# CIENA CORP (CIEN)

Informational only - not investment advice.

CIK: 0000936395
SIC: 3661 Telephone & Telegraph Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3661 Telephone & Telegraph Apparatus](/industry/3661/)
Latest 10-K filed: 2025-12-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=936395
Filing source: https://www.sec.gov/Archives/edgar/data/936395/000162828025056698/cien-20251101.htm

## At a glance

FY2025 · period end 2025-11-01 · filed 2025-12-12 · accession 0001628280-25-056698 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000936395.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,769,507,000 USD | 2025 | verified |
| Net income | 123,338,000 USD | 2025 | verified |
| Assets | 5,864,667,000 USD | 2025 | verified |
| Free cash flow | 665,292,000 USD | 2025 | computed |
| Net margin | 2.59% | 2025 | computed |
| Operating margin | 4.14% | 2025 | computed |
| Revenue YoY | +18.79% | 2025 | computed |
| ROE | 4.52% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CIEN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.6% | 4.4% | 44 | 135 |
| Operating margin | 4.1% | 4.4% | 47 | 128 |
| Revenue growth | 18.8% | 10.2% | 64 | 142 |
| FCF margin | 13.9% | 8.0% | 64 | 138 |
| ROE | 4.5% | 5.4% | 48 | 136 |
| ROA | 2.1% | 2.7% | 49 | 143 |
| Liabilities / equity | 1.15 | 0.81 | 66 | 138 |
| Current ratio | 2.73 | 2.59 | 57 | 144 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 36 Electronic And Other Electrical Equipment And Components, Except Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4769507000 | USD | 2025 | 2025-12-12 |
| Net income | 123338000 | USD | 2025 | 2025-12-12 |
| Assets | 5864667000 | USD | 2025 | 2025-12-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-12-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000936395.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,600,573,000 | 2,801,687,000 | 3,094,286,000 | 3,572,131,000 | 3,532,157,000 | 3,620,684,000 | 3,632,661,000 | 4,386,549,000 | 4,014,955,000 | 4,769,507,000 |
| Net income | 72,584,000 | 1,261,953,000 | -344,690,000 | 253,434,000 | 361,291,000 | 500,196,000 | 152,902,000 | 254,827,000 | 83,956,000 | 123,338,000 |
| Operating income | 156,169,000 | 214,722,000 | 229,946,000 | 346,766,000 | 486,964,000 | 495,356,000 | 222,808,000 | 357,545,000 | 166,617,000 | 197,531,000 |
| Gross profit | 1,161,576,000 | 1,245,786,000 | 1,314,690,000 | 1,542,066,000 | 1,652,891,000 | 1,721,979,000 | 1,560,344,000 | 1,878,851,000 | 1,719,590,000 | 2,004,917,000 |
| Diluted EPS | 0.51 | 7.53 | -2.49 | 1.61 | 2.32 | 3.19 | 1.00 | 1.71 | 0.58 | 0.85 |
| Operating cash flow | 289,520,000 | 234,882,000 | 229,261,000 | 413,140,000 | 493,654,000 | 541,646,000 | -167,756,000 | 168,332,000 | 514,532,000 | 806,093,000 |
| Capital expenditures | 107,185,000 | 94,600,000 | 67,616,000 | 62,579,000 | 82,667,000 | 79,550,000 | 90,818,000 | 106,197,000 | 136,641,000 | 140,801,000 |
| Share buybacks | 0.00 | 0.00 | 110,981,000 | 150,076,000 | 74,535,000 | 91,288,000 | 500,800,000 | 242,201,000 | 254,502,000 | 334,507,000 |
| Assets | 2,873,575,000 | 3,951,711,000 | 3,777,575,000 | 3,946,680,000 | 4,180,917,000 | 4,865,227,000 | 5,069,632,000 | 5,601,495,000 | 5,641,337,000 | 5,864,667,000 |
| Liabilities | 2,107,234,000 | 1,815,369,000 | 1,827,189,000 | 1,720,585,000 | 1,671,320,000 | 1,845,209,000 | 2,356,771,000 | 2,753,134,000 | 2,825,199,000 | 3,135,344,000 |
| Stockholders' equity | 766,341,000 | 2,136,342,000 | 1,929,334,000 | 2,172,761,000 | 2,509,597,000 | 3,020,018,000 | 2,712,861,000 | 2,848,361,000 | 2,816,138,000 | 2,729,323,000 |
| Cash and cash equivalents | 777,615,000 | 640,513,000 | 745,423,000 | 904,045,000 | 1,088,624,000 | 1,422,546,000 | 994,352,000 | 1,010,618,000 | 934,863,000 | 1,091,952,000 |
