Compute, memory and networkingCIENFilings through September 3, 2026

Ciena capital spending

In the quarter ended August 1, 2026, Ciena spent $0.1 billion on capital equipment, 41% of its $0.2 billion of operating cash flow and up 101% from a year earlier. Free cash flow was $0.1 billion, and long-term debt rose by $1.7 billion.

Next report: December 9, 2026, before the open. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through September 3, 2026

Ciena’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Ciena capital spending, filings through September 3, 2026.

Spending against cash flow

$ billion, quarterly
Ciena, quarterly capital spending and operating cash flow through Aug 2026
Aug 2026Capital spending $80.0MOperating cash flow $196.3MFree cash flow $116.3M
-0.4-0.200.20.4$ billionOct 2022Apr 2023Oct 2023Apr 2024Nov 2024May 2025Nov 2025Aug 2026

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Ciena’s quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters. Over the latest four quarters it generated $1.1 billion from operations and spent $0.2 billion, leaving $0.8 billion of free cash flow against $0.6 billion over the four before.

Ciena, sources and uses of cash by quarter through Aug 2026
$ billion, quarterly. Sources above the axis, uses below.
Aug 2026Operating cash flow $196.3MLong-term debt issued $2.9BShort-term borrowing, net $0.0MCapital spending $80.0MFinance-lease principal $1.2MLong-term debt repaid $0.0MReturned to shareholders $173.0MChange in cash $1.4B
101234Apr 2024Feb 2025Nov 2025Aug 2026
Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollarsNov 2024
Q4 FY2024
Feb 2025
Q1 FY2025
May 2025
Q2 FY2025
Aug 2025
Q3 FY2025
Nov 2025
Q4 FY2025
Jan 2026
Q1 FY2026
May 2026
Q2 FY2026
Aug 2026
Q3 FY2026
Operating cash flow349104157174371228260196
Long-term debt issued00000002,875
Short-term borrowing, net00000000
Stock issued017019017021
Capital spending8427294045744180
Finance-lease principal11111111
Long-term debt repaid63333060
Share repurchases129818782848184173
Dividends00000000
Free cash flow26677128135326154219116
Net long-term debt issued(6)(3)(3)(3)(3)0(6)2,875
Returned to shareholders129818782848184173
Outside funding needed(136)5(40)(52)(240)(72)(133)58
Change in cash51(60)751063631(78)1,401
Interest expense252322232221216
Stock-based compensation4141484749505558

Millions of dollars, outflows positive as reported in the cash flow statement.

Capex including finance leases

Across the hyperscalers
Ciena, cash capital spending and equipment acquired under finance leases, by fiscal year
$ billion, annual
FY2025Cash capital spending $140.8M
00.10.10.2FY2016FY2019FY2022FY2025
Cash capital spendingAcquired under finance leases
Ciena capital spending including finance leases by fiscal year, millions of US dollars
Millions of dollarsFY2018
Oct 2018
FY2019
Oct 2019
FY2020
Oct 2020
FY2021
Oct 2021
FY2022
Oct 2022
FY2023
Oct 2023
FY2024
Nov 2024
FY2025
Nov 2025
Cash capital spending6863838091106137141
Equipment acquired under finance leases00——————
Capital spending including finance leases6863——————
Finance-lease principal paid43333444
Finance-lease liability——646657524843
Operating-lease liability—76806061504046

Ciena discloses equipment acquired under finance leases only in its annual 10-K, so this section runs by fiscal year as filed. The addition is a non-cash item and is not in cash capital spending.

Ciena, net debt by fiscal quarter; below zero is net cash
$ billion at quarter end
Aug 2026Net debt $386.3MGross debt $3.2B
−101234Oct 2022Jul 2023Apr 2024Feb 2025Nov 2025Aug 2026
Net debtNet cashGross debt
Ciena balance sheet, millions of US dollars
Millions of dollarsNov 2024
Q4 FY2024
Feb 2025
Q1 FY2025
May 2025
Q2 FY2025
Aug 2025
Q3 FY2025
Nov 2025
Q4 FY2025
Jan 2026
Q1 FY2026
May 2026
Q2 FY2026
Aug 2026
Q3 FY2026
Cash and equivalents9358759501,0561,0921,1231,0452,446
Short-term investments316337304270216176158184
Long-term investments8110592645770200214
Cash and investments1,3321,3171,3461,3911,3651,3701,4032,844
Long-term debt1,5331,5311,5291,5261,5241,5251,5203,230
Current debt121212121212120
Gross debt1,5451,5431,5401,5381,5361,5361,5313,230
Finance-lease liability48———43———
Net debt213226194147170167128386
Property and equipment, net, as reported338320349368387438445492
Accumulated depreciation596———664——740
Inventory820845874860826846808872
Inventory days113 days128 days119 days110 days97 days96 days84 days87 days
Total assets5,6415,5735,6595,7495,8655,8926,0397,997
Shareholders’ equity2,8162,7932,7762,7872,7292,7922,8923,057
Interest expense252322232221216
Interest paid2826182517172418
Effective interest cost6.3%5.9%5.6%5.9%5.6%5.5%5.5%0.7%
Stock-based compensation4141484749505558
Shares outstanding, millions143143142141141141142142

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies
Ciena, Networking Platforms segment revenue, by fiscal quarter
$ billion, quarterly
Aug 2026Networking Platforms segment revenue $1.4B
00.511.5Jul 2022Jul 2023Jul 2024Aug 2025Aug 2026
Networking Platforms segment revenue

Networking Platforms segment: $1.4B of revenue in Aug 2026. Members read: StatementBusinessSegmentsAxis=NetworkingPlatformsSegmentMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

