Analyst Consensus ?
ConsensusBuy42 ratings
Bullish3276.2%
Neutral1023.8%
Bearish00.0%
Ciena Corporation · CIEN · FY2026 Q2 · Calendar Q2 2026
Ciena Q2 FY2026: Record Revenue, Raised Guidance, Supply Constraints Persist
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…
Reported Before market openNYSETechnology
$49.62B market cap
90quality score
Company context
Snapshot as of publicationCiena Corporation is a global technology company focused on telecommunications infrastructure. It delivers integrated solutions – including specialized hardware, software applications, and professional services – designed to facilitate the efficient transmission, routing, switching, aggregation, delivery, and overall management of video, data, and voice traffic across communication networks worldwide. Within its Networking Platforms division, Ciena develops and supplies advanced hardware and integrated solutions. These products are specifically engineered to optimize the convergence of various optical transport methods (like coherent optical transport and optical transport network switching) with packet switching, enabling high-performance data handling.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.64
Consensus $1
EPS surprise
+12.3%
Reported versus consensus
Reported revenue
$1.57B
Consensus $1.50B
Revenue surprise
+4.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$330.37Current
$50Low
$234.1Average
$650High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Jun 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 5, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jun 5, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 5, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jun 4, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Jun 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 26, 2026 |
| Citigroup | Buy | Buy | Maintain | May 18, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 15, 2026 |
| Stifel | Buy | Buy | Maintain | May 5, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 19, 2026 |
| Argus Research | Buy | Buy | Maintain | Dec 12, 2025 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Mar 12, 2025 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Oct 9, 2024 |
| Jefferies | Buy | Buy | Maintain | Jun 7, 2023 |
| Loop Capital | Buy | Buy | Maintain | Mar 30, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Sep 2, 2022 |
| MKM Partners | Buy | Buy | Maintain | Sep 4, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 5, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | Jun 5, 2020 |
| Nomura | Buy | Buy | Maintain | Jun 5, 2020 |
| B. Riley FBR | Neutral | Buy | Downgrade | May 13, 2020 |
| PiperJaffray | Overweight | Neutral | Upgrade | Dec 13, 2019 |
| B. Riley | Buy | Buy | Maintain | Sep 6, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jun 7, 2019 |
| Northland Securities | Outperform | Market Perform | Upgrade | Apr 15, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 6, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Mar 6, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jan 30, 2019 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jan 16, 2018 |
| Drexel Hamilton | Buy | Buy | Maintain | Apr 8, 2016 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Sep 9, 2015 |
| Northland | Outperform | Outperform | Maintain | Nov 21, 2014 |
| National Alliance | Buy | Buy | Maintain | Apr 8, 2014 |
| Dougherty | Buy | Buy | Maintain | Feb 19, 2014 |
| William Blair | Outperform | Outperform | Maintain | Jul 17, 2013 |
| FBR Capital | Outperform | Market Perform | Upgrade | Oct 25, 2012 |
| Lazard | Neutral | Neutral | Maintain | Oct 1, 2012 |
| Miller Tabak | Buy | Buy | Maintain | Mar 12, 2012 |
| Morgan Keegan | Market Perform | Market Perform | Maintain | Feb 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $330.37. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Jim Kelleher | $650 | $521.2 | +96.7% | Jun 5, 2026 |
| Northland Securities | Tim Savageaux | $450 | $503.77 | +36.2% | Jun 5, 2026 |
| Barclays | Analyst unavailable | $607 | $535.63 | +83.7% | Jun 5, 2026 |
| Morgan Stanley | Meta Marshall | $490 | $535.63 | +48.3% | Jun 5, 2026 |
| UBS | David Vogt | $508 | $535.63 | +53.8% | Jun 5, 2026 |
| Needham | Ryan Koontz | $600 | $535.63 | +81.6% | Jun 4, 2026 |
| Raymond James | Analyst unavailable | $530 | $528.96 | +60.4% | Jun 4, 2026 |
| Stifel Nicolaus | Ruben Roy | $615 | $570.18 | +86.2% | May 29, 2026 |
| Stifel Nicolaus | Ruben Roy | $585 | $538.51 | +77.1% | May 5, 2026 |
| Redburn Partners | Mike Harrison | $416 | $527.58 | +25.9% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $405 | $506.56 | +22.6% | Apr 20, 2026 |
| Argus Research | Analyst unavailable | $370 | $318.54 | +12.0% | Mar 9, 2026 |
| UBS | David Vogt | $285 | $305.42 | -13.7% | Mar 6, 2026 |
| Rosenblatt Securities | Mike Genovese | $350 | $304.24 | +5.9% | Mar 6, 2026 |
| Morgan Stanley | Meta Marshall | $286 | $299.3 | -13.4% | Mar 5, 2026 |
| Wolfe Research | George Notter | $375 | $299.3 | +13.5% | Mar 5, 2026 |
| Stifel Nicolaus | Ruben Roy | $320 | $299.3 | -3.1% | Mar 5, 2026 |
| Raymond James | Simon Leopold | $320 | $299.35 | -3.1% | Mar 5, 2026 |
| Needham | Ryan Koontz | $370 | $296.45 | +12.0% | Mar 5, 2026 |
| Morgan Stanley | Analyst unavailable | $280 | $334.95 | -15.2% | Feb 23, 2026 |
| Evercore ISI | Analyst unavailable | $330 | $308.12 | -0.1% | Feb 19, 2026 |
| Stifel Nicolaus | Analyst unavailable | $280 | $228.39 | -15.2% | Jan 22, 2026 |
| Morgan Stanley | Analyst unavailable | $213 | $209.84 | -35.5% | Dec 17, 2025 |
| Argus Research | Analyst unavailable | $280 | $220.46 | -15.2% | Dec 12, 2025 |
| UBS | David Vogt | $230 | $225.65 | -30.4% | Dec 12, 2025 |
| Morgan Stanley | Meta Marshall | $195 | $225.19 | -41.0% | Dec 12, 2025 |
| Northland Securities | Tim Savageaux | $190 | $242.25 | -42.5% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $279 | $242.25 | -15.5% | Dec 12, 2025 |
| Raymond James | Analyst unavailable | $240 | $242.25 | -27.4% | Dec 11, 2025 |
| Stifel Nicolaus | Ruben Roy | $270 | $242.25 | -18.3% | Dec 11, 2025 |
| Evercore ISI | Analyst unavailable | $240 | $240.19 | -27.4% | Dec 11, 2025 |
| Raymond James | Analyst unavailable | $250 | $240.16 | -24.3% | Dec 11, 2025 |
| Stifel Nicolaus | Analyst unavailable | $230 | $212.93 | -30.4% | Dec 9, 2025 |
| Needham | Ryan Koontz | $240 | $195.73 | -27.4% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $185 | $195.47 | -44.0% | Dec 4, 2025 |
| BNP Paribas | Analyst unavailable | $185 | $155.94 | -44.0% | Oct 13, 2025 |
| Morgan Stanley | Analyst unavailable | $140 | $163.61 | -57.6% | Oct 10, 2025 |
| UBS | David Vogt | $120 | $116.69 | -63.7% | Sep 5, 2025 |
| Northland Securities | Analyst unavailable | $100 | $81.33 | -69.7% | Jun 30, 2025 |
| Northland Securities | Tim Savageaux | $85 | $72.9 | -74.3% | Jun 6, 2025 |
| Needham | Analyst unavailable | $90 | $66.4 | -72.8% | Mar 12, 2025 |
| Barclays | Tim Long | $100 | $64.66 | -69.7% | Mar 12, 2025 |
| Jefferies | George Notter | $105 | $83.92 | -68.2% | Dec 18, 2024 |
| Stifel Nicolaus | Ruben Roy | $75 | $65.25 | -77.3% | Oct 9, 2024 |
| BNP Paribas | Karl Ackerman | $67 | $65.25 | -79.7% | Oct 9, 2024 |
| J.P. Morgan | Samik Chatterjee | $65 | $63.48 | -80.3% | Oct 7, 2024 |
| Citigroup | Atif Malik | $68 | $58.73 | -79.4% | Sep 23, 2024 |
| Bank of America Securities | Tal Liani | $59 | $52.43 | -82.1% | Sep 5, 2024 |
| Rosenblatt Securities | Mike Genovese | $60 | $54.56 | -81.8% | Sep 5, 2024 |
| Barclays | Tim Long | $67 | $54.93 | -79.7% | Sep 4, 2024 |
| Morgan Stanley | Meta Marshall | $55 | $45.92 | -83.4% | Jun 11, 2024 |
| CFRA | Keith Snyder | $50 | $45.61 | -84.9% | Jun 10, 2024 |
| Argus Research | Jim Kelleher | $76 | $45.75 | -77.0% | Jun 7, 2024 |
| B.Riley Financial | Dave King | $66 | $45.75 | -80.0% | Jun 7, 2024 |
| Rosenblatt Securities | Mike Genovese | $54 | $48.56 | -83.7% | Jun 7, 2024 |
| Stifel Nicolaus | Ruben Roy | $62 | $48.56 | -81.2% | Jun 6, 2024 |
| Raymond James | Simon Leopold | $54 | $49.11 | -83.7% | Jun 6, 2024 |
| Evercore ISI | Amit Daryanani | $60 | $48.97 | -81.8% | Jun 6, 2024 |
| Rosenblatt Securities | Mike Genovese | $52.5 | $49.34 | -84.1% | May 30, 2024 |
| BNP Paribas | Karl Ackerman | $57 | $46.74 | -82.7% | Apr 11, 2024 |
| Evercore ISI | Amit Daryanani | $57 | $49.72 | -82.7% | Jan 12, 2024 |
| Needham | Alex Henderson | $50 | $42.04 | -84.9% | Aug 28, 2023 |
| Needham | Alex Henderson | $60 | $43.36 | -81.8% | Jun 7, 2023 |
| Needham | Alex Henderson | $70 | $50.68 | -78.8% | Mar 7, 2023 |
| Barclays | Analyst unavailable | $71 | $50.47 | -78.5% | Dec 9, 2022 |
| Morgan Stanley | Meta Marshall | $60 | $44.63 | -81.8% | Sep 2, 2022 |
| Rosenblatt Securities | Analyst unavailable | $65 | $46 | -80.3% | Sep 2, 2022 |
| Barclays | Tim Long | $55 | $45.48 | -83.4% | Sep 2, 2022 |
| Needham | Alex Henderson | $88 | $52.08 | -73.4% | Aug 29, 2022 |
| Loop Capital Markets | Fahad Najem | $84 | $42.54 | -74.6% | Jun 14, 2022 |
| Argus Research | Analyst unavailable | $68 | $48.76 | -79.4% | Jun 3, 2022 |
| Citigroup | Analyst unavailable | $65 | $50.68 | -80.3% | Jun 3, 2022 |
| Raymond James | Simon Leopold | $64 | $50.68 | -80.6% | Jun 2, 2022 |
| J.P. Morgan | Samik Chatterjee | $72 | $50.68 | -78.2% | Jun 2, 2022 |
| Rosenblatt Securities | Michael Genovese | $70 | $50.68 | -78.8% | Jun 2, 2022 |
| Cowen & Co. | Paul Silverstein | $96 | $50.82 | -70.9% | May 31, 2022 |
| Evercore ISI | Amit Daryanani | $65 | $50.82 | -80.3% | May 31, 2022 |
| Rosenblatt Securities | Analyst unavailable | $70 | $49.84 | -78.8% | May 23, 2022 |
| Morgan Stanley | Meta Marshall | $67 | $55.84 | -79.7% | Apr 16, 2022 |
| Evercore ISI | Amit Daryanani | $75 | $57.38 | -77.3% | Mar 10, 2022 |
| Loop Capital Markets | Fahad Najam | $92 | $69.36 | -72.2% | Feb 16, 2022 |
| Bank of America Securities | Tal Liani | $91 | $73.91 | -72.5% | Jan 11, 2022 |
| Citigroup | Jim Suva | $85 | $74.12 | -74.3% | Dec 13, 2021 |
| Goldman Sachs | Rod Hall | $78 | $73.35 | -76.4% | Dec 10, 2021 |
| J.P. Morgan | Samik Chatterjee | $85 | $73.35 | -74.3% | Dec 10, 2021 |
| Barclays | Tim Long | $84 | $73.35 | -74.6% | Dec 10, 2021 |
| Morgan Stanley | Meta Marshall | $74 | $73.35 | -77.6% | Dec 10, 2021 |
| Northland Securities | Tim Savageaux | $51 | $60.01 | -84.6% | Jun 4, 2021 |
| Stifel Nicolaus | John Marchetti | $66 | $58.38 | -80.0% | Jun 3, 2021 |
| Wolfe Research | Jeff Kvaal | $68 | $58.38 | -79.4% | Jun 3, 2021 |
Track every rating change on CIEN the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-13.7%
Event window
SPY move
+0.4%
Same window
Abnormal move
-14.0%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
-19.0%
Up to 20 sessions
CIENSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue accelerated to $1.57 billion, up 40% YoY, with broad-based strength across hyperscaler, service provider, and enterprise segments. Ciena raised FY2026 revenue guidance to $6.3 billion and reaffirmed gross margin targets of 44.5–45%. The company was awarded the industry's first multi-rail RLS Hyper-Rail order and closed the Nubis acquisition, bringing the Nitro linear reddriver toward general availability. DCOM was repositioned as a multi-year, $1–3 billion TAM opportunity rather than a one-off refresh cycle. Supply-chain constraints for lasers, modulators, and pluggables persisted, and capex was guided higher to $250–275 million to secure component capacity.
Guidance delta
FY2026 revenue guidance raised to $6.3 billion. Operating margin target reaffirmed at approximately 19.5%. Gross margin target held at 44.5–45%. Capex guidance increased to $250–275 million to secure component capacity. Hyper-Rail revenue expected to begin in 2027 with linear growth thereafter.
Key takeaways
- Revenue grew 40% YoY to $1.57B, beating the $1.50B consensus by 4.4%
- Adjusted EPS of $1.64 exceeded the $1.46 estimate by 12.3%
- FY2026 revenue guidance raised to $6.3B with operating margin target near 19.5%
- Backlog reached $7.7B, providing revenue visibility through 2027
- Industry's first multi-rail RLS Hyper-Rail order awarded by a leading hyperscaler
- TAM expected to double to roughly $50B by 2029
Management priorities
- Commercial launch of RLS Hyper-Rail in 2027
- Scale DCOM and increase its market penetration
- Double pluggable revenue by 2026 and expand coherent module portfolio
- Bring Nubis Nitro linear redriver to general availability this summer
- Continue co-creation with hyperscalers and neoscalers to drive new product opportunities
Sources
- Earnings call transcript and parsed analysis · 2026-06-04T18:18:07.278435+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T21:11:18.447162+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T21:11:18.444459+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.