Filing Flows › Ciena (CIEN) › Q2 FY26 › vs Q2 FY25
Ciena (CIEN) Q2 FY26 vs Q2 FY25 (year over year)
Ciena's revenue rose $445M (+40%) from $1.1B in Q2 FY25 to $1.6B in Q2 FY26. The biggest changes: Products +$340M (+35%); Routing and Switching +$81.5M (+88%); Implementation +$21.5M (+37%). Gross margin 44.0% against 40.2% (+3.8 pts).
Ciena, Q2 FY26: revenue $1.6B (+40% year over year), operating margin 15.1%, net earnings $218M, operating cash flow $260M. The chart draws each line against Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 44.0% | 40.2% | +3.8 pts |
| Operating margin | 15.1% | 2.9% | +12.2 pts |
| Net margin | 13.9% | 0.8% | +13.1 pts |
| Free cash flow margin | 13.9% | 11.4% | +2.5 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Optical Networking | $1.1B | $774M | $326M | +42% |
| Platform Software and Services | $93.9M | $85.4M | $8.4M | +10% |
| Maintenance, Support, and Learning | $89.3M | $79.4M | $9.8M | +12% |
| Blue Planet Automation Software and Services | $23.4M | $28.0M | −$4.6M | -16% |
| Products | $1.3B | $966M | $340M | +35% |
| Routing and Switching | $174M | $92.7M | $81.5M | +88% |
| Implementation | $79.7M | $58.2M | $21.5M | +37% |
| Advisory and Enablement | $10.4M | $8.6M | $1.9M | +22% |
| Revenue | $1.6B | $1.1B | $445M | +40% |
| Gross profit | $692M | $453M | $239M | +53% |
| Cost of revenue | $879M | $673M | $206M | +31% |
| Operating profit | $238M | $32.8M | $205M | +624% |
| Operating expenses | $454M | $420M | $33.7M | +8% |
| Pre-tax earnings | $231M | $19.0M | $212M | 12× |
| Other expense, net | $6.8M | $13.8M | −$7.0M | -51% |
| Research & development | $238M | $215M | $23.0M | +11% |
| Sales & marketing | $150M | $140M | $10.4M | +7% |
| General & admin | $61.2M | $57.0M | $4.3M | +7% |
| Other operating costs | $4.5M | $8.5M | −$4.0M | -47% |
| Net earnings | $218M | $9.0M | $209M | 24× |
| Income tax | $12.8M | $10.0M | $2.8M | +28% |
| Depreciation & amortization | $38.4M | $31.6M | $6.8M | +21% |
| Share-based compensation | $55.5M | $48.0M | $7.5M | +16% |
| Working capital & other | $52.4M | −$68.4M | $121M | — |
| Operating cash flow | $260M | $157M | $103M | +65% |
| Free cash flow (OCF − capex) | $219M | $128M | $90.4M | +71% |
| Capital expenditures | $41.0M | $28.7M | $12.3M | +43% |
Questions
How much did Ciena's revenue grow year over year in Q2 FY26?
Ciena's revenue rose $445M (+40%) from $1.1B in Q2 FY25 to $1.6B in Q2 FY26.
What drove Ciena's revenue change in Q2 FY26?
Products +$340M (+35%); Routing and Switching +$81.5M (+88%); Implementation +$21.5M (+37%).