Jun 2026 (Q2 FY26) — Aug 4, 2026
Arista Networks Q2 FY26 — Record Revenue and Strong AI Momentum
Read the full callArista Networks (ANET) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Arista Networks earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,036 | +37.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 45.4 | +0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,213 | +36.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
41 of 45 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP Diluted EPS | approximately $0.88 | Mar 2026 | Diluted earnings per share for the quarter was $1.02 | Achieved |
| AI Center Networking Revenue | approximately $1.5 billion | Sep 2024 | Ghosted | |
| AI Center Revenue | $2.75 billion | Sep 2025 | This Scale-Across use case is expected to be approximately 30% of our overall AI target of at least $3.6 billion in 2026. | Revised Up |
4 of Arista Networks, Inc.'s 64 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 61 more targets are in the full ledger.
Claimed
- Achieved first $3 billion revenue quarter, up 37.7% year-over-year.
- Increased FY26 revenue guidance to $12.6 billion, representing 40% annual growth, an incremental $2.1 billion over prior Analyst Day goal.
- AI fabrics momentum with Etherlink switches now exceeds 100 cumulative customers.
- Improved supply chain resilience, tripling multiyear purchase commitments to $9.7 billion.
- Operating income reached $1.5 billion or 49.9% of revenue, with diluted EPS of $1.02, up 39.7% year-over-year.
Qualified
- Industry-wide supply tightness and rising component costs persist, expected to last until 2028.
- Inventory levels remained elevated at $2.5 billion, up from $2.4 billion quarter-over-quarter, affecting cash flow timing.
- DSOs increased to 68 days from 64 days in Q1 due due to timing of customer shipments and invoicing.
Price
$182.95 +3.37% · +$5.97
Performance +27.8% 1Y
1Y: $143.1 on 17 Oct 2025 → $182.95. High $216.74 (9 Oct 2026), low $116.13 (30 Mar 2026).
- Previous close
- $176.98
- 52-week range
- $116.13 – $216.74
- One year
- +24.90%
Overview
- Symbol
- ANET
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
41 of 45 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP Diluted EPS | approximately $0.88 | Mar 2026 | Diluted earnings per share for the quarter was $1.02 | Achieved |
| AI Center Networking Revenue | approximately $1.5 billion | Sep 2024 | Ghosted | |
| AI Center Revenue | $2.75 billion | Sep 2025 | This Scale-Across use case is expected to be approximately 30% of our overall AI target of at least $3.6 billion in 2026. | Revised Up |
Claimed
- Achieved first $3 billion revenue quarter, up 37.7% year-over-year.
- Increased FY26 revenue guidance to $12.6 billion, representing 40% annual growth, an incremental $2.1 billion over prior Analyst Day goal.
- AI fabrics momentum with Etherlink switches now exceeds 100 cumulative customers.
- Improved supply chain resilience, tripling multiyear purchase commitments to $9.7 billion.
- Operating income reached $1.5 billion or 49.9% of revenue, with diluted EPS of $1.02, up 39.7% year-over-year.
Qualified
- Industry-wide supply tightness and rising component costs persist, expected to last until 2028.
- Inventory levels remained elevated at $2.5 billion, up from $2.4 billion quarter-over-quarter, affecting cash flow timing.
- DSOs increased to 68 days from 64 days in Q1 due due to timing of customer shipments and invoicing.
The full ledger
Open Arista Networks, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 64 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Arista Networks Q1 FY26 — Record demand and raised AI/revenue outlook amid worsening supply constraints
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Arista Networks Q4 FY25 — Record Revenue and Raised FY26 AI Networking Guidance
Read the full callEvery analysed call
Arista Networks earnings calls (ANET)
Financials
What the filings say
Net profit, year on year: +36% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,811 | 1,930 | 2,005 | 2,205 | 2,308 | 2,488 | 2,709 | 3,036 |
| Operating profit | 785 | 800 | 859 | 986 | 978 | 1,033 | 1,158 | 1,378 |
| Operating margin | 43.4% | 41.4% | 42.8% | 44.7% | 42.4% | 41.5% | 42.7% | 45.4% |
| Other income | 98 | 89 | 96 | 94 | 99 | 105 | 114 | 126 |
| Profit before tax | 883 | 889 | 955 | 1,080 | 1,077 | 1,137 | 1,271 | 1,504 |
| Tax rate | 15.3% | 9.9% | 14.8% | 17.7% | 20.8% | 16.0% | 19.6% | 19.4% |
| Net profit | 748 | 801 | 814 | 889 | 853 | 956 | 1,023 | 1,213 |
| EPS ($ per share) | 0.59 | — | 0.65 | 0.71 | 0.68 | — | 0.81 | 0.96 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 1,191 | 1,788 | 2,028 | 2,457 | 3,139 | 5,114 | 7,543 | 9,447 |
| Total liabilities | 939 | 1,291 | 1,419 | 1,756 | 1,890 | 2,738 | 4,049 | 7,078 |
| Fixed assets | 75 | 39 | 32 | 79 | 95 | 102 | 99 | 203 |
| Total assets | 3,082 | 4,185 | 4,739 | 5,734 | 6,775 | 9,957 | 14,044 | 19,449 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 503 | 963 | 735 | 1,016 | 493 | 2,034 | 3,708 | 4,372 |
| Cash from investing | -755 | -284 | -609 | -926 | 216 | -687 | -2,457 | -3,576 |
| Cash from financing | 43 | -218 | -346 | -361 | -655 | -84 | -422 | -1,596 |
