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Side-by-side financial comparison of CIENA CORP (CIEN) and Quad/Graphics, Inc. (QUAD). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $630.6M, roughly 1.9× Quad/Graphics, Inc.). Quad/Graphics, Inc. produced more free cash flow last quarter ($137.2M vs $134.6M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -1.9%).
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).
Quad is an American marketing services company headquartered in Sussex, Wisconsin. It provides a range of print and marketing services that support physical and digital media channels through audience targeting services, omnichannel media planning and placement, creative and content production, retail display and packaging, postal optimization, and consumer analytics. In 2025, Quad ranked as one of the largest agency companies in the U.S. and as one of the largest commercial printers in North...
CIEN vs QUAD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $630.6M |
| Net Profit | $50.3M | — |
| Gross Margin | 41.3% | 21.6% |
| Operating Margin | 6.0% | 5.9% |
| Net Margin | 4.1% | — |
| Revenue YoY | — | -11.0% |
| Net Profit YoY | — | — |
| 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.
| Q4 25 | — | $630.6M | ||
| Q3 25 | $1.2B | $588.0M | ||
| Q2 25 | $1.1B | $571.9M | ||
| Q1 25 | $1.1B | $629.4M | ||
| Q4 24 | $1.1B | $708.4M | ||
| Q3 24 | $942.3M | $674.8M | ||
| Q2 24 | $910.8M | $634.2M | ||
| Q1 24 | $1.0B | $654.8M |
| Q4 25 | — | — | ||
| Q3 25 | $50.3M | $10.2M | ||
| Q2 25 | $9.0M | $-100.0K | ||
| Q1 25 | $44.6M | $5.8M | ||
| Q4 24 | $37.0M | — | ||
| Q3 24 | $14.2M | $-24.7M | ||
| Q2 24 | $-16.8M | $-2.8M | ||
| Q1 24 | $49.5M | $-28.1M |
| Q4 25 | — | 21.6% | ||
| Q3 25 | 41.3% | 22.8% | ||
| Q2 25 | 40.2% | 21.6% | ||
| Q1 25 | 44.0% | 20.6% | ||
| Q4 24 | 40.9% | 22.4% | ||
| Q3 24 | 42.9% | 21.8% | ||
| Q2 24 | 42.7% | 22.1% | ||
| Q1 24 | 45.0% | 20.4% |
| Q4 25 | — | 5.9% | ||
| Q3 25 | 6.0% | 4.5% | ||
| Q2 25 | 2.9% | 2.4% | ||
| Q1 25 | 7.5% | 3.1% | ||
| Q4 24 | 5.3% | 2.8% | ||
| Q3 24 | 2.8% | -0.7% | ||
| Q2 24 | -0.4% | 2.4% | ||
| Q1 24 | 8.2% | -1.6% |
| Q4 25 | — | — | ||
| Q3 25 | 4.1% | 1.7% | ||
| Q2 25 | 0.8% | -0.0% | ||
| Q1 25 | 4.2% | 0.9% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 1.5% | -3.7% | ||
| Q2 24 | -1.8% | -0.4% | ||
| Q1 24 | 4.8% | -4.3% |
| Q4 25 | — | $0.22 | ||
| Q3 25 | $0.35 | $0.21 | ||
| Q2 25 | $0.06 | $0.00 | ||
| Q1 25 | $0.31 | $0.11 | ||
| Q4 24 | $0.26 | $0.11 | ||
| Q3 24 | $0.10 | $-0.52 | ||
| Q2 24 | $-0.12 | $-0.06 | ||
| Q1 24 | $0.34 | $-0.60 |
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 | $63.3M |
| Total DebtLower is stronger | — | $369.9M |
| Stockholders' EquityBook value | $2.8B | $-59.5M |
| Total Assets | $5.7B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.3M | ||
| Q3 25 | $1.3B | $6.2M | ||
| Q2 25 | $1.3B | $6.7M | ||
| Q1 25 | $1.2B | $8.1M | ||
| Q4 24 | $1.3B | $29.2M | ||
| Q3 24 | $1.1B | $12.5M | ||
| Q2 24 | $1.3B | $12.8M | ||
| Q1 24 | $1.4B | $10.2M |
| Q4 25 | — | $369.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $377.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-59.5M | ||
| Q3 25 | $2.8B | $96.7M | ||
| Q2 25 | $2.8B | $87.0M | ||
| Q1 25 | $2.8B | $87.4M | ||
| Q4 24 | $2.8B | $-131.2M | ||
| Q3 24 | $2.9B | $50.9M | ||
| Q2 24 | $2.9B | $79.1M | ||
| Q1 24 | $2.9B | $89.2M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $5.7B | $1.3B | ||
| Q2 25 | $5.7B | $1.2B | ||
| Q1 25 | $5.6B | $1.2B | ||
| Q4 24 | $5.6B | $1.3B | ||
| Q3 24 | $5.6B | $1.4B | ||
| Q2 24 | $5.6B | $1.4B | ||
| Q1 24 | $5.6B | $1.4B |
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 | $145.9M |
| Free Cash FlowOCF − Capex | $134.6M | $137.2M |
| FCF MarginFCF / Revenue | 11.0% | 21.8% |
| Capex IntensityCapex / Revenue | 3.3% | 1.4% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $50.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $145.9M | ||
| Q3 25 | $174.3M | $-8.4M | ||
| Q2 25 | $156.9M | $47.4M | ||
| Q1 25 | $103.7M | $-89.0M | ||
| Q4 24 | $349.4M | $158.8M | ||
| Q3 24 | $-159.4M | $2.4M | ||
| Q2 24 | $58.5M | $3.9M | ||
| Q1 24 | $266.1M | $-52.2M |
| Q4 25 | — | $137.2M | ||
| Q3 25 | $134.6M | $-20.6M | ||
| Q2 25 | $128.2M | $34.4M | ||
| Q1 25 | $76.8M | $-100.3M | ||
| Q4 24 | $265.8M | $147.3M | ||
| Q3 24 | $-179.0M | $-9.8M | ||
| Q2 24 | $41.6M | $-11.7M | ||
| Q1 24 | $249.5M | $-70.1M |
| Q4 25 | — | 21.8% | ||
| Q3 25 | 11.0% | -3.5% | ||
| Q2 25 | 11.4% | 6.0% | ||
| Q1 25 | 7.2% | -15.9% | ||
| Q4 24 | 23.6% | 20.8% | ||
| Q3 24 | -19.0% | -1.5% | ||
| Q2 24 | 4.6% | -1.8% | ||
| Q1 24 | 24.0% | -10.7% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 3.3% | 2.1% | ||
| Q2 25 | 2.6% | 2.3% | ||
| Q1 25 | 2.5% | 1.8% | ||
| Q4 24 | 7.4% | 1.6% | ||
| Q3 24 | 2.1% | 1.8% | ||
| Q2 24 | 1.9% | 2.5% | ||
| Q1 24 | 1.6% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | -0.82× | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | -15.34× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | — | ||
| 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% |
QUAD
| Catalog Publications Retail Inserts Books And Directories | $300.6M | 48% |
| Direct Mail And Other Printed Products | $147.1M | 23% |
| Imaging Marketing Services And Other Services | $79.8M | 13% |
| Logistic Services | $61.4M | 10% |
| Other | $39.3M | 6% |
| Other Revenues | $2.4M | 0% |
