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Ciena (CIEN) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 3, 2026 · Ciena (CIEN) Q3 FY26 earnings results →

Q3 FY26 Revenue up 37% year over year to $1.7B · 16¢ of every $1 of revenue kept as net profit · operating margin 18.0%

Ciena made $1.7B in Q3 FY26 (+37% Y/Y): Products $1.4B, Routing and Switching $164M, Platform Software and Services $98.7M. Operating margin 18.0%, net earnings $266M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 3, 2026.

Revenue$1.7B
Year over year+37%
Operating margin18.0%
Net earnings$266M
Operating cash flow$196M

Drawing the Sankey…

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Ciena Q3 FY26 revenue breakdown: Sankey diagram of revenue (Products, Routing and Switching, Platform Software and Services, Advisory and Enablement), costs, profit and cash flow
Ciena Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.7B in Q3 FY26, up 37% year over year and up 6% from the previous quarter. Optical Networking was the largest line at 71% of revenue. Optical Networking added $0.38B year over year (up 46%), 83% of the total change. Blue Planet Automation Software and Services declined 17%.

Gross margin was 45.4%, up 4.2 points from Q3 FY25. Operating profit was $0.30B, a 18.0% margin (up 12.0 points year over year). Of the extra revenue versus Q3 FY25, 50% reached operating profit, above the 6% margin then. Operating expenses grew 7% against revenue growth of 37%. The fastest-growing cost line was Research & development (+12%). Net earnings were $0.27B, up 430% year over year. The effective tax rate was 14.2%.

Operating cash flow was $0.20B (up 13% year over year), 74% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $0.08B left free cash flow of $0.12B.

Quarterly history

Ciena revenue by quarterCiena revenue by quarter$1.1BQ4 FY24$1.1BQ2 FY25$1.2BQ3 FY25$1.4BQ4 FY25$1.4BQ1 FY26$1.6BQ2 FY26$1.7BQ3 FY26
Ciena net earnings by quarterCiena net earnings by quarter$37.0MQ4 FY24$9.0MQ2 FY25$50.3MQ3 FY25$19.5MQ4 FY25$150MQ1 FY26$218MQ2 FY26$266MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 3, 2026$1.7B+37%18.0%$266M$196M
Q2 FY2610-QJun 4, 2026$1.6B+40%15.1%$218M$260M
Q1 FY2610-QMar 5, 2026$1.4B+33%13.3%$150M$228M
Q4 FY2510-KDec 12, 2025$1.4B+20%0.8%$19.5M$371M
Q3 FY2510-QSep 4, 2025$1.2B+29%6.0%$50.3M$174M
Q2 FY2510-QJun 5, 2025$1.1B+24%2.9%$9.0M$157M
Q4 FY2410-KDec 20, 2024$1.1B-0.5%5.3%$37.0M$349M

Charts

Ciena: revenue growth, year over year and quarter over quarterCiena: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q4 FY24+24%+0%Q2 FY25+29%+8%Q3 FY25+20%+11%Q4 FY25+33%+6%Q1 FY26+40%+10%Q2 FY26+37%+6%Q3 FY26
Latest (Q3 FY26): Y/Y +37%, Q/Q +6%.
Ciena: where the cash came from (+) and went (−), TTM to Q3 FY26Ciena: where the cash came from (+) and went (−), TTM to Q3 FY26Other financing$1.6BCash drawn (+) / kept (−)−$1.4BOperating cash flow$1.1BBuybacks−$422MTaxes on employees’ shares−$310MOther investing−$289MCapital spending−$240MShares issued$38.0MNet borrowing (+) / repaid (−)−$13.4MExchange rates−$4.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Ciena: profit against cash, quarter by quarterCiena: profit against cash, quarter by quarterNet incomeOperating cash flow$37.0M$349MQ4 FY24$44.6M$104MQ1 FY25$9.0M$157MQ2 FY25$50.3M$174MQ3 FY25$19.5M$371MQ4 FY25$150M$228MQ1 FY26$218M$260MQ2 FY26$266M$196MQ3 FY26
Latest (Q3 FY26): Net income $266M, Operating cash flow $196M.
Ciena: diluted shares by fiscal yearCiena: diluted shares by fiscal year156MFY20157MFY21152MFY22149MFY23146MFY24145MFY25
-6.9% since FY20: buybacks shrank the count.
Ciena in its industry: growth against margin (6 companies, SIC 3661)Ciena in its industry: growth against margin (6 companies, SIC 3661)revenue growth, year over year →↑ operating marginmedian +37%median 10%FNADTNCLFDFKWLFIEECIEN (+37%, 18%)
Telephone & Telegraph Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Networking

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Ciena

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. Our Networking Platforms, including our Optical Networking portfolio and Routing and Switching portfolio, are solutions applied from the network core to end user access points and allow network operators to scale capacity, increase transmission speeds, allocate traffic efficiently, and adapt dynamically to changing end-user service demands.

In its own words, from its 10-K, filed Dec 12, 2025.

Ciena against its Telephone & Telegraph Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +37% against the peers' median +37%. Operating margin: 18.0% against the peers' median 9.9%.

CompanyQuarterRevenueY/YOp. margin
CIEN CienaQ3 FY26$1.7B+37%18.0%
FN FabrinetQ1 FY27$1.5B+51%9.9%
ADTN Adtran HoldingsQ3 2026$281M+0.6%-0.3%
CLFD ClearfieldQ3 FY26$43.9M+13%5.9%
FKWL Franklin WirelessQ4 FY26$8.4M+21%-21.5%
FIEE FiEEQ2 2026$4.8M107×54.8%

Source: Ciena 10-Q on SEC EDGAR · CIK 936395 · Telephone & Telegraph Apparatus

Guidance and outlook

Ciena Revenue: guidance against what was reportedCiena Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$1.4BQ1 FY26$1.4BFY26Q2 FY26$1.6BQ3 FY26$1.7BQ4 FY26
Met or beat 4 of 4 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns CIEN and who is buying

Largest holders of CIEN (13F)Largest holders of CIEN (13F)FMR LLC$9.4BBlackRock$6.2BVanguard Capital Management LLC$4.5BVanguard Portfolio Management LLC$3.8BVanguard Group$3.4BState Street$3.3BPrice T Rowe Associates$2.0BGeode Capital Management, LLC$1.6BAmerican Century Companies$908MBank of America$877M
Funds' net buying of CIEN by quarter (13F)Funds' net buying of CIEN by quarter (13F)$193M2024-09−$413M2024-12−$151M2025-03$250M2025-06−$92.2M2025-09−$577M2025-12−$2.8B2026-03−$2.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CIEN

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Ciena（CIEN）财报

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