Ciena sets fiscal 2029 targets with ~30% revenue CAGR

Ciena Corporation (NYSE: CIEN) announced three-year financial targets at its Investor Forum held at its research and development facility in Ottawa, Ontario, Canada, according to a company press release.

The targets for fiscal year 2029 include a revenue compound annual growth rate of approximately 30% from 2026 through 2029, an adjusted non-GAAP gross margin of approximately 50%, an adjusted non-GAAP operating margin in the range of 32% to 35%, and free cash flow margins of approximately 20%.

Chief Financial Officer Marc Graff commented on the targets: "The three-year financial targets announced today reflect both the opportunities we see ahead and our confidence in our ability to execute."

Ciena also announced a change to its financial reporting segments beginning with fiscal 2027, to be reflected in first-quarter fiscal 2027 results. The new segments will be Optical Systems, Interconnects, Global Services, and Routing and Other. Graff said the new structure would "allow our owners improved insight into our financial performance."

The investor forum was held September 16 and 17, 2026, during which company executives discussed strategic priorities and portfolio roadmap. Ciena noted it cannot provide a quantitative reconciliation of the non-GAAP financial targets to corresponding GAAP measures without unreasonable effort, citing the inherent variability of forward-looking estimates.

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