Revenue growth has accelerated to 39.5% in 2026Q2, while operating margins have expanded to 15.1% as the company scales its infrastructure business.
| Metric | TTM | Nov'25 | Nov'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 |
|---|
| Sales/Revenue | 5.57B | 4.77B | 4.01B | 4.39B | 3.63B | 3.62B | 3.53B | 3.57B | 3.09B | 2.8B | 2.6B | 2.45B | 2.29B | 2.08B | 1.83B | 1.74B | 1.24B | 652.63M | 902.45M | 779.77M | 564.06M | 427.26M | 298.71M | 283.14M | 361.15M | 1.6B | 858.75M | 482.1M | 508.1M | 413.2M |
| Revenue Growth % | 30.59% | 18.79% | -8.47% | 20.75% | 0.33% | 2.51% | -1.12% | 15.44% | 10.44% | 7.73% | 6.33% | 6.88% | 9.88% | 13.56% | 5.28% | 40.86% | 89.49% | -27.68% | 15.73% | 38.24% | 32.02% | 43.04% | 5.5% | -21.6% | -77.47% | 86.69% | 78.13% | -5.12% | 22.97% | - |
| Cost of Goods Sold | 3.17B | 2.76B | 2.3B | 2.51B | 2.07B | 1.9B | 1.88B | 2.03B | 1.78B | 1.56B | 1.44B | 1.37B | 1.34B | 1.22B | 1.11B | 1.03B | 739.13M | 367.8M | 451.52M | 417.5M | 306.27M | 291.07M | 226.95M | 210.09M | 596.03M | 904.55M | 412.77M | 247.6M | 222.2M | 156.2M |
| COGS % of Revenue | - | 57.96% | 57.17% | 57.17% | 57.05% | 52.44% | 53.2% | 56.83% | 57.51% | 55.53% | 55.33% | 56.02% | 58.56% | 58.46% | 60.51% | 59.29% | 59.77% | 56.36% | 50.03% | 53.54% | 54.3% | 68.12% | 75.98% | 74.2% | 165.04% | 56.42% | 48.07% | 51.36% | 43.73% | 37.8% |
| Gross Profit | 2.4B | 2B | 1.72B | 1.88B | 1.56B | 1.72B | 1.65B | 1.54B | 1.31B | 1.25B | 1.16B | 1.08B | 948.35M | 865.17M | 724.22M | 709.15M | 497.5M | 284.83M | 450.93M | 362.27M | 257.78M | 136.19M | 71.75M | 73.05M | -234.88M | 698.68M | 445.98M | 234.5M | 285.9M | 257M |
| Gross Margin % | 43.05% | 42.04% | 42.83% | 42.83% | 42.95% | 47.56% | 46.8% | 43.17% | 42.49% | 44.47% | 44.67% | 43.98% | 41.44% | 41.54% | 39.49% | 40.71% | 40.23% | 43.64% | 49.97% | 46.46% | 45.7% | 31.88% | 24.02% | 25.8% | -65.04% | 43.58% | 51.93% | 48.64% | 56.27% | 62.2% |
| Gross Profit Growth % | - | 16.59% | -8.48% | 20.41% | -9.39% | 4.18% | 7.19% | 17.29% | 5.53% | 7.25% | 8% | 13.41% | 9.61% | 19.46% | 2.13% | 42.54% | 74.67% | -36.83% | 24.47% | 40.53% | 89.28% | 89.8% | -1.77% | 131.1% | -133.62% | 56.66% | 90.18% | -17.98% | 11.25% | - |
| Operating Expenses | 1.77B | 1.69B | 1.53B | 1.49B | 1.3B | 1.23B | 1.17B | 1.2B | 1.08B | 1.03B | 1.01B | 975.12M | 902.65M | 866.95M | 804.07M | 872.34M | 819.32M | 864.06M | 429.05M | 313.6M | 289.15M | 567.85M | 843.87M | 439.57M | 1.25B | 2.44B | 346.62M | 241.4M | 162M | 68M |
| OpEx % of Revenue | - | 35.52% | 38.07% | 34.06% | 35.87% | 33.88% | 33.01% | 33.46% | 35.06% | 36.8% | 38.66% | 39.87% | 39.45% | 41.63% | 43.84% | 50.08% | 66.25% | 132.4% | 47.54% | 40.22% | 51.26% | 132.91% | 282.51% | 155.25% | 345.93% | 152.09% | 40.36% | 50.07% | 31.88% | 16.46% |
| Selling, General & Admin | 852.37M | 820.04M | 731.32M | 706.09M | 645.95M | 634.09M | 585.97M | 597.45M | 554.19M | 498.77M | 482.56M | 457.24M | 455.15M | 426.6M | 380.34M | 378.23M | 296.21M | 182.04M | 220.66M | 168.26M | 151.91M | 148.74M | 140.9M | 175.22M | 216.23M | 239.6M | 152.93M | 84.6M | 63.7M | 34.4M |
