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Side-by-side financial comparison of CIENA CORP (CIEN) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.2× CIENA CORP). CIENA CORP runs the higher net margin — 4.1% vs -3.1%, a 7.3% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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).
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CIEN vs RXO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $50.3M | $-46.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | -2.9% |
| Net Margin | 4.1% | -3.1% |
| Revenue YoY | — | -11.9% |
| Net Profit YoY | — | -84.0% |
| EPS (diluted) | $0.35 | $-0.28 |
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 | — | $1.5B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $942.3M | $1.0B | ||
| Q2 24 | $910.8M | $930.0M | ||
| Q1 24 | $1.0B | $913.0M |
| Q4 25 | — | $-46.0M | ||
| Q3 25 | $50.3M | $-14.0M | ||
| Q2 25 | $9.0M | $-9.0M | ||
| Q1 25 | $44.6M | $-31.0M | ||
| Q4 24 | $37.0M | $-25.0M | ||
| Q3 24 | $14.2M | $-243.0M | ||
| Q2 24 | $-16.8M | $-7.0M | ||
| Q1 24 | $49.5M | $-15.0M |
| 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 | — | -2.9% | ||
| Q3 25 | 6.0% | -0.5% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 7.5% | -2.1% | ||
| Q4 24 | 5.3% | -1.4% | ||
| Q3 24 | 2.8% | -1.9% | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | 8.2% | -1.3% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | 4.1% | -1.0% | ||
| Q2 25 | 0.8% | -0.6% | ||
| Q1 25 | 4.2% | -2.2% | ||
| Q4 24 | 3.3% | -1.5% | ||
| Q3 24 | 1.5% | -23.4% | ||
| Q2 24 | -1.8% | -0.8% | ||
| Q1 24 | 4.8% | -1.6% |
| Q4 25 | — | $-0.28 | ||
| Q3 25 | $0.35 | $-0.08 | ||
| Q2 25 | $0.06 | $-0.05 | ||
| Q1 25 | $0.31 | $-0.18 | ||
| Q4 24 | $0.26 | $-0.17 | ||
| Q3 24 | $0.10 | $-1.81 | ||
| Q2 24 | $-0.12 | $-0.06 | ||
| Q1 24 | $0.34 | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | — | $387.0M |
| Stockholders' EquityBook value | $2.8B | $1.5B |
| Total Assets | $5.7B | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.0M | ||
| Q3 25 | $1.3B | $25.0M | ||
| Q2 25 | $1.3B | $18.0M | ||
| Q1 25 | $1.2B | $16.0M | ||
| Q4 24 | $1.3B | $35.0M | ||
| Q3 24 | $1.1B | $55.0M | ||
| Q2 24 | $1.3B | $7.0M | ||
| Q1 24 | $1.4B | $7.0M |
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.8B | $1.6B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.9B | $579.0M | ||
| Q1 24 | $2.9B | $582.0M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $5.7B | $3.2B | ||
| Q2 25 | $5.7B | $3.2B | ||
| Q1 25 | $5.6B | $3.3B | ||
| Q4 24 | $5.6B | $3.4B | ||
| Q3 24 | $5.6B | $3.4B | ||
| Q2 24 | $5.6B | $1.8B | ||
| Q1 24 | $5.6B | $1.8B |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $134.6M | $-9.0M |
| FCF MarginFCF / Revenue | 11.0% | -0.6% |
| Capex IntensityCapex / Revenue | 3.3% | 1.1% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.0M | ||
| Q3 25 | $174.3M | $23.0M | ||
| Q2 25 | $156.9M | $23.0M | ||
| Q1 25 | $103.7M | $-2.0M | ||
| Q4 24 | $349.4M | $-7.0M | ||
| Q3 24 | $-159.4M | $-7.0M | ||
| Q2 24 | $58.5M | $-5.0M | ||
| Q1 24 | $266.1M | $7.0M |
| Q4 25 | — | $-9.0M | ||
| Q3 25 | $134.6M | $9.0M | ||
| Q2 25 | $128.2M | $9.0M | ||
| Q1 25 | $76.8M | $-17.0M | ||
| Q4 24 | $265.8M | $-19.0M | ||
| Q3 24 | $-179.0M | $-18.0M | ||
| Q2 24 | $41.6M | $-16.0M | ||
| Q1 24 | $249.5M | $-4.0M |
| Q4 25 | — | -0.6% | ||
| Q3 25 | 11.0% | 0.6% | ||
| Q2 25 | 11.4% | 0.6% | ||
| Q1 25 | 7.2% | -1.2% | ||
| Q4 24 | 23.6% | -1.1% | ||
| Q3 24 | -19.0% | -1.7% | ||
| Q2 24 | 4.6% | -1.7% | ||
| Q1 24 | 24.0% | -0.4% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 3.3% | 1.0% | ||
| Q2 25 | 2.6% | 1.0% | ||
| Q1 25 | 2.5% | 1.0% | ||
| Q4 24 | 7.4% | 0.7% | ||
| Q3 24 | 2.1% | 1.1% | ||
| Q2 24 | 1.9% | 1.2% | ||
| Q1 24 | 1.6% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
