The Quarter in Brief
Arista Networks, which makes the high-speed switches and routing software that connect servers inside data centers, reported its third quarter of 2026, the three months to September 30, after the market closed on November 3. Revenue was $3.66 billion, up 58.5% from a year earlier and 20.5% from the second quarter. Reported (GAAP) earnings per share were $1.22, up from $0.67. Non-GAAP diluted earnings per share, the company's measure that leaves out stock-based pay, the amortization of acquired intangibles, gains on strategic investments and certain tax items, were $1.20, up 56% from $0.77.
Analysts had expected about $3.33 billion of revenue and $1.08 of non-GAAP earnings per share, according to the Financial Modeling Prep consensus, so revenue came in about 10% ahead and earnings about 11% ahead. Revenue also beat the company's own forecast of about $3.3 billion. What set the quarter apart was speed: in each of the seven quarters before it, revenue had grown between 25% and 38% a year, and the company calls this the fastest year-on-year growth since its stock market listing.