CIENA CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CIENA CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,094	3,094	3,572	3,572	3,532	3,621	3,633	4,387	4,015	4,770
Cost of revenue	1,780	1,780	2,030	2,030	1,879	1,899	2,072	2,508	2,295	2,765
Gross profit	1,315	1,315	1,542	1,542	1,653	1,722	1,560	1,879	1,720	2,005
Research and development	492	492	548	548	530	537	625	751	767	848
Selling and marketing	394	394	423	423	416	452	467	491	511	581
General and administrative	160	160	174	174	170	182	179	215	221	239
Operating expenses	1,085	1,085	1,195	1,195	1,166	1,227	1,338	1,521	1,553	1,807
Operating income	230	230	347	347	487	495	223	358	167	198
Interest expense	55.2	55.2	37.5	37.5	31.3	30.8	47.1	88	97	89.4
Other non-operating income	-1.02	-1.02	-0.74	-0.74	-1.11	-0.53	-5.92	-5.05	-1.58	-2.36
Pre-tax income	149	149	313	313	456	463	183	324	120	156
Income tax	493	493	59.8	59.8	94.7	-37.4	29.6	68.8	35.9	32.9
Net income	-345	-345	253	253	361	500	153	255	84	123
EBITDA	314	314	434	434	581	592	319	450	259	302
EPS, basic	-2.40	-2.40	1.63	1.63	2.34	3.22	1.01	1.71	0.58	0.87
EPS, diluted	-2.49	-2.49	1.61	1.61	2.32	3.19	1.00	1.71	0.58	0.85
Shares, basic (weighted)	144	144	156	156	154	155	151	149	145	142
Shares, diluted (weighted)	144	144	158	158	156	157	152	149	146	145

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	745	745	904	904	1,089	1,423	994	1,011	935	1,092
Short-term investments	149		110	110	151	181	154	105	316	216
Receivables	787		725	725	719	885	921	1,004	909	976
Inventory	263		345	345	344	374	947	1,051	820	826
Other current assets	199		298	298	308	326	370	406	564	455
Total current assets	2,143		2,382	2,382	2,611	3,189	3,386	3,576	3,544	3,566
Property, plant and equipment	292		287	287	272	285	268	280	338	387
Lease right-of-use assets				0	57	44.3	45.1	35.1	27.4	38.6
Goodwill	298		298	298	311	312	328	445	445	521
Intangible assets	148		113	113	96.6	65.3	69.5	206	165	224
Long-term investments	59		10	10	82.2	70	35.4	134	80.9	57.1
Other non-current assets	71.7		89	89	103	99.9	114	116	155	186
Total assets	3,757		3,893	3,893	4,181	4,865	5,070	5,601	5,641	5,865
Accounts payable	341		345	345	292	356	516	318	423	543
Accrued liabilities	340		383	383	334	409	361	431	394	531
Deferred revenue	111		111	111	109	118	138	154	156	209
Short-term debt				7	6.93	6.93	6.93	11.7	11.7	11.6
Total current liabilities	963		846	846	761	909	1,041	932	1,000	1,308
Long-term debt	686		680	680	676	670	1,061	1,543	1,533	1,524
Lease liabilities					61.4	41.6	42.4	33.3	25.1	32.5
Other non-current liabilities	119		149	149	123	167	150	170	186	175
Total liabilities	1,827		1,721	1,721	1,671	1,845	2,357	2,753	2,825	3,135
Total debt	686		680	687	683	677	1,068	1,555	1,545	1,536
Paid-in capital	6,881		6,838	6,838	6,827	6,803	6,390	6,262	6,155	5,953
Retained earnings	-4,948		-4,644	-4,644	-4,283	-3,785	-3,632	-3,377	-3,293	-3,170
Other comprehensive income	-5.78		-22.1	-22.1	-35.4	0.44	-46.6	-37.8	-46.7	-55
Shareholders' equity	1,929	1,929	2,173	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Total equity	1,929	1,929	2,173	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Total liabilities and equity	3,757		3,893	3,893	4,181	4,865	5,070	5,601	5,641	5,865
Shares outstanding	154		154	154	155	155	148	145	143	141

