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NYSE · Technology

Ciena Corp. (CIEN)

As-reported financials and SEC filings for Ciena Corp. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Ciena Corp.

Ciena Corp is a network technology company that provides hardware, software, and services to network operators worldwide. Its main products include optical networking systems, routing and switching platforms, and automation software designed to enhance network capacity, service delivery, and operational efficiency. Ciena serves cloud providers, communications service providers, cable operators, governments, and enterprises across various industries.

Snapshot

Revenue
$4.77B
Revenue growth (YoY)
18.8%
Net income
$123.3M
Diluted EPS
$0.85
Gross margin
42.0%
Operating margin
4.1%
Net margin
2.6%
FCF margin
13.9%
ROE
4.5%
net income / fiscal-year-end equity
P/E
71.6×
trailing when available, otherwise FY EPS
Market cap
$45.42B
Long-term debt / equity
0.56×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended November 1, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Ciena

  • Revenue grew 18.8% to $4.8B in FY2025, after a 8.5% decline the year before.
  • Operating margin is 4.1% in FY2025, -9.5 pp against 13.7% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $1.7B, up 37.0% from Q3 FY2025.
  • Free cash flow was $665M in FY2025, 13.9% of revenue.
  • Net income rose 46.9% to $123M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Ciena’s fundamentals sit among the 628 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin42.0%
41st percentile of 512
Operating margin4.1%
53rd percentile of 564
Net margin2.6%
50th percentile of 577
FCF margin13.9%
58th percentile of 545
Revenue growth (YoY)+18.8%
70th percentile of 619
ROE4.5%
52nd percentile of 547
P/E71.6×
88th percentile of 319
Long-term debt / equity0.56×
65th percentile of 281
Short interest1.44d
19th percentile of 625

Ciena’s P/E of 71.6 ranks in the 88th percentile of the 319 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 23 insider sales totaling $18.0M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+7 quant / multi-strat
Initiated / added
6
0 new, 6 added
Reduced / exited
6
4 trimmed, 2 exited
Combined position
$1.06B
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$507.2M1.1MAdded
Citadel AdvisorsquantQ2 2026$105.0M214.1KAdded
Point72 Asset ManagementquantQ2 2026$103.3M210.5KReduced
Renaissance TechnologiesquantQ2 2026$90.6M184.8KAdded
Millennium ManagementquantQ2 2026$81.6M166.4KAdded
D. E. ShawquantQ2 2026$65.3M133.2KAdded
Gotham Asset ManagementQ2 2026$55.4M113.0KReduced
Bridgewater AssociatesQ2 2026$49.6M101.0KReduced
Two Sigma InvestmentsquantQ2 2026$4.7M9.5KAdded
First Eagle Investment ManagementQ2 2026$981,1202.0KReduced

No longer held by: Lone Pine Capital (as of Q2 2026), Whale Rock Capital Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
23
$18.0M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-15
filed 2026-10-19
Gary B. SmithPresident & CEOSell3.0K$348.02$1.0M
2026-10-15
filed 2026-10-19
David M. RothensteinEVP & Chief Strategy OfficerSell2.5K$348.06$870K
2026-10-15
filed 2026-10-19
Brodie GageEVP & Chief Product & TechSell1.2K$344.08$413K
2026-10-15
filed 2026-10-19
Dino DipernaEVP & Chief R&D OfficerSell445$350.00$156K
2026-10-15
filed 2026-10-19
Dino DipernaEVP & Chief R&D OfficerSell445$344.08$153K
2026-10-01
filed 2026-10-13
Gary B. SmithPresident & CEOSell3.0K$369.66$1.1M
2026-10-01
filed 2026-10-06
Jason PhippsEVP & Chief Customer OfficerSell2.6K$355.19$934K
2026-10-01
filed 2026-10-06
Sheela KosarajuEVP & Chief Legal OfficerSell2.1K$355.19$746K
2026-10-01
filed 2026-10-06
Marc D. GraffEVP & Chief Financial OfficerSell97$355.19$34K
2026-09-25
filed 2026-09-29
Joseph CumelloEVP & General Mgr.Sell1.6K$358.52$569K
2026-09-24
filed 2026-09-28
Bruce L. ClaflinDirectorSell2.9K$355.91$1.0M
2026-09-23
filed 2026-09-25
Thomas Michael NevensDirectorSell3.7K$359.04$1.3M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
3.9M
settled 2026-09-30
Change vs prior
+7.7%
vs previous settlement
Days to cover
1.44
at avg daily volume
Avg daily volume
2.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-303.9M+7.7%1.44
2026-09-153.6M+7.3%1.17
2026-08-313.3M+14.5%1.99
2026-08-142.9M-21.3%1.37
2026-07-313.7M-7.1%1.62
2026-07-154.0M+3.6%2.40
2026-06-303.9M-19.1%1.00
2026-06-154.8M+5.7%1.11

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$4.77B$4.01B$4.39B$3.63B$3.62B
Gross profit
Operating income$197.5M$166.6M$357.5M$222.8M$495.4M
Pre-tax income$156.3M$119.8M$323.7M$182.5M$462.8M
Net income$123.3M$84.0M$254.8M$152.9M$500.2M
Diluted EPS$0.85$0.58$1.71$1.00$3.19

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$806.1M$514.5M$168.3M$-167.8M$541.6M
Capital expenditure$140.8M$136.6M$106.2M$90.8M$79.5M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$1.67B37.0%$266.4M$1.83
Q2 FY2026$1.57B39.5%$218.2M$1.49
Q1 FY2026$1.43B33.1%$150.3M$1.03
Q4 FY202520.3%
Q3 FY2025$1.22B29.4%$50.3M$0.35
Q2 FY2025$1.13B23.6%$9.0M$0.06
Q1 FY2025$1.07B3.3%$44.6M$0.31
Q4 FY2024-0.5%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorTechnology
SIC industryTelephone & Telegraph Apparatus
Latest annual periodFY2025 (ended November 1, 2025)
Latest reported quarterQ3 FY2026 (ended August 1, 2026)
Oldest indexed filing2021
SEC CIK936395

Selected SEC filings

10-K2025-12-12
View on EDGAR →
10-K2024-12-20
View on EDGAR →
10-Q2026-09-03
View on EDGAR →
10-Q2026-06-04
View on EDGAR →
10-Q2026-03-05
View on EDGAR →
10-Q2025-09-04
View on EDGAR →
8-K2026-09-03
View on EDGAR →
8-K2026-06-11
View on EDGAR →

Largest Technology peers

All Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.