# EDGAR Filing Document

**Accession Number:** 0000936395
**File Stem:** 0000936395-25-000037
**Filing Date:** 2025-9
**Character Count:** 56786
**Document Hash:** c3b33cfce57b791b513f1a259b789091
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000936395-25-000037.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000936395-25-000037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250904

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**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:** 251291865

**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-20250904

  

**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): **September 4, 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. ☐

------

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

On September 4, 2025, Ciena Corporation ("Ciena") issued a press release announcing its financial results for its fiscal third quarter ended August 2, 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 third quarter ended August, 2, 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 September 4, 2025, issued by Ciena Corporation, reporting its results of operations for its fiscal third quarter ended August 2, 2025.](ex9912025q3earningspressre.htm)</u> |
| 99.2 | <u>[Investor Presentation for Ciena Corporation's fiscal](ex9922025q3earningsprese.htm)[th](ex9922025q3earningsprese.htm)[ird](ex9922025q3earningsprese.htm)[quarter ended](ex9922025q3earningsprese.htm)[August 2](ex9922025q3earningsprese.htm)[, 2025.](ex9922025q3earningsprese.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: September 4, 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 Third Quarter 2025 Financial Results**

**HANOVER, Md. - September 4, 2025 -** <u>Ciena</u><sup>®</sup> Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal third quarter ended August 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• **Q3 Revenue**: $1.22 billion

&nbsp;&nbsp;&nbsp;&nbsp;• **Q3 Net Income per Share:** $0.35 GAAP; $0.67 adjusted (non-GAAP)

&nbsp;&nbsp;&nbsp;&nbsp;• **Share Repurchases:** Repurchased approximately 1.0 million shares of common stock for an aggregate price of $81.8 million during the quarter

"We delivered another strong quarterly performance that reflects our leadership in high-speed connectivity and ongoing accelerated customer demand as the network becomes fundamental to the underpinning, growth, and monetization of AI," said Gary Smith, president and CEO, Ciena. "With visibility well into fiscal year 2026, we are confident in the continued momentum of our business and remain focused on further expanding our operating leverage as we continue to grow."

For the fiscal third quarter 2025, Ciena reported revenue of $1.22 billion as compared to $942.3 million for the fiscal third quarter 2024.

Ciena's GAAP net income for the fiscal third quarter 2025 was $50.3 million, or $0.35 per diluted common share, which compares to a GAAP net income of $14.2 million, or $0.10 per diluted common share, for the fiscal third quarter 2024.

Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2025 was $96.2 million, or $0.67 per diluted common share, which compares to an adjusted (non-GAAP) net income of $50.8 million, or $0.35 per diluted common share, for the fiscal third quarter 2024.

------

**Fiscal Third Quarter 2025 Performance Summary** 

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to the prior year. 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)** |
| | Q3 | Q3 | Period Change |
| | FY 2025 | FY 2024 | Y-T-Y\* |
| Revenue | $1219.4 | $942.3 | 29.4% |
| Gross margin | 41.3% | 42.9% | (1.6)% |
| Operating expense | $429.5 | $377.2 | 13.9% |
| Operating margin | 6.1% | 2.9% | 3.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** | **Non-GAAP Results (unaudited)** |
| | Q3 | Q3 | Period Change |
| | FY 2025 | FY 2024 | Y-T-Y\* |
| Revenue | $1219.4 | $942.3 | 29.4% |
| Adj. gross margin | 41.9% | 43.7% | (1.8)% |
| Adj. operating expense | $380.2 | $336.0 | 13.2% |
| Adj. operating margin | 10.7% | 8.0% | 2.7% |
| Adj. EBITDA | $158.0 | $98.5 | 60.4% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** | **Revenue by Segment (unaudited)** |
| | Q3 FY 2025 | Q3 FY 2025 | Q3 FY 2024 | Q3 FY 2024 |
| | Revenue | %\*\* | Revenue | %\*\* |
| Networking Platforms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Optical Networking | $815.5 | 66.9 | $606.8 | 64.4 |
| &nbsp;&nbsp;&nbsp;Routing and Switching | 125.9 | 10.3 | 92.7 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Networking Platforms | 941.4 | 77.2 | 699.5 | 74.2 |
| &nbsp;&nbsp;&nbsp;Platform Software and Services | 90.0 | 7.4 | 83.2 | 8.9 |
| &nbsp;&nbsp;&nbsp;Blue Planet Automation Software and Services | 27.8 | 2.3 | 25.8 | 2.7 |
| Global Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Maintenance Support and Training | 80.7 | 6.6 | 74.4 | 7.9 |
| &nbsp;&nbsp;&nbsp;Installation and Deployment | 65.9 | 5.4 | 46.5 | 4.9 |
| &nbsp;&nbsp;&nbsp;Consulting and Network Design | 13.6 | 1.1 | 12.9 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Global Services | 160.2 | 13.1 | 133.8 | 14.2 |
| Total | $1219.4 | 100.0 | $942.3 | 100.0 |

