Arista Networks reported third-quarter 2026 revenue of $3.66 billion on November 3, up 58.5% from a year earlier and above both its own $3.3 billion guidance and the $3.33 billion consensus. Non-GAAP Arista Networks reported third-quarter 2026 revenue of $3.66 billion on November 3, up 58.5% from a year earlier and above both its own $3.3 billion guidance and the $3.33 billion consensus. Non-GAAP

Why Did Arista Networks (ANET) Stock Jump After Hours? Q3 2026 Revenue Up 58.5%

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Author: James Mitchell

2026/11/04 13:06

Arista Networks reported third-quarter 2026 revenue of $3.66 billion on November 3, up 58.5% from a year earlier and above both its own $3.3 billion guidance and the $3.33 billion consensus. Non-GAAP EPS was $1.20 against $1.08 expected. Arista guided fourth-quarter revenue to $3.9 billion–$4.0 billion, above the $3.60 billion LSEG estimate.

ANET closed the regular session at $169.91, rose as high as $202.00 (+18.9%) after hours and ended the extended session at $186.01 (+9.5%). The ANETSTOCK_USDT futures on MEXC kept trading after 8:00 p.m. ET and were at 180.25 USDT at 10:00 p.m. ET, up 6.2% from their 4:00 p.m. price.

Arista Q3 2026 Results vs Estimates

Revenue: $3.66 billion vs $3.33 billion (beat), up 58.5% year over year, per Arista's Q3 2026 earnings release
Non-GAAP EPS: $1.20 vs $1.08 (beat), up from $0.77; GAAP diluted EPS was $1.22
Gross margin: 64.0% non-GAAP and 63.6% GAAP, down from 65.2% and 64.6% a year earlier
Q4 revenue guidance: $3.9 billion–$4.0 billion vs $3.60 billion (above)
Q4 non-GAAP EPS guidance: $1.26–$1.30 vs $1.15 (above)

The Q4 estimates are LSEG figures reported by CNBC. The Q3 EPS estimate is the Visible Alpha consensus, and the Q3 revenue estimate is the consensus shown by Yahoo Finance before the report.

Key Takeaways

CEO Jayshree Ullal said this was Arista's highest year-over-year revenue growth since its IPO.
Revenue beat the company's own guidance by about $360 million.
The Q4 guidance midpoint of $3.95 billion is about 10% above the LSEG estimate.
The after-hours gain narrowed from +18.9% at 4:51 p.m. to +9.5% by 8:00 p.m. ET.
After each of the last eight reports, the next-day close moved in the same direction as the opening gap.

Why Did Arista Stock Jump After Hours?

The report beat on every headline number. Revenue, EPS and both Q4 guidance figures all came in above estimates.

The size of the beat stood out. Arista had guided Q3 revenue to $3.3 billion, and it delivered $3.66 billion, up 20.5% from Q2.

Profit grew faster than revenue. GAAP net income rose to $1.56 billion from $853 million a year earlier.

The margin trend was the weaker point. Non-GAAP gross margin fell 1.2 percentage points year over year to 64.0%.

The after-hours move also faded. Shares peaked at $202.00 at 4:51 p.m. ET, according to Yahoo Finance one-minute data, then eased to $186.01 by the end of the session. After-hours volume is thin, and the next regular-session open can differ.

Arista Q3 2026 Revenue Breakdown

Product revenue: $3.19 billion, up from $1.91 billion
Service revenue: $468 million, up from $397 million
GAAP net income: $1.56 billion, up from $853 million
Non-GAAP net income: $1.53 billion, up from $979 million

Arista also said it joined the S&P 100 in September 2026 and launched open rack-scale architectures for AI networks with industry partners.

What Is Arista's Guidance for Q4 2026?

Revenue of $3.9 billion–$4.0 billion
Non-GAAP operating margin of 48%–49%
Non-GAAP diluted EPS of $1.26–$1.30

The release did not give gross margin guidance or a 2027 outlook.

Balance Sheet: Deferred Revenue and Inventory

Total deferred revenue was $6.84 billion at September 30, up from $5.37 billion at the end of 2025.
Inventories rose to $3.21 billion from $2.25 billion.
Cash and marketable securities totaled $14.36 billion.
Arista did not repurchase shares in the first nine months of 2026.

How Has ANET Stock Reacted to Past Earnings?

Next-day moves after the last four reports, based on NYSE closing prices:

August 2026: opened +10.3%, closed +3.6%
May 2026: opened -10.1%, closed -13.6%
February 2026: opened +7.9%, closed +4.8%
November 2025: opened -7.1%, closed -8.6%

Across the last eight reports, the stock rose the next day three times and fell five times. Every report produced an opening gap of more than 5%, and the average next-day move was 8.3% in either direction, by our calculation. The August 2026 report shows that a large opening gain can narrow by the close.

How ANET Futures Reacted on MEXC

The ANETSTOCK_USDT perpetual futures on MEXC kept trading after the U.S. extended session closed. Figures below come from MEXC's public futures API (hourly candles).

Price: ANET futures closed the 3:00–4:00 p.m. ET hour at 169.71 USDT. In the release hour they ranged up to 201.50 (+18.7%) and closed at 195.00 (+14.9%). They were at 186.38 (+9.8%) at 8:00 p.m. and 180.25 (+6.2%) at 10:00 p.m. ET.
Turnover: about 109,000 USDT in the release hour and 107,000 USDT in the call hour, 20.3 and 19.8 times the average hourly turnover of the prior 24 hours.
Premium to index: hourly closes stayed within about 22 basis points of the index price.
Funding: funding settles every 8 hours. The rate was 0% at each of the last eight settlements, including the first after the release at 00:00 UTC on November 4.

The futures followed the stock's after-hours path: a release-hour high near $202, then a steady decline. Each hourly close from 5:00 to 10:00 p.m. ET was lower than the one before.

MEXC ANETSTOCK_USDT hourly closes and turnover from 8:00 a.m. to 10:00 p.m. ET on November 3, 2026. Source: MEXC public futures API.

Following ANET Through MEXC

The ANETSTOCK_USDT perpetual futures offer a market to follow Arista around earnings and outside NYSE hours. Settled in USDT, they can be traded long or short; see how to trade stock futures on MEXC.

MEXC spot also lists ANETON, a tokenized Arista Networks stock. Eligible users can buy U.S.-listed shares through MEXC RealStocks, which works with licensed broker partners.

Perpetual futures do not give shareholder rights, and they carry funding, leverage and liquidation risk.

FAQ

Why is Arista stock up after earnings?

Q3 revenue of $3.66 billion grew 58.5% and beat both estimates and Arista's own guidance, and Q4 guidance came in above estimates. The after-hours gain narrowed from +18.9% to +9.5% by 8:00 p.m. ET.

Did Arista beat earnings expectations in Q3 2026?

Yes. Revenue of $3.66 billion beat the $3.33 billion consensus, and non-GAAP EPS of $1.20 beat the $1.08 estimate.

What is Arista's Q4 2026 guidance?

Revenue of $3.9 billion–$4.0 billion and non-GAAP EPS of $1.26–$1.30, both above LSEG estimates.

How does ANET stock usually react to earnings?

After the last eight reports, ANET fell the next day five times and rose three times, with an average move of 8.3% either way.

How did ANET futures react on MEXC?

ANETSTOCK_USDT rose as much as 18.7% in the release hour and was up 6.2% from its 4:00 p.m. price at 10:00 p.m. ET.

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