Exhibit 99.2

Juniper Networks, Inc.

1133 Innovation Way

Sunnyvale, CA 94089

April 25, 2017

CFO Commentary on First Quarter 2017 Preliminary Financial Results

Related Information

The following commentary is provided by management and should be referenced in conjunction with Juniper Networks’ first quarter 2017 preliminary financial results press release available on its Investor Relations website at http://investor.juniper.net. These remarks represent management’s current views of the Company’s financial and operational performance and outlook and are provided to give investors and analysts further insight into the Company’s performance in advance of the earnings call webcast.

Beginning in the first quarter of 2017, we are now providing revenue commentary for our key customer verticals: Cloud, Telecom / Cable, and Strategic Enterprise. We believe our key customer verticals provide better visibility into our business compared to the historical revenue commentary we provided by market (Service Provider and Enterprise). Additionally, we have included a schedule showing the historic revenue for FY2015, FY2016, and the prior four quarters by key customer vertical in the “Preliminary Supplemental Data” below. We no longer intend to provide commentary on the Service Provider and Enterprise markets.

Q1 2017 Preliminary Financial Results

GAAP

N/M - Not meaningful

Non-GAAP

This CFO Commentary contains non-GAAP financial measures, and the reconciliation between GAAP and non-GAAP financial measures can be found at the end of this document. We are unable to provide a reconciliation of forward-looking non-GAAP guidance measures to corresponding GAAP measures without unreasonable effort due to the overall high variability and low visibility of most of the items that are excluded from our non-GAAP guidance measures. More information on these exclusions can be found under “Q2 2017 Outlook” below.

Q1 2017 Overview

The results for the first quarter of 2017 reflect strong year-over-year revenue and earnings per share growth. All verticals increased year-over-year, led by Cloud, which increased 25%. We continued to see strong growth with our QFX product family, which grew over 50% year-over-year. Our Services business remained strong and grew 14% year-over-year.

In reviewing our top 10 customers for the quarter, four were Cloud, five were Telecom / Cable, and one was a Strategic Enterprise. Of these customers, two were located outside of the U.S.

Product deferred revenue was $281 million, up $20 million or 8% year-over-year and down $42 million or 13% sequentially.

In the quarter, we had particularly strong cash flows from operations of $545 million, up $373 million year-over-year and $211 million sequentially. During the quarter, we repurchased $125 million shares and paid $38 million in dividends.

Revenue

Product & Service

Vertical

Geography

Gross Margin

Non-GAAP gross margin was within our guided range for the quarter. We remain focused on delivering innovation and continued improvements to our cost structure.

Year-over year, the decrease in product gross margin was primarily due to customer mix, as we expand our footprint with certain strategic APAC Telecom and Cloud customers, as well as the product mix sold into our Cloud vertical, and charges related to the expected remediation costs for certain products containing a defect in a clock-signal component from a third-party supplier. The decrease was partially offset by improvements in our cost structure and higher revenue.

The sequential decrease was impacted by lower revenue, as well as similar customer mix dynamics, partially offset by improvements in our cost structure.

Year-over year, the decrease in product gross margin was primarily due to customer mix, as we expand our footprint with certain strategic APAC Telecom and Cloud customers, as well as the product mix sold into our Cloud vertical. The decrease was partially offset by improvements in our cost structure and higher revenue.

The sequential decrease was impacted by lower revenue as well as similar customer mix dynamics, partially offset by improvements in our cost structure.

Year-over-year, the increase in service gross margin, on a GAAP and non-GAAP basis, was driven by higher revenue, including the recognition of previously deferred revenue related to the completion of delivery to an APAC Telecom customer.

Sequentially, the increase in service gross margin, on a GAAP and non-GAAP basis, was driven by lower support costs.

Operating Expenses

The year-over-year increase was primarily due to restructuring charges in the first quarter of 2017, headcount-related costs related to acquisitions completed in FY2016, and higher variable compensation compared to the prior year. The sequential increase was primarily due to restructuring charges.

GAAP operating expenses were 48.3% of revenue, down 1.1 points year-over-year and up 7.1 points quarter-over-quarter.

The year-over-year increase was primarily due to headcount-related costs related to acquisitions completed in FY2016 and higher variable compensation compared to the prior year. The sequential decrease was the result of good cost discipline and restructuring actions taken in the quarter, despite the annual reset of variable compensation and the typical seasonal increase in fringe costs.

Non-GAAP operating expenses were 41.7% of revenue, down 2.7 points year-over-year and up 4.9 points quarter-over-quarter.

Operating Margin

Tax Rate

The change in the effective tax rate quarter over quarter was primarily driven by the benefit of discrete items including a change in the accounting for stock-based compensation, restructuring charges, a reduction of income tax reserves, as well as an adjustment related to an unfavorable mix of geographic earnings in the prior quarter.

The change in the effective tax rate quarter over quarter was primarily due to a reduction of income tax reserves, as well as an adjustment related to an unfavorable mix of geographic earnings in the prior quarter.

