Arista Networks (ANET) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Arista Networks published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Arista Networks reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Arista changed how it calculates non-GAAP income taxes on stock-based awards in Q4 2025 and recast earlier periods. The year-ago non-GAAP EPS of $0.77 is on the new basis; the change added $0.02 to the figure first reported.
• Arista reports one operating segment. The table splits revenue into product and service, as its income statement does.

Source: Arista Networks Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Arista Networks splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Arista Networks's Product revenue was $3.2 billion in Q3 2026, up 67% from $1.9 billion in Q3 2025, 87% of total revenue.
• Arista Networks's Service revenue was $468 million in Q3 2026, up 18% from $397 million in Q3 2025, 13% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Arista Networks said:

“Revenue of $3.9-$4.0 billion;”

“Non-GAAP operating margin of 48-49%; and”

“Non-GAAP diluted net income per share of $1.26-$1.30.”

Source: Arista Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ANET forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. Arista's non-GAAP figures were recast in Q4 2025, so non-GAAP EPS is left out of this table.

We do not hold a confirmed date for Arista Networks's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Arista Networks reported Q3 2026 revenue of $3,657.6 million, up 58.5% from $2,308.3 million and above its own guidance of $3.3 billion. Arista called it the highest year-over-year revenue growth since its IPO. Revenue rose 20.5% from Q2 2026. (Arista Q3 2026 release, Nov 3, 2026)

Product revenue, mainly switching and routing platforms and related network applications, was $3,190.0 million, up 66.9%, which Arista put down to customer demand for those platforms across its customer base. Service revenue, mostly post-contract support sold with the products and renewed later, rose 17.9% to $467.6 million as the installed base grew. (Arista Q3 2026 release, Nov 3, 2026; Arista Form 10-Q, Q3 2026, Nov 4, 2026)

Arista's sales are concentrated in a few very large buyers. In 2025 one end customer accounted for 26% of total revenue and another for 16%, and the two have each been above 10% for three years running. Arista says order timing from these high-volume customers is unpredictable. (Arista Form 10-K, 2025, Feb 17, 2026; Arista Form 10-Q, Q3 2026, Nov 4, 2026)

Almost all of the revenue ships to the Americas: $2,975.1 million, or 81.4%, including $2,956.3 million from the U.S. Europe, the Middle East and Africa added $381.2 million and Asia-Pacific $301.3 million, so non-Americas revenue was 18.6%, against 20.2% a year earlier. (Arista Form 10-Q, Q3 2026, Nov 4, 2026)

Arista relies on a predominant merchant silicon vendor, Broadcom, for its switching chips. At September 30, 2026 it had $11.4 billion of non-cancellable purchase commitments with contract manufacturers and suppliers, $9.3 billion of them due within 12 months, and inventories of $3,209.8 million, against $2,247.1 million at the end of 2025. (Arista Form 10-K, 2025, Feb 17, 2026; Arista Form 10-Q, Q3 2026, Nov 4, 2026; Arista Q3 2026 release, Nov 3, 2026)

Arista Networks' GAAP diluted EPS of $1.22 was slightly above its non-GAAP EPS of $1.20 in Q3 2026. GAAP net income of $1,560.4 million included $134.5 million of gains on strategic investments, which non-GAAP excludes, along with $138.1 million of stock-based compensation, $15.3 million of intangible amortization and $40.0 million of tax benefits on stock-based awards. (Arista Q3 2026 release, Nov 3, 2026)

Other income rose to $273.1 million from $98.9 million, driven by those strategic investment gains and higher interest income. The effective tax rate fell to 18.5% from 20.8%; the year-ago quarter carried a one-time deferred tax provision from the enactment of the One Big Beautiful Bill Act. (Arista Form 10-Q, Q3 2026, Nov 4, 2026; Arista Q3 2026 release, Nov 3, 2026)

Arista's share count barely moved. Diluted weighted average shares were 1,278.2 million, against 1,276.6 million a year earlier. Arista repurchased no stock in the first nine months of 2026, against $983.0 million in the same period of 2025, and has never paid a dividend. (Arista Q3 2026 release, Nov 3, 2026; Arista Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Arista Networks gives a one-quarter outlook in its release. For Q4 2026 it expects revenue of $3.9 billion to $4.0 billion, a non-GAAP operating margin of 48% to 49% and non-GAAP diluted EPS of $1.26 to $1.30. Its Q3 2026 revenue of $3.66 billion compared with guidance of $3.3 billion. (Arista Q3 2026 release, Nov 3, 2026)

The non-GAAP guidance excludes stock-based compensation, intangible amortization, tax benefits on stock-based awards and potential non-recurring items, and Arista does not reconcile it to GAAP, saying those exclusions are difficult to predict. (Arista Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Arista Networks, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Arista Networks's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ANET is on is ANET a buy or a sell?, what analysts expect next is on the ANET forecast, and what the company does is on the Arista Networks (ANET) stock page.

Every number on this page can be traced to a document Arista Networks published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.