Ribbon Communications Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ribbon Communications Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	253	330	578	563	844	845	820	826	834	845
Cost of revenue	85	128	231	246	393	400	419	418	394	424
Gross profit	168	201	347	317	451	445	401	408	440	421
Research and development	72.8	101	145	141	195	195	204	191	180	179
Selling and marketing	68.5	83.4	118	106	139	150	148	137	138	133
General and administrative	35.9	47.6	66	53.9	63.3	53.7	51.1	55	68.7	64.2
Operating expenses	181	257	413	507	449	562	449	432	423	424
Operating income	-13.6	-55.2	-65.4	-189	1.67	-118	-48.3	-24.3	16.9	-3.32
Other non-operating income	1.42	1.27	-3.77	70.4	113	-74.5	-44.5	-3.77	-29.1	2.23
Pre-tax income	-11.4	-53.7	-73.4	-123	93.3	-208	-113	-55.4	-46.1	-45.1
Income tax	2.52	-18.4	3.4	7.18	4.73	-31	-14.5	10.8	8.17	-84.7
Net income	-13.9	-35.3	-76.8	-130	88.6	-177	-98.1	-66.2	-54.2	39.6
EBITDA			-54.2	-178	18.9	-101	-33	-10.2	30.4	13.4
EPS, basic	-0.28	-0.60	-0.74	-1.19	0.64	-1.20	-0.63	-0.39	-0.31	0.22
EPS, diluted	-0.28	-0.60	-0.74	-1.19	0.61	-1.20	-0.63	-0.39	-0.31	0.22
Shares, basic (weighted)	49.4	58.8	104	110	139	148	157	170	174	176
Shares, diluted (weighted)	49.4	58.8	104	110	145	148	157	170	174	180

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.9	57.1	43.7	44.6	128	104	67.3	26.5	87.8	96.4
Short-term investments	61.8	17.2	7.28	0
Receivables	53.9	165	188	193	238	283	267	268	255	232
Inventory	18.3	21.3	22.6	14.8	45.8	54	75.4	77.5	79.2	78.8
Other current assets	12	21.5	17	27.1	28.5	37.5	68.1	46.1	39.3	45.7
Total current assets	178	282	278	279	448	481	478	419	464	454
Property, plant and equipment	11.7	24.8	27	29	48.9	47.7	44.8	41.8	60.4	65.6
Lease right-of-use assets			0	36.7	69.8	53.1	44.9	39.8	34.5	46.2
Goodwill	49.4	336	384	225	417	301	301	301	301	301
Intangible assets	30.2	244	251	213	417	351	295	238	188	143
Long-term investments	32.4	9.03	0
Other non-current assets	4.9	6.29	7.48	26.8	20.9	23.1	38.6	35.1	26.6	27.4
Total assets	308	911	957	815	1,547	1,348	1,256	1,144	1,163	1,212
Accounts payable	6.53	45.9	45.3	31.4	63.4	97.1	95.8	85.2	87.8	79.8
Accrued liabilities	27	76.4	84.3	56.7	135	101	85.3	91.7	106	90.8
Deferred revenue	43.5	101	105	100	96.8	109	114	113	119	124
Short-term debt			0	2.5	15.5	20.1	20.1	35.1	6.13	8.75
Total current liabilities	77.1	243	290	207	328	344	330	341	329	315
Long-term debt			0	46	369	350	306	197	331	325
Lease liabilities			0	37.2	72.6	55.2	46.2	38.7	37.4	60.2
Other non-current liabilities	1.63	13.2	30.8	16.6	48.3	42	31.2	30.7	26	23.8
Total liabilities	88.9	295	367	332	860	821	737	691	758	763
Total debt		20	55	48.5	385	370	330	235	348	342
Paid-in capital	1,251	1,685	1,724	1,748	1,870	1,875	1,942	1,959	1,971	1,977
Retained earnings	-1,037	-1,072	-1,137	-1,267	-1,178	-1,356	-1,454	-1,520	-1,574	-1,535
Other comprehensive income	5.5	3.07	3.7	2.53	-4.94	7.58	30.6	13.8	8.08	6.57
Shareholders' equity	219	615	590	483	687	527	518	453	405	449
Total equity	219	615	590	483	687	527	518	453	405	449
Total liabilities and equity	308	911	957	815	1,547	1,348	1,256	1,144	1,163	1,212
Shares outstanding	49	102	107	110	145	149	168	172	176	176

