Ciena Corp (CIEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.73	$2.11	+22.0%	—	—	—
Q4 26	$1.17	$1.35	+15.4%	—	—	—
Q3 26	$0.77	$0.91	+18.2%	—	—	—
Q2 26	$0.53	$0.67	+26.4%	—	—	—
Q1 26	$0.52	$0.42	-19.2%	—	—	—
Q4 25	$0.41	$0.64	+56.1%	—	—	—
Q3 25	$0.65	$0.54	-16.9%	—	—	—
Q2 25	$0.26	$0.35	+34.6%	—	—	—
Q1 25	$0.15	$0.27	+80.0%	—	—	—
Q4 24	$0.48	$0.66	+37.5%	—	—	—
Q3 24	$0.69	$0.75	+8.7%	—	—	—
Q2 24	$0.51	$0.59	+15.7%	—	—	—
Q1 24	$0.61	$0.74	+21.3%	—	—	—
Q4 23	$0.36	$0.64	+77.8%	—	—	—
Q3 23	$0.08	$0.61	+662.5%	—	—	—
Q2 23	$0.34	$0.33	-2.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.87	—	—	$4.8B	—
FY24	—	$0.58	—	—	$4B	—
FY23	—	$1.71	—	—	$4.4B	—
FY22	—	$1.01	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.6B	$2.8B	$3.1B	$3.6B	$3.5B	$3.6B	$3.6B	$4.4B	$4B	$4.8B
YoY change	+6.33%	+7.73%	+10.4%	+15.4%	-1.12%	+2.51%	+0.33%	+20.8%	-8.47%	+18.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.6B	2.8B	3.1B	3.6B	3.5B	3.6B	3.6B	4.4B	4B	4.8B
Cost of revenue	1.4B	1.6B	1.8B	2B	1.9B	1.9B	2.1B	2.5B	2.3B	2.8B
Gross profit	1.2B	1.2B	1.3B	1.5B	1.7B	1.7B	1.6B	1.9B	1.7B	2B
Gross margin	44.7%	44.5%	42.5%	43.2%	46.8%	47.6%	43%	42.8%	42.8%	42%
Research & development	451.8M	475.3M	491.6M	548.1M	529.9M	536.7M	624.7M	750.6M	767.5M	848.3M
Selling, general & administrative	482.6M	498.8M	554.2M	597.4M	586M	634.1M	645.9M	706.1M	731.3M	820M
Operating expenses	934.4M	974.1M	1B	1.1B	1.1B	1.2B	1.3B	1.5B	1.5B	1.7B
Operating income	165.7M	238.7M	253.2M	374.7M	513.6M	527.5M	257.2M	384.9M	191.2M	310.8M
Operating margin	6.37%	8.52%	8.18%	10.5%	14.5%	14.6%	7.08%	8.77%	4.76%	6.52%
Non-operating income, net	-26.4M	-33.3M	-62.9M	-38.4M	-33.2M	-36M	-37.7M	-18.2M	-34.9M	-117.8M
Pretax income	86.7M	156.1M	148.8M	313.2M	456M	462.8M	182.5M	323.7M	119.8M	156.3M
Income tax	14.1M	-1.1B	493.5M	59.8M	94.7M	-37.4M	29.6M	68.8M	35.9M	32.9M
Net income	72.6M	1.3B	-344.7M	253.4M	361.3M	500.2M	152.9M	254.8M	84M	123.3M
Net margin	2.79%	45%	-11.1%	7.09%	10.2%	13.8%	4.21%	5.81%	2.09%	2.59%
EBITDA	312.3M	368M	363.8M	511.1M	651.9M	661.4M	405.7M	593.4M	386.8M	506.1M
EPS	0.52	8.89	-2.4	1.63	2.34	3.22	1.01	1.71	0.58	0.87
Diluted EPS	0.51	7.53	-2.49	1.61	2.32	3.19	1	1.71	0.58	0.85

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	1.1B	1B	910.8M	942.3M	1.1B	1.1B	1.1B	1.2B	1.4B	1.4B	1.6B	1.7B
Cost of revenue	643.2M	570.7M	522.2M	538.4M	664.1M	600.4M	673M	716.3M	774.8M	801.5M	879.2M	911.9M
Gross profit	486.3M	467M	388.7M	403.9M	460M	471.8M	452.8M	503.1M	577.2M	625.5M	691.6M	759.3M
Gross margin	43.1%	45%	42.7%	42.9%	40.9%	44%	40.2%	41.3%	42.7%	43.8%	44%	45.4%
Research & development	189.4M	187.3M	195.4M	188.9M	196M	192.7M	214.9M	211.9M	228.9M	221.5M	237.9M	236.7M
Selling, general & administrative	187.7M	182.8M	173.6M	179.8M	195.1M	190.4M	196.6M	209.3M	223.7M	208.1M	211.3M	216.8M
