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Ribbon Communications
Ribbon Communications (RBBN) investor relations material
Ribbon Communications Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Full-year 2025 revenue increased 1% to $845 million, with Q4 revenue at $227 million, down 10% year-over-year due to project delays, but record bookings and a strong backlog position the company for future growth.
Adjusted EBITDA for 2025 was $107 million, down 10% year-over-year; Q4 adjusted EBITDA was $40 million, down $15 million year-over-year.
Significant U.S. tax benefit recognized in Q4, boosting non-GAAP EPS to $0.59 and expected to improve future cash conversion by reducing cash tax payments by $15–$20 million over several years.
Ended 2025 with a strong financial position, including $98 million in cash and net debt leverage of 2.3x.
U.S. Tier 1 service provider sales grew over 25% in 2025, with strong growth in India and expanding customer base in voice modernization.
Financial highlights
Q4 2025 revenue: $227 million; full-year revenue: $845 million; Q4 non-GAAP gross margin: 55.4%; full-year non-GAAP gross margin: 52.3%.
Q4 adjusted EBITDA: $40 million; full-year adjusted EBITDA: $107 million.
Q4 non-GAAP net income: $106 million, up $78 million year-over-year due to a $90 million deferred tax benefit; full-year non-GAAP net income: $118 million, up $74 million.
Q4 non-GAAP diluted EPS: $0.59, up $0.43; full-year EPS: $0.66, up $0.41.
Cash from operations: $29 million in Q4; $51 million for the year. Year-end cash balance: $98 million.
Outlook and guidance
2026 revenue guidance: $840 million–$875 million, implying 1.5% year-over-year growth at midpoint.
2026 adjusted EBITDA guidance: $105 million–$120 million, up 6% at midpoint.
Q1 2026 revenue expected at $160 million–$170 million, with adjusted EBITDA between -$3 million and +$1 million.
Full-year non-GAAP gross margin expected at 52.5%–53.5%; Q1 2026 non-GAAP gross margin at 48%–49%.
Growth rate projection for 2026 is more conservative, especially in the first half, due to lower U.S. Federal agency spending and industry M&A timing uncertainty.
New voice modernization bookings: scale & duration?
BEAD funding delays: Q4 impact & 2026 outlook?
India growth sustainability given Q1 outlook?
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Next Ribbon Communications earnings date
Q1 202628 Apr, 2026
Ribbon Communications
Next Ribbon Communications earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Ribbon Communications Inc. provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company offers digital network transformation solutions that address next generation communications requirements, including web real-time communication, session initiation protocol trunking, video, voice over long term evolution; service provider session border controller; unified communications solutions. Ribbon Communications Inc. was founded in 1997 and is headquartered in Plano, Texas.
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