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Ciena (CIEN) investor relations material

Ciena Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Sep, 2025

Executive summary

  • Fiscal Q3 2025 revenue reached $1.22 billion, up 29.4% year-over-year, driven by strong demand from cloud, service providers, and AI-related network growth.

  • Adjusted EPS was $0.67, up 91% year-over-year; GAAP net income was $50.3 million ($0.35 per share), both significantly higher than the prior year.

  • Order book set a new quarterly record, fueled by AI infrastructure investments and broad-based customer strength.

  • Strategic wins included industry-first AI infrastructure projects, co-developed solutions with hyperscalers, and record product shipments.

  • Announced a restructuring plan, including ceasing 25G PON investment and a 4–5% workforce reduction.

Financial highlights

  • Adjusted gross margin in Q3 was 41.9%, with adjusted operating margin at 10.7% and adjusted EBITDA at $158 million.

  • Cash and investments at quarter-end were $1.39 billion; cash flow from operations was $174.3 million.

  • Repurchased 1.0 million shares for $81.8 million in Q3; year-to-date repurchases totaled $245 million.

  • Free cash flow margin was 11% in Q3; DSO improved to 88, and inventory turns reached 2.7.

  • Net debt at $204 million; gross leverage at 2.81x.

Outlook and guidance

  • Q4 revenue expected between $1.24 billion and $1.32 billion; adjusted gross margin guidance of 42–43%.

  • Q4 adjusted operating expense projected at $390–400 million.

  • FY26 revenue growth expected at approximately 17% year-over-year, with gross margin estimated at 43% ±1 point and operating margin target of 15–16%.

  • 82% of $2.0 billion remaining performance obligations expected to be recognized as revenue within 12 months.

  • Guidance assumes stable macro environment and continued demand for bandwidth.

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Frequently asked questions

Ciena Corporation is a networking systems, services, and software company that provides solutions to deliver high-speed and reliable network infrastructure. The company offers optical and routing systems, network automation software, and professional services for telecommunications providers, cloud companies, and enterprises. Ciena Corporation is headquartered in Hanover, Maryland, and its shares are listed on the NYSE.

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