# EDGAR Filing Document

**Accession Number:** 0000936395
**File Stem:** 0001628280-25-056425
**Filing Date:** 2025-12
**Character Count:** 66790
**Document Hash:** 2ab2843314fab98fde4b30496c483282
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-056425.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001628280-25-056425

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251211

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIENA CORP
- **CENTRAL INDEX KEY:** 0000936395
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE & TELEGRAPH APPARATUS [3661]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 232725311
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1101

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36250
- **FILM NUMBER:** 251563496

**BUSINESS ADDRESS:**
- **STREET 1:** 7035 RIDGE ROAD
- **CITY:** HANOVER
- **STATE:** MD
- **ZIP:** 21076
- **BUSINESS PHONE:** 4108658500

**MAIL ADDRESS:**
- **STREET 1:** 7035 RIDGE ROAD
- **CITY:** HANOVER
- **STATE:** MD
- **ZIP:** 21076

?xml version='1.0' encoding='ASCII'? cien-20251211

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): **December 11, 2025** 

 

**Ciena Corporation**

(Exact name of registrant as specified in its charter)

Commission File Number: **001-36250** 

**Delaware**

(State or other jurisdiction of incorporation)

**7035 Ridge Road, Hanover, MD** 

(Address of principal executive offices)

**23-2725311**

(IRS Employer Identification No.)

**21076** 

(Zip Code)

Registrant's telephone number, including area code: **(410) 694-5700** 

**Not Applicable**

(Former name or former address, if changed since last report)

---

| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below): |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.01 par value | CIEN | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On December 11, 2025, Ciena Corporation ("Ciena") issued a press release announcing its financial results for its fiscal fourth quarter ended November 1, 2025. The text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report"). As discussed in the press release, Ciena will be hosting an investor call to discuss its results of operations for its fiscal fourth quarter ended November 1, 2025.

In conjunction with the issuance of this press release, Ciena posted to the quarterly results page of the "Investors" section of www.ciena.com an accompanying investor presentation. The investor presentation is furnished as Exhibit 99.2 to this Report.

The information in Exhibits 99.1 and 99.2, as well as Item 2.02 of this Report, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. Investors are encouraged to review the "Investors" page of our website at www.ciena.com because, as with the other disclosure channels that we use, from time to time we may post material information exclusively on that site.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description of Document</u> |
| 99.1 | <u>[Text of Press Release dated December 11, 2025, issued by Ciena Corporation, reporting its results of operations for its fiscal fourth quarter ended November 1, 2025.](ex9912025q4earningspressre.htm)</u> |
| 99.2 | <u>[Investor Presentation for Ciena Corporation's fisc](ex9922025q4earningsprese.htm)[al fourth](ex9922025q4earningsprese.htm)[quarter ended](ex9922025q4earningsprese.htm)[Novemb](ex9922025q4earningsprese.htm)[er 1](ex9922025q4earningsprese.htm)[, 2025.](ex9922025q4earningsprese.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Ciena Corporation** | **Ciena Corporation** |
| Date: December 11, 2025 | By: | /s/ Sheela Kosaraju |
|  |  | Sheela Kosaraju |
|  |  | Senior Vice President, General Counsel and Assistant Secretary |

---

## Exhibit 99.1

**<u>FOR IMMEDIATE RELEASE</u>**

**Ciena Reports Fiscal Fourth Quarter 2025 and Year-End Financial Results** 

**<u>Summary</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal fourth quarter 2025 revenue was $1.35 billion, up 20% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal year 2025 revenue was $4.77 billion, up 19% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing guidance for revenue in the range of $1.35 billion to $1.43 billion for the first fiscal quarter of 2026 and $5.7 billion to $6.1 billion for fiscal year 2026

**HANOVER, Md. - December 11, 2025 -** <u>Ciena</u><sup>®</sup> Corporation (NYSE: CIEN) today announced financial results for its fiscal fourth quarter and year ended November 1, 2025.

"Our record fiscal fourth quarter and full-year performance reinforces our position as the global leader in high-speed connectivity with an expanding role in the AI ecosystem," said Gary Smith, president and CEO, Ciena. "Looking ahead, we are confident in our growth trajectory over the coming years, driven by durable demand from our cloud and service provider customers and a growing set of opportunities inside and around the data center."

**Performance Summary for Fiscal Fourth Quarter and Year Ended November 1, 2025** 

**Revenue:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.35 billion in the fiscal fourth quarter 2025, compared to $1.12 billion in the fiscal fourth quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.77 billion in fiscal year 2025, compared to $4.01 billion in the fiscal year 2024

**Net Income per diluted share:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.13 GAAP and $0.91 adjusted (non-GAAP) for the fiscal fourth quarter 2025, compared to $0.25 and $0.54 for fiscal fourth quarter 2024, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $0.85 GAAP and $2.64 adjusted (non-GAAP) for fiscal year 2025, compared to $0.58 and $1.82 for fiscal year 2024, respectively

