シエナの適時開示・決算・その他

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): June 4, 2026

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):
☐			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:
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 June 4, 2026, Ciena Corporation ("Ciena") issued a press release announcing its financial results for its fiscal second quarter ended May 2, 2026. 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 second quarter ended May 2, 2026.

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.


Exhibit Number			Description of Document

99.1			Text of Press Release dated June 4, 2026, issued by Ciena Corporation, reporting its results of operations for its fiscal second quarter ended May 2, 2026.
99.2			I nvestor Presentation for Ciena Corporation's fiscal second quarter ended May 2 , 2026.
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.


	Ciena Corporation


Date: June 4 2026	By:	/s/ Sheela Kosaraju
		Sheela Kosaraju
		Senior Vice President, General Counsel and Assistant Secretary

EX-99.1 2 ex9912026q2earningspressre.htm EX-99.1 Document

FOR IMMEDIATE RELEASE

Ciena Reports Fiscal Second Quarter 2026 Financial Results

Summary

•Fiscal second quarter 2026 revenue was $1.57 billion, up 40% year-over-year

•Fiscal second quarter 2026 adjusted Earnings Per Share (EPS) was $1.64, an increase of 290% compared to fiscal second quarter 2025

•Providing revenue guidance for fiscal third quarter 2026 of $1.625 billion plus or minus $50 million

•Raising revenue guidance for fiscal year 2026 to $6.3 billion plus or minus $100 million, a 32% increase YoY at the midpoint

HANOVER, Md. - June 4, 2026 - Ciena® Corporation (NYSE: CIEN) today announced financial results for its fiscal second quarter ended May 2, 2026.

"Today's results reflect the strength of our portfolio, the power of our business model, and disciplined execution in a dynamic supply environment," said Gary Smith, president and CEO, Ciena. "Our long-term strategy to be the global leader in high-speed connectivity - both across the WAN and in and around the data center - is tightly aligned to the structural, multi-year opportunities created by AI-driven demand, positioning us to capitalize on market dynamics and drive sustained, profitable growth."

"We delivered strong fiscal second quarter results, marked by significant year-over-year revenue growth, adjusted gross margin expansion, and nearly fourfold growth in adjusted earnings per share," said Marc Graff, Ciena’s Chief Financial Officer. "Our demonstrated ability to drive operating leverage gives us confidence in continued earnings expansion and long-term value creation for customers and shareholders."

Performance Summary for Fiscal Second Quarter Ended May 2, 2026

Revenue:

•$1.57 billion in the fiscal second quarter 2026, compared to $1.13 billion in the fiscal second quarter 2025

Net Income per diluted share:

•$1.49 GAAP and $1.64 adjusted (non-GAAP) for the fiscal second quarter 2026, compared to $0.06 and $0.42 for fiscal second quarter 2025, respectively

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


	GAAP Results (unaudited)								Non-GAAP Results (unaudited)
	Quarter Ended						Period		Quarter Ended						Period
	May 2,			May 3,			Change		May 2,			May 3,			Change
	2026			2025			Y-T-Y*		2026			2025			Y-T-Y*
Revenue	$	1,570.7		$	1,125.9		39.5	%	$	1,570.7		$	1,125.9		39.5	%
Gross margin	44.0		%	40.2		%	3.8	%	44.9		%	41.0		%	3.9	%
Operating expense	$	453.7		$	420.0		8.0	%	$	397.8		$	369.5		7.7	%
Operating margin	15.1		%	2.9		%	12.2	%	19.5		%	8.2		%	11.3	%
EBITDA	$	283.1		$	66.7		324.4	%	$	341.8		$	116.7		192.9	%

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

Business Outlook

Ciena expects fiscal third quarter 2026 to include:

•Revenue of $1.625B billion plus or minus $50 million

•Adjusted (non-GAAP) gross margin in the range of 45% plus or minus 50 bps

•Adjusted (non-GAAP) operating expense in the range of $410 million plus or minus $10 million