| Free cash flow | 182,335,000 | 140,282,000 | 161,645,000 | 350,561,000 | 410,987,000 | 462,096,000 | -258,574,000 | 62,135,000 | 377,891,000 | 665,292,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 2.79% | 45.04% | -11.14% | 7.09% | 10.23% | 13.81% | 4.21% | 5.81% | 2.09% | 2.59% |
| Operating margin | 6.01% | 7.66% | 7.43% | 9.71% | 13.79% | 13.68% | 6.13% | 8.15% | 4.15% | 4.14% |
| Return on equity | 9.47% | 59.07% | -17.87% | 11.66% | 14.40% | 16.56% | 5.64% | 8.95% | 2.98% | 4.52% |
| Return on assets | 2.53% | 31.93% | -9.12% | 6.42% | 8.64% | 10.28% | 3.02% | 4.55% | 1.49% | 2.10% |
| Liabilities / equity | 2.75 | 0.85 | 0.95 | 0.79 | 0.67 | 0.61 | 0.87 | 0.97 | 1.00 | 1.15 |
| Current ratio | 2.26 | 1.93 | 2.22 | 2.82 | 3.43 | 3.51 | 3.25 | 3.84 | 3.54 | 2.73 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000936395.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-07-30 |  |  | 0.07 | reported discrete quarter |
| 2023-Q1 | 2023-01-28 |  |  | 0.51 | reported discrete quarter |
| 2023-Q2 | 2023-04-29 |  |  | 0.38 | reported discrete quarter |
| 2023-Q3 | 2023-07-29 | 1,067,886,000 | 29,733,000 | 0.20 | reported discrete quarter |
| 2023-Q4 | 2023-10-28 | 1,129,487,000 | 91,199,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-01-27 | 1,037,709,000 | 49,547,000 | 0.34 | reported discrete quarter |
| 2024-Q2 | 2024-04-27 | 910,826,000 | -16,849,000 | -0.12 | reported discrete quarter |
| 2024-Q3 | 2024-07-27 | 942,308,000 | 14,230,000 | 0.10 | reported discrete quarter |
| 2024-Q4 | 2024-11-02 | 1,124,112,000 | 37,028,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-02-01 | 1,072,260,000 | 44,572,000 | 0.31 | reported discrete quarter |
| 2025-Q2 | 2025-05-03 | 1,125,878,000 | 8,969,000 | 0.06 | reported discrete quarter |
| 2025-Q3 | 2025-08-02 | 1,219,385,000 | 50,308,000 | 0.35 | reported discrete quarter |
| 2025-Q4 | 2025-11-01 | 1,351,984,000 | 19,489,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-01-31 | 1,427,042,000 | 150,283,000 | 1.03 | reported discrete quarter |
| 2026-Q2 | 2026-05-02 | 1,570,739,000 | 218,220,000 | 1.49 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CIEN's latest 10-K: [/company/CIEN/business/](/company/CIEN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CIEN's latest 10-K: [/company/CIEN/risk-factors/](/company/CIEN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/936395/000162828026040767/cien-20260502.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-04
Report date: 2026-05-02

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

This report contains statements that discuss future events or expectations, projections of results of operations or financial condition, changes in the markets for our products and services, trends in our business, operational matters including the expansion of manufacturing capacity and accumulation of inventory, business prospects and strategies and other “forward-looking” information. Forward-looking statements may appear throughout this report, including in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” In some cases, you can identify “forward-looking statements” by words like “may,” “will,” “would,” “can,” “should,” “could,” “expects,” “future,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “potential,” “projects,” “targets,” “prepare,” or “continue” or the negative of those words and other comparable words. You should be aware that the forward-looking statements contained in this report are based on our current views and assumptions, and are subject to known and unknown risks, uncertainties, and other factors that may cause actual events or results to differ materially.

