What is Ciena's operating income?

Ciena's total operating income in 2025 was $197.53 million, based on the following breakdown: Total Gross Profit: $2.00 billion Total Operating Expenses: $1.81 billion

Ciena (CIEN) Financials

$321.52 +4.06 (+1.28%)

As of 09/4/2026 03:58 PM Eastern

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Annual Income Statements for Ciena

This table shows Ciena's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	11/3/2018	11/2/2019	10/31/2020	10/30/2021	10/29/2022	10/28/2023	11/2/2024	11/1/2025
Net Income / (Loss) Attributable to Common Shareholders	12	73	1,262	-345	278	361	500	153	255	84	123
Consolidated Net Income / (Loss)	12	73	1,262	-345	253	361	500	153	255	84	123
Net Income / (Loss) Continuing Operations	12	73	1,262	-345	278	361	500	153	255	84	123
Total Pre-Tax Income	24	87	156	149	338	456	463	183	324	120	156
Total Operating Income	100	156	215	230	347	487	495	223	358	167	198
Total Gross Profit	1,076	2,601	1,246	1,315	1,542	1,653	1,722	1,560	1,879	1,720	2,005
Total Revenue	2,446	2,601	2,802	3,094	3,572	3,532	3,621	3,633	4,387	4,015	4,770
Operating Revenue	2,446	2,601	2,802	3,094	3,572	3,532	3,621	3,633	4,387	4,015	4,770
Total Cost of Revenue	1,370	0.00	1,556	1,780	2,030	1,879	1,899	2,072	2,508	2,295	2,765
Operating Cost of Revenue	1,370	-	1,556	1,780	2,030	1,879	1,899	2,072	2,508	2,295	2,765
Total Operating Expenses	975	2,444	1,031	1,085	1,171	1,166	1,227	1,338	1,521	1,553	1,807
Selling, General & Admin Expense	123	133	143	160	174	170	182	179	215	221	239
Marketing Expense	334	350	356	394	423	416	452	467	491	511	581
Research & Development Expense	414	452	475	492	548	530	537	625	751	767	848
Amortization Expense	70	62	33	16	22	23	24	33	37	30	26
Restructuring Charge	34	9.55	24	23	3.37	27	32	34	27	25	113
Total Other Income / (Expense), net	-77	-69	-59	-81	-34	-31	-33	-40	-34	-47	-41
Interest Expense	51	57	60	69	37	32	31	47	96	97	90
Interest & Investment Income	-	-	0.91	-12	3.88	0.96	-1.77	6.75	62	50	49
Income Tax Expense	12	14	-1,106	493	60	95	-37	30	69	36	33
Basic Earnings per Share	$0.10	$0.52	$8.89	($2.40)	$1.63	$2.34	$3.22	$1.01	$1.71	$0.58	$0.87
Weighted Average Basic Shares Outstanding	118.42M	138.31M	142.00M	143.74M	155.72M	154.29M	155.28M	151.21M	148.97M	144.72M	142.22M
Diluted Earnings per Share	$0.10	$0.51	$7.53	($2.49)	$1.61	$2.32	$3.19	$1.00	$1.71	$0.58	$0.85
Weighted Average Diluted Shares Outstanding	120.10M	150.70M	169.92M	143.74M	157.61M	155.96M	156.74M	152.19M	149.38M	145.96M	145.25M
Weighted Average Basic & Diluted Shares Outstanding	116.70M	139.60M	142M	143.60M	155.50M	154.56M	154.88M	148.42M	144.83M	142.12M	140.85M

This table shows Ciena's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/27/2024	4/27/2024	7/27/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
Net Income / (Loss) Attributable to Common Shareholders	50	-17	14	37	45	8.97	50	19	150	218	266
Consolidated Net Income / (Loss)	50	-17	14	37	45	8.97	50	19	150	218	266
Net Income / (Loss) Continuing Operations	50	-17	14	37	45	8.97	50	19	150	218	266
Total Pre-Tax Income	72	-16	16	48	69	19	66	2.86	181	231	311
Total Operating Income	85	-3.97	27	59	81	33	74	10	189	238	301
Total Gross Profit	467	389	404	460	472	453	503	577	626	692	759
Total Revenue	1,038	911	942	1,124	1,072	1,126	1,219	1,352	1,427	1,571	1,671
Operating Revenue	1,038	911	942	1,124	1,072	1,126	1,219	1,352	1,427	1,571	1,671
Total Cost of Revenue	571	522	538	664	600	673	716	775	802	879	912
Operating Cost of Revenue	571	522	538	664	600	673	716	775	802	879	912
Total Operating Expenses	382	393	377	401	391	420	430	567	436	454	458
Selling, General & Admin Expense	55	50	58	58	54	57	61	67	59	61	63
Marketing Expense	128	124	122	137	137	140	149	156	149	150	154
Research & Development Expense	187	195	189	196	193	215	212	229	221	238	237
Amortization Expense	7.25	7.95	7.19	7.19	6.55	6.55	6.56	6.11	4.74	3.71	3.71
Restructuring Charge	4.97	16	1.36	2.61	1.54	1.95	1.77	108	1.80	0.81	0.89
Total Other Income / (Expense), net	-13	-12	-10	-11	-12	-14	-7.72	-7.63	-8.30	-6.81	9.44
Interest Expense	24	24	24	25	24	22	23	22	21	21	13
Interest & Investment Income	11	12	14	14	12	7.87	15	14	13	14	22
Income Tax Expense	22	0.82	2.13	11	24	10	16	-17	31	13	44
Basic Earnings per Share	$0.34	($0.12)	$0.10	$0.26	$0.31	$0.06	$0.35	$0.15	$1.06	$1.54	$1.88
Weighted Average Basic Shares Outstanding	145.29M	144.91M	144.39M	144.72M	142.88M	142.50M	141.85M	142.22M	141.68M	141.95M	142.06M
Diluted Earnings per Share	$0.34	($0.12)	$0.10	$0.26	$0.31	$0.06	$0.35	$0.13	$1.03	$1.49	$1.83
Weighted Average Diluted Shares Outstanding	145.85M	144.91M	145.36M	145.96M	145.94M	144.97M	144.50M	145.25M	145.80M	146.31M	145.97M
Weighted Average Basic & Diluted Shares Outstanding	144.60M	143.71M	144.43M	142.12M	142.15M	141.37M	141.06M	140.85M	141.40M	141.55M	141.81M

