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ADTRAN vs Ciena: revenue, profit, margins and growth compared

ADTRAN brought in $1.1B of revenue in fiscal 2025, Ciena $4.8B in fiscal 2025. Revenue changed by +17.5% at ADTRAN and +18.8% at Ciena on the year before, so Ciena grew faster. ADTRAN kept -4.2% of its revenue as net profit, Ciena 2.6%. Free cash flow was $98M at ADTRAN and $665.3M at Ciena.

Side by side, latest fiscal year

ADTNCIEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (November 1, 2025)
Revenue$1.1B$4.8B
Revenue growth+17.5%+18.8%
Net income-$45.7M$123.3M
Net margin-4.2%2.6%
Free cash flow$98M$665.3M
Free cash flow margin9.0%13.9%
Earnings per share (diluted)-$0.52$0.85
Cash$95.7M$1.1B
Debtn/a$1.5B
Price to earningsn/a419.9
Market value$581M$50.5B
Dividend yieldn/an/a
Rank by revenue in sector#77 of 109 · Utilities#41 of 109 · Utilities

Over the years

Revenue
ADTN FY2018: $529.3MADTN FY2019: $530.1MADTN FY2020: $506.5MADTN FY2021: $563MADTN FY2022: $1BADTN FY2023: $1.1BADTN FY2024: $922.7MADTN FY2025: $1.1BCIEN FY2019: $3.6BCIEN FY2020: $3.6BCIEN FY2020: $3.5BCIEN FY2021: $3.6BCIEN FY2022: $3.6BCIEN FY2023: $4.4BCIEN FY2024: $4BCIEN FY2025: $4.8BFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $1.1BCIEN $4.8B
Net income
ADTN FY2018: -$19.3MADTN FY2019: -$53MADTN FY2020: $2.4MADTN FY2021: -$8.6MADTN FY2022: -$2MADTN FY2023: -$268.9MADTN FY2024: -$459.9MADTN FY2025: -$45.7MCIEN FY2019: $253.4MCIEN FY2020: $253.4MCIEN FY2020: $361.3MCIEN FY2021: $500.2MCIEN FY2022: $152.9MCIEN FY2023: $254.8MCIEN FY2024: $84MCIEN FY2025: $123.3MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN -$45.7MCIEN $123.3M
Net margin
ADTN FY2018: -3.7%ADTN FY2019: -10.0%ADTN FY2020: 0.5%ADTN FY2021: -1.5%ADTN FY2022: -0.2%ADTN FY2023: -23.4%ADTN FY2024: -49.8%ADTN FY2025: -4.2%CIEN FY2019: 7.1%CIEN FY2020: 7.1%CIEN FY2020: 10.2%CIEN FY2021: 13.8%CIEN FY2022: 4.2%CIEN FY2023: 5.8%CIEN FY2024: 2.1%CIEN FY2025: 2.6%FY18FY19FY20FY21FY22FY23FY24FY25
ADTN -4.2%CIEN 2.6%
Revenue growth
ADTN FY2019: +0.1%ADTN FY2020: -4.4%ADTN FY2021: +11.2%ADTN FY2022: +82.2%ADTN FY2023: +12.0%ADTN FY2024: -19.7%ADTN FY2025: +17.5%CIEN FY2020: 0.0%CIEN FY2020: -1.1%CIEN FY2021: +2.5%CIEN FY2022: +0.3%CIEN FY2023: +20.8%CIEN FY2024: -8.5%CIEN FY2025: +18.8%FY19FY20FY21FY22FY23FY24FY25
ADTN +17.5%CIEN +18.8%
Free cash flow
ADTN FY2018: $47.3MADTN FY2019: -$12MADTN FY2020: -$22.9MADTN FY2021: -$2.7MADTN FY2022: -$61.3MADTN FY2023: -$79.4MADTN FY2024: $69.1MADTN FY2025: $98MCIEN FY2019: $350.6MCIEN FY2020: $350.6MCIEN FY2020: $411MCIEN FY2021: $462.1MCIEN FY2022: -$258.6MCIEN FY2023: $62.1MCIEN FY2024: $377.9MCIEN FY2025: $665.3MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $98MCIEN $665.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about ADTRAN and Ciena

Which is bigger by revenue, ADTRAN or Ciena?

Ciena is bigger by revenue: $4.8B in fiscal 2025, against $1.1B for ADTRAN in fiscal 2025.

Which keeps more of its revenue as profit, ADTRAN or Ciena?

ADTRAN had a net margin of -4.2% in fiscal 2025; Ciena had 2.6% in fiscal 2025.

Which grew revenue faster, ADTRAN or Ciena?

In their latest fiscal years revenue changed by +17.5% at ADTRAN and +18.8% at Ciena.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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