CIEN

MKT CAP:$74B

Ciena Corporation

Market Cap

$74B

Technology·Communication Equipment·🇺🇸 United States·NYSE

Technology·Communication·🇺🇸·NYSE

Stock Price

$523.08+$277.02 (+112.58%)

Apr 24, 2026

Company Details

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The co...

CEO

Gary Smith

IPO Date

Feb 7, 1997

Website

www.ciena.com

Key Metrics TTM

Revenue

$5.1B

+26.5% YoY

Net Income

$229M

EPS (Diluted)

$1.57

Free Cash Flow

$742M

Revenue / Share

$35.15

Gross Margin

40.6%

Operating Margin

8.2%

Net Margin

4.5%

FCF Margin

14.5%

P/S

14.4x

P/E

322.8x

Earnings Reports

Q1 2026

Mar 5, 2026

$1.4B+33.1%EPS $1.03

FY 2025

Dec 12, 2025

$4.8B+18.8%EPS $0.85

Q4 2025

Dec 12, 2025

$1.4B+20.3%EPS $0.13

Q3 2025

Sep 4, 2025

$1.2B+29.4%EPS $0.35

Q2 2025

Jun 5, 2025

$1.1B+23.6%EPS $0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$949M	$370M	$68M
Q3 22	$868M	$310M	$35M
Q4 22	$971M	$400M	$91M
Q1 23	$1.1B	$426M	$92M
Q2 23	$1.1B	$454M	$112M
Q3 23	$1.1B	$416M	$82M
Q4 23	$1.1B	$452M	$99M
Q1 24	$1.0B	$437M	$90M
Q2 24	$911M	$358M	$12M
Q3 24	$942M	$374M	$28M
Q4 24	$1.1B	$429M	$62M
Q1 25	$1.1B	$441M	$82M
Q2 25	$1.1B	$421M	$35M
Q3 25	$1.2B	$470M	$75M
Q4 25	$1.4B	$571M	$118M
Q1 26	$1.4B	$621M	$191M

Valuation

Quarter	P/S	P/E
Q2 22	2.2x	19.8x
Q3 22	2.1x	38.7x
Q4 22	2.0x	46.7x
Q1 23	2.0x	41.4x
Q2 23	1.7x	34.2x
Q3 23	1.5x	28.1x
Q4 23	1.4x	23.8x
Q1 24	1.8x	33.5x
Q2 24	1.6x	43.9x
Q3 24	1.8x	52.5x
Q4 24	2.3x	107.6x
Q1 25	3.0x	153.6x
Q2 25	2.4x	98.7x
Q3 25	2.9x	93.1x
Q4 25	5.6x	217.5x
Q1 26	7.4x	165.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$107M	$87M
Q3 22	-$205M	-$227M
Q4 22	-$15M	-$38M
Q1 23	-$266M	-$296M
Q2 23	$230M	$202M
Q3 23	$9M	-$17M
Q4 23	$195M	$173M
Q1 24	$264M	$247M
Q2 24	$58M	$41M
Q3 24	-$159M	-$179M
Q4 24	$349M	$266M
Q1 25	$104M	$77M
Q2 25	$157M	$128M
Q3 25	$174M	$230M
Q4 25	$371M	$230M
Q1 26	$228M	$154M

Capital Expenditures

Quarter	CapEx
Q2 22	$19M
Q3 22	$22M
Q4 22	$24M
Q1 23	$30M
Q2 23	$28M
Q3 23	$25M
Q4 23	$23M
Q1 24	$17M
Q2 24	$17M
Q3 24	$20M
Q4 24	$84M
Q1 25	$27M
Q2 25	$29M
Q3 25	$56M
Q4 25	$141M
Q1 26	$74M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+13.8%	+27.4%
Q3 22	-12.2%	+0.4%
Q4 22	-6.8%	-1.8%
Q1 23	+25.1%	+23.5%
Q2 23	+19.3%	+15.8%
Q3 23	+23.0%	+18.3%
Q4 23	+16.3%	+17.1%
Q1 24	-1.8%	-1.7%
Q2 24	-19.6%	-11.9%
Q3 24	-11.8%	-7.2%
Q4 24	-0.5%	+3.0%
Q1 25	+3.3%	+4.4%
Q2 25	+23.6%	+21.3%
Q3 25	+29.4%	+25.1%
Q4 25	+20.3%	+16.1%
Q1 26	+33.1%	+24.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$27M	2.8%
Q3 22	$27M	3.1%
Q4 22	$27M	2.8%
Q1 23	$31M	2.9%
Q2 23	$32M	2.8%
Q3 23	$33M	3.1%
Q4 23	$35M	3.1%
Q1 24	$38M	3.6%
Q2 24	$40M	4.4%
Q3 24	$37M	4.0%
Q4 24	$41M	3.6%
Q1 25	$41M	3.8%
Q2 25	$48M	4.3%
Q3 25	$47M	3.8%
Q4 25	-$136M	-10.0%
Q1 26	$50M	3.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	$137M	—	—	$166M
Q3 22	$128M	—	—	$147M
Q4 22	$139M	—	—	$170M
Q1 23	$160M	—	—	$175M
Q2 23	$166M	—	—	$176M
Q3 23	$166M	—	—	$168M
Q4 23	$166M	—	—	$188M
Q1 24	$164M	$55M	$128M	—
Q2 24	$172M	$50M	$124M	—
Q3 24	$166M	$58M	$122M	—
Q4 24	$172M	$58M	$137M	—
Q1 25	$168M	$54M	$137M	—
Q2 25	$190M	$57M	$140M	—
Q3 25	$185M	$61M	$149M	—
Q4 25	$229M	$67M	$156M	—
Q1 26	$221M	$59M	$149M	—