| SG&A % of Revenue | - | 17.19% | 18.21% | 16.1% | 17.78% | 17.51% | 16.59% | 16.73% | 17.91% | 17.8% | 18.56% | 18.7% | 19.89% | 20.48% | 20.74% | 21.71% | 23.95% | 27.89% | 24.45% | 21.58% | 26.93% | 34.81% | 47.17% | 61.89% | 59.87% | 14.95% | 17.81% | 17.55% | 12.54% | 8.33% |
| Research & Development | 900.16M | 848.33M | 767.5M | 750.56M | 624.66M | 536.67M | 529.89M | 548.14M | 491.56M | 475.33M | 451.79M | 414.2M | 401.18M | 383.41M | 364.18M | 379.86M | 327.63M | 190.32M | 175.02M | 127.3M | 111.07M | 137.25M | 205.36M | 212.52M | 239.62M | 235.83M | 129.07M | 104.6M | 64.5M | 23.3M |
| R&D % of Revenue | - | 17.79% | 19.12% | 17.11% | 17.2% | 14.82% | 15% | 15.34% | 15.89% | 16.97% | 17.37% | 16.94% | 17.53% | 18.41% | 19.86% | 21.81% | 26.49% | 29.16% | 19.39% | 16.32% | 19.69% | 32.12% | 68.75% | 75.06% | 66.35% | 14.71% | 15.03% | 21.7% | 12.69% | 5.64% |
| Other Operating Expenses | 4M | 25.76M | 29.57M | 37.35M | 32.51M | 55.87M | 50.07M | 49.72M | 38.99M | 56.96M | 71.05M | 103.68M | 46.32M | 56.94M | 59.55M | 114.25M | 195.49M | 491.71M | 33.37M | 18.04M | 26.17M | 281.86M | 497.6M | 51.83M | 793.48M | 1.96B | 64.62M | 52.2M | 33.8M | 10.3M |
| Operating Income | 622.88M | 310.79M | 191.21M | 384.85M | 257.23M | 495.36M | 486.96M | 346.77M | 229.95M | 214.72M | 156.17M | 100.45M | 45.7M | -1.77M | -79.85M | -163.19M | -321.82M | -579.23M | 21.87M | 48.67M | -31.37M | -431.66M | -772.12M | -366.52M | -1.48B | -1.74B | 99.36M | -6.9M | 123.9M | 189M |
| Operating Margin % | 11.18% | 6.52% | 4.76% | 8.77% | 7.08% | 13.68% | 13.79% | 9.71% | 7.43% | 7.66% | 6.01% | 4.11% | 2% | -0.09% | -4.35% | -9.37% | -26.02% | -88.75% | 2.42% | 6.24% | -5.56% | -101.03% | -258.49% | -129.45% | -410.96% | -108.51% | 11.57% | -1.43% | 24.39% | 45.74% |
| Operating Income Growth % | - | 62.54% | -50.32% | 49.61% | -48.07% | 1.72% | 40.43% | 50.8% | 7.09% | 37.49% | 55.47% | 119.78% | 2674.87% | 97.78% | 51.07% | 49.29% | 44.44% | -2748.16% | -55.05% | 255.13% | 92.73% | 44.09% | -110.66% | 75.31% | 14.69% | -1850.99% | 1539.94% | -105.57% | -34.44% | - |
| EBITDA | 732.91M | 451.13M | 324.68M | 527.03M | 397.43M | 627.62M | 619.49M | 469.48M | 339.97M | 337.62M | 297.86M | 236.22M | 158.47M | 125.23M | 53.75M | -7.11M | -152.01M | -525.87M | 78.43M | 76.53M | 13.26M | -341.99M | -638.27M | -252.58M | -1.35B | 309.9M | 163.98M | 45.3M | 157.7M | 199.3M |
| EBITDA Margin % | 13.16% | 9.46% | 8.09% | 12.01% | 10.94% | 17.33% | 17.54% | 13.14% | 10.99% | 12.05% | 11.45% | 9.66% | 6.93% | 6.01% | 2.93% | -0.41% | -12.29% | -80.58% | 8.69% | 9.81% | 2.35% | -80.04% | -213.68% | -89.21% | -374% | 19.33% | 19.09% | 9.4% | 31.04% | 48.23% |
