Exhibit 99.2

Juniper Networks, Inc.

1133 Innovation Way

Sunnyvale, CA 94089

October 23, 2018

CFO Commentary on Third Quarter Preliminary Financial Results

Related Information

The following commentary is provided by management and should be referenced in conjunction with Juniper Networks’ third quarter 2018 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.

Q3 2018 Preliminary Financial Results

GAAP

N/M—Not meaningful

Non-GAAP

Overview of the Accounting Impact for the Adoption of ASC 606

The Company adopted the new revenue accounting standard (ASC 606) on January 1, 2018, using the modified retrospective approach. The adoption primarily impacted the following areas:

For the three months ended September 30, 2018, the accounting impact of the adoption was a decrease in revenue recognition of approximately $5 million. Product revenue was approximately $23 million higher, primarily due to the impact of allocation of revenue between products and services, timing of recognition of revenue from sales to distributors and variable consideration. The product revenue increase from ASC 606 was primarily allocated between Switching and Routing. Service revenue was approximately $27 million lower, primarily due to the impact of allocation of revenue between products and services and the timing of revenue recognition due to certain contractual clauses. Operating expense decreased by approximately $1 million due to the timing of commissions. The adoption of ASC 606 will impact the allocation of revenue between product and service, however, we continue to expect there will not be a material difference in total annual revenue.

GAAP Q3’18 606 vs. 605

Non-GAAP Q3’18 606 vs. 605

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 “Outlook” below.

Q3 2018 Overview

We reported better than expected third quarter results, with revenue of $1,180 million, above the mid-point of our guidance. Non-GAAP gross margin of 61.1% and non-GAAP earnings per share of $0.54, were both above our guidance range.

Our Enterprise vertical increased 15% year-over-year, driven by strength across all technologies and decreased 4% sequentially consistent with normal seasonality and in-line with our expectations. The Service Provider vertical declined 6% year-over-year, but increased 4% sequentially, and performed better than expected primarily due to strength in EMEA. Cloud revenues declined 28% year-over-year and 11% sequentially, reflecting a slower than expected pace of deployments. We remain confident in our position with our strategic Cloud customers however, the pace of deployments is difficult to predict.

Routing decreased 15% year-over-year and increased 1% sequentially. Switching increased 4% year-over-year and decreased 13% sequentially. Security increased 8% year-over-year but declined 3% sequentially. Our Services business declined 1% year-over year, but increased 2% sequentially.

In reviewing our top 10 customers for the quarter, five were Cloud, four were Service Provider, and one was in Enterprise.

Product deferred revenue was $134 million, down 59% year-over-year and 6% sequentially. The year-over-year decline was due to the adoption of ASC 606. Without the impact of ASC 606, deferred product revenue would have been up 1% year-over-year.

Non-GAAP operating expenses were flat year-over-year and declined 1% sequentially.

Cash flow from operations was $207 million for the quarter. During the quarter, we completed the $750 million accelerated share repurchase, or ASR, resulting in a final settlement of 6.0 million shares in the quarter. We paid $62 million in dividends, reflecting a quarterly dividend of $0.18 per share. The total cash, cash equivalents, and investments ending Q3’18 was $3.6 billion.

Revenue

Product & Service

Vertical

Geography

Gross Margin

Year-over-year, the decrease in product gross margin, on a GAAP and non-GAAP basis, was primarily due to product mix, partially offset by the impact of the adoption of ASC 606.

The sequential increase, on a GAAP and non-GAAP basis, was primarily driven by favorable product and geographic mix.

Year-over-year, the decrease in service gross margin, on a GAAP and non-GAAP basis, was primarily due to the adoption of ASC 606.

Sequentially, the increase in service gross margin was primarily due to lower delivery costs and higher service revenue.

Operating Expenses

The year-over-year increase in operating expenses was primarily due to higher share-based compensation and restructuring costs. The sequential increase was primarily due to a reserve related to an estimated settlement.

GAAP operating expenses were 46.7% of revenue, up 3.6 points year-over-year and up 1.8 points quarter-over-quarter.

The sequential decrease in operating expenses was primarily due to lower commissions.

Non-GAAP operating expenses were 41.2% of revenue, up 2.7 points year-over-year and up 0.6 points quarter-over-quarter.

