Q4 guidance midpoint ($3.95B revenue, $1.28 non-GAAP EPS) is well above consensus, suggesting continued AI-driven demand acceleration. Monitor the Q4 2026 earnings call for order backlog, supply chain commentary, and any updates on the new Etherlink SU-144 architecture ramp.
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Executive Summary
Arista Networks reported Q3 2026 revenue of $3.66 billion, up 58.5% YoY and well above its own guidance of $3.3 billion, with GAAP EPS of $1.22 and non-GAAP EPS of $1.20. Q4 2026 guidance calls for revenue of $3.9-$4.0 billion and non-GAAP EPS of $1.26-$1.30, both above the consensus estimate of $1.08 EPS and $3.33B revenue.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $3.66 billion, up 58.5% YoY and 20.5% QoQ
- GAAP diluted EPS of $1.22 vs $0.67 in Q3 2025; non-GAAP diluted EPS of $1.20 vs $0.77
- GAAP operating margin 44.9% (vs 42.4% YoY); non-GAAP operating margin 49.1% (vs 48.6% YoY)
- Q4 2026 guidance: revenue $3.9-$4.0 billion, non-GAAP EPS $1.26-$1.30, non-GAAP operating margin 48-49%
- Record net income of $1.56 billion in Q3 2026, up 83% YoY
- Operating cash flow of $3.98 billion for the nine months ended September 30, 2026
Financial Impact
Revenue of $3.66B exceeded consensus of $3.33B by ~9.9%; EPS of $1.20 (non-GAAP) exceeded consensus of $1.08 by ~11.1%
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Product | $3.2B | +66.9% |
| Service | $467.6M | +17.9% |
Risk Factors
- Revenue concentration risk from large AI/hyperscaler customers
- Gross margin declined YoY (GAAP 63.6% vs 64.6%; non-GAAP 64.0% vs 65.2%)
- Inventory increased to $3.21B from $2.25B at year-end 2025, signaling potential supply chain buildup
- Reliance on sole-source merchant silicon vendor and key component supply constraints
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001596532-26-000252 |
| Document: anet-20261103.htm | 0001596532-26-000252 |
| Document: 0001596532-26-000252-index-headers.html | 0001596532-26-000252 |
| Document: 0001596532-26-000252-index.html | 0001596532-26-000252 |
| Document: 0001596532-26-000252.txt | 0001596532-26-000252 |
| 8-K Data (Synthetic) | 0001596532-26-000252 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | Insider Cluster | $180.35 | awaiting T+20 | awaiting T+20 | $178.48 (−1.04%) |
Nov 3, 2026 1d ago | 8-K | $181.26 | awaiting T+20 | awaiting T+20 | $178.48 (−1.53%) |
Oct 30, 2026 5d ago | 144 | $164.14 | awaiting T+20 | awaiting T+20 | $178.48 (+8.74%) |
Oct 29, 2026 6d ago | Institutional Cluster | $184.22 | awaiting T+20 | awaiting T+20 | $178.48 (−3.12%) |
Oct 20, 2026 15d ago | 144 | $184.33 | awaiting T+20 | awaiting T+20 | $178.48 (−3.17%) |
Oct 13, 2026 22d ago | Insider Cluster | $195.42 | awaiting T+20 | awaiting T+20 | $178.48 (−8.67%) |
Oct 9, 2026 26d ago | 144 | $210.88 | awaiting T+20 | awaiting T+20 | $178.48 (+15.36%) |
Oct 8, 2026 27d ago | 144 | $216.74 | awaiting T+20 | awaiting T+20 | $178.48 (−17.65%) |
Oct 7, 2026 28d ago | 144 | $210.97 | awaiting T+20 | awaiting T+20 | $178.48 (−15.40%) |
Oct 6, 2026 29d ago | 144 | $215.83 $178.48 | ▼ −17.31% | ▼ −15.97% | $178.48 (−17.31%) |
US Market Status
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