Arista Networks (ANET) Q3 FY2026 earnings: revenue $3.7 billion, up 58.5% on the year

Arista Networks, Inc. (ANET) reported revenue of $3.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 58.5% on the same quarter a year earlier. Net income was $1.6 billion, up 82.9% on the year, and diluted earnings per share $1.22. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$3.7 billion

+58.5% on the year · +20.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

44.9%

42.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$1.6 billion

+82.9% on the year · +28.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.22

+82.1% on the year · +28.4% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new.

Revenue grew 58.5% year over year: Revenue was $3.66 billion, up 20.5% from the second quarter of 2026.
Revenue topped the $3.3 billion guidance: Management said revenue exceeded the $3.3 billion guidance and was the highest year-over-year growth since the IPO.
Diluted EPS of $1.22 GAAP, $1.20 non-GAAP: Diluted EPS was $1.22 on a GAAP basis and $1.20 non-GAAP, against $0.67 and $0.77 in the third quarter of 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	3,658	3,036	2,308	+20.5%	+58.5%
Cost of revenue	1,332	1,125	818	+18.3%	+62.8%
Gross profit	2,326	1,910	1,490	+21.7%	+56.1%
Gross margin	63.6%	62.9%	64.6%
Research and development	487	348	326	+39.8%	+49.4%
Operating income	1,642	1,378	978	+19.2%	+67.9%
Operating margin	44.9%	45.4%	42.4%
Pre-tax income	1,916	1,504	1,077	+27.3%	+77.8%
Income tax	355	291	224	+21.9%	+58.5%
Effective tax rate	18.5%	19.4%	20.8%
Net income	1,560	1,213	853	+28.7%	+82.9%
Net margin	42.7%	40.0%	37.0%
Diluted EPS	$1.22	$0.95	$0.67	+28.4%	+82.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,201	1,083	1,268	+10.9%	-5.3%
Capital expenditure	101	29.7	30.1	+239.1%	+234.6%
Free cash flow	1,100	1,053	1,238	+4.5%	-11.1%
Free cash flow margin	30.1%	34.7%	53.6%
Cash from investing	-1,214	-1,580	-1,186
Cash from financing	11.0	-1.5	20.6		-46.6%
Depreciation and amortisation	23.6	23.4	23.2	+0.9%	+1.7%
Share-based compensation	138	120	128	+14.7%	+8.0%
Buybacks	0.0	0.0	0.0
Diluted shares, weighted	1,278m	1,276m	1,277m	+0.2%	+0.1%
Shares outstanding at period end	1,263m	1,261m	1,259m	+0.2%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	16,447	14,798	11,907	+11.1%	+38.1%
Debt	0.0	0.0	0.0
Other liabilities	8,817	8,922	6,142	-1.2%	+43.6%
Total liabilities and equity	25,264	23,720	18,049	+6.5%	+40.0%
Fixed assets	379	312	173	+21.2%	+119.5%
Goodwill	416	416	416	0.0%	-0.0%
Intangible assets	n/a	258	304
Investments	12,071	11,053	7,780	+9.2%	+55.2%
Cash and equivalents	2,288	2,290	2,327	-0.1%	-1.7%
Receivables	2,328	2,266	1,489	+2.7%	+56.3%
Inventory	3,210	2,535	2,156	+26.6%	+48.9%
Other assets	4,573	4,588	3,405	-0.3%	+34.3%
Total assets	25,264	23,720	18,049	+6.5%	+40.0%

Questions

What was Arista Networks' revenue in Q3 FY2026?

Arista Networks (ANET) reported revenue of $3.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 58.5% on the same quarter a year earlier.

How much did Arista Networks earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.6 billion, up 82.9% on the year, and diluted earnings per share $1.22.

When did Arista Networks report Q3 FY2026 results?

Arista Networks filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	824	877	1,052	1,177	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205	2,308	2,488	2,709	3,036	3,658
Cost of revenue	302	323	409	467	507	547	575	567	541	570	593	649	699	729	766	818	924	1,032	1,125	1,332
Gross profit	523	554	643	710	769	805	884	942	999	1,001	1,097	1,162	1,231	1,276	1,439	1,490	1,564	1,677	1,910	2,326
Gross margin	63%	63%	61%	60%	60%	60%	61%	62%	65%	64%	65%	64%	64%	64%	65%	65%	63%	62%	63%	64%
R&D	158	172	178	188	190	201	230	212	211	208	267	236	285	266	296	326	348	344	348	487
Operating income	266	278	363	417	469	485	530	603	640	660	700	785	800	859	986	978	1,033	1,158	1,378	1,642
Operating margin	32%	32%	34%	35%	37%	36%	36%	40%	42%	42%	41%	43%	41%	43%	45%	42%	42%	43%	45%	45%
Pre-tax income	267	309	362	424	486	497	586	645	694	723	770	883	889	955	1,080	1,077	1,137	1,271	1,504	1,916
Tax rate	10%	12%	17%	17%	12%	12%	16%	15%	12%	12%	14%	15%	10%	15%	18%	21%	16%	20%	19%	19%
Net income	239	272	299	354	427	436	492	545	614	638	665	748	801	814	889	853	956	1,023	1,213	1,560
Net margin	29%	31%	28%	30%	33%	32%	34%	36%	40%	41%	39%	41%	41%	41%	40%	37%	38%	38%	40%	43%
Diluted EPS	n/a	$0.21	$0.23	$0.28	$0.34	$0.34	$0.39	$0.43	$0.48	$0.50	$0.52	$0.58	$0.62	$0.64	$0.70	$0.67	$0.75	$0.80	$0.95	$1.22
Operating cash flow	225	217	101	134	40.5	374	434	699	526	514	989	1,174	1,031	642	1,200	1,268	1,262	1,694	1,083	1,201
Capital expenditure	9.3	14.9	8.9	10.4	10.5	5.6	11.6	11.2	6.0	9.4	3.2	7.0	12.5	28.4	24.0	30.1	37.0	54.5	29.7	101
Free cash flow	216	202	92.2	124	30.0	369	423	688	520	504	986	1,167	1,019	613	1,176	1,238	1,225	1,639	1,053	1,100
Buybacks	176	136	484	47.6	2.8	82.3	30.0	0.0	0.0	62.7	172	65.2	124	787	196	0.0	620	0.0	0.0	0.0
Shares outstanding	1,231m	1,233m	1,218m	1,222m	1,228m	1,232m	1,237m	1,244m	1,249m	1,254m	1,256m	1,259m	1,261m	1,257m	1,257m	1,259m	1,256m	1,259m	1,261m	1,263m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.