Revenue Segments

Quarter	Product	Service	Blue Planet Automation Software and Services Segment	Global Services	Networking Platforms Segment	Platform Software and Services Segment
Q2 22	$760M	$189M	—	—	—	—
Q3 22	—	—	$17M	$123M	$665M	$63M
Q1 23	—	—	$15M	$113M	$855M	$73M
Q2 23	—	—	$21M	$128M	$915M	$69M
Q3 23	—	—	$13M	$129M	$847M	$79M
Q1 24	—	—	$14M	$127M	$807M	$90M
Q2 24	—	—	$14M	$135M	$676M	$85M
Q3 24	—	—	$26M	$134M	$700M	$83M
Q4 24	—	—	$23M	$142M	$859M	$100M
Q1 25	—	—	$26M	$130M	$821M	$95M
Q2 25	—	—	$28M	$146M	$866M	$85M
Q3 25	—	—	$28M	$160M	$941M	$90M
Q1 26	—	—	$20M	$164M	$1.1B	$93M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea	North America
Q2 22	$701M	$103M	$145M	—
Q3 22	—	$126M	$124M	$617M
Q1 23	—	$139M	$153M	$765M
Q2 23	—	$165M	$173M	$794M
Q3 23	—	$166M	$153M	$749M
Q1 24	—	$112M	$207M	$718M
Q2 24	—	$92M	$156M	$663M
Q3 24	—	$89M	$135M	$719M
Q4 24	—	$121M	$151M	$852M
Q1 25	—	$119M	$158M	$796M
Q2 25	—	$100M	$192M	$834M
Q3 25	—	$110M	$186M	$924M
Q1 26	—	$108M	$201M	$1.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.0B	$530M	$1.5B
Q3 22	$860M	$322M	$1.2B
Q4 22	$994M	$154M	$1.1B
Q1 23	$1.1B	$100M	$1.2B
Q2 23	$1.2B	$150M	$1.3B
Q3 23	$1.1B	$142M	$1.3B
Q4 23	$1.0B	$105M	$1.1B
Q1 24	$1.3B	$107M	$1.4B
Q2 24	$1.1B	$166M	$1.3B
Q3 24	$883M	$218M	$1.1B
Q4 24	$935M	$316M	$1.3B
Q1 25	$875M	$337M	$1.2B
Q2 25	$950M	$304M	$1.3B
Q3 25	$1.1B	$270M	$1.3B
Q4 25	$1.1B	$216M	$1.3B
Q1 26	$1.1B	$176M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	153M	-1.6%	-2.3%
Q3 22	150M	-1.9%	-4.0%
Q4 22	149M	-0.9%	-4.8%
Q1 23	150M	+0.3%	-4.0%
Q2 23	150M	+0.4%	-2.1%
Q3 23	150M	-0.1%	-0.3%
Q4 23	148M	-1.4%	-0.8%
Q1 24	146M	-1.4%	-2.5%
Q2 24	145M	-0.6%	-3.5%
Q3 24	145M	+0.3%	-3.1%
Q4 24	146M	+0.4%	-1.3%
Q1 25	146M	-0.0%	+0.1%
Q2 25	145M	-0.7%	+0.0%
Q3 25	144M	-0.3%	-0.6%
Q4 25	145M	+0.7%	-0.3%
Q1 26	146M	+0.2%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$131.1K	7K
Q3 22	$119.9K	7K
Q4 22	$120.2K	8K
Q1 23	$130.8K	8K
Q2 23	$140.2K	8K
Q3 23	$132.2K	8K
Q4 23	$133.1K	8K
Q1 24	$122.3K	8K
Q2 24	$107.4K	8K
Q3 24	$111.1K	8K
Q4 24	$129.9K	9K
Q1 25	$123.9K	9K
Q2 25	$130.1K	9K
Q3 25	$140.9K	9K
Q4 25	$148.9K	9K
Q1 26	$157.2K	9K

Revenue / Employee