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Arista Networks (ANET) investor relations material
Arista Networks Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $2.31 billion, up 27.5% year-over-year, driven by strong AI and cloud demand, with product and service revenue both growing significantly.
Non-GAAP net income was $962.3 million ($0.75 per diluted share), while GAAP net income was $853.0 million ($0.67 per share), reflecting 25% non-GAAP EPS growth year-over-year.
Leadership changes included Ken Duda promoted to President and CTO, and Tyson Lamoreaux joining as SVP of Cloud and AI Networking.
The VeloCloud acquisition for $300 million expanded the AI-optimized cloud WAN portfolio.
Continued innovation in AI networking with new platforms, ESUN initiative, and deep partnerships with major AI and cloud players.
Financial highlights
Q3 2025 product revenue was $1.91 billion and service revenue $396.6 million; non-GAAP gross margin was 65.2%, GAAP gross margin 64.6%.
Operating income was $1.12 billion (non-GAAP 48.6% margin), GAAP operating margin 42.4%.
Cash and investments totaled $10.1 billion; operating cash flow for Q3 was $1.3 billion, and $3.1 billion for the first nine months of 2025.
Deferred revenue increased to $4.7 billion as of September 30, 2025.
GAAP diluted EPS was $0.67; non-GAAP diluted EPS was $0.75 for Q3 2025.
Outlook and guidance
Q4 2025 revenue guidance is $2.3–$2.4 billion, with non-GAAP gross margin of 62–63% and operating margin of 47–48%.
FY 2025 revenue growth expected at 26–27% ($8.87 billion midpoint), gross margin ~64%, and operating margin ~48%.
FY 2026 revenue outlook is $10.65 billion, with gross margin 62–64% and operating margin 43–45%.
AI center revenue target raised to $2.75 billion for 2026.
Guidance excludes stock-based compensation, intangible amortization, and other non-recurring items.
Arista's AI offerings market impact?
How does ESUN collaboration impact future growth?
How do new leadership roles align with AI strategy?
What causes shipment variability despite demand?
How will blue box strategy impact 2026 margins?
Who drives networking decisions for LLM providers?
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Next Arista Networks earnings date
Wells Fargo's 9th Annual TMT Summit18 Nov, 2025
Next Arista Networks earnings date
Wells Fargo's 9th Annual TMT Summit18 Nov, 2025
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Frequently asked questions
Arista Networks, Inc. develops, markets, and sells cloud networking solutions primarily in the Americas, Europe, the Middle East and Africa, and the Asia-Pacific. The company offers extensible operating system, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products. It provides its products for use in large data center and computing environments. The company sells its products to value-added resellers or distributors; and original equipment manufacturers. Arista Networks, Inc. was founded in 2004 and is headquartered in Santa Clara, California
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