Ciena
Builds coherent optical networks and high-speed interconnects for carriers and cloud providers.
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Profile
Supplies optical transport systems, coherent pluggables, routing platforms, network-control software, automation, and services to cloud and telecommunications networks. Networking Platforms generates most revenue, while demand depends on customer capacity spending and is concentrated among a small number of large cloud and service providers.
Builds optical networking systems, coherent pluggable transceivers, routing and switching platforms, and high-speed interconnects for cloud providers, telecommunications carriers, cable operators, governments, and enterprises. Networking Platforms is the core business: WaveLogic coherent technology powers the 6500, Waveserver, Reconfigurable Line System, and pluggable portfolio from access and metro networks through long-haul, submarine, and data-center links.
Navigator software controls and plans these networks, while Blue Planet automates and analyzes multi-vendor operations. Global Services provides implementation, maintenance, support, learning, and advisory work. Product demand follows large customers' network-capacity investments, while global sales are subject to trade, tariff, and export controls. The Americas contribute most revenue, and a small group of cloud and service-provider customers accounts for roughly half of sales.
Company facts
Categories
Key statistics
Year to date +53.7% · Average volume (30d) 2.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Northland Securities | Target | $450 | $500 | ||
| Aug 19, 2026 | Northland Capital Markets | Upgrade | Market Perform | Outperform | ||
| Jun 5, 2026 | Argus Research | Target | $370 | $650 | ||
| Jun 5, 2026 | Northland Securities | Target | $190 | $450 | ||
| Jun 5, 2026 | Barclays | Reiterate | Overweight | $279 | $607 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 4, 2026Q2 FY26 | $1.46 | $1.64 | +12.3% | $1.50B | $1.57B | +4.4% | −8.85% |
| Mar 5, 2026Q1 FY26 | $1.17 | $1.35 | +15.4% | $1.40B | $1.43B | +2.0% | −1.71% |
| Dec 11, 2025Q4 FY25 | $0.78 | $0.91 | +16.7% | $1.29B | $1.35B | +4.7% | −9.87% |
| Sep 4, 2025Q3 FY25 | $0.53 | $0.67 | +26.4% | $1.17B | $1.22B | +3.8% | −0.20% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.07B | $1.13B | $1.22B | $1.35B | $1.43B | $1.57B | |
| Gross profit | $471.8M | $452.8M | $503.1M | $577.2M | $625.5M | $691.6M | |
| Operating income | $82.2M | $34.8M | $75.3M | $118.5M | $191.2M | $237.9M | |
| Net income | $44.6M | $9.0M | $50.3M | $19.5M | $150.3M | $218.2M | |
| Diluted EPS | $0.31 | $0.06 | $0.35 | $0.13 | $1.03 | $1.49 | |
| Gross margin | 44.0% | 40.2% | 41.3% | 42.7% | 43.8% | 44.0% | |
| Operating margin | 7.7% | 3.1% | 6.2% | 8.8% | 13.4% | 15.1% |
Fiscal years (4-quarter sums)FY21 $3.62B · FY22 $3.63B · FY23 $4.39B · FY24 $4.05B · FY25 $4.77B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, May 2, 2026Cash & short-term investments $1.20B · Total debt $1.58B · Total assets $6.04B · Shareholders' equity $2.89B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 141.55M · Float 140.87M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 19.11M | 13.50% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 12.72M | 8.98% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 11.21M | 7.92% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 9.23M | 6.52% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 7.68M | 5.43% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Marc D. Graff | officer: SVP & Chief Financial Officer | −4,995 | $430.72 |
| Aug 14, 2026 | David M. Rothenstein | officer: SVP and Chief Strategy Officer | −2,500 | $438.10 |
| Aug 17, 2026 | Gary B. Smith | director, officer: President, CEO | −2,952 | $447.78 |
| Aug 17, 2026 | Brodie Gage | officer: SVP Global Products & Supply | −1,200 | $439.24 |
| Aug 3, 2026 | Gary B. Smith | director, officer: President, CEO | −2,952 | $379.81 |
Peers
- Nokia (ADR)
Head-to-head rival in coherent optical systems and IP/optical convergence.
- Cisco Systems
Acacia coherent pluggables and Routed Optical Networking rival.
- Hewlett Packard Enterprise
Post-Juniper rival in IP routing, DCI, and AI-network orchestration.
- Arista Networks
AI data-center switching and scale-across DCI rival.
- Marvell Technology
Merchant coherent DSP and 1.6T ZR/ZR+ pluggable rival for DCI.
- Broadcom
Merchant switch silicon, co-packaged optics, and coherent DSP rival.
- ADTRAN
Open optical networking and fiber broadband access rival.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ciena | $379.00 | +0.24% | $53.57B | 126.1 | 48.3 | 9.6 | +39.5% |
| Nokia (ADR) | $10.18 | −0.29% | $55.14B | 71.4 | 24.3 | 2.5 | +2.3% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Hewlett Packard Enterprise | $52.56 | +0.50% | $69.26B | 49.8 | 13.4 | 1.8 | +40.0% |
| Arista Networks | $195.38 | +0.01% | $246.02B | 61.6 | 42.0 | 23.3 | +37.7% |
| Marvell Technology | $216.40 | −0.10% | $189.71B | 71.8 | 42.3 | 20.1 | +36.6% |
| Broadcom | $369.12 | +0.12% | $1.75T | 61.5 | 23.5 | 23.2 | +47.9% |
| ADTRAN | $7.81 | +1.23% | $625.3M | — | 21.7 | 0.5 | +6.1% |
| Median | 61.5 | 23.5 | 6.8 | +36.6% |