•Adjusted (non-GAAP) operating margin between 19% and 20%

Ciena expects fiscal year 2026 to include:

•Revenue of $6.3 billion plus or minus $100 million

•Adjusted (non-GAAP) gross margin between 44.5% and 45%

•Adjusted (non-GAAP) operating expense in the range of $1.61 billion plus or minus $20 million

•Adjusted (non-GAAP) operating margin in the range of 19% plus or minus 50bps

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 "Key assumptions underlying our outlook" 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 for the Fiscal Second Quarter 2026

•Two customers represented 10%-plus of revenue for a total of 34.0% of revenue.

•Average days' sales outstanding (DSOs) were 71.

•Inventory turns were 3.6.

•Repurchased approximately 0.2 million shares of common stock for an aggregate price of $83.1 million under the $1 billion share repurchase program.

Financial Performance by Segment


	Revenue by Segment (unaudited)
	Quarter Ended
	May 2, 2026			May 3, 2025
	Revenue		%**	Revenue		%**
Networking Platforms
Optical Networking	$	1,099.8	70.0	$	773.6	68.7
Routing and Switching	174.2		11.1	92.7		8.2
Total Networking Platforms	1,274.0		81.1	866.3		76.9

Platform Software and Services	93.9		6.0	85.4		7.5

Blue Planet Automation Software and Services	23.4		1.5	28.0		2.5

Global Services
Maintenance, Support, and Learning	89.3		5.7	79.4		7.1
Implementation	79.7		5.1	58.2		5.2
Advisory and Enablement	10.4		0.6	8.6		0.8
Total Global Services	179.4		11.4	146.2		13.1

Total	$	1,570.7	100.0	$	1,125.9	100.0

** Denotes % of total revenue

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal Second Quarter 2026 Results

Today, Thursday, June 4, 2026, 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 second quarter 2026 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 www.ciena.com. 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 "Business Outlook" section of this press release and "Today's results reflect the strength of our portfolio, the power of our business model, and disciplined execution in a dynamic supply environment. Our long-term strategy to be the global leader in high-speed connectivity - both across the WAN and in and around the data center - is tightly aligned to the structural, multi-year opportunities created by AI-driven demand, positioning us to capitalize on market dynamics and drive sustained, profitable growth. We delivered strong fiscal second quarter results, marked by significant year-over-year revenue growth, adjusted gross margin expansion, and nearly fourfold growth in adjusted earnings per share. Our demonstrated ability to drive operating leverage gives us confidence in continued earnings expansion and long-term value creation for customers and shareholders."

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 fulfill and 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 its Annual Report on Form 10-K filed with the SEC on December 12, 2025 and included in its Quarterly Report on Form 10-Q for the second quarter of fiscal 2026 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, adjusted (non-GAAP) operating expense, and adjusted (non-GAAP) operating margin guidance measures to the corresponding gross margin, operating expense, and operating margin 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 is the global leader in high-speed connectivity. We build the world’s most advanced 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.

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Quarter Ended				Six Months Ended
	May 2,		May 3,		May 2,		May 3,
	2026		2025		2026		2025
Revenue:
Products	$	1,311,488	$	898,581	$	2,491,358	$	1,753,366
Services	259,251		227,297		506,423		444,772
Total revenue	1,570,739		1,125,878		2,997,781		2,198,138
Cost of goods sold:
Products	736,107		549,984		1,402,681		1,040,788
Services	143,078		123,056		278,026		232,691
Total cost of goods sold	879,185		673,040		1,680,707		1,273,479
Gross profit	691,554		452,838		1,317,074		924,659
Operating expenses:
Research and development	237,905		214,868		459,363		407,531
Selling and marketing	150,039		139,683		298,906		276,187
General and administrative	61,221		56,952		120,464		110,854
Significant asset impairments and restructuring costs	805		1,948		2,303		3,492
Amortization of intangible assets	3,713		6,545		8,449		13,090
Acquisition and integration costs	—		—		306		—

Total operating expenses	453,683		419,996		889,791		811,154
Income from operations	237,871		32,842		427,283		113,505
Interest and other income, net	14,111		7,871		27,068		19,449
Interest expense	(20,922)		(21,697)		(42,176)		(44,615)
Loss on extinguishment and modification of debt	—		—		—		(729)
Income before income taxes	231,060		19,016		412,175		87,610
Provision for income taxes	12,840		10,047		43,672		34,069
Net income	$	218,220	$	8,969	$	368,503	$	53,541

Net Income per Common Share
Basic net income per common share	$	1.54	$	0.06	$	2.60	$	0.38
Diluted net income per potential common share	$	1.49	$	0.06	$	2.52	$	0.37

Weighted average basic common shares outstanding	141,949		142,503		141,834		142,704
Weighted average dilutive potential common shares outstanding1	146,314		144,972		146,078		145,470

1 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) 4.4 million and 4.2 million for the second quarter and first six months ended fiscal 2026, respectively; and (ii) 2.5 million and 2.8 million for the second quarter and first six months ended fiscal 2025, respectively.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)


	May 2,		November 1,
	2026		2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,045,126	$	1,091,952
Short-term investments	157,708		216,148
Accounts receivable, net	1,052,569		975,856
Inventories, net	808,447		826,235
Prepaid expenses and other	504,314		455,316
Total current assets	3,568,164		3,565,507
Long-term investments	200,106		57,142
Equipment, building, furniture and fixtures, net	445,082		386,779
Operating lease right-of-use assets	38,459		38,613
Goodwill	520,401		521,204
Other intangible assets, net	202,190		224,210
Deferred tax asset, net	873,979		884,889
Other long-term assets	191,068		186,323
Total assets	$	6,039,449	$	5,864,667
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	606,599	$	542,841
Accrued liabilities and other short-term obligations	439,626		531,081
Deferred revenue	238,380		208,936
Operating lease liabilities	12,396		13,956
Current portion of long-term debt	11,580		11,580

Total current liabilities	1,308,581		1,308,394
Long-term deferred revenue	102,107		94,850
Other long-term obligations	185,001		175,426
Long-term operating lease liabilities	31,996		32,516
Long-term debt, net	1,519,539		1,524,158
Total liabilities	3,147,224		3,135,344
Stockholders’ equity:
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock – par value $0.01; 290,000,000 shares authorized; 141,597,550 and 141,016,300 shares issued and outstanding	1,416		1,410
Additional paid-in capital	5,732,496		5,953,057
Accumulated other comprehensive loss	(40,081)		(55,035)
Accumulated deficit	(2,801,606)		(3,170,109)
Total stockholders’ equity	2,892,225		2,729,323
Total liabilities and stockholders’ equity	$	6,039,449	$	5,864,667

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Six Months Ended
	May 2,		May 3,
	2026		2025
Cash flows provided by operating activities:
Net income	$	368,503	$	53,541
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	67,021		49,771

Share-based compensation expense	105,300		88,767
Amortization of intangible assets	22,020		17,555
Deferred taxes	(10,563)		(10,470)
Provision for inventory excess and obsolescence	42,481		23,431
Provision for warranty	16,685		10,714

Other	603		(6,355)
Changes in assets and liabilities:
Accounts receivable	(71,555)		(20,857)
Inventories	(24,690)		(76,904)
Prepaid expenses and other	(34,047)		84,144
Operating lease right-of-use assets	5,349		5,580
Accounts payable, accruals and other obligations	(27,945)		(16,755)
Deferred revenue	35,442		66,493
Short and long-term operating lease liabilities	(7,257)		(7,986)
Net cash provided by operating activities	487,347		260,669
Cash flows used in investing activities:
Payments for equipment, furniture, and fixtures	(114,933)		(55,622)

Purchases of investments	(226,731)		(159,102)
Proceeds from sales and maturities of investments	143,880		164,837
Settlement of foreign currency forward contracts, net	(31)		2,441




Net cash used in investing activities	(197,815)		(47,446)
Cash flows used in financing activities:
Proceeds for modification of debt, net	—		19,175
Cash paid for extinguishment of debt	—		(19,175)
Payment of long term debt	(5,790)		(5,790)
Payment of debt issuance costs	—		(12)
Payment of finance lease obligations	(2,371)		(2,110)
Shares repurchased for tax withholdings on vesting of stock unit awards	(179,420)		(42,266)
Repurchases of common stock - repurchase program, net	(164,920)		(168,197)
Proceeds from issuance of common stock	17,226		17,132
Net cash used in financing activities	(335,275)		(201,243)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,093)		2,937
Net increase (decrease) in cash, cash equivalents and restricted cash	(46,836)		14,917
Cash, cash equivalents and restricted cash at beginning of period	1,092,197		935,026
Cash, cash equivalents and restricted cash at end of period	$	1,045,361	$	949,943
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	$	40,979	$	43,200
Cash paid during the period for income taxes, net	$	48,830	$	55,466
Operating lease payments	$	8,413	$	8,812
Non-cash investing and financing activities
Purchase of equipment in accounts payable	$	12,966	$	12,545

Repurchase of common stock in accrued liabilities from repurchase program, net	$	1,320	$	2,023
Operating right-of-use assets subject to lease liability	$	6,003	$	16,351


APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements
(in thousands, except per share data) (unaudited)

	Quarter Ended
	May 2,			May 3,
	2026			2025
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit	$	691,554		$	452,838
Share-based compensation-products	2,010			2,033
Share-based compensation-services	4,504			3,980
Amortization of intangible assets	6,787			2,232
Total adjustments related to gross profit	13,301			8,245
Adjusted (non-GAAP) gross profit	$	704,855		$	461,083
Adjusted (non-GAAP) gross profit percentage	44.9		%	41.0		%

Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense	$	453,683		$	419,996
Share-based compensation-research and development	18,586			17,021
Share-based compensation-sales and marketing	16,486			13,649
Share-based compensation-general and administrative	13,887			11,341
Significant asset impairments and restructuring costs	805			1,948
Amortization of intangible assets	3,713			6,545

Holdback arrangement	2,411			—

Total adjustments related to operating expense	55,888			50,504
Adjusted (non-GAAP) operating expense	$	397,795		$	369,492

Income from Operations Reconciliation (GAAP/non-GAAP)
GAAP income from operations	$	237,871		$	32,842
Total adjustments related to gross profit	13,301			8,245
Total adjustments related to operating expense	55,888			50,504
Total adjustments related to income from operations	69,189			58,749
Adjusted (non-GAAP) income from operations	$	307,060		$	91,591
Adjusted (non-GAAP) operating margin percentage	19.5		%	8.2		%

Net Income Reconciliation (GAAP/non-GAAP)
GAAP net income	$	218,220		$	8,969
Exclude GAAP provision for income taxes	12,840			10,047
Income before income taxes	231,060			19,016
Total adjustments related to income from operations	69,189			58,749


Adjusted income before income taxes	300,249			77,765
Non-GAAP tax provision on adjusted income before income taxes	60,050			17,108
Adjusted (non-GAAP) net income	$	240,199		$	60,657

Weighted average basic common shares outstanding	141,949			142,503
Weighted average dilutive potential common shares outstanding 1	146,314			144,972









Net Income per Common Share
GAAP diluted net income per potential common share	$	1.49		$	0.06
Adjusted (non-GAAP) diluted net income per potential common share	$	1.64		$	0.42

1 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) 4.4 million for the second quarter ended fiscal 2026; and (ii) 2.5 million for the second quarter ended fiscal 2025.


APPENDIX B - Calculation of EBITDA and Adjusted EBITDA
(in thousands) (unaudited)

	Quarter Ended
	May 2,		May 3,
	2026		2025
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Net income (GAAP)	$	218,220	$	8,969
Add: Interest expense	20,922		21,697
Less: Interest and other income, net	14,111		7,871

Add: Provision for income taxes	12,840		10,047
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	34,712		25,092
Add: Amortization of intangible assets	10,500		8,777
EBITDA	$	283,083	$	66,711
Add: Share-based compensation expense	55,473		48,024
Add: Significant asset impairments and restructuring costs	805		1,948


Add: Holdback arrangement	2,411		—
Adjusted EBITDA	$	341,772	$	116,683

* * *

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 actions Ciena has taken to restructure our business, including reductions in force, facility optimization, and the redesign of business processes.

•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.

•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.

•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 20% for the second quarter of fiscal 2026 and 22% for the second quarter of fiscal 2025. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

EX-99.2 3 ex9922026q2earningsprese.htm EX-99.2 ex9922026q2earningsprese

© Ciena Corporation 2026. 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 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 fulfill and 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 its Annual Report on Form 10-K filed with the SEC on December 12, 2025 and included in its Quarterly Report on Form 10-Q for the second quarter of fiscal 2026 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, adjusted (non-GAAP) operating expense, and adjusted (non-GAAP) operating margin guidance measures to the corresponding gross margin, operating expense, and operating margin 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.

© Ciena Corporation 2026. All rights reserved. Proprietary Information.3 Table of Contents 1. Introduction to Ciena 2. Fiscal Q2 2026 financial performance 3. Fiscal Q3 and full-year 2026 outlook 4. Appendix

© Ciena Corporation 2026. All rights reserved. Proprietary Information.4 Executive Summary AI requires more optical networking. More optical networking requires Ciena Q2 2026 results demonstrate sustained growth and operational discipline Delivered record revenue and backlog, strong profitability DCI, including scale-across, is gaining momentum as customers connect AI data centers to monetize their investments Demand is outstripping supply, resulting in multi-year visibility and longer lead times We were awarded the industry's first multi-rail opportunity using Ciena's RLS Hyper-Rail solution to connect training data centers over distance

© Ciena Corporation 2026. All rights reserved. Proprietary Information.6 Ciena has global network reach and scale *Based on FYE2025 ** Market share measures as of Q1 2026 exclude China Scale and reach Recognized leadershipStrategic focus $4.8B FY2025 Revenue 19% YoY growth 9,000+ Employees* Including 4,500+ R&D specialists 80+ Countries* Customers on six continents 1,700+ Customers* Worldwide #1 in Data Center Interconnect** Dell'Oro Group #1 in Total Optical Networking** Cignal AI, Dell'Oro, Omdia #1 in Submarine Networks** Cignal AI, Omdia

© Ciena Corporation 2026. All rights reserved. Proprietary Information.7 Data generation and bandwidth are continuing to grow The size and scale of AI-driven investments are resulting in sustained high bandwidth growth 0 5 10 15 20 25 '23 '24 '25 '26 '27 '28 '29 ZB Data Moved by SPs +15% CAGR ‘25-’29 User consumption bandwidth is growing at lower rate than the AI “factory” Source: Omdia, AI Network Traffic Forecast 2023–35, Feb 2026 Note: “This forecast restricts traffic growth estimates to data transiting across a network operated by a service provider.” 2026 Forecast 2025 Network Bandwidth +36% CAGR ‘25-’29 Growth is similar to data center …but 1/50th of capacity Source: Cignal AI, Optical Components Report, Feb 2026 0.0 0.5 1.0 1.5 2.0 '23 '24 '25 '26 '27 '28 '29 Eb/s 2024 2026 Forecast 2025 Data Center Bandwidth +35% CAGR ‘25-’29 Actual growth is significantly higher than forecasted Source: Cignal AI, Optical Components Report, Feb 2026 0 20 40 60 80 100 '23 '24 '25 '26 '27 '28 '29 Eb/s 2024 2025 2026 Forecast X2 X2 0 100 200 300 400 500 600 '23 '24 '25 '26 '27 '28 '29 ZB Global Data Generation +25% CAGR ’25-’29 2026 forecast growing faster than historical trend Source: Worldwide IDC Global DataSphere Forecast, 2025-2029, Doc#US53363625 2023 2026 Forecast

© Ciena Corporation 2026. All rights reserved. Proprietary Information.8 Cloud Providers are the drivers of industry change Cloud Providers (CP) – and especially the Hyperscalers – are funding an unprecedented scale of investment Sources: Company earnings, analyst projections, 2030 projections from Dell’Oro Group, and Ciena internal analysis The forecasted range of Cloud Provider CapEx is far exceeding previous estimates Cloud Provider spend has been higher than forecastedCloud Provider CapEx forecast is accelerating rapidly Forecasts have consistently underestimated Cloud Providers' CapEx Sources: Company earnings for actuals, various analysts for forecasts 0 100 200 300 400 500 600 700 2022 2023 2024 2025 2026 $B ChatGPT Launched Actual Spend Previous year’s forecast

© Ciena Corporation 2026. All rights reserved. Proprietary Information.9 Ciena is the leader in high-speed connectivity Our strategic investments are extending to in-and-around the data center, leveraging our strengths to expand our footprint Our core optical strength is the foundation for our portfolio expansion

© Ciena Corporation 2026. All rights reserved. Proprietary Information.11 Ciena's differentiated position in AI is driving record performance ▪ Revenue: $1.6B, up 40% YoY • Cloud provider revenue: 46% of total, up 70% YoY • RLS and Waveserver revenue each grew more than 50% YoY • India revenue more than doubled YoY, driven by MOFN • WL6 Extreme: 110 customers, +20 new in Q2 • Awarded the industry's first hyperscaler multi-rail opportunity with RLS Hyper-Rail, reinforcing Ciena's technology leadership in AI infrastructure solutions • Adj. gross margin: 44.9%, up +390bps YoY • Adj. operating margin: 19.5%, up +1,130bps YoY • Free cash flow: $219M, up 71% YoY • Repurchased $83M in Q2; ~$493M returned under the $1B program Achieving broad-based growth Prioritizing long-term shareholder value Driving the pace of innovation

© Ciena Corporation 2026. All rights reserved. Proprietary Information.12 Q2 FY 2026 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. ** Denotes % change, or in the case of margin, absolute change GAAP Results Q2 FY2025 Q1 FY2026 Q2 FY2026 YoY Change** Revenue $1.13B $1.43B $1.57B 40% Gross Margin 40.2% 43.8% 44.0% 380 bps Operating Expense $420M $436M $454M 8% Operating Margin 2.9% 13.3% 15.1% 1,220 bps EBITDA $67M $233M $283M 324% Fully Diluted EPS $0.06 $1.03 $1.49 2383% Non-GAAP Results Q2 FY2025 Q1 FY2026 Q2 FY2026 YoY Change** Revenue $1.13B $1.43B $1.57B 40% Adjusted Gross Margin* 41.0% 44.7% 44.9% 390 bps Adjusted Operating Expense* $370M $383M $398M 8% Adjusted Operating Margin* 8.2% 17.9% 19.5% 1,130 bps Adjusted EBITDA* $117M $287M $342M 193% Adjusted EPS* $0.42 $1.35 $1.64 290%

© Ciena Corporation 2026. All rights reserved. Proprietary Information.13 Q2 FY 2026 comparative operating metrics Q2 FY 2025 Q2 FY 2026 YoY Change* Cash and investments $1.3B $1.4B 8% Cash provided by operations $157M $260M 66% Free cash flow $128M $219M 71% DSO 87 71 (16) Inventory turns 2.5x 3.6x 1.1x Net debt $253M $138M (45)% Gross leverage 3.2x 1.6x (1.6)x * Denotes % change, or in the case of DSO, inventory turns, and gross leverage, absolute change

© Ciena Corporation 2026. All rights reserved. Proprietary Information.15 Key assumptions underlying our outlook AI infrastructure investment: Cloud providers continue to increase capital expenditure on AI data center buildout at levels consistent with recent public commitments. Supply chain: Global supply of optical components and substrates remains broadly stable, with no material disruptions to our ability to fulfill customer orders. Trade and tariff policy: No material change to current US and international tariff and trade policy affecting our products or our customers’ purchasing decisions. Foreign exchange: Currency exchange rates remain broadly consistent with levels prevailing at the time of this report. For additional considerations relating to our outlook, please refer to our note about forward looking statements on Slide 2 and the risk factors disclosed in Ciena's periodic reports filed with the Securities and Exchange Commission.

© Ciena Corporation 2026. All rights reserved. Proprietary Information.16 Business outlook for fiscal Q3 and full-year 20261 1 Projections or outlook with respect to future operating results are only as of June 4, 2026, 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 Q3 2026 Fiscal FY 2026 Revenue $1.625B plus or minus $50M $6.3B plus or minus $100M Adjusted Gross Margin 45.0% plus or minus 50 bps 44.5% to 45.0% Adjusted Operating Expense $410M plus or minus $10M $1.61B plus or minus $20M Adjusted Operating Margin 19% to 20% 19% plus or minus 50 bps

© Ciena Corporation 2026. All rights reserved. Proprietary Information.18 Glossary of terms Term Definition Coherent optics A technology for sending data over fiber optic cables using light waves — faster and more efficient than traditional methods at long distances WaveLogic Ciena’s proprietary family of coherent optical chips — the core technology inside most of our networking products Data center interconnect The optical connections that link data centers to each other — the fastest-growing segment of the optical networking market RLS (reconfigurable line system) Optical network hardware that can be remotely reconfigured without physically sending a technician on-site RLS Hyper-Rail Ciena's 2nd generation intelligent photonic line systems designed to support multiple fiber pairs—or rails—in parallel. Multi-rail systems are optimized for deploying multiple fibers over the same route, with each rail functioning as a high-capacity optical highway with dedicated amplification, monitoring, and control. DCOM Direct optical connections between compute chips inside an AI data center — replacing copper cables with fiber 400G / 800G / 1.6T Shorthand for data transmission speeds: 400, 800, or 1,600 gigabits per second — each generation roughly doubles the capacity of the previous Scale-across Connects distributed AI training clusters across multiple data centers. Enables hyperscalers to operate geographically separated GPU fabrics as a single system, delivering the bandwidth, latency, and reliability required for large-scale AI training.

© Ciena Corporation 2026. All rights reserved. Proprietary Information.19 Revenue by segment * Reconciliations of these non-GAAP measures to GAAP results are included in this presentation. ** Denotes % of total revenue

© Ciena Corporation 2026. All rights reserved. Proprietary Information.22 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP gross profit $691,554 $625,520 $577,179 $503,079 $452,838 Share-based compensation-products 2,010 1,822 1,964 2,027 2,033 Share-based compensation-services 4,504 4,025 3,857 3,942 3,980 Amortization of intangible assets 6,787 6,785 3,750 2,232 2,232 Total adjustments related to gross profit 13,301 12,632 9,571 8,201 8,245 Adjusted (non-GAAP) gross profit $704,855 $638,152 $586,750 $511,280 $461,083 Adjusted (non-GAAP) gross profit percentage 44.9 % 44.7 % 43.4 % 41.9 % 41.0 % Gross Profit Reconciliation (Amounts in thousands)

© Ciena Corporation 2026. All rights reserved. Proprietary Information.23 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP operating expense $453,683 $436,108 $566,688 $429,544 $419,996 Share-based compensation-research and development 18,586 16,594 16,274 16,749 17,021 Share-based compensation-sales and marketing 16,486 14,754 13,543 13,277 13,649 Share-based compensation-general and administrative 13,887 12,632 13,248 11,008 11,341 Significant asset impairments and restructuring costs 805 1,498 106,851 1,770 1,948 Amortization of intangible assets 3,713 4,736 6,112 6,556 6,545 Acquisition and integration costs — 306 1,148 — — Holdback arrangement 2,411 2,403 802 — — Total adjustments related to operating expense 55,888 52,923 157,978 49,360 50,504 Adjusted (non-GAAP) operating expense $397,795 $383,185 $408,710 $380,184 $369,492 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP income from operations $237,871 $189,412 $10,491 $73,535 $32,842 Total adjustments related to gross profit 13,301 12,632 9,571 8,201 8,245 Total adjustments related to operating expense 55,888 52,923 157,978 49,360 50,504 Total adjustments related to income from operations 69,189 65,555 167,549 57,561 58,749 Adjusted (non-GAAP) income from operations $307,060 $254,967 $178,040 $131,096 $91,591 Adjusted (non-GAAP) operating margin percentage 19.5 % 17.9 % 13.2 % 10.7 % 8.2 % Operating Expense Reconciliation (Amounts in thousands) Income from Operations Reconciliation (Amounts in thousands)

© Ciena Corporation 2026. All rights reserved. Proprietary Information.24 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP net income $218,220 $150,283 $19,489 $50,308 $8,969 Exclude GAAP provision (benefit) for income taxes 12,840 30,832 (16,631) 15,511 10,047 Income before income taxes 231,060 181,115 2,858 65,819 19,016 Total adjustments related to income from operations 69,189 65,555 167,549 57,561 58,749 Adjusted income before income taxes 300,249 246,670 170,407 123,380 77,765 Non-GAAP tax provision on adjusted income before income taxes 60,050 49,334 37,490 27,144 17,108 Adjusted (non-GAAP) net income $240,199 $197,336 $132,917 $96,236 $60,657 Weighted average basic common shares outstanding 141,949 141,676 141,527 141,846 142,503 Weighted average diluted potential common shares outstanding(1) 146,314 145,799 145,470 144,499 144,972 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP diluted net income per potential common share $ 1.49 $ 1.03 $ 0.13 $ 0.35 $ 0.06 Adjusted (non-GAAP) diluted net income per potential common share $ 1.64 $ 1.35 $ 0.91 $ 0.67 $ 0.42 (1) Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the second quarter ended fiscal 2026 includes 4.4 million shares underlying certain stock option and stock unit awards. Net Income Reconciliation (Amounts in thousands) Net Income per Common Share

© Ciena Corporation 2026. All rights reserved. Proprietary Information.25 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Net income (GAAP) $218,220 $150,283 $19,489 $50,308 $8,969 Add: Interest expense 20,922 21,254 21,982 22,806 21,697 Less: Interest and other income, net 14,111 12,957 14,349 15,090 7,871 Add: Provision (benefit) for income taxes 12,840 30,832 (16,631) 15,511 10,047 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 34,712 32,309 27,496 26,866 25,092 Add: Amortization of intangible assets 10,500 11,521 9,862 8,788 8,777 EBITDA $283,083 $233,242 $47,849 $109,189 $66,711 Add: Share-based compensation expense 55,473 49,827 48,886 47,003 48,024 Add: Significant asset impairments and restructuring expense 805 1,498 106,851 1,770 1,948 Add: Acquisition and integration costs — 306 1,148 — — Add: Holdback arrangement 2,411 2,403 802 — — Adjusted EBITDA $341,772 $287,276 $205,536 $157,962 $116,683 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)