Ciena’s Q4 2024 results reflect a continuation of topline momentum and healthy free cash flow generation, underpinned by a stable gross margin and disciplined cost management. Revenue reached $1.124 billion, up 8.3% year over year and 19.3% quarter over quarter, while net income rose to $37.0 million and basic EPS stood at $0.26. EBITDA was $106.8 million, with an operating margin of 5.5%, signaling a mix shift toward higher-margin software and services alongside ongoing investments in next-generation transport and packet networking offerings. The company generated $349.4 million of operating cash flow and $83.5 million of capital expenditures, delivering free cash flow of $265.8 million. Cash and cash equivalents plus short-term investments totaled about $1.251 billion, with total debt of $1.632 billion and net debt of $697 million, leaving Ciena with robust liquidity and a supportive balance sheet for strategic initiatives, including share repurchases of $141.8 million. Although retained earnings are negative ( -$3.293 billion ), total stockholders’ equity remains solid at $2.816 billion, reflecting a long history of investment and acquisitions that underpin current platform capabilities. In a market characterized by carrier capex cycles, cloud and data-center traffic growth, and ongoing network modernization, Ciena’s software-oriented mix and services focus offer potential for higher-margin recurring revenue and resilience against near-term demand volatility.