Ciena (CIEN) FY2024 results: revenue $4.0 billion, down 8.5% on the year

Ciena Corp. (CIEN) reported revenue of $4.0 billion for fiscal 2024, the year ended 2 November 2024, down 8.5% on the year before. Net income was $84 million, down 67.1%, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 20 December 2024.

Revenue

$4.0 billion

-8.5% on the year

FY2017FY2024

Operating margin

4.1%

8.2% a year earlier

FY2017FY2024

Net income

$84 million

-67.1% on the year

FY2017FY2024

Diluted EPS

$0.58

-66.1% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,015	4,387	3,633	-8.5%
Cost of revenue	2,295	2,508	2,072	-8.5%
Gross profit	1,720	1,879	1,560	-8.5%
Gross margin	42.8%	42.8%	43.0%
Research and development	767	751	625	+2.3%
Operating income	167	358	223	-53.4%
Operating margin	4.1%	8.2%	6.1%
Interest expense	97.0	88.0	47.0	+10.2%
Pre-tax income	120	324	183	-63.0%
Income tax	35.9	68.8	29.6	-47.8%
Effective tax rate	29.9%	21.3%	16.2%
Net income	84.0	255	153	-67.1%
Net margin	2.1%	5.8%	4.2%
Diluted EPS	$0.58	$1.71	$1.00	-66.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	515	168	-168	+205.7%
Capital expenditure	137	106	90.8	+28.7%
Free cash flow	378	62.1	-259	+508.2%
Free cash flow margin	9.4%	1.4%	-7.1%
Cash from investing	-306	-383	-101
Cash from financing	-285	229	-133
Depreciation and amortisation	122	130	128	-5.8%
Share-based compensation	156	130	105	+19.9%
Buybacks	255	242	501	+5.1%
Diluted shares, weighted	146m	149m	152m	-2.3%
Shares outstanding at period end	143m	145m	148m	-1.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,816	2,848	2,713	-1.1%
Debt	1,545	1,555	1,068	-0.7%
Operating lease liabilities	25.1	33.3	42.4	-24.5%
Finance lease liabilities	43.5	48.2	53.2	-9.7%
Other liabilities	1,212	1,117	1,193	+8.5%
Total liabilities and equity	5,641	5,601	5,070	+0.7%
Goodwill	445	445	328	-0.0%
Intangible assets	165	206	69.5	-19.7%
Investments	397	239	189	+66.2%
Cash and equivalents	935	1,011	994	-7.5%
Receivables	909	1,004	921	-9.5%
Inventory	820	1,051	947	-21.9%
Other assets	1,970	1,647	1,621	+19.7%
Total assets	5,641	5,601	5,070	+0.7%

10-K for the year ended 2 November 2024, filed 20 December 2024: the filing.