This table details how cash moves in and out of Ciena's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	11/3/2018	11/2/2019	10/31/2020	10/30/2021	10/29/2022	10/28/2023	11/2/2024	11/1/2025
Net Change in Cash & Equivalents	204	-13	-137	105	270	185	334	-428	16	-76	157
Net Cash From Operating Activities	262	290	235	229	413	494	542	-168	168	515	806
Net Cash From Continuing Operating Activities	262	290	235	229	413	494	542	-168	168	515	806
Net Income / (Loss) Continuing Operations	12	73	1,262	-345	253	361	500	153	255	84	123
Consolidated Net Income / (Loss)	12	73	1,262	-345	253	361	500	153	255	84	123
Depreciation Expense	56	63	77	84	88	94	96	96	93	93	104
Amortization Expense	80	78	46	26	35	39	36	44	50	41	36
Non-Cash Adjustments To Reconcile Net Income	127	128	132	151	117	152	150	155	197	283	357
Changes in Operating Assets and Liabilities, net	-13	-53	-1,282	313	-80	-152	-241	-616	-426	14	185
Net Cash From Investing Activities	-43	-296	-61	-19	24	-220	-91	-101	-383	-306	-241
Net Cash From Continuing Investing Activities	-43	-296	-61	-19	24	-220	-91	-101	-383	-306	-241
Purchase of Property, Plant & Equipment	-62	-107	-95	-68	-63	-83	-80	-91	-106	-137	-141
Acquisitions	-	-32	0.00	-83	0.00	-28	0.00	-62	-230	0.00	-231
Purchase of Investments	-247	-388	-302	-289	-162	-220	-166	-651	-255	-311	-218
Sale and/or Maturity of Investments	229	231	335	419	249	110	150	702	208	141	349
Net Cash From Financing Activities	-8.05	-4.23	-311	-99	-279	-87	-117	-133	229	-285	-406
Net Cash From Continuing Financing Activities	-8.05	-4.23	-311	-99	-168	-87	-117	-133	229	-285	-406
Repayment of Debt	-38	-276	-331	-312	-8.19	-5.58	-6.93	-11	-16	-14	-31
Repurchase of Common Equity	-	0.00	0.00	-111	-150	-75	-91	-501	-242	-255	-335
Issuance of Debt	0.00	249	0.00	305	-	0.00	0.00	400	498	0.00	19
Issuance of Common Equity	30	23	20	23	23	28	28	30	31	34	36
Other Financing Activities, net	-	0.00	0.00	-4.76	-32	-35	-47	-52	-42	-51	-96
Effect of Exchange Rate Changes	-6.68	-2.39	0.49	-5.86	0.48	-1.64	-0.20	-26	2.15	1.25	-1.51
Cash Interest Paid	41	47	47	45	40	33	30	43	84	93	85
Cash Income Taxes Paid	11	15	22	27	34	53	73	35	78	55	114

This table details how cash moves in and out of Ciena's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/27/2024	4/27/2024	7/27/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
Net Change in Cash & Equivalents	254	-173	-208	51	-60	75	106	36	31	-78	1,401
Net Cash From Operating Activities	266	58	-159	349	104	157	174	371	228	260	196
Net Cash From Continuing Operating Activities	266	58	-159	349	104	157	174	371	228	260	196
Net Income / (Loss) Continuing Operations	50	-17	14	37	45	8.97	50	19	150	218	266
Consolidated Net Income / (Loss)	50	-17	14	37	45	8.97	50	19	150	218	266
Depreciation Expense	23	23	23	24	25	25	27	27	32	35	35
Amortization Expense	10	11	9.95	9.95	8.78	8.78	8.79	9.86	12	10	13
Non-Cash Adjustments To Reconcile Net Income	61	66	46	110	54	68	59	176	81	89	110
Changes in Operating Assets and Liabilities, net	123	-25	-252	169	-28	46	29	138	-48	-93	-228
Net Cash From Investing Activities	18	-157	-19	-149	-67	20	20	-214	-44	-154	-117
Net Cash From Continuing Investing Activities	18	-157	-19	-149	-67	20	20	-214	-44	-154	-117
Purchase of Property, Plant & Equipment	-17	-17	-20	-84	-27	-29	-40	-45	-74	-41	-80
Purchase of Investments	-19	-169	-31	-91	-95	-61	-37	-24	-39	-188	-97
Sale and/or Maturity of Investments	54	29	32	26	55	110	97	87	69	75	59
Net Cash From Financing Activities	-35	-73	-29	-149	-93	-108	-85	-120	-155	-181	1,323
Net Cash From Continuing Financing Activities	-35	-73	-29	-149	-93	-108	-85	-120	-155	-181	1,323
Repayment of Debt	-2.40	-3.08	-2.93	-5.85	-22	-2.90	-2.90	-2.90	0.00	-5.79	-1,185
Repurchase of Common Equity	-38	-57	-31	-129	-81	-87	-82	-84	-81	-84	-173
Issuance of Debt	0.00	-	-	-	19	-	-	-	0.00	-	2,875
Issuance of Common Equity	17	-0.06	17	-0.00	17	-0.00	19	0.00	17	-	894
Other Financing Activities, net	-11	-13	-12	-14	-27	-18	-19	-32	-91	-91	-1,089
Effect of Exchange Rate Changes	4.65	-1.99	-1.16	-0.25	-3.29	6.23	-	-	2.25	-3.34	-1.46
Cash Interest Paid	19	27	19	28	26	18	25	17	17	24	18
Cash Income Taxes Paid	8.26	21	13	13	10	45	29	29	11	38	36

This table presents Ciena's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/30/2021	10/29/2022	10/28/2023	11/2/2024	11/1/2025
Total Assets	2,695	2,874	3,952	3,757	3,893	4,181	4,865	5,070	5,601	5,641	5,865
Total Current Assets	1,864	2,013	2,006	2,143	2,382	2,611	3,189	3,386	3,576	3,544	3,566
Cash & Equivalents	791	778	641	745	904	1,089	1,423	994	1,011	935	1,092
Short-Term Investments	135	275	279	149	110	151	181	154	105	316	216
Accounts Receivable	551	576	622	787	725	719	885	921	1,004	909	976
Inventories, net	191	211	267	263	345	344	374	947	1,051	820	826
Prepaid Expenses	196	173	197	199	298	308	326	370	406	564	455
Plant, Property, & Equipment, net	192	288	308	292	287	0.00	285	268	280	338	387
Total Noncurrent Assets	639	572	1,637	1,322	1,225	1,570	1,391	1,416	1,746	1,759	1,912
Long-Term Investments	95	90	50	59	10	82	70	35	134	81	57
Goodwill	256	267	267	298	298	311	312	328	445	445	521
Intangible Assets	203	147	101	148	113	97	65	70	206	165	224
Noncurrent Deferred & Refundable Income Taxes	-	1.12	1,155	745	715	648	800	824	809	886	885
Other Noncurrent Operating Assets	85	67	64	72	89	432	144	159	152	182	225
Total Liabilities & Shareholders' Equity	2,695	2,874	3,952	3,757	3,893	4,181	4,865	5,070	5,601	5,641	5,865
Total Liabilities	2,074	2,107	1,815	1,827	1,721	1,671	1,845	2,357	2,753	2,825	3,135
Total Current Liabilities	667	892	1,038	963	846	761	909	1,041	932	1,000	1,308
Short-Term Debt	2.50	236	352	7.00	7.00	6.93	6.93	6.93	12	12	12
Accounts Payable	222	236	260	341	345	292	356	516	318	423	543
Accrued Expenses	316	310	323	340	383	334	409	361	431	394	531
Current Deferred Revenue	126	109	102	111	111	109	118	138	154	156	209
Other Current Liabilities	-	-	0.00	164	-	19	19	19	17	14	14
Total Noncurrent Liabilities	1,407	1,216	778	864	875	911	936	1,316	1,821	1,825	1,827
Long-Term Debt	1,272	1,017	584	686	680	676	670	1,061	1,543	1,533	1,524
Noncurrent Deferred Revenue	63	74	83	58	45	50	57	62	74	81	95
Other Noncurrent Operating Liabilities	73	124	111	119	149	185	208	193	204	211	208
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	621	766	2,136	1,929	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Total Preferred & Common Equity	621	766	2,136	1,929	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	621	766	2,136	1,929	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Common Stock	6,642	6,717	6,812	6,883	6,839	6,828	6,805	6,392	6,264	6,156	5,954
Retained Earnings	-5,999	-5,926	-4,664	-4,948	-4,644	-4,283	-3,785	-3,632	-3,377	-3,293	-3,170
Accumulated Other Comprehensive Income / (Loss)	-22	-24	-11	-5.78	-22	-35	0.44	-47	-38	-47	-55

