CIEN
Ciena Corporation209.84
-6.34-2.93%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Reaffirms demand, details margins/backlog
Q&A largely reaffirms robust AI demand outpacing supply, with fresh details on margin drivers like capacity infills, cost engineering, and H2 pricing tailwinds—while balancing share gains. Backlog breaks down 80% products/software; MOFN claims 10-15% of service provider revenue; pluggables eye 800G share recapture after 400G lag. Neoscalers ramp via MOFN; India fuels APAC surge. Analysts probed early ordering and component risks—management cites deep hyperscaler ties for backlog quality. Demand outstrips supply. Watch H2 execution on pricing and capacity.
Key Stats
Market Cap
29.60BP/E (TTM)
244.00Basic EPS (TTM)
0.86Dividend Yield
0%Recent Filings
8-K
Q1 revenue up 33% to $1.43B
Ciena crushed Q1 fiscal 2026 with $1.43B revenue, up 33% year-over-year, fueled by AI-driven optical networking demand where optical hit $1.02B. Adjusted EPS soared 111% to $1.35 as margins held firm. Cloud providers drove 42% of sales. Guidance jumps: Q2 revenue ~$1.5B, full-year $5.9B-$6.3B. Record backlog signals durability, yet supply risks loom.
10-Q
Q1 FY2026 results
Ciena crushed Q1 FY2026 with revenue jumping 33.1% y/y to $1.43B, driven by Networking Platforms up 39.9% y/y on Optical Networking strength, while gross margin slipped to 43.8% from 44.0% on services mix. Operating income soared to $189.4M from $80.7M, diluted EPS climbed to $1.03 from $0.31 on 145.8M shares—reconciles cleanly. Cash flow from operations hit $227.6M; free cash flow $153.8M (derived). Cash plus equivalents reached $1.12B, total liquidity $1.37B against $1.54B debt (Refinanced 2030 Term Loan at 5.43%, 2030 Notes at 4%). Repurchased $80.5M shares. Cloud providers now dominate. Competition stays fierce.
10-K
FY2025 results
Ciena drove FY2025 revenue to $4.8B, up 19% y/y, powered by AI-fueled bandwidth demand that swelled backlog to $5.0B from $2.1B. Optical Networking surged 23% to $3.2B on cloud RLS and pluggable transceiver sales, while Q4 capped the year with Nubis acquisition for AI interconnects. Gross margin slipped to 42.0% on services mix yet held product steady via efficiencies; operating expenses climbed 16% on R&D and incentives, yielding $123M net income. Cash flow hit $806M, funding $335M buybacks with $670M remaining and $1.4B liquidity. Q4 stock repurchases accelerated. Supply chain constraints threaten quarterly momentum.
8-K
Q4 revenue up 20% YoY
Ciena posted Q4 revenue of $1.35B, up 20% YoY, and full-year $4.77B, up 19%, fueled by optical networking at 69% of sales and cloud providers at 42%. GAAP margins slipped to 0.8% from restructuring charges, yet adjusted operating margin hit 13.2%. Guides FY2026 revenue to $5.7B-$6.1B. Cash flow soars.
8-K
Ciena renews exec severance pacts
Ciena renewed change-in-control severance agreements with its executive officers, including CEO Gary B. Smith and CFO Marc D. Graff, effective November 30, 2025, through November 30, 2028. The revised forms clarify clawback policy alignment and equity treatment under Section 409A. Severance benefits remain unchanged. Routine renewal aligns exec incentives with shareholders.
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