Ciena (CIEN) Q2 FY2026 earnings: revenue $1.6 billion, up 39.5% on the year

Ciena Corp. (CIEN) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 2 May 2026, up 39.5% on the same quarter a year earlier. Net income was $218 million, up 2333.0% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-Q it filed with the SEC on 4 June 2026.

Revenue

$1.6 billion

+39.5% on the year · +10.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

15.1%

2.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$218 million

+2,333.0% on the year · +45.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.49

+2,383.3% on the year · +44.7% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 2 raised, 2 narrowed, 4 new.

Revenue rose 40% year on year: Revenue was $1,570.7 million, up 39.5% from $1,125.9 million a year earlier, per the press release tables.
Adjusted EPS reached $1.64: Diluted EPS was $1.49 on a GAAP basis and $1.64 adjusted, against $0.06 and $0.42 a year earlier. Adjusted figures are non-GAAP.
Full-year revenue guidance raised: Management raised fiscal 2026 revenue guidance and gave first ranges for fiscal third quarter 2026 revenue, gross margin, operating expense and operating margin.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,571	1,427	1,126	+10.1%	+39.5%
Cost of revenue	879	802	673	+9.7%	+30.6%
Gross profit	692	626	453	+10.6%	+52.7%
Gross margin	44.0%	43.8%	40.2%
Research and development	238	221	215	+7.4%	+10.7%
Operating income	238	189	32.8	+25.6%	+624.3%
Operating margin	15.1%	13.3%	2.9%
Interest expense	20.9	21.3	21.7	-1.6%	-3.6%
Pre-tax income	231	181	19.0	+27.6%	+1,115.1%
Income tax	12.8	30.8	10.0	-58.4%	+27.8%
Effective tax rate	5.6%	17.0%	52.8%
Net income	218	150	9.0	+45.2%	+2,333.0%
Net margin	13.9%	10.5%	0.8%
Diluted EPS	$1.49	$1.03	$0.06	+44.7%	+2,383.3%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	260	228	157	+14.1%	+65.5%
Capital expenditure	41.0	73.9	28.7	-44.4%	+42.8%
Free cash flow	219	154	128	+42.2%	+70.5%
Free cash flow margin	13.9%	10.8%	11.4%
Cash from investing	-154	-43.9	19.6
Cash from financing	-181	-155	-108
Depreciation and amortisation	38.4	37.0	31.6	+3.7%	+21.5%
Share-based compensation	55.5	49.8	48.0	+11.3%	+15.7%
Buybacks	84.4	80.5	87.0	+4.8%	-3.0%
Diluted shares, weighted	146m	146m	145m	+0.4%	+0.9%
Shares outstanding at period end	142m	141m	142m	+0.1%	-0.1%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	2,892	2,792	2,776	+3.6%	+4.2%
Debt	1,531	1,536	1,540	-0.3%	-0.6%
Operating lease liabilities	32.0	34.1	35.1	-6.2%	-8.9%
Other liabilities	1,584	1,530	1,308	+3.6%	+21.2%
Total liabilities and equity	6,039	5,892	5,659	+2.5%	+6.7%
Goodwill	520	522	445	-0.3%	+17.0%
Intangible assets	202	213	147	-4.9%	+37.1%
Investments	358	246	396	+45.3%	-9.7%
Cash and equivalents	1,045	1,123	950	-7.0%	+10.0%
Receivables	1,053	967	930	+8.8%	+13.2%
Inventory	808	846	874	-4.4%	-7.5%
Other assets	2,053	1,975	1,917	+3.9%	+7.1%
Total assets	6,039	5,892	5,659	+2.5%	+6.7%

Questions

What was Ciena's revenue in Q2 FY2026?

Ciena (CIEN) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 2 May 2026, up 39.5% on the same quarter a year earlier.

How much did Ciena earn in Q2 FY2026?

Net income for Q2 FY2026 was $218 million, up 2333.0% on the year, and diluted earnings per share $1.49.

When did Ciena report Q2 FY2026 results?

Ciena filed its 10-Q for the quarter ended 2 May 2026 with the SEC on 4 June 2026.

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-Q for the period ended 2 May 2026, filed 4 June 2026: the filing.