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Arista Networks had the larger revenue base and positive GAAP operating profitability in the latest matched quarter, while CoreWeave grew much faster year over year but reported operating and net losses. For the quarter ended June 30, 2026, Arista reported $3.036 billion in revenue, up 37.7% from a year earlier; CoreWeave reported $2.575 billion, up about 112.5% from its reported $1.212 billion a year earlier. That is a contrast in reported operating performance—not a verdict on either company’s valuation or future returns.
Latest quarter: Arista had more revenue; CoreWeave grew faster
The latest matched results are for the quarter ended June 30, 2026. Arista released its results on August 4, and CoreWeave on August 11. The year-over-year growth rates compare each company with the same quarter in 2025; sequential growth compares with the preceding quarter and answers a different question.
| 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 2026 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, August 4, 2026; CoreWeave, Q2 2026 results, August 11, 2026. Arista’s release also reported a 49.9% non-GAAP operating margin; that adjusted measure is supplemental and should not be treated as interchangeable with GAAP results.
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Fiscal 2025 showed the same broad contrast: Arista generated more annual revenue, while CoreWeave’s revenue increased at a much faster rate from its smaller prior-year base.
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| Fiscal 2025 measure | Arista Networks | CoreWeave |
|---|---|---|
| Revenue | $9.006 billion, up 28.6% from $7.003 billion in FY 2024 | $5.131 billion, versus $1.915 billion in FY 2024; about 168.0% growth calculated from reported figures |
| Additional reported context | Product revenue: $7.577 billion; service revenue: $1.429 billion; GAAP gross margin: 64.1% | Net loss: $1.167 billion; revenue backlog at December 31, 2025: $66.8 billion |
Sources: Arista Networks, FY 2025 results, February 12, 2026; CoreWeave, FY 2025 results, February 26, 2026. The annual and quarterly figures are reported company results; the calculated CoreWeave growth rates are derived from the stated revenue amounts.
Why the companies’ revenue figures do not describe identical businesses
Arista sells networking products and services
Arista describes its markets as data center and AI networking, campus networking, and routing. It reports product and service revenue. Its Q2 2026 release reported revenue growth alongside a 45.4% GAAP operating margin, indicating that its latest reported quarter combined expansion with positive operating profitability.
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CoreWeave provides AI cloud infrastructure
CoreWeave reports cloud revenue. Its faster growth reflects a different business model and should not be read as a directly comparable measure of demand, capital intensity, or future margins. In Q2 2026, its $2.624 billion in operating expenses exceeded revenue, resulting in a $49 million operating loss; the company also reported a $626 million net loss.
Sources: Arista Networks, Q2 2026 results, August 4, 2026; CoreWeave, Q2 2026 results, August 11, 2026; Arista Networks, FY 2025 results, February 12, 2026; CoreWeave, FY 2025 results, February 26, 2026.
What CoreWeave’s backlog does—and does not—tell investors
CoreWeave reported approximately $104 billion in revenue backlog as of June 30, 2026. The company said this figure excluded more than $25 billion in net new commitments added in early Q3. The backlog measure combines remaining performance obligations with other estimated future amounts under committed contracts. It is not revenue already recognized, and it depends on the company delivering the contracted services and making them available. It should therefore be treated as a measure of potential future contracted business, not a guarantee that every amount will convert into revenue.
Source: CoreWeave, Q2 2026 results, August 11, 2026.
Guidance is not a reported result
Arista’s Q2 release gave an approximate Q3 2026 revenue outlook of $3.3 billion. That is management guidance, not realized revenue. CoreWeave’s Q2 release said management would provide forward-looking guidance on its earnings call but did not include a quantified forecast in that release. Do not compare Arista’s forecast with CoreWeave’s reported revenue as if both were actual results.
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A practical framework for reading the comparison
- Match periods and growth rates. Compare year-over-year growth with year-over-year growth, and sequential growth with sequential growth. Sequential changes can be affected by seasonality and timing.
- Separate growth from scale. CoreWeave’s Q2 growth rate was higher, but Arista’s reported quarterly revenue was larger.
- Check GAAP profitability. The latest reported operating outcomes differed: Arista had a positive GAAP operating margin, while CoreWeave posted a GAAP operating loss and net loss. Adjusted measures are supplemental; Arista and CoreWeave caution against treating their non-GAAP measures as substitutes for GAAP results.
- Distinguish recognized revenue from forward-looking measures. Backlog and management guidance can inform expectations, but neither is revenue already earned.
- Account for business-model differences. Networking products and services are not the same offering as AI cloud infrastructure; growth rates alone do not make their economics directly equivalent.
Arista’s CFO described its Q2 as “strong, broad-based growth,” while CoreWeave’s CEO characterized the quarter as an “important inflection point.” Those are management views in company earnings releases, not independent confirmation of demand or future performance.
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