Q1 26 EPS
$0.87
BEAT +7.73%
Est. $0.81
Q1 26 Revenue
$2.71B
BEAT +3.45%
Est. $2.62B
vs S&P Since Q1 26
-3.9%
TRAILING MARKET
ANET -2.2% vs S&P +1.8%
Market Reaction
Did ANET Beat Earnings? Q1 2026 Results
Arista Networks delivered another strong quarter in Q1 2026, extending its earnings momentum with non-GAAP diluted EPS of $0.87, beating the $0.81 consensus estimate by 7.73% and marking the company's fourth consecutive quarter of beating EPS expecta… Read more Arista Networks delivered another strong quarter in Q1 2026, extending its earnings momentum with non-GAAP diluted EPS of $0.87, beating the $0.81 consensus estimate by 7.73% and marking the company's fourth consecutive quarter of beating EPS expectations. Revenue came in at $2.71 billion, topping estimates by 3.45% and representing 35.1% growth from a year ago, with product revenue climbing to $2.31 billion from $1.69 billion as demand for AI networking infrastructure remained robust. Operating cash flow more than doubled to $1.69 billion, bolstered by a $826.20 million swing in deferred revenue, reflecting the scale of customer commitments flowing through the business. Gross margins compressed modestly to 62.4% on a non-GAAP basis from 64.1% a year ago, a shift analysts have tied to the mix toward higher-cost AI networking buildouts, though non-GAAP operating margin held steady at 47.8%. Management guided Q2 2026 revenue to approximately $2.80 billion with non-GAAP EPS of roughly $0.88, signaling continued confidence despite a dynamic macro and supply chain environment.
Key Takeaways
- • 35.1% year-over-year revenue growth driven by strong product revenue increase
- • Robust cash flow from operations of $1.69 billion
- • Disciplined execution maintaining 47.8% non-GAAP operating margin
- • Industry-leading net promoter score of 89 with 94% strongly positive customers
ANET Forward Guidance & Outlook
For Q2 2026, Arista expects revenue of approximately $2.8 billion, non-GAAP operating margin of 46-47%, and non-GAAP diluted net income per share of approximately $0.88. Management noted that the macro and supply chain environments remain dynamic.
ANET YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ANET Revenue by Segment
With YoY comparisons, source: SEC Filings
“Arista is off to a strong start in Q1 2026, with both our results and our industry-leading net promoter score.”
— Jayshree Ullal, Q1 2026 Earnings Press Release
ANET Earnings Trends
ANET vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ANET EPS Trend
Earnings per share: estimate vs actual
ANET Revenue Trend
Quarterly revenue: estimate vs actual
ANET Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.81 | $0.87 | +7.73% | $2.71B | +3.45% |
| Q4 25 BEAT FY | $0.76 | $0.82 | +8.18% | $2.49B | +4.30% |
| FY Full Year | $2.88 | $2.98 | +3.50% | $9.01B | +1.18% |
| Q3 25 BEAT | $0.71 | $0.75 | +4.97% | $2.31B | +1.84% |
| Q2 25 BEAT | $0.65 | $0.73 | +12.38% | $2.20B | +4.50% |
| Q1 25 BEAT | $0.59 | $0.65 | +9.98% | $2.00B | +1.74% |