Ciena (CIEN) financial statements
Ciena reported revenue of $4.8B in fiscal 2025, up 7.0% a year over 9 years.
Net income was $123M and the operating margin 4.1%, against 6.0% in 2016.
Free cash flow was $665M, and the company returned $335M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ciena's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.8B | $3.1B | $3.6B | $3.5B | $3.6B | $3.6B | $4.4B | $4.0B | $4.8B |
| Cost of revenue | $1.4B | $1.6B | $1.8B | $2.0B | $1.9B | $1.9B | $2.1B | $2.5B | $2.3B | $2.8B |
| Gross profit | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | $1.7B | $1.6B | $1.9B | $1.7B | $2.0B |
| Research and development | $452M | $475M | $492M | $548M | $530M | $537M | $625M | $751M | $767M | $848M |
| Selling, general and admin | $483M | $499M | $554M | $597M | $586M | $634M | $646M | $706M | $731M | $820M |
| Operating income | $156M | $215M | $230M | $347M | $487M | $495M | $223M | $358M | $167M | $198M |
| Interest expense | $57M | $56M | $55M | $37M | $31M | $31M | $47M | $88M | $97M | $89M |
| Pre-tax income | $87M | $156M | $149M | $313M | $456M | $463M | $183M | $324M | $120M | $156M |
| Income tax | $14M | -$1.1B | $493M | $60M | $95M | -$37M | $30M | $69M | $36M | $33M |
| Net income | $73M | $1.3B | -$345M | $253M | $361M | $500M | $153M | $255M | $84M | $123M |
| EPS (diluted) | $0.51 | $7.53 | -$2.49 | $1.61 | $2.32 | $3.19 | $1.00 | $1.71 | $0.58 | $0.85 |
| Diluted shares | 151M | 170M | 144M | 158M | 156M | 157M | 152M | 149M | 146M | 145M |
| Gross margin | 44.7% | 44.5% | 42.5% | 43.2% | 46.8% | 47.6% | 43.0% | 42.8% | 42.8% | 42.0% |
| Operating margin | 6.0% | 7.7% | 7.4% | 9.7% | 13.8% | 13.7% | 6.1% | 8.2% | 4.1% | 4.1% |
| Net margin | 2.8% | 45.0% | -11.1% | 7.1% | 10.2% | 13.8% | 4.2% | 5.8% | 2.1% | 2.6% |
Balance sheet
Fiscal years, from Ciena's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $920M | $894M | $1.0B | $1.2B | $1.6B | $1.1B | $1.1B | $1.3B | $1.3B |
| Receivables | $576M | $622M | $799M | $725M | $719M | $885M | $921M | $1.0B | $909M | $976M |
| Inventory | $211M | $267M | $260M | $345M | $344M | $374M | $947M | $1.1B | $820M | $826M |
| Total current assets | $2.0B | $2.0B | $2.1B | $2.4B | $2.6B | $3.2B | $3.4B | $3.6B | $3.5B | $3.6B |
| Property, plant and equipment | $288M | $308M | $292M | $287M | $272M | $285M | $268M | $280M | $338M | $387M |
| Goodwill | $267M | $267M | $298M | $298M | $311M | $312M | $328M | $445M | $445M | $521M |
| Total assets | $2.9B | $4.0B | $3.8B | $3.9B | $4.2B | $4.9B | $5.1B | $5.6B | $5.6B | $5.9B |
| Total current liabilities | $892M | $1.0B | $963M | $846M | $761M | $909M | $1.0B | $932M | $1000M | $1.3B |
| Long-term debt | $1.0B | $584M | $686M | $680M | $676M | $670M | $1.1B | $1.5B | $1.5B | $1.5B |
| Total liabilities | $2.1B | $1.8B | $1.8B | $1.7B | $1.7B | $1.8B | $2.4B | $2.8B | $2.8B | $3.1B |
| Shareholders' equity | $766M | $2.1B | $1.9B | $2.2B | $2.5B | $3.0B | $2.7B | $2.8B | $2.8B | $2.7B |
| Net debt | $240M | -$57M | -$59M | -$217M | -$405M | -$745M | $74M | $544M | $610M | $444M |
Cash flow
Fiscal years, from Ciena's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $290M | $235M | $229M | $413M | $494M | $542M | -$168M | $168M | $515M | $806M |
| Capital spending | $107M | $95M | $68M | $63M | $83M | $80M | $91M | $106M | $137M | $141M |
| Free cash flow | $182M | $140M | $162M | $351M | $411M | $462M | -$259M | $62M | $378M | $665M |
| Stock-based compensation | $52M | $48M | $53M | $60M | $68M | $84M | $105M | $130M | $156M | $185M |
| Share buybacks (net) | $0 | $0 | -$111M | -$150M | -$75M | -$91M | -$501M | -$242M | -$255M | -$335M |
| Net borrowing | -$17M | -$234M | $12M | -$7M | -$5M | -$7M | $395M | -$9M | -$12M | -$12M |
| Free cash flow margin | 7.0% | 5.0% | 5.2% | 9.8% | 11.6% | 12.8% | -7.1% | 1.4% | 9.4% | 13.9% |
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Open CIEN in InvestinglyQuestions
What was Ciena's revenue in 2025?
$4.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ciena generate?
$665M in fiscal 2025 (operating cash flow minus capital spending).
From Ciena's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.