Equity · Technology
Ciena Corporation (CIEN) perpetual futures
CIEN perpetual futures on 16 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade CIENUSDT.
Ciena Corporation provides telecommunications networking hardware, software, and services for efficient data transmission globally.
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16/16 live markets
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16 markets
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| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | CIEN/USDT | Trading | $275.25 | +81.7% APR +0.075% every 8h | +22.6 bps | $81K | $1.5M | $273.5K | USDT | - | |
 KuCoin | Trade | CIEN/USDT | Trading | $275.64 | +61.2% APR +0.056% every 8h | +84.2 bps | $7.8K | $676.7K | $127.6K | USDT | 20x | |
 Ourbit | Trade | CIEN/USDT | Trading | $274.85 | +82.3% APR +0.075% every 8h | +20.0 bps | $35.5K | $275.9K | $129.9K | USDT | 20x | |
 Bybit | Trade | CIEN/USDT | Trading | $275.34 | +65.2% APR +0.060% every 8h | +45.3 bps | $25K | $221.2K | $189.8K | USDT | 25x | |
 XT.com | Trade | CIEN/USDT | Trading | $275.16 | +95.0% APR +0.087% every 8h | +22.6 bps | $109.1K | $155.7K | - | USDT | 20x | |
 Bitunix | Trade | CIEN/USDT | Trading | $275.20 | +97.6% APR +0.089% every 8h | +0.4 bps | $251.1K | $146K | $15.1K | USDT | 20x | |
 MEXC | Trade | CIEN/USDT | Trading | $275.23 | 0.0% APR 0.000% every 8h | +44.0 bps | $104.8K | $102.5K | $1.5M | USDT | 20x | |
 Bitget | Trade | CIEN/USDT | Trading | $274.79 | 0.0% APR 0.000% every 8h | +16.1 bps | $115.6K | $85.1K | $136.1K | USDT | 20x | |
 OKX | Trade | CIEN/USDT | Trading | $275.05 | +100.5% APR +0.092% every 8h | +23.4 bps | $1.6K | $77.5K | $121K | USDT | 20x | |
 HTX | Trade | CIEN/USDT | Trading | $274.40 | +11.0% APR +0.010% every 8h | +624.8 bps | $0 | $63.9K | $7.6K | USDT | - | |
 Gate.io | Trade | CIEN/USDT | Trading | $275.10 | 0.0% APR 0.000% every 8h | +54.8 bps | $17.6K | $15.5K | $49.2K | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | para:CIEN | Trading | $275.23 | +81.7% APR +0.00933% every 1h | +224.3 bps | $0 | $7K | $83.9K | USDC | 10x | |
 Crypto.com Exchange | Trade | CIEN/USD | Trading | $274.66 | +995.5% APR +0.114% every 1h | +39.8 bps | $1K | $2.8K | $505.4 | USD | 50x | |
 Deepcoin | Trade | CIEN/USDT | Trading | $275.27 | -11.0% APR -0.010% every 8h | +22.6 bps | - | $7.2M | - | USDT | 25x | |
 BingX | Trade | CIEN-USDT | Trading | $275.20 | +101.0% APR +0.092% every 8h | +25.7 bps | $157.8K15 min | $710.5K | - | USDT | - | |
 LBank | Trade | CIEN/USDT | Trading | $275.17 | +84.8% APR +0.077% every 8h | +18.2 bps | $10.6M | $762.7K⚠ | $192.6 | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| rCIENTokenized | $291.51 | +5.94% | $2k | $4k | Arbitrum |
| CIENRobinhood | – | – | – | $2k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 9 of 16 venues absorb $10k · Typical cost: +19.2 bps – +29.4 bps
Cheapest execution: Bitunix · +8.3 bps
Too thin: Gate.io, KuCoin, OKX, Crypto.com Exchange, Deepcoin
No fresh book data: HTX, Hyperliquid HIP-3
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
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Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $507.42 |
| 12-month target range (low – high) | $347 – $615 |
| Ratings in the provider's consensus | 42 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 6 | 11 | 5 | 0 | 0 |
| Oct 2026 | 5 | 11 | 5 | 0 | 0 |
| Sep 2026 | 5 | 11 | 6 | 0 | 1 |
| Aug 2026 | 5 | 9 | 6 | 0 | 1 |
| Jul 2026 | 5 | 8 | 6 | 1 | 1 |
| Jun 2026 | 5 | 8 | 6 | 1 | 1 |
| May 2026 | 5 | 8 | 6 | 1 | 0 |
| Apr 2026 | 5 | 8 | 5 | 1 | 0 |
| Mar 2026 | 5 | 7 | 6 | 1 | 0 |
| Feb 2026 | 5 | 5 | 6 | 1 | 0 |
| Jan 2026 | 5 | 6 | 6 | 1 | 0 |
| Dec 2025 | 5 | 7 | 5 | 1 | 1 |
Ownership
Institutional · 2026-Q2Reference market activity
CIEN-PERPPrice performance
11Insider activity
FY2026 Q4Insider transactions
25Ciena CEO Gary B. Smith sold 2,952 common shares on the open market at $298.1555 per share, leaving him with 222,503 shares directly held.