Operating expenses	377.2M	370.1M	369M	368.7M	391M	383.1M	411.5M	421.2M	452.6M	429.6M	449.2M	453.5M
Operating income	98.5M	89.6M	11.7M	28.1M	61.8M	82.2M	34.8M	75.3M	118.5M	191.2M	238.7M	302.1M
Operating margin	8.72%	8.63%	1.28%	2.98%	5.5%	7.67%	3.09%	6.18%	8.76%	13.4%	15.2%	18.1%
Non-operating income, net	-18.4M	-9.5M	-19.1M	-2.5M	-4.2M	-3.9M	-5.7M	-2.8M	-105.4M	-5.5M	1.3M	-8.9M
Pretax income	70.5M	71.5M	-16M	16.4M	48M	68.6M	19M	65.8M	2.9M	181.1M	231.1M	310.6M
Income tax	-20.7M	22M	820K	2.1M	11M	24M	10M	15.5M	-16.6M	30.8M	12.8M	44.2M
Net income	91.2M	49.5M	-16.8M	14.2M	37M	44.6M	9M	50.3M	19.5M	150.3M	218.2M	266.4M
Net margin	8.07%	4.77%	-1.85%	1.51%	3.29%	4.16%	0.8%	4.13%	1.44%	10.5%	13.9%	15.9%
EBITDA	145M	139.2M	58.9M	76.9M	111.4M	129.4M	82.1M	127.1M	167.6M	251.7M	297M	374M
EPS	0.62	0.34	-0.12	0.1	0.26	0.31	0.06	0.35	0.14	1.06	1.54	1.88
Diluted EPS	0.62	0.34	-0.12	0.1	0.25	0.31	0.06	0.35	0.13	1.03	1.49	1.83

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	3B	4.5B	5.8B	6.1B	8.4B	7.2B	6.3B	9.2B	27B	48.8B
Enterprise value	—	3.1B	4.4B	5.5B	5.7B	7.6B	7.3B	6.8B	9.6B	27.3B	51.3B
Shares outstanding	138.3M	142M	143.7M	155.7M	154.3M	155.3M	151.2M	149M	144.7M	142.2M	142.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	2.39	—	22.8	16.8	16.9	47.4	24.7	109.5	219	77.8
P/S	—	1.08	1.45	1.62	1.72	2.33	1.99	1.43	2.29	5.66	8.17
P/B	—	1.41	2.33	2.66	2.42	2.79	2.67	2.21	3.26	9.9	16.1
EV/EBITDA	—	8.46	12	10.8	8.69	11.5	17.9	11.5	24.7	54	50
EV/Sales	—	1.11	1.41	1.55	1.6	2.11	2	1.56	2.38	5.73	8.52
Earnings yield	—	41.8%	—	4.38%	5.94%	5.93%	2.11%	4.05%	0.91%	0.46%	1.29%
FCF yield	—	4.64%	3.6%	6.06%	6.76%	5.48%	-3.57%	0.99%	4.11%	2.46%	1.3%
PEG	—	—	—	—	—	—	—	—	—	—	0.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	44.7%	44.5%	42.5%	43.2%	46.8%	47.6%	43%	42.8%	42.8%	42%	45.4%
Operating margin	6.37%	8.52%	8.18%	10.5%	14.5%	14.6%	7.08%	8.77%	4.76%	6.52%	18.1%
Net margin	2.79%	45%	-11.1%	7.09%	10.2%	13.8%	4.21%	5.81%	2.09%	2.59%	10.9%
ROE	9.47%	59.1%	-17.9%	11.7%	14.4%	16.6%	5.64%	8.95%	2.98%	4.52%	22.4%
ROA	2.53%	31.9%	-9.18%	6.51%	8.64%	10.3%	3.02%	4.55%	1.49%	2.1%	7.73%
ROIC	14%	10.7%	0%	15.8%	19.4%	23.8%	7.83%	8.94%	4.19%	8.05%	20.7%
Return on tangible assets	3.55%	39.3%	-12%	8.25%	10.7%	12.2%	3.58%	5.93%	1.9%	2.82%	9.93%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.26	1.93	2.22	2.82	3.43	3.51	3.25	3.84	3.54	2.73	3.8
Quick ratio	2.02	1.68	1.95	2.41	2.98	3.1	2.34	2.71	2.72	2.09	3.17
Debt / equity	1.67	0.47	0.4	0.35	0.33	0.27	0.44	0.58	0.58	0.6	1.07
Debt / assets	0.45	0.26	0.2	0.19	0.2	0.17	0.23	0.3	0.29	0.28	0.41
Net debt / EBITDA	0.73	0.25	-0.36	-0.51	-0.63	-1.21	0.09	0.91	0.99	0.63	0.6
Interest coverage	2.53	3.8	3.69	9.36	15.6	16	4.88	4.68	2.22	2.7	11.2
Effective tax rate	16.3%	0%	100%	19.1%	20.8%	0%	16.2%	21.3%	29.9%	21.1%	9.82%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.8	19.7	21.5	22.9	22.9	23.3	24	29.4	27.7	33.5	42.4
