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Side-by-side financial comparison of CIENA CORP (CIEN) and CVR ENERGY INC (CVI). Click either name above to swap in a different company.
CVR ENERGY INC is the larger business by last-quarter revenue ($2.0B vs $1.2B, roughly 1.6× CIENA CORP). CIENA CORP runs the higher net margin — 4.1% vs -8.1%, a 12.2% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $21.0M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs 0.3%).
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).
CVR Energy Inc is a United States-based energy holding company operating two core segments: petroleum refining and nitrogen fertilizer manufacturing. It produces a wide range of products including gasoline, diesel, jet fuel, and agricultural fertilizers, primarily serving commercial, industrial and agricultural customers across North America.
CIEN vs CVI — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.0B |
| Net Profit | $50.3M | $-160.0M |
| Gross Margin | 41.3% | -5.2% |
| Operating Margin | 6.0% | — |
| Net Margin | 4.1% | -8.1% |
| Revenue YoY | — | 20.3% |
| Net Profit YoY | — | -56.1% |
| EPS (diluted) | $0.35 | $-1.91 |
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.
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $942.3M | $1.8B | ||
| Q2 24 | $910.8M | $2.0B |
| Q1 26 | — | $-160.0M | ||
| Q4 25 | — | $-110.0M | ||
| Q3 25 | $50.3M | $374.0M | ||
| Q2 25 | $9.0M | $-114.0M | ||
| Q1 25 | $44.6M | $-123.0M | ||
| Q4 24 | $37.0M | $28.0M | ||
| Q3 24 | $14.2M | $-124.0M | ||
| Q2 24 | $-16.8M | $21.0M |
| Q1 26 | — | -5.2% | ||
| Q4 25 | — | -3.1% | ||
| Q3 25 | 41.3% | 28.8% | ||
| Q2 25 | 40.2% | -3.7% | ||
| Q1 25 | 44.0% | -5.5% | ||
| Q4 24 | 40.9% | 3.0% | ||
| Q3 24 | 42.9% | -3.9% | ||
| Q2 24 | 42.7% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | -5.3% | ||
| Q3 25 | 6.0% | 26.3% | ||
| Q2 25 | 2.9% | -5.8% | ||
| Q1 25 | 7.5% | -8.0% | ||
| Q4 24 | 5.3% | 1.1% | ||
| Q3 24 | 2.8% | -6.2% | ||
| Q2 24 | -0.4% | 1.4% |
| Q1 26 | — | -8.1% | ||
| Q4 25 | — | -6.1% | ||
| Q3 25 | 4.1% | 19.2% | ||
| Q2 25 | 0.8% | -6.5% | ||
| Q1 25 | 4.2% | -7.5% | ||
| Q4 24 | 3.3% | 1.4% | ||
| Q3 24 | 1.5% | -6.8% | ||
| Q2 24 | -1.8% | 1.1% |
| Q1 26 | — | $-1.91 | ||
| Q4 25 | — | $-1.09 | ||
| Q3 25 | $0.35 | $3.72 | ||
| Q2 25 | $0.06 | $-1.14 | ||
| Q1 25 | $0.31 | $-1.22 | ||
| Q4 24 | $0.26 | $0.28 | ||
| Q3 24 | $0.10 | $-1.24 | ||
| Q2 24 | $-0.12 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $512.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | — |
| Total Assets | $5.7B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.0M | ||
| Q4 25 | — | $511.0M | ||
| Q3 25 | $1.3B | $670.0M | ||
| Q2 25 | $1.3B | $596.0M | ||
| Q1 25 | $1.2B | $695.0M | ||
| Q4 24 | $1.3B | $987.0M | ||
| Q3 24 | $1.1B | $534.0M | ||
| Q2 24 | $1.3B | $586.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $730.0M | ||
| Q3 25 | $2.8B | $840.0M | ||
| Q2 25 | $2.8B | $466.0M | ||
| Q1 25 | $2.8B | $580.0M | ||
| Q4 24 | $2.8B | $703.0M | ||
| Q3 24 | $2.9B | $675.0M | ||
| Q2 24 | $2.9B | $849.0M |
| Q1 26 | — | $3.9B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | $5.7B | $4.0B | ||
| Q2 25 | $5.7B | $4.0B | ||
| Q1 25 | $5.6B | $4.3B | ||
| Q4 24 | $5.6B | $4.3B | ||
| Q3 24 | $5.6B | $3.9B | ||
| Q2 24 | $5.6B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 2.17× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 1.86× |
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 | $174.3M | — |
| Free Cash FlowOCF − Capex | $134.6M | $21.0M |
| FCF MarginFCF / Revenue | 11.0% | 1.1% |
| Capex IntensityCapex / Revenue | 3.3% | 1.5% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $0 | ||
| Q3 25 | $174.3M | $163.0M | ||
| Q2 25 | $156.9M | $176.0M | ||
| Q1 25 | $103.7M | $-195.0M | ||
| Q4 24 | $349.4M | $98.0M | ||
| Q3 24 | $-159.4M | $48.0M | ||
| Q2 24 | $58.5M | $81.0M |
| Q1 26 | — | $21.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | $134.6M | $125.0M | ||
| Q2 25 | $128.2M | $135.0M | ||
| Q1 25 | $76.8M | $-246.0M | ||
| Q4 24 | $265.8M | $43.0M | ||
| Q3 24 | $-179.0M | $14.0M | ||
| Q2 24 | $41.6M | $38.0M |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | 6.4% | ||
| Q2 25 | 11.4% | 7.7% | ||
| Q1 25 | 7.2% | -14.9% | ||
| Q4 24 | 23.6% | 2.2% | ||
| Q3 24 | -19.0% | 0.8% | ||
| Q2 24 | 4.6% | 1.9% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | — | 3.0% | ||
| Q3 25 | 3.3% | 2.0% | ||
| Q2 25 | 2.6% | 2.3% | ||
| Q1 25 | 2.5% | 3.1% | ||
| Q4 24 | 7.4% | 2.8% | ||
| Q3 24 | 2.1% | 1.9% | ||
| Q2 24 | 1.9% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | 0.44× | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | 3.50× | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | 3.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CVI
Segment breakdown not available.
