ARISTA NETWORKS, INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-36468  
Entity Registrant Name Arista Networks, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-1751121  
Entity Address, Address Line One 5453 Great America Parkway  
Entity Address, City or Town Santa Clara  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95054  
City Area Code (408)  
Local Phone Number 547-5500  
Title of 12(b) Security Common Stock, $0.0001 par value  
Trading Symbol ANET  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   1,259,202,593
Entity Central Index Key 0001596532  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 2,789.5 $ 1,963.9
Marketable securities 9,563.7 8,779.1
Accounts receivable, net 1,923.8 1,886.9
Inventories 2,380.0 2,247.1
Prepaid expenses and other current assets 1,899.7 1,510.0
Total current assets 18,556.7 16,387.0
Property and equipment, net 250.3 203.1
Goodwill 416.1 416.1
Deferred tax assets 1,887.2 1,773.6
Other assets 546.2 668.8
TOTAL ASSETS 21,656.5 19,448.6
CURRENT LIABILITIES:    
Accounts payable 608.4 651.7
Accrued liabilities 441.5 475.4
Deferred revenue 4,909.5 4,002.6
Other current liabilities 600.7 246.8
Total current liabilities 6,560.1 5,376.5
Deferred revenue, non-current 1,289.2 1,369.8
Other long-term liabilities 320.1 331.8
TOTAL LIABILITIES 8,169.4 7,078.1
Commitments and Contingencies (Note 5)
STOCKHOLDERS’ EQUITY:    
Preferred stock, $0.0001 par value—100 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025 0.0 0.0
Common stock, $0.0001 par value—4,000 shares authorized as of March 31, 2026 and December 31, 2025; 1,259.2 and 1,256.5 shares issued and outstanding as of March 31, 2026 and December 31, 2025 0.1 0.1
Additional paid-in capital 3,036.4 2,911.8
Retained earnings 10,469.9 9,446.6
Accumulated other comprehensive income (loss) (19.3) 12.0
TOTAL STOCKHOLDERS’ EQUITY 13,487.1 12,370.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 21,656.5 $ 19,448.6
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100.0 100.0
Preferred stock, shares issued (in shares) 0.0 0.0
Preferred stock, shares outstanding (in shares) 0.0 0.0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 4,000.0 4,000.0
Common stock, shares issued (in shares) 1,259.2 1,256.5
Common stock, shares outstanding (in shares) 1,259.2 1,256.5
v3.26.1
Condensed Consolidated Income Statements - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Total revenue $ 2,709.0 $ 2,004.8
Cost of revenue:    
Total cost of revenue 1,032.2 728.7
Gross profit 1,676.8 1,276.1
Operating expenses:    
Research and development 343.7 266.4
Sales and marketing 141.6 116.6
General and administrative 33.7 34.3
Total operating expenses 519.0 417.3
Income from operations 1,157.8 858.8
Other income (expense), net 113.6 96.2
Income before income taxes 1,271.4 955.0
Provision for income taxes 248.5 141.2
Net income $ 1,022.9 $ 813.8
Net income per share:    
Basic (in dollars per share) $ 0.81 $ 0.65
Diluted (in dollars per share) $ 0.80 $ 0.64
Weighted-average shares used in computing net income per share:    
Basic (in shares) 1,257.7 1,260.0
Diluted (in shares) 1,273.8 1,279.2
Product    
Revenue:    
Total revenue $ 2,311.3 $ 1,692.5
Cost of revenue:    
Total cost of revenue 961.9 672.7
Service    
Revenue:    
Total revenue 397.7 312.3
Cost of revenue:    
Total cost of revenue $ 70.3 $ 56.0
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 1,022.9 $ 813.8
Other comprehensive income (loss), net of tax:    
Change in foreign currency translation (2.6) 0.7
Available-for-sale investments:    
Change in net unrealized gains (losses) on available-for-sale securities (28.5) 10.6
Reclassification adjustment included in net income (0.2) 0.0
Other comprehensive income (loss) (31.3) 11.3
Comprehensive income $ 991.6 $ 825.1
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock  
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024   1,261.3      
Beginning balance at Dec. 31, 2024 $ 9,994.8 $ 0.1 $ 2,465.4 $ 7,542.5 $ (13.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 813.8     813.8  
Other comprehensive (loss) income, net of tax 11.3       11.3
Stock-based compensation 93.0   93.0    
Issuance of common stock in connection with employee equity incentive plans (in shares)   4.3      
Issuance of common stock in connection with employee equity incentive plans 28.1   28.1    
Repurchase of common stock (in shares)   (8.7)      
Repurchase of common stock (787.1)     (787.1)  
Tax withholding paid for net share settlement of equity awards (in shares)   (0.3)      
Tax withholding paid for net share settlement of equity awards (34.8)   (34.8)    
Ending balance (in shares) at Mar. 31, 2025   1,256.6      
Ending balance at Mar. 31, 2025 $ 10,119.1 $ 0.1 2,551.7 7,569.2 (1.9)
Beginning balance (in shares) at Dec. 31, 2025 1,256.5 1,256.5      
Beginning balance at Dec. 31, 2025 $ 12,370.5 $ 0.1 2,911.8 9,446.6 12.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 1,022.9     1,022.9  
Other comprehensive (loss) income, net of tax (31.3)       (31.3)
Stock-based compensation 120.9   120.9    
Issuance of common stock in connection with employee equity incentive plans (in shares)   2.9      
Issuance of common stock in connection with employee equity incentive plans 29.9   29.9    
Repurchase of common stock 0.0        
Tax withholding paid for net share settlement of equity awards (in shares)   (0.2)      
Tax withholding paid for net share settlement of equity awards (26.2)   (26.2)    
Other $ 0.4     0.4  
Ending balance (in shares) at Mar. 31, 2026 1,259.2 1,259.2      
Ending balance at Mar. 31, 2026 $ 13,487.1 $ 0.1 $ 3,036.4 $ 10,469.9 $ (19.3)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,022.9 $ 813.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23.3 13.8
Stock-based compensation 120.9 93.0
Deferred income taxes (104.9) (107.1)
Other (3.4) (12.1)
Changes in operating assets and liabilities:    
Accounts receivable, net (36.9) (295.4)
Inventories (133.0) (122.7)
Other assets (298.7) (113.7)
Accounts payable (35.6) 6.7
Deferred revenue 826.2 297.4
Income taxes, net 352.9 241.3
Other liabilities (40.2) (173.3)
Net cash provided by operating activities 1,693.5 641.7
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of marketable securities 739.9 799.2
Proceeds from sale of marketable securities 376.9 8.8
Purchases of marketable securities (1,932.6) (1,545.5)
Purchases of property and equipment (54.5) (28.4)
Other 5.0 0.0
Net cash used in investing activities (865.3) (765.9)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock under equity plans 29.9 28.1
Tax withholding paid on behalf of employees for net share settlement (26.2) (34.8)
Repurchases of common stock 0.0 (787.1)
Other (3.7) 0.0
Net cash used in financing activities 0.0 (793.8)
Effect of exchange rate changes (2.6) 0.7
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 825.6 (917.3)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period 1,965.3 2,763.8
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period $ 2,790.9 $ 1,846.5
v3.26.1
Organization and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies
Organization
    Arista Networks, Inc. (together with our subsidiaries, “we,” “our,” "Arista," "Company" or “us”) is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus and routing environments. Our cloud networking solutions consist of our Extensible Operating System ("EOS®"), a set of network applications and our Ethernet switching and routing platforms. We are incorporated in the state of Delaware. Our corporate headquarters are located in Santa Clara, California, and we have wholly-owned subsidiaries throughout the world, including North America, Europe, Asia and Australia.