---

\*\* Denotes % of total revenue

------

**Additional Performance Metrics for Fiscal Third Quarter 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenue by Geographic Region (unaudited)** | **Revenue by Geographic Region (unaudited)** | **Revenue by Geographic Region (unaudited)** | **Revenue by Geographic Region (unaudited)** |
| | Q3 FY 2025 | Q3 FY 2025 | Q3 FY 2024 | Q3 FY 2024 |
| | Revenue | % \*\* | Revenue | % \*\* |
| Americas | $923.6 | 75.7 | $718.6 | 76.3 |
| Europe, Middle East and Africa | 186.0 | 15.3 | 135.0 | 14.3 |
| Asia Pacific | 109.8 | 9.0 | 88.7 | 9.4 |
| Total | $1219.4 | 100.0 | $942.3 | 100.0 |

---

\*\* Denotes % of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Two customers represented 10%-plus of revenue combining for a total of 28.8% of revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and investments totaled $1.39 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Cash flow from operations totaled $174.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Average days' sales outstanding (DSOs) were 88

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts receivable, net balance was $1.03 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unbilled contract asset, net balance was $164.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inventories totaled $860.4 million, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Raw materials: $642.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Work in process: $35.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Finished goods: $261.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Deferred cost of sales: $41.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Reserve for excess and obsolescence: $(121.5) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Product inventory turns were 2.7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Headcount totaled 9,213

**Business Outlook for Fiscal Fourth Quarter 2025**

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.

Ciena expects fiscal fourth quarter 2025 financial performance to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue in the range of $1.24 billion to $1.32 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) gross margin between 42% to 43%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted (non-GAAP) operating expense in a range of $390 million to $400 million

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

Today, Thursday, September 4, 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 third 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: "We delivered another strong quarterly performance that reflects our leadership in high-speed connectivity and ongoing accelerated customer demand as the network becomes fundamental to the underpinning, growth, and monetization of AI. With visibility well into fiscal year 2026, we are confident in the continued momentum of our business and remain focused on further expanding our operating leverage as we continue to grow."

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 customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions and global supply chain constraints or disruptions including increased supply costs and lead times; the impact of 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, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and Hamas, and public health emergencies or epidemics and 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 its Annual Report on Form 10-K filed with the SEC on December 20, 2024 and included in its Quarterly Report on Form 10-Q for the third quarter of fiscal 2025 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 for Fiscal Fourth Quarter 2025" 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.

***About Ciena.*** Ciena (NYSE: CIEN) is a global leader in networking systems, services, and software. We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digital demands. For three-plus decades, Ciena has brought our humanity to our relentless pursuit of innovation. Prioritizing collaborative relationships with our customers, partners, and communities, we create flexible, open, and sustainable networks that better serve all users—today and into the future. For updates on Ciena, follow us on LinkedIn, X, the Ciena Insights blog, or visit www.ciena.com.