Operating Margin

Tax Rate

The year-over-year decrease in the effective tax rate, on a GAAP basis, was due to discrete benefits recorded in Q3’18 and a lower tax rate as a result of the US Tax Cuts and Jobs Act (the “Tax Act”) enacted in Q4’17. We recorded discrete tax benefits of $100.8 million, of which $67.6 relates to the recognition of previously unrecognized tax benefits and $33.2 million is due to a reduction of expected tax liabilities under the Tax Act resulting from a tax accounting method change.

The year-over-year decrease in the effective tax rate was primarily due to the lower tax rate as a result of the Tax Act enacted in Q4’17.

The sequential decrease in the effective tax rate was primarily related to a favorable change in the forecasted geographic mix of earnings.

Diluted Earnings Per Share

The year-over-year increase was primarily due to a lower tax rate and lower diluted shares. The sequential increase was primarily due to a lower tax rate and higher gross margin.

The sequential increase was primarily due to higher gross margin and a lower tax rate.

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

Cash Flow

The sequential increase was primarily due to lower tax payments, partially offset by higher payments related to variable compensation.

Days Sales Outstanding (DSO)

Capital Return

Demand metrics

The lower product deferred revenue was primarily driven by the adoption of ASC 606. Without the impact of ASC 606, deferred product revenue would have been up approximately 1% year-over-year. The lower service deferred revenue was primarily driven by the adoption of ASC 606. Without the impact of ASC 606, deferred service revenue would have been up approximately 2% year-over-year.

Deferred Revenue

Headcount

Outlook

These metrics are provided on a non-GAAP basis, except for revenue and share count. Non-GAAP 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.

While we were previously expecting Q4 to return to growth on a year-over-year basis, the mid-point of our revenue guidance reflects a year-over-year decline due to the slower pace of expected deployments in Cloud.

At this time, the Chinese tariffs are not expected to have a material direct impact on our Q4’18 financial results. However, customer buying behavior could be affected and gross margin could be slightly impacted.

While we expect to see gross margin benefit from volume in Q4’18, our guidance is down sequentially due to more normalized product and geographic mix. We continue to undertake specific efforts to improve our gross margin. These efforts include value engineering, optimizing our supply chain and Service business, pricing management and increasing software and solution sales.

With higher interest rates, other income and expense is likely to be lower going forward, in-line with our Q3’18 result.

While we expect our Q4’18 non-GAAP tax rate to be approximately 18%, we believe our go-forward non-GAAP tax rate will be approximately 19% to 20%.

Our guidance for the quarter ending December 31, 2018 is as follows:

The guidance above is provided under ASC 606.

Forward-Looking Statements

Statements in this CFO Commentary and related conference call concerning Juniper Networks’ business, economic and market outlook, including pricing pressure, product mix and currency exchange rates; factors that impact our gross margin; the architectural transition of our customers’ networks and timing of deployments by our customers; the expected impact of the adoption of ASC 606 on our future financial results; our product portfolio and success of particular products and product families; our expectations regarding the impact of tariffs on our financial results and the purchasing behavior of our customers; our expectations around revenue, operating expense, and earnings; our expectations around margin growth, and our ability to realize benefits from our gross margin optimization programs; our expectations regarding product and geographic mix; our future financial and operating results, including our financial guidance; strength of certain of our customer segments; and our 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, including Cloud providers and Service Providers; 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; the timing of orders and their fulfillment; manufacturing and supply chain constraints, changes or disruptions; availability of key product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks products, services or the networking industry; significant effects of tax legislation, including the Tax Act, and judicial or administrative interpretation of tax regulations; legal settlements and resolutions; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the potential impact of tariffs; and other factors listed in Juniper Networks’ most recent report on Form 10-K or 10-Q filed with the Securities and Exchange Commission (”SEC”). Note that our estimates as to tax rate and the impact of the Tax Act on our business are based on current tax law, including current interpretations of the Tax Act, and could be materially affected by changing interpretations of and additional legislation and guidance around the Tax Act. All statements made 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 made in this document or the related conference call in the event facts or circumstances subsequently change after the date of this document.

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; diluted earnings per share; and diluted shares outstanding. 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 benefits or charges, impairment charges, strategic partnership-related charges, legal reserve and settlement charges or benefits, supplier component remediation charges and recoveries, gain or loss on equity investments, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the impact of income tax reform, 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 tariffs and 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, and restructuring actions, 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, except percentages)

(unaudited)

Deferred Revenue

Vertical Reporting: 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)

Juniper Networks, Inc.

Preliminary Reconciliations between GAAP and non-GAAP Financial Measures

(in millions, except percentages and per share amounts)

(unaudited)