ANET · Earnings call · 2026Q2T · Full report
Revenue Performance and Mix
Arista Networks, Inc. · 2026-08-04 · Importance 76 · Surprise 56 · No source text
Q2 2026 revenue exceeded $3.0 billion, increasing 37.7% year over year and surpassing the $2.8 billion guidance. Growth was driven by AI and enterprise customers across back-end AI fabrics, core data-center front-end products, campus, and routing adjacencies. International revenue was $697.8 million, representing 23% of total revenue versus 15.5% in Q1, reflecting organic international growth and a larger contribution from global customers. Management expects 2026 revenue of approximately $12.6 billion, with at least $3.5 billion from AI fabrics and at least $1.25 billion from campus.
Key facts
- Total revenues in Q2 were just over $3 billion, up 37.7% year-over-year and above guidance of $2.8 billion.
- Arista is experiencing significant demand to achieve our first $3 billion quarter in revenue.
- Total deferred revenue balance was approximately $6.9 billion, up from $6.2 billion in the prior quarter; product deferred revenue increased approximately $600 million sequentially.
- Five years ago our entire year was $2.9 billion in 2021.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +27.4% | Total revenues in Q2 were just over $3 billion, up 37.7% year-over-year and above guidance of $2.8 billion. |
| liability | negative | realized | — | Total deferred revenue balance was approximately $6.9 billion, up from $6.2 billion in the prior quarter; product deferred revenue… |