Slide 1: Fiscal Q2 2026 Earnings Presentation
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Ciena Corporation Fiscal Q2 2026 Earnings Presentation Period ended May 2, 2026 June 4, 2026
Slide 2: Forward-looking statements and non-GAAP measures
© 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, financia
Slide 3: Table of Contents
© 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
Slide 4: Executive Summary
© 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 DC
Slide 5: Introduction to Ciena
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Introduction to Ciena
Slide 6: Ciena has global network reach and scale
© 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* Includin
Slide 7: Data generation and bandwidth are continuing to grow
© 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-’2
Slide 8: Cloud Providers are the drivers of industry change
© 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
Slide 9: Ciena is the leader in high-speed connectivity
© 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 portf
Slide 10: Q2 FY 2026 results
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Q2 FY 2026 results
Slide 11: Ciena's differentiated position in AI is driving record performance
© 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
Slide 12: Q2 FY 2026 comparative financial highlights
© 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
Slide 13: Q2 FY 2026 comparative operating metrics
© 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
Slide 14: Business outlook
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Business outlook
Slide 15: Key assumptions underlying our outlook
© 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
Slide 16: Business outlook for fiscal Q3 and full-year 2026
© 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 mater
Slide 17: Q2 FY 2026 appendix
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Q2 FY 2026 appendix
Slide 18: Glossary of terms
© 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 fam
Slide 19: Revenue by segment
© 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
Slide 20: Revenue by customer type
© Ciena Corporation 2026. All rights reserved. Proprietary Information.20 Revenue by customer type
Slide 21: Revenue by geographic region
© Ciena Corporation 2026. All rights reserved. Proprietary Information.21 Revenue by geographic region 9% 9% 8% 17% 15% 14% 74% 76% 78% 78% 14% 8% 11% 12% 77%
Slide 22: Gross Profit Reconciliation
© 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 4,02
Slide 23: Operating expense and income from operations reconciliation
© 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 compen
Slide 24: Net income and EPS reconciliation
© 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
Slide 25: EBITDA reconciliation
© 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