Filing Flows › Arista Networks (ANET) › Q2 2026 › vs Q1 2026
Arista Networks (ANET) Q2 2026 vs Q1 2026 (quarter over quarter)
Arista Networks's revenue rose $327M (+12%) from $2.7B in Q1 2026 to $3.0B in Q2 2026. The biggest changes: Product +$294M (+13%); Service +$32.8M (+8%). Gross margin 62.9% against 61.9% (+1.0 pts).
Arista Networks, Q2 2026: revenue $3.0B (+38% year over year), operating margin 45.4%, net earnings $1.2B, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 62.9% | 61.9% | +1.0 pts |
| Operating margin | 45.4% | 42.7% | +2.7 pts |
| Net margin | 40.0% | 37.8% | +2.2 pts |
| Free cash flow margin | 34.7% | 60.5% | -25.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product | $2.6B | $2.3B | $294M | +13% |
| Service | $430M | $398M | $32.8M | +8% |
| Revenue | $3.0B | $2.7B | $327M | +12% |
| Gross profit | $1.9B | $1.7B | $234M | +14% |
| Cost of revenue | $1.1B | $1.0B | $93.2M | +9% |
| Other income, net | $126M | $114M | $12.7M | +11% |
| Operating profit | $1.4B | $1.2B | $220M | +19% |
| Operating expenses | $532M | $519M | $13.3M | +3% |
| Pre-tax earnings | $1.5B | $1.3B | $233M | +18% |
| Research & development | $348M | $344M | $4.5M | +1% |
| Sales & marketing | $150M | $142M | $8.7M | +6% |
| General & admin | $33.8M | $33.7M | $100K | +0.3% |
| Net earnings | $1.2B | $1.0B | $190M | +19% |
| Income tax | $291M | $248M | $42.9M | +17% |
| Depreciation & amortization | $23.4M | $23.3M | $100K | +0.4% |
| Share-based compensation | $120M | $121M | −$500K | -0.4% |
| Working capital & other | $274M | −$526M | $800M | — |
| Operating cash flow | $1.1B | $1.7B | −$610M | -36% |
| Free cash flow (OCF − capex) | $1.1B | $1.6B | −$586M | -36% |
| Capital expenditures | $29.7M | $54.5M | −$24.8M | -46% |
Questions
How much did Arista Networks's revenue grow quarter over quarter in Q2 2026?
Arista Networks's revenue rose $327M (+12%) from $2.7B in Q1 2026 to $3.0B in Q2 2026.
What drove Arista Networks's revenue change in Q2 2026?
Product +$294M (+13%); Service +$32.8M (+8%).