Ciena CFO Marc D. Graff had 3,759 common shares withheld for taxes at $320.72 under transaction code F (tax withholding), leaving 103,377 shares owned directly.
Ciena officer Gage Brodie sold 1,200 common shares at $344.08 on Oct 15, 2026, leaving 34,073 shares owned.
Ciena officer DiPerna Dino (EVP & Chief R&D Officer) sold 890 common shares in two open-market transactions on 2026-10-15 at $344.08–$350, leaving 36,183 shares owned.
CEO Gary B. Smith sold 2,952 shares of Ciena common stock at $348.0203 per share, leaving 225,455 shares owned.
Ciena EVP & Chief Strategy Officer David M Rothenstein sold 2,500 shares of common stock on the open market (S-Sale) at $348.0629 on 2026-10-15, leaving 172,881 shares owned.
Ciena director and President & CEO Gary B. Smith sold 2,952 shares of Common Stock at $369.6605 per share on 2026-10-01, leaving 228,407 shares owned.
Ciena EVP & CFO Marc D. Graff sold 97 common shares at $355.19 on 2026-10-01, leaving him 107,136 shares.
Ciena EVP & Chief Legal Officer Sheela Kosaraju sold 2,101 shares of Common Stock on the open market at $355.19 per share, leaving 84,065 shares owned after the sale.
Ciena officer Phipps Jason (EVP & Chief Customer Officer) sold 2,629 Common Stock shares at $355.19 on 2026-10-01, leaving 57,388 shares owned.
Ciena officer Joseph Cumello sold 1,586 shares of Common Stock at $358.5151 on 2026-09-25, leaving 39,570 shares held.
Ciena director Claflin Bruce L. sold 2,857 shares of Common Stock on the open market at $355.91 per share, leaving 8,279 shares owned after the transaction.
Ciena director Thomas Michael Nevens sold 3,738 common shares at $359.04 each on Sept 23, 2026, and gifted 2,797 shares on Sept 24, 2026.
Ciena officer Joseph Cumello reported 5 F-InKind (tax withholding) dispositions totaling 1,716 shares of Common Stock at $348.80, leaving 41,156 shares owned after.
Ciena officer DiPerna Dino reported 5 F-InKind tax-withholding disposals of Common Stock totaling 2,053 shares at $348.80 on 2026-09-20; he held 37,073 shares afterward.
Filings
71 · Latest SEC filingsCiena CEO Gary B. Smith sold 2,952 common shares on the open market at $298.1555 per share, leaving him with 222,503 shares directly held.
Ciena CFO Marc D. Graff had 3,759 common shares withheld for taxes at $320.72 under transaction code F (tax withholding), leaving 103,377 shares owned directly.
CEO Gary B. Smith sold 2,952 shares of Ciena common stock at $348.0203 per share, leaving 225,455 shares owned.
Ciena officer Gage Brodie sold 1,200 common shares at $344.08 on Oct 15, 2026, leaving 34,073 shares owned.
Ciena EVP & Chief Strategy Officer David M Rothenstein sold 2,500 shares of common stock on the open market (S-Sale) at $348.0629 on 2026-10-15, leaving 172,881 shares owned.
Ciena officer DiPerna Dino (EVP & Chief R&D Officer) sold 890 common shares in two open-market transactions on 2026-10-15 at $344.08–$350, leaving 36,183 shares owned.
Ciena director and President & CEO Gary B. Smith sold 2,952 shares of Common Stock at $369.6605 per share on 2026-10-01, leaving 228,407 shares owned.
Ciena EVP & CFO Marc D. Graff sold 97 common shares at $355.19 on 2026-10-01, leaving him 107,136 shares.
Ciena officer Phipps Jason (EVP & Chief Customer Officer) sold 2,629 Common Stock shares at $355.19 on 2026-10-01, leaving 57,388 shares owned.
