As of Q4'25, ANET's latest operating expenses show R&D Expenses at USD 348.4M and SG&A Expenses at USD 182.5M. This marks the highest quarterly values for both categories within the period from Q1'23 to Q4'25. Over the observed timeframe, both R&D and SG&A expenses have demonstrated a clear upward trend, with R&D Expenses increasing from USD 201.4M in Q1'23 to USD 348.4M in Q4'25 and SG&A Expenses rising from USD 118.5M to USD 182.5M. While there are minor fluctuations quarter-to-quarter, the overall pattern is one of steady growth, particularly accelerating from mid-2024 onwards, indicating increased investment in both research and administrative functions.