Jul 2026 (Q3 FY26) — Sep 3, 2026
Ciena Q3 FY26 — Record Revenue and Profitability Driven by AI-Driven Demand
Read the full callCiena (CIEN) earnings
- Aug 2026
- Jul 2026 (Q3 FY26)
- Nov 2025
Ciena earnings: last reported Thu, 3 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,671 | +37.0% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 18.0 | +12.0 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 266 | +429.6% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
30 of 36 judged targets kept · 33 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted Gross Margin | 45%, plus or minus 50 basis points | Apr 2026 | We achieved 46.4% adjusted gross margin this quarter, which was positively impacted by the treatment of tariff refunds by about 70 basis points. Even without the tariff impact, gross margin achieved the top end of guidance | Achieved |
| Adjusted Gross Margin | 43% +/- 1 point | Oct 2025 | We expect adjusted gross margins of 45%, plus or minus 50 basis points, bringing the year to a similar range, a raise of 50 basis points from last quarter. | Revised Up |
| Adjusted Operating Expense | $375 million to $390 million | Jan 2026 | Q2 adjusted operating expense was $398 million, driving an adjusted operating margin of 19.5%, exceeding the midpoint of our guide by over 100 basis points. OpEx was elevated in Q2 on higher variable compensation due to strong year-to-date performance on revenues and orders. | Missed |
6 of CIENA CORP's 69 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 66 more targets are in the full ledger.
Claimed
- Reported record revenues of $1.7 billion, up 37% year-on-year.
- Achieved a record adjusted operating margin of 22.5%, more than doubling year-on-year.
- Adjusted earnings per share reached a record $2.11, up 215% year-on-year.
- Q3 book-to-bill ratio was significantly greater than 1, leading to a substantial backlog increase, projected to exit FY26 with over $10 billion.
- Total combined optical networks revenue, including interconnects, grew over 45% year-on-year.
Qualified
- Cash conversion took a step back quarter-on-quarter due to investments in working capital to support higher inventory and revenue.
- Potential impact of a new Canadian tariff regime could be approximately $10 million per quarter.
- Supply constraints continue to limit the company's ability to fully meet demand, with FY27 revenue guidance being supply-driven.
Price
$344.2 +3.45% · +$11.47
Performance +101.3% 1Y
1Y: $170.95 on 17 Oct 2025 → $344.2. High $627 (2 Jun 2026), low $164.48 (22 Oct 2025).
- Previous close
- $332.73
- 52-week range
- $164.48 – $627
- One year
- +98.82%
Overview
- Symbol
- CIEN
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
30 of 36 judged targets kept · 33 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted Gross Margin | 45%, plus or minus 50 basis points | Apr 2026 | We achieved 46.4% adjusted gross margin this quarter, which was positively impacted by the treatment of tariff refunds by about 70 basis points. Even without the tariff impact, gross margin achieved the top end of guidance | Achieved |
| Adjusted Gross Margin | 43% +/- 1 point | Oct 2025 | We expect adjusted gross margins of 45%, plus or minus 50 basis points, bringing the year to a similar range, a raise of 50 basis points from last quarter. | Revised Up |
| Adjusted Operating Expense | $375 million to $390 million | Jan 2026 | Q2 adjusted operating expense was $398 million, driving an adjusted operating margin of 19.5%, exceeding the midpoint of our guide by over 100 basis points. OpEx was elevated in Q2 on higher variable compensation due to strong year-to-date performance on revenues and orders. | Missed |
Claimed
- Reported record revenues of $1.7 billion, up 37% year-on-year.
- Achieved a record adjusted operating margin of 22.5%, more than doubling year-on-year.
- Adjusted earnings per share reached a record $2.11, up 215% year-on-year.
- Q3 book-to-bill ratio was significantly greater than 1, leading to a substantial backlog increase, projected to exit FY26 with over $10 billion.
- Total combined optical networks revenue, including interconnects, grew over 45% year-on-year.
Qualified
- Cash conversion took a step back quarter-on-quarter due to investments in working capital to support higher inventory and revenue.
- Potential impact of a new Canadian tariff regime could be approximately $10 million per quarter.
- Supply constraints continue to limit the company's ability to fully meet demand, with FY27 revenue guidance being supply-driven.