| EBITDA Growth % | 117.48% | 38.95% | -38.39% | 32.61% | -36.68% | 1.31% | 31.95% | 38.1% | 0.69% | 13.35% | 26.1% | 49.06% | 26.54% | 132.99% | 855.76% | 95.32% | 71.09% | -770.51% | 2.48% | 477.26% | 103.88% | 46.42% | -152.7% | 81.3% | -535.85% | 88.99% | 261.98% | -71.27% | -20.87% | - |
| D&A (Non-Cash Add-back) | 116.84M | 140.34M | 133.47M | 142.18M | 140.2M | 132.27M | 132.53M | 122.71M | 110.02M | 122.9M | 141.69M | 135.77M | 112.77M | 127.01M | 133.6M | 156.08M | 169.81M | 53.36M | 56.55M | 27.86M | 44.63M | 89.66M | 133.84M | 113.94M | 133.49M | 2.05B | 64.62M | 52.2M | 33.8M | 10.3M |
| EBIT | 546.9M | 248.05M | 218.46M | 416.73M | 235.47M | 494.12M | 487.28M | 350.64M | 204.03M | 211.98M | 143.37M | 74.94M | 20.44M | -36.15M | -95.05M | -149.92M | -312.95M | -575.07M | 54.47M | 51.1M | -15.7M | -413.64M | -684.81M | -332.57M | -1.26B | -1.68B | 99.36M | -6.9M | 123.9M | 189M |
| Net Interest Income | -29.31M | -36.74M | -36.49M | -48.06M | -42.91M | -29.32M | -24.46M | -23.04M | -41.55M | -49.27M | -52.6M | -50M | -46.71M | -43.49M | -38.88M | -31.9M | -14.7M | 2.08M | 23.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 57.66M | 55.02M | 62.12M | 45.01M | 10.06M | 2.05M | 6.86M | 14.41M | 13.7M | 6.58M | 4.06M | 1.18M | 407K | 550K | 776K | 6.02M | 3.92M | 9.49M | 36.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 86.97M | 91.76M | 98.61M | 93.07M | 52.97M | 31.37M | 31.32M | 37.45M | 55.25M | 55.85M | 56.66M | 51.18M | 47.12M | 44.04M | 39.65M | 37.93M | 18.62M | 7.41M | 12.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -142.03M | -154.5M | -71.36M | -61.2M | -74.72M | -32.6M | -31M | -33.58M | -81.17M | -58.6M | -69.45M | -76.68M | -72.38M | -78.42M | -54.85M | -24.66M | -9.75M | -3.25M | 19.67M | 37.07M | 33.35M | -2.72M | -16.23M | -18.74M | -2.55M | 32.99M | 21.22M | 900K | -30.5M | -300K |
| Pretax Income | 480.85M | 156.29M | 119.85M | 323.65M | 182.5M | 462.75M | 455.96M | 313.19M | 148.78M | 156.13M | 86.72M | 23.76M | -26.67M | -80.19M | -134.7M | -187.85M | -331.57M | -582.48M | 41.54M | 85.73M | 1.98M | -434.38M | -788.34M | -385.26M | -1.49B | -1.71B | 120.57M | -6M | 93.4M | 188.7M |
| Pretax Margin % | 8.63% | 3.28% | 2.99% | 7.38% | 5.02% | 12.78% | 12.91% | 8.77% | 4.81% | 5.57% | 3.33% | 0.97% | -1.17% | -3.85% | -7.34% | -10.78% | -26.81% | -89.25% | 4.6% | 10.99% | 0.35% | -101.67% | -263.92% | -136.07% | -411.67% | -106.46% | 14.04% | -1.24% | 18.38% | 45.67% |
| Income Tax | 42.55M | 32.95M | 35.89M | 68.83M | 29.6M | -37.45M | 94.67M | 59.76M | 493.47M | -1.11B | 14.13M | 12.1M | 13.96M | 5.24M | 9.32M | 7.67M | 1.94M | -1.32M | 2.65M | 2.94M | 1.38M | 1.32M | 1.12M | 1.26M | 110.73M | 87.33M | 39.19M | -2.1M | 40.2M | 72.7M |
| Effective Tax Rate % | 8.85% | 21.08% | 29.95% | 21.27% | 16.22% | -8.09% | 20.76% | 19.08% | 331.68% | -708.29% | 16.3% | 50.9% | -52.35% | -6.53% | -6.92% | -4.08% | -0.59% | 0.23% | 6.37% | 3.43% | 69.89% | -0.3% | -0.14% | -0.33% | -7.45% | -5.12% | 32.5% | 35% | 43.04% | 38.53% |
