CIEN
FY2026 Q2 · Calendar Q2 2026
Ciena Corporation
Ciena delivered a record Q2 FY2026, with revenue up 40% year over year to $1.57 billion and adjusted EPS of $1.64, beating consensus on both lines. Management raised FY2026 revenue guidance to $6.3 billion and reaffirmed operating margin targets near 19.5%, backed by a $7.7 billion backlog with visibility through 2027. The company secured the industry's first multi-rail RLS Hyper-Rail order from a leading hyperscaler and sees TAM doubling to roughly $50 billion by 2029. Despite these headline strengths, shares fell 14% on the report and have drifted a further 19% lower, as investors weighed persistent supply-chain constraints, a Hyper-Rail revenue ramp not expected until 2027, and customer concentration risk tied to a handful of hyperscalers. At $330.37, the stock now trades at the bottom of analyst price targets (range $330–$650, consensus $493), suggesting the market is pricing in a…
EPS surprise+12.3%
Market move-13.7%