Basis of Presentation and Principles of Consolidation
    The accompanying unaudited condensed consolidated financial statements include the accounts of Arista Networks, Inc. and our wholly-owned subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the three months ended March 31, 2026, are not necessarily indicative of the results expected for the full fiscal year. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications of prior period amounts were made in the current year to conform to the current period presentation.
    Our condensed consolidated financial statements and related financial information in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Use of Estimates
    The preparation of the accompanying consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, valuation of inventory and contract manufacturer/supplier liabilities, accounting for income taxes, including the recognition of deferred tax assets and liabilities, valuation allowance on deferred tax assets and reserves for uncertain tax positions, and revenue recognition and deferred revenue. We evaluate our estimates and assumptions based on historical experience and other factors and adjust these estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates.    
Recent Accounting Pronouncements Not Yet Effective
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions, and also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
On December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating the provisions of this ASU.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets measured at fair values on a recurring basis
    We measure and report our cash equivalents, restricted cash, and available-for-sale marketable securities at fair value on a recurring basis. We use a fair value hierarchy to measure fair value, maximizing the use of observable inputs. The three-tiers of the fair value hierarchy are as follows: Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date, Level II—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities, and Level III—Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. We don't have any level III financial assets measured at fair value on a recurring basis. The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in millions):
March 31, 2026December 31, 2025
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $973.2 $— $— $973.2 $1,174.8 $— $— $1,174.8 
Commercial paper— 63.7 — 63.7 — 29.8 — 29.8 
Corporate bonds— — — — — 6.6 — 6.6 
U.S. government notes48.4 — — 48.4 124.9 — — 124.9 
Agency securities— 20.0 — 20.0 — — — — 
1,021.6 83.7 — 1,105.3 1,299.7 36.4 — 1,336.1 
Marketable Securities:
Commercial paper— 311.1 — 311.1 — 83.0 — 83.0 
U.S. government notes2,728.1 — — 2,728.1 2,854.3 — — 2,854.3 
Corporate bonds— 5,059.7 — 5,059.7 — 4,329.7 — 4,329.7 
Municipal bonds— 14.5 — 14.5 — 14.5 — 14.5 
Agency securities— 1,450.3 — 1,450.3 — 1,497.6 — 1,497.6 
2,728.1 6,835.6 — 9,563.7 2,854.3 5,924.8 — 8,779.1 
Other Assets:
Money market funds - restricted cash1.4 — — 1.4 1.4 — — 1.4 
Total Financial Assets$3,751.1 $6,919.3 $— $10,670.4 $4,155.4 $5,961.2 $— $10,116.6 
    During the three months ended March 31, 2026, the Company did not make any transfers between the levels of the fair value hierarchy.
    The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in millions):
March 31, 2026December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$374.8 $— $— $374.8 $112.8 $— $— $112.8 
U.S. government2,777.5 2.8 (3.8)2,776.5 2,970.4 8.8 — 2,979.2 
Corporate bonds5,066.3 4.7 (11.3)5,059.7 4,321.2 16.0 (0.9)4,336.3 
Municipal bonds14.5 — — 14.5 14.5 — — 14.5 
Agency securities1,474.1 0.6 (4.4)1,470.3 1,495.5 2.7 (0.6)1,497.6 
Total $9,707.2 $8.1 $(19.5)$9,695.8 $8,914.4 $27.5 $(1.5)$8,940.4 
    For debt securities in unrealized loss positions, it is not likely that we will be required to sell such securities before recovery of their amortized cost basis nor do we have the intent to sell such securities before maturity. We invest in debt securities that have maximum maturities of three years that are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these debt securities, the more susceptible they are to changes in market interest rates and bond yields. Given the relatively short-term and conservative nature of our portfolio, our debt securities are generally not subject to credit risk; therefore, we did not recognize any credit losses or non-credit-related impairments related to such securities for the three months ended March 31, 2026. All unrealized gains or losses were recognized in other comprehensive income (loss). Realized gains or losses were immaterial for the three months ended March 31, 2026.
