RingCentral, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RingCentral, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	380	504	674	903	1,184	1,595	1,988	2,202	2,400	2,515
Cost of revenue	92.2	121	157	231	324	448	642	664	706	723
Gross profit	288	382	516	672	860	1,146	1,347	1,538	1,695	1,792
Research and development	65.5	75.1	101	136	189	310	362	336	329	317
Selling and marketing	180	240	329	439	584	854	1,057	1,068	1,096	1,096
General and administrative	55.5	72.3	103	142	200	284	293	333	266	258
Operating expenses	301	388	533	717	973	1,448	1,996	1,737	1,692	1,671
Operating income	-12.9	-5.34	-16.4	-45.7	-113	-302	-649	-199	2.67	121
Interest expense	0.75	0.1	16.1	20.5	49.3	64.4	4.81	36	65	60.3
Other non-operating income	-3.12	1.39	-9.63	-11.3	31.2	-71.9	-225	42	-49.9	-64.3
Pre-tax income	-16	-3.95	-26.1	-56.9	-82.1	-374	-874	-157	-47.2	56.2
Income tax	0.24	0.26	0.14	-3.33	0.93	2.53	5.11	8.4	11.1	12.8
Net income	-16.2	-4.2	-26.2	-53.6	-83	-376	-879	-165	-58.3	43.4
EBITDA	1.8	10.9	6.84	-7.81	-37.6	-176	-403	35.1	225	343
EPS, basic	-0.22	-0.06	-0.33	-0.64	-0.94	-4.10	-9.23	-1.74	-0.63	0.48
EPS, diluted	-0.22	-0.06	-0.33	-0.64	-0.94	-4.10	-9.23	-1.74	-0.63	0.48
Shares, basic (weighted)	73	76.3	79.5	83.1	88.7	91.7	95.2	94.9	92.1	89.5
Shares, diluted (weighted)	73	76.3	79.5	83.1	88.7	91.7	95.2	94.9	92.1	91.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	160	181	566	344	640	267	270	222	243	133
Receivables	30.2	46.7	94.4	130	176	233	311	364	386	384
Inventory	0.06	0.2	0.2	0.4	0.55	5.66	1.21	1.49	1.24	0.93
Other current assets	5.47	7.62	8.77	8.7	27.5	16.3	31.3	43.5	18.3	37.1
Total current assets	206	265	708	536	926	651	796	849	871	765
Property, plant and equipment	32	43.3	70.2	89.2	142	167	185	184	181	187
Lease right-of-use assets			0	39.3	51.1	47.3	35.4	43	46.5	30.9
Goodwill	9.39	9.39	31.2	55.3	57.3	55.5	54.3	67.4	83	97.8
Intangible assets	2.24	1.46	19.5	127	118	717	528	394	259	135
Long-term investments			0	132	213	210	4.56
Other non-current assets	3.09	2.97	10.2	9.56	8.56	8.11	35.8	12	14.9	13.2
Total assets	253	360	894	1,451	2,185	2,579	2,074	1,945	1,780	1,481
Accounts payable	7.81	7.32	10.1	34.6	54	70	62.7	53.3	21.9	27.7
Accrued liabilities	48.3	55	101	139	211	280	380	326	284	298
Deferred revenue	45.2	62.9	88.5	107	142	176	210	234	262	269
Short-term debt	14.5						0	20	181	624
Total current liabilities	116	125	199	281	438	526	653	633	749	1,219
Long-term debt	0.31						1,638	1,525	1,348	630
Lease liabilities			0	28.5	38.7	31.8	20.2	28.2	29.7	14.4
Other non-current liabilities	6.28	6.25	10.8	8.93	20.2	84.1	45.8	61.8	4.93	7.53
Total liabilities	123	131	577	705	1,872	2,041	2,357	2,248	2,131	1,870
Total debt	14.8						1,638	1,560	1,529	1,254
Paid-in capital	367	435	551	1,033	674	1,087	1,060	1,205	1,215	1,123
Retained earnings	-240	-210	-236	-289	-372	-749	-1,534	-1,699	-1,757	-1,714
Other comprehensive income	2.74	3	2.23	1.95	6.81	0.64	-8.78	-8.22	-8.88	2.46
Shareholders' equity	164	228	318	746	308	339	-483	-503	-551	-588
Total equity	164	228	318	746	308	339	-483	-503	-551	-588
Total liabilities and equity	253	360	894	1,451	2,185	2,579	2,074	1,945	1,780	1,481

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-16.2	-4.2	-26.2	-53.6	-83	-376	-879	-165	-58.3	43.4
Depreciation and amortization	14.7	16.2	23.3	37.9	75.6	125	247	234	223	223
Stock-based compensation	30.8	42.1	68.1	101	190	358	386	427	339	270
Deferred income tax	-0.04	-0.05	-0.3	-3.95	-0.66	-1.8	-0.7	0.63	-3.64	2.17
Change in receivables	-11.9	-17.9	-47.9	-37.2	-52	-64.9	-87.8	-57.8	-30.5	-13.8
Change in inventory	2.25
Change in payables	1.52	0.18	2.78	21.8	21.9	17.9	-6.17	-21.2	-29.8	4.1
Cash from operations	29.7	41.2	72.1	64.8	-35.2	152	191	400	483	617
Capital expenditures	-14.2	-19.5	-27.1	-27.8	-43.6	-29	-32.7	-23.5	-25	-30.1
Acquisitions		0	-26.4	-27.9	0	0	0	-14.7	-26.3	-20.8
Purchases of investments		0	0	-136	0	-11.9
Cash from investing	-16.4	-26.4	-83.4	-297	-108	-397	-87.2	-90.4	-109	-108
Debt repaid	-3.75	-14.8	0	0		0	0	-10	-20	-0.63
Share buybacks		0	-15	0	0	0	-99.8	-311	-322	-334
Cash from financing	9.33	6.78	397	9.04	438	-127	-98.2	-358	-351	-623
Exchange rate effect		-0.72	-0.8	0.17	1.53	-0.96	-3.06	1.02	-2.22	3.71
Net change in cash	22.8	20.8	385	-223	296	-373	2.82	-47.8	20.6	-110
Free cash flow	15.5	21.7	45	37.1	-78.8	123	159	376	458	587
Interest paid	0.71	0.12	0.04	0.19	0.22	0.31	0.35	16.6	59	54
Income taxes paid	0.23	0.22	0.43	1	0.87	1.39	3.73	10.9	17.8	12.4

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 $76.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.8%	Gross profit / revenue.
Operating margin	6.7%	Operating income / revenue.
EBITDA margin	12.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.7%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
FCF margin	24.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.0%	Cash from operations / revenue.
Effective tax rate	9.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	39.6%	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	12.5%	Research and development expense / revenue.
Stock-based pay / revenue	9.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.0%	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	15.8%	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	4,415.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	52.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	27.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	47.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	28.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	54.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-16.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.6%	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	-7.5%	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	-1.0%	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	-1.4%	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	0.6%	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	1.11x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / assets	81.1%	Total debt / total assets.
Liabilities / assets	129.7%	Total liabilities / total assets.
Net debt	$1.01B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.84x	Operating income / interest expense.
Working capital	$70.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$790.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.87x	Revenue / average total assets.
Fixed asset turnover	13.6x	Revenue / average property, plant and equipment.
Inventory turnover	735x	Cost of revenue / average inventory.
Days inventory	0 days	365 x average inventory / cost of revenue.
Receivables turnover	6.64x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	578.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.27	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	$29.83	Revenue / diluted weighted shares.
FCF per share	$7.37	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.74	Cash from operations / diluted weighted shares.
Book value per share	-$7.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.13	Tangible book value / shares outstanding.
Cash per share	$1.29	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	67.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.36B	Share price x shares outstanding.
Enterprise value	$7.37B	Market cap + total debt - cash - short-term investments.
P/E	57.7x	Market cap / net income. Only when net income is positive.
P/S	2.46x	Market cap / revenue.
P/FCF	9.97x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.48x	Market cap / cash from operations, when positive.
EV/Sales	2.85x	Enterprise value / revenue.
EV/EBIT	42.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.

What was RingCentral, Inc.'s revenue in fiscal 2025?

RingCentral, Inc. reported revenue of $2.52B for fiscal 2025, 4.8% higher than the year before.

Was RingCentral, Inc. profitable in fiscal 2025?

Yes. Net income was $43.4M, a net margin of 1.7%.

How much free cash flow did RingCentral, Inc. generate in fiscal 2025?

Cash from operations of $617.4M minus capital expenditures of $30.1M left free cash flow of $587.3M.

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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