PRESSR: Ciena reports fiscal fourth quarter 2025 and year-end financial results

Providing guidance for revenue in the range of $1.35 billion to $1.43 billion for the first fiscal quarter of 2026 and $5.7 billion to $6.1 billion for fiscal year 2026Dubai, UAE -- Ciena® Corporation today announced financial results for its fiscal fourth quarter and year ended November 1, 2025."Our record fiscal fourth quarter and full-year performance reinforces our position as the global leader in high-speed connectivity with an expanding role in the AI ecosystem," said Gary Smith, president and CEO, Ciena. "Looking ahead, we are confident in our growth trajectory over the coming years, driven by durable demand from our cloud and service provider customers and a growing set of opportunities inside and around the data center."Performance Summary for Fiscal Fourth Quarter and Year Ended November 1, 2025 Revenue: $1.35 billion in the fiscal fourth quarter 2025, compared to $1.12 billion in the fiscal fourth quarter 2024 $4.77 billion in fiscal year 2025, compared to $4.01 billion in the fiscal year 2024Net Income per diluted share: $0.13 GAAP and $0.91 adjusted (non-GAAP) for the fiscal fourth quarter 2025, compared to $0.25 and $0.54 for fiscal fourth quarter 2024, respectively $0.85 GAAP and $2.64 adjusted (non-GAAP) for fiscal year 2025, compared to $0.58 and $1.82 for fiscal year 2024, respectivelyThe tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.GAAP Results (unaudited) Non-GAAP Results (unaudited)Quarter Ended Period Quarter Ended Period November 1, November 2, Change November 1, November 2, Change20252024Y-T-Y*20252024Y-T-Y*Revenue $ 1,352.0$ 1,124.120.3% $1,352.0$ 1,124.120.3%Gross margin 42.7%40.9%1.8%43.4%41.6%1.8%Operating expense $ 566.7$ 400.841.4% $408.7$ 354.915.2%Operating margin 0.8%5.3%(4.5)%13.2%10.0%3.2%EBITDA $ 47.8$ 93.0(48.6)% $205.5$ 136.750.3%GAAP Results (unaudited) Non-GAAP Results (unaudited)Year Ended Period Year Ended Period November 1, November 2, Change November 1, November 2, Change20252024Y-T-Y*20252024Y-T-Y*Revenue $ 4,769.5$ 4,014.918.8%$ 4,769.5$ 4,014.918.8%Gross margin 42.0%42.8%(0.8)%42.7%43.6%(0.9)%Operating expense $ 1,807.4$ 1,553.016.4%$ 1,505.8$ 1,361.710.6%Operating margin 4.1%4.1%—%11.2%9.7%1.5%EBITDA $ 337.9$ 300.112.6%$ 636.7$ 481.032.4%* Denotes % change, or in the case of margin, absolute changeBusiness Outlook"Our results reflect Ciena’s market momentum within a strong demand environment and our commitment to financial discipline, delivering strong top and bottom line performance that exceeded our guidance for the fourth quarter,” said Marc Graff, CFO of Ciena. “With our growing operating leverage and strong cash generation and balance sheet, we are well-positioned to deliver value for our customers and shareholders in 2026."Ciena expects fiscal year 2026 to include: Revenue in the range of $5.7 billion to $6.1 billion Adjusted (non-GAAP) gross margin of 43% plus or minus 1% Adjusted (non-GAAP) operating expense of approximately $1.52 billion Adjusted (non-GAAP) operating margin of 17% plus or minus 1%Ciena expects fiscal first quarter 2026 to include: Revenue in the range of $1.35 billion to $1.43 billion Adjusted (non-GAAP) gross margin between 43% to 44% Adjusted (non-GAAP) operating expense of approximately $380 million Adjusted (non-GAAP) operating margin between 15.5% and 16.5%Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of the “Economic considerations and assumptions” in our accompanying Earnings Presentation and each of the "Forward-Looking Statements" and "Reconciliation of Adjusted (Non- GAAP) Measurements" found in the Notes to Investors below.Financial Highlights Three customers represented 10%-plus of revenue for a total of 43.6% of revenue for the fiscal fourth quarter 2025. Two customers represented 10%-plus of revenue for a total of 28.4% of revenue for the fiscal year 2025. Average days' sales outstanding (DSOs) were 77 and 88 for the fiscal fourth quarter and the fiscal year 2025, respectively. Product inventory turns were 3.1 and 2.7 for the fiscal fourth quarter and the fiscal year 2025, respectively. Repurchased approximately 0.7 million and 4.0 million shares of common stock for an aggregate price of $84.5 million and$329.7 million during fiscal fourth quarter and fiscal year 2025, respectively.Financial Performance by SegmentNetworking Platforms Optical NetworkingRouting and SwitchingRevenue by Segment (unaudited)Quarter EndedNovember 1, 2025 November 2, 2024 Revenue %** Revenue %**$ 929.2118.468.7 $8.8779.679.469.47.0Total Networking Platforms1,047.677.5859.076.4Platform Software and Services93.36.999.68.9Blue Planet Automation Software and Services33.82.523.52.1Global Services 1 Maintenance, Support, and Learning 82.56.177.26.9Implementation 74.35.551.44.5Advisory and Enablement 20.51.513.41.2Total Global Services 177.313.1142.012.6Total$1,352.0100.0 $1,124.1100.0Networking Platforms Optical NetworkingRouting and SwitchingRevenue by Segment (unaudited)Year EndedNovember 1, 2025 November 2, 2024 Revenue %** Revenue %**$ 3,246.3430.168.1 $9.02,642.6399.565.810.0Total Networking Platforms3,676.477.13,042.175.8Platform Software and Services363.87.6358.08.9Blue Planet Automation Software and Services115.52.477.62.0Global Services 1Maintenance, Support, and Learning317.26.7303.17.5ImplementationAdvisory and Enablement246.150.55.21.0184.349.84.61.2Total Global Services613.812.9537.213.3Total$ 4,769.5100.0 $4,014.9100.0** Denotes % of total revenue 1 Effective as of the fourth quarter of fiscal 2025, Ciena renamed (i) its "Maintenance Support and Training" product line to "Maintenance, Support, and Learning", (ii) its "Installation and Deployment" product line to "Implementation", and (iii) its "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, the references to the prior reported product lines have been changed herein to the new names above.Notes to InvestorsForward-Looking Statements. You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include the statements in the "Summary" and "Business Outlook" sections of this press release and "Our record fiscal fourth quarter and full-year performance underscores our focused execution and solidifies our position as a global leader in high-speed connectivity with an expanding role in the evolving AI ecosystem.Looking ahead, we are increasingly confident in our growth trajectory over the coming years, driven by accelerating, durable demand from our cloud and service provider customers and a growing set of opportunities inside and around the data center." and “With our growing operating leverage, and strong cash generation and balance sheet, we are well-positioned to deliver value for our customers and shareholders in 2026."Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our business and that of our customers, including their spending; the development and use of artificial intelligence and its impact on overall networking technology spending; our ability to execute our business and growth strategies; supply chain constraints or disruptions including increased costs and lead times; the introduction of new technologies by us or our competitors; the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, and public health emergencies, epidemics, or pandemics; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena's Quarterly Report on Form 10-Q filed with the SEC on September 4, 2025 and its Annual Report on Form 10-K to be filed with the SEC. Ciena assumes no obligation to update any forward-looking information included in this press release.Non-GAAP Presentation of Quarterly and Annual Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income from operations, earnings before interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of thesenon-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendices A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.With respect to Ciena’s expectations under “Business Outlook" above, Ciena is not able to provide a quantitative reconciliation of the adjusted (non-GAAP) gross margin and adjusted (non-GAAP) operating expense guidance measures to the corresponding gross profit and gross profit percentage, and operating expense GAAP measures without unreasonable efforts. Ciena cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, Ciena is unable to address the probable significance of the unavailable information.About Ciena.Ciena is the global leader in high-speed connectivity. We build the world’s most adaptive networks to support exponential growth in bandwidth demand. By harnessing the power of our networking systems, interconnects, automation software, and services, Ciena revolutionizes data transmission and network management. With unparalleled expertise and innovation, we empower our customers, partners, and communities to thrive in the AI era. For updates on Ciena, follow us on LinkedIn, X, the Ciena Insights blog, or visit www.ciena.com.CIENA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data) (unaudited)Quarter Ended Year Ended November 1, November 2, November 1, November 2, Revenue:Products2025$ 1,092,4512024$ 892,4252025$ 3,822,6182024$ 3,159,021259,533231,687946,889855,9341,351,9841,124,1124,769,5074,014,955630,150545,5802,250,9661,861,317144,655118,510513,624434,048774,805664,0902,764,5902,295,365577,179460,0222,004,9171,719,590Services Total revenueCost of goods sold: ProductsServicesTotal cost of goods sold Gross profitOperating expenses:Research and development228,900195,960848,329767,497Selling and marketing156,420136,919581,331510,668General and administrative67,25758,143238,707220,647Significant asset impairments and restructuring costs106,8512,605112,11324,592Amortization of intangible assets6,1127,18525,75829,569Income from operations10,49159,210197,531166,617Interest and other income, net14,34913,80148,88850,261Interest expense(21,982)(24,990)(89,403)(97,028)Loss on extinguishment and modification of debt——(729)—Income before income taxes2,85848,021156,287119,850Provision (benefit) for income taxes(16,631)10,99332,94935,894Net income$ 19,489$ 37,028$ 123,338$ 83,956Net Income per Common ShareBasic net income per common share$ 0.14$ 0.26$ 0.87$ 0.58Diluted net income per potential common share$ 0.13$ 0.25$ 0.85$ 0.58Weighted average basic common shares outstanding141,527144,240142,221144,715Weighted average dilutive potential common shares outstanding1145,470146,487145,248145,9641,148566,688—400,8121,1481,807,386—1,552,973Acquisition and integration costs Total operating expenses1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.9 million and 3.0 million for the fourth quarter and year ended fiscal 2025, respectively; and (ii) 2.2 million and 1.2 million for the fourth quarter and year ended fiscal 2024, respectively.CIENA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share data) (unaudited)ASSETSCurrent assets:November 1,2025November 2,2024Cash and cash equivalents $ 1,091,952 $ 934,863Short-term investments216,148316,343Accounts receivable, net975,856908,597Inventories, net826,235820,430Prepaid expenses and other455,316564,183Total current assets3,565,5073,544,416Long-term investments57,14280,920Equipment, building, furniture and fixtures, net386,779337,722Operating lease right-of-use assets38,61327,417Goodwill521,204444,707Other intangible assets, net224,210165,020Deferred tax asset, net884,889886,441Other long-term assets 186,323 154,694Total assets $ 5,864,667 $ 5,641,337LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable$ 542,841$ 423,401Accrued liabilities and other short-term obligations531,081393,905Deferred revenue208,936156,379Operating lease liabilitiesCurrent portion of long-term debt13,95611,58014,45511,700Total current liabilities1,308,394999,840Long-term deferred revenue94,85081,240Other long-term obligations175,426185,938Long-term operating lease liabilities32,51625,107Long-term debt, net 1,524,158 1,533,074Total liabilities 3,135,344 2,825,199Stockholders’ equity:Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding——Common stock – par value $0.01; 290,000,000 shares authorized; 141,016,300 and 142,656,116 shares issued and outstanding1,4101,427Additional paid-in capital5,953,0576,154,869Accumulated other comprehensive loss(55,035)(46,711)Accumulated deficit (3,170,109) (3,293,447)Total stockholders’ equity 2,729,323 2,816,138Total liabilities and stockholders’ equity $ 5,864,667 $ 5,641,337CIENA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) (unaudited)Year Ended November 1, November 2, 20252024Cash flows provided by operating activities: Net income$ 123,338$ 83,956Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements104,13392,846Abandonment of acquired in-process research and development89,100—Share-based compensation expense184,525156,404Amortization of intangible assets36,20540,624Deferred taxes(23,173)(76,810)Provision for inventory excess and obsolescence48,42477,341Provision for warranty24,44225,643Other(736)11,768Changes in assets and liabilities: Accounts receivable(98,743)80,313Inventories(53,602)153,021Prepaid expenses and other86,204(198,910)Operating lease right-of-use assets11,61311,837Accounts payable, accruals and other obligations226,48664,255Deferred revenue63,7609,884Short and long-term operating lease liabilities (15,883) (17,640)Net cash provided by operating activities 806,093 514,532 Cash flows used in investing activities:Payments for equipment, furniture, and fixtures(140,801)(136,641)Purchases of investments(214,162)(287,536)Proceeds from sales and maturities of investments348,579140,836Settlement of foreign currency forward contracts, net(4,015)(1,454)Purchase of equity investments—(21,682)Acquisition of business, net of cash acquired (231,100) —Net cash used in investing activities (241,499) (306,477)Cash flows used in financing activities:Proceeds for modification of debt, net19,175—Cash paid for extinguishment of debt(19,175)—Payment of long term debt(11,580)(11,700)Payment of debt issuance costs(12)(2,554)Payment of finance lease obligations(4,380)(4,029)Shares repurchased for tax withholdings on vesting of stock unit awards(91,315)(46,567)Repurchases of common stock - repurchase program, netProceeds from issuance of common stock(334,507)35,876(254,502)34,291Net cash used in financing activities(405,918)(285,061)Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,505)1,246Net increase (decrease) in cash, cash equivalents and restricted cash157,171(75,760)Cash, cash equivalents and restricted cash at beginning of period935,0261,010,786Cash, cash equivalents and restricted cash at end of period$ 1,092,197$ 935,026Supplemental disclosure of cash flow informationCash paid during the period for interest, net$ 85,217$ 92,515Cash paid during the period for income taxes, net$ 113,608$ 54,956Operating lease payments$ 17,840$ 19,452Non-cash investing and financing activitiesPurchase of equipment in accounts payable$ 17,449$ 14,682Repurchase of common stock in accrued liabilities from repurchase program, net$ 2,579$ 6,172Operating right-of-use assets subject to lease liability$ 23,586$ 6,912APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements (in thousands, except per share data) (unaudited)Quarter Ended Year Ended November 1, November 2, November 1, November 2,2025 2024 2025 2024Gross Profit Reconciliation (GAAP/non-GAAP)$ 577,179$ 460,022$2,004,917$1,719,5901,9641,7367,7746,4743,8573,25715,18412,7433,7502,76410,44711,0559,5717,75733,40530,272$ 586,750$ 467,779$2,038,322$1,749,862GAAP gross profitShare-based compensation-products Share-based compensation-servicesAmortization of intangible assetsAdjusted (non-GAAP) gross profit percentage43.4%41.6%42.7%43.6%Operating Expense Reconciliation (GAAP/non-GAAP) GAAP operating expense$ 566,688 $400,812 $1,807,386 $1,552,973Share-based compensation-research and development16,27414,06564,28154,129Share-based compensation-sales and marketing13,54311,16852,06642,954Share-based compensation-general and administrative13,24810,84245,42440,053Significant asset impairments and restructuring costs106,8512,605112,11324,592Amortization of intangible assets6,1127,18525,75829,569Acquisition and integration costs1,148—1,148—Total adjustments related to gross profit Adjusted (non-GAAP) gross profit802—802—157,97845,865301,592191,297$ 408,710$ 354,947$1,505,794$1,361,676Holdback arrangementTotal adjustments related to operating expense Adjusted (non-GAAP) operating expense$ 10,491$ 59,210$ 197,531$ 166,6179,5717,75733,40530,272157,97845,865301,592191,297167,54953,622334,997221,569$ 178,040$ 112,832$ 532,528$ 388,186Income from Operations Reconciliation (GAAP/non-GAAP)GAAP income from operationsTotal adjustments related to gross profitTotal adjustments related to operating expenseTotal adjustments related to income from operations Adjusted (non-GAAP) income from operationsAdjusted (non-GAAP) operating margin percentage 13.2% 10.0% 11.2% 9.7%Net Income Reconciliation (GAAP/non-GAAP)$ 19,489$ 37,028$ 123,338$ 83,956(16,631)10,99332,94935,8942,85848,021156,287119,850167,54953,622334,997221,569——729—170,407101,643492,013341,41937,49022,361108,24375,112$ 132,917$ 79,282$ 383,770$ 266,307GAAP net incomeExclude GAAP provision (benefit) for income taxes Income before income taxesTotal adjustments related to income from operationsLoss on extinguishment and modification of debt Adjusted income before income taxesNon-GAAP tax provision on adjusted income before income taxes Adjusted (non-GAAP) net incomeWeighted average basic common shares outstanding 141,527144,240142,221144,715Weighted average dilutive potential common shares outstanding 1 145,470146,487145,248145,964Net Income per Common ShareGAAP diluted net income per potential common share $ 0.13$ 0.25$ 0.85$ 0.58Adjusted (non-GAAP) diluted net income per potential common share $ 0.91$ 0.54$ 2.64$ 1.821 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.9 million and 3.0 million for the fourth quarter and year ended fiscal 2025; and (ii) 2.2 million and 1.2 million for the fourth quarter and year ended fiscal 2024.APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (in thousands) (unaudited)Quarter Ended Year Ended NovemberNovemberNovemberNovember1,2,1,2,2025202420252024Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) $ 19,489$ 37,028$ 123,338$ 83,95621,98224,99089,40397,02814,34913,80148,88850,261——729—(16,631)10,99332,94935,89427,49623,849104,13392,8469,8629,94936,20540,624Net income (GAAP) Add: Interest expenseLess: Interest and other income, netAdd: Loss on extinguishment and modification of debt Add: Provision (benefit) for income taxesAdd: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvementsAdd: Amortization of intangible assetsEBITDA$ 47,849$ 93,008 $337,869$ 300,087Add: Share-based compensation expense48,88641,068184,729156,353Add: Significant asset impairments and restructuring costs106,8512,605112,11324,592Add: Acquisition and integration costs1,148—1,148—Add: Holdback arrangement802—802—Adjusted EBITDA$ 205,536$ 136,681 $636,661$ 481,032* * *The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:Share-based compensation - a non-cash expense incurred in accordance with share-based compensation accounting guidance.Significant asset impairments and restructuring costs - non-recurring costs primarily reflecting expenses associated with significant impairment or abandonment of assets and actions Ciena has taken to restructure our business, including reductions in force, facility optimization, and the redesign of business processes. For the fiscal fourth quarter and fiscal year of 2025, this also includes a charge of $89.1 million related to the abandonment of an in-process R&D intangible asset.Amortization of intangible assets - a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over an expected useful life. Acquisition and integration costs - consists of financial, legal, and accounting advisors and employee-related costs related to our acquisition of Nubis Communications, Inc. during the fourth quarter of fiscal 2025.Holdback arrangement - reflects a one-time holdback of a portion of the merger consideration otherwise payable at closing to certain key employee shareholders of Nubis Communications, Inc. who became employees of Ciena, which is treated as contingent compensation for GAAP reporting purposes. These transaction-related amounts are not part of Ciena's standard compensation and benefits.Loss on extinguishment and modification of debt - reflects extinguishment and debt modification expenses related to refinancing our term loan during the first quarter of fiscal 2025.Non-GAAP tax provision - consists of current and deferred income tax expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and foreign statutory annual tax rate of 22.0% for all fiscal periods of fiscal 2025 and fiscal 2024. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy. The Non-GAAP tax provision excludes the impact of a $21.6 million tax benefit in the fourth quarter of fiscal 2025 related to the expiration of the statute of limitations on previously uncertain tax positions.View source version on businesswire.com: https://www.businesswire.com/news/home/20251210284278/en/Send us your press releases to pressrelease.zawya@lseg.comDisclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.The press release is provided for informational purposes only. 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