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How Arista Networks (ANET) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/04/2026
Arista Networks, Inc. is an American provider of client to cloud networking services for large data center/AI, campus and routing environments. · Wikipedia
Key growth driver: Product Revenue — the fastest-growing revenue line: $2,605, +39% y/y. · by the Q2 2026 report
How does Arista Networks make money?
Arista Networks brought in $3.04 billion of revenue in Q2 2026, up 37.7% year over year. The largest source was Product Revenue: $2.61 billion, or 86% of the total, followed by Service Revenue ($431M, 14%). Net income for the quarter was $1.21 billion, up 36.5% year over year.
Revenue by source, Q2 2026
- Product Revenue$2.61B · 86% · +38.8%
- Service Revenue$431M · 14% · +31.4%
Shares of $3.04B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is ANET’s next earnings date?
Tuesday, November 3, 2026estimated
Arista Networks (ANET) has not confirmed the date yet; Nov 3, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $0.99 (9 analysts), vs $0.67 in the same quarter last year.
What time does ANET report? Usually after market close: the last 4 results releases reached the SEC at 4:06 pm, 4:06 pm, 4:07 pm, 4:08 pm ET.
Last report: Aug 4, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$3,036
+37.7%
Gross profit
$1,910
+32.8%
62.9% margin
Operating income
$1,378
+39.7%
45.4% margin
Net income
$1,213
+36.5%
$0.95 diluted EPS
Verdict: an excellent quarter — revenue crossed $3B for the first time on 37.7% y/y growth driven by product sales, with operating margin expanding to 45.4% and net income up 36.5%, though gross margin compressed slightly on mix.
OCF (6mo) $2,776.5M; no buybacks in Q2 (vs $983M in Q2'25); Q3'26 guidance: revenue ≈$3.3B, non-GAAP op margin 48-49%, non-GAAP diluted EPS $1.06-$1.08.
Source and notation
* marks non-cash / ≈ estimated. Source: Arista Networks press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
ANET earnings history: past report dates
| Aug 4, 2026 Tue | 4:06 pmafter market close | Jun 30, 2026 | $3.0B+38% y/y | $0.95+36% y/y |
| May 5, 2026 Tue | 4:06 pmafter market close | Mar 31, 2026 | $2.7B+35% y/y | $0.80+25% y/y |
| Feb 12, 2026 Thu | 4:07 pmafter market close | Dec 31, 2025 | ≈$2.5B+29% y/y | ≈$0.74+17% y/y |
| Nov 4, 2025 Tue | 4:08 pmafter market close | Sep 30, 2025 | $2.3B+27% y/y | $0.67+16% y/y |
| Aug 5, 2025 Tue | 4:09 pmafter market close | Jun 30, 2025 | $2.2B+30% y/y | $0.70+35% y/y |
| May 6, 2025 Tue | 4:07 pmafter market close | Mar 31, 2025 | $2.0B+28% y/y | $0.64+28% y/y |
| Feb 18, 2025 Tue | 4:09 pmafter market close | Dec 31, 2024 | ≈$1.9B+25% y/y | ≈$0.63+29% y/y |
| Nov 7, 2024 Thu | 4:11 pmafter market close | Sep 30, 2024 | $1.8B+20% y/y | $0.58+35% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Arista Networks: 5-year financials
| 2025 | 9,006 | 3,856 | 3,511 |
| 2024 | 7,003 | 2,945 | 2,852 |
| 2023 | 5,860 | 2,257 | 2,087 |
| 2022 | 4,381 | 1,527 | 1,352 |
| 2021 | 2,948 | 925 | 841 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026Per the 2025 10-K, Arista has a single class of common stock; SBC of $0.44B = 4.9% of $9.0B revenue. sec.gov ↗
- Dec 2025Diluted shares +0.3% over 2020–2025, with $1.6B of buybacks in 2025. data.sec.gov ↗
- Mar 2024The SEC charged founder Andy Bechtolsheim with insider trading in Acacia shares ($0.92M penalty, 5-year officer-and-director bar); Arista itself was not charged. sec.gov ↗
- Apr 20262026 proxy: no related-party transactions above $120K since 01/01/2025. sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count +0.3% over 5 years, SBC 4.9% of revenue, buybacks; the 2024 SEC case was a personal one against Bechtolsheim, the company was not charged
- Share classes
- Single class of common stock (2025 10-K cover).
- Dilution
- Diluted shares +0.3% over 2020–2025, SBC 4.9% of revenue.
- Disclosure
- Full US GAAP reporting: 10-K and 10-Q filed on EDGAR on time.
- Dividends
- No dividend, none promised; buybacks of $0.1–1.6B a year.
- Lawsuits & regulators
- The 2025 10-K lists no shareholder suits or SEC cases against the company; in 2024 the SEC fined founder Bechtolsheim personally for insider trading in Acacia shares — not a case against Arista.
- Related parties
- Per the 2026 proxy, no related-party transactions above $120K since 01/2025.
How the score works · checked as of Sep 2026
Arista Networks (ANET) earnings: FAQ
How does Arista Networks make money?
Arista Networks brought in $3.04 billion of revenue in Q2 2026, up 37.7% year over year. The largest source was Product Revenue: $2.61 billion, or 86% of the total, followed by Service Revenue ($431M, 14%). Net income for the quarter was $1.21 billion, up 36.5% year over year.
When is ANET's next earnings date?
Arista Networks (ANET) has not confirmed the date yet; Nov 3, 2026 is an estimate based on its past reporting schedule.
What time does ANET report earnings?
Arista Networks usually reports after market close: its latest results release was filed with the SEC at 4:06 pm ET on Aug 4, 2026.
When did ANET last report earnings?
Arista Networks reported Q2 2026 results on Aug 4, 2026.
What is the EPS estimate for ANET's next earnings?
The consensus EPS forecast is $0.99 (9 analysts), vs $0.67 in the same quarter last year.
Where can I find Arista Networks's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to ANET's filings; this page breaks the latest report down in a Sankey chart.
What was ANET's net income in Q2 2026?
Arista Networks reported net income of $1,213M for Q2 2026 (+36.5% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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