Arista Networks (ANET) reported net income of $1,560.4 million (about $1.6 billion) in the third quarter of 2026, up 83% from $853 million in the same period of 2025. Diluted earnings per share (EPS) were $1.22, compared to $0.67 a year earlier. Adjusted (non-GAAP, which excludes items such as stock-based compensation and amortization of intangibles) earnings per share were $1.20, compared to $0.77 in Q3 2025.
Revenue totaled $3.66 billion ($3,657.6 million), up 58.5% from Q3 2025 and 20.5% from Q2 2026. The company says it was the largest annual growth since its IPO and that it exceeded the guidance of $3.3 billion. Product revenue was $3,190 million and services revenue was $467.6 million.
GAAP operating margin was 44.9%, compared to 42.4% in Q3 2025. Adjusted operating margin was 49.1%, compared to 48.6%. GAAP gross margin was 63.6%, compared to 64.6% a year earlier. In the first nine months of the year, operating cash flow was $3,977.4 million. As of September 30, 2026, the company had $2,288.1 million in cash and $12,070.9 million in marketable securities.
CEO Jayshree Ullal said the quarter had "the largest annual revenue growth since the IPO and record profitability." For Q4 2026, Arista projects revenue of $3.9 billion to $4 billion, adjusted operating margin of 48% to 49% and adjusted earnings per share of $1.26 to $1.30.