| Net Income | 438.3M | 123.34M | 83.96M | 254.83M | 152.9M | 500.2M | 361.29M | 253.43M | -344.69M | 1.26B | 72.58M | 11.67M | -40.64M | -85.43M | -144.02M | -195.52M | -333.51M | -581.15M | 38.89M | 82.79M | 595K | -435.7M | -789.46M | -386.52M | -1.6B | -1.79B | 81.39M | -3.9M | 53.2M | 116M |
| Net Margin % | 7.87% | 2.59% | 2.09% | 5.81% | 4.21% | 13.81% | 10.23% | 7.09% | -11.14% | 45.04% | 2.79% | 0.48% | -1.78% | -4.1% | -7.85% | -11.22% | -26.97% | -89.05% | 4.31% | 10.62% | 0.11% | -101.98% | -264.29% | -136.51% | -442.33% | -111.9% | 9.48% | -0.81% | 10.47% | 28.07% |
| Net Income Growth % | 318.23% | 46.91% | -67.05% | 66.66% | -69.43% | 38.45% | 42.56% | 173.53% | -127.31% | 1638.61% | 522.13% | 128.71% | 52.43% | 40.68% | 26.34% | 41.38% | 42.61% | -1594.2% | -53.02% | 13813.95% | 100.14% | 44.81% | -104.25% | 75.8% | 10.96% | -2304.36% | 2186.85% | -107.33% | -54.14% | - |
| Net Income (Continuing) | 438.3M | 123.34M | 83.96M | 254.83M | 152.9M | 500.2M | 361.29M | 253.43M | -344.69M | 1.26B | 72.58M | 11.67M | -40.64M | -85.43M | -144.02M | -195.52M | -333.51M | -581.15M | 38.89M | 82.79M | 595K | -435.7M | -789.46M | -386.52M | -1.6B | -1.79B | 81.39M | -3.9M | 53.2M | 116M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.00 | 0.85 | 0.58 | 1.71 | 1.00 | 3.19 | 2.32 | 1.61 | -2.40 | 7.53 | 0.51 | 0.10 | -0.38 | -0.83 | -1.45 | -2.04 | -3.58 | -6.37 | 0.42 | 0.87 | 0.01 | -5.30 | -10.59 | -6.06 | -30.61 | -40.26 | 1.89 | -0.10 | 1.26 | 3.92 |
| EPS Growth % | 316.78% | 46.55% | -66.08% | 71% | -68.65% | 37.5% | 44.1% | 167.08% | -131.87% | 1376.47% | 410% | 126.32% | 54.22% | 42.76% | 28.92% | 43.02% | 43.8% | -1616.67% | -51.72% | 8600% | 100.19% | 49.95% | -74.75% | 80.2% | 23.97% | -2230.16% | 1990% | -107.94% | -67.86% | - |
| EPS (Basic) | - | 0.87 | 0.58 | 1.71 | 1.01 | 3.22 | 2.34 | 1.63 | -2.49 | 8.89 | 0.52 | 0.10 | -0.38 | -0.83 | -1.45 | -2.04 | -3.58 | -6.37 | 0.44 | 0.97 | 0.01 | -5.30 | -10.59 | -6.06 | -30.61 | -40.26 | 2.03 | -0.10 | 1.36 | 5.39 |
| Diluted Shares Outstanding | 146.31M | 145.25M | 145.96M | 149.38M | 152.19M | 156.74M | 155.96M | 157.61M | 143.74M | 169.92M | 150.7M | 120.1M | 105.78M | 102.35M | 99.34M | 95.85M | 93.1M | 91.17M | 110.61M | 99.6M | 85.01M | 82.17M | 74.52M | 63.83M | 52.19M | 44.56M | 42.82M | 38.16M | 36.55M | 29.59M |
| Basic Shares Outstanding | 141.95M | 142.22M | 144.72M | 148.97M | 151.21M | 155.28M | 154.29M | 155.72M | 138.56M | 142M | 138.31M | 118.42M | 105.78M | 102.35M | 99.32M | 95.85M | 93.1M | 91.17M | 89.15M | 85.53M | 83.84M | 82.17M | 74.52M | 63.83M | 52.19M | 44.56M | 40.24M | 38.16M | 33.72M | 21.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical carrier spending volatility
According to recent financial filings, Ciena achieved a notable 39.5% year-over-year revenue growth in 2026Q2, marking a significant departure from the stagnant performance observed in early 2024, suggesting that the company is successfully capturing increased demand for high-capacity optical transport infrastructure within the current investment cycle.
