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Arista Networks had the larger business in the latest matched quarter, while CoreWeave grew much faster. For the quarter ended June 30, 2026, Arista reported $3.036 billion in revenue, up 37.7% year over year; CoreWeave reported $2.575 billion, up about 112.5% from $1.212 billion. Arista also reported positive GAAP operating income, while CoreWeave posted an operating loss and a net loss. Those results show different financial profiles—not which stock is the better investment.
What the latest quarter shows
The latest matched results are for the quarter ended June 30, 2026. Arista published its results on August 4, and CoreWeave on August 11.
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| Measure | Arista Networks | CoreWeave |
|---|---|---|
| Q2 2026 revenue | $3.036 billion | $2.575 billion |
| Year-over-year revenue change | Up 37.7% | Up about 112.5%, calculated from reported revenue of $2.575 billion versus $1.212 billion |
| Sequential revenue change | Up 12.1% from Q1 2026 | Not stated in the cited Q2 release |
| GAAP operating result | 45.4% operating margin | $49 million operating loss |
| GAAP net result | Not stated here | $626 million net loss |
Sources: Arista Networks, Q2 2026 results; CoreWeave, Q2 2026 results. CoreWeave’s growth rate is substantially higher, but it starts from a smaller revenue base. Arista’s quarter generated more revenue and positive GAAP operating profitability.
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How the full-year comparison adds context
Fiscal 2025 results show the same contrast in scale and growth. Arista reported $9.006 billion in revenue, up 28.6% from $7.003 billion in fiscal 2024. Its fiscal 2025 revenue included $7.577 billion from products and $1.429 billion from services; GAAP gross margin was 64.1%.
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CoreWeave reported $5.131 billion in fiscal 2025 revenue, compared with $1.915 billion in fiscal 2024—about 168.0% growth calculated from those reported figures. It also reported a $1.167 billion net loss for fiscal 2025.
Sources: Arista Networks, FY 2025 results; CoreWeave, FY 2025 results. Annual and quarterly figures both show Arista at greater revenue scale and CoreWeave growing faster. Their business models differ, so these figures alone do not establish investment quality.
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Why the companies’ revenue is not directly interchangeable
Arista sells networking products and services
Arista describes its business as networking for data center and AI, campus, and routing environments. It reports product and service revenue. In its Q2 2026 release, the company forecast approximately $3.3 billion in Q3 revenue. That is management guidance for a future quarter, not revenue already earned.
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CoreWeave reports cloud revenue. Its Q2 release reported approximately $104 billion of revenue backlog as of June 30, 2026, excluding more than $25 billion in net new commitments added in early Q3. Backlog is not recognized revenue: CoreWeave’s measure combines remaining performance obligations with other estimated future amounts under committed contracts, and conversion depends on delivering services and their availability.
Sources: Arista Networks, Q2 2026 results; Arista Networks, FY 2025 results; CoreWeave, Q2 2026 results; CoreWeave, FY 2025 results.
What investors should examine beyond growth
- Compare matching periods. Year-over-year growth compares a quarter with the same quarter a year earlier; sequential growth compares it with the immediately preceding quarter. Seasonality and timing can affect sequential results, so do not compare one company’s sequential rate with the other’s year-over-year rate as if they were equivalent.
- Separate revenue from profitability. Arista reported a 45.4% GAAP operating margin in Q2 2026. CoreWeave reported a $49 million operating loss and a $626 million net loss. These GAAP measures give different information from revenue growth.
- Keep GAAP and non-GAAP measures distinct. Arista reported a 49.9% non-GAAP operating margin; CoreWeave also presents non-GAAP measures. Both companies caution that such measures are supplemental rather than substitutes for GAAP results. Arista notes that non-GAAP measures may not have standardized meanings across companies, so similarly named figures should not automatically be treated as directly comparable. Sources: Arista Networks, Q2 2026 results; Arista Networks, FY 2025 results; CoreWeave, Q2 2026 results.
- Distinguish commitments from recognized sales. CoreWeave’s backlog can signal contracted demand, but it is a management-defined forward-looking measure, not current-period revenue or a guarantee that all amounts will be delivered and recognized.
- Read forecasts as forecasts. Arista’s approximately $3.3 billion Q3 2026 revenue outlook is guidance. CoreWeave’s Q2 release said management would provide forward-looking guidance on its earnings call, rather than including a quantified forecast in that release. Sources: Arista Networks, Q2 2026 results; CoreWeave, Q2 2026 results.
What these results do—and do not—say about the stocks
The reported results support a business comparison: CoreWeave delivered much faster revenue growth, while Arista had more revenue and positive GAAP operating profitability in Q2 2026. They do not determine either company’s valuation, future performance, or likely stock returns. Those questions require analysis beyond revenue trends, including the companies’ financial needs, risks, and the price investors pay for their shares.
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