Ciena makes the optical systems that carry data between data centres, across continents and under oceans, and AI has given it the best run in its history: revenue rose 36.6% to $4,668.9 million in the nine months to 1 August 2026. At the end of fiscal 2025 its 10-K reported a record $5.0 billion backlog, but only $2.1 billion of it was orders customers could not cancel; the other 58.0% is the widest gap Ciena has filed, and its 10-Qs have since stopped putting a number on backlog. This is a full institutional-grade equity research report on Ciena Corporation (NYSE: CIEN), written to teach optical networking from first principles and built from SEC XBRL company facts, the Forms 10-K and 10-Q, the earnings releases and presentations, the proxy statements and Ciena’s filings back to its 1997 prospectus, into eight chapters and 79 rebuilt charts.
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