Ciena EVP & Chief Legal Officer Sheela Kosaraju sold 2,101 shares of Common Stock on the open market at $355.19 per share, leaving 84,065 shares owned after the sale.
Ciena officer Joseph Cumello sold 1,586 shares of Common Stock at $358.5151 on 2026-09-25, leaving 39,570 shares held.
Ciena director Claflin Bruce L. sold 2,857 shares of Common Stock on the open market at $355.91 per share, leaving 8,279 shares owned after the transaction.
Ciena director Thomas Michael Nevens sold 3,738 common shares at $359.04 each on Sept 23, 2026, and gifted 2,797 shares on Sept 24, 2026.
Ciena officer DiPerna Dino reported 5 F-InKind tax-withholding disposals of Common Stock totaling 2,053 shares at $348.80 on 2026-09-20; he held 37,073 shares afterward.
Ciena officer Grant Hoffman disposed of 170 common shares at $348.80 for tax withholding (code F), leaving 6,347 shares owned.
Ciena officer Joseph Cumello reported 5 F-InKind (tax withholding) dispositions totaling 1,716 shares of Common Stock at $348.80, leaving 41,156 shares owned after.
Ciena officer Rothenstein David M reported 5 F-InKind transactions on 2026-09-20, disposing of 2,350 Common Stock shares at $348.8 each for tax withholding. He retained 175,381 shares.
Ciena officer Jason Phipps reported 4 tax-withholding (F-InKind) dispositions totaling 2,365 Common Stock shares at $348.80 on 2026-09-20, leaving 60,017 shares owned after the last transaction.
Ciena officer Kosaraju Sheela (EVP & Chief Legal Officer) reported 5 F-InKind transactions on 2026-09-20, in which 1,915 common shares were withheld for taxes at $348.80, leaving 86,166 shares owned.
Ciena officer Marc D. Graff (EVP & CFO) reported 286 shares of Common Stock withheld for tax at $348.80 on 2026-09-20, leaving 107,233 shares owned.
Ciena officer Gage Brodie reported 5 F-InKind transactions on 2026-09-20, disposing of 1,934 common shares total at $348.80 each for tax withholding, leaving 35,273 shares owned.
CEO Gary B. Smith disposed of 8,767 common shares at $348.80 each in 4 tax-withholding (F) transactions on 2026-09-20, leaving 231,359 shares owned.
Ciena director and CEO Gary B. Smith sold 2,952 shares of common stock on 2026-09-15 at $330.1789 per share, leaving 240,126 shares owned.
Ciena officer DiPerna Dino sold 498 common shares in two open-market sales on Sept 15-16, 2026 at $324.86-$350, leaving 39,126 shares owned.
Ciena officer Gage Brodie sold 1,200 shares of Common Stock on 2026-09-15 at $324.86 each, leaving 37,207 shares owned after the sale.
Ciena officer David M. Rothenstein (EVP & Chief Strategy Officer) sold 2,500 Common Stock shares on a 2026-09-15 open-market sale (S-Sale) at $330.4833, leaving 177,731 shares owned.
On September 1, 2026, CEO Gary B. Smith sold 2,952 common shares at $362.90 each.
On August 17, 2026, Officer Gage Brodie sold 1,200 shares of Ciena Corp common stock at $439.24 per share, leaving 38,407 shares.
CEO Gary B. Smith sold 2,952 common shares of Ciena at $447.78 each on August 17, 2026.
On August 14, 2026, SVP David M. Rothenstein sold 2,500 common shares of Ciena at $438.10 each, leaving 180,231 shares owned.
On 2026-08-14, CFO Graff Marc D. sold 4,995 common shares at $430.72 each, reducing his holdings to 107,519 shares.
Ciena President and CEO Gary B. Smith sold 2,952 shares of common stock at $379.81 on 2026-08-03, leaving 248,982 shares owned afterward.
Ciena SVP & CFO Marc D. Graff had 14,441 shares of common stock withheld to cover taxes at $377.05 per share, leaving 112,514 shares owned.
Dino DiPerna (SVP Global R&D) sold 782 shares of Ciena common stock on 2026-07-15 at $449.15 per share, leaving 39,624 shares owned afterward.
Gary B. Smith, President & CEO of Ciena, sold 2,952 common shares on 2026-07-15 at $421.1036 per share, leaving 251,934 shares owned afterward.
David M Rothenstein (SVP and Chief Strategy Officer) sold 2,500 shares of Ciena common stock on 2026-07-15 at $420.9137 per share, leaving 182,731 shares owned afterward.
