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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ruben Roy | Stifel | 13 questions · 0% challenging |
| Ryan Koontz | Needham | 12 questions · 0% challenging |
| Simon Leopold | Raymond James | 12 questions · 0% challenging |
| Amit Daryanani | Evercore ISI | 12 questions · 8% challenging |
| Tal Liani | Bank of America | 10 questions · 40% challenging |
| Samik Chatterjee | JPMorgan | 10 questions · 10% challenging |
| Meta Marshall | Morgan Stanley | 9 questions · 11% challenging |
| George Notter | Wolfe Research | 9 questions · 22% challenging |
| Adrienne Colby | Citigroup | 8 questions · 25% challenging |
| Tim Long | Barclays | 7 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stifel | 2 analysts | 15 questions · 0% challenging |
| JPMorgan | 2 analysts | 13 questions · 8% challenging |
| Raymond James | 2 analysts | 13 questions · 0% challenging |
| Needham | 1 analyst | 12 questions · 0% challenging |
| Evercore ISI | 1 analyst | 12 questions · 8% challenging |
| Bank of America | 1 analyst | 10 questions · 40% challenging |
| Barclays | 2 analysts | 10 questions · 0% challenging |
| Citigroup | 2 analysts | 10 questions · 20% challenging |
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Ciena posted a record fiscal Q2 2026, with GAAP revenue up 39.5% year-over-year to $1.57 billion and GAAP EPS of $1.49 (adjusted EPS $1.64, nearly 4x the year-ago figure), as AI-led demand from cloud and service providers drove the optical and routing portfolio. Adjusted gross margin expanded four full points to 44.9% and GAAP operating income rose roughly 584% year-over-year, evidence of substantial operating leverage on the higher volume. Management raised full-year FY2026 revenue guidance for the third time this year to $6.3 billion (about 32% growth at the midpoint), while backlog climbed more than $600 million sequentially to a record $7.7 billion, giving visibility into 2027. The quarter also brought the industry's first multi-rail RLS Hyper-Rail order from a leading hyperscaler and 88% growth in Routing and Switching on the DCOM ramp. The principal limiter remains supply rather than demand, with management investing alongside suppliers to secure manufacturing capacity against the growing backlog.
Demand | Cloud & AI | Revenue Growth | Margin | Competitive Dynamics | Product Launch | Innovation & R&D | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 4 | 4 | 5 | 5 | 4 | 2 | 3 |
| 2025Q1 | 8 | 6 | 5 | 2 | 5 | 2 | 2 | 2 |
| 2025Q2 | 7 | 7 | 3 | 5 | 5 | 2 | 3 | |
| 2025Q3 | 5 | 8 | 6 | 4 | 5 | 3 | 4 | 2 |
| 2025Q4 | 3 | 7 | 6 | 3 | 1 | 3 | 1 | 3 |
| 2026Q1 | 6 | 4 | 4 | 7 | 4 | 1 | 1 | 2 |
| 2026Q2 | 4 | 1 | 2 | 3 | 3 | 4 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 8 | 7 | 5 | 3 | 6 | 4 |
| Cloud & AI | 4 | 6 | 7 | 8 | 7 | 4 | 1 |
| Revenue Growth | 4 | 5 | 3 | 6 | 6 | 4 | 2 |
| Margin | 5 | 2 | 5 | 4 | 3 | 7 | 3 |
| Competitive Dynamics | 5 | 5 | 5 | 5 | 1 | 4 | 3 |
| Product Launch | 4 | 2 | 2 | 3 | 3 | 1 | 4 |
| Innovation & R&D | 2 | 2 | 3 | 4 | 1 | 1 | 2 |
| Supply Chain | 3 | 2 | 2 | 3 | 2 | 1 |
Calendar quarter Q2 2026Earnings call Jun 4, 2026
FY2026 Q2 in brief
Ciena posted a record fiscal Q2 2026, with GAAP revenue up 39.5% year-over-year to $1.57 billion and GAAP EPS of $1.49 (adjusted EPS $1.64, nearly 4x the year-ago figure), as AI-led demand from cloud and service providers drove the optical and routing…
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +39.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Ciena Corporation (CIEN), FY2026 Q2: 10/10. Scores: Ciena Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CIEN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.12B | -0.5% | $0.25 | -59.7% | 40.9% | 5.3% | 3.3% | $266M |
| FY2025 Q1 | $1.07B | +3.3% | $0.31 | -8.8% | 44.0% | 7.7% | 4.2% | $77M |
| FY2025 Q2 | $1.13B | +19.5% | $0.06 | -38.1% | 40.2% | 3.1% | 0.8% | $128M |
| FY2025 Q3 | $1.22B | +29.4% | $0.35 | +257.5% | 41.3% | 6.2% | 4.1% | $230M |
| FY2025 Q4 | $1.35B | +20.3% | $0.13 | -48.0% | 42.7% | 8.8% | 1.4% | $230M |
| FY2026 Q1 | $1.43B | +33.1% | $1.03 | +232.3% | 43.8% | 13.4% | 10.5% | $154M |
| FY2026 Q2Selected | $1.57B | +39.5% | $1.49 | +2307.1% | 44.0% | 15.1% | 13.9% | $219M |
| FY2026 Q3 | $1.67B | +37.0% | $1.83 | +422.9% | 45.4% | 18.0% | 15.9% | $116M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CIEN and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“reinforcing our hypothesis and the strategic value of the Nubis acquisition.”
Ciena points to rising demand for open optical ecosystems as validating its acquisition of Nubis Communications.
“We're obviously seeing that with our anchor customer in Meta. It's proving to be much larger and much wider, broader expansion than we'd anticipated.”
Ciena says its DCOM deployment with anchor customer Meta is expanding faster and broader than expected, a signal for heavy Meta network build.
“In addition to Meta, we've received initial orders from a second hyperscaler customer, and lab qualifications are progressing well with a third hyperscaler customer.”
Meta is Ciena's anchor DCOM customer; Ciena is expanding the same out-of-band management solution to additional hyperscalers.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CIEN Ciena Corporation | 10 | +39.5% | |
| CSCO Cisco Systems, Inc. | 9 | +12.0% | |
| ECHO EchoStar Corporation | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| HPE Hewlett Packard Enterprise | 9 | +40.7% | |
| LITE Lumentum Holdings Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| MSI Motorola Solutions | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| ZBRA Zebra Technologies | Newest quarter — available with Pro | Newest quarter — available with Pro |
Newest-quarter details for 4 peers (score, revenue, headline, themes and macro signals) are available with Pro.