

Hazards

Earthquakes

operates innamed as a risk

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 and threats, such as fires, earthquakes, tsunamis, extreme precipitation or winds, high heat or outbreaks of disease, and systemic failures, or other catastrophic events, such as widespread power outages or transportation network malfunctions.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, APP, BRO, CDNS, CEG, CGNX and 37 more

Commodities and inputs

Memory chips

exposed to its pricenamed as a risk

For example, we see tightening supply conditions in the memory market.Risk factors (Item 1A)

Also named by EXTR, FTNT, INTC, TOST

Rare earth metals

depends onnamed as a risk

These include the imposition of retaliatory tariffs on certain U.S.-origin goods; the implementation of new export controls by China on various critical minerals, including rare earths metals; the scheduling of further retaliatory tariff measures; and other actions that may affect us directly or indirectly.Risk factors (Item 1A)

Also named by AVAV, CMI, EMR, PII

Gallium and germanium

depends onnamed as a risk

For example, 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.Risk factors (Item 1A)

Also named by TDY

Regulators

U.S. International Trade Commission (ITC)

subject tonamed as a risk

For example, in two prior investigations brought by Cisco in the International Trade Commission (“ITC”), we were subjected to remedial orders that prohibited us from importing and selling after importation any products the ITC found to infringe Cisco’s patents.Risk factors (Item 1A)

Also named by IDCC, KEYS, LKQ, MO, MSI, NUE, PKG, QCOM

Federal Communications Commission (FCC)

subject to

Our products must comply with various U.S. federal government regulations and standards defined by agencies such as the Federal Communications Commission, standards established by governmental authorities in various foreign countries and recommendations of the International Telecommunication Union.Risk factors (Item 1A)

Also named by AIOT, AMT, ASTS, CCI, CMCSA, DIS, ECHO, EXTR and 26 more

Laws and programs

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

The GDPR provides for substantial obligations relating to the handling, storage and other processing of data relating to individuals and administrative fines for violations, which can be up to four percent of the previous year’s annual revenue or €20 million, whichever is higher.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, APG, AXON, BAX and 61 more

International Emergency Economic Powers Act (IEEPA) tariffs

subject tonamed as a risk

Since February 2025, the U.S. has also imposed additional country-specific tariffs on most trading partners, including China, as well as additional commodity-specific tariffs on certain imported items, in both instances pursuant to executive orders issued under various trade authorities, including the International Emergency Economic Powers Act and Section 232 of the Trade Expansion Act of 1962.Risk factors (Item 1A)

Also named by AAOI, ARW, COHR, CSW, DECK, FIVE, IBP, KLAC and 8 more

Uyghur Forced Labor Prevention Act (UFLPA)

subject tonamed as a risk

While we do not source items from the XUAR or from UFLPA-listed parties, and we have increased our supply chain diligence, there is risk that our ability to import components and products may be adversely affected by the UFLPA.Risk factors (Item 1A)

Also named by AMRC, ASO, CROX, DDS, FND, FSLR, LULU, MPWR and 7 more

U.S. Section 301 tariffs on China

subject tonamed as a risk

For example, since 2018, the U.S. government has enacted various tariffs on products from China under Section 301 trade authorities, including on communications equipment products and components manufactured and imported from China.Risk factors (Item 1A)

Also named by NXT, WES

U.S. Section 232 tariffs

subject tonamed as a risk

Since February 2025, the U.S. has also imposed additional country-specific tariffs on most trading partners, including China, as well as additional commodity-specific tariffs on certain imported items, in both instances pursuant to executive orders issued under various trade authorities, including the International Emergency Economic Powers Act and Section 232 of the Trade Expansion Act of 1962.Risk factors (Item 1A)

Also named by COHR

U.S. semiconductor and supercomputing export controls

subject tonamed as a risk

These controls or any additional restrictions may impact our ability to export certain products to China or other countries, prohibit us from selling our products to certain of our customers, restrict our ability to use certain ICs in our products, or impact our suppliers who may utilize facilities or equipment described in these controls.Risk factors (Item 1A)

U.S. government domestic-origin procurement requirements

subject tonamed as a risk

The U.S. government may require certain products that it purchases to be manufactured in, or may require that products it purchases contain a certain threshold of “domestic origin” components from, the U.S. and other relatively high-cost manufacturing locations, and we may not manufacture all products in locations that meet these requirements.Risk factors (Item 1A)

India Digital Personal Data Protection Act 2023

subject tonamed as a risk

We maintain an employee and operational presence in India, and this act may require us to modify our policies and practices and incur increased costs in our efforts to comply.Risk factors (Item 1A)

Technology

InfiniBand

competes withnamed as a risk

Moreover, even if the market for AI applications does develop, the successful adoption of AI Ethernet products will be dependent upon their ability to compete against more established InfiniBand products or against the AI Ethernet products of other competitors to address AI networking clusters.Risk factors (Item 1A)