Ciena (CIEN) Q4 2025 Earnings Call Transcript

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• Scale across deployments are all US-centric around the training models with hundreds of millions each in multi-year projects

  80% confidence

• Traffic needs to leave the data center to be monetized and operationalized, and we are their strategic technology partner

  80% confidence

• MOFN generated hundreds of millions in telco business from hyperscaler demand in FY2025

  80% confidence

• The long-term growth guide of 8-11% is off the table as momentum continues into FY2027

  80% confidence

• DCOM has hundreds of millions of dollars in revenue scale and is in advanced pipeline discussions with additional hyperscalers

  80% confidence

• Ciena has the earliest view of demand due to hyperscaler relationships and is more vertically integrated than peers

  80% confidence

• Nubis is a great cultural fit with open ecosystem CPO approach and strong customer feedback

  80% confidence

• Third-party estimates project $7T+ capex through end of decade for all AI infrastructure

  80% confidence

• Telco recovery with sustained mid-to-high single-digit growth expected in FY2026+ after multi-year transport underinvestment

  80% confidence

• All new data center and AI wins are already incorporated into 2026 guidance

  80% confidence

• In and around data center revenue will be low double-digit percentage of total revenue in FY2026 versus low single-digit in FY2025, nearly a tripling

  80% confidence

• Coherent optics adoption has reached inflection point for use inside and around data center versus traditional long-haul/subsea

  80% confidence

• We're essentially sold out in Q1 FY2026. If we had more supply, we'd be able to sell more

  80% confidence

• Network is now recognized as critical bottleneck and long pole in the tent for AI operationalization

  80% confidence

• Cloud providers have largely actually underinvested in their networks to date, particularly relative to other areas of AI infrastructure

  80% confidence

• All three hyperscaler scale-across wins expected to generate revenue in FY2026 with major scaling in FY2027-2028

  80% confidence

• FY2025 was a seminal year for Ciena

  80% confidence

• Ciena gained 2 percentage points of optical market share YTD in FY2025 with further gains expected in FY2026

  80% confidence

• Three out of the four hyperscalers have selected us for their scale across training models

  80% confidence

• We are on a steady track of ongoing multiyear gross margin expansion

  80% confidence

Cited in these Via News reports

• Ciena Logs $7.8B Orders as Global AI Infrastructure Race Triggers Capacity Crunch →