This table presents Ciena's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	4/29/2023	7/29/2023	1/27/2024	4/27/2024	7/27/2024	2/1/2025	5/3/2025	8/2/2025	1/31/2026	5/2/2026	8/1/2026
Total Assets	5,776	5,723	5,593	5,615	5,575	5,573	5,659	5,749	5,892	6,039	7,997
Total Current Assets	3,869	3,811	3,609	3,541	3,538	3,492	3,564	3,686	3,541	3,568	5,263
Cash & Equivalents	1,168	1,118	1,265	1,091	883	875	950	1,056	1,123	1,045	2,446
Short-Term Investments	150	142	107	166	218	337	304	270	176	158	184
Accounts Receivable	1,037	997	865	840	900	939	930	1,026	967	1,053	1,234
Inventories, net	1,098	1,193	985	1,023	937	845	874	860	846	808	872
Prepaid Expenses	416	362	387	422	600	496	506	474	428	504	527
Plant, Property, & Equipment, net	278	287	280	274	299	320	349	368	438	445	492
Total Noncurrent Assets	1,629	1,624	1,704	1,799	1,738	1,761	1,746	1,694	1,914	2,026	2,243
Long-Term Investments	25	21	104	166	112	105	92	64	70	200	214
Goodwill	446	447	445	445	445	444	445	445	522	520	513
Intangible Assets	231	219	196	185	175	156	147	139	213	202	189
Noncurrent Deferred & Refundable Income Taxes	795	792	814	822	832	868	864	852	878	874	1,093
Other Noncurrent Operating Assets	131	145	145	181	174	187	198	194	231	230	235
Total Liabilities & Shareholders' Equity	5,776	5,723	5,593	5,615	5,575	5,573	5,659	5,749	5,892	6,039	7,997
Total Liabilities	2,867	2,776	2,670	2,735	2,684	2,780	2,883	2,961	3,100	3,147	4,941
Total Current Liabilities	1,058	966	841	912	871	957	1,047	1,123	1,258	1,309	1,386
Short-Term Debt	12	12	12	12	12	12	12	12	12	12	0.00
Accounts Payable	445	393	316	332	317	396	419	465	547	607	654
Accrued Expenses	381	356	330	355	347	362	381	436	396	440	508
Current Deferred Revenue	203	188	167	197	179	174	222	196	290	238	211
Other Current Liabilities	17	17	17	16	16	13	13	15	13	12	12
Total Noncurrent Liabilities	1,809	1,810	1,828	1,822	1,814	1,823	1,836	1,838	1,842	1,839	3,555
Long-Term Debt	1,546	1,544	1,543	1,541	1,538	1,531	1,529	1,526	1,525	1,520	3,230
Noncurrent Deferred Revenue	68	72	77	80	78	83	83	81	100	102	100
Other Noncurrent Operating Liabilities	195	195	209	201	198	209	224	230	216	217	225
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,909	2,947	2,923	2,880	2,891	2,793	2,776	2,787	2,792	2,892	3,057
Total Preferred & Common Equity	2,909	2,947	2,923	2,880	2,891	2,793	2,776	2,787	2,792	2,892	3,057
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,909	2,947	2,923	2,880	2,891	2,793	2,776	2,787	2,792	2,892	3,057
Common Stock	6,447	6,427	6,276	6,247	6,262	6,110	6,056	6,022	5,851	5,734	5,657
Retained Earnings	-3,498	-3,469	-3,328	-3,345	-3,330	-3,249	-3,240	-3,190	-3,020	-2,802	-2,535
Accumulated Other Comprehensive Income / (Loss)	-40	-12	-25	-22	-40	-67	-40	-45	-39	-40	-65