For a discussion identifying some of the important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in this report. For a more complete understanding of the risks associated with an investment in our securities, you should review these factors and the rest of this report in combination with the more detailed description of our business and management’s discussion and analysis of financial condition and risk factors described in our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which we filed with the Securities and Exchange Commission (the “SEC”) on December 12, 2025 (our “2025 Annual Report”). However, we operate in a very competitive and dynamic environment and new risks and uncertainties emerge, are identified, or become apparent from time to time, and therefore may not be identified in this report. We cannot predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. You should be aware that the forward-looking statements contained in this report are based on our current views and assumptions. We undertake no obligation to revise or to update any forward-looking statements made in this report to reflect events or circumstances after the date hereof or to reflect new information or the occurrence of unanticipated events, except as required by law. The forward-looking statements in this report are intended to be subject to protection afforded by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Unless the context requires otherwise, references in this report to “Ciena,” the “Company,” “we,” “us,” and “our” refer to Ciena Corporation and its consolidated subsidiaries.

Overview

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and artificial intelligence (“AI”). Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals.

The markets into which we sell are dynamic and characterized by a high rate of change. Networks continue to experience strong demand for increased bandwidth due to traffic growth, which is being driven by a diverse set of services, technologies, and customer needs.

Business Momentum

26

Our industry has been experiencing unprecedented increases in demand, in particular due to capital expenditures related to AI and other cloud-based applications. As a result, we experienced strong momentum and growth in fiscal 2025 that continued in the first half of fiscal 2026. As our sales to cloud providers grow, we are seeing a small number of those customers become a larger portion of our business across multiple revenue segments. Our revenue increased by 40% to $1.6 billion in the second quarter of fiscal 2026 as compared to $1.1 billion in the second quarter of fiscal 2025, with orders for our products and services significantly exceeding our revenue. This dynamic, together with an industry-wide constrained supply environment, has resulted in historically high backlog.

Gross Margin Dynamics

Our gross margin increased to 44.0% in the second quarter of fiscal 2026, compared to 40.2% in the second quarter of fiscal 2025, primarily due to higher product gross margin associated with cost reduction, pricing optimization, and product mix.

Operating Expense and Investment in Technology Innovation

Our operating expense grew from $420 million in the second quarter of fiscal 2025 to $454 million in the second quarter of fiscal 2026. During the second quarter of fiscal 2026, we invested $238 million in research and development activities, an increase of 11% compared to the second quarter of fiscal 2025. We believe that our investment capacity and our efforts to push the pace of innovation are important competitive differentiators in our markets, which requires both investment capacity and expenditures. In particular, in an effort to capture certain market opportunities created by the impact of AI on networks, we continued to increase the performance of and enhance the capabilities for our leading WaveLogicTM coherent modem technology, through which we seek to extend our leadership in optical networking, and leverage it to expand our addressable market, including inside and around the data center.

Capital Allocation Strategy

Our capital allocation strategy is focused on maintaining our significant innovation investment, investing in select transactions, and returning value to stockholders, while preserving our strategic and operational flexibility. We continuously work to improve our cash cycle and evaluate alternatives to manage our capital structure in order to enhance our liquidity. We ended the first half of fiscal 2026 with $1.4 billion of cash, cash equivalents, and investments. As of the end of the first half of fiscal 2026, cash generated from operations increased to $487 million as compared to $261 million as of the end of the first half of fiscal 2025. Consistent with our capital allocation priorities, during the first half of fiscal 2026, we invested $115 million in capital purchases, primarily for supply chain equipment and research and development, and $344 million to repurchase shares through our share buyback program and for tax withholding purposes associated with employee stock awards.

For additional information regarding our business, industry, market opportunity, competitive landscape, and strategy, see our 2025 Annual Report.

Consolidated Results of Operations

Operating Segments

Our results of operations are presented based on our operating segments: (i) Networking Platforms; (ii) Platform Software and Services; (iii) Blue Planet Automation Software and Services; and (iv) Global Services. See Note 3 to our Condensed Consolidated Financial Statements included in Item 1 of Part I of this report.

Revenue

As a result of the increased demand described above, our revenue increased by approximately 40%, or $444.9 million, in the second quarter of fiscal 2026 as compared to the second quarter of fiscal 2025, and approximately 36% or $799.6 million, in the six months ended May 2, 2026 as compared to the six months ended May 3, 2025.

Operating Segment Revenue

The table below sets forth the changes in our operating segment revenue for the periods indicated (in thousands, except percentage data):

27

[[GREPCENT_TABLE]]
[["","Quarter Ended","","","","","","Six Months Ended"],["","May 2, 2026","","May 3, 2025","","","","%*","","May 2, 2026","","May 3, 2025","","","","%*"],["Revenue:"],["Networking Platforms"],["Optical Networking","$","1,099,848","","","$","773,592","","","","","42.2","%","","$","2,123,010","","","$","1,501,566","","","","","41.4","%"],["%**","70.0","%","","68.7","%","","","","","","70.8","%","","68.3","%"],["Routing and Switching","174,230","","","92,723","","","","","87.9","%","","300,236","","","185,892","","","","","61.5","%"],["%**","11.1","%","","8.2","%","","","","","","10.0","%","","8.5","%"],["Total Networking Platforms","1,274,078","","","866,315","","","","","47.1","%","","2,423,246","","","1,687,458","","","","","43.6","%"],["%**","81.1","%","","76.9","%","","","","","","80.8","%","","76.8","%"],["Platform Software and Services","93,878","","","85,441","","","","","9.9","%","","187,262","","","180,508","","","","","3.7","%"],["%**","6.0","%","","7.5","%","","","","","","6.2","%","","8.2","%"],["Blue Planet Automation Software and Services","23,361","","","27,951","","","","","(16.4)","%","","43,781","","","53,982","","","","","(18.9)","%"],["%**","1.5","%","","2.5","%","","","","","","1.6","%","","2.5","%"],["Global Services"],["Maintenance, Support, and Learning","89,286","","","79,442","","","","","12.4","%","","176,837","","","154,014","","","","","14.8","%"],["%**","5.7","%","","7.1","%","","","","","","5.9","%","","7.0","%"],["Implementation","79,702","","","58,174","","","","","37.0","%","","147,650","","","105,857","","","","","39.5","%"],["%**","5.1","%","","5.2","%","","","","","","4.9","%","","4.8","%"],["Advisory and Enablement","10,434","","","8,555","","","","","22.0","%","","19,005","","","16,319","","","","","16.5","%"],["%**","0.6","%","","0.8","%","","","","","","0.6","%","","0.7","%"],["Total Global Services","179,422","","","146,171","","","","","22.7","%","","343,492","","","276,190","","","","","24.4","%"],["%**","11.4","%","","13.1","%","","","","","","11.4","%","","12.5","%"],["Total revenue","$","1,570,739","","","$","1,125,878","","","","","39.5","%","","$","2,997,781","","","$","2,198,138","","","","","36.4","%"]]
[[/GREPCENT_TABLE]]

_____________________________

*    Denotes % change from fiscal 2025 to fiscal 2026

**     Denotes % of total revenue

Quarter ended May 2, 2026 as compared to the quarter ended May 3, 2025

•Networking Platforms segment revenue increased by $407.8 million.

•Optical Networking products revenue increased by $326.3 million, primarily driven by increases in sales of our Waveserver® system and our 6500 Reconfigurable Line Systems (RLS).

•Routing and Switching products revenue increased by $81.5 million, primarily driven by increases in sales of our 3000 and 5000 series of service delivery and aggregation platforms, and our 8100 Coherent IP networking platforms in our out-of-band data center management (DCOM) solution.

•Platform Software and Services segment revenue increased by $8.4 million, primarily reflecting a sales increase in our Navigator Network Control Suite (NCS) software solution.

•Blue Planet Automation Software and Services segment revenue decreased by $4.6 million, primarily reflecting a sales decrease in our unified assurance and analytics software.

•Global Services segment revenue increased by $33.3 million, primarily reflecting sales increases in our implementation services and maintenance, support, and learning services.

Six months ended May 2, 2026 as compared to the six months ended May 3, 2025

•Networking Platforms segment revenue increased by $735.7 million.

28

•Optical Networking revenue increased by $621.4 million, primarily driven by increases in sales of our Waveserver® system and our 6500 RLS.

•Routing and Switching revenue increased by $114.3 million, primarily driven by in

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/936395/000162828025056698/cien-20251101.htm
Complete FY 2025 MD&A: /company/CIEN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-12-12
Report date: 2025-11-01

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this annual report.

Overview

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and AI. Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals.

The markets into which we sell are dynamic and characterized by a high rate of change. Networks continue to experience strong demand for increased bandwidth due to traffic growth, which is being driven by a diverse set of services, technologies, and customer needs.

Business Momentum

Our industry has been experiencing unprecedented increases in demand, in particular as a result of expenditures related to AI and other cloud-based applications. As a result, we experienced broad-based business momentum in fiscal 2025, including significant year-over-year order growth in both of our major customer segments, cloud providers and service providers. Our revenue increased by 19% to $4.8 billion in fiscal 2025 as compared to $4.0 billion in fiscal 2024, with orders for our products and services significantly exceeding our revenue. We also significantly grew our backlog, which includes both products and services, to $5.0 billion, as compared to $2.1 billion at the end of fiscal 2024. While we believe much of this backlog growth reflects the increased demand for connectivity to address AI workloads, a portion is related to an industry-wide constrained supply environment. Our ability to scale our operational and manufacturing capacity is critical to our success within this environment. As such, we and many of our suppliers have sought to increase capacity to ensure availability of key inputs for our products and reduce extended lead times.

Within this environment, we have experienced increased customer concentration in both orders and revenue, particularly with cloud providers, with a single cloud provider customer continuing to provide a significant volume of orders and two cloud providers in our top five customers by revenue for fiscal 2025. Our growing sales to cloud providers has resulted in a changing mix in our product sales.

Gross Margin Dynamics

Our gross margin decreased to 42.0% in fiscal 2025, compared to 42.8% in fiscal 2024, primarily due to lower services margin driven by increased incentive compensation and shifts in services mix. In fiscal 2025, our growing sales to cloud providers contributed to a changing product mix and an increase in sales of interconnect products, impacting our product gross margin. Through our continued focus on a range of initiatives to maintain and enhance our gross margin, including cost reductions, manufacturing efficiencies and lower inventory provisions, we were able to offset the impact of this dynamic and our product margin was unchanged from fiscal 2024 to fiscal 2025.

Investment in Technology Innovation

During fiscal 2025, we invested $848.3 million in research and development activities, an increase of 11% compared to fiscal 2024. We believe that our investment capacity and our efforts to push the pace of innovation are important competitive differentiators in our markets, which requires considerable investment capacity and expenditures. In particular, in an effort to capture certain market opportunities created by the impact of AI on networks, we continued to increase the performance of, and enhance the capabilities for our leading WaveLogicTM coherent modem technology, through which we seek to extend our leadership in optical networking, and leverage it to expand our addressable market, including inside and around the data center.

