Free cash flow
Ciena Free cash flow decreased by 52.8% to $153.76M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 100.1%, from $76.84M to $153.76M. Over 4 years (FY 2021 to FY 2025), Free cash flow shows an upward trend with a 9.5% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
An increase suggests strong operational efficiency and the ability to self-fund future innovation or return capital to shareholders, while a decrease may indicate heavy capital expenditure cycles or declining operational profitability.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
High-growth semiconductor and AI infrastructure peers typically prioritize reinvestment, so free cash flow margins are often compared against R&D intensity and capital expenditure requirements of industry rivals.
cf_free_cash_flowHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $53.46M | $242.63M | -$80.22M | $87.11M | -$227.05M | -$38.42M | -$295.67M | $201.81M | -$16.70M | $172.70M | $249.48M | $41.57M | -$178.98M | $265.82M | $76.84M | $128.21M | $134.60M | $325.65M | $153.76M |
| QoQ Change | — | +353.9% | -133.1% | +208.6% | -360.7% | +83.1% | -669.6% | +168.3% | -108.3% | >999% | +44.5% | -83.3% | -530.5% | +248.5% | -71.1% | +66.9% | +5.0% | +141.9% | -52.8% |
| YoY Change | — | — | — | — | -524.7% | -115.8% | -268.6% | +131.7% | +92.6% | +549.5% | +184.4% | -79.4% | -971.7% | +53.9% | -69.2% | +208.4% | +175.2% | +22.5% | +100.1% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is Ciena's free cash flow?
- Ciena (CIEN) reported free cash flow of $153.76M in Q4 2025.
- How has Ciena's free cash flow changed year-over-year?
- Ciena's free cash flow increased by 100.1% year-over-year, from $76.84M to $153.76M.
- What is the long-term trend for Ciena's free cash flow?
- Over 4 years (2021 to 2025), Ciena's free cash flow has grown at a 9.5% compound annual growth rate (CAGR), from $462.10M to $665.29M.
- What does free cash flow mean?
- The cash a company has left over after paying for its operating expenses and capital investments.