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Arista Networks, Inc. (ANET) Q2 FY2026 Financial Statements: Revenue $3.04B, Net income $1.21B

CIK 0001596532 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0001596532-26-000175) · Annual report: FY2025 10-K (filed 2026-02-17, accession 0001596532-26-000013) · Next expected filing: 10-Q ~2026-11-04

More for Arista Networks: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2026

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.

MetricAmountvs. year ago
Revenue$3,035,700,000up 37.7%
Net income$1,212,900,000up 36.5%
Diluted EPS$0.95up 35.7%
Gross profit$1,910,300,000up 32.8%
Operating income$1,378,000,000up 39.7%

About this file

TickerANET
CIK0001596532
CompanyArista Networks, Inc.
Business typeindustrial
Schema templatestandard (technology hardware / networking)
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions)

ANET annual income statement, balance sheet and cash flow

FY2023FY2024FY2025
Fiscal year202320242025
LabelFY2023FY2024FY2025
Period start2023-01-012024-01-012025-01-01
Period end2023-12-312024-12-312025-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession0001596532-26-0000130001596532-26-0000130001596532-26-000013
Income statement
Product revenue5,029,500,0005,884,000,0007,576,900,000
Service revenue830,700,0001,119,100,0001,428,800,000
Total revenue5,860,200,0007,003,100,0009,005,700,000
Product cost of revenue2,061,200,0002,299,000,0002,978,700,000
Service cost of revenue168,700,000212,800,000258,300,000
Total cost of revenue2,229,900,0002,511,800,0003,237,000,000
Gross profit3,630,300,0004,491,300,0005,768,700,000
Research and development854,900,000996,700,0001,237,300,000
Sales and marketing399,000,000427,300,000533,400,000
General and administrative119,100,000122,700,000141,900,000
Total operating expenses1,373,000,0001,546,700,0001,912,600,000
Operating income2,257,300,0002,944,600,0003,856,100,000
Other income net164,700,000320,500,000393,600,000
Income before income taxes2,422,000,0003,265,100,0004,249,700,000
Provision for income taxes334,700,000413,000,000738,300,000
Net income2,087,300,0002,852,100,0003,511,400,000
Basic EPS1.692.272.79
Diluted EPS1.652.232.75
Basic shares1,237,400,0001,256,300,0001,258,000,000
Diluted shares1,268,500,0001,281,100,0001,275,700,000
Balance sheet
Shares outstanding1,249,000,0001,261,300,0001,256,500,000
Total equity7,219,000,0009,994,800,00012,370,500,000
Total debt000
Cash and cash equivalents2,762,400,0001,963,900,000
Marketable securities5,541,100,0008,779,100,000
Accounts receivable net1,140,500,0001,886,900,000
Inventories1,834,600,0002,247,100,000
Total current assets11,910,900,00016,387,000,000
Total assets14,043,900,00019,448,600,000
Accounts payable381,100,000651,700,000
Deferred revenue current1,727,300,0004,002,600,000
Total current liabilities2,732,200,0005,376,500,000
Deferred revenue noncurrent1,064,100,0001,369,800,000
Total liabilities4,049,100,0007,078,100,000
Cash flow
Depreciation and amortization70,600,00062,000,00072,600,000
Stock based compensation296,800,000355,400,000439,200,000
Operating cash flow2,034,000,0003,708,200,0004,371,900,000
Capex-34,400,000-32,000,000-119,500,000
Free cash flow1,999,600,0003,676,200,0004,252,400,000
Share repurchases-112,300,000-423,600,000-1,603,100,000
Dividends paid000
Cash and equivalents and restricted cash end of period1,939,500,0002,763,800,0001,965,300,000

ANET quarterly income statement, balance sheet and cash flow

Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Fiscal year202520252025202520262026
LabelQ1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Period start2025-01-012025-04-012025-07-012025-10-012026-01-012026-04-01
Period end2025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Period typethree monthsthree monthsthree monthsthree monthsthree monthsthree months
Source accession0001596532-26-000175; 0001596532-26-0000740001596532-26-0001750001596532-25-0002840001596532-26-0000100001596532-26-000175; 0001596532-26-0000740001596532-26-000175
Income statement
Product revenue1,692,500,0001,877,000,0001,911,700,0002,095,700,0002,311,300,0002,605,200,000
Service revenue312,300,000327,800,000396,600,000392,100,000397,700,000430,500,000
Total revenue2,004,800,0002,204,800,0002,308,300,0002,487,800,0002,709,000,0003,035,700,000
Product cost of revenue672,700,000707,300,000745,500,000853,200,000961,900,0001,047,500,000
Service cost of revenue56,000,00058,900,00072,600,00070,800,00070,300,00077,900,000
Total cost of revenue728,700,000766,200,000818,100,000924,000,0001,032,200,0001,125,400,000
Gross profit1,276,100,0001,438,600,0001,490,200,0001,563,800,0001,676,800,0001,910,300,000
Research and development266,400,000296,500,000326,000,000348,400,000343,700,000348,200,000
Sales and marketing116,600,000126,500,000151,200,000139,100,000141,600,000150,300,000
General and administrative34,300,00029,400,00034,800,00043,400,00033,700,00033,800,000
Total operating expenses417,300,000452,400,000512,000,000530,900,000519,000,000532,300,000
Operating income858,800,000986,200,000978,200,0001,032,900,0001,157,800,0001,378,000,000
Other income net96,200,00094,000,00098,900,000104,500,000113,600,000126,300,000
Income before income taxes955,000,0001,080,200,0001,077,100,0001,137,400,0001,271,400,0001,504,300,000
Provision for income taxes141,200,000191,400,000224,100,000181,600,000248,500,000291,400,000
Net income813,800,000888,800,000853,000,000955,800,0001,022,900,0001,212,900,000
Basic EPS0.650.710.680.760.810.96
Diluted EPS0.640.70.670.750.80.95
Basic shares1,260,000,0001,256,300,0001,258,000,0001,257,800,0001,257,700,0001,260,100,000
Diluted shares1,279,200,0001,271,200,0001,276,600,0001,275,800,0001,273,800,0001,276,000,000
DerivationIncome 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 outstanding1,256,800,0001,261,200,000
Total equity10,901,600,00011,907,100,00012,370,500,00014,797,700,000
Total debt0000
Cash and cash equivalents2,326,600,0001,963,900,0002,290,200,000
Marketable securities7,779,600,0008,779,100,00011,053,100,000
Accounts receivable net1,489,400,0001,886,900,0002,266,200,000
Inventories2,155,700,0002,247,100,0002,535,300,000
Total current assets15,184,800,00016,387,000,00020,163,400,000
Total assets18,048,800,00019,448,600,00023,720,100,000
Accounts payable481,000,000651,700,000692,700,000
Deferred revenue current3,520,700,0004,002,600,0005,100,700,000
Total current liabilities4,666,600,0005,376,500,0006,818,400,000
Deferred revenue noncurrent1,165,500,0001,369,800,0001,765,200,000
Total liabilities6,141,700,0007,078,100,0008,922,400,000

ANET year-to-date income statement and cash flow

Six months ended June 30, 2026
Fiscal year2026
LabelSix months ended June 30, 2026
Period start2026-01-01
Period end2026-06-30
Period typesix months
Source accession0001596532-26-000175
Income statement
Product revenue4,916,500,000
Service revenue828,200,000
Total revenue5,744,700,000
Product cost of revenue2,009,400,000
Service cost of revenue148,200,000
Total cost of revenue2,157,600,000
Gross profit3,587,100,000
Research and development691,900,000
Sales and marketing291,900,000
General and administrative67,500,000
Total operating expenses1,051,300,000
Operating income2,535,800,000
Other income net239,900,000
Income before income taxes2,775,700,000
Provision for income taxes539,900,000
Net income2,235,800,000
Basic EPS1.78
Diluted EPS1.75
Basic shares1,258,900,000
Diluted shares1,274,900,000
Cash flow
Depreciation and amortization46,700,000
Stock based compensation241,300,000
Operating cash flow2,776,500,000
Capex-84,200,000
Free cash flow2,692,300,000
Share repurchases0
Dividends paid0
Cash and equivalents and restricted cash end of period2,291,600,000
DerivationRead 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 year2026
LabelTrailing twelve months ended June 30, 2026
Period start2025-07-01
Period end2026-06-30
Period typetrailing twelve months
Source accession0001596532-26-000013; 0001596532-26-000175
Income statement
Product revenue8,923,900,000
Service revenue1,616,900,000
Total revenue10,540,800,000
Product cost of revenue3,608,100,000
Service cost of revenue291,600,000
Total cost of revenue3,899,700,000
Gross profit6,641,100,000
Research and development1,366,300,000
Sales and marketing582,200,000
General and administrative145,700,000
Total operating expenses2,094,200,000
Operating income4,546,900,000
Other income net443,300,000
Income before income taxes4,990,200,000
Provision for income taxes945,600,000
Net income4,044,600,000
Diluted EPS3.17
Diluted shares1,275,400,000
Cash flow
Depreciation and amortization92,700,000
Stock based compensation502,300,000
Operating cash flow5,306,600,000
Capex-151,300,000
Free cash flow5,155,300,000
Share repurchases-620,100,000
Dividends paid0
DerivationFY2025 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.

Adjustments

Value
Splits appliednone
ADR ration/a
FXnone, Arista reports in U.S. dollars
NoteArista 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
NameArista Networks, Inc.
TickerANET
CIK0001596532
ExchangeNYSE
StateCalifornia
IncorporationDelaware
SIC3576
OfficeTechnology
IndustryComputer Communications Equipment

Fiscal period

FY2026
Fiscal year2026
Fiscal periodQ2
TagFY26Q2
Period end2026-06-30
Form10-Q
Accession0001596532-26-000175
Fiscal year end1231
Sourcefacts

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.

When does Arista Networks, Inc. (ANET) next file with the SEC?

Arista Networks, Inc. (ANET) is expected to file its next Form 10-Q with the SEC on or around November 4, 2026. That date is a projection rather than a company-announced date: it is derived from Arista Networks, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001596532-26-000175.

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How this page was built

This page was built from five of Arista Networks, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names five such gaps.

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