Slide 1: Voice of Your Business
Voice of Your Business 1 ©2026 RingCentral
Slide 2: Safe Harbor and Non-GAAP Measures
Safe Harbor and Non-GAAP Measures This presentation includes forward-looking statements within the meaning of the federal We provide guidance on forecasted non-GAAP operating margin, non-GAAP tax rates, securities laws. These statements relate to, among other things, our business strategy and non-GA
Slide 3: Q2 Financial Highlights
Q2 Financial Highlights $657M $634M 23.4% Total Revenue Subscription Revenue Non-GAAP Operating Margin 5.9% Y/Y 5.8% Y/Y Up 90 bps Y/Y $1.22 7.7% $0.45 Non-GAAP EPS GAAP Operating Margin GAAP EPS Up 16% Up 170 bps Y/Y Up 215% Y/Y Up 110 bps Y/Y $180M $2.08 1.5x Free Cash Flow Free Cash Flow per shar
Slide 4: Leader in Agentic Voice AI
Leader in Agentic Voice AI #1 AI 13% ARR ~600K In UCaaS w/Cloud PBX RCAI (RingCentral AI-utilizing Customer accounts Seats Market Share (1) customers) (2) Quarterly record $2.8B $250M+ (3) 99% ARR up 7% YoY Committed to R&D Innovation Monthly net retention rate $620M $7.15 $5.03 ‘26 estimated FCF(4)
Slide 5: Customer Engagement Platform
Customer Engagement Platform AIR AVA ACE AI Receptionist AI Virtual Assistant AI Conversation Expert **RingCollab *RingCX Video, Events, Chat Contact Center RingEX Business Phone RingWEM CE Bundle 40B min/yr Workforce CX Lite Engagement 13B calls/yr 3B SMS/yr Global | Reliable | Secure | Compliant |
Slide 6: Complete Customer Engagement Platform
Complete Customer Engagement Platform RingCentral AI AIR & AIR PRO AVA ACE EX CX Unified Communications (UC) Integrated UC + CE Contact Center (CC) RingEX Customer Engagement Bundle RingCX / RC Contact Center Business Phone, SMS, Omnichannel, Agent Routing, Advanced Meetings, Messaging, Fax, Advance
Slide 7: Why RingCentral: Deep Defensible Moat & Expanding TAM
Why RingCentral 1 Deep Defensible Moat & Expanding TAM 2 Voice Data + Telephony Infrastructure 3 Front Door to B2C Interactions 4 Complete Customer Engagement Platform 5 Strong Financial Performance 7 ©2026 RingCentral
Slide 8: Deep Defensible Moat
Deep Defensible Moat Three Structural Advantages Carrier-grade Infrastructure Conversational Data Go-To-Market Reach ● Highly reliable and secure ● 40 billion minutes ● Direct sales ● Serves as bedrock for AI ● 13 billion calls ● 16,000 channel partners ● 25+ years of innovation ● 3 billion SMS mess
Slide 9: Voice as a Structural Advantage
Voice as a Structural Advantage Five reasons why voice is difficult to replicate 1 2 3 4 5 911 & Global Taxes & Security & Carrier Emergency Regulation Fees Fraud Interconnect Meet stringent Comply with Manage fragmented Detect AI-driven voice Build trusted carrier emergency regulations country-spec
Slide 10: Strength in Voice & SMS
Strength in Voice & SMS RingCentral Telephony Minutes RingCentral SMS /y* 7% y y/y* 19% FY21 FY22 FY23 FY24 FY25 2Q26 FY23 FY24 FY25 2Q26 Annualized Annualized Telephony minutes usage: 40B+ minute run rate SMS usage: 3.7B+ messages run rate *Minutes and SMS Y/Y is based on projected 2026 based on Q1
Slide 11: 2028 Market Opportunity
$80B 2028 Market Opportunity Revenue The Market UCaaS Intelligence AI for Customer Experience Opportunity $40B $33B $39B is Large at $24B ~$150B $17B CCaaS $27B CPaaS $0B $5B Video $5B Events 0% 30% 60% * 2025 - 2030 CAGR 1 Gartner, Forecast: Unified Communications, Worldwide, 2024-2030, 2Q26, 30 Ju
Slide 12: Front Door to B2C Interactions
Front Door to B2C Interactions Automate AIR Assist AVA Transforming Conversations with Agentic Voice AI AI Receptionist AI Virtual Agent Answer & route calls 24/7 Notes & summaries Capture leads Look up Information Schedule appointments Guided assistance CUSTOMERS Employees Analyze ACE AI Conversati
Slide 13: AI Momentum
AI Momentum ✦ AI Adoption Growth in Q2 ‘26 AIR ✦ AIR 13% of ARR AIR PRO PRO ARR from customers utilizing paid AI products (RCAI) Automate outcomes is over 13% of total ARR, doubling y/y 100%+ NRR “The AI Flywheel” These customers have 100%+ net retention ✦ ✦ Higher ARPU ACE Analyze interactions AVA
Slide 14: New Product Customer Growth