This table displays calculated financial ratios and metrics derived from Ciena's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	11/3/2018	11/2/2019	10/31/2020	10/30/2021	10/29/2022	10/28/2023	11/2/2024	11/1/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.88%	6.33%	7.73%	10.44%	15.44%	-1.12%	2.51%	0.33%	20.75%	-8.47%	18.79%
EBITDA Growth	58.18%	35.40%	18.34%	0.69%	38.10%	31.95%	1.31%	-42.16%	37.66%	-39.95%	12.59%
EBIT Growth	266.61%	91.61%	49.53%	7.09%	50.80%	40.43%	1.72%	-55.02%	60.47%	-53.40%	18.55%
NOPAT Growth	54.14%	165.06%	1,227.76%	-130.69%	153.58%	35.19%	38.77%	-65.14%	50.81%	-58.54%	33.56%
Net Income Growth	128.71%	522.13%	1,638.61%	-127.31%	173.53%	42.56%	38.45%	-69.43%	66.66%	-67.05%	46.91%
EPS Growth	126.32%	410.00%	1,376.47%	-133.07%	164.66%	44.10%	37.50%	-68.65%	71.00%	-66.08%	46.55%
Operating Cash Flow Growth	191.83%	10.46%	-18.87%	-2.39%	80.21%	19.49%	9.72%	-130.97%	200.34%	205.67%	56.67%
Free Cash Flow Firm Growth	-464.54%	161.84%	299.56%	-119.47%	219.55%	195.53%	9.39%	-200.97%	28.96%	187.87%	17.83%
Invested Capital Growth	41.34%	0.36%	139.79%	-20.61%	9.99%	1.92%	8.12%	28.37%	21.43%	-3.96%	-4.26%
Revenue Q/Q Growth	4.31%	0.94%	1.02%	5.27%	1.96%	-3.80%	6.25%	-1.90%	3.75%	-0.13%	5.02%
EBITDA Q/Q Growth	6.50%	14.67%	-3.49%	13.90%	-0.08%	0.38%	7.50%	-13.72%	3.16%	-10.44%	-11.79%
EBIT Q/Q Growth	-16.00%	62.76%	-1.77%	21.10%	-0.76%	0.06%	9.73%	-21.26%	4.09%	-16.15%	-19.78%
NOPAT Q/Q Growth	172.88%	90.72%	797.62%	-151.36%	-2.14%	-5.61%	7.70%	-18.20%	17.97%	-39.47%	-9.48%
Net Income Q/Q Growth	324.19%	227.47%	811.26%	-145.87%	6.90%	-4.06%	8.33%	-23.07%	15.16%	-39.22%	-12.45%
EPS Q/Q Growth	211.11%	218.75%	709.68%	-162.25%	10.27%	-4.13%	8.14%	-21.26%	15.54%	-38.30%	-13.27%
Operating Cash Flow Q/Q Growth	4.29%	21.94%	0.78%	-23.52%	71.32%	-9.65%	14.26%	-265.05%	504.19%	42.67%	2.77%
Free Cash Flow Firm Q/Q Growth	-299.38%	137.65%	385.41%	-130.24%	95.32%	-17.43%	21.01%	-222.71%	45.57%	29.34%	-38.81%
Invested Capital Q/Q Growth	64.94%	-6.41%	105.07%	-3.75%	-6.58%	-4.01%	-5.00%	4.81%	-2.12%	-6.17%	-1.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.98%	100.00%	44.47%	42.49%	43.17%	46.80%	47.56%	42.95%	42.83%	42.83%	42.04%
EBITDA Margin	8.62%	10.97%	12.05%	10.99%	13.14%	17.54%	17.33%	9.99%	11.39%	7.47%	7.08%
Operating Margin	4.11%	6.01%	7.66%	7.43%	9.71%	13.79%	13.68%	6.13%	8.15%	4.15%	4.14%
EBIT Margin	3.06%	5.52%	7.66%	7.43%	9.71%	13.79%	13.68%	6.13%	8.15%	4.15%	4.14%
Profit (Net Income) Margin	0.48%	2.79%	45.04%	-11.14%	7.09%	10.23%	13.82%	4.21%	5.81%	2.09%	2.59%
Tax Burden Percent	49.10%	83.70%	808.29%	-231.68%	75.04%	79.24%	108.09%	83.78%	78.73%	70.05%	78.92%
Interest Burden Percent	31.71%	60.39%	72.71%	64.70%	97.39%	93.63%	93.42%	81.91%	90.52%	71.93%	79.12%
Effective Tax Rate	50.90%	16.30%	-708.29%	331.68%	17.69%	20.76%	-8.09%	16.22%	21.27%	29.95%	21.08%
Return on Invested Capital (ROIC)	6.61%	14.93%	116.49%	-28.24%	16.28%	20.81%	27.50%	8.08%	9.79%	3.78%	5.26%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.39%	-17.04%	-1,110.54%	-156.44%	27.00%	25.85%	31.81%	14.15%	-18.33%	-8.87%	-11.73%
Return on Net Nonoperating Assets (RNNOA)	-2.38%	-4.47%	-29.54%	11.29%	-3.93%	-5.38%	-9.41%	-2.75%	-0.63%	-0.81%	-0.81%
Return on Equity (ROE)	4.23%	10.46%	86.95%	-16.96%	12.36%	15.43%	18.09%	5.33%	9.16%	2.96%	4.45%
Cash Return on Invested Capital (CROIC)	-27.65%	14.57%	34.21%	-5.26%	6.77%	18.92%	19.70%	-16.76%	-9.57%	7.82%	9.61%
Operating Return on Assets (OROA)	3.14%	5.16%	6.29%	5.97%	9.07%	12.06%	10.95%	4.49%	6.70%	2.96%	3.43%
Return on Assets (ROA)	0.49%	2.61%	36.98%	-8.94%	6.63%	8.95%	11.06%	3.08%	4.78%	1.49%	2.14%
Return on Common Equity (ROCE)	4.23%	10.46%	86.95%	-16.96%	12.36%	15.43%	18.09%	5.33%	9.16%	2.96%	4.45%
Return on Equity Simple (ROE_SIMPLE)	1.88%	9.47%	59.07%	-17.87%	11.66%	14.40%	16.56%	5.64%	8.95%	2.98%	0.00%
Net Operating Profit after Tax (NOPAT)	49	131	1,736	-533	285	386	535	187	282	117	156
NOPAT Margin	2.02%	5.03%	61.95%	-17.22%	7.99%	10.92%	14.79%	5.14%	6.42%	2.91%	3.27%
Net Nonoperating Expense Percent (NNEP)	8.00%	31.98%	1,227.03%	128.19%	-10.72%	-5.04%	-4.31%	-6.07%	28.12%	12.65%	16.99%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.94%	6.39%	2.68%	3.66%
Cost of Revenue to Revenue	56.02%	0.00%	55.53%	57.51%	56.83%	53.20%	52.44%	57.05%	57.17%	57.17%	57.96%
SG&A Expenses to Revenue	5.05%	5.11%	5.09%	5.18%	4.88%	4.80%	5.02%	4.94%	4.91%	5.50%	5.00%
R&D to Revenue	16.94%	17.37%	16.97%	15.89%	15.34%	15.00%	14.82%	17.20%	17.11%	19.12%	17.79%
Operating Expenses to Revenue	39.87%	93.99%	36.80%	35.06%	32.77%	33.01%	33.88%	36.82%	34.68%	38.68%	37.89%
Earnings before Interest and Taxes (EBIT)	75	144	215	230	347	487	495	223	358	167	198
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	211	285	338	340	469	619	628	363	500	300	338
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.24	3.52	1.42	2.37	2.59	2.42	2.79	2.63	2.13	3.28	9.82
Price to Tangible Book Value (P/TBV)	20.11	7.66	1.72	3.08	3.20	2.89	3.18	3.09	2.76	4.19	13.50
Price to Revenue (P/Rev)	1.33	1.04	1.08	1.48	1.58	1.72	2.32	1.97	1.38	2.30	5.62
Price to Earnings (P/E)	278.82	37.20	2.41	0.00	20.27	16.82	16.82	46.75	23.80	110.05	217.20
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.36%	2.69%	41.58%	0.00%	4.93%	5.94%	5.95%	2.14%	4.20%	0.91%	0.46%
Enterprise Value to Invested Capital (EV/IC)	4.01	3.21	1.43	2.58	2.89	2.91	3.66	2.71	2.02	3.12	9.30
Enterprise Value to Revenue (EV/Rev)	1.43	1.08	1.07	1.39	1.48	1.54	2.05	1.94	1.45	2.35	5.65
Enterprise Value to EBITDA (EV/EBITDA)	16.64	9.85	8.89	12.67	11.29	8.78	11.81	19.37	12.75	31.50	79.79
Enterprise Value to EBIT (EV/EBIT)	46.78	19.58	13.98	18.73	15.28	11.17	14.97	31.56	17.82	56.73	136.48
Enterprise Value to NOPAT (EV/NOPAT)	71.09	21.51	1.73	0.00	18.57	14.10	13.85	37.67	22.63	80.98	172.95
Enterprise Value to Operating Cash Flow (EV/OCF)	13.38	9.71	12.78	18.78	12.83	11.02	13.69	0.00	37.84	18.37	33.45
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.04	5.89	0.00	44.66	15.51	19.33	0.00	0.00	39.10	94.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.05	1.64	0.44	0.36	0.32	0.27	0.22	0.39	0.55	0.55	0.56