------

 **CIENA CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended |
| | August 2,<br>2025 | July 27,<br>2024 | August 2,<br>2025 | July 27,<br>2024 |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products | $976801 | $729503 | $2730167 | $2266596 |
| &nbsp;&nbsp;&nbsp;Services | 242584 | 212805 | 687356 | 624247 |
| Total revenue | 1219385 | 942308 | 3417523 | 2890843 |
| Cost of goods sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Products | 580028 | 433533 | 1620816 | 1315737 |
| &nbsp;&nbsp;&nbsp;Services | 136278 | 104830 | 368969 | 315538 |
| Total cost of goods sold | 716306 | 538363 | 1989785 | 1631275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 503079 | 403945 | 1427738 | 1259568 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 211898 | 188888 | 619429 | 571537 |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 148724 | 121520 | 424911 | 373749 |
| &nbsp;&nbsp;&nbsp;General and administrative | 60596 | 58248 | 171450 | 162504 |
| &nbsp;&nbsp;&nbsp;Significant asset impairments and restructuring costs | 1770 | 1361 | 5262 | 21987 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 6556 | 7185 | 19646 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 429544 | 377202 | 1240698 | 1152161 |
| Income from operations | 73535 | 26743 | 187040 | 107407 |
| Interest and other income, net | 15090 | 14013 | 34539 | 36460 |
| Interest expense | (22806) | (24401) | (67421) | (72038) |
| Loss on extinguishment and modification of debt |  |  | (729) |  |
| Income before income taxes | 65819 | 16355 | 153429 | 71829 |
| Provision for income taxes  | 15511 | 2125 | 49580 | 24901 |
| Net income | $50308 | $14230 | $103849 | $46928 |
| **Net Income per Common Share** |  |  |  |  |
| Basic net income per common share | $0.35 | $0.10 | $0.73 | $0.32 |
| Diluted net income per potential common share | $0.35 | $0.10 | $0.72 | $0.32 |
| Weighted average basic common shares outstanding | 141846 | 144394 | 142437 | 144876 |
| Weighted average dilutive potential common shares outstanding<sup>1</sup> | 144499 | 145361 | 145158 | 145795 |

---

<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) 2.7 million for both the third quarter and first nine months of fiscal 2025; and (ii) 1.0 million and 0.9 million for the third quarter and first nine months of fiscal 2024, respectively.

------

**CIENA CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | August 2,<br>2025 | November 2,<br>2024 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1055976 | $934863 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 270380 | 316343 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1025563 | 908597 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 860403 | 820430 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 473901 | 564183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3686223 | 3544416 |
| Long-term investments | 64397 | 80920 |
| Equipment, building, furniture and fixtures, net | 368348 | 337722 |
| Operating right-of-use assets | 40347 | 27417 |
| Goodwill | 444828 | 444707 |
| Other intangible assets, net | 138673 | 165020 |
| Deferred tax asset, net | 851903 | 886441 |
| Other long-term assets | 154059 | 154694 |
| &nbsp;&nbsp;&nbsp;Total assets | $5748778 | $5641337 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $464684 | $423401 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other short-term obligations | 436312 | 393905 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 196209 | 156379 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 14694 | 14455 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 11580 | 11700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1123479 | 999840 |
| Long-term deferred revenue | 81057 | 81240 |
| Other long-term obligations | 195976 | 185938 |
| Long-term operating lease liabilities | 34498 | 25107 |
| Long-term debt, net | 1526467 | 1533074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2961477 | 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; 141,342,527 and 142,656,116 shares issued and outstanding | 1413 | 1427 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6020315 | 6154869 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (44829) | (46711) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3189598) | (3293447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2787301 | 2816138 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $5748778 | $5641337 |

