As of Q4'25, ANET reported a gross margin of 62.86%, an operating margin of 41.52%, and a net profit margin of 38.42%. These figures reflect the latest quarterly data point, marking the end of the period from Q1'23 to Q4'25. Over the observed period, all three margin metrics demonstrated a generally positive trend, with gross margin rising from 59.5% in Q1'23 to a peak of 65.2% in Q2'25 before slightly declining toward the end. Operating margin improved from 35.86% in Q1'23, reaching a high of 44.73% in Q2'25, and then moderated. Net profit margin also increased from 32.3% in Q1'23, peaking at 41.5% in Q4'24, followed by a modest pullback. Overall, ANET maintained strong profitability, with margins expanding through 2024 and stabilizing at elevated levels by the end of 2025.