    The following table is an analysis of our debt securities in unrealized loss positions (in millions):
March 31, 2026
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Commercial paper$10.0 $— $— $— $10.0 $— 
U.S. government notes1,560.6 (3.8)10.0 — 1,570.6 (3.8)
Corporate bonds2,925.3 (11.3)6.0 — 2,931.3 (11.3)
Municipal bonds11.4 — — — 11.4 — 
Agency securities1,053.0 (4.4)— — 1,053.0 (4.4)
Total $5,560.3 $(19.5)$16.0 $— $5,576.3 $(19.5)
     As of March 31, 2026, we had no marketable debt securities with contractual maturities that exceeded three years. The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in millions):
March 31, 2026
Fair Value
Due in 1 year or less$3,501.6 
Due in 1 to 3 years6,062.1 
Total debt securities $9,563.7 
    The weighted-average remaining duration of our marketable debt securities is approximately 1.4 years as of March 31, 2026. As we view these marketable debt securities as available to support current operations, we classify marketable debt securities with maturities beyond 12 months as current assets under the caption "Marketable securities" on the condensed consolidated balance sheets.
v3.26.1
Financial Statements Details
 3 Months Ended
Mar. 31, 2026
Balance Sheet Components [Abstract]  
Financial Statements Details Financial Statements Details
Inventories
    Inventories consist of the following (in millions):
March 31, 2026December 31, 2025
Raw materials $811.1 $611.2 
Finished goods(1)
1,568.9 1,635.9 
   Total inventories $2,380.0 $2,247.1 
(1) The balance includes evaluation inventory totaling $525.7 million and $403.7 million as of March 31, 2026 and December 31, 2025, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
March 31, 2026December 31, 2025
Deferred cost of goods sold(1)
$1,546.5 $1,197.0 
Other prepaid expenses and deposits353.2 313.0 
Total prepaid expenses and other current assets$1,899.7 $1,510.0 
(1) The increase in the quarter ended March 31, 2026 was driven by a corresponding increase in deferred product revenue.
Property and Equipment, net
    Property and equipment, net consists of the following (in millions):
March 31, 2026December 31, 2025
Land$47.3 $47.3 
Equipment and machinery 199.4 188.3 
Computer hardware and software 66.3 66.2 
Leasehold improvements
38.2 38.4 
Furniture and fixtures 3.7 3.7 
Construction-in-process 151.8 107.9 
    Property and equipment, gross 506.7 451.8 
Less: accumulated depreciation (256.4)(248.7)
    Property and equipment, net $250.3 $203.1 
Contract Liabilities, Deferred Revenue and Other Performance Obligations    
Contract Liabilities
    A contract liability is recognized when we have received customer payments in advance of our satisfaction of a performance obligation under a cancellable contract. The following table summarizes the activity related to our contract liabilities (in millions):
Three Months Ended March 31,
20262025
Contract liabilities, beginning balance$250.1 $160.8 
Less: Revenue recognized from beginning balance(17.6)(12.9)
Add: Contract liabilities recognized, net41.2 12.6 
Contract liabilities, ending balance$273.7 $160.5 
    As of March 31, 2026 and December 31, 2025, $131.0 million and $114.0 million of our contract liabilities, respectively, were included in "Other current liabilities" with the remaining balances included in "Other long-term liabilities" on the condensed consolidated balance sheets.
Deferred Revenue
    Deferred revenue is comprised mainly of unearned revenue related to multi-year post-contract support ("PCS") contracts and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in millions):
Three Months Ended March 31,
20262025
Deferred revenue, beginning balance
$5,372.4 $2,791.4 
Less: Revenue recognized from beginning balance(1,264.4)(418.3)
Add: Deferral of revenue in current period, excluding amounts recognized during the period2,090.7 715.7 
Deferred revenue, ending balance$6,198.7 $3,088.8 
Other Performance Obligations
    Other performance obligations totaling $1.2 billion as of March 31, 2026 include unbilled multi-year PCS and service contract amounts of $264.6 million, and $968.4 million of binding contractual agreements with certain customers that are primarily related to future product shipments.
Revenue from Total Remaining Performance Obligations
    Total revenue from our contract liabilities, deferred revenue and other performance obligations that is expected to be recognized in future periods amounts to $7.7 billion as of March 31, 2026. Approximately 91% of this future revenue is expected to be recognized over the next two years and the remaining 9% is expected to be recognized during the third to the fifth year.
Other Income (Expense), net
    Other income (expense), net consists of the following (in millions):
Three Months Ended March 31,
20262025
Interest income$109.2 $90.2 
Other income (expense), net4.4 6.0 
    Total$113.6 $96.2 
v3.26.1
Acquisition
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
On June 30, 2025, we completed the acquisition of the VeloCloud business ("VeloCloud") from Broadcom for total cash consideration of $300.0 million. VeloCloud's secure, AI-optimized cloud WAN portfolio provides seamless connectivity to customer sites of any type, complementing Arista's leading data center and campus wired/wireless portfolio. The preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date, included $268.4 million of intangible assets, $148.0 million of goodwill and $116.4 million of net tangible liabilities assumed as of June 30, 2025. A portion of the goodwill is deductible for tax purposes. There was no change in the carrying value of goodwill for the three months ended March 31, 2026.
Acquisition-Related Intangible Assets
Acquisition-related intangible assets, included in other assets, are subject to amortization on a straight-line basis over their estimated useful lives, as we believe this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Acquisition-related intangible assets, excluding those that are fully amortized and no longer have economic benefit, were as follows (in millions, except years):
March 31, 2026December 31, 2025
Weighted-Average Remaining Useful Lives (in years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology3.8$241.1 $(145.9)$95.2 $241.1 $(139.0)$102.1 
Customer relationships5.9224.3 (56.6)167.7 224.3 (48.9)175.4 
Trade name4.324.9 (14.3)10.6 24.9 (13.6)11.3 
Total 5.1$490.3 $(216.8)$273.5 $490.3 $(201.5)$288.8 
Future estimated amortization expense related to acquisition-related intangible assets is as follows (in millions):
Future Amortization Expense
Remainder of 2026$46.0 
202757.4 
202854.0 
202923.6 
2030 and thereafter92.5 
Total $273.5 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
    We outsource most of our manufacturing and supply chain management operations to third-party contract manufacturers, who procure components and assemble products on our behalf. A significant portion of our purchase orders for finished goods and strategic components, including integrated circuits consigned to contract manufacturers, consists of non-cancellable commitments. Our purchase obligations also encompass software and technology licenses, property and equipment, and other corporate goods and services. As of March 31, 2026, we had non-cancellable purchase commitments not recorded on our balance sheet of $8.9 billion, of which $7.6 billion have expected receipt dates within 12 months, and $1.3 billion have expected receipt dates greater than 12 months. These open purchase orders are considered enforceable and legally binding, and while we may have some limited ability to reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services, this can only occur with the agreement of the related supplier.
