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Side-by-side financial comparison of CIENA CORP (CIEN) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $792.0M, roughly 1.5× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 4.1%, a 6.4% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% 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).
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
CIEN vs GBTG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $792.0M |
| Net Profit | $50.3M | $83.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 3.7% |
| Net Margin | 4.1% | 10.5% |
| Revenue YoY | — | 34.0% |
| Net Profit YoY | — | 692.9% |
| EPS (diluted) | $0.35 | $0.16 |
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 | — | $792.0M | ||
| Q3 25 | $1.2B | $674.0M | ||
| Q2 25 | $1.1B | $631.0M | ||
| Q1 25 | $1.1B | $621.0M | ||
| Q4 24 | $1.1B | $591.0M | ||
| Q3 24 | $942.3M | $597.0M | ||
| Q2 24 | $910.8M | $625.0M | ||
| Q1 24 | $1.0B | $610.0M |
| Q4 25 | — | $83.0M | ||
| Q3 25 | $50.3M | $-62.0M | ||
| Q2 25 | $9.0M | $15.0M | ||
| Q1 25 | $44.6M | $75.0M | ||
| Q4 24 | $37.0M | $-14.0M | ||
| Q3 24 | $14.2M | $-128.0M | ||
| Q2 24 | $-16.8M | $27.0M | ||
| Q1 24 | $49.5M | $-19.0M |
| 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 | — | 3.7% | ||
| Q3 25 | 6.0% | 1.8% | ||
| Q2 25 | 2.9% | 5.4% | ||
| Q1 25 | 7.5% | 8.9% | ||
| Q4 24 | 5.3% | 5.1% | ||
| Q3 24 | 2.8% | 4.5% | ||
| Q2 24 | -0.4% | 6.7% | ||
| Q1 24 | 8.2% | 2.6% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | 4.1% | -9.2% | ||
| Q2 25 | 0.8% | 2.4% | ||
| Q1 25 | 4.2% | 12.1% | ||
| Q4 24 | 3.3% | -2.4% | ||
| Q3 24 | 1.5% | -21.4% | ||
| Q2 24 | -1.8% | 4.3% | ||
| Q1 24 | 4.8% | -3.1% |
| Q4 25 | — | $0.16 | ||
| Q3 25 | $0.35 | $-0.13 | ||
| Q2 25 | $0.06 | $0.03 | ||
| Q1 25 | $0.31 | $0.16 | ||
| Q4 24 | $0.26 | $-0.04 | ||
| Q3 24 | $0.10 | $-0.28 | ||
| Q2 24 | $-0.12 | $0.06 | ||
| Q1 24 | $0.34 | $-0.04 |
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 | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $2.8B | $1.6B |
| Total Assets | $5.7B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $434.0M | ||
| Q3 25 | $1.3B | $427.0M | ||
| Q2 25 | $1.3B | $601.0M | ||
| Q1 25 | $1.2B | $552.0M | ||
| Q4 24 | $1.3B | $536.0M | ||
| Q3 24 | $1.1B | $524.0M | ||
| Q2 24 | $1.3B | $515.0M | ||
| Q1 24 | $1.4B | $475.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $2.8B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.9B | $1.1B | ||
| Q2 24 | $2.9B | $1.2B | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | — | $4.9B | ||
| Q3 25 | $5.7B | $4.8B | ||
| Q2 25 | $5.7B | $3.9B | ||
| Q1 25 | $5.6B | $3.8B | ||
| Q4 24 | $5.6B | $3.6B | ||
| Q3 24 | $5.6B | $3.8B | ||
| Q2 24 | $5.6B | $3.8B | ||
| Q1 24 | $5.6B | $3.8B |
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| 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 | $174.3M | $52.0M |
| Free Cash FlowOCF − Capex | $134.6M | $13.0M |
| FCF MarginFCF / Revenue | 11.0% | 1.6% |
| Capex IntensityCapex / Revenue | 3.3% | 4.9% |
| Cash ConversionOCF / Net Profit | 3.47× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $52.0M | ||
| Q3 25 | $174.3M | $71.0M | ||
| Q2 25 | $156.9M | $57.0M | ||
| Q1 25 | $103.7M | $53.0M | ||
| Q4 24 | $349.4M | $65.0M | ||
| Q3 24 | $-159.4M | $85.0M | ||
| Q2 24 | $58.5M | $73.0M | ||
| Q1 24 | $266.1M | $49.0M |
| Q4 25 | — | $13.0M | ||
| Q3 25 | $134.6M | $38.0M | ||
| Q2 25 | $128.2M | $27.0M | ||
| Q1 25 | $76.8M | $26.0M | ||
| Q4 24 | $265.8M | $33.0M | ||
| Q3 24 | $-179.0M | $59.0M | ||
| Q2 24 | $41.6M | $49.0M | ||
| Q1 24 | $249.5M | $24.0M |
| Q4 25 | — | 1.6% | ||
| Q3 25 | 11.0% | 5.6% | ||
| Q2 25 | 11.4% | 4.3% | ||
| Q1 25 | 7.2% | 4.2% | ||
| Q4 24 | 23.6% | 5.6% | ||
| Q3 24 | -19.0% | 9.9% | ||
| Q2 24 | 4.6% | 7.8% | ||
| Q1 24 | 24.0% | 3.9% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | 3.3% | 4.9% | ||
| Q2 25 | 2.6% | 4.8% | ||
| Q1 25 | 2.5% | 4.3% | ||
| Q4 24 | 7.4% | 5.4% | ||
| Q3 24 | 2.1% | 4.4% | ||
| Q2 24 | 1.9% | 3.8% | ||
| Q1 24 | 1.6% | 4.1% |
| Q4 25 | — | 0.63× | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | 3.80× | ||
| Q1 25 | 2.33× | 0.71× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | 2.70× | ||
| Q1 24 | 5.37× | — |
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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
