Arista Networks, Inc. (ANET) · Nov 3, 2026 · Earnings

Arista earnings beat as AI networking revenue surges 58%

Beat — Non-GAAP EPS $1.20 vs ~$1.08 consensus; revenue $3.66B vs ~$3.33B

Arista’s Q3 earnings beat consensus sharply, with revenue up 58% as its AI networking push drives record profitability despite softer gross margins.

Arista is expanding its data-center switching franchise into AI scale-out, scale-up, and distributed “scale-across” Ethernet fabrics, targeting the shift toward open networking for very large accelerator clusters. Its own strategy describes scale-up Ethernet as an incremental opportunity and scale-out Ethernet as a way to challenge proprietary alternatives across clusters reaching hundreds of thousands or more accelerators.

The quarter materially exceeded a high bar. Revenue reached $3.66 billion, about 58% above the year-ago period and roughly 10% above the published consensus near $3.33 billion; non-GAAP diluted EPS was $1.20 versus approximately $1.08 expected. That is a genuine operating beat, not merely a favorable comparison with a weak prior year.

	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$3,657.6M (+58.5%)	$2,308.3M	~$3,334M
Non-GAAP diluted EPS (Non-GAAP reconciliation)	$1.20 (+55.8%)	$0.77	~$1.08
GAAP diluted EPS (Income Statement)	$1.22 (+82.1%)	$0.67	~$0.99
Non-GAAP operating margin (Non-GAAP reconciliation)	49.1% (+0.5 pts)	48.6%	~49.0%
GAAP gross margin (Non-GAAP reconciliation)	63.6% (-1.0 pts)	64.6%	~63.1%

The beat came with healthy core operating leverage. Non-GAAP operating margin edged up to 49.1% from 48.6% despite a large increase in research and development spending, while operating income rose to $1.80 billion from $1.12 billion. That supports the interpretation that AI-related demand is translating into profitable scale rather than only top-line volume.

The main blemish is margin mix, not demand. Gross margin declined to 63.6% GAAP and 64.0% non-GAAP from 64.6% and 65.2%, respectively. The filing therefore shows unusually strong growth while leaving open whether the current AI-heavy mix can sustain prior margin levels; the operating-margin result is better than that gross-margin decline alone would suggest.

The balance sheet gives Arista room to keep building for the AI cycle. Cash and marketable securities totaled about $14.4 billion at September 30, while nine-month operating cash flow reached $4.0 billion. Inventory also rose materially to $3.21 billion from $2.25 billion at year-end, consistent with supporting a much larger demand and supply commitment, though it increases the amount of working capital tied to execution.

Bottom line: This was a clear business-level beat that strengthens Arista’s AI-networking growth story. The only meaningful counterweight is lower gross margin, but it did not prevent operating leverage or profitability from exceeding expectations.

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Q4 2026 earnings report

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Arista earnings beat as AI networking revenue surges 58%

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