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Software - Application · Technology · Fiscal year ends Dec 31
RingCentral reported revenue of $2.5B in the fiscal year ended Dec 2025, up 4.8% from the year before. Operating income was $121M, an operating margin of 4.8%, and net income was $43M. Operating cash flow of $617M less capital expenditure of $30M left free cash flow of $587M. Net debt was $1.1B.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,595 | 1,988 | 2,202 | 2,400 | 2,515 |
| Cost of revenue | 448 | 642 | 664 | 706 | 723 |
| Gross profit | 1,146 | 1,347 | 1,538 | 1,695 | 1,792 |
| Research & development | 310 | 362 | 336 | 329 | 317 |
| Selling, general & admin | 1,138 | 1,350 | 1,401 | 1,363 | 1,354 |
| Operating income | −302 | −649 | −199 | 2.7 | 121 |
| Interest expense | 64.4 | 4.8 | 36.0 | 65.0 | 60.3 |
| Pre-tax income | −374 | −874 | −157 | −47.2 | 56.2 |
| Income tax | 2.5 | 5.1 | 8.4 | 11.1 | 12.8 |
| Net income | −376 | −879 | −165 | −58.3 | 43.4 |
| Diluted EPS | −4.10 | −9.23 | −1.74 | −0.63 | 0.48 |
| Diluted shares | 91.7 | 95.2 | 94.9 | 92.1 | 91.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 267 | 270 | 222 | 243 | 133 |
| Receivables | 233 | 311 | 364 | 386 | 384 |
| Inventory | 5.7 | 1.2 | 1.5 | 1.2 | 0.9 |
| Current assets | 651 | 796 | 849 | 871 | 765 |
| Net PP&E | 167 | 185 | 184 | 181 | 187 |
| Goodwill | 55.5 | 54.3 | 67.4 | 83.0 | 97.8 |
| Total assets | 2,579 | 2,074 | 1,945 | 1,780 | 1,481 |
| Payables | 70.0 | 62.7 | 53.3 | 21.9 | 27.7 |
| Deferred revenue | 176 | 210 | 234 | 262 | 269 |
| Current liabilities | 526 | 653 | 633 | 749 | 1,219 |
| Short-term debt | – | 0.0 | 20.0 | 181 | 624 |
| Long-term debt | – | 1,638 | 1,525 | 1,348 | 630 |
| Total liabilities | 2,041 | 2,357 | 2,248 | 2,131 | 1,870 |
| Shareholders' equity | 339 | −483 | −503 | −551 | −588 |
| Backlog (remaining obligations) | 1,800 | 2,100 | 2,400 | 2,600 | 2,600 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 152 | 191 | 400 | 483 | 617 |
| Capital expenditure | 29.0 | 32.7 | 23.5 | 25.0 | 30.1 |
| Free cash flow | 123 | 159 | 376 | 458 | 587 |
| Depreciation & amortisation | 125 | 247 | 234 | 223 | 223 |
| Stock-based compensation | 358 | 386 | 427 | 339 | 270 |
| Acquisitions | 0.0 | 0.0 | 14.7 | 26.3 | 20.8 |
| Share buybacks | 0.0 | 99.8 | 311 | 322 | 334 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.7% | 10.8% | 9.0% | 4.8% |
| Operating income growth (YoY) | – | – | – | – | 4415.0% |
| Gross margin | 71.9% | 67.7% | 69.8% | 70.6% | 71.2% |
| Operating margin | −18.9% | −32.7% | −9.0% | 0.1% | 4.8% |
| Net margin | −23.6% | −44.2% | −7.5% | −2.4% | 1.7% |
| Return on equityBlank when equity is negative | −111.0% | – | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −14.7% | −45.7% | −15.1% | 0.3% | 45.9% |
| Free cash flow margin | 7.7% | 8.0% | 17.1% | 19.1% | 23.4% |
| Cash conversion (CFO ÷ net income) | −0.40x | −0.22x | −2.42x | −8.29x | 14.2x |
| Receivable days | 53 | 57 | 60 | 59 | 56 |
| Inventory days | 5 | 1 | 1 | 1 | 0 |
| Payable days | 57 | 36 | 29 | 11 | 14 |
| Interest cover | −4.69x | −135x | −5.52x | 0.04x | 2.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,368 | 1,323 | 1,286 | 1,121 |
| Current ratio | 1.24x | 1.22x | 1.34x | 1.16x | 0.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.