Ciena SVP Gage Brodie sold 1,200 common shares at $449.15 on 2026-07-15, leaving 39,607 shares owned afterward.
Ciena President and CEO Gary B. Smith sold 2,952 shares of common stock at $468.8252 on 2026-07-01, leaving 254,886 shares owned afterward.
Jason Phipps, SVP Global Sales and Marketing, sold 2,629 shares of Ciena common stock at $466.20 on 2026-07-01, leaving 62,382 shares owned afterward.
Sheela Kosaraju (SVP and General Counsel) sold 2,013 shares of Ciena common stock at $466.20, leaving 88,081 shares owned afterward.
Ciena CFO Marc D. Graff sold 126 shares of common stock on 2026-07-01 at $466.20 per share, leaving him with 126,955 shares owned afterward.
Joseph Cumello, SVP & GM of Blue Planet at Ciena, sold 1,586 shares of common stock on the open market at $466.33 per share, leaving 42,872 shares owned afterward.
Ciena SVP & CFO Marc D. Graff sold 126 shares of common stock at $449.36 on 2026-06-24, leaving 127,081 shares owned afterward.
Ciena officer David M. Rothenstein disposed of 2,350 common shares at $428.22 each in five F-InKind tax-withholding transactions on 2026-06-20, leaving 185,231 shares owned after the last one.
Ciena SVP Dino DiPerna had 2,054 shares withheld to cover taxes at $428.22 per share across 5 transactions, leaving 40,406 shares owned afterward.
Ciena CFO Marc D. Graff had 199 shares of common stock withheld to cover taxes at $428.22 per share, leaving 127,207 shares owned afterward.
Joseph Cumello (SVP, GM Blue Planet) had 1,717 shares of Ciena common stock withheld for taxes on 2026-06-20 at $428.22 per share, across 5 transactions, leaving 44,458 shares owned afterward.
Jason Phipps (SVP Global Sales and Marketing) had 2,366 shares of Ciena common stock withheld to cover taxes at $428.22 per share, across 4 transactions on 2026-06-20. This was tax withholding, not an open-market sale.
Ciena SVP and General Counsel Sheela Kosaraju had 2,013 common shares withheld to cover taxes (Code F) on 2026-06-20, valued at $428.22 per share, leaving 90,094 shares owned after the final transaction.
Gage Brodie (SVP Global Products & Supply) had 1,934 Ciena common shares withheld for taxes on 2026-06-20 at $428.22 per share, across 5 transactions, leaving 40,807 shares owned afterward.
Grant Hoffman, Ciena's SVP Chief Supply Chain Officer, was awarded 6,517 shares of common stock on 2026-06-22 as compensation, bringing his ownership to 6,517 shares.
This Form 3 filing by Grant Hoffman, an officer of Ciena Corporation, is an initial ownership statement showing 0 shares of common stock owned as of 2026-06-22.
Gary B. Smith (President, CEO, Director) had 8,767 shares of Ciena common stock withheld to cover taxes at $428.22 per share on 2026-06-20, across 4 separate transactions. He now directly owns 257,838 shares.
Gary B. Smith (President, CEO & director) sold 2,952 shares of Ciena common stock at $457.0222 on 2026-06-15, leaving 266,605 shares owned afterward.
Ciena SVP Gage Brodie sold 1,200 common shares on 2026-06-15 at $466.10 per share, leaving 42,741 shares owned afterward.
David M. Rothenstein, SVP and Chief Strategy Officer of Ciena, sold 2,500 shares of common stock at $457.069 on 2026-06-15, leaving 187,581 shares owned afterward.
Ciena director and CEO Gary B. Smith sold 2,952 shares of common stock at $565.92 on 2026-06-01, leaving 269,557 shares owned afterward.
CIEN President and CEO Gary B. Smith sold 2,952 shares of common stock at $562.0513 on 2026-05-15, leaving 272,509 shares owned afterward.
David M Rothenstein, SVP and Chief Strategy Officer, sold 2,500 shares of Ciena common stock at $562.39 per share, leaving him with 190,081 shares owned.
Gage Brodie, SVP Global Products & Supply at Ciena, sold 1,200 shares of common stock at $570.65 on 2026-05-15, leaving 43,941 shares owned afterward.
Gary B. Smith (President, CEO, director) sold 2,952 shares of Ciena common stock on 2026-05-01 at $537.7421 per share, leaving 275,461 shares owned afterward.
