Ciena Corp Financials
This page shows Ciena Corp (CIEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 showed cash generation outrunning accounting profit, with growth converted mainly through working-capital release rather than margin recovery.
Across the last three fiscal years, operating margin compressed to4.1% even as revenue reached$4.77B , so FY2025's cash jump was not a margin story. Because inventory did not build with the rebound, free cash flow of$665.3M far exceeded net income of$123.3M , pointing to working-capital release rather than richer unit economics.
Gross margin held around
Liquidity remains solid with a current ratio of 2.8x, although the short-term cushion is thinner than in prior years as current liabilities have risen. The company also spent
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ciena Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ciena Corp has an operating margin of 4.1%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is down from 4.2% the prior year.
Ciena Corp's revenue surged 18.8% year-over-year to $4.8B, reflecting rapid business expansion. This strong growth earns a score of 47/100.
Ciena Corp has a moderate D/E ratio of 0.55. This balance of debt and equity financing earns a leverage score of 43/100.
With a current ratio of 2.81, Ciena Corp holds $2.81 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Ciena Corp converts 14.0% of revenue into free cash flow ($665.3M). This strong cash generation earns a score of 67/100.
Ciena Corp's ROE of 4.4% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 3.0% the prior year.
Ciena Corp scores 12.75, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($62.4B) relative to total liabilities ($3.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ciena Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ciena Corp generates $6.54 in operating cash flow ($806.1M OCF vs $123.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ciena Corp earns $2.2 in operating income for every $1 of interest expense ($197.5M vs $89.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Ciena Corp generated $4.8B in revenue in fiscal year 2025. This represents an increase of 18.8% from the prior year.
Ciena Corp's EBITDA was $331.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.0% from the prior year.
Ciena Corp reported $123.3M in net income in fiscal year 2025. This represents an increase of 46.9% from the prior year.
Ciena Corp earned $0.85 per diluted share (EPS) in fiscal year 2025. This represents an increase of 46.6% from the prior year.
Cash & Balance Sheet
Ciena Corp generated $665.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 76.1% from the prior year.
Ciena Corp held $1.1B in cash against $1.5B in long-term debt as of fiscal year 2025.
Ciena Corp had 141M shares outstanding in fiscal year 2025. This represents a decrease of 0.9% from the prior year.
Margins & Returns
Ciena Corp's gross margin was 42.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.
Ciena Corp's operating margin was 4.1% in fiscal year 2025, reflecting core business profitability. This is down 0.0 percentage points from the prior year.
Ciena Corp's net profit margin was 2.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.
Ciena Corp's ROE was 4.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.
Capital Allocation
Ciena Corp invested $848.3M in research and development in fiscal year 2025. This represents an increase of 10.5% from the prior year.
Ciena Corp spent $334.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 31.4% from the prior year.
Ciena Corp invested $140.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.0% from the prior year.
