Ciena
ConvictionModerate
Sells optical transport platforms, routers/switches, coherent pluggables and network-automation software (Blue Planet) plus installation/maintenance services to carriers, hyperscalers/cloud, enterprises and governments; hardware-led with growing high-margin software & services and IP licensing (WaveLogic DSP).
Revenue
$1.57B Q2 FY2026FY2025 $4.77B; FY2026 guided ~$6.3B +/-$100M (~+32% YoY midpointRev growth
+39.5% YoYin Q2 FY2026; +19% FY2025; ~+32% FY2026E midpointGross margin
44.9% adjustedin Q2 FY2026 (+~390 bps YoY); mid-40s% typical, mix-dependentOp margin
19.5% adjustedin Q2 FY2026 (+1,130 bps YoY); Q2 GAAP profitability now much closer to adjusted (GAAP dil EPS $1.49 vs adj $1.64Capex intensity
Lowroughly 2-3% of revenue (fabless DSP design; outsourced/contract manufacturingMarket cap
~$59.8BNYSE: CIEN, ~$423/sh, last close ~July 2, 2026; S&P 500 member, ~+105% YTDThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (figures: Q2 FY2026 reported June 4-5, 2026 for quarter ended May 2, 2026; FY2025 ended Nov 1, 2025; price/market cap at last close ~July 2, 2026, ahead of the July 4 holiday)· sign in (free) for the analyst summary; Pro unlocks full intelligence