    We also had deposits to our contract manufacturers to secure our purchase commitments in the amount of $95.5 million and $53.0 million as of March 31, 2026 and December 31, 2025, respectively, which were recorded within prepaid expenses and other current assets, as well as other assets in the condensed consolidated balance sheets.
Property Project
During the year ended December 31, 2021, we purchased land and the improvements thereon in Santa Clara, California to construct a building for office, lab and data center space. As of March 31, 2026, the estimated remaining capital expenditures related to this project are expected to be approximately $130.0 million to $150.0 million through the end of fiscal 2026 when we expect construction to be completed.
Guarantees
    We have entered into agreements with some of our direct customers and channel partners that contain indemnification provisions relating to potential situations where claims could be alleged that our products infringe the intellectual property rights of a third party. We have, at our option and expense, the ability to repair any infringement, replace product with a non-infringing equivalent-in-function product or refund our customers all or a portion of the value of the product. Other guarantees or indemnification agreements include guarantees of product and service performance and standby letters of credit for leased facilities and corporate credit cards. We have not recorded a liability related to these indemnification and guarantee provisions and our guarantee and indemnification arrangements have not had a significant impact on our consolidated financial statements to date.
Legal Proceedings
    In the ordinary course of business, we are a party to various claims, litigation and other legal proceedings, including matters relating to intellectual property and patent disputes.
    We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2026, provisions recorded for contingent losses related to other claims and matters have not been significant. Based on currently-available information, management does not believe that any additional liabilities relating to other unresolved matters are probable or that the amount of any resulting loss is estimable, and believes these other matters are not likely, individually and in the aggregate, to have a material adverse effect on our financial position, results of operations or cash flows; however, litigation is subject to inherent uncertainties and our view of these matters may change in the future. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on our financial position, results of operations or cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods.
v3.26.1
Stockholders’ Equity and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity and Stock-Based Compensation Stockholders’ Equity and Stock-Based Compensation
Stock Repurchase Programs
In May 2025 our board of directors authorized a $1.5 billion stock repurchase program (the “Repurchase Program”). This authorization allows us to repurchase shares of our common stock that will be funded from working capital. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchases, trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or a combination of the foregoing. The Repurchase Program does not obligate us to acquire any of our common stock and may be suspended or discontinued by the Company at any time without prior notice. We did not repurchase any shares during the three months ended March 31, 2026. As of March 31, 2026, the remaining authorized amount for repurchases under the Repurchase Program was $817.9 million.
Equity Award Plan Activities
Restricted Stock Unit (RSU) Activities
    A summary of the RSU activity is presented below (in millions, except years and per share amounts):
Number of
Shares		Weighted-
Average Grant
Date Fair Value Per Share
Unvested balance—December 31, 202528.1 $69.81 
              RSUs granted1.0 133.67 
              RSUs vested(2.4)56.14 
              RSUs forfeited/canceled(0.4)62.41 
Unvested balance—March 31, 202626.3 $73.50 
Stock-Based Compensation Expense
    The following table summarizes the stock-based compensation expense related to our equity awards (in millions):
Three Months Ended March 31,
20262025
Cost of revenue $7.0 $5.5 
Research and development 72.2 57.0 
Sales and marketing
29.8 19.9 
General and administrative 11.9 10.6 
              Total stock-based compensation $120.9 $93.0 
    As of March 31, 2026, there were $1.5 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 4.2 years.
v3.26.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
    Basic net income per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock outstanding during the period, including potential common shares assuming the dilutive effect of outstanding stock options, restricted stock units, and the employee stock purchase plan using the treasury stock method. Potential common shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The following table sets forth the computation of our basic and diluted net income per share (in millions, except per share amounts):
Three Months Ended March 31,
20262025
Numerator:
Net income$1,022.9 $813.8 
Denominator:
Basic weighted-average shares outstanding 1,257.7 1,260.0 
Add weighted-average effect of dilutive securities:
    Employee equity awards16.1 19.2 
Diluted weighted-average shares outstanding 1,273.8 1,279.2 
Net income per share:
         Basic $0.81 $0.65 
         Diluted $0.80 $0.64 
    The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because their effect would have been anti-dilutive for the periods presented (in millions):
Three Months Ended March 31,
20262025
          Employee equity awards0.7 0.9 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes (in millions, except percentages)
 Three Months Ended March 31,
 20262025
Income before income taxes$1,271.4 $955.0 
Provision for income taxes248.5 141.2 
Effective tax rate19.5 %14.8 %
The increase in the effective tax rate in the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a decrease in tax benefits attributable to equity-based compensation.
v3.26.1
Segment and Geographical Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
We operate as one reportable segment. The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. Our chief operating decision maker ("CODM") is our Chief Executive Officer and Chairperson of the Board, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The financial information reviewed by the CODM reflects quarterly and year-to-date operating results, with a primary focus on revenue, gross margin, operating margin and net income as reported on the consolidated statements of income. Consolidated financial information is used by the CODM to evaluate performance and make decisions regarding resource allocation and other strategic initiatives. This consolidated financial information is also what is used to establish and approve operating budgets and forecasts. The measure of segment assets is reported on the consolidated balance sheets in total. There was no change for each of the periods presented in the measurement methods used to determine reported segment profit and loss.
The CODM reviews cost of revenue and operating expenses, which are presented as separate line items on the Company’s consolidated statements of income. Other segment items that are included in the calculation of the Company’s net income include other income (expense), net, which is further described in Note 3. Financial Statements Details, and income taxes, which is further described in Note 8. Income Taxes. Other segment disclosures such as depreciation and amortization and stock-based compensation are disclosed in the Consolidated Statements of Cash Flows.
    The following table represents revenue based on customers’ shipping addresses (in millions):
Three Months Ended March 31,
20262025
Americas(1)
$2,290.1 $1,598.5 
Europe, Middle East and Africa 235.0 174.6 
Asia-Pacific 183.9 231.7 
   Total revenue $2,709.0 $2,004.8 
(1) Includes $2,272.1 million and $1,581.5 million revenue generated from the U.S. for the three months ended March 31, 2026 and March 31, 2025, respectively.
