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Side-by-side financial comparison of CIENA CORP (CIEN) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $807.0M, roughly 1.5× Sinclair, Inc.). CIENA CORP runs the higher net margin — 4.1% vs 2.5%, a 1.6% gap on every dollar of revenue. Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -1.3%).
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).
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
CIEN vs SBGI — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $807.0M |
| Net Profit | $50.3M | $20.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 0.0% |
| Net Margin | 4.1% | 2.5% |
| Revenue YoY | — | 4.0% |
| Net Profit YoY | — | — |
| 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.
| Q1 26 | — | $807.0M | ||
| Q4 25 | — | $836.0M | ||
| Q3 25 | $1.2B | $773.0M | ||
| Q2 25 | $1.1B | $784.0M | ||
| Q1 25 | $1.1B | $776.0M | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $942.3M | $917.0M | ||
| Q2 24 | $910.8M | $829.0M |
| Q1 26 | — | $20.0M | ||
| Q4 25 | — | $109.0M | ||
| Q3 25 | $50.3M | $-1.0M | ||
| Q2 25 | $9.0M | $-64.0M | ||
| Q1 25 | $44.6M | $-156.0M | ||
| Q4 24 | $37.0M | $176.0M | ||
| Q3 24 | $14.2M | $94.0M | ||
| Q2 24 | $-16.8M | $17.0M |
| 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 | — | 0.0% | ||
| Q4 25 | — | 9.6% | ||
| Q3 25 | 6.0% | 7.5% | ||
| Q2 25 | 2.9% | 2.7% | ||
| Q1 25 | 7.5% | 1.8% | ||
| Q4 24 | 5.3% | 26.5% | ||
| Q3 24 | 2.8% | 19.5% | ||
| Q2 24 | -0.4% | 7.7% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | — | 13.0% | ||
| Q3 25 | 4.1% | -0.1% | ||
| Q2 25 | 0.8% | -8.2% | ||
| Q1 25 | 4.2% | -20.1% | ||
| Q4 24 | 3.3% | 17.5% | ||
| Q3 24 | 1.5% | 10.3% | ||
| Q2 24 | -1.8% | 2.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | — | $1.62 | ||
| Q3 25 | $0.35 | $-0.02 | ||
| Q2 25 | $0.06 | $-0.91 | ||
| Q1 25 | $0.31 | $-2.30 | ||
| Q4 24 | $0.26 | $2.64 | ||
| Q3 24 | $0.10 | $1.43 | ||
| Q2 24 | $-0.12 | $0.27 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | — |
| Total Assets | $5.7B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $866.0M | ||
| Q3 25 | $1.3B | $526.0M | ||
| Q2 25 | $1.3B | $616.0M | ||
| Q1 25 | $1.2B | $631.0M | ||
| Q4 24 | $1.3B | $697.0M | ||
| Q3 24 | $1.1B | $536.0M | ||
| Q2 24 | $1.3B | $378.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $443.0M | ||
| Q3 25 | $2.8B | $347.0M | ||
| Q2 25 | $2.8B | $361.0M | ||
| Q1 25 | $2.8B | $436.0M | ||
| Q4 24 | $2.8B | $583.0M | ||
| Q3 24 | $2.9B | $415.0M | ||
| Q2 24 | $2.9B | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $5.7B | $5.6B | ||
| Q2 25 | $5.7B | $5.7B | ||
| Q1 25 | $5.6B | $5.8B | ||
| Q4 24 | $5.6B | $5.9B | ||
| Q3 24 | $5.6B | $5.8B | ||
| Q2 24 | $5.6B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× |
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% | 1.7% |
| 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 | — | $98.0M | ||
| Q3 25 | $174.3M | $-36.0M | ||
| Q2 25 | $156.9M | $122.0M | ||
| Q1 25 | $103.7M | $5.0M | ||
| Q4 24 | $349.4M | $198.0M | ||
| Q3 24 | $-159.4M | $210.0M | ||
| Q2 24 | $58.5M | $-306.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $79.0M | ||
| Q3 25 | $134.6M | $-58.0M | ||
| Q2 25 | $128.2M | $105.0M | ||
| Q1 25 | $76.8M | $-11.0M | ||
| Q4 24 | $265.8M | $175.0M | ||
| Q3 24 | $-179.0M | $193.0M | ||
| Q2 24 | $41.6M | $-329.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.4% | ||
| Q3 25 | 11.0% | -7.5% | ||
| Q2 25 | 11.4% | 13.4% | ||
| Q1 25 | 7.2% | -1.4% | ||
| Q4 24 | 23.6% | 17.4% | ||
| Q3 24 | -19.0% | 21.0% | ||
| Q2 24 | 4.6% | -39.7% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 3.3% | 2.8% | ||
| Q2 25 | 2.6% | 2.2% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | 7.4% | 2.3% | ||
| Q3 24 | 2.1% | 1.9% | ||
| Q2 24 | 1.9% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | 1.13× | ||
| Q3 24 | -11.20× | 2.23× | ||
| Q2 24 | — | -18.00× |
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% |
SBGI
| Media revenue | $701.0M | 87% |
| Other | $82.0M | 10% |
| Political advertising revenue | $18.0M | 2% |
| Non-media revenue | $6.0M | 1% |
