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GSBR Research

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Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

<ul>
<li>Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint</li>
<li>Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.</li>
<li>The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium</li>
</ul>


Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint
Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.
The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium


Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

Ciena Corp

Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis