Ciena Corporation (CIEN) financials
NYSE · Technology · Communication Equipment · 8,989 employees · CEO Gary Smith
- Price
- $320.72 -8.22%
- Market cap
- $45.5B
- Enterprise value
- $43.3B
- Last report
- Q3 '26 filed 2026-09-03
- Next report
- 2026-12-10 EPS est. $2.05
Revenue (TTM)$6.02B+32.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)14.1%+8.6 pp vs a year agoOperating income $849M
Net income (TTM)$654M+364.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$719M+2.6% vs a year agoCapex $336M
Diluted EPS (TTM)$4.48+361.0% vs a year agoSum of the last 4 quarters
Net cash$2.39B+1,017.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $45.5B EV $43.3B
- Revenue
- $6.02B Trailing 12 months
- Revenue growth
- +35% FY2026 consensus
- Profit margin
- 10.9% Net income / revenue, TTM
- P/E
- 69.4× Forward 44.8× (FY2026)
- P/S
- 7.6× Price / sales, TTM
- EV / EBITDA
- 44.5× TTM
- Free cash flow
- $719M Trailing 12 months
- Net income
- $654M Trailing 12 months
- Revenue estimate
- $6.43B FY2026 consensus
- Earnings
- 2026-12-10 Revenue est. $1.76B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-03): revenue beat by 2.1%, EPS beat by 22.0%Revenue $1.67B vs $1.64B expected (+2.1%); EPS $2.11 vs $1.73 (+22.0%).
- Revenue growth accelerating: 37.0% year on yearQ3 '26 revenue $1.67B, against an average of 30.6% over the four quarters before.
- Operating margin 14.1% (TTM), +8.6 pp on a year agoOperating income grew 237.5% while revenue grew 32.6%.
- 17.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $726M vs operating income $849M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.6% of revenue (a year ago 1.8%)$336M invested in the last 4 quarters (+301.8% on a year earlier). Free cash flow $719M = 109.9% of net income.
- Returned $555M to shareholders = 77.1% of free cash flowBuybacks $555M (a year earlier $468M), dividends $0, stock-based pay $27.5M (TTM).
- Diluted share count up 1.0% in a year146M diluted shares in Q3 '26, 144M a year earlier.
- Net cash $2.39BCash + short-term investments $2.63B, debt incl. leases $237M; a year ago net debt $261M.
Last quarter: Q3 '26
Quarter ended 2026-08-01. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.67B | $1.22B | +37.0% |
| Gross margin | 45.4% | 41.3% | +4.2 pp |
| Operating income | $301M | $75.3M | +299.9% |
| Operating margin | 18.0% | 6.2% | +11.8 pp |
| Net income | $266M | $50.3M | +429.6% |
| Diluted EPS | $1.83 | $0.35 | +422.9% |
| Operating cash flow | $196M | $174M | +12.6% |
| Capex | $80M | -$55.6M | +243.8% |
| Free cash flow | $116M | $230M | -49.4% |
| R&D | $237M | $212M | +11.7% |
| Stock-based compensation | $57.9M | $46.9M | +23.3% |
Reported vs consensus
2026-09-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.67B | $1.64B | +2.1% |
| EPS (as estimated) | $2.11 | $1.73 | +22.0% |
From the report of 2026-09-03 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Networking Platforms Segment | $1.36B | +44.0% | 81.1% | – | – | |
| Global Services | $194M | +20.8% | 11.6% | – | – | |
| Platform Software and Services Segment | $98.7M | +9.7% | 5.9% | – | – | |
| Blue Planet Automation Software and Services Segment | $23.2M | -16.5% | 1.4% | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $1.32B | +42.6% | 78.8% | – | – | |
| EMEA | $181M | -2.9% | 10.8% | – | – | |
| Asia Pacific | $174M | +58.4% | 10.4% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.05B
- Capex
- -$336M
- Buybacks
- -$555M
- Dividends
- $0
- Acquisitions
- -$231M
- Net debt issued
- $1.72B
- Stock-based compensation
- $27.5M
- Free cash flow
- $719M
- Returned to shareholders / FCF
- 77.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 69.4× | 83.4× | 16.9× – 218.3× |
| EV / EBITDA | 44.5× | 28.7× | 12.1× – 70.8× |
| EV / Sales | 7.2× | 2.8× | 1.5× – 5.8× |
| Price / FCF | 63.3× | 45.4× 4 of 5 years | 18.2× – 98.3× |
| Price / Book | 14.9× | 4.2× | 2.1× – 9.9× |
| FCF yield | 1.6% | 1.9% | -3.5% – 5.5% |
| Return on invested capital | 11.6% | 6.5% | 2.9% – 12.5% |
| Return on equity | 22.8% | 7.7% | 3.0% – 16.6% |
Analysts
Consensus target $507.42 (+58.2%)
range $347.00 – $615.00 · rating Buy
Strong buy0
Buy33
Hold9
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $6.43B | +34.8% | $7.17 | +743.0% | 44.8× | 11 |
| FY2027 | $8.45B | +31.4% | $11.85 | +65.4% | 27.1× | 8 |
| FY2028 | $11B | +29.6% | $17.53 | +47.9% | 18.3× | 6 |
| FY2029 | $13.9B | +27.2% | $24.72 | +41.0% | 13.0× | 2 |
| FY2030 | $17B | +22.1% | $34.97 | +41.5% | 9.2× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 264 figures Ciena Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $654M | $465M | +40.8% | $543M | $423M | +28.2% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.23B | $1.03B | +20.3% | $976M | $909M | +7.4% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $18M | – | – | $28.6M | $0 | – |
| Accounts Receivable, Allowance for Credit Loss | $9.6M | $9.5M | +1.1% | – | – | – |
| Accounts Receivable, Allowance for Credit Loss, Current | $11.2M2025-11-01 | $9.88M | +13.5% | $11.2M | $9.88M | +13.5% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $2.89M | $9.77M | -70.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $4.23M | $8M | -47.1% |
| Accrued Income Taxes, Current | $117K | – | – | $10.7M | $35.1M | -69.4% |
| Accrued Income Taxes, Noncurrent | $103M2025-11-01 | $113M | -9.4% | $103M | $113M | -9.4% |
| Accrued Liabilities, Current | $508M | $436M | +16.5% | $531M | $394M | +34.8% |
| Accrued Salaries, Current | $249M | – | – | $282M | $149M | +89.3% |
| Accrued Vacation, Current | $35.7M | – | – | $33.7M | $31.3M | +7.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $740M | – | – | $424M2019-11-02 | $379M | +11.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$65M | -$44.8M | -45.1% | -$55M | -$46.7M | -17.8% |
| Additional Paid in Capital, Common Stock | $5.66B | $6.02B | -6.1% | $5.95B | $6.15B | -3.3% |
| Amortization of Intangible Assets | $3.71M | $6.56M | -43.4% | $25.8M | $29.6M | -12.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000 | 1.37M | -99.9% | 1M | 1.06M | -5.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $57.9M | $46.9M | +23.3% | $185M | $156M | +18.0% |
| Assets | $8B | $5.75B | +39.1% | $5.86B | $5.64B | +4.0% |
| Assets, Current | $5.26B | $3.69B | +42.8% | $3.57B | $3.54B | +0.6% |
| Assets, Fair Value Disclosure | $2.53B | – | – | $1.2B | $1.27B | -5.6% |
| Business Combination, Acquisition Related Costs | $0 | $0 | – | $1.15M | $0 | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $1.26M2025-10-07 | – | – | $1.26M2025-10-07 | – | – |
| Capital Expenditures Incurred but Not yet Paid | $12M | $2.27M | +428.6% | $17.4M | $14.7M | +18.8% |
| Capitalized Contract Cost, Amortization | $8.4M | $9.3M | -9.7% | $36.8M | $30.5M | +20.7% |
| Capitalized Contract Cost, Net | $38.9M | $33.4M | +16.5% | $37.4M | $28.4M | +31.7% |
| Capitalized Contract Cost, Net, Noncurrent | $7.69M2025-11-01 | $8.11M | -5.2% | $7.69M | $8.11M | -5.2% |
| Cash and Cash Equivalents, at Carrying Value | $2.45B | $1.06B | +131.6% | $1.09B | $935M | +16.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.45B | $1.06B | +131.6% | $1.09B | $935M | +16.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.4B | $106M | +1,217.8% | $157M | -$75.8M | +307.5% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $1,000.002026-06-11 | – | – | – | – | – |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 290M | 290M | 0.0% | 290M | 290M | 0.0% |
| Common Stock, Shares, Issued | 142M | 141M | +0.4% | 141M | 143M | -1.1% |
| Common Stock, Shares, Outstanding | 142M | 141M | +0.4% | 141M | 143M | -1.1% |
| Common Stock, Value, Issued | $1.42M | $1.41M | +0.4% | $1.41M | $1.43M | -1.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $241M | $45.1M | +435.7% | $115M | $75M | +53.3% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $161M | $164M | -2.1% | $158M | $128M | +23.4% |
| Contract with Customer, Liability | $311M | $277M | +12.3% | $304M | $238M | +27.8% |
| Contract with Customer, Liability, Current | $211M | $196M | +7.8% | $209M | $156M | +33.6% |
| Contract with Customer, Liability, Noncurrent | $99.8M | $81.1M | +23.2% | $94.9M | $81.2M | +16.8% |
| Contract with Customer, Liability, Revenue Recognized | $24.7M | $23.3M | +6.0% | $154M | $154M | 0.0% |
| Cost of Goods and Services Sold | $912M | $716M | +27.3% | $2.76B | $2.3B | +20.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $14.9M | $70.2M | -78.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $37M | $28.4M | +30.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $56.1M | $113M | -50.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.21M | $14.1M | -70.2% |
| Customer Funds | $254K2025-11-01 | $167M | -99.8% | $254K | $167M | -99.8% |
| Debt Issuance Costs, Line of Credit Arrangements, Net | $1.44M2025-11-01 | $1.73M | -16.9% | $1.44M | $1.73M | -16.9% |
| Debt Securities, Available-for-sale | $499M | $422M | +18.3% | $343M | $490M | -30.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2K | $506K | -99.6% | $570K | $892K | -36.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $851K | $3K | +28,266.7% | $0 | $162K | -100.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $500M | $422M | +18.6% | $342M | $489M | -30.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $214M | $64.2M | +233.7% | $56.9M | $80.9M | -29.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $286M | $357M | -20.0% | $285M | $409M | -30.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $214M | $64.4M | +231.6% | $57.1M | $80.9M | -29.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $286M | $358M | -20.1% | $286M | $409M | -30.2% |
| Deferred Compensation Liability, Classified, Noncurrent | $21.2M2025-11-01 | $16.5M | +28.4% | $21.2M | $16.5M | +28.4% |
| Deferred Compensation Liability, Current and Noncurrent | $25.6M2026-05-02 | – | – | – | – | – |
| Deferred Compensation Plan Assets | $21.2M2025-11-01 | $16.5M | +28.2% | $21.2M | $16.5M | +28.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-Q 2026-01-31, 10-K 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-Q 2025-02-01, 10-K 2024-11-02, 10-Q 2024-07-27
Data as of 2026-11-02