cien-20250904

FOR IMMEDIATE RELEASE

Ciena Reports Fiscal Third Quarter 2025 Financial Results

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

•Q3 Revenue: $1.22 billion

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

•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)
	Q3			Q3			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,219.4		$	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)
	Q3			Q3			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,219.4		$	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)
	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

** Denotes % of total revenue

Additional Performance Metrics for Fiscal Third Quarter 2025


	Revenue by Geographic Region (unaudited)
	Q3 FY 2025			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	$	1,219.4	100.0	$	942.3	100.0

** Denotes % of total revenue

•Two customers represented 10%-plus of revenue combining for a total of 28.8% of revenue

•Cash and investments totaled $1.39 billion

•Cash flow from operations totaled $174.3 million

•Average days' sales outstanding (DSOs) were 88

•Accounts receivable, net balance was $1.03 billion

•Unbilled contract asset, net balance was $164.3 million

•Inventories totaled $860.4 million, including:

◦Raw materials: $642.7 million

◦Work in process: $35.6 million

◦Finished goods: $261.8 million

◦Deferred cost of sales: $41.8 million

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

•Product inventory turns were 2.7

•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:

• Revenue in the range of $1.24 billion to $1.32 billion

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

• 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 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: "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				Nine Months Ended
	August 2,		July 27,		August 2,		July 27,
	2025		2024		2025		2024
Revenue:
Products	$	976,801	$	729,503	$	2,730,167	$	2,266,596
Services	242,584		212,805		687,356		624,247
Total revenue	1,219,385		942,308		3,417,523		2,890,843
Cost of goods sold:
Products	580,028		433,533		1,620,816		1,315,737
Services	136,278		104,830		368,969		315,538
Total cost of goods sold	716,306		538,363		1,989,785		1,631,275
Gross profit	503,079		403,945		1,427,738		1,259,568
Operating expenses:
Research and development	211,898		188,888		619,429		571,537
Selling and marketing	148,724		121,520		424,911		373,749
General and administrative	60,596		58,248		171,450		162,504
Significant asset impairments and restructuring costs	1,770		1,361		5,262		21,987
Amortization of intangible assets	6,556		7,185		19,646		22,384


Total operating expenses	429,544		377,202		1,240,698		1,152,161
Income from operations	73,535		26,743		187,040		107,407
Interest and other income, net	15,090		14,013		34,539		36,460
Interest expense	(22,806)		(24,401)		(67,421)		(72,038)
Loss on extinguishment and modification of debt	—		—		(729)		—
Income before income taxes	65,819		16,355		153,429		71,829
Provision for income taxes	15,511		2,125		49,580		24,901
Net income	$	50,308	$	14,230	$	103,849	$	46,928

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	141,846		144,394		142,437		144,876
Weighted average dilutive potential common shares outstanding1	144,499		145,361		145,158		145,795

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) 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, 2025		November 2, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,055,976	$	934,863
Short-term investments	270,380		316,343
Accounts receivable, net	1,025,563		908,597
Inventories, net	860,403		820,430
Prepaid expenses and other	473,901		564,183
Total current assets	3,686,223		3,544,416
Long-term investments	64,397		80,920
Equipment, building, furniture and fixtures, net	368,348		337,722
Operating right-of-use assets	40,347		27,417
Goodwill	444,828		444,707
Other intangible assets, net	138,673		165,020
Deferred tax asset, net	851,903		886,441
Other long-term assets	154,059		154,694
Total assets	$	5,748,778	$	5,641,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	464,684	$	423,401
Accrued liabilities and other short-term obligations	436,312		393,905
Deferred revenue	196,209		156,379
Operating lease liabilities	14,694		14,455
Current portion of long-term debt	11,580		11,700

Total current liabilities	1,123,479		999,840
Long-term deferred revenue	81,057		81,240
Other long-term obligations	195,976		185,938
Long-term operating lease liabilities	34,498		25,107
Long-term debt, net	1,526,467		1,533,074
Total liabilities	2,961,477		2,825,199
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; 141,342,527 and 142,656,116 shares issued and outstanding	1,413		1,427
Additional paid-in capital	6,020,315		6,154,869
Accumulated other comprehensive loss	(44,829)		(46,711)
Accumulated deficit	(3,189,598)		(3,293,447)
Total stockholders’ equity	2,787,301		2,816,138
Total liabilities and stockholders’ equity	$	5,748,778	$	5,641,337

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Nine Months Ended
	August 2,		July 27,
	2025		2024
Cash flows provided by operating activities:
Net income	$	103,849	$	46,928
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	76,637		68,997
Share-based compensation expense	135,696		115,433
Amortization of intangible assets	26,343		30,675
Deferred taxes	(21,709)		(19,909)
Provision for inventory excess and obsolescence	34,185		35,400
Provision for warranty	16,302		14,708