| Net cash flow | -211 | 461 | -218 | -272 | 51 | 1,264 | 824 | -798 |
| Capital expenditure | -24 | -16 | -15 | -65 | -45 | -34 | -32 | -119 |
| Free cash flow | 479 | 947 | 720 | 951 | 448 | 2,000 | 3,676 | 4,252 |
ANET revenue by segment
Service shrank from 16% to 14% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product | 84% | 83% | 84% | 85% | 83% | 84% | 85% | 86% | +38.8% |
| Service | 16% | 17% | 16% | 15% | 17% | 16% | 15% | 14% | +31.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Americas 77% ↓ 5 pt
- US 76% ↓ 4 pt
- EMEA 14% ↑ 4 pt
- Asia Pacific 9% ↑ 1 pt
As ANET cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
712 filings between Nov 3, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.50B
580 sales by 8 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 86
- Option exercise — converted options into shares
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 31 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Ullal Jayshree | — | $819.95M | Oct 9, 2026 |
| BECHTOLSHEIM ANDREAS | — | $579.35M | Sep 17, 2026 |
| Duda Kenneth | — | $86.60M | Sep 21, 2026 |
| Giancarlo Charles H | — | $12.05M | Aug 3, 2026 |
| Breithaupt Chantelle Yvette | — | $2.15M | Oct 6, 2026 |
| TEMPLETON MARK B | — | $2.01M | Oct 1, 2026 |
| Wassenaar Yvonne | — | $778.2K | May 20, 2026 |
| Battles Kelly Bodnar | — | $244.3K | Aug 21, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 18,656 | $4.05M |
| Oct 9, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 93,241 | $20.24M |
| Oct 9, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 18,656 | $4.05M |
| Oct 8, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 19,990 | $4.34M |
| Oct 8, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 4,000 | $868.2K |
| Oct 8, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 4,000 | $868.2K |
| Oct 7, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 13,860 | $3.01M |
| Oct 7, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 13,860 | $3.01M |
| Oct 7, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 69,272 | $15.04M |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 13,179 | $2.79M |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 65,897 | $13.93M |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 51,805 | $11.00M |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 781 | $166.4K |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 3,902 | $831.4K |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 13,179 | $2.79M |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 51,805 | $11.00M |
| Oct 6, 2026 | Breithaupt Chantelle Yvette Senior Vice President, CFO | Sale 10b5-1 plan | 1,224 | $263.2K |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 781 | $166.4K |
| Oct 6, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 259,045 | $54.99M |
| Oct 1, 2026 | TEMPLETON MARK B Director | Sale 10b5-1 plan | 200 | $41.2K |
| Oct 1, 2026 | TEMPLETON MARK B Director | Sale 10b5-1 plan | 700 | $141.1K |
| Oct 1, 2026 | TEMPLETON MARK B Director | Sale 10b5-1 plan | 500 | $101.4K |
| Oct 1, 2026 | TEMPLETON MARK B Director | Sale 10b5-1 plan | 1,800 | $368.0K |
| Oct 1, 2026 | TEMPLETON MARK B Director | Sale 10b5-1 plan | 1,800 | $370.0K |
| Sep 25, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 44,726 | $9.45M |
| Sep 25, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 8,948 | $1.89M |
| Sep 25, 2026 | Ullal Jayshree CEO and Chairperson | Sale 10b5-1 plan | 8,948 | $1.89M |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 3,262 | $668.0K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 2,492 | $507.1K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 2,031 | $417.4K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 1,366 | $275.5K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 6,849 | $1.39M |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 854 | $172.3K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 2,700 | $549.4K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 7,420 | $1.50M |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 3,533 | $723.5K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Option exercise 10b5-1 plan | 17,333 | $245.2K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 2,200 | $452.1K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 1,480 | $298.5K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 4,281 | $867.6K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 2,038 | $417.3K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 1,269 | $260.8K |
| Sep 21, 2026 | Duda Kenneth President and CTO | Sale 10b5-1 plan | 1,558 | $317.0K |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 7,168 | $1.39M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 29,271 | $5.69M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 32,836 | $6.42M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 20,418 | $4.01M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 58,043 | $11.63M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 38,920 | $7.77M |
| Sep 17, 2026 | BECHTOLSHEIM ANDREAS 10% owner | Sale 10b5-1 plan | 16,239 | $3.27M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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