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Side-by-side financial comparison of CIENA CORP (CIEN) and Digital Realty (DLR). Click either name above to swap in a different company.
Digital Realty is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× CIENA CORP). Digital Realty runs the higher net margin — 6.0% vs 4.1%, a 1.9% gap on every dollar of revenue. Over the past eight quarters, Digital Realty's revenue compounded faster (9.8% CAGR vs 3.9%).
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).
Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.
CIEN vs DLR — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.6B |
| Net Profit | $50.3M | $98.6M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 6.9% |
| Net Margin | 4.1% | 6.0% |
| Revenue YoY | — | 16.1% |
| Net Profit YoY | — | -10.3% |
| EPS (diluted) | $0.35 | $0.22 |
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 | — | $1.6B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $942.3M | $1.4B | ||
| Q2 24 | $910.8M | $1.4B |
| Q1 26 | — | $98.6M | ||
| Q4 25 | — | $98.6M | ||
| Q3 25 | $50.3M | $67.8M | ||
| Q2 25 | $9.0M | $1.0B | ||
| Q1 25 | $44.6M | $110.0M | ||
| Q4 24 | $37.0M | $189.6M | ||
| Q3 24 | $14.2M | $51.2M | ||
| Q2 24 | $-16.8M | $80.2M |
| Q1 26 | — | — | ||
| 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 26 | — | 6.9% | ||
| Q4 25 | — | 6.9% | ||
| Q3 25 | 6.0% | 8.8% | ||
| Q2 25 | 2.9% | 14.2% | ||
| Q1 25 | 7.5% | 13.9% | ||
| Q4 24 | 5.3% | 10.1% | ||
| Q3 24 | 2.8% | 11.8% | ||
| Q2 24 | -0.4% | 0.7% |
| Q1 26 | — | 6.0% | ||
| Q4 25 | — | 6.0% | ||
| Q3 25 | 4.1% | 4.3% | ||
| Q2 25 | 0.8% | 69.1% | ||
| Q1 25 | 4.2% | 7.8% | ||
| Q4 24 | 3.3% | 13.2% | ||
| Q3 24 | 1.5% | 3.6% | ||
| Q2 24 | -1.8% | 5.9% |
| Q1 26 | — | $0.22 | ||
| Q4 25 | — | $0.22 | ||
| Q3 25 | $0.35 | $0.15 | ||
| Q2 25 | $0.06 | $2.94 | ||
| Q1 25 | $0.31 | $0.27 | ||
| Q4 24 | $0.26 | $0.50 | ||
| Q3 24 | $0.10 | $0.09 | ||
| Q2 24 | $-0.12 | $0.20 |
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 | $3.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $22.9B |
| Total Assets | $5.7B | $49.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.5B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | $1.3B | $3.3B | ||
| Q2 25 | $1.3B | $3.6B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.3B | $2.3B |
| Q1 26 | — | $22.9B | ||
| Q4 25 | — | $22.9B | ||
| Q3 25 | $2.8B | $23.0B | ||
| Q2 25 | $2.8B | $22.9B | ||
| Q1 25 | $2.8B | $21.3B | ||
| Q4 24 | $2.8B | $21.3B | ||
| Q3 24 | $2.9B | $21.2B | ||
| Q2 24 | $2.9B | $20.5B |
| Q1 26 | — | $49.4B | ||
| Q4 25 | — | $49.4B | ||
| Q3 25 | $5.7B | $48.7B | ||
| Q2 25 | $5.7B | $48.7B | ||
| Q1 25 | $5.6B | $45.1B | ||
| Q4 24 | $5.6B | $45.3B | ||
| Q3 24 | $5.6B | $45.3B | ||
| Q2 24 | $5.6B | $43.6B |
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 | $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.
| Q1 26 | — | — | ||
| Q4 25 | — | $719.0M | ||
| Q3 25 | $174.3M | $652.9M | ||
| Q2 25 | $156.9M | $641.2M | ||
| Q1 25 | $103.7M | $399.1M | ||
| Q4 24 | $349.4M | $769.5M | ||
| Q3 24 | $-159.4M | $566.5M | ||
| Q2 24 | $58.5M | $573.2M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 7.29× | ||
| Q3 25 | 3.47× | 9.63× | ||
| Q2 25 | 17.50× | 0.62× | ||
| Q1 25 | 2.33× | 3.63× | ||
| Q4 24 | 9.44× | 4.06× | ||
| Q3 24 | -11.20× | 11.07× | ||
| Q2 24 | — | 7.15× |
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% |
DLR
Segment breakdown not available.