In an effort to expand our addressable market, during the fourth quarter of fiscal 2025, we acquired privately-held Nubis, which specializes in high-performance, ultra-compact, low-power optical and electrical interconnects tailored to support AI workloads. Nubis’s portfolio, including technologies for co-packaged optics, near packaged optics and electrical active copper cables, will complement our existing optical networking portfolio of high-speed interconnects. See Note 3 to our Consolidated Financial Statements included in Item 8 of Part II of this report for more information on this acquisition.

Operating Expense Management

26

Table of Contents

Our operating expense grew from $1.6 billion in fiscal 2024 to $1.8 billion in fiscal 2025. As a result of our strong financial performance and order levels in fiscal 2025, our expense associated with our incentive compensation programs, including our annual bonus plan and sales compensation, increased year over year.

We regularly monitor our spending to optimize our operating expenses and to ensure that our strategic investments are aligned with our highest-growth demand opportunities. During the fourth quarter of fiscal 2025, we began implementing a plan intended to deliver increased operating efficiencies through a reduction in headcount of 4% to 5% of our global workforce and a decision to cease forward investment in certain broadband development initiatives, primarily 25G PON.

Capital Allocation Strategy

Our capital allocation strategy is focused on maintaining our significant innovation investment, investing in select transactions, and returning value to stockholders, while preserving our strategic and operational flexibility. We continuously work to improve our cash cycle and evaluate alternatives to manage our capital structure in order to enhance our liquidity. We ended fiscal 2025 with $1.4 billion of cash, cash equivalents, and investments. Cash generated from operations increased to $806.1 million in fiscal 2025 as compared to $514.5 million in fiscal 2024. Consistent with our capital allocation priorities, we invested $140.8 million in capital purchases, primarily for supply chain equipment, and research and development, $231.1 million for the acquisition of Nubis and $334.5 million on our share buyback program.

Consolidated Results of Operations

A discussion regarding results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion of fiscal 2024 compared to fiscal 2023 can be found under Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended November 2, 2024, filed with the SEC on December 20, 2024, which is available free of charge on the SEC’s website at www.sec.gov and our Investor Relations website at investor.ciena.com.

Our results of operations are presented based on our operating segments: (i) Networking Platforms; (ii) Platform Software and Services; (iii) Blue Planet Automation Software and Services; and (iv) Global Services. Effective as of the fourth quarter of fiscal 2025, we renamed (i) our “Maintenance Support and Training” product line to “Maintenance, Support, and Learning”, (ii) our “Installation and Deployment” product line to “Implementation”, and (iii) our “Consulting and Network Design” product line to “Advisory and Enablement.” These changes, affecting only the presentation of such information, were made on a prospective basis and do not impact comparability of previous financial results. However, references to the prior reported product lines have been changed herein to the new names described above. See Notes 2 and 24 to our Consolidated Financial Statements included in Item 8 of Part II of this annual report for more information on our segment reporting.

Revenue

As a result of the increased demand described above, our revenue increased by 18.8% in fiscal 2025 as compared to fiscal 2024.

Operating Segment Revenue

The table below sets forth the changes in our operating segment revenue for the periods indicated (in thousands, except percentage data):

27

Table of Contents

[[GREPCENT_TABLE]]
[["","Fiscal Year"],["","2025","","%*","","2024","","%*","","Increase (decrease)","","%**"],["Revenue:"],["Networking Platforms"],["Optical Networking","$","3,246,239","","","68.1","","$","2,642,563","","","65.8","","$","603,676","","","22.8"],["Routing and Switching","430,138","","","9.0","","399,492","","","10.0","","30,646","","","7.7"],["Total Networking Platforms","3,676,377","","","77.1","","3,042,055","","","75.8","","634,322","","","20.9"],["Platform Software and Services","363,830","","","7.6","","358,062","","","8.9","","5,768","","","1.6"],["Blue Planet Automation Software and Services","115,547","","","2.4","","77,619","","","2.0","","37,928","","","48.9"],["Global Services"],["Maintenance, Support, and Learning","317,247","","","6.7","","303,086","","","7.5","","14,161","","","4.7"],["Implementation","246,047","","","5.2","","184,358","","","4.6","","61,689","","","33.5"],["Advisory and Enablement","50,459","","","1.0","","49,775","","","1.2","","684","","","1.4"],["Total Global Services","613,753","","","12.9","","537,219","","","13.3","","76,534","","","14.2"],["Consolidated revenue","$","4,769,507","","","100.0","","$","4,014,955","","","100.0","","$","754,552","","","18.8"]]
[[/GREPCENT_TABLE]]

