Arista Networks

Arista Networks sells Ethernet switches and routers, and the software that runs and monitors them, for AI and cloud data centers, campus networks and wide area networks. All its switches run one operating system, EOS, and its CloudVision software manages the network. Its largest customers are large cloud and AI companies.

Revenue was $9.006 billion in 2025. In Q3 2026, revenue was $3.658 billion: products gave $3.190 billion and services gave $467.6 million.

The market doubts that Arista's fast growth can last, because a few very large customers buy most of its products. Two end customers gave 26% and 16% of revenue in 2025. Their spending on AI networks can change quickly, and they can also buy from other suppliers or use switches that they design themselves. Supply of memory and silicon is tight and costs are higher, so GAAP gross margin was 63.6% in Q3 2026, down from 64.6% a year earlier.

For the gap to close, three things must be true. Revenue must keep growing fast into 2027; it grew 58.5% in Q3 2026, and Arista guides Q4 2026 revenue of $3.9 billion to $4.0 billion. Gross margin must stay near the level of 2026. Growth must come from more customers, in AI back-end networks, enterprise campus and routing, so that the two largest customers matter less.

The Q4 2026 report, expected in early February 2027, is the next test and gives the 2027 outlook. The 2026 annual report then shows how much revenue the two largest customers gave in 2026. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a slowdown in AI spending by its largest customers.

1. Nov 3, 2026Passed

   Q3 2026 results: growth and gross marginRevenue at or above the guided $3.3 billion with a stable gross margin pass; revenue below guidance or a further fall in gross margin fail.Outcome: Revenue was $3.66 billion, above the guided $3.3 billion, and GAAP gross margin rose to 63.6% from 62.9% in Q2 2026.
2. Feb 3, 2027 · est.Pending

   Q4 2026 results and 2027 outlookA 2027 outlook for fast growth from more customers passes; slower growth or a larger share from the two largest customers fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Arista reported Q3 2026 results. Revenue was $3.658 billion, up 58.5% and above the guided $3.3 billion. GAAP EPS was $1.22 and non-GAAP EPS was $1.20, above the guided $1.06 to $1.08. The GAAP gross margin was 63.6%, up from 62.9% in Q2 2026 but down from 64.6% a year earlier. For Q4 2026, Arista guided revenue of $3.9 billion to $4.0 billion, a non-GAAP operating margin of 48% to 49% and non-GAAP EPS of $1.26 to $1.30.
• October 7, 2026Arista announced liquid-cooled Ethernet rack-scale systems for AI networks, made with partners that include AMD, Broadcom, Meta and Microsoft. The Etherlink SU-144 design connects up to 144 accelerators in one rack.
• October 6, 2026Arista said that it will report Q3 2026 results after the market closes on November 3, 2026, with a call at 1:30 p.m. PT.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · anet-20260930
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · anet-20260630
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 2, 2026 · anet-20260529
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · anet-20260331
• 8-KEarnings releaseFiled May 5, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 17, 2026 · anet-20251231
• 8-KEarnings releaseFiled February 12, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Change to shareholder rights or bylawsFiled September 8, 2025 · anet-20250905

Every filing on SEC EDGAR (CIK 1596532)

• Two end customers gave 26% and 16% of revenue in 2025. If one of them spends less on networks, uses another supplier or builds its own switches, revenue can fall quickly.
• GAAP gross margin was 62.9% in the first nine months of 2026, down from 64.5% a year earlier. Supply of memory and silicon is tight, and costs are higher. If costs keep rising, the margin can fall further.
• Arista had $11.4 billion of purchase commitments that it cannot cancel at September 30, 2026, to meet AI demand, and inventories rose to $3.21 billion from $2.25 billion at December 31, 2025. If demand falls, it can have excess inventory and write-downs.
• Tariffs and other trade measures can raise the cost of products that contract manufacturers build outside the United States.

Arista Networks has no debt. At September 30, 2026, cash and cash equivalents were $2.29 billion and marketable securities were $12.07 billion, a total of $14.36 billion. Read more

Arista Networks does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.