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Screener / SEC EDGAR /CIK 0000936395 /10-K filed Dec 12, 2025, compared with Dec 20, 2024 /Numbers from the XBRL of the 10-Ks
Technology peers:
MCHPCIENTWLOCDNSONZBRA
NYSE Technology · Communications Equipment

Ciena CIEN

CIEN quote by TradingView

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. 10-K, Item 1

Headquarters
Hanover, MD
CEO
Gary B. Smith
Next results
around Dec 10, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $4.8B through the costs to a net profit of $123.3M · income statement of the 10-K

4% operating margin
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $2.8BGross profit to Operating profit: $197.5MGross profit to Operating expenses: $1.8BOperating profit to Net profit: $123.3MOperating profit to Tax & other: $74.2MOperating expenses to R&D: $848.3MOperating expenses to Sales, admin & other: $959.1M Revenue: $4.8B REVENUE $4.8B +19% Y/Y Gross profit: $2.0B · 42% margin GROSS PROFIT $2.0B 42% margin · +17% Y/Y Cost of revenue: $2.8B · 58% of revenue COST OF REVENUE $2.8B 58% of revenue Operating profit: $197.5M · 4% margin OPERATING PROFIT $197.5M 4% margin · +19% Y/Y Operating expenses: $1.8B · 38% of revenue OPERATING EXPENSES $1.8B 38% of revenue Net profit: $123.3M · 3% margin NET PROFIT $123.3M 3% margin · +47% Y/Y Tax & other: $74.2M · 2% of revenue TAX & OTHER $74.2M 2% of revenue R&D: $848.3M · 18% of revenue R&D $848.3M 18% of revenue Sales, admin & other: $959.1M · 20% of revenue SALES, ADMIN & OTHER $959.1M 20% of revenue
Gross profit $2.0B 42% margin · +17% Y/Y
Operating profit $197.5M 4% margin · +19% Y/Y
Net profit $123.3M 3% margin · +47% Y/Y
The full income statement, year by year

CIEN among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 18.8%, above 64% of 74 peers (their median 14.0%) REVENUE GROWTH 18.8% · above 64% Gross margin: 44.1%, above 22% of 67 peers (their median 58.0%) GROSS MARGIN 44.1% · above 22% Operating margin: 12.3%, above 26% of 70 peers (their median 23.8%) OPERATING MARGIN 12.3% · above 26% Net margin: 10.9%, above 27% of 74 peers (their median 19.2%) NET MARGIN 10.9% · above 27% FCF margin: 13.5%, above 23% of 70 peers (their median 23.7%) FCF MARGIN 13.5% · above 23% Return on capital: 2.5%, above 11% of 61 peers (their median 12.7%) RETURN ON CAPITAL 2.5% · above 11%
CIEN Peer median Below the median

What changed

33 new risk paragraphs. 10-K filed Dec 12, 2025 against Dec 20, 2024.

Risk factors
33 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
0 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +7.4% vs revenue +18.8% (-11.4 pts)
  • Cash from operations $806.1M vs net income $123.3M (FY ending Nov 1, 2025)
  • Inventory +0.7% vs revenue +18.8% (-18.1 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Reserve for Excess and Obsolete Inventory
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

33 paragraphs in Risk Factors that were not in the 10-K filed Dec 20, 2024. Quoted as filed.

All 33 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Dec 20, 2024 10-K, ITEM 1A
    Our revenue, gross margin, and operating results can be adversely impacted by a number of factors that would cause our results to fluctuate. Our results of operations are subject to significant, and often difficult to predict, quarterly fluctuations due to a variety of factors. A portion of our quarterly revenue is generated from…
  2. Item 1A · new paragraph · not in the 10-K filed Dec 20, 2024 10-K, ITEM 1A
    Our revenue is concentrated among a small number of customers and reductions in their spending could materially adversely impact our results of operations.
  3. Item 1A · new paragraph · not in the 10-K filed Dec 20, 2024 10-K, ITEM 1A
    Our growth is dependent on executing our strategy and expanding our addressable market, and we may not be successful.
  4. Item 1A · new paragraph · not in the 10-K filed Dec 20, 2024 10-K, ITEM 1A
    We operate in an intense and evolving competitive landscape and the level of competitive pressure we face may adversely impact our results of operations.

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$3.6B$4.4B$4.0B$4.8B
Net income$152.9M$254.8M$84.0M$123.3M
Operating cash flow−$167.8M$168.3M$514.5M$806.1M
Free cash flow−$258.6M$62.1M$377.9M$665.3M

Revenue, FY2018 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$4.8B ▲ 18.8% in FY2025

FY2018FY2018FY2019FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

No new filings in the last 30 days · SEC EDGAR

All filings

Nothing new. The most recent filings:

About the company

Ciena, Hanover, MD · from the 10-K filed Dec 12, 2025

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and artificial intelligence (“AI”). Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals.

Headquarters
Hanover, MD
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
October 31
Last results
Sep 3, 2026
Incorporated in
MD

Email alerts

Sources

The 10-K filed Dec 12, 2025 (open at SEC), compared with the 10-K filed Dec 20, 2024. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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