New Product Customer Growth AI Receptionist (AIR) AI Conversation Expert Customer Engagement RingCX AI voice agent that automatically Bundle (CEB) AI-first contact center answers customers inquiries and (ACE) AI conversational insights Better customer engagement, unified transfers calls calls and te
Slide 15: Recent Product Innovation
Recent Product Innovation AIR Pro & RingCX News Announced in Q2 AIR Pro Autonomous Outreach AI-powered RingCX Analytics Autonomous proactive outbound Natural language query interface — campaigns, powered by AIR Pro agents, supervisors type information what they based on real-time data triggers. need
Slide 16: AI-Native Innovation
Thousands of participants. Engineers and non-engineers. Accelerating Each built a working software project with ChatGPT Work and Codex in under 30 days. AI-Native Innovation 2,500 <30 days Across completed projects from idea to shipped, working software RingCentral “Using AI to build AI is how we sh
Slide 17: Unique Go-To-Market
Unique Go-To-Market RingCentral & NiCE Partnership Expansion & Extension New multi-year agreement enables NiCE to resell RingCentralʼs industry leading UCaaS solution and extends long-standing agreement to market and sell RingCentral Contact Center, powered by NiCE CXone Overall GSP Routes To Market
Slide 18: Innovation (R&D) spend split
Innovation (R&D) spend split Rapid AI-first Product Innovation NPI $250m+ in R&D Core Majority of R&D is towards FY24 FY25 FY26 new product innovation We are spending a majority of our R&D on NPI 18 NPI = new product initiatives ©2026 RingCentral
Slide 19: Leadership Recognition
Leadership Recognition ‘26 Synergy UCaaS Market Share UCaaS w/ Cloud PBX (PSTN) Worldwide Subscribers + Seats for 1Q24 to 1Q26 Leader, Nucleus Research Leader, Aragon Research Leader, Metrigy UCaaS 2026 CCaaS Value Matrix Globe for Intelligent Contact Center, SMB 19 ©2026 RingCentral
Slide 20: Financials
Financials 20 ©2026 RingCentral
Slide 21: Strong Financial Profile
Strong Financial Profile Total Revenue Revenue & Profit Operating Profit ($M) ($M and % of total rev) 2,635-2,646 22.5% 23.6%-24.0% 21.0% 19.1% 2,400 2,515 566 2,202 504 1,988 12.4% 420 246 FYʼ22 FYʼ23 FYʼ24 FYʼ25 FYʼ26E FYʼ22 FYʼ23 FYʼ24 FYʼ25 FYʼ26E Free Cash Flow Continued operating income improv
Slide 22: Increasing FCF/share and EPS while Reducing SBC & Share Count
Increasing FCF/share and EPS while Reducing SBC & Share Count Fully Diluted Share Count Stock-Based Compensation In-year grants Prior year grants (in millions of shares) (% of total revenue) Target: Reduce SBC to 3-4% 20% 20% of revenue in 3-4 years 96.2 96.6 8% 9% 14% 94.5 86.5-87 4% 11% 9% 12% 11%
Slide 23: Expanding FCF & Reducing Share Grants
FCF vs. Shares Granted1 FCF ($M) ($ in million) Shares Granted ($M) Expanding FCF & Reducing Share Grants 1. 2026E represents midpoint of guidance for FCF ($), estimate of Shares Granted ($) based on expected approved grant value (the actual grant date fair value may differ), as of July 23, 2026. 23
Slide 24: Improving GAAP Financial Performance
Improving GAAP Financial Performance Target: Operating Margin (GAAP) Improve GAAP Operating GAAP EPS (% of total rev) Margin to 20% in 3-4 years (USD) 9.0% – 9.7% 4.8% 0.1% 0.48 2022 2023 2024 2025 2026E 2022 2023 2024 2025 (9.0%) (1.74) (0.63) (32.7%) (9.23) 24 ©2026 RingCentral
Slide 25: Strong Balance Sheet
Strong Balance Sheet Reducing Debt Improving leverage ratio Gross Debt ($B) Net Debt to Adj. EBITDA 1.64 4.3x 1.55 1.53 Approaching investment 2.6x grade 1.25 2.2x 1.7x 1.00 Q4ʼ22 Q4ʼ23 Q4ʼ24 Q4ʼ25 Q4ʼ26E Q4ʼ22 Q4ʼ23 Q4ʼ24 Q4ʼ25 Q4ʼ26E Credit Ratings Upgraded in 2025 BB+ Baa2 BB+ (Outlook Positive)
Slide 26: Dividends
Dividends Dividends declared in Q3 2026 Payout per share (quarterly) $0.125 Implied Dividend Yield 1.25%* (annualized) Payout frequency Quarterly Driving predictable returns to shareholders * Implied annualized yield calculated as $0.50 annual dividend / $40 stock price; actual yield will depend upo
Slide 27: Q3 2026 Guidance
Q3 2026 Guidance Q3 2026 Subscriptions Revenue $643 to $649 mil. Subscriptions Revenue Growth Y/Y 4.4% to 5.4% Total Revenue $664 to $670 mil. Total Revenue Growth Y/Y 4.0% to 4.9% GAAP Operating Margin 7.2% to 8.6% Stock-based Compensation $63 to $67 mil. Non-GAAP Operating Margin(1) 23.5% to 24.0%