    Long-lived assets, net, excluding intercompany receivables, investments in subsidiaries, investments in privately-held companies and deferred tax assets, by location are summarized as follows (in millions):
March 31, 2026December 31, 2025
United States $228.8 $184.8 
International 21.5 18.3 
   Total $250.3 $203.1 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Kenneth Duda [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 13, 2026, Kenneth Duda, our President, Chief Technology Officer and Director, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 520,000 shares of our common stock held in various trusts for the benefit of Mr. Duda’s family, for which Mr. Duda is the beneficial owner and which is intended to be treated as a single plan. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until June 21, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Kenneth Duda
Title President, Chief Technology Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2026
Expiration Date June 21, 2027
Arrangement Duration 465 days
Aggregate Available 520,000
v3.26.1
Organization and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
    The accompanying unaudited condensed consolidated financial statements include the accounts of Arista Networks, Inc. and our wholly-owned subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the three months ended March 31, 2026, are not necessarily indicative of the results expected for the full fiscal year. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. All significant inter-company accounts and transactions have been eliminated. Certain reclassifications of prior period amounts were made in the current year to conform to the current period presentation.
    Our condensed consolidated financial statements and related financial information in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Use of Estimates
Use of Estimates
    The preparation of the accompanying consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, valuation of inventory and contract manufacturer/supplier liabilities, accounting for income taxes, including the recognition of deferred tax assets and liabilities, valuation allowance on deferred tax assets and reserves for uncertain tax positions, and revenue recognition and deferred revenue. We evaluate our estimates and assumptions based on historical experience and other factors and adjust these estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates.
Recent Accounting Pronouncements Not Yet Effective
Recent Accounting Pronouncements Not Yet Effective
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions, and also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
On December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating the provisions of this ASU.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets by Level The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in millions):
March 31, 2026December 31, 2025
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $973.2 $— $— $973.2 $1,174.8 $— $— $1,174.8 
Commercial paper— 63.7 — 63.7 — 29.8 — 29.8 
Corporate bonds— — — — — 6.6 — 6.6 
U.S. government notes48.4 — — 48.4 124.9 — — 124.9 
Agency securities— 20.0 — 20.0 — — — — 
1,021.6 83.7 — 1,105.3 1,299.7 36.4 — 1,336.1 
Marketable Securities:
Commercial paper— 311.1 — 311.1 — 83.0 — 83.0 
U.S. government notes2,728.1 — — 2,728.1 2,854.3 — — 2,854.3 
Corporate bonds— 5,059.7 — 5,059.7 — 4,329.7 — 4,329.7 
Municipal bonds— 14.5 — 14.5 — 14.5 — 14.5 
Agency securities— 1,450.3 — 1,450.3 — 1,497.6 — 1,497.6 
2,728.1 6,835.6 — 9,563.7 2,854.3 5,924.8 — 8,779.1 
Other Assets:
Money market funds - restricted cash1.4 — — 1.4 1.4 — — 1.4 
Total Financial Assets$3,751.1 $6,919.3 $— $10,670.4 $4,155.4 $5,961.2 $— $10,116.6 
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in millions):
March 31, 2026December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$374.8 $— $— $374.8 $112.8 $— $— $112.8 
U.S. government2,777.5 2.8 (3.8)2,776.5 2,970.4 8.8 — 2,979.2 
Corporate bonds5,066.3 4.7 (11.3)5,059.7 4,321.2 16.0 (0.9)4,336.3 
Municipal bonds14.5 — — 14.5 14.5 — — 14.5 
Agency securities1,474.1 0.6 (4.4)1,470.3 1,495.5 2.7 (0.6)1,497.6 
Total $9,707.2 $8.1 $(19.5)$9,695.8 $8,914.4 $27.5 $(1.5)$8,940.4 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value The following table is an analysis of our debt securities in unrealized loss positions (in millions):
March 31, 2026
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Commercial paper$10.0 $— $— $— $10.0 $— 
U.S. government notes1,560.6 (3.8)10.0 — 1,570.6 (3.8)
Corporate bonds2,925.3 (11.3)6.0 — 2,931.3 (11.3)
Municipal bonds11.4 — — — 11.4 — 
Agency securities1,053.0 (4.4)— — 1,053.0 (4.4)
Total $5,560.3 $(19.5)$16.0 $— $5,576.3 $(19.5)
Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in millions):
March 31, 2026
Fair Value
Due in 1 year or less$3,501.6 
Due in 1 to 3 years6,062.1 
Total debt securities $9,563.7 
v3.26.1
Financial Statements Details (Tables)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Components [Abstract]  
Schedule of Inventories Inventories consist of the following (in millions):
March 31, 2026December 31, 2025
Raw materials $811.1 $611.2 
Finished goods(1)
1,568.9 1,635.9 
   Total inventories $2,380.0 $2,247.1 
(1) The balance includes evaluation inventory totaling $525.7 million and $403.7 million as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in millions):
March 31, 2026December 31, 2025
Deferred cost of goods sold(1)
$1,546.5 $1,197.0 
Other prepaid expenses and deposits353.2 313.0 
Total prepaid expenses and other current assets$1,899.7 $1,510.0 
(1) The increase in the quarter ended March 31, 2026 was driven by a corresponding increase in deferred product revenue.