Other	(1,838)		11,968
Changes in assets and liabilities:
Accounts receivable	(116,887)		92,421
Inventories	(73,493)		78,220
Prepaid expenses and other	137,440		(221,823)
Operating lease right-of-use assets	8,759		8,963
Accounts payable, accruals and other obligations	83,354		(112,352)
Deferred revenue	38,246		28,833
Short and long-term operating lease liabilities	(11,868)		(13,290)
Net cash provided by operating activities	435,016		165,172
Cash flows used in investing activities:
Payments for equipment, furniture, and fixtures	(95,373)		(53,098)

Purchases of investments	(191,335)		(197,303)
Proceeds from sales and maturities of investments	261,611		114,899
Settlement of foreign currency forward contracts, net	(2,635)		(362)
Purchase of equity investments	—		(21,682)



Net cash used in investing activities	(27,732)		(157,546)
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	(8,685)		(5,850)
Payment of debt issuance costs	(12)		(2,554)
Payment of finance lease obligations	(3,244)		(3,004)
Shares repurchased for tax withholdings on vesting of stock unit awards	(60,043)		(33,450)
Repurchases of common stock - repurchase program, net	(250,035)		(125,816)
Proceeds from issuance of common stock	35,874		34,292
Net cash used in financing activities	(286,145)		(136,382)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	60		1,499
Net increase (decrease) in cash, cash equivalents and restricted cash	121,199		(127,257)
Cash, cash equivalents and restricted cash at beginning of period	935,026		1,010,786
Cash, cash equivalents and restricted cash at end of period	$	1,056,225	$	883,529
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	$	68,243	$	64,999
Cash paid during the period for income taxes, net	$	84,898	$	41,736
Operating lease payments	$	13,246	$	14,672
Non-cash investing and financing activities
Purchase of equipment in accounts payable	$	14,819	$	35,316

Repurchase of common stock in accrued liabilities from repurchase program, net	$	2,231	$	1,762
Operating right-of-use assets subject to lease liability	$	21,850	$	5,326


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

	Quarter Ended
	August 2,			July 27,
	2025			2024
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit	$	503,079		$	403,945
Share-based compensation-products	2,027			1,660
Share-based compensation-services	3,942			3,122
Amortization of intangible assets	2,232			2,764
Total adjustments related to gross profit	8,201			7,546
Adjusted (non-GAAP) gross profit	$	511,280		$	411,491
Adjusted (non-GAAP) gross profit percentage	41.9		%	43.7		%

Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense	$	429,544		$	377,202
Share-based compensation-research and development	16,749			13,118
Share-based compensation-sales and marketing	13,277			10,315
Share-based compensation-general and administrative	11,008			9,257
Significant asset impairments and restructuring costs	1,770			1,361
Amortization of intangible assets	6,556			7,185


Total adjustments related to operating expense	49,360			41,236
Adjusted (non-GAAP) operating expense	$	380,184		$	335,966

Income from Operations Reconciliation (GAAP/non-GAAP)
GAAP income from operations	$	73,535		$	26,743
Total adjustments related to gross profit	8,201			7,546
Total adjustments related to operating expense	49,360			41,236
Total adjustments related to income from operations	57,561			48,782
Adjusted (non-GAAP) income from operations	$	131,096		$	75,525
Adjusted (non-GAAP) operating margin percentage	10.7		%	8.0		%

Net Income Reconciliation (GAAP/non-GAAP)
GAAP net income	$	50,308		$	14,230
Exclude GAAP provision for income taxes	15,511			2,125
Income before income taxes	65,819			16,355
Total adjustments related to income from operations	57,561			48,782


Adjusted income before income taxes	123,380			65,137
Non-GAAP tax provision on adjusted income before income taxes	27,144			14,330
Adjusted (non-GAAP) net income	$	96,236		$	50,807

Weighted average basic common shares outstanding	141,846			144,394
Weighted average dilutive potential common shares outstanding 1	144,499			145,361




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

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


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

	Quarter Ended
	August 2,		July 27,
	2025		2024
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Net income (GAAP)	$	50,308	$	14,230
Add: Interest expense	22,806		24,401
Less: Interest and other income, net	15,090		14,013

Add: Provision for income taxes	15,511		2,125
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	26,866		22,981
Add: Amortization of intangible assets	8,788		9,949
EBITDA	$	109,189	$	59,673
Add: Share-based compensation expense	47,003		37,472
Add: Significant asset impairments and restructuring costs	1,770		1,361


Adjusted EBITDA	$	157,962	$	98,506

* * *

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.

© 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.

© 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

© 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

© 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

© 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

© 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

© 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

© 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

© 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

© 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

© 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

© 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)

© 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)

© 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

© 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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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


Exhibit Number			Description of Document

99.1			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.
99.2			Investor Presentation for Ciena Corporation's fiscal th ird quarter ended August 2 , 2025.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


	Ciena Corporation


Date: September 4, 2025	By:	/s/ Sheela Kosaraju
		Sheela Kosaraju
		Senior Vice President, General Counsel and Assistant Secretary


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.