OpenNashEarnings

Networking · NYSE: ANET

Arista Networks earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 11 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Arista delivered total revenues in Q3 2026 of approximately $3.66 billion, exceeding guidance of $3.3 billion while growing 58.5%, with GAAP and non-GAAP diluted earnings per share of $1.22 and $1.20.

Arista grew revenue 58.5% from a year ago to about $3.66 billion in the third quarter, well above its own $3.3 billion guidance and its fastest growth since its IPO. Non-GAAP operating margin was 49.1% and non-GAAP diluted earnings per share were $1.20. Management credited both AI and enterprise customers. Gross margin slipped to 64% from 65.2% a year earlier, and inventory and purchase commitments rose as the company built ahead of demand.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$3.7B+58.5% y/yQ3 2026
Q4 2024: $1.9B (worked out from the annual figure)Q4 ’24$1.9BQ1 2025: $2.0BQ1 ’25$2.0BQ2 2025: $2.2BQ2 ’25$2.2BQ3 2025: $2.3BQ3 ’25$2.3BQ4 2025: $2.5B (worked out from the annual figure)Q4 ’25$2.5BQ1 2026: $2.7BQ1 ’26$2.7BQ2 2026: $3.0BQ2 ’26$3.0BQ3 2026: $3.7BQ3 ’26$3.7B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$1.9B *
Q1 2025$2.0B
Q2 2025$2.2B
Q3 2025$2.3B
Q4 2025$2.5B *
Q1 2026$2.7B
Q2 2026$3.0B
Q3 2026$3.7B
Diluted EPS (GAAP)$1.22+82.1% y/yQ3 2026
Q1 2025: $0.64Q1 ’25$0.64Q2 2025: $0.70Q2 ’25$0.70Q3 2025: $0.67Q3 ’25$0.67Q1 2026: $0.80Q1 ’26$0.80Q2 2026: $0.95Q2 ’26$0.95Q3 2026: $1.22Q3 ’26$1.22
Data
Q1 2025$0.64
Q2 2025$0.70
Q3 2025$0.67
Q1 2026$0.80
Q2 2026$0.95
Q3 2026$1.22

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin44.9%+2.5 pts y/yQ3 2026
Q4 2024: 41.4%Q4 ’2441.4%Q1 2025: 42.8%Q1 ’2542.8%Q2 2025: 44.7%Q2 ’2544.7%Q3 2025: 42.4%Q3 ’2542.4%Q4 2025: 41.5%Q4 ’2541.5%Q1 2026: 42.7%Q1 ’2642.7%Q2 2026: 45.4%Q2 ’2645.4%Q3 2026: 44.9%Q3 ’2644.9%
Data
Q4 202441.4%
Q1 202542.8%
Q2 202544.7%
Q3 202542.4%
Q4 202541.5%
Q1 202642.7%
Q2 202645.4%
Q3 202644.9%
Free cash flow$1.1B−11.1% y/yQ3 2026
Q1 2025: $613.3MQ1 ’25$613.3MQ2 2025: $1.2BQ2 ’25$1.2BQ3 2025: $1.2BQ3 ’25$1.2BQ1 2026: $1.6BQ1 ’26$1.6BQ2 2026: $1.1BQ2 ’26$1.1BQ3 2026: $1.1BQ3 ’26$1.1B
Data
Q1 2025$613.3M
Q2 2025$1.2B
Q3 2025$1.2B
Q1 2026$1.6B
Q2 2026$1.1B
Q3 2026$1.1B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$1.9Bd$2.0B$2.2B$2.3B$2.5Bd$2.7B$3.0B$3.7B
Gross margin63.8%63.7%65.2%64.6%62.9%61.9%62.9%63.6%
Operating income$799.6Md$858.8M$986.2M$978.2M$1.0Bd$1.2B$1.4B$1.6B
Operating margin41.4%42.8%44.7%42.4%41.5%42.7%45.4%44.9%
Net income$801.0Md$813.8M$888.8M$853.0M$955.8Md$1.0B$1.2B$1.6B
Diluted EPS—$0.64$0.70$0.67—$0.80$0.95$1.22
Operating cash flow$1.0Bd$641.7M$1.2Bd$1.3Bd$1.3Bd$1.7B$1.1Bd$1.2Bd
Capital expenditure—$28.4M$24.0Md$30.1Md—$54.5M$29.7Md$100.7Md
Free cash flow—$613.3M$1.2B$1.2B—$1.6B$1.1B$1.1B
R&D expense$285.0Md$266.4M$296.5M$326.0M$348.4Md$343.7M$348.2M$486.9M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings