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RingCentral, Inc.

RNG

RingCentral, Inc. • NYSE
$28.24 ▲ 1.15% (+0.32)
Market Cap $2.56 B
52w High $42.19
52w Low $20.59
Dividend Yield 0%
P/E 201.71
Volume 474.29K
Outstanding Shares 90.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $638.655M ▲ $427.522M ▲ $17.559M ▲ 2.749% ▲ $0.19 ▲ $129.718M ▲
Q2-2025 $620.398M ▲ $404.485M ▼ $13.193M ▲ 2.127% ▲ $0.15 ▲ $87.064M ▲
Q1-2025 $612.056M ▼ $421.266M ▲ $-10.328M ▼ -1.687% ▼ $-0.11 ▼ $72.491M ▼
Q4-2024 $614.512M ▲ $420.701M ▼ $-7.188M ▲ -1.17% ▲ $-0.08 ▲ $72.969M ▲
Q3-2024 $608.765M $425.29M $-7.853M -1.29% $-0.086 $58.947M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $145.371M ▼ $1.529B ▼ $1.863B ▼ $-334.306M ▲
Q2-2025 $168.113M ▲ $1.605B ▼ $2.092B ▼ $-486.587M ▲
Q1-2025 $154.436M ▼ $1.632B ▼ $2.173B ▼ $-541.197M ▲
Q4-2024 $242.811M ▲ $1.78B ▼ $2.331B ▲ $-550.919M ▼
Q3-2024 $212.652M $1.818B $2.164B $-345.901M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.559M ▲ $151.362M ▼ $-42.594M ▼ $-130.866M ▲ $-22.742M ▼ $143.793M ▼
Q2-2025 $13.193M ▲ $167.414M ▲ $-23.029M ▼ $-133.906M ▲ $13.677M ▲ $172.356M ▲
Q1-2025 $-10.328M ▼ $149.662M ▲ $-19.486M ▲ $-219.881M ▼ $-88.375M ▼ $130.176M ▲
Q4-2024 $-7.188M ▲ $132.882M ▲ $-21.053M ▲ $-78.014M ▲ $30.159M ▲ $111.829M ▲
Q3-2024 $-7.853M $127.219M $-24.314M $-92.196M $13.324M $102.905M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
License and Service
License and Service
 $580.00M ▲$1.16Bn ▲$590.00M ▼$600.00M ▲
Product and Service Other
Product and Service Other
 $30.00M ▲$50.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement RingCentral’s income statement shows a business that has grown revenue at a healthy pace over the last five years while slowly repairing its profitability. Sales have risen every year, and gross profit has moved up in tandem, suggesting the core service remains attractive and scalable. At the same time, the company has been trimming its operating losses: what were once sizable losses have narrowed to roughly breakeven at the operating level. Net income is still negative, but the losses have become much smaller compared with earlier years, indicating better cost control and a more disciplined approach to spending. Overall, this is a story of strong top-line growth paired with an ongoing, but not yet complete, transition toward sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet is a mixed picture. On the positive side, RingCentral still holds a meaningful cash balance and a sizeable base of total assets. However, debt is quite high relative to the company’s equity position, and shareholder equity is currently negative, which reflects past accumulated losses and a leveraged capital structure. Total assets have edged down from prior peaks, while cash has come down from pandemic-era highs and then stabilized at a lower level. This combination suggests the company has financial flexibility but also carries balance sheet risk, with limited cushion if operating performance were to weaken.

Cash Flow

Cash Flow Cash flow trends are more encouraging than the accounting profits. Operating cash flow has moved from slightly negative to clearly positive over the period, showing that the core business now generates cash rather than consuming it. Free cash flow has also shifted from outflows to consistent, positive inflows, and has been improving year by year. Capital spending remains moderate and well covered by the cash coming in. In plain terms, RingCentral appears to have crossed the point where it can fund its own operations and investments from internal cash generation, reducing reliance on external financing, as long as current trends hold.

Competitive Edge

Competitive Edge RingCentral operates in a very competitive part of enterprise software—cloud communications and contact centers—alongside powerful rivals like Microsoft and Zoom. Its edge comes from being an early and focused player in unified communications, offering an integrated platform for messaging, video, and phone rather than a collection of separate tools. The company benefits from a large installed base, strong brand recognition, and deep partnerships with major telecom and equipment providers, which extend its reach. Its service tends to be embedded into customers’ workflows and other software systems, which raises switching costs and supports customer stickiness. The flip side is that competition from big platform vendors could pressure pricing and margins over time, so maintaining differentiation and perceived value will be critical.

Innovation and R&D

Innovation and R&D Innovation is a clear priority. RingCentral has been building an “AI-first” platform, layering artificial intelligence into meetings, calls, and contact center operations. Features like automated meeting summaries, noise reduction, conversation intelligence, and AI receptionists aim to make users more productive and give managers better insights. Security enhancements, such as broader end-to-end encryption, and a broad integration ecosystem with hundreds of third-party apps deepen the platform’s usefulness. The company is also pushing toward more advanced “agentic AI” concepts—essentially digital workers that can automate customer workflows—and expanding into areas like hybrid events through acquisitions. These efforts could strengthen its moat if successfully executed, but they also require sustained R&D spending and carry the usual risks around adoption, differentiation, and return on investment.

Summary

RingCentral looks like a maturing growth company in the cloud communications space. Revenue and gross profit have grown steadily, while operating results and cash flows have improved from sizable losses to something much closer to self-sustaining operations. The balance sheet is more fragile, with a heavy debt load and negative equity, which makes continued operational progress important. Competitively, the firm enjoys meaningful advantages in product breadth, integrations, and customer stickiness, but it faces intense pressure from larger ecosystem players. Its aggressive push into AI and adjacent services is a key swing factor: if these innovations deepen customer value and retention, they can reinforce the business; if not, they risk adding cost without commensurate payoff. Overall, the trajectory has been positive, but with clear dependence on continued execution and prudent financial management.

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