EPS (basic)	0.52	8.89	-2.4	1.63	2.34	3.22	1.01	1.71	0.58	0.87	0.87
EPS (diluted)	0.51	7.53	-2.49	1.61	2.32	3.19	1	1.71	0.58	0.85	4.46
Book value per share	5.54	15	13.4	14	16.3	19.4	17.9	19.1	19.5	19.2	21.5
FCF per share	1.32	0.99	1.12	2.25	2.66	2.98	-1.71	0.42	2.61	4.68	5.58
Cash per share	7.61	6.48	6.22	6.51	8.03	10.3	7.59	7.49	8.65	9.2	18.5
Capex per share	0.77	0.67	0.47	0.4	0.54	0.51	0.6	0.71	0.94	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.12%	3.38%	2.19%	1.75%	2.34%	2.2%	2.5%	2.42%	3.4%	—	—
Capex / operating cash flow	51.4%	45.7%	38.8%	13.6%	17%	15.1%	-65.7%	57.8%	22.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$1.1B	$1B	$910.8M	$942.3M	$1.1B	$1.1B	$1.1B	$1.2B	$1.4B	$1.4B	$1.6B	$1.7B
YoY change	+16.3%	-1.78%	-19.6%	-11.8%	-0.48%	+3.33%	+23.6%	+29.4%	+20.3%	+33.1%	+39.5%	+37%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	919.6M	894.4M	1B	1.2B	1.6B	1.1B	1.1B	1.3B	1.3B
Receivables	576.2M	622.2M	786.5M	724.9M	719.4M	885M	920.8M	1B	908.6M	975.9M
Inventory	211.3M	267.1M	262.8M	345M	344.4M	374.3M	946.7M	1.1B	820.4M	826.2M
Total current assets	2B	2B	2.1B	2.4B	2.6B	3.2B	3.4B	3.6B	3.5B	3.6B
Property, plant & equipment	265.9M	231.8M	220.1M	215.1M	258.6M	253.1M	243.6M	247.4M	297.6M	358.1M
Goodwill & intangibles	827.4M	736.9M	892.4M	821.4M	815M	753.9M	795.7M	1.3B	1.2B	1.5B
Total assets	2.9B	4B	3.8B	3.9B	4.2B	4.9B	5.1B	5.6B	5.6B	5.9B
Accounts payable	235.9M	260.1M	340.6M	344.8M	291.9M	356.2M	516M	317.8M	423.4M	542.8M
Short-term debt	238.6M	356.1M	10.5M	9.8M	28.8M	29.2M	29.6M	32.3M	30.6M	30.3M
Total current liabilities	891.5M	1B	963M	845.9M	760.7M	909M	1B	932M	999.8M	1.3B
Long-term debt	1B	657.1M	754.7M	745.7M	799.3M	774.5M	1.2B	1.6B	1.6B	1.6B
Total liabilities	2.1B	1.8B	1.8B	1.7B	1.7B	1.8B	2.4B	2.8B	2.8B	3.1B
Shareholders' equity	766.3M	2.1B	1.9B	2.2B	2.5B	3B	2.7B	2.8B	2.8B	2.7B
Total debt	1.3B	1B	765.2M	755.5M	828.1M	803.7M	1.2B	1.7B	1.6B	1.6B
Net debt	502.7M	372.6M	19.8M	-148.6M	-260.5M	-618.9M	192M	646.5M	697.4M	533.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	1.1B	1.4B	1.3B	1.1B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.2B	2.6B
Receivables	1B	865.2M	840.1M	899.9M	908.6M	938.7M	929.8M	1B	975.9M	967.4M	1.1B	1.2B
Inventory	1.1B	984.9M	1B	937.4M	820.4M	845.1M	874.3M	860.4M	826.2M	845.8M	808.4M	872M
Total current assets	3.6B	3.6B	3.5B	3.5B	3.5B	3.5B	3.6B	3.7B	3.6B	3.5B	3.6B	5.3B
Property, plant & equipment	247.4M	316M	304.6M	327.9M	297.6M	345.5M	388M	408.7M	358.1M	478.3M	483.5M	470.1M
Goodwill & intangibles	1.3B	1.3B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.5B	1.5B	1.4B	1.4B
Total assets	5.6B	5.6B	5.6B	5.6B	5.6B	5.6B	5.7B	5.7B	5.9B	5.9B	6B	8B
Accounts payable	317.8M	316.1M	332.1M	316.6M	423.4M	395.8M	419.1M	464.7M	542.8M	547.2M	606.6M	654.1M
