Filing Flows › Arista Networks (ANET) › Q3 2026 › vs Q2 2026
Arista Networks (ANET) Q3 2026 vs Q2 2026 (quarter over quarter)
Arista Networks's revenue rose $622M (+20%) from $3.0B in Q2 2026 to $3.7B in Q3 2026. The biggest changes: Product +$585M (+22%); Service +$37.1M (+9%). Gross margin 63.6% against 62.9% (+0.7 pts).
Arista Networks, Q3 2026: revenue $3.7B (+58% year over year), operating margin 44.9%, net earnings $1.6B, operating cash flow $1.2B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 63.6% | 62.9% | +0.7 pts |
| Operating margin | 44.9% | 45.4% | -0.5 pts |
| Net margin | 42.7% | 40.0% | +2.7 pts |
| Free cash flow margin | 30.1% | 34.7% | -4.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Product | $3.2B | $2.6B | $585M | +22% |
| Service | $468M | $430M | $37.1M | +9% |
| Revenue | $3.7B | $3.0B | $622M | +20% |
| Gross profit | $2.3B | $1.9B | $415M | +22% |
| Cost of revenue | $1.3B | $1.1B | $206M | +18% |
| Other income, net | $273M | $126M | $147M | +116% |
| Operating profit | $1.6B | $1.4B | $264M | +19% |
| Operating expenses | $683M | $532M | $151M | +28% |
| Pre-tax earnings | $1.9B | $1.5B | $411M | +27% |
| Research & development | $487M | $348M | $139M | +40% |
| Sales & marketing | $157M | $150M | $6.3M | +4% |
| General & admin | $39.8M | $33.8M | $6.0M | +18% |
| Net earnings | $1.6B | $1.2B | $348M | +29% |
| Income tax | $355M | $291M | $63.7M | +22% |
| Depreciation & amortization | $23.6M | $23.4M | $200K | +0.9% |
| Share-based compensation | $138M | $120M | $17.7M | +15% |
| Working capital & other | $521M | $274M | $248M | +90% |
| Operating cash flow | $1.2B | $1.1B | $118M | +11% |
| Free cash flow (OCF − capex) | $1.1B | $1.1B | $46.9M | +4% |
| Capital expenditures | $101M | $29.7M | $71.0M | +239% |
Questions
How much did Arista Networks's revenue grow quarter over quarter in Q3 2026?
Arista Networks's revenue rose $622M (+20%) from $3.0B in Q2 2026 to $3.7B in Q3 2026.
What drove Arista Networks's revenue change in Q3 2026?
Product +$585M (+22%); Service +$37.1M (+9%).