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Side-by-side financial comparison of BREAD FINANCIAL HOLDINGS, INC. (BFH) and CIENA CORP (CIEN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $975.0M, roughly 1.3× BREAD FINANCIAL HOLDINGS, INC.). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -0.8%).
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4.8 billion and more than 9,000 employees, as of November 2025. Gary Smith serves as president and chief executive officer (CEO).
BFH vs CIEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $975.0M | $1.2B |
| Net Profit | — | $50.3M |
| Gross Margin | — | 41.3% |
| Operating Margin | 4.9% | 6.0% |
| Net Margin | — | 4.1% |
| Revenue YoY | 5.4% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $1.21 | $0.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $975.0M | — | ||
| Q3 25 | $971.0M | $1.2B | ||
| Q2 25 | $929.0M | $1.1B | ||
| Q1 25 | $970.0M | $1.1B | ||
| Q4 24 | $925.0M | $1.1B | ||
| Q3 24 | $983.0M | $942.3M | ||
| Q2 24 | $939.0M | $910.8M | ||
| Q1 24 | $991.0M | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | $188.0M | $50.3M | ||
| Q2 25 | $139.0M | $9.0M | ||
| Q1 25 | $138.0M | $44.6M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | $2.0M | $14.2M | ||
| Q2 24 | $133.0M | $-16.8M | ||
| Q1 24 | $134.0M | $49.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 40.2% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 42.7% | ||
| Q1 24 | — | 45.0% |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 20.2% | 6.0% | ||
| Q2 25 | 18.7% | 2.9% | ||
| Q1 25 | 20.3% | 7.5% | ||
| Q4 24 | -2.9% | 5.3% | ||
| Q3 24 | 4.1% | 2.8% | ||
| Q2 24 | 19.2% | -0.4% | ||
| Q1 24 | 19.0% | 8.2% |
| Q4 25 | — | — | ||
| Q3 25 | 19.4% | 4.1% | ||
| Q2 25 | 15.0% | 0.8% | ||
| Q1 25 | 14.2% | 4.2% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | 0.2% | 1.5% | ||
| Q2 24 | 14.2% | -1.8% | ||
| Q1 24 | 13.5% | 4.8% |
| Q4 25 | $1.21 | — | ||
| Q3 25 | $3.96 | $0.35 | ||
| Q2 25 | $2.94 | $0.06 | ||
| Q1 25 | $2.78 | $0.31 | ||
| Q4 24 | $0.08 | $0.26 | ||
| Q3 24 | $0.05 | $0.10 | ||
| Q2 24 | $2.66 | $-0.12 | ||
| Q1 24 | $2.70 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $1.3B |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $3.3B | $2.8B |
| Total Assets | $22.7B | $5.7B |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.8B | $1.3B | ||
| Q2 25 | $3.8B | $1.3B | ||
| Q1 25 | $4.2B | $1.2B | ||
| Q4 24 | $4.0B | $1.3B | ||
| Q3 24 | $3.5B | $1.1B | ||
| Q2 24 | $4.1B | $1.3B | ||
| Q1 24 | $3.8B | $1.4B |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.3B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.1B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.0B | $2.9B |
| Q4 25 | $22.7B | — | ||
| Q3 25 | $21.7B | $5.7B | ||
| Q2 25 | $21.8B | $5.7B | ||
| Q1 25 | $22.4B | $5.6B | ||
| Q4 24 | $22.9B | $5.6B | ||
| Q3 24 | $21.7B | $5.6B | ||
| Q2 24 | $22.1B | $5.6B | ||
| Q1 24 | $22.3B | $5.6B |
| Q4 25 | 1.29× | — | ||
| Q3 25 | 1.14× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 1.47× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $568.0M | $174.3M |
| Free Cash FlowOCF − Capex | — | $134.6M |
| FCF MarginFCF / Revenue | — | 11.0% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | — | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $605.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $568.0M | — | ||
| Q3 25 | $605.0M | $174.3M | ||
| Q2 25 | $526.0M | $156.9M | ||
| Q1 25 | $393.0M | $103.7M | ||
| Q4 24 | $479.0M | $349.4M | ||
| Q3 24 | $456.0M | $-159.4M | ||
| Q2 24 | $477.0M | $58.5M | ||
| Q1 24 | $447.0M | $266.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $128.2M | ||
| Q1 25 | — | $76.8M | ||
| Q4 24 | — | $265.8M | ||
| Q3 24 | — | $-179.0M | ||
| Q2 24 | — | $41.6M | ||
| Q1 24 | — | $249.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 11.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | -19.0% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | 24.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | — | — | ||
| Q3 25 | 3.22× | 3.47× | ||
| Q2 25 | 3.78× | 17.50× | ||
| Q1 25 | 2.85× | 2.33× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | 228.00× | -11.20× | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.34× | 5.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFH
Segment breakdown not available.
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
