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Sentiment · FY2026 Q2
Reporting soon: earnings call Thursday, Sep 3
A pre-earnings brief is ready for CIEN: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| 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 Q2 | $1.57B | +39.5% | $1.49 | +2307.1% | 44.0% | 15.1% | 13.9% | $219M |
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).
Ciena delivered record Q1 revenue of $1.43 billion, up 33% year-over-year at the top end of guidance, with adjusted EPS of $1.35 more than doubling the prior year as operating leverage expanded dramatically on flat OPEX. FY2026 guidance was raised again to approximately 28% growth ($5.9-6.3 billion) with gross margin reaching 44.7% and approaching the 45% milestone. Backlog surged $2 billion to approximately $7 billion with nearly all new orders targeting FY2027, though supply constraints continued to limit revenue upside for at least several quarters.
Cloud & AI | Demand | Revenue Growth | Margin | Competitive Dynamics | Product Launch | Innovation & R&D | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 5 | 4 | 5 | 5 | 4 | 2 | 3 |
| 2025Q1 | 6 | 8 | 5 | 2 | 5 | 2 | 2 | 2 |
| 2025Q2 | 7 | 7 | 3 | 5 | 5 | 2 | 3 | |
| 2025Q3 | 8 | 5 | 6 | 4 | 5 | 3 | 4 | 2 |
| 2025Q4 | 7 | 3 | 6 | 3 | 1 | 3 | 1 | 3 |
| 2026Q1 | 4 | 6 | 4 | 7 | 4 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 6 | 7 | 8 | 7 | 4 |
| Demand | 5 | 8 | 7 | 5 | 3 | 6 |
| Revenue Growth | 4 | 5 | 3 | 6 | 6 | 4 |
| Margin | 5 | 2 | 5 | 4 | 3 | 7 |
| Competitive Dynamics | 5 | 5 | 5 | 5 | 1 | 4 |
| Product Launch | 4 | 2 | 2 | 3 | 3 | 1 |
| Innovation & R&D | 2 | 2 | 3 | 4 | 1 | 1 |
| Supply Chain | 3 | 2 | 2 | 3 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Amit Daryanani | Evercore ISI | 12 (8%) |
| Ruben Roy | Stifel | 11 (0%) |
| Samik Chatterjee | JPMorgan |
| Ryan Koontz | Needham | 10 (0%) |
| Simon Leopold | Raymond James | 10 (0%) |
| Adrienne Colby | Citigroup | 8 (25%) |
| Meta Marshall | Morgan Stanley | 8 (13%) |
| Tal Liani | Bank of America | 8 (50%) |
| George Notter | Wolfe Research | 7 (29%) |
| Karl Ackerman | BNP Paribas | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stifel | 2 | 13 (0%) |
| Evercore ISI | 1 | 12 (8%) |
| JPMorgan | 2 | 12 (8%) |
| Raymond James | 2 | 11 (0%) |
| Needham | 1 | 10 (0%) |
| Citigroup | 2 | 10 (20%) |
| Wolfe Research | 2 | 8 (25%) |
| Barclays | 2 | 8 (0%) |
What CIEN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have just reached an important milestone with our first product introduction following the Nubis acquisition last fall, which addresses scale-out and scale-up needs.”
Ciena's acquisition of Nubis (fall 2025) yielded its first products (Vesta optical engine, Nitro redriver) for in-and-around-the-data-center scale-out/scale-up.
“DCOM was initially designed with Meta to meet hyperscale provisioning and configuration requirements. We continue to work with them and are engaged in technical discussions with two other major global hyperscalers.”
Ciena's data center out-of-band management (DCOM) solution was co-developed with Meta as the anchor hyperscale customer, a read-through that Meta is investing in provisioning/config infrastructure for its data centers.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CIEN Ciena Corporation | 10 | +33.1% | |
| CSCO Cisco Systems, Inc. | 9 | +9.7% | |
| ECHO EchoStar Corporation | 4 | -5.2% | |
| HPE Hewlett Packard Enterprise | 8 | +19.1% | |
| LITE Lumentum Holdings Inc. | 9 | +90.1% | |
| MSI Motorola Solutions | 7 | +7.4% | |
| ZBRA Zebra Technologies | 8 | +14.3% |