What the asset base is made of

Across the hyperscalers
Ciena, property and equipment at cost by class, by fiscal quarter
$ billion at quarter end
Aug 2026Machinery and equipment $1.1BBuildings $67.2MLeasehold improvements $88.6M
00.511.5Oct 2023Aug 2026
Machinery and equipmentBuildingsLeasehold improvements
Ciena property and equipment by class, millions of US dollars
Millions of dollarsOct 2022
Q4 FY2022
Oct 2023
Q4 FY2023
Nov 2024
Q4 FY2024
Nov 2025
Q4 FY2025
Aug 2026
Q3 FY2026
Machinery and equipment6196767898921,076
Buildings6968686767
Leasehold improvements8074779289
Classes combined7698199341,0511,231
Property and equipment, gross, as reported7698199341,0511,231
Accumulated depreciation501539596664740
Share of the balance the classes explain100.0%100.0%100.0%100.0%100.0%

Gross cost before depreciation, by the classes the company reports. Classes read: Building Subject To Capital Lease, Equipment Furniture and Fixtures, Leasehold Improvements.

Largest customers

Share of revenue or receivables, as disclosed
PeriodCustomerBenchmarkShareFiling
Year to Nov 2025Unidentified Customer OneAccounts receivable15.0%10-K
Year to Nov 2025Unidentified Customer TwoAccounts receivable11.0%10-K

Ciena does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 3 customer labels seen in filings since 2023.

Ciena bonds, notes, term loans and facilities since 2025
PricedTypeTranches and maturitiesCouponsAmount, $ millionsConfidenceFiling
Jun 11, 2026Notes——2,875Low: one amount read from the filing text8-K
Jan 21, 2025Term loan (amendment) not counted——1,160Low: one amount read from the filing text8-K

In 2026 Ciena has priced $2.9B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side
Ciena, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter
$ billion, quarterly
Aug 2026Remaining performance obligations $2.5BQuarterly revenue $1.7B
0123Oct 2022Jul 2023Apr 2024Feb 2025Nov 2025Aug 2026
Remaining performance obligationsQuarterly revenue
Ciena contracted revenue, millions of US dollars
Millions of dollarsNov 2024
Q4 FY2024
Feb 2025
Q1 FY2025
May 2025
Q2 FY2025
Aug 2025
Q3 FY2025
Nov 2025
Q4 FY2025
Jan 2026
Q1 FY2026
May 2026
Q2 FY2026
Aug 2026
Q3 FY2026
Revenue1,1241,0721,1261,2191,3521,4271,5711,671
Remaining performance obligations1,6001,7001,7002,0002,1002,3002,5002,500
Backlog over trailing revenue0.4×0.4×0.4×0.4×0.4×0.4×0.4×0.4×
Deferred revenue, current156174222196209290238211
Deferred revenue238257305277304391340311

At Aug 2026 Ciena carried $2.5B of remaining performance obligations, 0.4× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined
Ciena, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter
$ billion, quarterly
Aug 2026Depreciation of property and equipment $35.3MCapital spending $80.0M
0000.10.10.1Oct 2022Jul 2023Apr 2024Feb 2025Nov 2025Aug 2026
Depreciation of property and equipmentCapital spending
Ciena capital spending and depreciation, millions of US dollars
Millions of dollarsNov 2024
Q4 FY2024
Feb 2025
Q1 FY2025
May 2025
Q2 FY2025
Aug 2025
Q3 FY2025
Nov 2025
Q4 FY2025
Jan 2026
Q1 FY2026
May 2026
Q2 FY2026
Aug 2026
Q3 FY2026
Capital spending8427294045744180
Depreciation of property and equipment2425252727323535
Capex to depreciation3.5×1.1×1.1×1.5×1.7×2.3×1.2×2.3×
Amortization of intangibles77776544
Depreciation and amortization, as reported3131323334373839
Property and equipment, net, as reported338320349368387438445492
Property and equipment, gross————1,051——1,231

In Aug 2026 Ciena spent 2.3× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 57 of 71 quarters on file.

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollarsNov 2024
Q4 FY2024
Feb 2025
Q1 FY2025
May 2025
Q2 FY2025
Aug 2025
Q3 FY2025
Nov 2025
Q4 FY2025
Jan 2026
Q1 FY2026
May 2026
Q2 FY2026
Aug 2026
Q3 FY2026
Revenue1,1241,0721,1261,2191,3521,4271,5711,671
Operating cash flow349104157174371228260196
Capital spending8427294045744180
Free cash flow26677128135326154219116
Depreciation and amortization3131323334373839
Long-term debt1,5331,5311,5291,5261,5241,5251,5203,230
First filed / release dateDec 20, 2024Mar 12, 2025Jun 5, 2025Sep 4, 2025Dec 12, 2025Mar 5, 2026Jun 4, 2026Sep 3, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Ciena spend on capital expenditures last quarter?
Ciena spent $0.1 billion on purchases of property and equipment in the quarter ended August 1, 2026, up 101% from the same quarter a year earlier. Over its latest four reported quarters it spent $0.2 billion.
Did Ciena's capital spending exceed its operating cash flow?
No. In the quarter ended August 1, 2026 capital spending was 41% of Ciena's $0.2 billion of operating cash flow, leaving free cash flow of $0.1 billion.
What is Ciena's free cash flow?
$0.1 billion in the quarter ended August 1, 2026, and $0.8 billion over the latest four reported quarters, against $0.6 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is Ciena's capital spending still rising?
Yes. Ciena's quarterly capital spending has been above the same quarter a year earlier for three consecutive quarters. The latest four quarters' spending is 34% above the four before.
Did Ciena borrow to fund its spending?
Ciena's long-term debt rose by $1.7 billion over the quarter ended August 1, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
Is this Ciena's AI spending?
No. These are Ciena's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.