Arista Networks remains a buy as robust demand drives record Q2 revenues, up 37.7% YoY, and top-line outperformance vs. expectations. The company raised 2026 revenue growth guidance from 28% to 40% YoY, reflecting accelerating momentum. Despite a 220 bps dip in gross margin due to customer mix, operating margin expanded 110 bps YoY, highlighting effective expense discipline and operating leverage.