CIEN Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+10.1% | $1.4B+43.1% | $997.2M-18.2% | $1.2B+8.3% | $1.1B+5.0% | $1.1B-1.6% | $1.1B+15.6% | $942.3M |
| Cost of Revenue | $879.2M+9.7% | $801.5M+39.7% | $573.7M-19.9% | $716.3M+6.4% | $673.0M+12.1% | $600.4M-5.4% | $634.4M+17.8% | $538.4M |
| Gross Profit | $691.6M+10.6% | $625.5M+47.7% | $423.5M-15.8% | $503.1M+11.1% | $452.8M-4.0% | $471.8M+3.7% | $455.2M+12.7% | $403.9M |
| R&D Expenses | $237.9M+7.4% | $221.5M+10.7% | $200.1M-5.6% | $211.9M-1.4% | $214.9M+11.5% | $192.7M+1.1% | $190.6M+0.9% | $188.9M |
| SG&A Expenses | $61.2M+3.3% | $59.2M-4.3% | $61.9M+2.2% | $60.6M+6.4% | $57.0M+5.7% | $53.9M-8.5% | $58.9M+1.2% | $58.2M |
| Operating Income | $237.9M+25.6% | $189.4M+292.8% | -$98.3M-233.6% | $73.5M+123.9% | $32.8M-59.3% | $80.7M+27.7% | $63.2M+136.2% | $26.7M |
| Interest Expense | $20.9M-1.6% | $21.3M-10.1% | $23.6M+3.7% | $22.8M+5.1% | $21.7M-5.3% | $22.9M-11.3% | $25.8M+5.9% | $24.4M |
| Income Tax | $12.8M-58.4% | $30.8M+231.5% | -$23.4M-251.1% | $15.5M+54.4% | $10.0M-58.2% | $24.0M+169.1% | $8.9M+320.1% | $2.1M |
| Net Income | $218.2M+45.2% | $150.3M+274.3% | -$86.2M-271.4% | $50.3M+460.9% | $9.0M-79.9% | $44.6M+6.1% | $42.0M+195.2% | $14.2M |
| EPS (Diluted) | $1.49+44.7% | $1.03 | N/A | $0.35+483.3% | $0.06-80.6% | $0.31 | N/A | $0.10 |
CIEN Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.0B+2.5% | $5.9B+0.5% | $5.9B+2.0% | $5.7B+1.6% | $5.7B+1.6% | $5.6B-1.2% | $5.6B+1.2% | $5.6B |
| Current Assets | $3.6B+0.8% | $3.5B-0.7% | $3.6B-3.3% | $3.7B+3.4% | $3.6B+2.1% | $3.5B-1.5% | $3.5B+0.2% | $3.5B |
| Cash & Equivalents | $1.0B-7.0% | $1.1B+2.9% | $1.1B+3.4% | $1.1B+11.2% | $949.8M+8.6% | $874.7M-6.4% | $934.9M+5.8% | $883.4M |
| Inventory | $808.4M-4.4% | $845.8M+2.4% | $826.2M-4.0% | $860.4M-1.6% | $874.3M+3.5% | $845.1M+3.0% | $820.4M-12.5% | $937.4M |
| Accounts Receivable | $1.1B+8.8% | $967.4M-0.9% | $975.9M-4.8% | $1.0B+10.3% | $929.8M-0.9% | $938.7M+3.3% | $908.6M+1.0% | $899.9M |
| Goodwill | $520.4M-0.3% | $521.7M+0.1% | $521.2M+17.2% | $444.8M0.0% | $444.8M+0.1% | $444.3M-0.1% | $444.7M0.0% | $444.8M |
| Total Liabilities | $3.1B+1.5% | $3.1B-1.1% | $3.1B+5.9% | $3.0B+2.7% | $2.9B+3.7% | $2.8B-1.6% | $2.8B+5.3% | $2.7B |
| Current Liabilities | $1.3B+4.0% | $1.3B-3.8% | $1.3B+16.5% | $1.1B+7.3% | $1.0B+9.5% | $956.5M-4.3% | $999.8M+14.9% | $870.6M |
| Long-Term Debt | $1.5B-0.3% | $1.5B0.0% | $1.5B-0.2% | $1.5B-0.2% | $1.5B-0.2% | $1.5B-0.1% | $1.5B-0.3% | $1.5B |
| Total Equity | $2.9B+3.6% | $2.8B+2.3% | $2.7B-2.1% | $2.8B+0.4% | $2.8B-0.6% | $2.8B-0.8% | $2.8B-2.6% | $2.9B |
| Retained Earnings | -$2.8B+7.2% | -$3.0B+4.7% | -$3.2B+0.6% | -$3.2B+1.6% | -$3.2B+0.3% | -$3.2B+1.4% | -$3.3B+1.1% | -$3.3B |
CIEN Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $259.7M+14.1% | $227.6M-38.7% | $371.1M+112.8% | $174.3M+11.1% | $156.9M+51.3% | $103.7M-70.3% | $349.4M+319.2% | -$159.4M |
| Capital Expenditures | $41.0M-44.4% | $73.9M+62.6% | $45.4M+14.3% | $39.8M+38.3% | $28.7M+6.9% | $26.9M-67.8% | $83.5M+326.3% | $19.6M |
| Free Cash Flow | $218.7M+42.2% | $153.8M-52.8% | $325.6M+141.9% | $134.6M+5.0% | $128.2M+66.9% | $76.8M-71.1% | $265.8M+248.5% | -$179.0M |
| Investing Cash Flow | -$153.9M-250.7% | -$43.9M+79.5% | -$213.8M-1184.3% | $19.7M+0.4% | $19.6M+129.3% | -$67.1M+55.0% | -$148.9M-690.3% | -$18.8M |
| Financing Cash Flow | -$180.7M-16.9% | -$154.5M-29.0% | -$119.8M-41.1% | -$84.9M+21.2% | -$107.8M-15.3% | -$93.5M+37.1% | -$148.7M-420.9% | -$28.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $84.4M+4.8% | $80.5M-4.7% | $84.5M+3.2% | $81.8M-6.0% | $87.0M+7.2% | $81.2M-36.9% | $128.7M+315.1% | $31.0M |