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-345	-345	253	253	361	500	153	255	84	123
Depreciation and amortization	84.2	84.2	87.6	87.6	93.9	96.2	95.9	92.6	92.8	104
Stock-based compensation	53	53	59.7	59.7	67.8	84.3	105	130	156	185
Deferred income tax	464	464	19.9	19.9	64.3	-156	-27.5	-14.9	-76.8	-23.2
Change in receivables	-168	-168	65.7	65.7	-17.3	-174	-47.1	-94.6	80.3	-98.7
Change in inventory	-27.4	-27.4	-113	-113	-25	-47.6	-589	-132	153	-53.6
Change in payables	85.8	85.8	27.7	27.7	-118	162	100	-138	64.3	226
Cash from operations	229	229	413	413	494	542	-168	168	515	806
Capital expenditures	-67.6	-67.6	-62.6	-62.6	-82.7	-79.6	-90.8	-106	-137	-141
Acquisitions	-82.7	-82.7	0	0	-28.3	0	-62	-230	0	-231
Purchases of investments	-287	-287	-158	-158	-223	-171	-648	-252	-288	-214
Sales and maturities of investments	410	410	249	249	110	150	702	208	141	349
Cash from investing	-19.4	-19.4	24.1	24.1	-220	-90.7	-101	-383	-306	-241
Debt issued	305	305	0	0	0	0	400	0	0
Debt repaid	-293	-293	-7	-7	-5.2	-6.93	-5.2	-9.43	-11.7	-11.6
Stock issued	23.1	23.1	22.9	22.9	28.1	28.5	30.3	31.4	34.3	35.9
Share buybacks	-111	-111	-150	-150	-74.5	-91.3	-501	-242	-255	-335
Cash from financing	-99.2	-99.2	-279	-279	-87.2	-117	-133	229	-285	-406
Exchange rate effect	-5.86	-5.86	0.48	0.48	-1.64	-0.2	-26.2	2.15	1.25	-1.51
Net change in cash	105	105	159	159	185	334	-428	16.4	-75.8	157
Free cash flow	162	162	351	351	411	462	-259	62.1	378	665
Interest paid	44.8	44.8	39.6	39.6	32.8	29.9	42.8	84.5	92.5	85.2
Income taxes paid	26.9	26.9	33.6	33.6	53.1	73.1	35	78.2	55	114

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $356.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.1%	Gross profit / revenue.
Operating margin	12.3%	Operating income / revenue.
EBITDA margin	14.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	10.9%	Net income / revenue.
FCF margin	13.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	9.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.2%	Net income / average total assets.
Return on invested capital (ROIC)	17.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.4%	Research and development expense / revenue.
Stock-based pay / revenue	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-16.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	46.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-19.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	46.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	56.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	10.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	76.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	10.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.80x	Current assets / current liabilities.
Quick ratio	2.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.90x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.4%	Total debt / total assets.
Liabilities / assets	61.8%	Total liabilities / total assets.
Net debt	$599.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.6x	Operating income / interest expense.
Working capital	$3.88B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	12.2x	Revenue / average property, plant and equipment.
Inventory turnover	3.86x	Cost of revenue / average inventory.
Days inventory	95 days	365 x average inventory / cost of revenue.
Receivables turnover	4.88x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	98 days	Days inventory + days sales outstanding - days payables.
FCF conversion	124.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.25	Revenue / diluted weighted shares.
FCF per share	$5.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.23	Cash from operations / diluted weighted shares.
Book value per share	$21.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.59	Tangible book value / shares outstanding.
Cash per share	$18.53	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	51.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$50.52B	Share price x shares outstanding.
Enterprise value	$51.12B	Market cap + total debt - cash - short-term investments.
P/E	77.2x	Market cap / net income. Only when net income is positive.
P/S	8.39x	Market cap / revenue.
P/B	16.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	21.5x	Market cap / tangible book value, when positive.
P/FCF	62.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	47.9x	Market cap / cash from operations, when positive.
EV/Sales	8.49x	Enterprise value / revenue.
EV/EBIT	69.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	58.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	62.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was CIENA CORP's revenue in fiscal 2025?

CIENA CORP reported revenue of $4.77B for fiscal 2025, 18.8% higher than the year before.

Was CIENA CORP profitable in fiscal 2025?

Yes. Net income was $123.3M, a net margin of 2.6%.

How much free cash flow did CIENA CORP generate in fiscal 2025?

Cash from operations of $806.1M minus capital expenditures of $140.8M left free cash flow of $665.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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