CIENA
CIEN · NYSETelephone & Telegraph Apparatus · Fiscal year ends Oct 31
CIENA reported revenue of $4.8B in the fiscal year ended Nov 2025, up 18.8% from the year before. Operating income was $198M, an operating margin of 4.1%, and net income was $123M. Operating cash flow of $806M less capital expenditure of $141M left free cash flow of $665M. Net debt was $444M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $3.6B | $3.6B | $4.4B | $4B | $4.8B |
| Cost of revenue | $1.9B | $2.1B | $2.5B | $2.3B | $2.8B |
| Gross profit | $1.7B | $1.6B | $1.9B | $1.7B | $2B |
| Research & development | $537M | $625M | $751M | $767M | $848M |
| Operating income | $495M | $223M | $358M | $167M | $198M |
| Interest expense | $31M | $47M | $88M | $97M | $89M |
| Pre-tax income | $463M | $183M | $324M | $120M | $156M |
| Income tax | −$37M | $30M | $69M | $36M | $33M |
| Net income | $500M | $153M | $255M | $84M | $123M |
| Diluted EPS | 3.19 | 1.00 | 1.71 | 0.58 | 0.85 |
| Diluted shares | 157M | 152M | 149M | 146M | 145M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $994M | $1B | $935M | $1.1B |
| Receivables | $885M | $921M | $1B | $909M | $976M |
| Inventory | $374M | $947M | $1.1B | $820M | $826M |
| Current assets | $3.2B | $3.4B | $3.6B | $3.5B | $3.6B |
| Net PP&E | – | – | – | – | $387M |
| Goodwill | $312M | $328M | $445M | $445M | $521M |
| Total assets | $4.9B | $5.1B | $5.6B | $5.6B | $5.9B |
| Payables | $356M | $516M | $318M | $423M | $543M |
| Deferred revenue | $118M | $138M | $154M | $156M | $209M |
| Current liabilities | $909M | $1B | $932M | $1,000M | $1.3B |
| Short-term debt | $7M | $7M | $12M | $12M | $12M |
| Long-term debt | $670M | $1.1B | $1.5B | $1.5B | $1.5B |
| Total liabilities | $1.8B | $2.4B | $2.8B | $2.8B | $3.1B |
| Shareholders' equity | $3B | $2.7B | $2.8B | $2.8B | $2.7B |
| Backlog (remaining obligations) | $1.6B | $2.8B | $1.8B | $1.6B | $2.1B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $542M | −$168M | $168M | $515M | $806M |
| Capital expenditure | $80M | $91M | $106M | $137M | $141M |
| Free cash flow | $462M | −$259M | $62M | $378M | $665M |
| Depreciation & amortisation | $96M | $96M | $93M | $93M | $104M |
| Stock-based compensation | $84M | $105M | $130M | $156M | $185M |
| Acquisitions | $0 | $62M | $230M | $0 | $231M |
| Share buybacks | $91M | $501M | $242M | $255M | $335M |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.3% | 20.8% | −8.5% | 18.8% |
| Operating income growth (YoY) | – | −55.0% | 60.5% | −53.4% | 18.6% |
| EPS growth (YoY) | – | −68.7% | 71.0% | −66.1% | 46.6% |
| Gross margin | 47.6% | 43.0% | 42.8% | 42.8% | 42.0% |
| Operating margin | 13.7% | 6.1% | 8.2% | 4.1% | 4.1% |
| Net margin | 13.8% | 4.2% | 5.8% | 2.1% | 2.6% |
| Return on equityBlank when equity is negative | 16.6% | 5.6% | 8.9% | 3.0% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.5% | 5.5% | 7.7% | 3.6% | 4.3% |
| Free cash flow margin | 12.8% | −7.1% | 1.4% | 9.4% | 13.9% |
| Cash conversion (CFO ÷ net income) | 1.08x | −1.10x | 0.66x | 6.13x | 6.54x |
| Receivable days | 89 | 93 | 84 | 83 | 75 |
| Inventory days | 72 | 167 | 153 | 130 | 109 |
| Payable days | 68 | 91 | 46 | 67 | 72 |
| Interest cover | 16.1x | 4.74x | 4.06x | 1.72x | 2.21x |
| Debt ÷ equity | 0.22x | 0.39x | 0.55x | 0.55x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$745M | $74M | $544M | $610M | $444M |
| Current ratio | 3.51x | 3.25x | 3.84x | 3.54x | 2.73x |
Recent filings
More in Telephone & Telegraph Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.