NYSE$ANET
Arista Networks Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Arista reported strong Q3 2024 results, driven by innovation and value delivery to customers and shareholders.
Arista Networks reported a strong third quarter with revenue of $1.811 billion, a 20.0% increase year-over-year. GAAP net income was $747.9 million, or $2.33 per diluted share, compared to $545.3 million, or $1.72 per diluted share in the third quarter of 2023.
- Revenue reached $1.811 billion, up 20.0% year-over-year.
- GAAP gross margin was 64.2%, compared to 62.4% in the third quarter of 2023.
- GAAP net income was $747.9 million, or $2.33 per diluted share.
- Arista's board approved a four-for-one forward stock split.
Headline financials
Revenue & EPS history
Arista · Revenue · Quarterly
$1.81B
Revenue by segment
Arista · $1.51B total across 2 segments · Q3 2023
- Product Revenue$1.29B+27.4%85.2%
- Service Revenue$224M+33.2%14.8%
Forward guidance
For the fourth quarter of 2024, Arista expects revenue between $1.85 billion to $1.90 billion, a non-GAAP gross margin of approximately 63% - 64%, and a non-GAAP operating margin of approximately 44%.
Tailwinds
- Revenue between $1.85 billion to $1.90 billion
- Non-GAAP gross margin of approximately 63% - 64%
- Non-GAAP operating margin of approximately 44%
- Stockholders will receive an additional three shares of common stock for each share held as of the effective time of the filing of the amendment on December 3, 2024.
- Prior to market open on December 4, 2024, trading is expected to commence on a split-adjusted basis.
Headwinds
- Excludes stock-based compensation expense
- Excludes intangible asset amortization
- Excludes potential non-recurring charges or benefits
- Stock-based compensation expense is impacted by the timing of employee stock transactions
- Stock-based compensation expense is impacted by the company’s future hiring and retention needs and the future fair market value of the company’s common stock.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+1.6%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.0%
Avg return
30 days after
55%
29 / 53 earnings
Positive
+22.8%
Q2 2023
Best reaction
-24.8%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.5% | -19.8% | -9.4% | |
| Q4 2025 | +4.8% | +3.3% | -1.1% | |
| Q3 2025 | +3.4% | -10.6% | -16.3% | |
| Q2 2025 | +17.5% | +16.5% | +20.9% | |
| Q1 2025 | -4.8% | +1.7% | +7.1% | |
| Q4 2024 | -6.4% | -16.5% | -25.1% | |
| Q3 2024 | -5.4% | -6.5% | +2.3% | |
| Q2 2024 | +8.1% | -0.4% | +8.1% | |
| Q1 2024 | +4.6% | +12.6% | +6.4% | |
| Q4 2023 | -6.0% | -7.3% | -0.6% | |
| Q3 2023 | +13.7% | +20.6% | +24.5% | |
| Q2 2023 | +22.8% | +18.9% | +23.8% | |
| Q1 2023 | -15.7% | -13.8% | +3.9% | |
| Q4 2022 | +6.2% | +3.7% | +15.4% | |
| Q3 2022 | +5.1% | +7.9% | +14.7% | |
| Q2 2022 | +0.4% | +8.6% | +2.8% | |
| Q1 2022 | -1.3% | -4.0% | -12.0% | |
| Q4 2021 | +7.5% | +4.1% | +2.7% | |
| Q3 2021 | +20.0% | +29.5% | +18.5% | |
| Q2 2021 | -0.3% | -0.7% | -5.5% | |
| Q1 2021 | +0.7% | +4.4% | +9.3% | |
| Q4 2020 | -0.4% | -8.0% | -8.6% | |
| Q3 2020 | +19.4% | +25.9% | +30.0% | |
| Q2 2020 | -9.7% | -11.4% | -16.8% | |
| Q1 2020 | -1.4% | +3.3% | +8.4% | |
| Q4 2019 | -4.6% | -3.7% | -24.6% | |
| Q3 2019 | -24.8% | -23.3% | -20.8% | |
| Q2 2019 | -10.7% | -13.8% | -17.1% | |
| Q1 2019 | -10.3% | -14.4% | -21.2% | |
| Q4 2018 | +11.6% | +14.0% | +25.5% | |
| Q3 2018 | +11.9% | +6.4% | +3.5% | |
| Q2 2018 | -1.9% | +2.4% | +13.9% | |
| Q1 2018 | -7.7% | -2.3% | -1.6% | |
| Q4 2017 | -17.4% | -17.4% | -2.8% | |
| Q3 2017 | +2.1% | +6.2% | +15.9% | |
| Q2 2017 | +19.8% | +18.5% | +23.7% | |
| Q1 2017 | +3.0% | +3.0% | +8.2% | |
| Q4 2016 | +18.3% | +21.8% | +27.2% | |
| Q3 2016 | +0.6% | +3.8% | +12.4% | |
| Q2 2016 | +0.4% | +3.9% | +13.5% | |
| Q1 2016 | +6.9% | — | — | |
| Q4 2015 | +8.6% | — | — | |
| Q3 2015 | +11.7% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2014 | -1.9% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2012 | +0.5% | — | — | |
| Q4 2014 | +5.2% | — | — | |
| Q3 2013 | -11.9% | — | — | |
| Q3 2014 | -7.6% | — | — | |
| Q4 2013 | -3.1% | — | — | |
| Q2 2013 | -3.1% | — | — | |
| Q2 2014 | +1.6% | — | — | |
| Q1 2013 | — | — | — |
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