Ciena (CIEN) Q4 FY2025 earnings: revenue $1.4 billion, up 20.3% on the year

Ciena Corp. (CIEN) reported revenue of $1.4 billion for Q4 FY2025, the quarter ended 1 November 2025, up 20.3% on the same quarter a year earlier. Net income was $19 million, down 47.4% on the year, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 12 December 2025.

Revenue

$1.4 billion

+20.3% on the year · +10.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

0.8%

5.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$19 million

-47.4% on the year · -61.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.13

-48.0% on the year · -62.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 new.

Fourth-quarter revenue rose 20%: Fiscal fourth quarter revenue was $1.35 billion, compared with $1.12 billion a year earlier, the company reported.
Quarterly EPS shown GAAP and adjusted: Fourth-quarter diluted EPS was $0.13 GAAP and $0.91 adjusted, against $0.25 and $0.54 a year earlier. Fiscal 2025 was $0.85 GAAP and $2.64 adjusted.
Optical networking remained the largest line: Optical networking revenue was $929.2 million in the fiscal fourth quarter, against $779.6 million a year earlier, and $3,246.3 million for fiscal 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,352	1,219	1,124	+10.9%	+20.3%
Cost of revenue	775	716	664	+8.2%	+16.7%
Gross profit	577	503	460	+14.7%	+25.5%
Gross margin	42.7%	41.3%	40.9%
Research and development	229	212	196	+8.0%	+16.8%
Operating income	10.5	73.5	59.2	-85.7%	-82.3%
Operating margin	0.8%	6.0%	5.3%
Interest expense	22.0	22.8	25.0	-3.6%	-12.0%
Pre-tax income	2.9	65.8	48.0	-95.7%	-94.0%
Income tax	-16.6	15.5	11.0
Effective tax rate	-581.9%	23.6%	22.9%
Net income	19.5	50.3	37.0	-61.3%	-47.4%
Net margin	1.4%	4.1%	3.3%
Diluted EPS	$0.13	$0.35	$0.25	-62.9%	-48.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	371	174	349	+112.8%	+6.2%
Capital expenditure	45.4	39.8	83.5	+14.3%	-45.6%
Free cash flow	326	135	266	+141.9%	+22.5%
Free cash flow margin	24.1%	11.0%	23.6%
Cash from investing	-214	19.7	-149
Cash from financing	-120	-84.9	-149
Depreciation and amortisation	33.6	33.4	31.0	+0.6%	+8.3%
Share-based compensation	48.8	46.9	41.0	+4.1%	+19.2%
Buybacks	84.5	81.8	129	+3.2%	-34.4%
Diluted shares, weighted	145m	144m	146m	+0.5%	-0.5%
Shares outstanding at period end	141m	141m	143m	-0.2%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,729	2,787	2,816	-2.1%	-3.1%
Debt	1,536	1,538	1,545	-0.2%	-0.6%
Operating lease liabilities	32.5	34.5	25.1	-5.7%	+29.5%
Finance lease liabilities	38.6	n/a	43.5		-11.3%
Other liabilities	1,528	1,389	1,212	+10.0%	+26.1%
Total liabilities and equity	5,865	5,749	5,641	+2.0%	+4.0%
Fixed assets	387	n/a	n/a
Goodwill	521	445	445	+17.2%	+17.2%
Intangible assets	224	139	165	+61.7%	+35.9%
Investments	273	335	397	-18.4%	-31.2%
Cash and equivalents	1,092	1,056	935	+3.4%	+16.8%
Receivables	976	1,026	909	-4.8%	+7.4%
Inventory	826	860	820	-4.0%	+0.7%
Other assets	1,565	1,889	1,970	-17.1%	-20.6%
Total assets	5,865	5,749	5,641	+2.0%	+4.0%

Questions

What was Ciena's revenue in Q4 FY2025?

Ciena (CIEN) reported revenue of $1.4 billion for Q4 FY2025, the quarter ended 1 November 2025, up 20.3% on the same quarter a year earlier.

How much did Ciena earn in Q4 FY2025?

Net income for Q4 FY2025 was $19 million, down 47.4% on the year, and diluted earnings per share $0.13.

When did Ciena report Q4 FY2025 results?

Ciena filed its 10-K for the year that ended with the quarter on 12 December 2025; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,041	844	949	868	971	1,057	1,133	1,068	1,129	1,038	911	942	1,124	1,072	1,126	1,219	1,352	1,427	1,571	1,671
Cost of revenue	564	460	547	527	537	601	645	619	643	571	522	538	664	600	673	716	775	802	879	912
Gross profit	477	384	402	341	434	456	488	449	486	467	389	404	460	472	453	503	577	626	692	759
Gross margin	46%	45%	42%	39%	45%	43%	43%	42%	43%	45%	43%	43%	41%	44%	40%	41%	43%	44%	44%	45%
R&D	147	148	159	150	167	182	190	189	189	187	195	189	196	193	215	212	229	221	238	237
Operating income	137	60.0	58.4	27.1	77.3	85.2	103	78.2	91.3	84.6	-4.0	26.7	59.2	80.7	32.8	73.5	10.5	189	238	301
Operating margin	13%	7%	6%	3%	8%	8%	9%	7%	8%	8%	-0%	3%	5%	8%	3%	6%	1%	13%	15%	18%
Interest expense	7.9	8.6	12.0	12.6	13.8	15.9	23.9	24.1	24.2	23.8	23.9	24.4	25.0	22.9	21.7	22.8	22.0	21.3	20.9	5.8
Pre-tax income	129	55.0	47.3	14.8	65.4	101	87.5	64.3	70.5	71.5	-16.0	16.4	48.0	68.6	19.0	65.8	2.9	181	231	311
Tax rate	20%	17%	18%	29%	12%	25%	34%	54%	-29%	31%	n/a	13%	23%	35%	53%	24%	-582%	17%	6%	14%
Net income	103	45.8	38.9	10.5	57.6	76.2	57.7	29.7	91.2	49.5	-16.8	14.2	37.0	44.6	9.0	50.3	19.5	150	218	266
Net margin	10%	5%	4%	1%	6%	7%	5%	3%	8%	5%	-2%	2%	3%	4%	1%	4%	1%	11%	14%	16%
Diluted EPS	$0.66	$0.29	$0.25	$0.07	$0.39	$0.51	$0.38	$0.20	$0.62	$0.34	-$0.12	$0.10	$0.25	$0.31	$0.06	$0.35	$0.13	$1.03	$1.49	$1.83
Operating cash flow	255	-54.4	107	-205	-14.5	-266	230	8.7	195	266	58.5	-159	349	104	157	174	371	228	260	196
Capital expenditure	12.3	25.8	19.4	21.7	23.9	30.0	28.0	25.4	22.8	16.6	16.9	19.6	83.5	26.9	28.7	39.8	45.4	73.9	41.0	80.0
Free cash flow	243	-80.2	87.1	-227	-38.4	-296	202	-16.7	173	249	41.6	-179	266	76.8	128	135	326	154	219	116
Buybacks	n/a	250	82.8	155	13.0	0.0	0.0	57.7	184	38.2	56.6	31.0	129	81.2	87.0	81.8	84.5	80.5	84.4	173
Shares outstanding	155m	153m	151m	148m	148m	149m	149m	149m	145m	145m	144m	144m	143m	143m	142m	141m	141m	141m	142m	142m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 1 November 2025, filed 12 December 2025: the filing.