Long-Term Debt to Equity	2.05	1.33	0.27	0.36	0.31	0.27	0.22	0.39	0.54	0.54	0.56
Financial Leverage	1.71	0.26	0.03	-0.07	-0.15	-0.21	-0.30	-0.19	0.03	0.09	0.07
Leverage Ratio	8.65	4.01	2.35	1.90	1.86	1.72	1.64	1.73	1.92	1.98	2.07
Compound Leverage Factor	2.74	2.42	1.71	1.23	1.82	1.61	1.53	1.42	1.74	1.43	1.64
Debt to Total Capital	67.24%	62.06%	30.46%	26.44%	24.03%	21.40%	18.32%	28.25%	35.32%	35.42%	36.01%
Short-Term Debt to Total Capital	0.13%	11.70%	11.47%	0.27%	0.24%	0.22%	0.19%	0.18%	0.27%	0.27%	0.27%
Long-Term Debt to Total Capital	67.10%	50.37%	19.00%	26.17%	23.79%	21.18%	18.13%	28.07%	35.05%	35.15%	35.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.76%	37.94%	69.54%	73.56%	75.97%	78.60%	81.68%	71.75%	64.68%	64.58%	63.99%
Debt to EBITDA	6.05	4.39	2.77	2.04	1.46	1.10	1.08	2.94	3.11	5.15	4.55
Net Debt to EBITDA	1.20	0.39	-0.10	-0.76	-0.72	-1.03	-1.59	-0.32	0.61	0.71	0.50
Long-Term Debt to EBITDA	6.04	3.57	1.73	2.02	1.45	1.09	1.07	2.92	3.09	5.11	4.51
Debt to NOPAT	25.84	9.59	0.54	-1.30	2.41	1.77	1.26	5.72	5.52	13.24	9.85
Net Debt to NOPAT	5.13	0.85	-0.02	0.49	-1.18	-1.65	-1.86	-0.62	1.09	1.82	1.09
Long-Term Debt to NOPAT	25.79	7.78	0.34	-1.29	2.38	1.75	1.25	5.68	5.48	13.14	9.78
Altman Z-Score	-0.64	-0.58	0.53	1.06	1.98	2.51	3.29	2.23	2.04	2.50	5.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.79	2.26	1.93	2.22	2.82	3.43	3.51	3.25	3.84	3.55	2.73
Quick Ratio	2.21	1.83	1.49	1.75	2.06	2.57	2.74	1.99	2.27	2.16	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-206	128	510	-99	119	351	384	-387	-275	242	285
Operating Cash Flow to CapEx	422.02%	270.11%	248.29%	339.06%	660.19%	597.16%	680.89%	-184.72%	158.51%	376.56%	572.51%
Free Cash Flow to Firm to Interest Expense	-4.03	2.24	8.56	-1.44	3.17	10.97	12.44	-8.23	-2.87	2.49	3.16
Operating Cash Flow to Interest Expense	5.12	5.09	3.95	3.32	11.03	15.44	17.56	-3.57	1.76	5.30	8.94
Operating Cash Flow Less CapEx to Interest Expense	3.91	3.21	2.36	2.34	9.36	12.86	14.99	-5.50	0.65	3.89	7.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	0.93	0.82	0.80	0.93	0.87	0.80	0.73	0.82	0.71	0.83
Accounts Receivable Turnover	4.57	4.61	4.68	4.39	4.73	4.89	4.51	4.02	4.56	4.20	5.06
Inventory Turnover	6.15	0.00	6.50	6.72	6.68	5.45	5.28	3.14	2.51	2.45	3.36
Fixed Asset Turnover	15.35	10.83	9.39	10.31	12.34	0.00	0.00	13.14	16.01	13.00	13.17
Accounts Payable Turnover	6.34	0.00	6.27	5.93	5.92	5.90	5.86	4.75	6.01	6.19	5.72
Days Sales Outstanding (DSO)	79.83	79.09	78.06	83.08	77.22	74.62	80.87	90.72	80.07	86.93	72.11
Days Inventory Outstanding (DIO)	59.38	0.00	56.11	54.34	54.64	66.95	69.07	116.33	145.37	148.78	108.70
Days Payable Outstanding (DPO)	57.53	0.00	58.18	61.60	61.62	61.83	62.29	76.81	60.69	58.93	63.78
Cash Conversion Cycle (CCC)	81.68	79.09	75.99	75.82	70.24	79.74	87.65	130.24	164.76	176.78	117.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	874	877	2,103	1,669	1,836	1,871	2,023	2,597	3,154	3,029	2,900
Invested Capital Turnover	3.28	2.97	1.88	1.64	2.04	1.91	1.86	1.57	1.53	1.30	1.61
Increase / (Decrease) in Invested Capital	256	3.16	1,226	-433	167	35	152	574	557	-125	-129
Enterprise Value (EV)	3,506	2,811	3,002	4,306	5,299	5,440	7,414	7,032	6,370	9,452	26,960
Market Capitalization	3,253	2,700	3,035	4,566	5,636	6,079	8,411	7,148	6,064	9,239	26,789
Book Value per Share	$4.61	$5.50	$14.97	$13.53	$14.05	$16.26	$19.49	$18.31	$19.27	$19.50	$19.35
Tangible Book Value per Share	$1.20	$2.53	$12.39	$10.40	$11.39	$13.62	$17.06	$15.63	$14.87	$15.28	$14.06
Total Capital	1,895	2,020	3,072	2,623	2,860	3,193	3,697	3,781	4,403	4,361	4,265
Total Debt	1,274	1,254	936	693	687	683	677	1,068	1,555	1,545	1,536
Total Long-Term Debt	1,272	1,017	584	686	680	676	670	1,061	1,543	1,533	1,524
Net Debt	253	111	-33	-260	-337	-638	-997	-116	305	213	170
Capital Expenditures (CapEx)	62	107	95	68	63	83	80	91	106	137	141
Debt-free, Cash-free Net Working Capital (DFCFNWC)	274	305	401	292	529	618	683	1,204	1,540	1,305	961
Debt-free Net Working Capital (DFNWC)	1,200	1,358	1,321	1,187	1,543	1,857	2,287	2,352	2,655	2,556	2,269
Net Working Capital (NWC)	1,197	1,122	969	1,180	1,536	1,850	2,280	2,345	2,644	2,545	2,257
Net Nonoperating Expense (NNE)	38	58	474	-188	32	25	35	34	27	33	33
Net Nonoperating Obligations (NNO)	253	111	-33	-260	-337	-638	-997	-116	305	213	170
Total Depreciation and Amortization (D&A)	136	142	123	110	123	133	132	140	142	133	140
Debt-free, Cash-free Net Working Capital to Revenue	11.19%	11.73%	14.32%	9.44%	14.81%	17.50%	18.86%	33.14%	35.11%	32.51%	20.14%
Debt-free Net Working Capital to Revenue	49.05%	52.22%	47.15%	38.35%	43.19%	52.59%	63.16%	64.75%	60.54%	63.67%	47.57%
Net Working Capital to Revenue	48.95%	43.13%	34.57%	38.12%	43.00%	52.39%	62.97%	64.56%	60.27%	63.38%	47.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.52	$8.89	($2.40)	$1.63	$2.34	$3.22	$1.01	$1.71	$0.58	$0.87
Adjusted Weighted Average Basic Shares Outstanding	118.42M	138.31M	142.00M	143.74M	155.72M	154.29M	155.28M	151.21M	148.97M	144.72M	142.22M
Adjusted Diluted Earnings per Share	$0.10	$0.51	$7.53	($2.49)	$1.61	$2.32	$3.19	$1.00	$1.71	$0.58	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	120.10M	150.70M	169.92M	143.74M	157.61M	155.96M	156.74M	152.19M	149.38M	145.96M	145.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.63	$0.00	$3.22	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.79M	140.38M	143.68M	156.48M	154.05M	154.56M	154.88M	148.42M	144.83M	142.12M	140.85M
Normalized Net Operating Profit after Tax (NOPAT)	94	139	167	177	288	407	369	216	303	134	245
Normalized NOPAT Margin	3.85%	5.33%	5.96%	5.73%	8.07%	11.52%	10.20%	5.93%	6.91%	3.34%	5.14%
Pre Tax Income Margin	0.97%	3.33%	5.57%	4.81%	9.45%	12.91%	12.78%	5.02%	7.38%	2.99%	3.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.46	2.52	3.61	3.33	9.26	15.23	16.06	4.74	3.73	1.72	2.19
NOPAT to Interest Expense	0.96	2.30	29.17	-7.71	7.62	12.07	17.36	3.97	2.94	1.20	1.73
EBIT Less CapEx to Interest Expense	0.25	0.64	2.02	2.35	7.59	12.65	13.48	2.81	2.62	0.31	0.63
NOPAT Less CapEx to Interest Expense	-0.25	0.41	27.58	-8.68	5.95	9.48	14.78	2.04	1.83	-0.21	0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-32.20%	59.22%	20.63%	18.25%	327.53%	95.05%	303.14%	271.21%

