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The latest data point for ANET's Current Contract Liabilities in Q1'26 stands at $4.91B USD, reflecting a quarterly decline from $5.37B USD in Q4'25 and marking the first downturn after a period of sustained growth. Over the period from Q2'23 to Q1'26, Current Contract Liabilities exhibited a robust upward trend, surging from $1.08B USD to a peak of $5.37B USD in Q4'25, with consistent quarter-over-quarter increases averaging approximately 25-30% in the later stages, indicative of expanding deferred revenue obligations likely tied to strong product demand. The recent dip in Q1'26 suggests potential normalization or seasonal factors, though the overall trajectory remains positive with a cumulative growth exceeding 350% across the timeframe. This bar chart visualization highlights the steady accumulation in a stacked format, underscoring ANET's improving financial backlog.