Q2 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov.
Published
Arista Networks reported $3.04 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026, up 37.7% from $2.20 billion a year earlier, as demand for its Ethernet switching and routing platforms from AI and cloud data center customers kept building. Net income was $1.21 billion, up 36.5%, and diluted earnings per share was $0.95 against $0.70. Gross profit of $1.91 billion was up 32.8%, a slower pace than revenue, because a heavier mix of sales to large end customers on higher discounts left gross margin below the year-ago level, while operating income of $1.38 billion was up 39.7%, ahead of revenue growth, as operating expenses rose well behind the top line.
Metric
Amount
vs. year ago
Revenue
$3,035,700,000
up 37.7%
Net income
$1,212,900,000
up 36.5%
Diluted EPS
$0.95
up 35.7%
Gross profit
$1,910,300,000
up 32.8%
Operating income
$1,378,000,000
up 39.7%
About this file
Ticker
ANET
CIK
0001596532
Company
Arista Networks, Inc.
Business type
industrial
Schema template
standard (technology hardware / networking)
Reporting currency
USD
Converted to USD
no
Units
actual dollars (not millions)
ANET annual income statement, balance sheet and cash flow
FY2023
FY2024
FY2025
Fiscal year
2023
2024
2025
Label
FY2023
FY2024
FY2025
Period start
2023-01-01
2024-01-01
2025-01-01
Period end
2023-12-31
2024-12-31
2025-12-31
Period type
fiscal year
fiscal year
fiscal year
Source accession
0001596532-26-000013
0001596532-26-000013
0001596532-26-000013
Income statement
Product revenue
5,029,500,000
5,884,000,000
7,576,900,000
Service revenue
830,700,000
1,119,100,000
1,428,800,000
Total revenue
5,860,200,000
7,003,100,000
9,005,700,000
Product cost of revenue
2,061,200,000
2,299,000,000
2,978,700,000
Service cost of revenue
168,700,000
212,800,000
258,300,000
Total cost of revenue
2,229,900,000
2,511,800,000
3,237,000,000
Gross profit
3,630,300,000
4,491,300,000
5,768,700,000
Research and development
854,900,000
996,700,000
1,237,300,000
Sales and marketing
399,000,000
427,300,000
533,400,000
General and administrative
119,100,000
122,700,000
141,900,000
Total operating expenses
1,373,000,000
1,546,700,000
1,912,600,000
Operating income
2,257,300,000
2,944,600,000
3,856,100,000
Other income net
164,700,000
320,500,000
393,600,000
Income before income taxes
2,422,000,000
3,265,100,000
4,249,700,000
Provision for income taxes
334,700,000
413,000,000
738,300,000
Net income
2,087,300,000
2,852,100,000
3,511,400,000
Basic EPS
1.69
2.27
2.79
Diluted EPS
1.65
2.23
2.75
Basic shares
1,237,400,000
1,256,300,000
1,258,000,000
Diluted shares
1,268,500,000
1,281,100,000
1,275,700,000
Balance sheet
Shares outstanding
1,249,000,000
1,261,300,000
1,256,500,000
Total equity
7,219,000,000
9,994,800,000
12,370,500,000
Total debt
0
0
0
Cash and cash equivalents
2,762,400,000
1,963,900,000
Marketable securities
5,541,100,000
8,779,100,000
Accounts receivable net
1,140,500,000
1,886,900,000
Inventories
1,834,600,000
2,247,100,000
Total current assets
11,910,900,000
16,387,000,000
Total assets
14,043,900,000
19,448,600,000
Accounts payable
381,100,000
651,700,000
Deferred revenue current
1,727,300,000
4,002,600,000
Total current liabilities
2,732,200,000
5,376,500,000
Deferred revenue noncurrent
1,064,100,000
1,369,800,000
Total liabilities
4,049,100,000
7,078,100,000
Cash flow
Depreciation and amortization
70,600,000
62,000,000
72,600,000
Stock based compensation
296,800,000
355,400,000
439,200,000
Operating cash flow
2,034,000,000
3,708,200,000
4,371,900,000
Capex
-34,400,000
-32,000,000
-119,500,000
Free cash flow
1,999,600,000
3,676,200,000
4,252,400,000
Share repurchases
-112,300,000
-423,600,000
-1,603,100,000
Dividends paid
0
0
0
Cash and equivalents and restricted cash end of period
1,939,500,000
2,763,800,000
1,965,300,000
ANET quarterly income statement, balance sheet and cash flow
Q1 FY2025
Q2 FY2025
Q3 FY2025
Q4 FY2025
Q1 FY2026
Q2 FY2026
Fiscal year
2025
2025
2025
2025
2026
2026
Label
Q1 FY2025
Q2 FY2025
Q3 FY2025
Q4 FY2025
Q1 FY2026
Q2 FY2026
Period start
2025-01-01
2025-04-01
2025-07-01
2025-10-01
2026-01-01
2026-04-01
Period end
2025-03-31
2025-06-30
2025-09-30
2025-12-31
2026-03-31
2026-06-30
Period type
three months
three months
three months
three months
three months
three months
Source accession
0001596532-26-000175; 0001596532-26-000074
0001596532-26-000175
0001596532-25-000284
0001596532-26-000010
0001596532-26-000175; 0001596532-26-000074
0001596532-26-000175
Income statement
Product revenue
1,692,500,000
1,877,000,000
1,911,700,000
2,095,700,000
2,311,300,000
2,605,200,000
Service revenue
312,300,000
327,800,000
396,600,000
392,100,000
397,700,000
430,500,000
Total revenue
2,004,800,000
2,204,800,000
2,308,300,000
2,487,800,000
2,709,000,000
3,035,700,000
Product cost of revenue
672,700,000
707,300,000
745,500,000
853,200,000
961,900,000
1,047,500,000
Service cost of revenue
56,000,000
58,900,000
72,600,000
70,800,000
70,300,000
77,900,000
Total cost of revenue
728,700,000
766,200,000
818,100,000
924,000,000
1,032,200,000
1,125,400,000
Gross profit
1,276,100,000
1,438,600,000
1,490,200,000
1,563,800,000
1,676,800,000
1,910,300,000
Research and development
266,400,000
296,500,000
326,000,000
348,400,000
343,700,000
348,200,000
Sales and marketing
116,600,000
126,500,000
151,200,000
139,100,000
141,600,000
150,300,000
General and administrative
34,300,000
29,400,000
34,800,000
43,400,000
33,700,000
33,800,000
Total operating expenses
417,300,000
452,400,000
512,000,000
530,900,000
519,000,000
532,300,000
Operating income
858,800,000
986,200,000
978,200,000
1,032,900,000
1,157,800,000
1,378,000,000
Other income net
96,200,000
94,000,000
98,900,000
104,500,000
113,600,000
126,300,000
Income before income taxes
955,000,000
1,080,200,000
1,077,100,000
1,137,400,000
1,271,400,000
1,504,300,000
Provision for income taxes
141,200,000
191,400,000
224,100,000
181,600,000
248,500,000
291,400,000
Net income
813,800,000
888,800,000
853,000,000
955,800,000
1,022,900,000
1,212,900,000
Basic EPS
0.65
0.71
0.68
0.76
0.81
0.96
Diluted EPS
0.64
0.7
0.67
0.75
0.8
0.95
Basic shares
1,260,000,000
1,256,300,000
1,258,000,000
1,257,800,000
1,257,700,000
1,260,100,000
Diluted shares
1,279,200,000
1,271,200,000
1,276,600,000
1,275,800,000
1,273,800,000
1,276,000,000
Derivation
Income statement lines are the six-month column of the Q2 FY2026 Form 10-Q (accession 0001596532-26-000175) less the corresponding three-month column, line by line. Every derived line matches the first-quarter income statement Arista furnished on Form 8-K (accession 0001596532-26-000074); the per-share amounts and weighted-average share counts, which cannot be obtained by subtraction, are taken from that same release.
Read directly from the three months ended September 30, 2025 column of the condensed consolidated income statements in the third-quarter results Arista furnished on Form 8-K (accession 0001596532-25-000284, Exhibit 99.1), and the balance sheet at September 30, 2025 in the same exhibit. That release reports cash flows only for the nine months then ended, so no three-month cash flow is shown for this quarter.
Read directly from the three months ended December 31, 2025 column of the condensed consolidated statements of income in the fourth-quarter and full-year results Arista furnished on Form 8-K (accession 0001596532-26-000010, Exhibit 99.1), and the balance sheet at December 31, 2025 in the same exhibit, which agrees line for line with the audited balance sheet in the FY2025 Form 10-K. That release reports cash flows only for the twelve months then ended, so no three-month cash flow is shown for this quarter.