This table displays calculated financial ratios and metrics derived from Ciena's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/27/2024	4/27/2024	7/27/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026	8/1/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	140,854,735.00	141,398,427.00	141,552,922.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	140,854,735.00	141,398,427.00	141,552,922.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1.07	1.54	1.88
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.78%	-19.58%	-11.76%	-0.48%	3.33%	23.61%	29.40%	20.27%	-	39.51%	37.05%
EBITDA Growth	-0.25%	-78.57%	-47.75%	-27.33%	-2.84%	122.72%	82.98%	-48.55%	-	324.34%	220.43%
EBIT Growth	-0.69%	-103.86%	-65.81%	-35.15%	-4.69%	928.30%	174.97%	-82.28%	-	624.29%	309.57%
NOPAT Growth	-8.55%	-104.10%	-35.62%	-61.33%	-10.62%	658.10%	141.55%	56.69%	-	1,350.30%	359.60%
Net Income Growth	-35.01%	-129.22%	-52.14%	-59.40%	-10.04%	153.23%	253.53%	-47.37%	-	2,333.05%	429.57%
EPS Growth	-33.33%	-131.58%	-50.00%	-58.06%	-8.82%	150.00%	250.00%	-50.00%	-	2,383.33%	422.86%
Operating Cash Flow Growth	200.16%	-74.56%	-1,934.45%	78.73%	-61.02%	168.41%	209.39%	6.22%	-	65.47%	12.57%
Free Cash Flow Firm Growth	130.87%	113.21%	102.45%	138.92%	-87.63%	-50.89%	1,912.81%	17.47%	-	220.65%	-171.57%
Invested Capital Growth	-7.30%	-3.65%	0.18%	-3.96%	0.53%	-1.30%	-9.09%	-4.26%	-	1.67%	17.33%
Revenue Q/Q Growth	-8.13%	-12.23%	3.46%	19.29%	-4.61%	5.00%	8.31%	10.87%	-	10.07%	6.39%
EBITDA Q/Q Growth	-8.24%	-74.50%	99.22%	55.86%	22.70%	-41.54%	63.67%	-56.18%	-	21.37%	23.59%
EBIT Q/Q Growth	-7.31%	-104.69%	774.48%	121.40%	36.23%	-59.28%	123.91%	-85.73%	-	25.58%	26.61%
NOPAT Q/Q Growth	-50.34%	-104.73%	938.35%	96.21%	14.80%	-70.45%	262.85%	27.28%	-	42.94%	14.99%
Net Income Q/Q Growth	-45.67%	-134.01%	184.46%	160.21%	20.37%	-79.88%	460.91%	-61.26%	-	45.21%	22.09%
EPS Q/Q Growth	-45.16%	-135.29%	183.33%	160.00%	19.23%	-80.65%	483.33%	-62.86%	-	44.66%	22.82%
Operating Cash Flow Q/Q Growth	36.12%	-78.02%	-372.57%	319.20%	-70.31%	51.31%	11.09%	112.84%	-	14.08%	-24.43%
Free Cash Flow Firm Q/Q Growth	167.29%	-62.36%	-84.37%	883.04%	-78.62%	49.45%	540.68%	-42.63%	-	-19.40%	-242.99%
Invested Capital Q/Q Growth	-4.78%	0.22%	7.25%	-6.17%	-0.33%	-1.60%	-1.21%	-1.19%	-	2.07%	13.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.00%	42.67%	42.87%	40.92%	44.00%	40.22%	41.26%	42.69%	-	44.03%	45.43%
EBITDA Margin	11.32%	3.29%	6.33%	8.27%	10.64%	5.93%	8.95%	3.54%	-	18.02%	20.94%
Operating Margin	8.16%	-0.44%	2.84%	5.27%	7.52%	2.92%	6.03%	0.78%	-	15.14%	18.02%
EBIT Margin	8.16%	-0.44%	2.84%	5.27%	7.52%	2.92%	6.03%	0.78%	-	15.14%	18.02%
Profit (Net Income) Margin	4.77%	-1.85%	1.51%	3.29%	4.16%	0.80%	4.13%	1.44%	-	13.89%	15.94%
Tax Burden Percent	69.29%	105.12%	87.01%	77.11%	64.98%	47.17%	76.43%	681.91%	-	94.44%	85.77%
Interest Burden Percent	84.49%	404.26%	61.16%	81.10%	85.04%	57.90%	89.51%	27.24%	-	97.14%	103.14%
Effective Tax Rate	30.71%	0.00%	12.99%	22.89%	35.02%	52.83%	23.57%	-581.91%	-	5.56%	14.23%
Return on Invested Capital (ROIC)	7.91%	-0.41%	3.08%	5.28%	6.57%	1.96%	6.79%	8.51%	-	26.59%	29.19%
ROIC Less NNEP Spread (ROIC-NNEP)	4.12%	-8.58%	0.12%	1.94%	1.43%	-2.07%	4.36%	-18.66%	-	22.60%	32.22%
Return on Net Nonoperating Assets (RNNOA)	0.34%	-0.51%	0.01%	0.18%	0.08%	-0.12%	0.37%	-1.29%	-	1.29%	2.94%
Return on Equity (ROE)	8.25%	-0.92%	3.09%	5.45%	6.65%	1.84%	7.17%	7.22%	-	27.88%	32.13%
Cash Return on Invested Capital (CROIC)	16.46%	10.30%	5.80%	7.82%	3.12%	5.91%	15.11%	9.61%	-	13.90%	4.95%
Operating Return on Assets (OROA)	6.32%	-0.32%	2.02%	3.76%	5.46%	2.21%	4.84%	0.64%	-	14.42%	15.79%
Return on Assets (ROA)	3.70%	-1.35%	1.07%	2.35%	3.02%	0.60%	3.31%	1.20%	-	13.23%	13.97%
Return on Common Equity (ROCE)	8.25%	-0.92%	3.09%	5.45%	6.65%	1.84%	7.17%	7.22%	-	27.88%	32.13%
Return on Equity Simple (ROE_SIMPLE)	7.80%	5.33%	4.78%	0.00%	2.83%	3.77%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	59	-2.78	23	46	52	15	56	72	157	225	258
NOPAT Margin	5.65%	-0.30%	2.47%	4.06%	4.89%	1.38%	4.61%	5.29%	-	14.30%	15.46%
Net Nonoperating Expense Percent (NNEP)	3.78%	8.17%	2.95%	3.33%	5.14%	4.03%	2.44%	27.17%	-	3.99%	-3.04%
Return On Investment Capital (ROIC_SIMPLE)	1.31%	-	-	1.05%	1.21%	0.36%	1.30%	1.68%	3.63%	5.08%	4.11%
Cost of Revenue to Revenue	55.00%	57.33%	57.13%	59.08%	56.00%	59.78%	58.74%	57.31%	-	55.97%	54.57%
SG&A Expenses to Revenue	5.27%	5.44%	6.18%	5.17%	5.03%	5.06%	4.97%	4.97%	-	3.90%	3.76%
R&D to Revenue	18.05%	21.45%	20.05%	17.43%	17.97%	19.08%	17.38%	16.93%	-	15.15%	14.16%
Operating Expenses to Revenue	36.84%	43.11%	40.03%	35.66%	36.48%	37.30%	35.23%	41.92%	-	28.88%	27.41%
Earnings before Interest and Taxes (EBIT)	85	-3.97	27	59	81	33	74	10	189	238	301
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	117	30	60	93	114	67	109	48	233	283	350
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.60	2.34	2.49	3.28	4.43	3.73	4.50	9.82	-	26.17	17.46
Price to Tangible Book Value (P/TBV)	3.33	3.00	3.17	4.19	5.65	4.74	5.69	13.50	-	34.89	22.67
Price to Revenue (P/Rev)	1.74	1.63	1.79	2.30	3.06	2.43	2.76	5.62	-	13.59	8.86
Price to Earnings (P/E)	33.32	43.87	52.19	110.05	156.80	98.81	88.94	217.20	-	172.69	81.56
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	3.00%	2.28%	1.92%	0.91%	0.64%	1.01%	1.12%	0.46%	-	0.58%	1.23%
Enterprise Value to Invested Capital (EV/IC)	2.56	2.28	2.34	3.12	4.18	3.55	4.32	9.30	-	25.10	15.61
Enterprise Value to Revenue (EV/Rev)	1.76	1.66	1.88	2.35	3.11	2.47	2.79	5.65	-	13.61	8.93
Enterprise Value to EBITDA (EV/EBITDA)	15.38	17.63	22.52	31.50	42.49	31.63	33.10	79.79	-	112.60	58.81
Enterprise Value to EBIT (EV/EBIT)	21.52	27.46	37.97	56.73	77.53	52.89	51.48	136.48	-	148.28	72.75
Enterprise Value to NOPAT (EV/NOPAT)	27.72	34.02	39.13	80.98	114.79	76.71	73.61	172.95	-	162.68	80.67
Enterprise Value to Operating Cash Flow (EV/OCF)	10.97	12.99	20.92	18.37	35.80	23.41	16.16	33.45	-	73.41	50.97
Enterprise Value to Free Cash Flow (EV/FCFF)	14.96	21.75	40.37	39.10	134.23	59.74	27.23	94.64	-	182.11	340.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.54	0.54	0.55	0.55	0.55	0.55	0.56	-	0.53	1.06
