Companies /Technology
Arista Networks Inc
NYSE: ANET Computer Hardware
$170.80
▲ $11.64 (+7.31%) today
Markets closed · 5:25pm ET

Arista Networks (ANET) Q3 2026 Earnings

Reported Nov 3, 2026, 4:10pm ET · SEC source
$1.20
Beat +11.23%
EPS · est. $1.08 Adjusted

Non-GAAP EPS excludes a $134.5 million gain on strategic investments included in GAAP net income (GAAP diluted EPS $1.22), along with stock-based compensation of $138.1 million, intangible amortization of $15.3 million and tax benefits on stock-based awards of $40.0 million

$3.7B
Beat +9.70%
Revenue · est. $3.3B
7 quarters
Consecutive EPS beats

How Did ANET Stock React to Q3 2026 Earnings?

% change · around the report
−5%0+5%Nov 3Nov 4report 4:10pm ETearnings+1.6%−2.5%
−5%0+5%Nov 3Nov 4earnings+1.6%−2.5%
ANET −2.5%S&P 500 +1.6%
−5%0+5%Nov 3Nov 4report 4:10pm ETearnings+0.5%−2.5%
−5%0+5%Nov 3Nov 4earnings+0.5%−2.5%
ANET −2.5%NASDAQ +0.5%
−21%−14%−7%0Nov 2Nov 6report 4:10pm ETearnings−2.6%−12.4%
−21%−14%−7%0Nov 2Nov 6earnings−2.6%−12.4%
ANET −12.4%S&P 500 −2.6%
−21%−14%−7%0Nov 2Nov 6report 4:10pm ETearnings−4.6%−12.4%
−21%−14%−7%0Nov 2Nov 6earnings−4.6%−12.4%
ANET −12.4%NASDAQ −4.6%
+5.04%
Day of report
−10.82%
Next session

Did ANET Beat Earnings? Q3 2026 Results

Yes. Arista Networks reported Q3 2026 earnings of $1.20 a share on Nov 3, 2026, beating the $1.08 consensus estimate by 11.2%. Revenue was $3.7B against a $3.3B estimate.

Arista Networks delivered a blowout third quarter of 2026, extending its consensus EPS beat streak to six consecutive quarters as adjusted non-GAAP EPS of $1.20 cleared the $1.08 analyst estimate by 11.23%, while revenue of $3.66 billion ran 9.70% ahead of the $3.33 billion consensus and surged 58.5% year over year. The primary engine was product revenue, which climbed to $3.19 billion from $1.91 billion a year earlier, powered by accelerating demand for AI networking infrastructure as customers leaned into generative and agentic AI buildouts. <a href="https://247wallst.com/investing/2026/10/29/down-20-from-highs-is-arista-networks-a-genius-buy-or-a-trap-before-earnings/">Investors debating the stock's valuation</a> ahead of the print got a clear answer: operating leverage pushed non-GAAP operating margin to 49.1% from 48.6% a year ago despite a step-up in R&D to $486.90 million. Looking ahead, management guided Q4 revenue to $3.90 billion to $4.00 billion and non-GAAP diluted EPS to $1.26 to $1.30, both above what analysts had penciled in heading into the report.

Key Takeaways
  • Revenue grew 58.5% year over year and 20.5% sequentially, exceeding guidance of $3.3 billion
  • Product revenue rose to $3,190.0 million from $1,911.7 million
  • Service revenue rose to $467.6 million from $396.6 million
  • GAAP operating margin expanded to 44.9% from 42.4%; non-GAAP operating margin to 49.1% from 48.6%
  • $134.5 million gain on strategic investments boosted GAAP net income
  • Strong momentum across customer sectors driven by generative and agentic AI demand

“Arista registered another momentous quarter with the highest year-over-year revenue growth since our IPO and record profitability, surpassing even my high expectations.”

Arista Networks CEO, on the earnings call

What Is Arista Networks's Outlook?

For Q4 2026, Arista expects revenue of $3.9–$4.0 billion, non-GAAP operating margin of 48–49%, and non-GAAP diluted EPS of $1.26–$1.30. The non-GAAP guidance excludes stock-based compensation, intangible amortization, tax benefits on stock-based awards and potential non-recurring items.

ANET YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$2.0B$4.0B$2.3B$3.7BRevenue$1.5B$2.3BGross Profit$978.2M$1.6BOperating Income$853.0M$1.6BNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income
ANET income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $3.7B $2.3B +58.5%
Gross Profit $2.3B $1.5B +56.1%
Operating Income $1.6B $978.2M +67.9%
Net Income $1.6B $853.0M +82.9%

ANET Revenue by Segment

Product$3.2B+66.9%
Service$467.6M+17.9%

Figures from SEC filings and company reports. Not investment advice.