The sharp acceleration in top-line growth appears to reflect a successful conversion of the order backlog as supply chain constraints have eased. Investors should monitor whether this momentum is sustainable or if it represents a temporary surge driven by the fulfillment of deferred projects from previous periods.
As reported in quarterly statements, Ciena has maintained gross margins near the 44% level in recent periods, demonstrating a consistent ability to manage component costs despite the inherent volatility of project-based hardware sales and the competitive pressures typical of the optical networking equipment industry landscape.
The stability in gross margins suggests that the company's proprietary WaveLogic chipset strategy provides a meaningful buffer against commoditization. However, the inability to consistently expand these margins beyond the mid-40s implies that hardware mix and competitive pricing remain significant structural constraints on profitability.
Based on the latest income statement data, Ciena's operating margin expanded to 15.1% in 2026Q2, indicating that the company is finally beginning to realize meaningful operating leverage as revenue growth outpaces the incremental increases in research and development and sales-related overhead expenses reported by the firm.
This improvement suggests that the high fixed-cost base required for optical innovation is becoming more efficient as volume scales. Analysts should investigate if this margin expansion is durable or if it remains sensitive to the cyclical nature of large-scale telecommunications and hyperscale infrastructure project deployments.
Data from recent income statements reveals that stock-based compensation remains a persistent factor, with $55.5 million recorded in 2026Q2, which continues to create a notable divergence between GAAP net income and the underlying operational performance of the business as reported in the company's latest financial disclosures.
The volatility in net income, particularly the sharp dip in 2025Q4, warrants caution regarding the consistency of bottom-line results. Investors should focus on the trend of operating income, which appears to provide a more reliable indicator of core business health than the fluctuating net income figures.
Quick answers to the most common questions about buying CIEN stock.
For fiscal year 2025, Ciena Corporation (CIEN) reported total revenue of $4.77B. This represents a 1054.3% increase compared to $413.2M in 1997.
Ciena Corporation (CIEN) is profitable, generating $123.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.6%.
Ciena Corporation (CIEN) reported an operating income of $310.8M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ciena Corporation (CIEN) generated $2.00B in gross profit for the year, representing a gross profit margin of 42.0%. This demonstrates the company's core pricing power and production efficiency.