Diluted Earnings Per Share

The year-over-year increase was driven by higher revenue and a lower tax rate, partially offset by higher operating expenses and lower gross margin. The sequential decrease was primarily due to lower revenue and higher operating expenses.

The year-over-year increase was primarily driven by higher revenue, partially offset by higher operating expenses and lower gross margin. The sequential decrease was primarily due to lower revenue and lower gross margin.

Balance Sheet, Cash Flow, Capital Return, and Other Financial Metrics

Cash Flow

Days Sales Outstanding

Capital Return

Demand metrics

Headcount

Q2 2017 Outlook

These metrics are provided on a non-GAAP basis, except for revenue and share count. Earnings per share is on a fully diluted basis. The outlook assumes that the exchange rate of the U.S. dollar to other currencies will remain relatively stable at current levels.

As a company, we remain committed to the financial principles we outlined last quarter. As a reminder those principles are:

Although elements of our markets are challenged, we expect to grow revenue this year. We are pleased with our product portfolio and expect to see continued strength from our Cloud vertical.

For the remainder of the year, we anticipate non-GAAP gross margin levels similar to Q1, as we expect the customer and product mix dynamics to continue. Increased pricing for certain memory components could also present an additional headwind.

We intend to drive earnings expansion this year, through focused execution and operating expense discipline. We also intend to drive to our long-term model of 39% non-GAAP operating expenses as a percentage of revenue this year, which is earlier than previously committed.

We intend to return approximately 50% of annual free cash flow to our shareholders, inclusive of share repurchases and dividends.

Our guidance for the quarter ending June 30, 2017, is as follows:

Forward-Looking Statements

Statements in this CFO Commentary and related conference call concerning Juniper Networks’ business, economic and market outlook, including pricing pressure and product mix, factors that impact gross margin, long-term financial model, product portfolio and success of particular products and product families, success in obtaining revenue growth, future financial and operating results, including our financial guidance, focus on and ability to deliver on growth and operational expense discipline, improvements to our cost structure and expense reductions and management, strength of certain customer segments, capital structure, capital return program, and overall future prospects are forward looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: general economic and political conditions globally or regionally; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity requirements of our customers and, in particular, cloud and telecommunication service providers; contractual terms that may result in the deferral of revenue; increases in and the effect of competition; the timing of orders and their fulfillment; manufacturing and supply chain constraints, changes or disruptions; availability of key product components; ability to establish and maintain relationships with distributors, resellers and other partners; variations in the expected mix of products sold; changes in customer mix; changes in geography mix; customer and industry analyst perceptions of Juniper Networks and its technology, products and future prospects; delays in scheduled product availability; market acceptance of Juniper Networks products and services; rapid technological and market change; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; the ability to successfully acquire, integrate and manage businesses and technologies; product defects, returns or vulnerabilities; the ability to recruit and retain key personnel; significant effects of tax legislation and judicial or administrative interpretation of tax regulations; currency fluctuations; litigation settlements and resolutions; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; and other factors listed in Juniper Networks’ most recent report on Form 10-K filed with the Securities and Exchange Commission (”SEC”). All statements contained in this CFO Commentary and related conference call are made only as of the date set forth at the beginning of this document. Juniper Networks undertakes no obligation to update the information contained in this document or the related conference call in the event facts or circumstances subsequently change after the date of this document.

Use of Non-GAAP Financial Measures

This CFO Commentary contains references to the following non-GAAP financial measures: gross margin; product gross margin; service gross margin; product gross margin as a percentage of product revenue; service gross margin as a percentage of service revenue; gross margin as a percentage of revenue; research and development expense; sales and marketing expense; general and administrative expense; operating expense; operating expense as a percentage of revenue; operating income; operating margin; provision for income tax; income tax rate; net income; and diluted earnings per share. For important commentary on why Juniper Networks considers non-GAAP information a useful view of the company’s financial results, please see the press release furnished with our Form 8-K filed today with the SEC. With respect to future financial guidance provided on a non-GAAP basis, we have excluded estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring charges, impairment charges, litigation settlement and resolution charges, gain or loss on equity investments, retroactive impact of certain tax settlements, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of any future acquisitions, divestitures, or joint ventures that may occur in the quarter. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles or GAAP.

In addition, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. The non-GAAP financial measures used in this CFO Commentary should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. For example, share-based compensation expense is impacted by the Company’s future hiring needs, the type and volume of equity awards necessary for such future hiring, and the price at which the Company’s stock will trade in those future periods. Amortization of intangible assets is significantly impacted by the timing and size of any future acquisitions. The items that are being excluded are difficult to predict and a reconciliation could result in disclosure that would be imprecise or potentially misleading. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically and may continue to vary significantly from quarter to quarter.

Juniper Networks, Inc.

Preliminary Supplemental Data

(in millions)

(unaudited)

Deferred Revenue

Vertical Reporting: Quarterly Revenue Trend

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)