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Side-by-side financial comparison of Brookfield Infrastructure Corp (BIPC) 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 $866.0M, roughly 1.4× Brookfield Infrastructure Corp). CIENA CORP runs the higher net margin — 4.1% vs -35.7%, a 39.8% gap on every dollar of revenue.
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
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).
BIPC vs CIEN — Head-to-Head
Income Statement — Q2 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $866.0M | $1.2B |
| Net Profit | $-309.0M | $50.3M |
| Gross Margin | 65.0% | 41.3% |
| Operating Margin | 62.7% | 6.0% |
| Net Margin | -35.7% | 4.1% |
| Revenue YoY | -4.6% | — |
| Net Profit YoY | -148.1% | — |
| EPS (diluted) | — | $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.
| Q3 25 | — | $1.2B | ||
| Q2 25 | $866.0M | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $942.3M | ||
| Q2 24 | $908.0M | $910.8M | ||
| Q1 24 | — | $1.0B | ||
| Q4 23 | — | $1.1B |
| Q3 25 | — | $50.3M | ||
| Q2 25 | $-309.0M | $9.0M | ||
| Q1 25 | — | $44.6M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | — | $14.2M | ||
| Q2 24 | $643.0M | $-16.8M | ||
| Q1 24 | — | $49.5M | ||
| Q4 23 | — | $91.2M |
| Q3 25 | — | 41.3% | ||
| Q2 25 | 65.0% | 40.2% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | 63.8% | 42.7% | ||
| Q1 24 | — | 45.0% | ||
| Q4 23 | — | 43.1% |
| Q3 25 | — | 6.0% | ||
| Q2 25 | 62.7% | 2.9% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | 61.9% | -0.4% | ||
| Q1 24 | — | 8.2% | ||
| Q4 23 | — | 8.1% |
| Q3 25 | — | 4.1% | ||
| Q2 25 | -35.7% | 0.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | 70.8% | -1.8% | ||
| Q1 24 | — | 4.8% | ||
| Q4 23 | — | 8.1% |
| Q3 25 | — | $0.35 | ||
| Q2 25 | — | $0.06 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $0.26 | ||
| Q3 24 | — | $0.10 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | — | $0.34 | ||
| Q4 23 | — | $0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $2.8B |
| Total Assets | $23.9B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $466.0M | $1.3B | ||
| Q1 24 | — | $1.4B | ||
| Q4 23 | — | $1.1B |
| Q3 25 | — | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | $3.5B | $2.9B | ||
| Q1 24 | — | $2.9B | ||
| Q4 23 | — | $2.8B |
| Q3 25 | — | $5.7B | ||
| Q2 25 | $23.9B | $5.7B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | $23.7B | $5.6B | ||
| Q1 24 | — | $5.6B | ||
| Q4 23 | — | $5.6B |
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 | $478.0M | $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.
| Q3 25 | — | $174.3M | ||
| Q2 25 | $478.0M | $156.9M | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $349.4M | ||
| Q3 24 | — | $-159.4M | ||
| Q2 24 | $511.0M | $58.5M | ||
| Q1 24 | — | $266.1M | ||
| Q4 23 | — | $195.5M |
| 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 23 | — | $172.7M |
| 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 23 | — | 15.3% |
| 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 23 | — | 2.0% |
| Q3 25 | — | 3.47× | ||
| Q2 25 | — | 17.50× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | -11.20× | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | — | 5.37× | ||
| Q4 23 | — | 2.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIPC
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% |