The tables below (in millions, except percentage data) provide comparisons of certain quarterly and annual results. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Results (unaudited)** | **GAAP Results (unaudited)** | **GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** |
| | Quarter Ended | Quarter Ended | | Quarter Ended | Quarter Ended | |
| | November 1,<br>2025 | November 2,<br>2024 | Period<br>Change<br>Y-T-Y\* | November 1,<br>2025 | November 2,<br>2024 | Period<br>Change<br>Y-T-Y\* |
| Revenue | $1352.0 | $1124.1 | 20.3% | $1352.0 | $1124.1 | 20.3% |
| Gross margin | 42.7% | 40.9% | 1.8% | 43.4% | 41.6% | 1.8% |
| Operating expense | $566.7 | $400.8 | 41.4% | $408.7 | $354.9 | 15.2% |
| Operating margin | 0.8% | 5.3% | (4.5)% | 13.2% | 10.0% | 3.2% |
| EBITDA | $47.8 | $93.0 | (48.6)% | $205.5 | $136.7 | 50.3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Results (unaudited)** | **GAAP Results (unaudited)** | **GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** |
| | Year Ended | Year Ended | | Year Ended | Year Ended | |
| | November 1,<br>2025 | November 2,<br>2024 | Period<br>Change<br>Y-T-Y\* | November 1,<br>2025 | November 2,<br>2024 | Period<br>Change<br>Y-T-Y\* |
| Revenue | $4769.5 | $4014.9 | 18.8% | $4769.5 | $4014.9 | 18.8% |
| Gross margin | 42.0% | 42.8% | (0.8)% | 42.7% | 43.6% | (0.9)% |
| Operating expense | $1807.4 | $1553.0 | 16.4% | $1505.8 | $1361.7 | 10.6% |
| Operating margin | 4.1% | 4.1% | —% | 11.2% | 9.7% | 1.5% |
| EBITDA | $337.9 | $300.1 | 12.6% | $636.7 | $481.0 | 32.4% |

---

\* Denotes % change, or in the case of margin, absolute change

**Business Outlook**

"Our results reflect Ciena's market momentum within a strong demand environment and our commitment to financial discipline, delivering strong top and bottom line performance that exceeded our guidance for the fourth quarter," said Marc Graff, CFO of Ciena. "With our growing operating leverage and strong cash generation and balance sheet, we are well-positioned to deliver value for our customers and shareholders in 2026."

**Ciena expects fiscal year 2026 to include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue in the range of $5.7 billion to $6.1 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) gross margin of 43% plus or minus 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) operating expense of approximately $1.52 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) operating margin of 17% plus or minus 1%

**Ciena expects fiscal first quarter 2026 to include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue in the range of $1.35 billion to $1.43 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) gross margin between 43% to 44%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) operating expense of approximately $380 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) operating margin between 15.5% and 16.5%

Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of the "Economic considerations and assumptions" in our accompanying

------

Earnings Presentation and each of the "Forward-Looking Statements" and "Reconciliation of Adjusted (Non- GAAP) Measurements" found in the Notes to Investors below.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Three customers represented 10%-plus of revenue for a total of 43.6% of revenue for the fiscal fourth quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two customers represented 10%-plus of revenue for a total of 28.4% of revenue for the fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Average days' sales outstanding (DSOs) were 77 and 88 for the fiscal fourth quarter and the fiscal year 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Product inventory turns were 3.1 and 2.7 for the fiscal fourth quarter and the fiscal year 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Repurchased approximately 0.7 million and 4.0 million shares of common stock for an aggregate price of $84.5 million and $329.7 million during fiscal fourth quarter and fiscal year 2025, respectively.

**Financial Performance by Segment**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** |
| | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended |
| | November 1, 2025 | November 1, 2025 | November 2, 2024 | November 2, 2024 |
| | Revenue | %\*\* | Revenue | %\*\* |
| Networking Platforms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Optical Networking | $929.2 | 68.7 | $779.6 | 69.4 |
| &nbsp;&nbsp;&nbsp;Routing and Switching | 118.4 | 8.8 | 79.4 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Networking Platforms | 1047.6 | 77.5 | 859.0 | 76.4 |
| &nbsp;&nbsp;&nbsp;Platform Software and Services | 93.3 | 6.9 | 99.6 | 8.9 |
| &nbsp;&nbsp;&nbsp;Blue Planet Automation Software and Services | 33.8 | 2.5 | 23.5 | 2.1 |
| Global Services <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Maintenance, Support, and Learning | 82.5 | 6.1 | 77.2 | 6.9 |
| &nbsp;&nbsp;&nbsp;Implementation | 74.3 | 5.5 | 51.4 | 4.5 |
| &nbsp;&nbsp;&nbsp;Advisory and Enablement | 20.5 | 1.5 | 13.4 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Global Services | 177.3 | 13.1 | 142.0 | 12.6 |
| Total | $1352.0 | 100.0 | $1124.1 | 100.0 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** |
| | Year Ended | Year Ended | Year Ended | Year Ended |
| | November 1, 2025 | November 1, 2025 | November 2, 2024 | November 2, 2024 |
| | Revenue | %\*\* | Revenue | %\*\* |
| Networking Platforms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Optical Networking | $3246.3 | 68.1 | $2642.6 | 65.8 |
| &nbsp;&nbsp;&nbsp;Routing and Switching | 430.1 | 9.0 | 399.5 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Networking Platforms | 3676.4 | 77.1 | 3042.1 | 75.8 |
| &nbsp;&nbsp;&nbsp;Platform Software and Services | 363.8 | 7.6 | 358.0 | 8.9 |
| &nbsp;&nbsp;&nbsp;Blue Planet Automation Software and Services | 115.5 | 2.4 | 77.6 | 2.0 |
| Global Services <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Maintenance, Support, and Learning | 317.2 | 6.7 | 303.1 | 7.5 |
| &nbsp;&nbsp;&nbsp;Implementation | 246.1 | 5.2 | 184.3 | 4.6 |
| &nbsp;&nbsp;&nbsp;Advisory and Enablement | 50.5 | 1.0 | 49.8 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Global Services | 613.8 | 12.9 | 537.2 | 13.3 |
| Total | $4769.5 | 100.0 | $4014.9 | 100.0 |

---

\*\* Denotes % of total revenue

<sup>1</sup> Effective as of the fourth quarter of fiscal 2025, Ciena renamed (i) its "Maintenance Support and Training" product line to "Maintenance, Support, and Learning", (ii) its "Installation and Deployment" product line to "Implementation", and (iii) its "Consulting and Network Design" product line to "Advisory and Enablement". These changes, affecting only the presentation of such information, were made on a prospective basis and do not impact comparability of previous financial results. However, the references to the prior reported product lines have been changed herein to the new names above.

**Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Fourth Quarter 2025 Results** 

Today, Thursday, December 11, 2025, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal fourth quarter 2025 results.

Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via <u>www.ciena.com.</u> An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website.

**Notes to Investors** 

***Forward-Looking Statements.*** You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future

------

and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include the statements in the "Summary" and "Business Outlook" sections of this press release and "Our record fiscal fourth quarter and full-year performance underscores our focused execution and solidifies our position as a global leader in high-speed connectivity with an expanding role in the evolving AI ecosystem. Looking ahead, we are increasingly confident in our growth trajectory over the coming years, driven by accelerating, durable demand from our cloud and service provider customers and a growing set of opportunities inside and around the data center." and "With our growing operating leverage, and strong cash generation and balance sheet, we are well-positioned to deliver value for our customers and shareholders in 2026."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our business and that of our customers, including their spending; the development and use of artificial intelligence and its impact on overall networking technology spending; our ability to execute our business and growth strategies; supply chain constraints or disruptions including increased costs and lead times; the introduction of new technologies by us or our competitors; the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, and public health emergencies, epidemics, or pandemics; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena's Quarterly Report on Form 10-Q filed with the SEC on September 4, 2025 and its Annual Report on Form 10-K to be filed with the SEC. Ciena assumes no obligation to update any forward-looking information included in this press release.

***Non-GAAP Presentation of Quarterly and Annual Results.*** This release includes non-GAAP measures of Ciena's gross profit, operating expense, income from operations, earnings before interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of these non-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendices A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

With respect to Ciena's expectations under "Business Outlook" above, Ciena is not able to provide a quantitative reconciliation of the adjusted (non-GAAP) gross margin and adjusted (non-GAAP) operating expense guidance measures to the corresponding gross profit and gross profit percentage, and operating expense GAAP measures without unreasonable efforts. Ciena cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, Ciena is unable to address the probable significance of the unavailable information.

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***About Ciena.*** Ciena (NYSE: CIEN) is the global leader in high-speed connectivity. We build the world's most adaptive networks to support exponential growth in bandwidth demand. By harnessing the power of our networking systems, interconnects, automation software, and services, Ciena revolutionizes data transmission and network management. With unparalleled expertise and innovation, we empower our customers, partners, and communities to thrive in the AI era. For updates on Ciena, follow us on LinkedIn, X, the Ciena Insights blog, or visit www.ciena.com.

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 **CIENA CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share data)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Year Ended | Year Ended |
| | November 1,<br>2025 | November 2,<br>2024 | November 1,<br>2025 | November 2,<br>2024 |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products | $1092451 | $892425 | $3822618 | $3159021 |
| &nbsp;&nbsp;&nbsp;Services | 259533 | 231687 | 946889 | 855934 |
| Total revenue | 1351984 | 1124112 | 4769507 | 4014955 |
| Cost of goods sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products | 630150 | 545580 | 2250966 | 1861317 |
| &nbsp;&nbsp;&nbsp;Services | 144655 | 118510 | 513624 | 434048 |
| Total cost of goods sold | 774805 | 664090 | 2764590 | 2295365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 577179 | 460022 | 2004917 | 1719590 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 228900 | 195960 | 848329 | 767497 |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 156420 | 136919 | 581331 | 510668 |
| &nbsp;&nbsp;&nbsp;General and administrative | 67257 | 58143 | 238707 | 220647 |
| &nbsp;&nbsp;&nbsp;Significant asset impairments and restructuring costs | 106851 | 2605 | 112113 | 24592 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 6112 | 7185 | 25758 | 29569 |
| &nbsp;&nbsp;&nbsp;Acquisition and integration costs | 1148 |  | 1148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 566688 | 400812 | 1807386 | 1552973 |
| Income from operations | 10491 | 59210 | 197531 | 166617 |
| Interest and other income, net | 14349 | 13801 | 48888 | 50261 |
| Interest expense | (21982) | (24990) | (89403) | (97028) |
| Loss on extinguishment and modification of debt |  |  | (729) |  |
| Income before income taxes | 2858 | 48021 | 156287 | 119850 |
| Provision (benefit) for income taxes | (16631) | 10993 | 32949 | 35894 |
| Net income | $19489 | $37028 | $123338 | $83956 |
| **Net Income per Common Share** |  |  |  |  |
| Basic net income per common share | $0.14 | $0.26 | $0.87 | $0.58 |
| Diluted net income per potential common share | $0.13 | $0.25 | $0.85 | $0.58 |
| Weighted average basic common shares outstanding | 141527 | 144240 | 142221 | 144715 |
| Weighted average dilutive potential common shares outstanding<sup>1</sup> | 145470 | 146487 | 145248 | 145964 |

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<sup>1</sup> Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.9 million and 3.0 million for the fourth quarter and year ended fiscal 2025, respectively; and (ii) 2.2 million and 1.2 million for the fourth quarter and year ended fiscal 2024, respectively.

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**CIENA CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share data)**

**(unaudited)**

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| | | |
|:---|:---|:---|
| | November 1,<br>2025 | November 2,<br>2024 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1091952 | $934863 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 216148 | 316343 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 975856 | 908597 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 826235 | 820430 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 455316 | 564183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3565507 | 3544416 |
| Long-term investments | 57142 | 80920 |
| Equipment, building, furniture and fixtures, net | 386779 | 337722 |
| Operating lease right-of-use assets | 38613 | 27417 |
| Goodwill | 521204 | 444707 |
| Other intangible assets, net | 224210 | 165020 |
| Deferred tax asset, net | 884889 | 886441 |
| Other long-term assets | 186323 | 154694 |
| &nbsp;&nbsp;&nbsp;Total assets | $5864667 | $5641337 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $542841 | $423401 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other short-term obligations | 531081 | 393905 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 208936 | 156379 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 13956 | 14455 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 11580 | 11700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1308394 | 999840 |
| Long-term deferred revenue | 94850 | 81240 |
| Other long-term obligations | 175426 | 185938 |
| Long-term operating lease liabilities | 32516 | 25107 |
| Long-term debt, net | 1524158 | 1533074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3135344 | 2825199 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding |  |  |
| &nbsp;&nbsp;Common stock – par value $0.01; 290,000,000 shares authorized; 141,016,300 and 142,656,116 shares issued and outstanding | 1410 | 1427 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 5953057 | 6154869 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (55035) | (46711) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3170109) | (3293447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2729323 | 2816138 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $5864667 | $5641337 |

---

------

**CIENA CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | Year Ended | Year Ended |
| | November 1,<br>2025 | November 2,<br>2024 |
| Cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $123338 | $83956 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 104133 | 92846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abandonment of acquired in-process research and development | 89100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 184525 | 156404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 36205 | 40624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (23173) | (76810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory excess and obsolescence | 48424 | 77341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for warranty | 24442 | 25643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (736) | 11768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (98743) | 80313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (53602) | 153021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 86204 | (198910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 11613 | 11837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accruals and other obligations | 226486 | 64255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 63760 | 9884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short and long-term operating lease liabilities | (15883) | (17640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 806093 | 514532 |
| Cash flows used in investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments for equipment, furniture, and fixtures | (140801) | (136641) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (214162) | (287536) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of investments | 348579 | 140836 |
| &nbsp;&nbsp;&nbsp;Settlement of foreign currency forward contracts, net | (4015) | (1454) |
| &nbsp;&nbsp;&nbsp;Purchase of equity investments |  | (21682) |
| &nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | (231100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (241499) | (306477) |
| Cash flows used in financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds for modification of debt, net | 19175 |  |
| &nbsp;&nbsp;&nbsp;Cash paid for extinguishment of debt | (19175) |  |
| &nbsp;&nbsp;&nbsp;Payment of long term debt | (11580) | (11700) |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (12) | (2554) |
| &nbsp;&nbsp;&nbsp;Payment of finance lease obligations | (4380) | (4029) |
| &nbsp;&nbsp;&nbsp;Shares repurchased for tax withholdings on vesting of stock unit awards | (91315) | (46567) |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock - repurchase program, net | (334507) | (254502) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 35876 | 34291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (405918) | (285061) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1505) | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | 157171 | (75760) |
| Cash, cash equivalents and restricted cash at beginning of period | 935026 | 1010786 |
| Cash, cash equivalents and restricted cash at end of period | $1092197 | $935026 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest, net | $85217 | $92515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes, net | $113608 | $54956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments | $17840 | $19452 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of equipment in accounts payable | $17449 | $14682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock in accrued liabilities from repurchase program, net | $2579 | $6172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating right-of-use assets subject to lease liability | $23586 | $6912 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements** | **APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements** | **APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements** | **APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements** | **APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements** |
| **(in thousands, except per share data) (unaudited)** | **(in thousands, except per share data) (unaudited)** | **(in thousands, except per share data) (unaudited)** | **(in thousands, except per share data) (unaudited)** | **(in thousands, except per share data) (unaudited)** |
|  | Quarter Ended | Quarter Ended | Year Ended | Year Ended |
|  | November 1, | November 2, | November 1, | November 2, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Gross Profit Reconciliation (GAAP/non-GAAP)** |  |  |  |  |
| GAAP gross profit | $577179 | $460022 | $2004917 | $1719590 |
| Share-based compensation-products | 1964 | 1736 | 7774 | 6474 |
| Share-based compensation-services | 3857 | 3257 | 15184 | 12743 |
| Amortization of intangible assets | 3750 | 2764 | 10447 | 11055 |
| Total adjustments related to gross profit | 9571 | 7757 | 33405 | 30272 |
| Adjusted (non-GAAP) gross profit | $586750 | $467779 | $2038322 | $1749862 |
| Adjusted (non-GAAP) gross profit percentage | 43.4% | 41.6% | 42.7% | 43.6% |
| **Operating Expense Reconciliation (GAAP/non-GAAP)** |  |  |  |  |
| GAAP operating expense | $566688 | $400812 | $1807386 | $1552973 |
| Share-based compensation-research and development | 16274 | 14065 | 64281 | 54129 |
| Share-based compensation-sales and marketing | 13543 | 11168 | 52066 | 42954 |
| Share-based compensation-general and administrative | 13248 | 10842 | 45424 | 40053 |
| Significant asset impairments and restructuring costs | 106851 | 2605 | 112113 | 24592 |
| Amortization of intangible assets | 6112 | 7185 | 25758 | 29569 |
| Acquisition and integration costs | 1148 |  | 1148 |  |
| Holdback arrangement | 802 |  | 802 |  |
| Total adjustments related to operating expense | 157978 | 45865 | 301592 | 191297 |
| Adjusted (non-GAAP) operating expense | $408710 | $354947 | $1505794 | $1361676 |
| **Income from Operations Reconciliation (GAAP/non-GAAP)** |  |  |  |  |
| GAAP income from operations | $10491 | $59210 | $197531 | $166617 |
| Total adjustments related to gross profit | 9571 | 7757 | 33405 | 30272 |
| Total adjustments related to operating expense | 157978 | 45865 | 301592 | 191297 |
| Total adjustments related to income from operations | 167549 | 53622 | 334997 | 221569 |
| Adjusted (non-GAAP) income from operations | $178040 | $112832 | $532528 | $388186 |
| Adjusted (non-GAAP) operating margin percentage | 13.2% | 10.0% | 11.2% | 9.7% |
| **Net Income Reconciliation (GAAP/non-GAAP)** |  |  |  |  |
| GAAP net income | $19489 | $37028 | $123338 | $83956 |
| Exclude GAAP provision (benefit) for income taxes | (16631) | 10993 | 32949 | 35894 |
| Income before income taxes | 2858 | 48021 | 156287 | 119850 |
| Total adjustments related to income from operations | 167549 | 53622 | 334997 | 221569 |
| Loss on extinguishment and modification of debt |  |  | 729 |  |
| Adjusted income before income taxes | 170407 | 101643 | 492013 | 341419 |
| Non-GAAP tax provision on adjusted income before income taxes | 37490 | 22361 | 108243 | 75112 |
| Adjusted (non-GAAP) net income | $132917 | $79282 | $383770 | $266307 |
| Weighted average basic common shares outstanding | 141527 | 144240 | 142221 | 144715 |
| Weighted average dilutive potential common shares outstanding <sup>1</sup> | 145470 | 146487 | 145248 | 145964 |
| **Net Income per Common Share** |  |  |  |  |
| GAAP diluted net income per potential common share | $0.13 | $0.25 | $0.85 | $0.58 |
| Adjusted (non-GAAP) diluted net income per potential common share | $0.91 | $0.54 | $2.64 | $1.82 |

---

<sup>1</sup> Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.9 million and 3.0 million for the fourth quarter and year ended fiscal 2025; and (ii) 2.2 million and 1.2 million for the fourth quarter and year ended fiscal 2024.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **APPENDIX B - Calculation of EBITDA and Adjusted EBITDA** | **APPENDIX B - Calculation of EBITDA and Adjusted EBITDA** | **APPENDIX B - Calculation of EBITDA and Adjusted EBITDA** | **APPENDIX B - Calculation of EBITDA and Adjusted EBITDA** | **APPENDIX B - Calculation of EBITDA and Adjusted EBITDA** |
| **(in thousands) (unaudited)** | **(in thousands) (unaudited)** | **(in thousands) (unaudited)** | **(in thousands) (unaudited)** | **(in thousands) (unaudited)** |
|  | Quarter Ended | Quarter Ended | Year Ended | Year Ended |
|  | November 1, | November 2, | November 1, | November 2, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)** |  |  |  |  |
| Net income (GAAP) | $19489 | $37028 | $123338 | $83956 |
| Add: Interest expense | 21982 | 24990 | 89403 | 97028 |
| Less: Interest and other income, net | 14349 | 13801 | 48888 | 50261 |
| Add: Loss on extinguishment and modification of debt |  |  | 729 |  |
| Add: Provision (benefit) for income taxes | (16631) | 10993 | 32949 | 35894 |
| Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 27496 | 23849 | 104133 | 92846 |
| Add: Amortization of intangible assets | 9862 | 9949 | 36205 | 40624 |
| **EBITDA** | $47849 | $93008 | $337869 | $300087 |
| Add: Share-based compensation expense | 48886 | 41068 | 184729 | 156353 |
| Add: Significant asset impairments and restructuring costs | 106851 | 2605 | 112113 | 24592 |
| Add: Acquisition and integration costs | 1148 |  | 1148 |  |
| Add: Holdback arrangement | 802 |  | 802 |  |
| **Adjusted EBITDA** | $205536 | $136681 | $636661 | $481032 |

---

\* \* \*

*The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:*

*• Share-based compensation -* a non-cash expense incurred in accordance with share-based compensation accounting guidance.

*• Significant asset impairments and restructuring costs -* non-recurring costs primarily reflecting expenses associated with significant impairment or abandonment of assets and actions Ciena has taken to restructure our business, including reductions in force, facility optimization, and the redesign of business processes. For the fiscal fourth quarter and fiscal year of 2025, this also includes a charge of $89.1 million related to the abandonment of an in-process R&D intangible asset.

*• Amortization of intangible assets -* a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over an expected useful life.

*• Acquisition and integration costs -* consists of financial, legal, and accounting advisors and employee-related costs related to our acquisition of Nubis Communications, Inc. during the fourth quarter of fiscal 2025.

*• Holdback arrangement -* reflects a one-time holdback of a portion of the merger consideration otherwise payable at closing to certain key employee shareholders of Nubis Communications, Inc. who became employees of Ciena, which is treated as contingent compensation for GAAP reporting purposes. These transaction-related amounts are not part of Ciena's standard compensation and benefits.

*• Loss on extinguishment and modification of debt -* reflects extinguishment and debt modification expenses related to refinancing our term loan during the first quarter of fiscal 2025.

• *Non-GAAP tax provision* - consists of current and deferred income tax expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and foreign statutory annual tax rate of 22.0% for all fiscal periods of fiscal 2025 and fiscal 2024. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy. The Non-GAAP tax provision excludes the impact of a $21.6 million tax benefit in the fourth quarter of fiscal 2025 related to the expiration of the statute of limitations on previously uncertain tax positions.

## Exhibit 99.2

![](ex9922025q4earningsprese001.jpg)© Ciena Corporation 2025. ll rights reserved. Proprietary Information. Ciena Corporation Fiscal Q4 2025 Earnings Presentation Period ended November 1, 2025 December 11, 2025

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![](ex9922025q4earningsprese002.jpg)

2© Ciena Corporation 2025. All rights reserved. Proprietary Information. Forward-looking statements and non-GAAP measures You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission (SEC) filings, recent news, financial results, supplemental financial information, and other announcements. From time to time, we exclusively post material information to this website along with other disclosure channels that we use. Information in this presentation and related comments of presenters contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our business and that of our customers, including their spending; the development and use of artificial intelligence and its impact on overall networking technology spending; our ability to execute our business and growth strategies; supply chain constraints or disruptions including increased costs and lead times; the introduction of new technologies by us or our competitors; the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, and public health emergencies, epidemics, or pandemics; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena's Quarterly Report on Form 10-Q filed with the SEC on September 4, 2025 and its Annual Report on Form 10-K to be filed with the SEC. All information, statements, and projections in this presentation and the related earnings call speak only as of the date of this presentation and related earnings call. Ciena assumes no obligation to update any forward-looking or other information included in this presentation or related earnings calls, whether as a result of new information, future events or otherwise. In addition, this presentation includes historical, and may include prospective, non-GAAP measures of Ciena's gross margin, operating expense, operating margin, EBITDA, and net income per share. These measures are not intended to be a substitute for financial information presented in accordance with GAAP. A reconciliation of non-GAAP measures used in this presentation to Ciena's GAAP results for the relevant period can be found in the Appendix to this presentation. Additional information can also be found in our press release filed this morning and in our reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. With respect to Ciena's expectations under "Business Outlook", Ciena is not able to provide a quantitative reconciliation of the adjusted (non-GAAP) gross margin, operating expense, operating margin and earnings per share guidance measures to the corresponding gross profit and gross profit percentage, and operating expense GAAP measures without unreasonable efforts. Ciena cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, Ciena is unable to address the probable significance of the unavailable information.

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![](ex9922025q4earningsprese003.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.3 **Table of Contents**

1. Overview and Ciena's portfolio 2. Industry context and addressable market expansion 3. Ciena is positioned for accelerated growth 4. Fiscal year 2025 financial performance 5. Fiscal Q4 2025 financial performance 6. Fiscal year 2026 and Q1 outlook 7. Appendix

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![](ex9922025q4earningsprese004.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Overview and Ciena's portfolio

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![](ex9922025q4earningsprese005.jpg)

5© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena is the global leader in high-speed connectivity We build adaptive networks to support exponential growth in bandwidth demand – empowering our customers, partners, and communities to thrive in the AI era. With unparalleled expertise and innovation, our networking systems, components, automation software, and services revolutionize data transmission and network management. Note: Data as of Fiscal Year End 2025 ~2,400 patents $1.4B cash & investments 1,700+ customers worldwide 19% FY25 annual revenue growth 4,500+ R&D specialists 9,000+ employees

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![](ex9922025q4earningsprese006.jpg)

6© Ciena Corporation 2025. All rights reserved. Proprietary Information. Evolving our customers' businesses with the Adaptive Network

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![](ex9922025q4earningsprese007.jpg)

7© Ciena Corporation 2025. All rights reserved. Proprietary Information. Market dynamics are informing our strategic portfolio investments

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![](ex9922025q4earningsprese008.jpg)

8© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena and Nubis fit in the Data Center technology evolution

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![](ex9922025q4earningsprese009.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Industry context and addressable market expansion

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![](ex9922025q4earningsprese010.jpg)

10© Ciena Corporation 2025. All rights reserved. Proprietary Information. Increasing bandwidth consumption as a driver of network expansion

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![](ex9922025q4earningsprese011.jpg)

11© Ciena Corporation 2025. All rights reserved. Proprietary Information. An industry leader #1 Globally • Data center interconnect • Optical for cloud providers • Purpose-built/compact modular DCI #1 N. America • Optical for cloud providers • Total optical networking • Optical packet #2 Globally • Total optical networking Optical Transport Report, 3Q25 #1 Globally • Purpose-built/compact modular DCI • SLTE WDM #1 N. America • Total optical networking • Purpose-built/compact modular DCI #2 Globally • Total optical networking Optical Networking Report, 2Q25 #1 Globally • Purpose-built/compact modular DCI • Optical for cloud and colo • SLTE WDM • Routing/Access #1 N. America • Total optical networking • Optical for cloud and colo • Routing/Access #2 Globally • Total optical networking Transport Hardware & Markets Preliminary Report, 3Q25

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![](ex9922025q4earningsprese012.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena is positioned for accelerated growth

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![](ex9922025q4earningsprese013.jpg)

13© Ciena Corporation 2025. All rights reserved. Proprietary Information. Our future growth opportunities Long-term growth in core business plus new higher growth addressable markets provide an opportunity to outpace our traditional revenue CAGR over time Inside & Around the Data Center Use Cases • 400G ZR, 800G ZR (WL6 Nano) and 1.6T ZR • Scale Across DC Clusters for AI Infrastructure Connectivity • Data Center Out-of-band Management (DCOM) • Coherent Lite (1.6T LR) • Components / High-speed Interconnects Inside DC ◦ Nubis' products WAN Use Cases • Subsea, Long Haul, Metro Regional, Metro DCI • Network upgrades to RLS and 1.6T WL6 Extreme • Multi-rail • Managed Optical Fiber Networks (MOFN)

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![](ex9922025q4earningsprese014.jpg)

14© Ciena Corporation 2025. All rights reserved. Proprietary Information. Opportunities to serve a broader ecosystem

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![](ex9922025q4earningsprese015.jpg)

15© Ciena Corporation 2025. All rights reserved. Proprietary Information. We expect coherent technology will have growing application in the AI era

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![](ex9922025q4earningsprese016.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 results

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![](ex9922025q4earningsprese017.jpg)

17© Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 key highlights ▪ Extended leadership as global AI infrastructure provider of choice with more than 30 MOFN wins and more than 12 neoscaler wins ▪ Realized more than 100% YoY revenue and shipment growth in stand-alone coherent pluggables • Expanded our WL6e customer base by 68, strengthening our market lead of more than one year with the industry's only 1.6 Tb/s coherent solution ▪ Launched our new Data Center Out-of-Band Management (DCOM), leveraging Ciena's purpose-built routers and XGS-PON pluggables to reduce complexity, space, and power requirements ▪ Reached 171 Coherent Routing Solution customers in 2025, combining our Routing and Switching Portfolio, WaveLogic Nano Coherent pluggable technology and Navigator NCS • Ended the fiscal quarter with approximately $1.4 billion in cash and investments • Generated $665 million in free cash flow • Repurchased approximately ~4 million shares for $330 million, under our $1 billion three-year stock repurchase program (FY25-27) • Released our annual Sustainability Report, detailing our progress and performance across environmental, social, and governance programs • Continued to work towards our science-based greenhouse gas emissions targets and used 100% renewable energy in our facilities • Volunteered 37,600 hours and raised $3.4 million for community organizations from employee donations, matched giving, and volunteer rewards through our Ciena Cares program in FY2025 We are driving the pace of innovation We are committed to our people, communities, and the environment We have a strong business and financial model

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![](ex9922025q4earningsprese018.jpg)

18© Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 comparative financial highlights \* Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. FY 2025 FY 2024 Revenue $4,770M $4,015M Adjusted Gross Margin\* 42.7% 43.6% Adjusted Operating Expense\* $1,506M $1,362M Adjusted Operating Margin\* 11.2% 9.7% Adjusted EBITDA\* $637M $481M Adjusted EPS\* $2.64 $1.82

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![](ex9922025q4earningsprese019.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 results

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![](ex9922025q4earningsprese020.jpg)

20© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 key highlights ▪ Non-telco represented 55% of total revenue ▪ Direct Cloud Provider revenue grew 49% YoY and represented 42% of total revenue ▪ EMEA revenue grew 30% YoY ▪ Global Services revenue grew 25% YoY • WL6e deployments continue to ramp driven by AI network buildouts with 12 new customers in the quarter, including a new neoscaler logo in the top 3 • Record quarter in RLS revenue and shipments, driven by hyperscaler AI infrastructure buildouts • Second consecutive record quarter for coherent pluggables, for both shipments and revenue • Ciena's DCOM Solution is now operational in Meta Data Centers • Unveiled the 5131-CAP, Coherent Access Platform, allowing Service Providers and Cable MSOs to extend fiber connectivity to remote areas in a more efficient and cost- effective manner. • WaveRouter's footprint continues to expand with a new International Tier-1 provider, delivering IP connectivity in both terrestrial and submarine applications • Total shareholder return five-year CAGR of 35%1 • Repurchased ~0.7 million shares for $84.5 million under our three-year program (FY25-27) 1 Based on closing share price between 11/18/2020 to 11/18/2025 Achieving broad-based growth Prioritizing long term shareholder valueDriving the pace of innovation

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![](ex9922025q4earningsprese021.jpg)

21© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 comparative financial highlights \* Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. Q4 FY 2025 Q4 FY 2024 Revenue $1,352M $1,124M Adjusted Gross Margin\* 43.4% 41.6% Adjusted Operating Expense\* $409M $355M Adjusted Operating Margin\* 13.2% 10.0% Adjusted EBITDA\* $206M $137M Adjusted EPS\* $0.91 $0.54

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![](ex9922025q4earningsprese022.jpg)

22© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 comparative operating metrics Q4 FY 2025 Q4 FY 2024 Cash and investments $1.4B $1.3B Cash provided by operations $371M $349M Free cash flow $326M $266M DSO 77 89 Inventory turns 3.1 2.7 Net debt $182M $274M Gross leverage 2.4x 3.3x

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23© Ciena Corporation 2025. All rights reserved. Proprietary Information. Revenue by segment (Amounts in millions) Q4 FY 2025 Q4 FY 2024 Revenue %\*\* Revenue %\*\* Networking Platforms Optical Networking $929.2 68.7 $779.6 69.4 Routing and Switching 118.4 8.8 79.4 7.0 Total Networking Platforms 1,047.6 77.5 859.0 76.4 Platform Software and Services 93.3 6.9 99.6 8.9 Blue Planet Automation Software and Services 33.8 2.5 23.5 2.1 Global Services Maintenance, Support, and Learning 82.5 6.1 77.2 6.9 Implementation 74.3 5.5 51.4 4.5 Advisory and Enablement 20.5 1.5 13.4 1.2 Total Global Services 177.3 13.1 142.0 12.6 Total $1,352.0 100.0 $1,124.1 100.0 \* Reconciliations of these non-GAAP measures to GAAP results are included in the appendix to this presentation. \*\* Denotes % of total revenue

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24© Ciena Corporation 2025. All rights reserved. Proprietary Information. Revenue derived from non-telco customers

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25© Ciena Corporation 2025. All rights reserved. Proprietary Information. Revenue by geographic region 10.8% 11.1% 9.0% 13.4% 14.7% 15.3% 75.8% 74.2% 74.1% 75.7% 17.0% 8.9% 7.6% 14.5% 77.9%

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![](ex9922025q4earningsprese026.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook

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27© Ciena Corporation 2025. All rights reserved. Proprietary Information. Economic considerations and assumptions in our 2026 outlook • We do not experience significant deferrals of delivery of forecasted orders or of our existing backlog • We are able to ramp capacity and deliver new products according to our roadmap and customer adoption of these products continues to be consistent with our expectations • Component suppliers deliver on their supply commitments consistent with our expectations and we do not encounter any substantial new supply disruptions that we cannot successfully mitigate • Given our distinct competitive and technology advantages, we continue to benefit disproportionately and gain market share Revenue AssumptionsBusiness Assumptions Profitability Assumptions • Operating expense remains relatively flat compared to FY 2025 as we improve efficiencies • We expect quarterly variability in gross margins due to product mix and certain pricing and cost impacts of the demand/supply imbalance • We do not experience significant supply chain price increases and we are able to achieve some product cost reductions, particularly for new product introduction and interconnects products • We will benefit from being first to market, delivering to customers new, differentiated products that provide more value • Macro environment does not significantly worsen or result in any adverse effects on our business, including with respect to our customers' capex levels, priorities or spending in our major geographies • Longer-term fundamental industry demand drivers – including increasing demand for bandwidth, adoption of cloud architectures, network automation requirements, and AI- related expansions – will cause customers to prioritize network capex to address this demand • Our business is not materially impacted by the imposition of tariffs or similar significant trade measures by the U.S. or other countries or other significant regulatory changes

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28© Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook for fiscal year 20261 1 Projections or outlook with respect to future operating results are only as of December 11, 2025, the date presented on the related earnings call. Actual results may differ materially from these forward-looking statements. Ciena assumes no obligation to update this information, whether as a result of new information, future events or otherwise. Fiscal Year 2026 Revenue $5.7B to $6.1B Adjusted Gross Margin 43% plus or minus 1% Adjusted Operating Expense Approximately $1.52B Adjusted Operating Margin 17% plus or minus 1% Capital Expenditures $250M to $275M

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29© Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook for fiscal first quarter 20261 1 Projections or outlook with respect to future operating results are only as of December 11, 2025, the date presented on the related earnings call. Actual results may differ materially from these forward-looking statements. Ciena assumes no obligation to update this information, whether as a result of new information, future events or otherwise. Q1 FY 2026 Revenue $1.35B to $1.43B Adjusted Gross Margin 43% to 44% Adjusted Operating Expense Approximately $380M Adjusted Operating Margin 15.5% to 16.5%

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![](ex9922025q4earningsprese030.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 appendix

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31© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP gross profit $577,179 $503,079 $452,838 $471,821 $460,022 Share-based compensation-products 1,964 2,027 2,033 1,750 1,736 Share-based compensation-services 3,857 3,942 3,980 3,405 3,257 Amortization of intangible assets 3,750 2,232 2,232 2,233 2,764 Total adjustments related to gross profit 9,571 8,201 8,245 7,388 7,757 Adjusted (non-GAAP) gross profit $586,750 $511,280 $461,083 $479,209 $467,779 Adjusted (non-GAAP) gross profit percentage 43.4 % 41.9 % 41.0 % 44.7 % 41.6 % Gross Profit Reconciliation (Amounts in thousands)

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32© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP operating expense $566,688 $429,544 $419,996 $391,158 $400,812 Share-based compensation-research and development 16,274 16,749 17,021 14,237 14,065 Share-based compensation-sales and marketing 13,543 13,277 13,649 11,597 11,168 Share-based compensation-general and administrative 13,248 11,008 11,341 9,827 10,842 Significant asset impairments and restructuring costs 106,851 1,770 1,948 1,544 2,605 Amortization of intangible assets 6,112 6,556 6,545 6,545 7,185 Acquisition and integration costs 1,148 — — — — Holdback arrangement 802 — — — — Total adjustments related to operating expense 157,978 49,360 50,504 43,750 45,865 Adjusted (non-GAAP) operating expense $408,710 $380,184 $369,492 $347,408 $354,947 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP income from operations $10,491 $73,535 $32,842 $80,663 $59,210 Total adjustments related to gross profit 9,571 8,201 8,245 7,388 7,757 Total adjustments related to operating expense 157,978 49,360 50,504 43,750 45,865 Total adjustments related to income from operations 167,549 57,561 58,749 51,138 53,622 Adjusted (non-GAAP) income from operations $178,040 $131,096 $91,591 $131,801 $112,832 Adjusted (non-GAAP) operating margin percentage 13.2 % 10.7 % 8.2 % 12.3 % 10.0 % Operating Expense Reconciliation (Amounts in thousands) Income from Operations Reconciliation (Amounts in thousands)

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33© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP net income $19,489 $50,308 $8,969 $44,572 $37,028 Exclude GAAP provision (benefit) for income taxes (16,631) 15,511 10,047 24,022 10,993 Income before income taxes 2,858 65,819 19,016 68,594 48,021 Total adjustments related to income from operations 167,549 57,561 58,749 51,138 53,622 Loss on extinguishment and modification of debt — — — 729 — Adjusted income before income taxes 170,407 123,380 77,765 120,461 101,643 Non-GAAP tax provision on adjusted income before income taxes 37,490 27,144 17,108 26,501 22,361 Adjusted (non-GAAP) net income $132,917 $96,236 $60,657 $93,960 $79,282 Weighted average basic common shares outstanding 141,527 141,846 142,503 142,880 144,240 Weighted average diluted potential common shares outstanding(1) 145,470 144,499 144,972 145,944 146,487 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP diluted net income per potential common share $0.13 $0.35 $0.06 $0.31 $0.25 Adjusted (non-GAAP) diluted net income per potential common share $0.91 $0.67 $0.42 $0.64 $0.54 (1) Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the fourth quarter of fiscal 2025 includes 3.9 million shares underlying certain stock option and stock unit awards. Net Income Reconciliation (Amounts in thousands) Net Income per Common Share

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34© Ciena Corporation 2025. All rights reserved. Proprietary Information. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Net income (GAAP) $19,489 $50,308 $8,969 $44,572 $37,028 Add: Interest expense 21,982 22,806 21,697 22,918 24,990 Less: Interest and other income, net 14,349 15,090 7,871 11,578 13,801 Add: Loss on extinguishment and modification of debt — — — 729 — Add: Provision (benefit) for income taxes (16,631) 15,511 10,047 24,022 10,993 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 27,496 26,866 25,092 24,679 23,849 Add: Amortization of intangible assets 9,862 8,788 8,777 8,778 9,949 EBITDA $47,849 $109,189 $66,711 $114,120 $93,008 Add: Share-based compensation expense 48,886 47,003 48,024 40,816 41,068 Add: Significant asset impairments and restructuring expense 106,851 1,770 1,948 1,544 2,605 Add: Acquisition and integration costs 1,148 — — — — Add: Holdback arrangement 802 — — — — Adjusted EBITDA $205,536 $157,962 $116,683 $156,480 $136,681 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)

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