The full ledger
Open CIENA CORP’s full ledger
A free account opens 5 company ledgers a month. All 69 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q2 FY26) — Jun 4, 2026
Ciena Q2 FY26 — Record revenue up 40% on AI-led demand; first multi-rail hyperscaler order
Read the full callFeb 2026 (Q1 FY26) — Mar 5, 2026
Ciena Q1 FY26 — Record Revenue and Strong Demand Driven by AI Connectivity
Read the full callEvery analysed call
Ciena earnings calls (CIEN)
Financials
What the filings say
Net profit, year on year: +430% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Jan 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,124 | 1,072 | 1,126 | 1,219 | 1,352 | 1,427 | 1,571 | 1,671 |
| Operating profit | 59 | 81 | 33 | 74 | 10 | 189 | 238 | 301 |
| Operating margin | 5.3% | 7.5% | 2.9% | 6.0% | 0.8% | 13.3% | 15.1% | 18.0% |
| Interest | 25 | 23 | 22 | 23 | 22 | 21 | 21 | 6 |
| Profit before tax | 48 | 69 | 19 | 66 | 3 | 181 | 231 | 311 |
| Tax rate | 22.9% | 35.0% | 52.8% | 23.6% | −581.9% | 17.0% | 5.6% | 14.2% |
| Net profit | 37 | 45 | 9 | 50 | 19 | 150 | 218 | 266 |
| EPS ($ per share) | — | 0.31 | 0.06 | 0.35 | — | 1.06 | 1.54 | 1.88 |
| Line item | Nov 2018 | Nov 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Reserves | — | -4,644 | -4,283 | -3,785 | -3,632 | -3,377 | -3,293 | -3,170 |
| Total liabilities | — | 1,721 | 1,671 | 1,845 | 2,357 | 2,753 | 2,825 | 3,135 |
| Fixed assets | — | 287 | 272 | 285 | 268 | 280 | 338 | 387 |
| Investments | — | 110 | 151 | 181 | 154 | 105 | 316 | 216 |
| Total assets | — | 3,893 | 4,181 | 4,865 | 5,070 | 5,601 | 5,641 | 5,865 |
| Line item | Nov 2018 | Nov 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 229 | 413 | 494 | 542 | -168 | 168 | 515 | 806 |
| Cash from investing | -19 | 24 | -220 | -91 | -101 | -383 | -306 | -241 |
| Cash from financing | -99 | -279 | -87 | -117 | -133 | 229 | -285 | -406 |
| Net cash flow | 105 | 159 | 185 | 334 | -428 | 16 | -76 | 157 |
| Capital expenditure | -68 | -63 | -83 | -80 | -91 | -106 | -137 | -141 |
| Free cash flow | 162 | 351 | 411 | 462 | -259 | 62 | 378 | 665 |
CIEN revenue by segment
Networking Platforms grew from 74% to 81% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Networking Platforms | 74% | 77% | 77% | 77% | 77% | 81% | 81% | 81% | +44.0% |
| Global Services | 14% | 12% | 13% | 13% | 13% | 12% | 11% | 12% | +20.8% |
| Platform Software and Services | 9% | 9% | 8% | 7% | 7% | 7% | 6% | 6% | +9.7% |
| Blue Planet Automation Software and Services | 3% | 2% | 2% | 2% | 3% | 1% | 1% | 1% | -16.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CIEN operating KPIs by quarter
| KPI | Nov 2025 Q4 FY25 | Feb 2026 Q1 FY26 | May 2026 Q2 FY26 | Jul 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Backlog | ~$5BWe are exiting the year with about $5 billion of backlog, of which approximately $3.8 billion is hardware and software with the remaining being services.Source: earnings call transcript | ~$7BGiven this extraordinary nature of the demand, we want to share with you that backlog has increased by approximately $2 billion this quarter to exit Q1 at approximately $7 billion.Source: earnings call transcript | $7.7BIn Q2, our backlog increased more than $600 million sequentially to $7.7 billion, reflecting strong demand for our products and our leadership in the market, and we expect to exit the year with even higher backlog.Source: earnings call transcript | $8.5BAnd lastly, we exited Q3 with an $800 million increase in backlog to $8.5 billion.Source: earnings call transcript | +10.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q3 FY2026 · share of revenue
- Americas 79% ↑ 3 pt
- US 78% ↑ 6 pt
- EMEA 11% ↓ 4 pt
- Asia Pacific 10% ↑ 1 pt
As CIEN cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
280 filings between Nov 3, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$98.74M
88 sales by 11 insiders
97% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 29
- Award — granted as compensation
- 162
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SMITH GARY B | — | $46.38M | Oct 1, 2026 |
| Phipps Jason | — | $16.48M | Oct 1, 2026 |
| Rothenstein David M | — | $9.88M | Sep 15, 2026 |
| Gage Brodie | — | $5.43M | Sep 15, 2026 |
| Cumello Joseph | — | $4.75M | Sep 25, 2026 |
| DiPerna Dino | — | $3.57M | Sep 16, 2026 |
| NEVENS THOMAS MICHAEL | — | $3.26M | Sep 23, 2026 |
| Kosaraju Sheela | — | $3.01M | Oct 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | SMITH GARY B President & CEO | Sale 10b5-1 plan | 2,952 | $1.09M |