Transcripts
Earnings callsFY2026 Q22026-06-04
Earnings calls
AI summary
positiveCiena achieved record Q2 revenue of $1.57B (up 40% YoY) with adjusted gross margin of 44.9% and adjusted EPS of $1.64 (nearly 4x YoY). The company raised FY2026 guidance to $6.3B revenue (32% YoY growth) driven by strong AI-related demand from hyperscalers and service providers, supported by a $7.7B backlog. Key product wins include the first multi-rail RLS Hyper-Rail order from a leading hyperscaler and expansion of the DCOM platform across multiple cloud customers.
Key takeaways
- Record Q2 revenue of $1.57B (+40% YoY) with adjusted gross margin of 44.9% and adjusted EPS of $1.64 (+4x YoY)
- Awarded first multi-rail RLS Hyper-Rail order from leading hyperscaler; expected to drive linear growth beginning in 2027 with hundreds of millions in value over multiple years
- Backlog increased $600M sequentially to $7.7B; approximately $6.4B hardware with ~80% expected delivery in next 12 months
- DCOM (data center out-of-band management) ramping strongly with 88% growth in Routing & Switching segment; targeting $1-3B TAM by 2029
Financial highlights
- Q2 revenue: $1.57B (up 40% YoY); FY2026 guidance raised to $6.3B ± $100M (32% YoY growth)
- Q2 adjusted gross margin: 44.9% (+4 percentage points YoY); FY2026 guidance 44.5-45%
- Q2 adjusted operating margin: 19.5%; FY2026 guidance 19% ± 50 bps
- Free cash flow: $219M (13.9% of revenue); cash balance: $1.4B; share buyback: $83M in Q2
Guidance
- Q3 2026 revenue guidance: ~$1.625B ± $50M with adjusted gross margin 45% ± 50 bps and adjusted operating margin 19-20%
- FY2026 revenue guidance: $6.3B ± $100M (32% YoY growth); gross margin 44.5-45%; OpEx $1.61B ± $20M; operating margin 19% ± 50 bps
- Backlog expected to increase further throughout remainder of FY2026 and into 2027; expect meaningful Hyper-Rail revenue uptick in 2027
- Pluggable revenue expected to more than double from 2025; Nitro Linear Redriver on track for summer general availability
Q&A themes
- Multi-rail Hyper-Rail deployments expected to begin in 2027 and scale linearly across multiple hyperscalers and service providers with strategic importance for long-distance AI training
- DCOM platform is multiyear and multifaceted opportunity with potential $1-3B TAM by 2029; now deployed with second hyperscaler and lab qualifications progressing with third
- Service provider segment growing 28% YoY driven by infrastructure underinvestment recovery and MOFN (managed optical fiber networks) opportunities; India service provider revenue more than doubled
- Operating expense increase driven ~90% by higher variable compensation from strong revenue and order performance, with ~10% for supply security investments; expect continued operating leverage
Risks
- Supply chain constraints persist, particularly on pump lasers for amplifiers and modems (CDMs), requiring ongoing supplier investment and capacity management
- Backlog conversion risk mitigated but noted: approximately $6.4B of $7.7B backlog is hardware with ~80% expected delivery in next 12 months; team emphasizes no evidence of inventory buildup or order cancellations unlike COVID era
- Hyper-Rail revenue not yet meaningful in 2026 with material uptick expected only in 2027, creating potential lumpy revenue patterns from large multi-year customer deployments
FY2026 Q12026-03-05
Earnings calls
AI summary
positiveCiena achieved its highest quarterly revenue on record with strong execution across all business segments, driven by unprecedented demand from hyperscalers, service providers, and emerging neoscalers for AI infrastructure connectivity. The company raised its 2026 revenue guidance by 4 percentage points to 28% year-over-year growth and increased gross margin guidance to 43.5%-44.5%, while navigating supply constraints that management expects will persist through the year. Backlog surged to $7 billion, up $2 billion in the quarter, providing multi-year visibility into demand.
Key takeaways
- Record Q1 revenue of $1.43B (+33% YoY) at top end of guidance; adjusted EPS of $1.35 more than doubled YoY
- Backlog increased by approximately $2B to exit at $7B record level, with nearly all new orders for fiscal 2027 fulfillment
- Gross margin of 44.7% beat expectations, with continued progress toward 45% target through product mix, cost reductions, and early pricing improvements
- Scale across applications for AI training expanding rapidly with three hyperscalers now deploying RLS solutions; HyperRail solution in prototype stage expected to launch in standardization phase during 2026
- India orders up 40% YoY driven by MOFN demand; MOFN comprises 10-15% of service provider business with steady growth trajectory
Financial highlights
- Q1 FY2026 revenue: $1.43 billion, up 33% YoY; optical revenue up over 40% YoY with Waveserver and RLS each up over 80%
- Adjusted gross margin: 44.7% vs. expectations; adjusted operating margin: 17.9%, 190 bps above December guidance midpoint
- Adjusted net income: $197 million; adjusted EPS: $1.35, more than double prior year Q1
- Cash from operations: $228 million in Q1; inventory turns: 3.2x; cash balance: $1.4 billion after $81 million in share repurchases
Guidance
- FY2026 revenue guidance: $5.9B-$6.3B, implying 28% YoY growth at midpoint (raised from 24%)
- FY2026 gross margin: 43.5%-44.5%, up 130 bps vs. 2025; first-half and second-half margins expected to be roughly equivalent
- FY2026 adjusted operating expense: $1.52B-$1.53B; adjusted operating margin: 17.5%-19.5%
- Q2 FY2026 revenue: $1.5B ± $50M; Q2 adjusted gross margin: 43.5%-44.5%; Q2 adjusted operating expense: $375M-$390M
Q&A themes
- Gross margin drivers include capacity infill demand from hyperscalers and service providers, engineering cost reductions in products, and pricing value exchange beginning to take effect in second half
- Interconnect/pluggables business expected to triple YoY; 800-gig pluggables ramping significantly; management is first-to-market on 800-gig positioning
- Pricing increases already embedded in new orders primarily flowing through Q3-Q4 as backlog depletes; company balancing pricing with market share gains and supply-demand dynamics
- Supply constraints expected to persist for several more quarters; CapEx in Q1 was $74M (2-3x historical average) to expand manufacturing capacity; production constraint remains despite capacity expansion efforts
Risks
- Supply chain remains constrained with management stating Q1 revenue would have been higher but for supply limitations; demand expected to outstrip supply for at least several more quarters
- Component cost inflation ongoing with management actively negotiating terms with suppliers and customers; potential for supplier backlog repricing could compress margins if not offset by pricing actions
- Risk of early customer ordering to front-run supply constraints, similar to 2022-2023 cycle, though management notes improved visibility through hyperscaler collaboration and service provider installation data
FY2025 Q42025-12-11
Earnings calls
AI summary
positiveCiena delivered record fiscal 2025 revenue of $4.77B (+19% YoY) with $7.8B in orders and record backlog of ~$5B, demonstrating strong execution across cloud and service provider segments. The company raised FY2026 guidance significantly to $5.7B-$6.1B (midpoint 24% growth, up from prior 17% guidance) as AI-driven demand accelerates for network infrastructure supporting data center interconnect and wide-area networks. Operating leverage improvements and gross margin expansion expected in H2 2026 as 800G pluggable volumes ramp and pricing actions take effect.
Key takeaways
- FY2025: Record revenue $1.35B (Q4) and $4.77B (full year), EPS $0.91 (Q4, +69% YoY) and $2.64 (full year, +45% YoY)
- FY2026 guidance raised to $5.7B-$6.1B revenue (24% growth midpoint) with operating margin expected at 17% ±1% vs. prior 15-16% target
- Three hyperscalers now selected Ciena for scale-across AI training architectures; revenue from all three expected to begin in FY2026 with ramp in 2027-2028
- In-and-around data center revenue grew 3x from 2024 to 2025 (low single digits to low double digit % of revenue in FY2026); pluggable revenue surpassed $168M (+100% vs FY2024 target)
- Service provider orders up 70% YoY; top 3 service providers' revenue grew 16% YoY; MOFN (managed optical fiber networks) emerging as significant growth driver
Financial highlights
- Q4 revenue $1.35B (+20% YoY, $70M above guidance midpoint); FY2025 revenue $4.77B (+19% YoY)
- Q4 adjusted gross margin 43.4% (90 bps above midpoint); FY2025 adjusted gross margin 42.7%
- Q4 adjusted operating margin 13.2% (+250 bps sequentially, +320 bps YoY); FY2025 adjusted operating margin 11.2% (+150 bps YoY)
- FY2025 free cash flow $665M ($371M operating cash flow Q4, $140M CapEx); exited year with $1.4B cash and completed $330M share repurchase
Guidance
- FY2026 revenue guidance $5.7B-$6.1B (24% growth midpoint, raised from prior 17%); Q1 FY2026 revenue $1.35B-$1.43B
- FY2026 gross margin 43% ±1% with improvement expected H2 vs H1 as 800G pluggable yields improve and pricing actions take hold
- FY2026 adjusted operating expense flat at ~$1.52B (including Nubis); operating margin expected 17% ±1%
- FY2026 CapEx $250M-$275M (elevated to support end-2026 and 2027 demand, including 3nm mask sets); ~$330M share repurchase planned
Q&A themes
- Scale-across use cases: Three hyperscalers now adopting Ciena architecture for geographically-distributed AI training clusters; revenue expected to begin in FY2026 with significant ramp 2027-2028, largely US-centric at this stage
- Supply constraints: Primary constraints in optical/photonic components; company increasing CapEx 50% YoY and leveraging vertical integration and hyperscaler relationships to secure component supply; lead times vary by product but generally extended
- Nubis integration: Linear retimer products expected to start generating revenue in FY2026; optical CPO/NPO opportunities more 2027+; strong cultural fit and customer interest noted 90 days post-acquisition
- DCOM expansion: Meta deploying in multiple new data centers with expansion of existing architecture; advanced discussions underway with 2-3 additional hyperscalers; represents hundreds of millions in potential revenue
Risks
- NPI product headwinds: 800G pluggables and RLS systems in early production phase creating near-term gross margin pressure; yields expected to normalize through end of 2026
- Supply chain execution: Ability to meet accelerating demand dependent on securing optical component supply and completing CapEx expansion; any disruption could constrain revenue delivery
- Input cost and tariff environment: Rising input costs cited as headwind; company working on supply rebalancing and design-out initiatives with benefits expected in late FY2026; tariff impact currently immaterial but being monitored
FY2025 Q32025-09-04
Earnings calls
AI summary
positiveCiena delivered Q3 revenue of $1.22B (8% sequential, 30% year-over-year growth) with adjusted EPS of $0.67 (up 91% YoY), driven by broad-based demand from cloud providers and service providers investing in AI infrastructure. The company set a new quarterly orders record and provided FY2026 preliminary guidance of approximately 17% revenue growth with gross margins of 43% plus/minus one point and flat OpEx versus FY2025 at ~$1.5B. The company expects to reach its long-term 15-16% operating margin goal in FY2026, one year ahead of prior expectations.
Key takeaways
- Q3 revenue $1.22B exceeded guidance; adjusted EPS $0.67 up 91% YoY; quarterly orders set new record with strong cloud and service provider demand
- Cloud providers investing heavily in AI infrastructure with two industry-first wins: dedicated GPU cluster training network (hundreds of millions over next quarters) and out-of-band data center management (DCOM) solution with significant orders
- Interconnects portfolio on track to double FY2025 revenue and expected to double or more again in FY2026; WaveLogic 6 Extreme now standardized across major hyperscalers with 60 total customers and doubled port shipments sequentially
- Emerging 'Neo Scalers' (AI compute specialists, GPU-as-service providers) represent new incremental growth opportunity with multiple wins already secured; service providers represent ~50% of business with MOFN and cloud-edge AI opportunities
Financial highlights
- Q3 FY2025 revenue $1.22B (+8% sequential, +30% YoY); adjusted EPS $0.67 (+91% YoY); adjusted operating margin 10.7% (+270 bps YoY)
- Q3 adjusted gross margin 41.9% (90 bps above guidance); generated $174M operating cash flow with 11% free cash flow margin; adjusted EBITDA $158M (13% of revenue)
- Year-to-date share repurchases $245M; expect additional $85M in Q4 for total $330M (one-third of authorization)
- FY2026 preliminary guidance: ~17% revenue growth; gross margin 43% +/- 1 point; OpEx flat to FY2025 at ~$1.5B; expects 15-16% operating margin (one year ahead of prior 2027 target)
Guidance
- Q4 FY2025 revenue guidance $1.24-1.32B; adjusted gross margin 42-43%; adjusted OpEx $390-400M (reflecting strong incentive compensation)
- Q4 restructuring: $90M noncash charge for in-process broadband R&D write-off; $20M restructuring expense for ~4-5% workforce reduction (both adjusted from GAAP)
- FY2026 preliminary: ~17% revenue growth (similar to FY2025); gross margin 43% +/- 1 point; OpEx flat at ~$1.5B; targeting 15-16% operating margin (accelerated one year from 2027 target)