Slide 28: FY 2026 Guidance
FY 2026 Guidance FY 2026 Subscriptions Revenue $2,550 to $2,561 mil. Total Revenue $2,635 to $2,646 mil. GAAP Operating Margin 9.0% to 9.7% Stock-based Compensation $240 to $245 mil. Non-GAAP Operating Margin(1) 23.6% to 24.0% Non-GAAP EPS(1) $4.96 to $5.10 Fully Diluted Share Count 86.5 mil. to 87
Slide 29: Appendix
Appendix 29 ©2026 RingCentral
Slide 30: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $ Metric Y/Y Growth Revenue Subscriptions Revenue $634M 6% Total Revenue $657M 6% ARR Total $2,756M 7% We define our annualized exit monthly recurring subscriptions as our monthly recurring subscriptions multiplied by 12. Our monthly recurring subscriptions equal the mon
Slide 31: Net debt to adjusted EBITDA
Net debt to adjusted EBITDA ($millions) Q4'22 Q2'23 Q2'23 Q3'23 Q4ʼ23 Q2ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q2ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1'26 Q2'26 Adj. EBITDA $92.7 $112.3 $125.0 $127.8 $138.0 $142.8 $145.8 $149.0 $152.8 $155.1 $161.5 $167.8 $168.7 $169.7 $177.0 LTM Adj. EBITDA 317.9 364.7 416.9 457.8 503.1 533.6 55
Slide 32: Debt Profile as of June 30, 2026
Debt Profile as of June 30, 2026 (1) The Company has $50.0 million available for drawdown under the Term Loan as of June 30, 2026. (2) The Company has $305.0 million available for borrowing under the Revolving Credit Facility as of June 30, 2026. (3) The Company settled the remaining $609.1 million
Slide 33: Reconciliation of Operating Income
33 Revenues Subscriptions Other ‘Total evenves (Cost of revenues reconciliation (GAAP Subscriptions cost of revenues Share-based compensation Amortization of acquired intangibles ‘Third-party selocation and other costs, net Restructuring costs Non-GAAP Subscriptions cost of revenues (GAAP Other cost
Slide 34: Reconciliation of Operating Income
RINGCENTRAL, INC. RECONCILIATION OF OPERATING INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Unaudited, in thousands) Three Months Ended Six Months Ended e 30, June 30, 2026 2025 2026 2025 Income (loss) from operations reconciliation GAAP income from operations $ 50.285 $ 36,963 $ 100,313 $ 47,30
Slide 35: Reconciliation of Operating Income (Year Ended)
RINGCENTRAL, INC. RECONCILIATION OF OPERATING INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Unaudited, in thousands) Year Ended December 31, 2025 2024 Income (loss) from operations reconciliation GAAP income from operations $ 120,551 ay 2,670 Share-based compensation 275,637 346,648 Amortization
Slide 36: Reconciliation of Net Income
RINGCENTRAL, INC. RECONCILIATION OF NET INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Gn thousands, except per share data) (Unaudited) Three Months Ended ‘Six Months Ended Tune 30, June 30, 2026 2025 2026 2025 Net income (loss) reconciliation GAAP net income $ 39115 $ 13193 $ 69,733 $ 2,865 Shar
Slide 37: Reconciliation of Net Income
37 RINGCENTRAL, INC. RECONCILIATION OF NET INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Gn thousands, except per share data) (Unaudited) Net income (loss) income reconciliation GAAP net (loss) income Share-based compensation Amortization of acquired intangibles Asset write-down charges Third-pa
Slide 38: Reconciliation of Cash Flows from Operating Activities
RINGCENTRAL, INC. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES GAAP MEASURES TO NON-GAAP FREE CASH FLOW MEASURES (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 206,434 $ 167,414 $ 370,480 $ 317
Slide 39: Reconciliation of Cash Flows from Operating Activities
39 RINGCENTRAL, INC. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES GAAP MEASURES TO NON-GAAP FREE CASH FLOW MEASURES (Unaudited, in thousands) Year Ended December 31, 2025 2024 Net cash provided by operating activities $ 617,427 $ 483,276 Capitalized expenditures (87,214) (80,528) Non-GAAP
Slide 40: Reconciliation of Forecasted Operating Margin and Free Cash Flow
RINGCENTRAL, INC. RECONCILIATION OF FORECASTED OPERATING MARGIN AND FREE CASH FLOW GAAP MEASURES TO NON-GAAP MEASURES (Unaudited, in millions) Q3 2026 FY 2026 Low Range _HighRange__ LowRange __ High Range GAAP income from operations $ 48 $ 58 $ 237 $ 258 GAAP operating margin 1.2% 8.6% 9.0% 9.7% Sha