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Side-by-side financial comparison of CIENA CORP (CIEN) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× CIENA CORP). Toast, Inc. runs the higher net margin — 6.2% vs 4.1%, a 2.1% gap on every dollar of revenue. Toast, Inc. produced more free cash flow last quarter ($178.0M vs $134.6M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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).
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CIEN vs TOST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.6B |
| Net Profit | $50.3M | $101.0M |
| Gross Margin | 41.3% | 25.9% |
| Operating Margin | 6.0% | 5.2% |
| Net Margin | 4.1% | 6.2% |
| Revenue YoY | — | 22.0% |
| Net Profit YoY | — | 215.6% |
| EPS (diluted) | $0.35 | $0.18 |
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 | — | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $942.3M | $1.3B | ||
| Q2 24 | $910.8M | $1.2B | ||
| Q1 24 | $1.0B | $1.1B |
| Q4 25 | — | $101.0M | ||
| Q3 25 | $50.3M | $105.0M | ||
| Q2 25 | $9.0M | $80.0M | ||
| Q1 25 | $44.6M | $56.0M | ||
| Q4 24 | $37.0M | $32.0M | ||
| Q3 24 | $14.2M | $56.0M | ||
| Q2 24 | $-16.8M | $14.0M | ||
| Q1 24 | $49.5M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | 41.3% | 26.5% | ||
| Q2 25 | 40.2% | 25.3% | ||
| Q1 25 | 44.0% | 25.9% | ||
| Q4 24 | 40.9% | 24.9% | ||
| Q3 24 | 42.9% | 24.7% | ||
| Q2 24 | 42.7% | 23.0% | ||
| Q1 24 | 45.0% | 23.2% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 6.0% | 5.1% | ||
| Q2 25 | 2.9% | 5.2% | ||
| Q1 25 | 7.5% | 3.2% | ||
| Q4 24 | 5.3% | 2.5% | ||
| Q3 24 | 2.8% | 2.6% | ||
| Q2 24 | -0.4% | 0.4% | ||
| Q1 24 | 8.2% | -5.2% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 4.1% | 6.4% | ||
| Q2 25 | 0.8% | 5.2% | ||
| Q1 25 | 4.2% | 4.2% | ||
| Q4 24 | 3.3% | 2.4% | ||
| Q3 24 | 1.5% | 4.3% | ||
| Q2 24 | -1.8% | 1.1% | ||
| Q1 24 | 4.8% | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.35 | $0.16 | ||
| Q2 25 | $0.06 | $0.13 | ||
| Q1 25 | $0.31 | $0.09 | ||
| Q4 24 | $0.26 | $0.09 | ||
| Q3 24 | $0.10 | $0.07 | ||
| Q2 24 | $-0.12 | $0.02 | ||
| Q1 24 | $0.34 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $2.1B |
| Total Assets | $5.7B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.3B | $903.0M | ||
| Q3 24 | $1.1B | $761.0M | ||
| Q2 24 | $1.3B | $691.0M | ||
| Q1 24 | $1.4B | $578.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.5B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.6B | $2.6B | ||
| Q4 24 | $5.6B | $2.4B | ||
| Q3 24 | $5.6B | $2.2B | ||
| Q2 24 | $5.6B | $2.2B | ||
| Q1 24 | $5.6B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $134.6M | $178.0M |
| FCF MarginFCF / Revenue | 11.0% | 10.9% |
| Capex IntensityCapex / Revenue | 3.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.47× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | $174.3M | $165.0M | ||
| Q2 25 | $156.9M | $223.0M | ||
| Q1 25 | $103.7M | $79.0M | ||
| Q4 24 | $349.4M | $147.0M | ||
| Q3 24 | $-159.4M | $109.0M | ||
| Q2 24 | $58.5M | $124.0M | ||
| Q1 24 | $266.1M | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | $134.6M | $153.0M | ||
| Q2 25 | $128.2M | $208.0M | ||
| Q1 25 | $76.8M | $69.0M | ||
| Q4 24 | $265.8M | $134.0M | ||
| Q3 24 | $-179.0M | $97.0M | ||
| Q2 24 | $41.6M | $108.0M | ||
| Q1 24 | $249.5M | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | 11.0% | 9.4% | ||
| Q2 25 | 11.4% | 13.4% | ||
| Q1 25 | 7.2% | 5.2% | ||
| Q4 24 | 23.6% | 10.0% | ||
| Q3 24 | -19.0% | 7.4% | ||
| Q2 24 | 4.6% | 8.7% | ||
| Q1 24 | 24.0% | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 3.3% | 0.7% | ||
| Q2 25 | 2.6% | 1.0% | ||
| Q1 25 | 2.5% | 0.7% | ||
| Q4 24 | 7.4% | 1.0% | ||
| Q3 24 | 2.1% | 0.9% | ||
| Q2 24 | 1.9% | 1.3% | ||
| Q1 24 | 1.6% | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | 3.47× | 1.57× | ||
| Q2 25 | 17.50× | 2.79× | ||
| Q1 25 | 2.33× | 1.41× | ||
| Q4 24 | 9.44× | 4.59× | ||
| Q3 24 | -11.20× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