- Expects durable demand into 2026 based on strong orders backlog and visibility; believes tariff impacts will remain immaterial barring unforeseen changes
Q&A themes
- Gross margin expansion to mid-40s driven by industry consolidation improving competitive position, long product life cycles enabling cost reduction, and real-time pricing discussions with customers about value exchange
- Scale across architecture for AI training represents hundreds of millions in revenue with RLS and WaveLogic 6 nano 800G plugs; DCOM co-developed with hyperscaler expected to ramp in Q4 and scale significantly in FY2026
- Supply constraints limiting revenue upside but company investing significantly to scale capacity aligned with market opportunity; certain component constraints continue but being worked through
- WaveLogic 6 added 11 new customers in Q3 (60 total), doubled port shipments sequentially, fastest ramp of any coherent generation; standardized or standardizing across all major hyperscale cloud providers
Risks
- Company restructuring broadband access business with $90M R&D write-off and 4-5% workforce reduction; while stated as strategic portfolio realignment, execution risk exists
- Supply chain constraints acknowledged as limiting revenue growth; ability to execute on planned capacity increases in 2026 critical to meeting growth guidance
- Tariff environment remains 'highly fluid' with potential for material impact if trade policy changes; company narrowed expectations but uncertainty persists
FY2025 Q22025-06-05
Earnings calls
FY2025 Q12025-03-11
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 13, 2026, 02:01 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Communication Equipment
- Chief executive
- Gary Smith
- Employees
- 8,989
- IPO date
- Feb 7, 1997
- Country
- US
- Exchange
- New York Stock Exchange
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 4/5
- Debt to equityi
- 4/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Congressional disclosures
House
Market cap history
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 1.3% | 20.8M |
| AIO | 1.19% | 13.2M |
| BALPX | 0.21% | 10.8M |
| FDGRX | 2.35% | 6.1M |
| NCV | 0.76% | 4.6M |
| VTI | 0.07% | 4.5M |
| NFJ | 0.26% | 4.2M |
| VOO | 0.08% | 3.8M |
| NIE | 1.39% | 3.7M |
| NCZ | 0.77% | 3.6M |
| VO | 0.52% | 3.1M |
| ACV | 0.86% | 2.8M |
Analyst track record
How the analysts covering CIEN have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 101 | 268 |
| Analysts | 19 | 25 |
| Buy / hold / sell | 72 / 29 / 0 | 182 / 80 / 6 |
| Upgrades / downgrades / initiations | 3 / 2 / 3 | 13 / 10 / 7 |
| Price targets hit / missed | 27 / 74 (27%) | 191 / 74 (72%) |
| Avg. return after a rating (TipRanks) | -22.8% | +169.7% |
| Best / worst call | +68.0% / -59.2% | +591.7% / -59.2% |
After buy calls on this stock: median 21-day move +6.2% vs S&P 500 +3.3% (n = 186)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Samik ChatterjeeJ.P. Morgan100% hit rate on this stock · 13 targets measuredBuytarget $635Jun 5, 2026
- Tal LianiBank of America Securities100% hit rate on this stock · 13 targets measuredBuytarget $550Oct 13, 2026
- Ruben RoyStifel Nicolaus100% hit rate on this stock · 12 targets measuredBuytarget $615Sep 22, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Daniel ZhuBernsteinNov 9, 2026 | BuyReiterated | $440↗ | article ↗ |
| Oct 14, 2026 | Amit DaryananiEvercore ISIOct 14, 2026 | BuyMaintained | $550↗ | article ↗ |
| Oct 13, 2026 | Tal LianiBank of America SecuritiesOct 13, 2026 | BuyMaintained | $550↗ | article ↗ |
| Oct 8, 2026 | Atif MalikCitiOct 8, 2026 | BuyMaintained | $658↗ | article ↗ |
| Oct 7, 2026 | Amit DaryananiEvercore ISIOct 7, 2026 | BuyMaintained | $550↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 101 ratings
Frequently asked questions
Where can I trade CIEN perpetual futures?
Ciena Corporation (CIEN) perpetual futures trade on 16 crypto venues, including Deepcoin, Binance, LBank. PerpEquities compares them by live price, funding rate, open interest and liquidity.
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How does the CIEN perp price compare to the Ciena Corporation stock?
The venue-median CIEN perp mark is $275.2 versus a reference stock price of $275.2, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
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A CIEN perpetual is a derivative that tracks the price of Ciena Corporation with no expiry date. It lets you take long or short exposure to Ciena Corporation on crypto venues, around the clock.
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CIENUSDT is the symbol most crypto exchanges use for the Ciena Corporation perpetual settled in USDT (Tether). It tracks the CIEN share price through an index, trades 24/7 with leverage and never expires.
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