CIEN Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.0%+0.2pp | 43.8%+1.4pp | 42.5%+1.2pp | 41.3%+1.0pp | 40.2%-3.8pp | 44.0%+2.2pp | 41.8%-1.1pp | 42.9% |
| Operating Margin | 15.1%+1.9pp | 13.3%+23.1pp | -9.8%-15.9pp | 6.0%+3.1pp | 2.9%-4.6pp | 7.5%+1.7pp | 5.8%+3.0pp | 2.8% |
| Net Margin | 13.9%+3.4pp | 10.5%+19.2pp | -8.6%-12.8pp | 4.1%+3.3pp | 0.8%-3.4pp | 4.2%+0.3pp | 3.9%+2.4pp | 1.5% |
| Return on Equity | 7.5%+2.2pp | 5.4%+8.5pp | -3.2%-5.0pp | 1.8%+1.5pp | 0.3%-1.3pp | 1.6%+0.1pp | 1.5%+1.0pp | 0.5% |
| Return on Assets | 3.6%+1.1pp | 2.5%+4.0pp | -1.5%-2.4pp | 0.9%+0.7pp | 0.2%-0.6pp | 0.8%+0.1pp | 0.7%+0.5pp | 0.3% |
| Current Ratio | 2.73-0.1 | 2.81+0.1 | 2.73-0.6 | 3.28-0.1 | 3.40-0.2 | 3.65+0.1 | 3.54-0.5 | 4.06 |
| Debt-to-Equity | 0.53-0.0 | 0.55-0.0 | 0.56+0.0 | 0.550.0 | 0.550.0 | 0.550.0 | 0.54+0.0 | 0.53 |
| FCF Margin | 13.9%+3.1pp | 10.8%-21.9pp | 32.7%+21.6pp | 11.0%-0.4pp | 11.4%+4.2pp | 7.2%-17.2pp | 24.4%+43.4pp | -19.0% |
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Frequently Asked Questions
What is Ciena Corp's annual revenue?
Ciena Corp (CIEN) reported $4.8B in total revenue for fiscal year 2025. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ciena Corp's revenue growing?
Ciena Corp (CIEN) revenue grew by 18.8% year-over-year, from $4.0B to $4.8B in fiscal year 2025.
Is Ciena Corp profitable?
Yes, Ciena Corp (CIEN) reported a net income of $123.3M in fiscal year 2025, with a net profit margin of 2.6%.
What is Ciena Corp's EBITDA?
Ciena Corp (CIEN) had EBITDA of $331.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ciena Corp have?
As of fiscal year 2025, Ciena Corp (CIEN) had $1.1B in cash and equivalents against $1.5B in long-term debt.
What is Ciena Corp's gross margin?
Ciena Corp (CIEN) had a gross margin of 42.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ciena Corp's operating margin?
Ciena Corp (CIEN) had an operating margin of 4.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ciena Corp's net profit margin?
Ciena Corp (CIEN) had a net profit margin of 2.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ciena Corp's return on equity (ROE)?
Ciena Corp (CIEN) has a return on equity of 4.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ciena Corp's free cash flow?
Ciena Corp (CIEN) generated $665.3M in free cash flow during fiscal year 2025. This represents a 76.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ciena Corp's operating cash flow?
Ciena Corp (CIEN) generated $806.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ciena Corp's total assets?
Ciena Corp (CIEN) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ciena Corp's capital expenditures?
Ciena Corp (CIEN) invested $140.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ciena Corp spend on research and development?
Ciena Corp (CIEN) invested $848.3M in research and development during fiscal year 2025.
What is Ciena Corp's current ratio?
Ciena Corp (CIEN) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.
What is Ciena Corp's debt-to-equity ratio?
Ciena Corp (CIEN) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ciena Corp's return on assets (ROA)?
Ciena Corp (CIEN) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ciena Corp's Altman Z-Score?
Ciena Corp (CIEN) has an Altman Z-Score of 12.75, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ciena Corp's Piotroski F-Score?
Ciena Corp (CIEN) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ciena Corp's earnings high quality?
Ciena Corp (CIEN) has an earnings quality ratio of 6.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ciena Corp cover its interest payments?
Ciena Corp (CIEN) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ciena Corp?
Ciena Corp (CIEN) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.