---

------

**CIENA CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | Nine Months Ended | Nine Months Ended |
| | August 2,<br>2025 | July 27,<br>2024 |
| Cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $103849 | $46928 |
| &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 | 76637 | 68997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 135696 | 115433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 26343 | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (21709) | (19909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for inventory excess and obsolescence | 34185 | 35400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for warranty | 16302 | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1838) | 11968 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (116887) | 92421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (73493) | 78220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 137440 | (221823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 8759 | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accruals and other obligations | 83354 | (112352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 38246 | 28833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short and long-term operating lease liabilities | (11868) | (13290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 435016 | 165172 |
| Cash flows used in investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments for equipment, furniture, and fixtures | (95373) | (53098) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (191335) | (197303) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of investments | 261611 | 114899 |
| &nbsp;&nbsp;&nbsp;Settlement of foreign currency forward contracts, net | (2635) | (362) |
| &nbsp;&nbsp;&nbsp;Purchase of equity investments |  | (21682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (27732) | (157546) |
| 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 | (8685) | (5850) |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (12) | (2554) |
| &nbsp;&nbsp;&nbsp;Payment of finance lease obligations | (3244) | (3004) |
| &nbsp;&nbsp;&nbsp;Shares repurchased for tax withholdings on vesting of stock unit awards | (60043) | (33450) |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock - repurchase program, net | (250035) | (125816) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 35874 | 34292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (286145) | (136382) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | 60 | 1499 |
| &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 | 121199 | (127257) |
| Cash, cash equivalents and restricted cash at beginning of period | 935026 | 1010786 |
| Cash, cash equivalents and restricted cash at end of period | $1056225 | $883529 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest, net | $68243 | $64999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes, net | $84898 | $41736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments | $13246 | $14672 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of equipment in accounts payable | $14819 | $35316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock in accrued liabilities from repurchase program, net | $2231 | $1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating right-of-use assets subject to lease liability | $21850 | $5326 |

---

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| | | |
|:---|:---|:---|
| **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)** |
|  | Quarter Ended | Quarter Ended |
|  | August 2, | July 27, |
|  | 2025 | 2024 |
| **Gross Profit Reconciliation (GAAP/non-GAAP)** |  |  |
| GAAP gross profit | $503079 | $403945 |
| Share-based compensation-products | 2027 | 1660 |
| Share-based compensation-services | 3942 | 3122 |
| Amortization of intangible assets | 2232 | 2764 |
| Total adjustments related to gross profit | 8201 | 7546 |
| Adjusted (non-GAAP) gross profit | $511280 | $411491 |
| Adjusted (non-GAAP) gross profit percentage | 41.9% | 43.7% |
| **Operating Expense Reconciliation (GAAP/non-GAAP)** |  |  |
| GAAP operating expense | $429544 | $377202 |
| Share-based compensation-research and development | 16749 | 13118 |
| Share-based compensation-sales and marketing | 13277 | 10315 |
| Share-based compensation-general and administrative | 11008 | 9257 |
| Significant asset impairments and restructuring costs | 1770 | 1361 |
| Amortization of intangible assets | 6556 | 7185 |
| Total adjustments related to operating expense | 49360 | 41236 |
| Adjusted (non-GAAP) operating expense | $380184 | $335966 |
| **Income from Operations Reconciliation (GAAP/non-GAAP)** |  |  |
| GAAP income from operations | $73535 | $26743 |
| Total adjustments related to gross profit | 8201 | 7546 |
| Total adjustments related to operating expense | 49360 | 41236 |
| Total adjustments related to income from operations | 57561 | 48782 |
| Adjusted (non-GAAP) income from operations | $131096 | $75525 |
| Adjusted (non-GAAP) operating margin percentage | 10.7% | 8.0% |
| **Net Income Reconciliation (GAAP/non-GAAP)** |  |  |
| GAAP net income | $50308 | $14230 |
| Exclude GAAP provision for income taxes | 15511 | 2125 |
| Income before income taxes | 65819 | 16355 |
| Total adjustments related to income from operations | 57561 | 48782 |
| Adjusted income before income taxes | 123380 | 65137 |
| Non-GAAP tax provision on adjusted income before income taxes | 27144 | 14330 |
| Adjusted (non-GAAP) net income | $96236 | $50807 |
| Weighted average basic common shares outstanding | 141846 | 144394 |
| Weighted average dilutive potential common shares outstanding <sup>1</sup> | 144499 | 145361 |
| **Net Income per Common Share** |  |  |
| GAAP diluted net income per potential common share | $0.35 | $0.10 |
| Adjusted (non-GAAP) diluted net income per potential common share | $0.67 | $0.35 |

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<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) 2.7 million for the third quarter of fiscal 2025; and (ii) 1.0 million for the third quarter of fiscal 2024.

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| | | |
|:---|:---|:---|
| **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)** |
|  | Quarter Ended | Quarter Ended |
|  | August 2, | July 27, |
|  | 2025 | 2024 |
| **Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)** |  |  |
| Net income (GAAP) | $50308 | $14230 |
| Add: Interest expense | 22806 | 24401 |
| Less: Interest and other income, net | 15090 | 14013 |
| Add: Provision for income taxes | 15511 | 2125 |
| Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements | 26866 | 22981 |
| Add: Amortization of intangible assets | 8788 | 9949 |
| **EBITDA** | $109189 | $59673 |
| Add: Share-based compensation expense | 47003 | 37472 |
| Add: Significant asset impairments and restructuring costs | 1770 | 1361 |
| **Adjusted EBITDA** | $157962 | $98506 |

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\* \* \*

*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 -* costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities, the redesign of business processes and restructuring certain real estate facilities.

*• 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.

• *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 both the third quarter 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.

## Exhibit 99.2

![](ex9922025q3earningsprese001.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena Corporation Fiscal Q3 2025 Earnings Presentation Period ended August 2, 2025 September 4, 2025

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![](ex9922025q3earningsprese002.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.2 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 customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions; the impact of the introduction of new technologies by us or our competitors; seasonality and 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, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and groups based in the surrounding region, 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 its Annual Report on Form 10-K filed with the SEC on December 20, 2024 and included in its Quarterly Report on Form 10-Q for the third quarter of fiscal 2025 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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![](ex9922025q3earningsprese003.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 Q3 2025 financial performance 5. Fiscal Q4 2025 outlook 6. Appendix

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![](ex9922025q3earningsprese004.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Overview and Ciena's portfolio

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![](ex9922025q3earningsprese005.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.5 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: Statistics as of Fiscal Year End 2024

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![](ex9922025q3earningsprese006.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.6 Evolving our customers' businesses with the Adaptive Network

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![](ex9922025q3earningsprese007.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.7 We remain focused on leveraging our strong Optical foundation

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![](ex9922025q3earningsprese008.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Industry context and addressable market expansion

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![](ex9922025q3earningsprese009.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.9 Increasing bandwidth consumption as a driver of network expansion

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![](ex9922025q3earningsprese010.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.10 Our core business is enabling investment in higher-growth markets

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![](ex9922025q3earningsprese011.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.11 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 Packet Optical Transport Report, 2Q25 #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, 1Q25 #1 Globally • Purpose-built/compact modular DCI • Optical for cloud and colo • SLTE WDM #1 N. America • Total optical networking • Optical for cloud and colo • Routing/Access #2 Globally • Total optical networking Transport Hardware & Markets Preliminary Report, 2Q25

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![](ex9922025q3earningsprese012.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena is positioned for accelerated growth

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![](ex9922025q3earningsprese013.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.13 Our future growth opportunities Long-term growth in core business plus new addressable markets provide an opportunity to outpace our traditional revenue CAGR over time

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![](ex9922025q3earningsprese014.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.14 Our portfolio addresses key network applications

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![](ex9922025q3earningsprese015.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.15 We expect coherent technology will have growing application in the AI era

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![](ex9922025q3earningsprese016.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q3 FY 2025 results

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![](ex9922025q3earningsprese017.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.17 Q3 FY 2025 key highlights ▪ Non-telco represented 53% of total revenue ▪ Direct Cloud Provider revenue grew 94% YoY and represented 40% of total revenue ▪ EMEA revenue grew 38% YoY ▪ APAC revenue grew 24% YoY • First revenue quarter for WaveLogic 6 Nano coherent pluggable transceivers, both C-Band and L-Band variants • WL6e deployments continue to ramp driven by AI network buildouts with 11 new customers in the quarter, including a neoscaler in the top three • Record quarter for WaveLogic 5 Nano 400ZR shipments • WaveRouter continues to expand beyond the North American Tier 1s into international and enterprise markets, with the world's first trial of 1.6Tbps in a router • Achieved a record shipping quarter for Routing and Switching, driven by the Data Center Out-of-band network management (DCOM) solution • Total shareholder return three-year CAGR of 18%1 • Repurchased ~1.0 million shares for $81.8 million under our three-year program (FY25-27) 1 Based on closing share price between 8/15/2022 to 8/14/2025 Achieving broad-based growth Prioritizing long term shareholder value Driving the pace of innovation

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![](ex9922025q3earningsprese018.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.18 Q3 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. Q3 FY 2025 Q3 FY 2024 Revenue $1,219.4M $942.3M Adjusted Gross Margin\* 41.9% 43.7% Adjusted Operating Expense\* $380.2M $336.0M Adjusted Operating Margin\* 10.7% 8.0% Adjusted EBITDA\* $158.0M $98.5M Adjusted EPS\* $0.67 $0.35

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![](ex9922025q3earningsprese019.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.19 Q3 FY 2025 comparative operating metrics Q3 FY 2025 Q3 FY 2024 Cash and investments $1.39B $1.21B Cash provided by (used in) operations $174M $(159)M Free cash flow $135M $(179)M DSO 88.0 100.0 Inventory turns 2.7 1.8 Net debt $204M $401M Gross leverage 2.81x 3.08x

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![](ex9922025q3earningsprese020.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.20 Revenue by segment (Amounts in millions) Q3 FY 2025 Q3 FY 2024 Revenue %\*\* Revenue %\*\* Networking Platforms Optical Networking $815.5 66.9 $606.8 64.4 Routing and Switching 125.9 10.3 92.7 9.8 Total Networking Platforms 941.4 77.2 699.5 74.2 Platform Software and Services 90.0 7.4 83.2 8.9 Blue Planet Automation Software and Services 27.8 2.3 25.8 2.7 Global Services Maintenance Support and Training 80.7 6.6 74.4 7.9 Installation and Deployment 65.9 5.4 46.5 4.9 Consulting and Network Design 13.6 1.1 12.9 1.4 Total Global Services 160.2 13.1 133.8 14.2 Total $1,219.4 100.0 $942.3 100.0 \* 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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![](ex9922025q3earningsprese021.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.21 Revenue derived from non-telco customers

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![](ex9922025q3earningsprese022.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.22 Revenue by geographic region 9.4% 10.8% 8.9% 14.3% 13.4% 17.0% 76.3% 75.8% 74.2% 74.1% 14.7% 11.1% 9.0% 15.3% 75.7%

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![](ex9922025q3earningsprese023.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook

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![](ex9922025q3earningsprese024.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.24 Economic considerations and assumptions in our 2025 outlook • We secure increased orders from Service Providers and from Cloud Providers as they continue to build their networks to meet the growing demand from Cloud and AI • 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 increases due to our strong performance • We expect quarterly variability in gross margins due to product mix • We are able to achieve product cost reductions consistent with our past practices, particularly for our new product introductions • 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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![](ex9922025q3earningsprese025.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.25 Business outlook1 1 Projections or outlook with respect to future operating results are only as of September 4, 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. Q4 FY 2025 Revenue $1.24B to $1.32B Adjusted Gross Margin 42% to 43% Adjusted Operating Expense $390M to $400M

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![](ex9922025q3earningsprese026.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q3 FY 2025 appendix

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![](ex9922025q3earningsprese027.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.27 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP gross profit $503,079 $452,838 $471,821 $460,022 $403,945 Share-based compensation-products 2,027 2,033 1,750 1,736 1,660 Share-based compensation-services 3,942 3,980 3,405 3,257 3,122 Amortization of intangible assets 2,232 2,232 2,233 2,764 2,764 Total adjustments related to gross profit 8,201 8,245 7,388 7,757 7,546 Adjusted (non-GAAP) gross profit $511,280 $461,083 $479,209 $467,779 $411,491 Adjusted (non-GAAP) gross profit percentage 41.9 % 41.0 % 44.7 % 41.6 % 43.7 % Gross Profit Reconciliation (Amounts in thousands)

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![](ex9922025q3earningsprese028.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.28 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP operating expense $429,544 $419,996 $391,158 $400,812 $377,202 Share-based compensation-research and development 16,749 17,021 14,237 14,065 13,118 Share-based compensation-sales and marketing 13,277 13,649 11,597 11,168 10,315 Share-based compensation-general and administrative 11,008 11,341 9,827 10,842 9,257 Significant asset impairments and restructuring costs 1,770 1,948 1,544 2,605 1,361 Amortization of intangible assets 6,556 6,545 6,545 7,185 7,185 Total adjustments related to operating expense 49,360 50,504 43,750 45,865 41,236 Adjusted (non-GAAP) operating expense $380,184 $369,492 $347,408 $354,947 $335,966 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP income from operations $73,535 $32,842 $80,663 $59,210 $26,743 Total adjustments related to gross profit 8,201 8,245 7,388 7,757 7,546 Total adjustments related to operating expense 49,360 50,504 43,750 45,865 41,236 Total adjustments related to income from operations 57,561 58,749 51,138 53,622 48,782 Adjusted (non-GAAP) income from operations $131,096 $91,591 $131,801 $112,832 $75,525 Adjusted (non-GAAP) operating margin percentage 10.7 % 8.2 % 12.3 % 10.0 % 8.0 % Operating Expense Reconciliation (Amounts in thousands) Income from Operations Reconciliation (Amounts in thousands)

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![](ex9922025q3earningsprese029.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.29 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP net income $50,308 $8,969 $44,572 $37,028 $14,230 Exclude GAAP provision for income taxes 15,511 10,047 24,022 10,993 2,125 Income before income taxes 65,819 19,016 68,594 48,021 16,355 Total adjustments related to income from operations 57,561 58,749 51,138 53,622 48,782 Loss on extinguishment and modification of debt — — 729 — — Adjusted income before income taxes 123,380 77,765 120,461 101,643 65,137 Non-GAAP tax provision on adjusted income before income taxes 27,144 17,108 26,501 22,361 14,330 Adjusted (non-GAAP) net income $96,236 $60,657 $93,960 $79,282 $50,807 Weighted average basic common shares outstanding 141,846 142,503 142,880 144,240 144,394 Weighted average diluted potential common shares outstanding(1) 144,499 144,972 145,944 146,487 145,361 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP diluted net income per potential common share $0.35 $0.06 $0.31 $0.25 $0.10 Adjusted (non-GAAP) diluted net income per potential common share $0.67 $0.42 $0.64 $0.54 $0.35 1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the third quarter of fiscal 2025 includes 2.7 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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![](ex9922025q3earningsprese030.jpg)© Ciena Corporation 2025. All rights reserved. Proprietary Information.30 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Net income (GAAP) $50,308 $8,969 $44,572 $37,028 $14,230 Add: Interest expense 22,806 21,697 22,918 24,990 24,401 Less: Interest and other income, net 15,090 7,871 11,578 13,801 14,013 Add: Loss on extinguishment and modification of debt — — 729 — — Add: Provision for income taxes 15,511 10,047 24,022 10,993 2,125 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 26,866 25,092 24,679 23,849 22,981 Add: Amortization of intangible assets 8,788 8,777 8,778 9,949 9,949 EBITDA $109,189 $66,711 $114,120 $93,008 $59,673 Add: Share-based compensation expense 47,003 48,024 40,816 41,068 37,472 Add: Significant asset impairments and restructuring expense 1,770 1,948 1,544 2,605 1,361 Adjusted EBITDA $157,962 $116,683 $156,480 $136,681 $98,506 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)

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