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Ciena (CIEN) investor relations material
Ciena Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Dec, 2025
Executive summary
Achieved record Q4 and full-year 2025 revenue of $1.35B and $4.77B, up 20% and 19% year-over-year, driven by investments in high-speed connectivity, AI infrastructure, and data center expansion.
Q4 EPS reached $0.91, up 69% year-over-year; full-year adjusted EPS was $2.64, up 45% from prior year.
Ended FY25 with $1.4B in cash and investments, generating $665M in free cash flow and repurchasing ~$330M in shares.
Non-telco customers represented 55% of Q4 revenue, with direct cloud provider revenue up 49% year-over-year.
Strong demand from both cloud and service provider customers, with AI as a key driver of network expansion.
Financial highlights
FY25 revenue: $4.77B, up from $4.02B in FY24; Q4 revenue: $1.35B, up from $1.12B in Q4 FY24.
Adjusted gross margin for FY25 was 42.7%, down from 43.6% in FY24; Q4 adjusted gross margin was 43.4%.
Adjusted operating margin for FY25 was 11.2%, up from 9.7% in FY24; Q4 adjusted operating margin was 13.2%.
Adjusted EBITDA for FY25 was $637M, up from $481M in FY24.
Free cash flow for the year was $665M after $140M in capital expenditures.
Outlook and guidance
FY26 revenue guidance: $5.7B to $6.1B, nearly 24% growth at midpoint; adjusted gross margin: 43% ±1%; adjusted operating margin: 17% ±1%.
Q1 FY26 revenue guidance: $1.35B to $1.43B; adjusted gross margin 43–44%; operating margin 15.5–16.5%.
Capital expenditures for FY26 projected at $250M to $275M, reflecting increased investment for future demand.
$330M in share repurchases planned for FY26.
Assumes stable macro environment, continued demand for bandwidth, and no major supply chain or regulatory disruptions.
Impact of $89.1M R&D asset write-off?
How does AI drive Blue Planet segment growth?
Strategy for high customer revenue concentration?
Quantify the 'scale across' and DCOM revenue impact?
What drives sustainable gross margin expansion?
How is Ciena addressing supply chain bottlenecks?
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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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