Long-Term Debt to Equity	0.53	0.53	0.53	0.54	0.55	0.55	0.55	0.56	-	0.53	1.06
Financial Leverage	0.08	0.06	0.10	0.09	0.05	0.06	0.09	0.07	-	0.06	0.09
Leverage Ratio	1.96	1.97	1.94	1.98	1.95	1.99	1.99	2.07	-	2.06	2.35
Compound Leverage Factor	1.65	7.95	1.18	1.61	1.66	1.15	1.79	0.57	-	2.00	2.43
Debt to Total Capital	34.72%	35.02%	34.90%	35.42%	35.58%	35.68%	35.56%	36.01%	-	34.61%	51.38%
Short-Term Debt to Total Capital	0.26%	0.26%	0.26%	0.27%	0.27%	0.27%	0.27%	0.27%	-	0.26%	0.00%
Long-Term Debt to Total Capital	34.46%	34.76%	34.64%	35.15%	35.31%	35.42%	35.29%	35.74%	-	34.35%	51.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	65.28%	64.98%	65.10%	64.58%	64.42%	64.32%	64.44%	63.99%	-	65.39%	48.62%
Debt to EBITDA	3.11	3.98	4.63	5.15	5.20	4.62	4.02	4.55	-	2.27	3.53
Net Debt to EBITDA	0.16	0.33	1.01	0.71	0.76	0.58	0.38	0.50	-	0.19	0.42
Long-Term Debt to EBITDA	3.09	3.95	4.59	5.11	5.16	4.58	3.99	4.51	-	2.26	3.53
Debt to NOPAT	5.61	7.69	8.04	13.24	14.04	11.20	8.93	9.85	-	3.29	4.85
Net Debt to NOPAT	0.29	0.64	1.75	1.82	2.05	1.41	0.86	1.09	-	0.28	0.58
Long-Term Debt to NOPAT	5.57	7.63	7.98	13.14	13.94	11.12	8.86	9.78	-	3.26	4.85
Altman Z-Score	2.30	1.94	2.09	2.43	3.18	2.66	3.13	5.65	-	15.28	7.50
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.29	3.88	4.06	3.55	3.65	3.40	3.28	2.73	-	2.73	3.80
Quick Ratio	2.66	2.30	2.30	2.16	2.25	2.09	2.09	1.75	-	1.72	2.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	295	111	17	171	37	55	349	201	217	175	-250
Operating Cash Flow to CapEx	1,602.96%	345.97%	-813.23%	418.18%	385.82%	546.13%	438.60%	816.85%	-	632.68%	245.45%
Free Cash Flow to Firm to Interest Expense	12.41	4.66	0.71	6.83	1.54	2.51	15.32	9.12	-	8.36	-19.32
Operating Cash Flow to Interest Expense	11.19	2.45	-6.53	13.98	4.39	7.23	7.64	16.88	-	12.41	15.16
Operating Cash Flow Less CapEx to Interest Expense	10.49	1.74	-7.33	10.64	3.25	5.91	5.90	14.81	-	10.45	8.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.73	0.71	0.71	0.73	0.76	0.80	0.83	-	0.95	0.88
Accounts Receivable Turnover	4.55	4.42	4.24	4.20	4.49	4.82	4.72	5.06	-	5.62	5.33
Inventory Turnover	2.29	2.22	2.14	2.45	2.54	2.61	2.95	3.36	-	3.77	3.89
Fixed Asset Turnover	15.62	15.00	13.71	13.00	13.48	13.68	13.61	13.17	-	14.02	14.00
Accounts Payable Turnover	6.24	6.06	6.41	6.19	6.53	6.59	6.79	5.72	-	6.18	6.02
Days Sales Outstanding (DSO)	80.23	82.62	86.12	86.93	81.30	75.74	77.37	72.11	-	64.96	68.48
Days Inventory Outstanding (DIO)	159.31	164.34	170.90	148.78	143.64	139.82	123.63	108.70	-	96.82	93.89
Days Payable Outstanding (DPO)	58.52	60.20	56.95	58.93	55.88	55.37	53.73	63.78	-	59.02	60.63
Cash Conversion Cycle (CCC)	181.02	186.75	200.08	176.78	169.07	160.20	147.27	117.02	-	102.77	101.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,003	3,010	3,228	3,029	3,019	2,971	2,935	2,900	2,959	3,020	3,443
Invested Capital Turnover	1.40	1.35	1.25	1.30	1.34	1.43	1.47	1.61	-	1.86	1.89
Increase / (Decrease) in Invested Capital	-236	-114	5.91	-125	16	-39	-293	-129	-60	50	508
Enterprise Value (EV)	7,682	6,869	7,545	9,452	12,610	10,550	12,677	26,960	-	75,817	53,759
Market Capitalization	7,602	6,740	7,208	9,239	12,384	10,355	12,529	26,789	-	75,689	53,373
Book Value per Share	$20.12	$19.92	$20.12	$19.50	$19.66	$19.53	$19.72	$19.35	$19.82	$20.45	$21.59
Tangible Book Value per Share	$15.71	$15.56	$15.80	$15.28	$15.43	$15.37	$15.59	$14.06	$14.61	$15.34	$16.63
Total Capital	4,478	4,433	4,441	4,361	4,336	4,317	4,325	4,265	4,329	4,423	6,287
Total Debt	1,555	1,552	1,550	1,545	1,543	1,540	1,538	1,536	1,536	1,531	3,230
Total Long-Term Debt	1,543	1,541	1,538	1,533	1,531	1,529	1,526	1,524	1,525	1,520	3,230
Net Debt	80	129	337	213	226	194	147	170	167	128	386
Capital Expenditures (CapEx)	17	17	20	84	27	29	40	45	74	41	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,408	1,384	1,578	1,305	1,335	1,275	1,248	961	994	1,068	1,247
Debt-free Net Working Capital (DFNWC)	2,779	2,641	2,680	2,556	2,547	2,529	2,574	2,269	2,294	2,271	3,877
Net Working Capital (NWC)	2,767	2,629	2,668	2,545	2,535	2,517	2,563	2,257	2,283	2,260	3,877
Net Nonoperating Expense (NNE)	9.10	14	9.04	8.63	7.84	6.52	5.90	52	6.88	6.43	-8.10
Net Nonoperating Obligations (NNO)	80	129	337	213	226	194	147	170	167	128	386
Total Depreciation and Amortization (D&A)	33	34	33	34	33	34	36	37	44	45	49
Debt-free, Cash-free Net Working Capital to Revenue	32.23%	33.38%	39.26%	32.51%	32.96%	29.90%	27.48%	20.14%	-	19.18%	20.71%
Debt-free Net Working Capital to Revenue	63.63%	63.70%	66.65%	63.67%	62.89%	59.30%	56.68%	47.57%	-	40.78%	64.39%
Net Working Capital to Revenue	63.36%	63.42%	66.36%	63.38%	62.61%	59.03%	56.43%	47.32%	-	40.57%	64.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.12)	$0.10	$0.26	$0.31	$0.06	$0.35	$0.15	$1.06	$1.54	$1.88
Adjusted Weighted Average Basic Shares Outstanding	145.29M	144.91M	144.39M	144.72M	142.88M	142.50M	141.85M	142.22M	141.68M	141.95M	142.06M
Adjusted Diluted Earnings per Share	$0.34	($0.12)	$0.10	$0.26	$0.31	$0.06	$0.35	$0.13	$1.03	$1.49	$1.83
Adjusted Weighted Average Diluted Shares Outstanding	145.85M	144.91M	145.36M	145.96M	145.94M	144.97M	144.50M	145.25M	145.80M	146.31M	145.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	144.60M	143.71M	144.43M	142.12M	142.15M	141.37M	141.06M	140.85M	141.40M	141.55M	141.81M
Normalized Net Operating Profit after Tax (NOPAT)	62	8.18	24	48	53	24	58	83	159	225	259
Normalized NOPAT Margin	5.98%	0.90%	2.60%	4.24%	4.98%	2.16%	4.72%	6.13%	-	14.35%	15.50%
Pre Tax Income Margin	6.89%	-1.76%	1.74%	4.27%	6.40%	1.69%	5.40%	0.21%	-	14.71%	18.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.56	-0.17	1.10	2.37	3.41	1.51	3.22	0.48	-	11.37	23.26
NOPAT to Interest Expense	2.47	-0.12	0.95	1.83	2.22	0.71	2.46	3.25	-	10.74	19.95
EBIT Less CapEx to Interest Expense	2.86	-0.87	0.29	-0.97	2.27	0.19	1.48	-1.59	-	9.41	17.09
NOPAT Less CapEx to Interest Expense	1.77	-0.82	0.15	-1.52	1.08	-0.61	0.72	1.19	-	8.78	13.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Augmented Payout Ratio	122.91%	219.37%	224.63%	303.14%	376.65%	312.87%	268.83%	271.21%	-	75.57%	64.54%

Financials Breakdown Chart

Key Financial Trends

Ciena’s recent financial statements show a strong operating recovery. Revenue increased from $868.0 million in Q3 2022 to $1.57 billion in Q2 2026. Growth accelerated during the latest period: Q2 2026 revenue rose 39.5% from the restated Q2 2025, while gross profit increased 52.7%.

Profitability has improved sharply. Q2 2026 gross margin was approximately 44.0%, up from 40.2% in Q2 2025 and 39.3% in Q3 2022. Operating income reached $237.9 million, or a 15.1% operating margin, compared with $32.8 million, or 2.9%, in the year-ago quarter. Net income rose to $218.2 million from $9.0 million, and diluted EPS increased to $1.49 from $0.06.

The improvement is also visible sequentially. From Q1 to Q2 2026, revenue increased 10.1%, operating income rose 25.6%, net income increased 45.2%, and diluted EPS advanced from $1.03 to $1.49. This suggests that the earnings recovery remained in progress through the latest quarter.

Cash generation has generally strengthened alongside earnings, although quarterly working-capital swings remain significant. Operating cash flow was $259.7 million in Q2 2026, up from $156.9 million in Q2 2025 and negative $159.4 million in Q3 2024. However, large investment purchases, share repurchases and other financing outflows caused cash and equivalents to decline by $78.3 million during Q2 2026.

Revenue momentum is strong: Quarterly revenue has risen from $868.0 million in Q3 2022 to $1.57 billion in Q2 2026, with Q2 2026 growth of nearly 40% year over year.
Gross-margin expansion is supporting earnings growth: Gross margin improved to approximately 44.0% in Q2 2026 from about 40.2% in the restated year-ago quarter.
Operating leverage has become substantial: Operating expenses increased only about 8.0% year over year in Q2 2026, while gross profit rose more than 50%, driving operating income to $237.9 million.
Net income and EPS have rebounded sharply: Net income increased from $9.0 million in Q2 2025 to $218.2 million in Q2 2026, while diluted EPS rose from $0.06 to $1.49.
Operating cash flow remains positive: Ciena generated $259.7 million of operating cash flow in Q2 2026, exceeding reported net income and improving from the year-ago period.
Inventory levels have improved: Inventory declined to $808.4 million in Q2 2026 from $874.3 million in Q2 2025 and $1.19 billion in Q3 2023, potentially reducing pressure on working capital.
Debt is broadly stable: Total short- and long-term debt was approximately $1.53 billion in Q2 2026, slightly below the year-ago level, but cash and investments of about $1.20 billion leave the company with modest net debt.
Share repurchases continue: Ciena repurchased $84.4 million of common stock in Q2 2026 and has regularly returned capital through buybacks, which can support EPS if executed below intrinsic value.
Cash declined during the latest quarter: Despite strong operating cash flow, investing and financing outflows resulted in a $78.3 million reduction in cash and equivalents in Q2 2026.
Working capital was a cash use: Changes in operating assets and liabilities reduced operating cash flow by $93.0 million in Q2 2026, partly reflecting higher accounts receivable, which increased to $1.05 billion from $929.8 million a year earlier.

Investor takeaway: Ciena’s income statement is the clearest positive signal, with accelerating revenue, expanding margins and a major improvement in EPS. The balance sheet remains serviceable, but investors should monitor net debt, receivables and the company’s continued use of cash for investments and share repurchases. The historical negative retained earnings balance, which stood at negative $2.80 billion in Q2 2026, also indicates that the recent profitability improvement is important for rebuilding accumulated equity over time.

09/05/26 03:32 AM ETAI Generated. May Contain Errors.

Ciena Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ciena's financial year ends in November. Their financial year 2025 ended on November 1, 2025.

Ciena's net income appears to be on a downward trend, with a most recent value of $123.34 million in 2025, rising from $11.67 million in 2015. The previous period was $83.96 million in 2024. Check out Ciena's forecast to explore projected trends and price targets.

Ciena's total operating income in 2025 was $197.53 million, based on the following breakdown:

Total Gross Profit: $2.00 billion
Total Operating Expenses: $1.81 billion

Over the last 10 years, Ciena's total revenue changed from $2.45 billion in 2015 to $4.77 billion in 2025, a change of 95.0%.

Ciena's total liabilities were at $3.14 billion at the end of 2025, a 11.0% increase from 2024, and a 51.2% increase since 2015.

In the past 10 years, Ciena's cash and equivalents has ranged from $640.51 million in 2017 to $1.42 billion in 2021, and is currently $1.09 billion as of their latest financial filing in 2025.

Over the last 10 years, Ciena's book value per share changed from 4.61 in 2015 to 19.35 in 2025, a change of 320.0%.

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Financial statements for NYSE:CIEN last updated on 9/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ciena (CIEN) Financials

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