Income statement lines are the six-month column of the Q2 FY2026 Form 10-Q (accession 0001596532-26-000175) less the corresponding three-month column, line by line. Every derived line matches the first-quarter income statement Arista furnished on Form 8-K (accession 0001596532-26-000074); the per-share amounts and weighted-average share counts, which cannot be obtained by subtraction, are taken from that same release.
Balance sheet
Shares outstanding
1,256,800,000
1,261,200,000
Total equity
10,901,600,000
11,907,100,000
12,370,500,000
14,797,700,000
Total debt
0
0
0
0
Cash and cash equivalents
2,326,600,000
1,963,900,000
2,290,200,000
Marketable securities
7,779,600,000
8,779,100,000
11,053,100,000
Accounts receivable net
1,489,400,000
1,886,900,000
2,266,200,000
Inventories
2,155,700,000
2,247,100,000
2,535,300,000
Total current assets
15,184,800,000
16,387,000,000
20,163,400,000
Total assets
18,048,800,000
19,448,600,000
23,720,100,000
Accounts payable
481,000,000
651,700,000
692,700,000
Deferred revenue current
3,520,700,000
4,002,600,000
5,100,700,000
Total current liabilities
4,666,600,000
5,376,500,000
6,818,400,000
Deferred revenue noncurrent
1,165,500,000
1,369,800,000
1,765,200,000
Total liabilities
6,141,700,000
7,078,100,000
8,922,400,000
ANET year-to-date income statement and cash flow
Six months ended June 30, 2026
Fiscal year
2026
Label
Six months ended June 30, 2026
Period start
2026-01-01
Period end
2026-06-30
Period type
six months
Source accession
0001596532-26-000175
Income statement
Product revenue
4,916,500,000
Service revenue
828,200,000
Total revenue
5,744,700,000
Product cost of revenue
2,009,400,000
Service cost of revenue
148,200,000
Total cost of revenue
2,157,600,000
Gross profit
3,587,100,000
Research and development
691,900,000
Sales and marketing
291,900,000
General and administrative
67,500,000
Total operating expenses
1,051,300,000
Operating income
2,535,800,000
Other income net
239,900,000
Income before income taxes
2,775,700,000
Provision for income taxes
539,900,000
Net income
2,235,800,000
Basic EPS
1.78
Diluted EPS
1.75
Basic shares
1,258,900,000
Diluted shares
1,274,900,000
Cash flow
Depreciation and amortization
46,700,000
Stock based compensation
241,300,000
Operating cash flow
2,776,500,000
Capex
-84,200,000
Free cash flow
2,692,300,000
Share repurchases
0
Dividends paid
0
Cash and equivalents and restricted cash end of period
2,291,600,000
Derivation
Read directly from the six-month columns of the Q2 FY2026 Form 10-Q (accession 0001596532-26-000175).
ANET trailing twelve month income statement and cash flow
Trailing twelve months ended June 30, 2026
Fiscal year
2026
Label
Trailing twelve months ended June 30, 2026
Period start
2025-07-01
Period end
2026-06-30
Period type
trailing twelve months
Source accession
0001596532-26-000013; 0001596532-26-000175
Income statement
Product revenue
8,923,900,000
Service revenue
1,616,900,000
Total revenue
10,540,800,000
Product cost of revenue
3,608,100,000
Service cost of revenue
291,600,000
Total cost of revenue
3,899,700,000
Gross profit
6,641,100,000
Research and development
1,366,300,000
Sales and marketing
582,200,000
General and administrative
145,700,000
Total operating expenses
2,094,200,000
Operating income
4,546,900,000
Other income net
443,300,000
Income before income taxes
4,990,200,000
Provision for income taxes
945,600,000
Net income
4,044,600,000
Diluted EPS
3.17
Diluted shares
1,275,400,000
Cash flow
Depreciation and amortization
92,700,000
Stock based compensation
502,300,000
Operating cash flow
5,306,600,000
Capex
-151,300,000
Free cash flow
5,155,300,000
Share repurchases
-620,100,000
Dividends paid
0
Derivation
FY2025 as reported in the Form 10-K (accession 0001596532-26-000013) plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both from the Form 10-Q (accession 0001596532-26-000175). The diluted share count is combined the same way, and trailing diluted earnings per share is trailing net income divided by that count, so it is an approximation rather than a figure Arista reports.
