Revenue: As of FY2025 Q4, the actual value is USD 227.32 M, missing the estimate of USD 241.35 M.EPS: As of FY2025 Q4, the actual value is USD 0.5.EBIT: As of FY2025 Q4, the actual value is USD 10.69 M.<h4>Fourth Quarter 2025 Financial Results</h4><ul><li>Revenue for the fourth quarter of 2025 was $227 million, compared to $251 million for the fourth quarter of 2024 .</li><li>GAAP Operating Income was $9 million for the fourth quarter of 2025, compared to $33 million for the fourth quarter of 2024 .</li><li>Non-GAAP Adjusted EBITDA was $40 million for the fourth quarter of 2025, compared to $55 million for the fourth quarter of 2024 .</li><li>GAAP Gross Margin was 53.3% for the fourth quarter of 2025, compared to 55.7% for the fourth quarter of 2024 .</li><li>Non-GAAP Gross Margin was 55.4% for the fourth quarter of 2025, compared to 58.1% for the fourth quarter of 2024 .</li></ul><h4>Full Year 2025 Financial Results</h4><ul><li>Full-Year Revenue for 2025 was $845 million, compared to $834 million for 2024 .</li><li>GAAP Operating Income was - $3 million for 2025, compared to $17 million for 2024 .</li><li>Non-GAAP Adjusted EBITDA was $107 million for 2025, compared to $119 million for 2024 .</li><li>GAAP Gross Margin was 49.8% for 2025, compared to 52.7% for 2024 .</li><li>Non-GAAP Gross Margin was 52.3% for 2025, compared to 55.9% for 2024 .</li></ul><h4>Revenue by Category</h4><ul><li>Fourth Quarter 2025:<ul><li>Product Revenue: $127,560 thousand .</li><li>Service Revenue: $99,763 thousand .</li><li>Total Revenue: $227,323 thousand .</li></ul></li><li>Fourth Quarter 2024:<ul><li>Product Revenue: $148,335 thousand .</li><li>Service Revenue: $103,024 thousand .</li><li>Total Revenue: $251,359 thousand .</li></ul></li><li>Full Year 2025:<ul><li>Product Revenue: $434,587 thousand .</li><li>Service Revenue: $409,969 thousand .</li><li>Total Revenue: $844,556 thousand .</li></ul></li><li>Full Year 2024:<ul><li>Product Revenue: $447,229 thousand .</li><li>Service Revenue: $386,652 thousand .</li><li>Total Revenue: $833,881 thousand .</li></ul></li></ul><h4>Operating Expenses</h4><ul><li>Fourth Quarter 2025: Total Operating Expenses were $111,766 thousand, including $44,714 thousand for Research and development, $35,688 thousand for Sales and marketing, $16,113 thousand for General and administrative, $5,786 thousand for Amortization of acquired intangible assets, and $9,465 thousand for Restructuring and related .</li><li>Fourth Quarter 2024: Total Operating Expenses were $106,853 thousand, including $45,044 thousand for Research and development, $37,070 thousand for Sales and marketing, $17,060 thousand for General and administrative, $6,298 thousand for Amortization of acquired intangible assets, and $1,381 thousand for Restructuring and related .</li><li>Full Year 2025: Total Operating Expenses were $424,030 thousand, including $178,872 thousand for Research and development, $133,075 thousand for Sales and marketing, $64,239 thousand for General and administrative, $23,849 thousand for Amortization of acquired intangible assets, $4,337 thousand for Acquisition-, disposal- and integration-related, and $19,658 thousand for Restructuring and related .</li><li>Full Year 2024: Total Operating Expenses were $422,640 thousand, including $179,941 thousand for Research and development, $137,830 thousand for Sales and marketing, $68,740 thousand for General and administrative, $25,969 thousand for Amortization of acquired intangible assets, and $10,160 thousand for Restructuring and related .</li></ul><h4>Net Income (Loss)</h4><ul><li>Net Income for the fourth quarter of 2025 was $89,065 thousand, compared to $6,364 thousand for the fourth quarter of 2024 .</li><li>Net Income for the full year 2025 was $39,636 thousand, compared to - $54,235 thousand for the full year 2024 .</li></ul><h4>Cash Flow from Operating Activities</h4><ul><li>Cash flow provided by operating activities was $51,398 thousand for the full year 2025, compared to $50,240 thousand for the full year 2024 .</li></ul><h4>Cash Flow from Investing Activities</h4><ul><li>Cash flow used in investing activities was - $25,342 thousand for the full year 2025, which included - $25,342 thousand for purchases of property and equipment .</li><li>Cash flow used in investing activities was - $22,868 thousand for the full year 2024, which included - $22,406 thousand for purchases of property and equipment and - $462 thousand for purchases of software licenses .</li></ul><h4>Unique Metrics</h4><ul><li>Ribbon Communications Inc. achieved a new record level of Product and Services bookings in the fourth quarter of 2025, including over $50 million from new voice modernization programs .</li><li>Sales to U.S. Tier 1 Service Providers increased by over 25% in 2025 .</li><li>A new tax benefit is anticipated to reduce future cash tax payments by approximately $15-$20 million over the next several years, starting in 2026 .</li></ul><h4>Business Outlook</h4><ul><li>For the full year 2026, Ribbon Communications Inc. projects revenue between $840 million and $875 million, with non-GAAP gross margin expected to be in the range of 52.5% to 53.5%, and Adjusted EBITDA between $105 million and $120 million . For the first quarter of 2026, revenue is projected to be between $160 million and $170 million, with non-GAAP gross margin in the range of 48% to 49%, and Adjusted EBITDA projected between - $3 million and $1 million . The company foresees a more conservative growth rate for 2026, particularly in the first half, due to continued lower U.S. Federal agency spending and recent industry M&amp;A .</li></ul>

Ribbon Communications | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 227.32 M