In Q1'26, ANET's Gross Margin stood at 61.9%, Operating Margin at 42.7%, and Net Profit Margin at 37.8%, reflecting a slight softening in gross profitability amid stable operational efficiency and net margins compared to the prior quarter. Over the period from Q2'23 to Q1'26, Gross Margin exhibited an initial upward trend, peaking at 64.9% in Q4'23 and Q2'24 before stabilizing around 63-65% through Q3'25 and declining to 61.9% in Q1'26, indicating potential margin pressures from cost factors. Operating Margin showed consistent growth from 36.3% in Q2'23 to a high of 44.7% in Q2'25, with minor fluctuations but overall resilience, averaging above 41% in recent quarters. Net Profit Margin followed a similar trajectory, rising sharply from 33.7% in Q2'23 to 41.5% in Q4'24, then experiencing volatility—dipping to 37.0% in Q3'25 before recovering modestly to 37.8% in Q1'26—highlighting effective expense management despite intermittent declines.