Units notes seen
Value
FY2025 10-K consolidated balance sheets
(In millions, except par value)
FY2025 10-K consolidated statements of income
(In millions, except per share amounts)
FY2025 10-K consolidated statements of stockholders' equity
Q2 FY2026 10-Q condensed consolidated income statements
(Unaudited, in millions, except per share amounts)
Q2 FY2026 10-Q condensed consolidated statements of stockholders' equity
(Unaudited, in millions)
Q2 FY2026 10-Q condensed consolidated statements of cash flows
(Unaudited, in millions)
Q1 FY2026 results furnished on Form 8-K, condensed consolidated income statements
(Unaudited, in millions, except per share amounts)
Q3 FY2025 results furnished on Form 8-K, condensed consolidated income statements
(Unaudited, in millions, except per share amounts)
Q3 FY2025 results furnished on Form 8-K, condensed consolidated balance sheets
(Unaudited, in millions)
Q4 FY2025 results furnished on Form 8-K, condensed consolidated statements of income
(Unaudited, in millions, except per share amounts)
Q4 FY2025 results furnished on Form 8-K, condensed consolidated balance sheets
(Unaudited, in millions)
Adjustments
Value
Splits applied
none
ADR ratio
n/a
FX
none, Arista reports in U.S. dollars
Note
Arista split its common stock four-for-one in November 2021 and again in December 2024 (announced November 7, 2024 and effected December 3, 2024 by an amendment to its certificate of incorporation). No split adjustment was applied here because the FY2025 Form 10-K retroactively restates all three years it presents, 2023, 2024 and 2025, on a post-split basis, as do the quarterly filings and press releases used here, so every share count and per-share amount in this record is already stated post-split and on the same basis.
Notes
Schema: the standard operating-company template (revenue, cost of revenue, gross profit, operating expenses, net income, per-share amounts; balance sheet; cash flow). Arista sells networking hardware and software with an attached support business, and reports as a single segment, so product and service are shown separately on both revenue and cost of revenue.
All amounts are in actual U.S. dollars. The statements are printed in millions, share counts included, and those printed amounts have been scaled up here, so $9,005.7 million of FY2025 revenue appears as 9,005,700,000. Per-share amounts are left as printed.
Annual figures are from the FY2025 Form 10-K (accession 0001596532-26-000013). It presents three years of income statement and cash flow (2023, 2024 and 2025) but only two years of balance sheet (December 31, 2025 and 2024).
FY2023 therefore carries only the equity and share balances the statement of stockholders' equity shows at December 31, 2023; the rest of that year's balance sheet is not presented in this 10-K, and no earlier annual report was used.
The 2026 quarters and the year-ago second quarter come from the Q2 FY2026 Form 10-Q (accession 0001596532-26-000175), which prints the three and six months ended June 30, 2026 and June 30, 2025. Q1 FY2026 and Q1 FY2025 are derived by subtracting each three-month column from the matching six-month column; every derived line agrees exactly with the first-quarter results Arista furnished on Form 8-K (accession 0001596532-26-000074), from which the per-share amounts and share counts for those two quarters are taken.
Q3 FY2025 and Q4 FY2025 are taken from Arista's own quarterly results releases, furnished on Form 8-K: the three months ended September 30, 2025 from accession 0001596532-25-000284 and the three months ended December 31, 2025 from accession 0001596532-26-000010. These are press-release figures rather than 10-Q figures, but they are the same statements in the same format; the four quarters of 2025 add up exactly to the audited full year on every additive income-statement line, including revenue of $9,005.7 million and net income of $3,511.4 million. Per-share amounts and weighted-average share counts are averages rather than totals and so do not sum: the four quarterly diluted per-share figures add to $2.76 against the $2.75 reported for the full year.
Balance sheets appear only where a filing dates one: December 31, 2024 and 2025 in the 10-K, September 30, 2025 and December 31, 2025 in the third- and fourth-quarter results releases, and June 30, 2026 in the 10-Q. For Q2 FY2025 only total stockholders' equity and shares outstanding are available, from the statement of stockholders' equity. The results releases do not print a share count on the balance sheet, so Q3 and Q4 FY2025 carry no shares outstanding.
