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% YTDPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-12-12. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$3.6B
FY’22
$3.6B+0%
FY’23
$4.4B+21%
FY’24
$4.0B-8%
FY’25
$4.8B+19%
Margins & balance sheet — FY’25
Gross margin42.0%
Operating margin4.1%
Net margin2.6%
Net debt$486M
The read
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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.
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