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[[GREPCENT_TABLE]]
[["*","Denotes % of total revenue"],["**","Denotes % change from 2024 to 2025"]]
[[/GREPCENT_TABLE]]

•Networking Platforms segment revenue increased by $634.3 million.

◦Optical Networking revenue increased by $603.7 million, primarily driven by increases in sales of our RLS to cloud providers. Revenue also benefited from increased sales of our coherent pluggable transceivers to cloud providers, 6500 Packet-Optical Platforms to service provider customers, and Waveserver® systems.

◦Routing and Switching revenue increased by $30.6 million, primarily driven by an increase in sales of our 3000 and 5000 series of service delivery and aggregation platforms to a cloud provider customer for DCOM solutions.

•Platform Software and Services segment revenue increased by $5.8 million, primarily reflecting sales increases of our software consulting services.

•Blue Planet Automation Software and Services segment revenue increased by $37.9 million, primarily reflecting sales increases in our orchestration software, unified assurance and analytics software, and our inventory management software services.

•Global Services segment revenue increased by $76.5 million, primarily reflecting sales increases of $61.7 million of our implementation services and $14.2 million of our maintenance, support, and learning.

Revenue by Geographic Region

Our operating segments engage in business and operations across three geographic regions: the United States, Canada, the Caribbean and Latin America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific, Japan and India (“APAC”). The following table reflects our geographic distribution of revenue, principally based on the relevant location for our delivery of products and performance of services (in thousands, except percentage data):

28

Table of Contents

[[GREPCENT_TABLE]]
[["","Fiscal Year"],["","2025","","%*","","2024","","%*","","Increase (decrease)","","%**"],["Americas","$","3,606,407","","","75.6","","$","2,951,915","","","73.5","","$","654,492","","","22.2"],["EMEA","731,912","","","15.4","","648,870","","","16.2","","83,042","","","12.8"],["APAC","431,188","","","9.0","","414,170","","","10.3","","17,018","","","4.1"],["Total","$","4,769,507","","","100.0","","$","4,014,955","","","100.0","","$","754,552","","","18.8"]]
[[/GREPCENT_TABLE]]

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[[GREPCENT_TABLE]]
[["*","Denotes % of total revenue"],["**","Denotes % change from 2024 to 2025"]]
[[/GREPCENT_TABLE]]

•Americas revenue increased by $654.5

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CIEN/mda/fy2025/
All MD&A years: /company/CIEN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CIEN/mda/fy2024/): filed 2024-12-20; accession 0000936395-24-000044 (https://www.sec.gov/Archives/edgar/data/936395/000093639524000044/cien-20241102.htm)
- [FY 2023 MD&A](/company/CIEN/mda/fy2023/): filed 2023-12-15; accession 0000936395-23-000044 (https://www.sec.gov/Archives/edgar/data/936395/000093639523000044/cien-20231028.htm)
- [FY 2022 MD&A](/company/CIEN/mda/fy2022/): filed 2022-12-16; accession 0000936395-22-000065 (https://www.sec.gov/Archives/edgar/data/936395/000093639522000065/cien-20221029.htm)
- [FY 2021 MD&A](/company/CIEN/mda/fy2021/): filed 2021-12-17; accession 0000936395-21-000054 (https://www.sec.gov/Archives/edgar/data/936395/000093639521000054/cien-20211030.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3661 Telephone & Telegraph Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CIEN.md · JSON record: /company/CIEN.json · verified financials: /company/CIEN/financials.json / /company/CIEN/financials.csv · machine TOC for the whole site: /llms.txt