Arista Networks, Inc.

Welcome to the third quarter 2025 ERISA Networks financial results earnings conference call. During the call, all participants will be in a listen only mode. After the presentation, we will conduct a question and answer session. Instructions will be provided at that time. If you need to reach an operator at any time during the conference, please press star key followed by zero. As a reminder, this conference is being recorded and will be available for replay from the investor relations section on the Arista website following this call. Mr. Rudolph Aruha, Arista's head of investor advocacy, you may begin.

Thank you, Krista. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jayshree Ulal, Arista Network's chairperson and chief executive officer, and Chantel Bright, Arista's chief financial officer. This afternoon, registered networks issued a press release announcing the results for Cisco third quarter ending September 30th, 2025. If you want a copy of the release, you can access it online at our website. During the course of this conference call, Arista Networks Management will make forward-looking statements, including those relating to our financial outlook for the fourth quarter of the 2025 fiscal year, longer-term business model, and financial outlooks for 2026 and beyond, a totally addressable market and strategy for addressing these market opportunities, including AI customer demand trends, tariffs and trade restrictions, supply chain constraints, component costs, manufacturing output, inventory management, and inflationary pressures on our business, lead times, product innovation, working capital optimization, and the benefits of acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically in our most recent Form 10Q and Form 10K, and which could cause actual results to differ materially from those illustrated by these statements. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. This analysis of our Q3 results and our guidance for Q4 2025 is based on non-GAAP and excludes all non-GAAP stock-based compensation impacts. Certain acquisitions require charges and other non-recurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release. With that, I will turn the call over to Jay Shree.

Thank you, everyone, for joining us this afternoon on our third quarter 2025 earnings call. Arista continues to drive its 19th consecutive record quarter of growth in this AI era. We achieved almost $2.31 billion this quarter, with software and services contributing approximately 18.7% of revenue. Our non-GAAP gross margin of 65.2% was influenced by favorable mix and inventory benefits. America's was strong at almost 80%, and international at approximately 20%. On September 11th at our analyst day, we showcased both networking for AI and AI for networking with our continued momentum across our data-driven network platforms. Unlike many others, our EtherLink portfolio highlights our accelerated networking approach, bringing a single point of network control for zero touch automation, trusted security, traffic engineering, and telemetry to dramatically improve compute and GPU utilization. Superior AI networks from Arista improves the performance of AI accelerators. Of course, we interoperate with NVIDIA, the worldwide market leader in GPUs, but we also recognize our responsibility to create a broad and open ecosystem, including AMD, Anthropic, ARM, Broadcom, OpenAI, Pure Storage, and Vast Data, to name a few, and build that modern AI stack of the 21st century. This stack includes the trial of compute, memory storage, and a solid network foundation to run training and inference models. Our stated goal of 1.5 billion AI aggregate for 2025, comprising of both backend and frontend, is well underway. We are now committed to 2.75 billion out of our new target of 10.65 billion in revenue, representing 20% revenue growth in 2026. We are experiencing momentum across cloud and AI titans, near-cloud providers, and the campus enterprise. The demanding scale of AI build-outs is clearly unprecedented as we look to move data faster across multi-planar networks. People and leadership are key to our success, and to that end, we announced Todd Nightingale as our President and Chief Operating Officer last quarter. This time, we want to celebrate the promotion of Ken Duda, our president and chief technology officer, not only of engineering, but our top AI and cloud segment of customers as well. Ken, as many of you know, has been a champion of architecture, innovation, and culture since founding Arista over 20 years ago. Ken, would you like to say a few words?