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RingCentral (RNG) investor relations material
RingCentral Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved $2.52 billion in total revenue for 2025, up 5% year-over-year, with over 500,000 customers in 46 countries and a >99% monthly net retention rate.
AI-driven products contributed nearly 10% of ARR, more than doubling year-over-year, with strong adoption and sequential growth in new product customers.
Record free cash flow of $530 million, up 32% year-over-year, and positive GAAP operating margin.
Initiated first-ever quarterly dividend of $0.075 per share and expanded share repurchase authorization to $500 million.
AI-led transformation is a strategic priority, with agentic voice AI products driving higher ARPU, retention, and customer value.
Financial highlights
FY25 total revenue grew 4.8% to $2.52 billion; subscription revenue up 5.6% to $2.43 billion.
Q4 2025 total revenue was $644 million, up 4.8% year-over-year; subscription revenue was $622 million, up 5.5%.
Q4 non-GAAP operating margin reached 22.8%, up 140 bps year-over-year; GAAP operating margin 6.6%.
Non-GAAP EPS for 2025 grew 18% to $4.36; GAAP EPS $0.48; Q4 non-GAAP EPS was $1.18, up 21% year-over-year.
Record free cash flow of $530 million, up 32% year-over-year, representing a 21% margin.
Outlook and guidance
2026 guidance: subscription revenue growth of 4.5%-5.5%, total revenue growth of 4%-5%.
GAAP operating margin expected at 8.6%-9.6%; non-GAAP margin 23%-23.5%.
Free cash flow guidance of $580-$600 million, up 11% at midpoint; free cash flow per share $6.67-$6.94.
Non-GAAP EPS expected at $4.76-$4.97, up 11% at midpoint.
Targeting 20% GAAP operating margin and 3%-4% SBC as % of revenue in 3-4 years.
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