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.9	-35.3	-76.8	-130	88.6	-177	-98.1	-66.2	-54.2	39.6
Depreciation and amortization			11.2	11.9	17.2	17	15.3	14.1	13.5	16.7
Stock-based compensation	19.8	25.7	11.1	12.6	13.9	19.4	18.7	21.8	16.1	19.4
Deferred income tax	1.1	-20.3	0.51	5.3	-4.62	-45.5	-18.3	-9.2	-16.9	-85.6
Change in receivables	-0.85	-30.8	-13	-3.94	9.58	-47.3	14.3	5.73	12.4	20
Change in inventory	4.86	5.79	0.99	7.78	11.8	-9.03	-32.1	-10.7	-3.62	0.23
Change in payables	-0.82	13.4	-6.06	-16.3	-49.6	34.5	-0.45	-10.5	-6.02	-3.26
Cash from operations	19.2	8.08	-9.6	55.7	102	19.2	-26.4	17.1	50.2	51.4
Capital expenditures	-4.63	-4	-7.91	-10.8	-26.7	-17.1	-10.3	-9.38	-22.4	-25.3
Acquisitions	-20.7	-43	-46.4	0	-347	0	0
Purchases of investments	-78.5	-28.7	0	0
Sales and maturities of investments	4.9	51.6	12.5	7.3	0	0
Cash from investing	-27.3	21	-35.4	-3.53	-330	-14.2	-12.1	-9.48	-22.9	-25.3
Debt issued					479	74.6	0	0	342
Stock issued	0.15	0.62	0.07	0.24	0.07	0.02	0	0.02	0.02	0.01
Share buybacks	-9.53	0	0	-4.54	0	0				-8.96
Cash from financing	-9.87	-4.48	31.8	-51.3	319	-33.7	0.93	-47.9	37.7	-19.4
Exchange rate effect		0.55	-0.18	0.07	0.26	-0.52	-1.65	-0.38	-1.23	1.03
Net change in cash	-18.2	25.2	-13.4	0.95	91.1	-29.2	-39.2	-40.6	63.8	7.65
Free cash flow	14.6	4.08	-17.5	44.9	74.8	2.05	-36.6	7.71	27.8	26.1
Interest paid	0.04	0.32	2.37	4.07	15.5	14.9	19.3	25.6	33	38
Income taxes paid	1.25	2.29	5.51	4.67	9.29	14.4	17	18.9	29.3	10.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.8%	Gross profit / revenue.
Operating margin	-4.0%	Operating income / revenue.
EBITDA margin	-1.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.4%	Pre-tax income / revenue.
Net margin	2.0%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Return on equity (ROE)	4.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	-3.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	22.6%	Research and development expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-119.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-55.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-6.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-14.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-12.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-6.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-19.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.31x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.86x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.6%	Total debt / total assets.
Liabilities / assets	65.6%	Total liabilities / total assets.
Net debt	$294.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$96.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$32.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	13.0x	Revenue / average property, plant and equipment.
Inventory turnover	4.65x	Cost of revenue / average inventory.
Days inventory	78 days	365 x average inventory / cost of revenue.
Receivables turnover	3.62x	Revenue / average receivables.
Days sales outstanding	101 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	101 days	Days inventory + days sales outstanding - days payables.
FCF conversion	47.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.50	Revenue / diluted weighted shares.
FCF per share	$0.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Book value per share	$2.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.18	Tangible book value / shares outstanding.
Cash per share	$0.24	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	102.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$321.9M	Share price x shares outstanding.
Enterprise value	$616.1M	Market cap + total debt - cash - short-term investments.
P/E	20.6x	Market cap / net income. Only when net income is positive.
P/S	0.40x	Market cap / revenue.
P/B	0.82x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	43.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.5x	Market cap / cash from operations, when positive.
EV/Sales	0.77x	Enterprise value / revenue.
EV/FCF	83.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was Ribbon Communications Inc.'s revenue in fiscal 2025?

Ribbon Communications Inc. reported revenue of $844.6M for fiscal 2025, 1.3% higher than the year before.

Was Ribbon Communications Inc. profitable in fiscal 2025?

Yes. Net income was $39.6M, a net margin of 4.7%.

How much free cash flow did Ribbon Communications Inc. generate in fiscal 2025?

Cash from operations of $51.4M minus capital expenditures of $25.3M left free cash flow of $26.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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