Schedule of Property and Equipment, Net Property and equipment, net consists of the following (in millions):
March 31, 2026December 31, 2025
Land$47.3 $47.3 
Equipment and machinery 199.4 188.3 
Computer hardware and software 66.3 66.2 
Leasehold improvements
38.2 38.4 
Furniture and fixtures 3.7 3.7 
Construction-in-process 151.8 107.9 
    Property and equipment, gross 506.7 451.8 
Less: accumulated depreciation (256.4)(248.7)
    Property and equipment, net $250.3 $203.1 
Schedule of Contract Assets, Contract Liabilities and Deferred Revenue The following table summarizes the activity related to our contract liabilities (in millions):
Three Months Ended March 31,
20262025
Contract liabilities, beginning balance$250.1 $160.8 
Less: Revenue recognized from beginning balance(17.6)(12.9)
Add: Contract liabilities recognized, net41.2 12.6 
Contract liabilities, ending balance$273.7 $160.5 
The following table summarizes the activity related to our deferred revenue (in millions):
Three Months Ended March 31,
20262025
Deferred revenue, beginning balance
$5,372.4 $2,791.4 
Less: Revenue recognized from beginning balance(1,264.4)(418.3)
Add: Deferral of revenue in current period, excluding amounts recognized during the period2,090.7 715.7 
Deferred revenue, ending balance$6,198.7 $3,088.8 
Schedule of Other Income (Expense), Net Other income (expense), net consists of the following (in millions):
Three Months Ended March 31,
20262025
Interest income$109.2 $90.2 
Other income (expense), net4.4 6.0 
    Total$113.6 $96.2 
v3.26.1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Finite-lived Intangible Assets Acquisition-related intangible assets, excluding those that are fully amortized and no longer have economic benefit, were as follows (in millions, except years):
March 31, 2026December 31, 2025
Weighted-Average Remaining Useful Lives (in years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology3.8$241.1 $(145.9)$95.2 $241.1 $(139.0)$102.1 
Customer relationships5.9224.3 (56.6)167.7 224.3 (48.9)175.4 
Trade name4.324.9 (14.3)10.6 24.9 (13.6)11.3 
Total 5.1$490.3 $(216.8)$273.5 $490.3 $(201.5)$288.8 
Schedule of Finite-lived Intangible Assets, Future Amortization Expense
Future estimated amortization expense related to acquisition-related intangible assets is as follows (in millions):
Future Amortization Expense
Remainder of 2026$46.0 
202757.4 
202854.0 
202923.6 
2030 and thereafter92.5 
Total $273.5 
v3.26.1
Stockholders’ Equity and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity A summary of the RSU activity is presented below (in millions, except years and per share amounts):
Number of
Shares		Weighted-
Average Grant
Date Fair Value Per Share
Unvested balance—December 31, 202528.1 $69.81 
              RSUs granted1.0 133.67 
              RSUs vested(2.4)56.14 
              RSUs forfeited/canceled(0.4)62.41 
Unvested balance—March 31, 202626.3 $73.50 
Schedule of Stock-based Compensation Expense The following table summarizes the stock-based compensation expense related to our equity awards (in millions):
Three Months Ended March 31,
20262025
Cost of revenue $7.0 $5.5 
Research and development 72.2 57.0 
Sales and marketing
29.8 19.9 
General and administrative 11.9 10.6 
              Total stock-based compensation $120.9 $93.0 
v3.26.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income Per Share Available to Common Stock The following table sets forth the computation of our basic and diluted net income per share (in millions, except per share amounts):
Three Months Ended March 31,
20262025
Numerator:
Net income$1,022.9 $813.8 
Denominator:
Basic weighted-average shares outstanding 1,257.7 1,260.0 
Add weighted-average effect of dilutive securities:
    Employee equity awards16.1 19.2 
Diluted weighted-average shares outstanding 1,273.8 1,279.2 
Net income per share:
         Basic $0.81 $0.65 
         Diluted $0.80 $0.64 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share for the periods presented because their effect would have been anti-dilutive for the periods presented (in millions):
Three Months Ended March 31,
20262025
          Employee equity awards0.7 0.9 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
 Three Months Ended March 31,
 20262025
Income before income taxes$1,271.4 $955.0 
Provision for income taxes248.5 141.2 
Effective tax rate19.5 %14.8 %
v3.26.1
Segment and Geographical Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Revenue and Long-lived Assets, by Location The following table represents revenue based on customers’ shipping addresses (in millions):
Three Months Ended March 31,
20262025
Americas(1)
$2,290.1 $1,598.5 
Europe, Middle East and Africa 235.0 174.6 
Asia-Pacific 183.9 231.7 
   Total revenue $2,709.0 $2,004.8 
(1) Includes $2,272.1 million and $1,581.5 million revenue generated from the U.S. for the three months ended March 31, 2026 and March 31, 2025, respectively.
Long-lived assets, net, excluding intercompany receivables, investments in subsidiaries, investments in privately-held companies and deferred tax assets, by location are summarized as follows (in millions):
March 31, 2026December 31, 2025
United States $228.8 $184.8 
International 21.5 18.3 
   Total $250.3 $203.1 
v3.26.1
Fair Value Measurements - Fair Value of Financial Assets by Level (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financial Assets:    
Cash Equivalents: $ 1,105.3 $ 1,336.1
Marketable Securities: 9,563.7  
Marketable Securities 9,563.7 8,779.1
Money market funds - restricted cash 1.4 1.4
Total Financial Assets 10,670.4 10,116.6
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 9,707.2 8,914.4
Unrealized Gains 8.1 27.5
Unrealized Losses (19.5) (1.5)
Fair Value 9,695.8 8,940.4
Commercial paper    
Financial Assets:    
Marketable Securities: 311.1 83.0
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 374.8 112.8
Unrealized Gains 0.0 0.0
Unrealized Losses 0.0 0.0
Fair Value 374.8 112.8
U.S. government notes    
Financial Assets:    
Marketable Securities: 2,728.1 2,854.3
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 2,777.5 2,970.4
Unrealized Gains 2.8 8.8
Unrealized Losses (3.8) 0.0
Fair Value 2,776.5 2,979.2
Corporate bonds    
Financial Assets:    
Marketable Securities: 5,059.7 4,329.7
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 5,066.3 4,321.2
Unrealized Gains 4.7 16.0
Unrealized Losses (11.3) (0.9)
Fair Value 5,059.7 4,336.3
Municipal bonds    
Financial Assets:    
Marketable Securities: 14.5 14.5
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 14.5 14.5
Unrealized Gains 0.0 0.0
Unrealized Losses 0.0 0.0
Fair Value 14.5 14.5
Agency securities    
Financial Assets:    
Marketable Securities: 1,450.3 1,497.6
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost 1,474.1 1,495.5
Unrealized Gains 0.6 2.7
Unrealized Losses (4.4) (0.6)
Fair Value 1,470.3 1,497.6
Money market funds    
Financial Assets:    
Cash Equivalents: 973.2 1,174.8
Commercial paper    
Financial Assets:    
Cash Equivalents: 63.7 29.8
Corporate bonds    
Financial Assets:    
Cash Equivalents: 0.0 6.6
U.S. government notes    
Financial Assets:    
Cash Equivalents: 48.4 124.9
Agency securities    
Financial Assets:    
Cash Equivalents: 20.0 0.0
Level I    
Financial Assets:    
Cash Equivalents: 1,021.6 1,299.7
Marketable Securities 2,728.1 2,854.3
Money market funds - restricted cash 1.4 1.4
Total Financial Assets 3,751.1 4,155.4
Level I | Commercial paper    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level I | U.S. government notes    
Financial Assets:    
Marketable Securities: 2,728.1 2,854.3
Level I | Corporate bonds    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level I | Municipal bonds    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level I | Agency securities    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level I | Money market funds    
Financial Assets:    
Cash Equivalents: 973.2 1,174.8
Level I | Commercial paper    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level I | Corporate bonds    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level I | U.S. government notes    
Financial Assets:    
Cash Equivalents: 48.4 124.9
Level I | Agency securities    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level II    
Financial Assets:    
Cash Equivalents: 83.7 36.4
Marketable Securities 6,835.6 5,924.8
Money market funds - restricted cash 0.0 0.0
Total Financial Assets 6,919.3 5,961.2
Level II | Commercial paper    
Financial Assets:    
Marketable Securities: 311.1 83.0
Level II | U.S. government notes    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level II | Corporate bonds    
Financial Assets:    
Marketable Securities: 5,059.7 4,329.7
Level II | Municipal bonds    
Financial Assets:    
Marketable Securities: 14.5 14.5
Level II | Agency securities    
Financial Assets:    
Marketable Securities: 1,450.3 1,497.6
Level II | Money market funds    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level II | Commercial paper    
Financial Assets:    
Cash Equivalents: 63.7 29.8
Level II | Corporate bonds    
Financial Assets:    
Cash Equivalents: 0.0 6.6
Level II | U.S. government notes    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level II | Agency securities    
Financial Assets:    
Cash Equivalents: 20.0 0.0
Level III    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Marketable Securities 0.0 0.0
Money market funds - restricted cash 0.0 0.0
Total Financial Assets 0.0 0.0
Level III | Commercial paper    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level III | U.S. government notes    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level III | Corporate bonds    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level III | Municipal bonds    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level III | Agency securities    
Financial Assets:    
Marketable Securities: 0.0 0.0
Level III | Money market funds    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level III | Commercial paper    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level III | Corporate bonds    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level III | U.S. government notes    
Financial Assets:    
Cash Equivalents: 0.0 0.0
Level III | Agency securities    
Financial Assets:    
Cash Equivalents: $ 0.0 $ 0.0
v3.26.1
Fair Value Measurements - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Invested marketable securities, maximum maturity period (in years) 3 years
Marketable securities, maximum maturity period (in years) 3 years
Marketable securities, weighted average remaining duration (in years) 1 year 4 months 24 days
v3.26.1
Fair Value Measurements - Unrealized Loss Position (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value $ 5,560.3
Unrealized Losses within 12 months, Unrealized Losses (19.5)
Unrealized Losses 12 months or greater, Fair Value 16.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 5,576.3
Total, Unrealized Losses (19.5)
Commercial paper  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value 10.0
Unrealized Losses within 12 months, Unrealized Losses 0.0
Unrealized Losses 12 months or greater, Fair Value 0.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 10.0
Total, Unrealized Losses 0.0
U.S. government notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value 1,560.6
Unrealized Losses within 12 months, Unrealized Losses (3.8)
Unrealized Losses 12 months or greater, Fair Value 10.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 1,570.6
Total, Unrealized Losses (3.8)
Corporate bonds  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value 2,925.3
Unrealized Losses within 12 months, Unrealized Losses (11.3)
Unrealized Losses 12 months or greater, Fair Value 6.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 2,931.3
Total, Unrealized Losses (11.3)
Municipal bonds  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value 11.4
Unrealized Losses within 12 months, Unrealized Losses 0.0
Unrealized Losses 12 months or greater, Fair Value 0.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 11.4
Total, Unrealized Losses 0.0
Agency securities  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unrealized Losses within 12 months, Fair Value 1,053.0
Unrealized Losses within 12 months, Unrealized Losses (4.4)
Unrealized Losses 12 months or greater, Fair Value 0.0
Unrealized Losses 12 months or greater, Unrealized Losses 0.0
Total, Fair Value 1,053.0
Total, Unrealized Losses $ (4.4)
v3.26.1
Fair Value Measurements - Investment by Maturity Dates (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Fair Value Disclosures [Abstract]  
Due in 1 year or less $ 3,501.6
Due in 1 to 3 years 6,062.1
Total debt securities $ 9,563.7
v3.26.1
Financial Statements Details - Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventories    
Raw materials $ 811.1 $ 611.2
Finished goods 1,568.9 1,635.9
Total inventories 2,380.0 2,247.1
Inventory [Line Items]    
Finished goods 1,568.9 1,635.9
Evaluation Inventory    
Inventories    
Finished goods 525.7 403.7
Inventory [Line Items]    
Finished goods $ 525.7 $ 403.7
v3.26.1
Financial Statements Details - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Balance Sheet Components [Abstract]    
Deferred cost of goods sold $ 1,546.5 $ 1,197.0
Other prepaid expenses and deposits 353.2 313.0
Total prepaid expenses and other current assets $ 1,899.7 $ 1,510.0
v3.26.1
Financial Statements Details - Property and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 506.7 $ 451.8
Less: accumulated depreciation (256.4) (248.7)
Property and equipment, net 250.3 203.1
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 47.3 47.3
Equipment and machinery    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 199.4 188.3
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 66.3 66.2
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 38.2 38.4
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3.7 3.7
Construction-in-process    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 151.8 $ 107.9
v3.26.1
Financial Statements Details - Contract Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Change in Contract with Customer, Liability [Roll Forward]    
Contract liabilities, beginning balance $ 250.1 $ 160.8
Less: Revenue recognized from beginning balance (17.6) (12.9)
Add: Contract liabilities recognized, net 41.2 12.6