Short-term debt	32.3M	32.8M	32.1M	31.6M	30.6M	24.6M	24.8M	26.3M	30.3M	29.8M	29M	17.4M
Total current liabilities	932M	841.3M	912.2M	870.6M	999.8M	956.5M	1B	1.1B	1.3B	1.3B	1.3B	1.4B
Long-term debt	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	3.3B
Total liabilities	2.8B	2.7B	2.7B	2.7B	2.8B	2.8B	2.9B	3B	3.1B	3.1B	3.1B	4.9B
Shareholders' equity	2.8B	2.9B	2.9B	2.9B	2.8B	2.8B	2.8B	2.8B	2.7B	2.8B	2.9B	3.1B
Total debt	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	3.3B
Net debt	646.5M	343.5M	509.9M	713.3M	697.4M	703.7M	638.9M	531.3M	533.6M	465.3M	535.5M	840.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	72.6M	1.3B	-344.7M	253.4M	361.3M	500.2M	152.9M	254.8M	84M	123.3M
Depreciation & amortization	141.7M	122.9M	110M	122.7M	132.5M	132.3M	140.2M	142.2M	133.5M	140.3M
Stock-based compensation	52M	48.4M	53M	59.7M	67.8M	84.3M	105.1M	130.5M	156.4M	184.5M
Change in working capital	-81.5M	-121.8M	-129.3M	-3M	-160.9M	-48.5M	-513.1M	-344.8M	301.7M	133.6M
Operating cash flow	208.6M	207.1M	174.3M	458.6M	485.5M	526.6M	-138.3M	183.6M	610.5M	806.1M
Capital expenditure	-107.2M	-94.6M	-67.6M	-62.6M	-82.7M	-79.5M	-90.8M	-106.2M	-136.6M	—
Investing cash flow	-296.3M	-61.4M	-19.3M	24.1M	-220.2M	-90.7M	-101.2M	-383.5M	-306.5M	-100.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-115.7M	-179.1M	-107M	-135.4M	-549.3M	-280.7M	-301.1M	-425.8M
Financing cash flow	-4.2M	-311.1M	-99.2M	-390.2M	-87.2M	-116.8M	-133.1M	229.4M	-285.1M	-405.9M
Net change in cash	-91.9M	-165.4M	55.8M	92.4M	178.1M	319M	-372.6M	29.5M	18.9M	299.5M
Free cash flow	182.3M	140.3M	161.6M	350.6M	411M	462.1M	-258.6M	62.1M	377.9M	665.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	91.2M	49.5M	-16.8M	14.2M	37M	44.6M	9M	50.3M	19.5M	150.3M	218.2M	266.4M
Depreciation & amortization	36.7M	32.8M	33.9M	32.9M	33.8M	33.5M	33.9M	35.7M	37.4M	43.8M	45.2M	48.7M
Stock-based compensation	35M	37.8M	40.2M	37.4M	41M	40.8M	48M	46.9M	48.8M	49.8M	55.5M	57.9M
Change in working capital	79.9M	112.9M	37.2M	-67.3M	218.9M	-100M	49.6M	-21.5M	205.5M	-77.7M	-12.9M	-208.2M
Operating cash flow	294.1M	233.8M	96.4M	6.7M	273.6M	-4.9M	147.3M	174.3M	371.1M	227.6M	259.7M	196.3M
Capital expenditure	-22.8M	-16.6M	-16.9M	-19.6M	-83.5M	-26.9M	-28.7M	—	—	—	—	—
Investing cash flow	-98.1M	18.1M	-156.8M	-18.8M	-148.9M	-67.1M	19.6M	59.5M	-168.3M	30M	-112.9M	-37.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-193.2M	-48.3M	-69M	-42M	-141.8M	-106.7M	-103.8M	-99.6M	-115.7M	-170.6M	-173.7M	-271.9M
Financing cash flow	-197.2M	-34.7M	-73.1M	-28.5M	-148.7M	-93.5M	-107.8M	-84.9M	-119.8M	-154.5M	-180.7M	493.3M
Net change in cash	-1.2M	217.2M	-133.5M	-40.7M	-24M	-165.5M	59.2M	148.9M	83M	103.1M	-33.9M	652.2M
Free cash flow	172.7M	249.5M	41.6M	-179M	265.8M	76.8M	128.2M	134.6M	325.6M	153.8M	218.7M	116.3M

Ciena Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement