Slide 1: Fiscal Q3 2026 Earnings Presentation
Ciena Corporation Fiscal Q3 2026 Earnings Presentation Period ended August 1, 2026 September 3, 2026 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 2: Forward-looking statements and non-GAAP measures
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. F
Slide 3: Table of Contents
Table of Contents 1. Introduction to Ciena 2. Fiscal Q3 2026 financial performance 3. Fiscal Q4 2026 outlook and full-year 2027 preliminary outlook 4. Appendix 3 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 4: Executive Summary
Executive Summary Optical technology is the transport engine that is the key enabler for customers to monetize their AI investments Ciena is the only pure-play optical systems provider operating at scale today Q3 2026 results demonstrate outstanding growth and operational excellence Delivered a reco
Slide 5: Introduction to Ciena
Introduction to Ciena © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 6: Ciena has global network reach and scale
Ciena has global network reach and scale Scale and reach Strategic focus Recognized leadership $4.8B FY2025 Revenue Traditional Network WAN #1 in Data Center Interconnect Globally** 19% YoY growth Dell'Oro Group Network backbone, edge, and operations #1 in Total Optical Networking in N. America** 9,
Slide 7: Data generation and bandwidth are continuing to grow
Data generation and bandwidth are continuing to grow The size and scale of AI-driven investments are resulting in sustained high bandwidth growth 7 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 8: Cloud Providers are the drivers of industry change
Cloud Providers are the drivers of industry change Cloud Providers (CP) – and especially the Hyperscalers – are funding an unprecedented scale of investment 8 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 9: Q3 FY 2026 results
Q3 FY 2026 results © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 10: Ciena's differentiated position in AI is driving record Q3 performance
Ciena's differentiated position in AI is driving record Q3 performance Achieving Driving the pace of Prioritizing long-term broad-based growth innovation shareholder value ▪ Revenue: $1.7B, up 37% YoY • Received a significant direct • Adj. gross margin: 46.4%, up +450bps • Cloud provider revenue: 53
Slide 11: Q3 FY 2026 comparative financial highlights
Q3 FY 2026 comparative financial highlights GAAP Results Q3 FY 2025 Q2 FY2026 Q3 FY2026 YoY Change** Revenue $1.22B $1.57B $1.67B 37% Gross Margin 41.3% 44.0% 45.4% 410 bps Operating Expense $430M $454M $458M 7% Operating Margin 6.1% 15.1% 18.0% 1,190 bps EBITDA $109M $283M $350M 220% Fully Diluted
Slide 12: Q3 FY 2026 comparative operating metrics
Q3 FY 2026 comparative operating metrics Q3 FY 2025 Q3 FY 2026 YoY Change* Cash and investments $1.4B $2.8B 100% Cash provided by operations $174M $196M 13% Free cash flow $135M $116M (14)% DSO 88 76 (12) Inventory turns 2.7x 3.5x 0.8x Net debt $204M $431M 111% Gross leverage 2.8x 2.6x (0.2)x * Deno
Slide 13: Business outlook
Business outlook © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 14: Key assumptions underlying our outlook
Key assumptions underlying our outlook AI infrastructure investment: Cloud providers continue to execute on capital expenditure investment plans on AI infrastructure buildouts at levels consistent with recent public commitments. Supply chain: Global supply of optical components and substrates remain
Slide 15: Business outlook for fiscal Q4 2026
Business outlook for fiscal Q4 2026 1 Fiscal Q4 2026 Revenue $1.75B plus or minus $50M Adjusted Gross Margin 45.0% plus or minus 50 bps Adjusted Operating Expense $415M plus or minus $10M Adjusted Operating Margin 20.0% plus or minus 50 bps 1 Projections or outlook with respect to future operating r
Slide 16: Early view of outlook for fiscal year 2027
Early view of outlook for fiscal year 2027 1 Fiscal FY 2027 Revenue At least 30% growth Adjusted Gross Margin 45% to 46% Adjusted Operating Margin 25% to 27% 1 Projections or outlook with respect to future operating results are only as of September 3, 2026, the date presented on the r elated earning
Slide 17: Q3 FY 2026 appendix
Q3 FY 2026 appendix © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 18: Glossary of terms
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 net
Slide 19: Revenue by segment and margins
Revenue by segment and margins * Reconciliations of these non-GAAP measures to GAAP results are included in this presentation. ** Denotes % of total revenue 19 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 20: Revenue by customer type
Revenue by customer type 20 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 21: Revenue by geographic region
Revenue by geographic region 10% 11% 8% 11% 8% 12% 14% 9% 14% 15% 76% 78% 78% 77% 79% 21 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 22: Gross Profit Reconciliation
Gross Profit Reconciliation (Amounts in thousands) Q3 FY 2026 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 GAAP gross profit $759,265 $691,554 $625,520 $577,179 $503,079 Share-based compensation-products 2,175 2,010 1,822 1,964 2,027 Share-based compensation-services 4,666 4,504 4,025 3,857 3,942 Amo
Slide 23: Operating Expense Reconciliation
Operating Expense Reconciliation (Amounts in thousands) Q3 FY 2026 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 GAAP operating expense $458,086 $453,683 $436,108 $566,688 $429,544 Share-based compensation-research and development 20,173 18,586 16,594 16,274 16,749 Share-based compensation-sales and m
Slide 24: Net Income Reconciliation
Net Income Reconciliation (Amounts in thousands) Q3 FY 2026 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 GAAP net income $266,418 $218,220 $150,283 $19,489 $50,308 Exclude GAAP provision (benefit) for income taxes 44,203 12,840 30,832 (16,631) 15,511 Income before income taxes 310,621 231,060 181,115
Slide 25: Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands) Earnings Before Interest, Tax, Depreciation and Amortization Q3 FY 2026 Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 (EBITDA) Net income (GAAP) $266,418 $218,220 $150,283 $19,489 $50,308 Add: Interest expense
Slide 26: Thank You
Thank You © Ciena Corporation 2026. All rights reserved. Proprietary Information.