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Side-by-side financial comparison of CIENA CORP (CIEN) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× Virtu Financial, Inc.). Virtu Financial, Inc. runs the higher net margin — 31.6% vs 4.1%, a 27.5% gap on every dollar of revenue. Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (25.7% 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).
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
CIEN vs VIRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.1B |
| Net Profit | $50.3M | $346.6M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 37.4% |
| Net Margin | 4.1% | 31.6% |
| Revenue YoY | — | 30.7% |
| Net Profit YoY | — | 82.8% |
| EPS (diluted) | $0.35 | $1.99 |
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 | — | $1.1B | ||
| Q4 25 | — | $969.9M | ||
| Q3 25 | $1.2B | $824.8M | ||
| Q2 25 | $1.1B | $999.6M | ||
| Q1 25 | $1.1B | $837.9M | ||
| Q4 24 | $1.1B | $834.3M | ||
| Q3 24 | $942.3M | $706.8M | ||
| Q2 24 | $910.8M | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | — | $139.9M | ||
| Q3 25 | $50.3M | $77.6M | ||
| Q2 25 | $9.0M | $151.2M | ||
| Q1 25 | $44.6M | $99.7M | ||
| Q4 24 | $37.0M | $94.1M | ||
| Q3 24 | $14.2M | $60.0M | ||
| Q2 24 | $-16.8M | $66.6M |
| 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 | — | 37.4% | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 6.0% | 21.8% | ||
| Q2 25 | 2.9% | 34.7% | ||
| Q1 25 | 7.5% | 26.7% | ||
| Q4 24 | 5.3% | 24.3% | ||
| Q3 24 | 2.8% | 20.8% | ||
| Q2 24 | -0.4% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | — | 14.4% | ||
| Q3 25 | 4.1% | 9.4% | ||
| Q2 25 | 0.8% | 15.1% | ||
| Q1 25 | 4.2% | 11.9% | ||
| Q4 24 | 3.3% | 11.3% | ||
| Q3 24 | 1.5% | 8.5% | ||
| Q2 24 | -1.8% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | — | $1.54 | ||
| Q3 25 | $0.35 | $0.86 | ||
| Q2 25 | $0.06 | $1.65 | ||
| Q1 25 | $0.31 | $1.08 | ||
| Q4 24 | $0.26 | $1.03 | ||
| Q3 24 | $0.10 | $0.64 | ||
| Q2 24 | $-0.12 | $0.71 |
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 | $973.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $2.2B |
| Total Assets | $5.7B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.3B | $707.9M | ||
| Q2 25 | $1.3B | $752.1M | ||
| Q1 25 | $1.2B | $723.6M | ||
| Q4 24 | $1.3B | $872.5M | ||
| Q3 24 | $1.1B | $701.4M | ||
| Q2 24 | $1.3B | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.9B | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | — | $20.2B | ||
| Q3 25 | $5.7B | $21.3B | ||
| Q2 25 | $5.7B | $19.3B | ||
| Q1 25 | $5.6B | $17.5B | ||
| Q4 24 | $5.6B | $15.4B | ||
| Q3 24 | $5.6B | $14.4B | ||
| Q2 24 | $5.6B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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% | — |
| 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 | — | $518.4M | ||
| Q3 25 | $174.3M | $-68.7M | ||
| Q2 25 | $156.9M | $62.8M | ||
| Q1 25 | $103.7M | $15.0M | ||
| Q4 24 | $349.4M | $599.0M | ||
| Q3 24 | $-159.4M | $112.1M | ||
| Q2 24 | $58.5M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $495.6M | ||
| Q3 25 | $134.6M | $-76.7M | ||
| Q2 25 | $128.2M | $57.6M | ||
| Q1 25 | $76.8M | $9.2M | ||
| Q4 24 | $265.8M | $586.6M | ||
| Q3 24 | $-179.0M | $106.2M | ||
| Q2 24 | $41.6M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 51.1% | ||
| Q3 25 | 11.0% | -9.3% | ||
| Q2 25 | 11.4% | 5.8% | ||
| Q1 25 | 7.2% | 1.1% | ||
| Q4 24 | 23.6% | 70.3% | ||
| Q3 24 | -19.0% | 15.0% | ||
| Q2 24 | 4.6% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 3.3% | 1.0% | ||
| Q2 25 | 2.6% | 0.5% | ||
| Q1 25 | 2.5% | 0.7% | ||
| Q4 24 | 7.4% | 1.5% | ||
| Q3 24 | 2.1% | 0.8% | ||
| Q2 24 | 1.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.71× | ||
| Q3 25 | 3.47× | -0.89× | ||
| Q2 25 | 17.50× | 0.42× | ||
| Q1 25 | 2.33× | 0.15× | ||
| Q4 24 | 9.44× | 6.37× | ||
| Q3 24 | -11.20× | 1.87× | ||
| Q2 24 | — | 7.37× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
