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Ciena Corporation

Ciena Corporation’s revenue for fiscal 2025 (year ended October 2025) was $4.8 billion, up 18.8% from fiscal 2024.

Revenue: +37.1%
EPS: +437.1%
Free cash flow: −13.6%
Total debt: +110.0%

Quarter to July 2026, against a year earlier

320.72 28.73 −8.22%

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Market cap: $49.6B
P/E: 69.3×
Fwd P/E: 55.3×
Dividend yield: —
F-score: 7/9
Altman Z: 5.80
Beneish M: −2.92
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Ciena Corporation (CIEN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Networking Platforms	3,676	77.08%
Global Services	614	12.87%
Platform Software and Services	364	7.63%
Blue Planet Automation Software and Services	116	2.42%
Gross margin		42.04%
Operating margin		4.14%
Pre-tax margin		3.28%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Also reported: a second breakdown of the same revenue
Optical Networking	3,246 68.06%	2,643 65.82%	2,987 68.10%	2,380 65.51%	2,554 70.53%	2,548 72.13%	2,563 71.75%	—	—	—
Routing and Switching	430 9.02%	399 9.95%	506 11.54%	398 10.97%	272 7.51%	267 7.57%	348 9.76%	—	—	—
Platform Software and Services	364 7.63%	358 8.92%	304 6.93%	277 7.63%	230 6.34%	198 5.60%	155 4.35%	—	—	—
Maintenance, Support, and Learning	317 6.65%	303 7.55%	288 6.57%	292 8.05%	283 7.83%	269 7.63%	261 7.32%	—	—	—
Implementation	246 5.16%	184 4.59%	181 4.13%	157 4.33%	171 4.74%	152 4.30%	148 4.15%	—	—	—
Blue Planet Automation Software and Services	116 2.42%	78 1.93%	69 1.58%	77 2.11%	77 2.13%	63 1.77%	55 1.53%	—	—	—
Advisory and Enablement	50 1.06%	50 1.24%	51 1.16%	51 1.40%	34 0.93%	35 1.00%	41 1.16%	—	—	—
Products	—	—	—	—	—	2,915	—	—	—	—
Services	—	—	—	—	—	617	—	—	—	—
Revenue	4,770	4,015	4,387	3,633	3,621	3,532	3,572	3,094	2,802	2,601

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Networking Platforms	3,676 77.08%	3,042 75.77%	3,493 79.64%	2,778 76.48%	2,825 78.03%	2,815 79.70%	2,911 81.50%	2,478 80.08%	2,253 80.41%	2,069 79.55%	1,964 80.30%	1,827 79.83%	—	—	—	—	—
Global Services	614 12.87%	537 13.38%	520 11.85%	501 13.78%	489 13.49%	457 12.93%	451 12.62%	416 13.43%	388 13.84%	407 15.64%	381 15.60%	373 16.32%	—	—	—	—	—
Platform Software and Services	364 7.63%	358 8.92%	304 6.93%	277 7.63%	230 6.34%	198 5.60%	155 4.35%	—	—	—	—	—	—	—	—	—	—
Blue Planet Automation Software and Services	116 2.42%	78 1.93%	69 1.58%	77 2.11%	77 2.13%	63 1.77%	55 1.53%	—	—	—	—	—	—	—	—	—	—
Software and Software-Related Services	—	—	—	—	—	—	—	—	—	125 4.81%	100 4.10%	88 3.85%	—	—	—	—	—
Packet-Optical Transport	—	—	—	—	—	—	—	—	—	—	—	—	1,187 57.01%	951 51.87%	734 42.15%	706 57.05%	299 45.83%
Software and Services	—	—	—	—	—	—	—	—	—	—	—	—	439 21.06%	400 21.82%	345 19.79%	240 19.40%	113 17.27%
Carrier Ethernet Service Delivery	—	—	—	—	—	—	—	—	—	—	—	—	234 11.23%	354 19.28%	536 30.76%	179 14.48%	75 11.51%
Packet-Optical Switching	—	—	—	—	—	—	—	—	—	—	—	—	223 10.70%	129 7.03%	127 7.29%	112 9.06%	166 25.39%
Other, not broken out	—	—	—	—	—	—	—	201 6.49%	161 5.75%	—	—	—	—	—	—	—	—
Revenue	4,770	4,015	4,387	3,633	3,621	3,532	3,572	3,094	2,802	2,601	2,446	2,288	2,083	1,834	1,742	1,237	653

Revenue by region $m

Line	FY2019	FY2012	FY2011	FY2010	FY2009
Americas	2,504 70.10%	—	—	—	—
EMEA	567 15.86%	—	—	—	—
APAC	502 14.04%	—	—	—	—
United States	—	973 53.03%	931 53.44%	744 60.18%	419 64.26%
International	—	861 46.97%	811 46.56%	492 39.82%	151 23.20%
United Kingdom	—	—	—	—	82 12.53%
Revenue	3,572	1,834	1,742	1,237	653

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average days' sales outstanding (DSOs)	Q3 FY2026	76.00	88.00	−13.64%
Product inventory turns	Q3 FY2026	3.5×	2.7×	+29.63%
Remaining performance obligations	Q3 FY2026	$2.5B	$2.0B	+25.00%
Revenue from customers representing 10%-plus of revenue	Q3 FY2026	41.7%	28.8%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019
Average days' sales outstanding (DSOs)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Revenue from customers representing 10%-plus of revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.