In Q1'26, Arista Networks' (ANET) total operating expenses reached $519M USD, comprising $344M in R&D expenses and $175M in SG&A expenses, reflecting a slight moderation from the prior quarter's peak while remaining elevated compared to earlier periods. From Q2'23 to Q1'26, operating expenses exhibited an overall upward trend, growing from $354M to $519M USD, driven primarily by R&D expenses which surged 50% from $230M to $344M, with notable accelerations in Q2'24 ($267M) and Q4'25 ($348M), while SG&A expenses increased more steadily by 41% from $124M to $175M, peaking at $186M in Q3'25; this pattern underscores expanding investments in innovation amid business growth, though recent quarters show some stabilization in both categories.