Cash flow is reported for the full year in the 10-K, for the nine and twelve months in the third- and fourth-quarter results releases, and for the six months in the 10-Q. Arista does not publish a three-month cash flow statement, so no discrete quarter carries one; the six-month cash flow is in the year-to-date block.
Arista has no borrowings. No balance sheet reported here shows short-term or long-term debt, so total debt is zero in every period, and the company states it has never declared or paid a cash dividend, so dividends paid is zero in every period.
Capital expenditures and share repurchases are shown as negative amounts, matching the cash flow statement's presentation of cash outflows. Free cash flow is operating cash flow less capital expenditures. The capital expenditure line is 'Purchases of property, equipment and intangible assets' in the 10-K and 'Purchases of property and equipment' in the 10-Q.
The cash figure in the cash flow block is the statement's own 'Cash, cash equivalents and restricted cash' total, which is slightly larger than balance-sheet cash because it includes restricted cash.
The 10-Q's comparative FY2025 columns agree with the FY2025 10-K, and the 10-Q's December 31, 2025 balance sheet agrees line for line with the audited one, so nothing on record was restated. The 10-Q notes only routine reclassifications to conform prior-period presentation, which did not change any figure reported here.
Uncertainties
FY2023 has no full balance sheet. Total assets, cash, liabilities and the rest of that year's balance sheet are not presented in the FY2025 10-K, and only total stockholders' equity and shares outstanding at December 31, 2023 are reported here.
Q1 FY2026 and Q1 FY2025 income statements are derived by subtraction rather than read from a quarterly statement. They match Arista's own first-quarter release exactly, but they are arithmetic, and neither quarter has a balance sheet or a cash flow statement.
No quarter carries a discrete three-month cash flow statement, because Arista reports interim cash flows only on a cumulative year-to-date basis. Quarter-level operating cash flow, capital expenditure and free cash flow are therefore unavailable.
Trailing-twelve-month diluted earnings per share of $3.17 is computed as trailing net income over a trailing diluted share count, not reported by Arista. Combining the reported per-share amounts the same way gives $3.16; the one-cent gap is rounding.
Statements are printed to the nearest $0.1 million, so a total can differ by $0.1 million from the sum of its components, and derived figures inherit that rounding.
Company details
Value
Name
Arista Networks, Inc.
Ticker
ANET
CIK
0001596532
Exchange
NYSE
State
California
Incorporation
Delaware
SIC
3576
Office
Technology
Industry
Computer Communications Equipment
Next filing
Value
Predicted date
2026-10-27
Predicted type
10-Q
Fiscal period
FY2026
Fiscal year
2026
Fiscal period
Q2
Tag
FY26Q2
Period end
2026-06-30
Form
10-Q
Accession
0001596532-26-000175
Fiscal year end
1231
Source
facts
FAQ · Arista Networks financial statements
How much revenue did Arista Networks report in Q2 FY2026?
Arista Networks reported $3.04 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 37.7% from $2.20 billion in the same quarter a year earlier.
What was Arista Networks earnings per share in Q2 FY2026?
Arista Networks reported diluted earnings per share of $0.95 for Q2 FY2026, the quarter ended June 30, 2026, up 35.7% from $0.70 a year earlier. Net income was $1.21 billion, up 36.5%.
Why did Arista Networks gross profit grow more slowly than revenue?
Arista Networks reported gross profit of $1.91 billion in Q2 FY2026, up 32.8%, against revenue up 37.7%. The company attributes the gap to a higher proportion of sales to large end customers, who receive higher discounts, which held gross margin below where it stood a year earlier even as revenue growth picked up.
How profitable was Arista Networks in Q2 FY2026?
Arista Networks earned operating income of $1.38 billion in Q2 FY2026, up 39.7%, and net income of $1.21 billion, up 36.5%. Operating income grew faster than revenue because research and development, sales and marketing and administrative costs together rose well behind the top line.
Where can I get Arista Networks, Inc. (ANET) financial data in machine-readable form?
Ticker Scout publishes Arista Networks, Inc.'s financial statements as JSON at https://tickerscout.ai/anet/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/anet/narrative.md and https://tickerscout.ai/anet/events.md. Arista Networks, Inc.'s SEC CIK is 0001596532. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
Built from Arista Networks, Inc.'s SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.