Contract liabilities, ending balance 273.7 $ 160.5
Other Current Liabilities    
Change in Contract with Customer, Liability [Roll Forward]    
Contract liabilities, beginning balance 114.0  
Contract liabilities, ending balance $ 131.0  
v3.26.1
Financial Statements Details - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Contract liabilities $ 273.7 $ 250.1 $ 160.5 $ 160.8
Revenue, remaining performance obligation including contract liabilities, deferred revenue and other performance obligations, amount $ 7,700.0      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, performance obligation (as a percent) 91.00%      
Revenue, performance obligation, period (in years) 2 years      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, performance obligation (as a percent) 9.00%      
Revenue, performance obligation, period (in years) 3 years      
Unbilled Revenues        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, remaining performance obligation, amount $ 264.6      
Product        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, remaining performance obligation, amount 968.4      
Product | Unbilled Revenues        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue, remaining performance obligation, amount 1,200.0      
Other Current Liabilities        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Contract liabilities $ 131.0 $ 114.0    
v3.26.1
Financial Statements Details - Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Change in Contract with Customer, Liability [Roll Forward]    
Deferred revenue, beginning balance $ 5,372.4 $ 2,791.4
Less: Revenue recognized from beginning balance (1,264.4) (418.3)
Add: Deferral of revenue in current period, excluding amounts recognized during the period 2,090.7 715.7
Deferred revenue, ending balance $ 6,198.7 $ 3,088.8
v3.26.1
Financial Statements Details - Other Income (Expense), net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Balance Sheet Components [Abstract]    
Interest income $ 109.2 $ 90.2
Other income (expense), net 4.4 6.0
Total $ 113.6 $ 96.2
v3.26.1
Acquisition - Narrative (Details) - VeloCloud
$ in Millions
Jun. 30, 2025
USD ($)
Business Combination [Line Items]  
Business combination, consideration transferred $ 300.0
Intangible assets acquired 268.4
Goodwill acquired 148.0
Net tangible liabilities assumed $ 116.4
v3.26.1
Acquisition - Acquisition-related Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Business Combination [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 5 years 1 month 6 days  
Gross Carrying Amount $ 490.3 $ 490.3
Accumulated Amortization (216.8) (201.5)
Total $ 273.5 288.8
Developed technology    
Business Combination [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 3 years 9 months 18 days  
Gross Carrying Amount $ 241.1 241.1
Accumulated Amortization (145.9) (139.0)
Total $ 95.2 102.1
Customer relationships    
Business Combination [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 5 years 10 months 24 days  
Gross Carrying Amount $ 224.3 224.3
Accumulated Amortization (56.6) (48.9)
Total $ 167.7 175.4
Trade name    
Business Combination [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 4 years 3 months 18 days  
Gross Carrying Amount $ 24.9 24.9
Accumulated Amortization (14.3) (13.6)
Total $ 10.6 $ 11.3
v3.26.1
Acquisition - Future Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Remainder of 2026 $ 46.0  
2027 57.4  
2028 54.0  
2029 23.6  
2030 and thereafter 92.5  
Total $ 273.5 $ 288.8
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Long-term Purchase Commitment [Line Items]    
Non-cancellable purchase commitments $ 8,900.0  
Non-cancellable purchase commitments, due in next twelve months 7,600.0  
Non-cancelable purchase commitments, due after next twelve months 1,300.0  
Prepaid Expenses and Other Current Assets    
Long-term Purchase Commitment [Line Items]    
Deposits to purchase inventory 95.5 $ 53.0
Minimum    
Long-term Purchase Commitment [Line Items]    
Estimated capital expenditures 130.0  
Maximum    
Long-term Purchase Commitment [Line Items]    
Estimated capital expenditures $ 150.0  
v3.26.1
Stockholders’ Equity and Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
May 31, 2025
Share-Based Payment Arrangement [Abstract]      
Authorized amount for stock repurchases     $ 1,500.0
Aggregate purchase price $ 0.0 $ 787.1  
Remaining authorized repurchase amount 817.9    
Unamortized compensation costs $ 1,500.0    
Unamortized compensation costs weighted-average period (in years) 4 years 2 months 12 days    
v3.26.1
Stockholders’ Equity and Stock-Based Compensation - Restricted Stock Unit (RSU) Activities (Details) - Restricted Stock Units (RSUs)
shares in Millions
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Number of Shares  
Unvested beginning balance (in shares) | shares 28.1
RSUs granted (in shares) | shares 1.0
RSUs vested (in shares) | shares (2.4)
RSUs forfeited/canceled (in shares) | shares (0.4)
Unvested ending balance (in shares) | shares 26.3
Weighted- Average Grant Date Fair Value Per Share  
Unvested beginning balance (in dollars per share) | $ / shares $ 69.81
RSUs granted (in dollars per share) | $ / shares 133.67
RSUs vested (in dollars per share) | $ / shares 56.14
RSUs forfeited/canceled (in dollars per share) | $ / shares 62.41
Unvested ending balance (in dollars per share) | $ / shares $ 73.50
v3.26.1
Stockholders’ Equity and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation $ 120.9 $ 93.0
Cost of revenue    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 7.0 5.5
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 72.2 57.0
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 29.8 19.9
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation $ 11.9 $ 10.6
v3.26.1
Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income $ 1,022.9 $ 813.8
Net income $ 1,022.9 $ 813.8
Denominator:    
Basic weighted-average shares outstanding (in shares) 1,257.7 1,260.0
Add weighted-average effect of dilutive securities:    
Employee equity awards (in shares) 16.1 19.2
Diluted weighted-average shares outstanding (in shares) 1,273.8 1,279.2
Net income per share:    
Basic (in dollars per share) $ 0.81 $ 0.65
Diluted (in dollars per share) $ 0.80 $ 0.64
v3.26.1
Net Income Per Share - Antidilutive Securities Excluded from Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Employee equity awards (in shares) 0.7 0.9
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income before income taxes $ 1,271.4 $ 955.0
Provision for income taxes $ 248.5 $ 141.2
Effective tax rate 19.50% 14.80%
v3.26.1
Segment and Geographical Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segment 1    
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 2,709.0 $ 2,004.8  
Long-lived assets 250.3   $ 203.1
Americas      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,290.1 1,598.5  
Europe, Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 235.0 174.6  
Asia-Pacific      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 183.9 231.7  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,272.1 $ 1,581.5  
Long-lived assets 228.8   184.8
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Long-lived assets $ 21.5   $ 18.3