| Oct 1, 2026 | Graff Marc D. EVP & Chief Financial Officer | Sale 10b5-1 plan | 97 | $34.5K |
| Oct 1, 2026 | Phipps Jason EVP & Chief Customer Officer | Sale 10b5-1 plan | 2,629 | $933.8K |
| Oct 1, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Sale 10b5-1 plan | 2,101 | $746.3K |
| Sep 25, 2026 | Cumello Joseph EVP & General Mgr. | Sale 10b5-1 plan | 1,586 | $568.6K |
| Sep 24, 2026 | Claflin Bruce L. Director | Sale | 2,857 | $1.02M |
| Sep 24, 2026 | NEVENS THOMAS MICHAEL Director | Gift | 2,797 | — |
| Sep 23, 2026 | NEVENS THOMAS MICHAEL Director | Sale | 3,738 | $1.34M |
| Sep 20, 2026 | Gage Brodie EVP & Chief Product & | Tax withheld | 669 | $233.3K |
| Sep 20, 2026 | Cumello Joseph EVP & General Mgr. | Tax withheld | 182 | $63.5K |
| Sep 20, 2026 | Cumello Joseph EVP & General Mgr. | Tax withheld | 180 | $62.8K |
| Sep 20, 2026 | Gage Brodie EVP & Chief Product & | Tax withheld | 388 | $135.3K |
| Sep 20, 2026 | DiPerna Dino EVP & Chief R&D Officer | Tax withheld | 204 | $71.2K |
| Sep 20, 2026 | Gage Brodie EVP & Chief Product & | Tax withheld | 442 | $154.2K |
| Sep 20, 2026 | DiPerna Dino EVP & Chief R&D Officer | Tax withheld | 444 | $154.9K |
| Sep 20, 2026 | Graff Marc D. EVP & Chief Financial Officer | Tax withheld | 286 | $99.8K |
| Sep 20, 2026 | SMITH GARY B President & CEO | Tax withheld | 937 | $326.8K |
| Sep 20, 2026 | Cumello Joseph EVP & General Mgr. | Tax withheld | 441 | $153.8K |
| Sep 20, 2026 | Hoffman Grant EVP & Chief Supply | Tax withheld | 170 | $59.3K |
| Sep 20, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Tax withheld | 811 | $282.9K |
| Sep 20, 2026 | Phipps Jason EVP & Chief Customer Officer | Tax withheld | 268 | $93.5K |
| Sep 20, 2026 | Phipps Jason EVP & Chief Customer Officer | Tax withheld | 503 | $175.4K |
| Sep 20, 2026 | DiPerna Dino EVP & Chief R&D Officer | Tax withheld | 730 | $254.6K |
| Sep 20, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Tax withheld | 691 | $241.0K |
| Sep 20, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Tax withheld | 156 | $54.4K |
| Sep 20, 2026 | Cumello Joseph EVP & General Mgr. | Tax withheld | 331 | $115.5K |
| Sep 20, 2026 | Gage Brodie EVP & Chief Product & | Tax withheld | 231 | $80.6K |
| Sep 20, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Tax withheld | 549 | $191.5K |
| Sep 20, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Tax withheld | 189 | $65.9K |
| Sep 20, 2026 | Kosaraju Sheela EVP & Chief Legal Officer | Tax withheld | 330 | $115.1K |
| Sep 20, 2026 | Phipps Jason EVP & Chief Customer Officer | Tax withheld | 735 | $256.4K |
| Sep 20, 2026 | DiPerna Dino EVP & Chief R&D Officer | Tax withheld | 247 | $86.2K |
| Sep 20, 2026 | Gage Brodie EVP & Chief Product & | Tax withheld | 204 | $71.2K |
| Sep 20, 2026 | SMITH GARY B President & CEO | Tax withheld | 2,985 | $1.04M |
| Sep 20, 2026 | SMITH GARY B President & CEO | Tax withheld | 3,102 | $1.08M |
| Sep 20, 2026 | DiPerna Dino EVP & Chief R&D Officer | Tax withheld | 428 | $149.3K |
| Sep 20, 2026 | Cumello Joseph EVP & General Mgr. | Tax withheld | 582 | $203.0K |
| Sep 20, 2026 | Phipps Jason EVP & Chief Customer Officer | Tax withheld | 859 | $299.6K |
| Sep 20, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Tax withheld | 436 | $152.1K |
| Sep 20, 2026 | SMITH GARY B President & CEO | Tax withheld | 1,743 | $608.0K |
| Sep 20, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Tax withheld | 204 | $71.2K |
| Sep 20, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Tax withheld | 679 | $236.8K |
| Sep 20, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Tax withheld | 220 | $76.7K |
| Sep 16, 2026 | DiPerna Dino EVP & Chief R&D Officer | Sale 10b5-1 plan | 249 | $87.2K |
| Sep 15, 2026 | Gage Brodie EVP & Chief Product & | Sale 10b5-1 plan | 1,200 | $389.8K |
| Sep 15, 2026 | DiPerna Dino EVP & Chief R&D Officer | Sale 10b5-1 plan | 249 | $80.9K |
| Sep 15, 2026 | SMITH GARY B President & CEO | Sale 10b5-1 plan | 2,952 | $974.7K |
| Sep 15, 2026 | Rothenstein David M EVP & Chief Strategy Officer | Sale 10b5-1 plan | 2,500 | $826.2K |
| Sep 1, 2026 | SMITH GARY B President, CEO | Sale 10b5-1 plan | 2,952 | $1.07M |
| Aug 17, 2026 | Gage Brodie SVP Global Products & Supply | Sale 10b5-1 plan | 1,200 | $527.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for CIENA CORP
Free account. Everything above stays public.
Write why you follow CIENA CORP and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading