Ribbon Communications Inc. · NASDAQ:RBBN
Ribbon Communications — Q4 2025 Earnings Presentation
19 slides from Ribbon Communications's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter & Full Year 2025 Results
Ribbon Communications Fourth Quarter & Full Year 2025 Results February 5, 2026 © 2026 Ribbon | Public 1
Slide 2: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties. All statements other than state
Slide 3: Fourth Quarter and Full Year 2025 Business Overview
Fourth Quarter and Full Year 2025 Business Overview Bruce McClelland, President & CEO John Townsend, Executive Vice President & CFO © 2026 Ribbon | Public 3
Slide 4: Key Financial Trends
Key Financial Trends1 Cloud & Edge Revenue Adjusted EBITDA1 IP Optical Networks Revenue ($ millions) Adj. EBITDA Margin % $251M $40 $227M $221M $210M $215M $55 $87 $30 $32 $29 $193M $12 $22 $180M $181M $6 $85 $84 $82 $91 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $82 $74 18% $78 Annual Trended Adjusted
Slide 5: Fourth Quarter and Full Year Highlights | Consolidated
Fourth Quarter and Full Year Highlights | Consolidated Q4 FY 2025 Revenue Revenue Market Growth $227M $845M Network Modernization India Network Investments (10%) YoY +1% Growth YoY Agentic AI and Acumen AIOps Platform Gross Margin1 Gross Margin1 55% 52% Customer Highlights Adj. EBITDA1 Adj. EBITDA1
Slide 6: Non-GAAP Segment Financial Highlights | IP Optical Networks
Non-GAAP1 Segment Financial Highlights | IP Optical Networks Revenue Change Year over Year Adjusted EBITDA1 -2% India +28% ($ millions) Book to Revenue 1.1x BEAD Timing Delay $1 Q4 34% Gross Margin1 ($6) ($4) ($8) ($4) ($5) ($8) Reflects Changes in Product and Geo Mix ($15) APAC / India 1Q24 2Q24 3Q
Slide 7: Non-GAAP Segment Financial Highlights | Cloud & Edge
Non-GAAP1 Segment Financial Highlights | Cloud & Edge Revenue Change Year over Year -14% Book to Revenue 1.5x Adjusted EBITDA1 Professional Services +7% vs Q4 2024 ($ millions) U.S. Federal Sales and Verizon Project Timing Q4 68% Gross Margin1 +65bps Year over Year – Increased Software Mix $26 $38 $
Slide 8: Fourth Quarter 2025 Key Metrics | Consolidated
Fourth Quarter 2025 Key Metrics | Consolidated Revenue Mix Profitability Balance Sheet Cash Flow Enterprise 38%2 55% Gross Margin1 Senior Term Loan Debt4 $342M Cash Position @ $98M Service Provider 62%2 Operating Expenses1 4.7M Warrants Outstanding $29M Cash from Operations 29% Maintenance Revenue3
Slide 9: Fourth Quarter and Full Year 2025 Non-GAAP Financial Summary
Fourth Quarter and Full Year 2025 Non-GAAP1 Financial Summary 4Q24 3Q25 4Q25 2024 2025 Revenue $251M $215M $227M $834M $845M Non-GAAP Gross Margin1 58% 53% 55% 56% 52% Non-GAAP Opex1 $94M $89M $90M $361M $352M Non-GAAP Operating 21% 11% 16% 13% 11% Margin1 Non-GAAP Adjusted $55M $29M $40M $119M $107
Slide 10: Key Market Trends & Outlook
Key Market Trends & Outlook rlIODON
Slide 11: Operating Environment in 2026
Operating Environment in 2026 Govt & Critical Shifting Infrastructure Competitive Communications Environment ▪ Industry consolidation ▪ Major voice continues – both supplier Network modernization projects Fiber and Service Provider – Agentic & that require convergence creates both opportunity Modern
Slide 12: Embracing AI Opportunities
Embracing AI Opportunities Multiple paths to engage with customers as they embrace AI AIOps and Automation Global Engagements • Faster Outcomes: Low code/ no code applications • Unified Observability: Across layers 0-7 • Open and Multi-vendor: No vendor lock-in • End-to-End Automation: AIOps, DevOps
Slide 13: First Quarter and Full Year 2026 Business Outlook
First Quarter and Full Year 2026 Business Outlook 1Q25 FY25 1Q26 FY26 (Actual) (Actual) (Outlook) (Outlook) Revenue $181M $845M $160M to $170M $840M to $875M Non-GAAP Gross Margin1 48.6% 52.3% 48.0% to 49.0% 52.5% to 53.5% Non-GAAP Adjusted EBITDA1 $6M $107M ($3M) to $1M $105M to $120M 1. Please see
Slide 14: Appendix
Appendix
Slide 15: Ribbon Key Revenue Statistics
Ribbon Key Revenue Statistics USD Millions except for percentages 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 GAAP Revenue Product 88 99 112 148 447 82 115 110 128 435 Service 92 93 98 103 387 99 106 105 100 410 Total Revenue 180 193 210 251 834 181 221 215 227 845 % of Total Revenue: GAAP Rev
Slide 16: Quarterly Non-GAAP Segment Trend | Cloud & Edge
Quarterly Non-GAAP1 Segment Trend | Cloud & Edge CLOUD & EDGE – 2024 2025 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q 4Q FY25 Revenue $102M $111M $128M $165M $505M $108M $137M $124M $142M $511M vs Prior Year (11%) (12%) +11% +35% +6% +6% +24% (3%) (14%) +1% Non-GAAP Gross 66% 66% 68% 68% 67% 63% 62% 62% 68% 64% Margi
Slide 17: Quarterly Non-GAAP Segment Trend | IP Optical Networks
Quarterly Non-GAAP1 Segment Trend | IP Optical Networks IP OPTICAL NETWORKS – 2024 2025 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q 4Q FY25 Revenue $78M $82M $82M $87M $329M $74M $84M $91M $85M $333M vs Prior Year +9% (4%) (6%) (17%) (6%) (6%) +2% +11% (2%) +1% Non-GAAP Gross 41% 39% 36% 40% 39% 28% 36% 39% 34% 35% M
Slide 18: Fourth Quarter and Full Year 2025 GAAP Financial Summary
First FourthQuarter Quarterand Full and FullYear Year2024 2025GAAP GAAPFinancial Financial Summary Summary 4Q24 3Q25 4Q25 2024 2025 Revenue $251M $215M $227M $834M $845M Gross Margin 56% 50% 53% 53% 50% Operating Expenses $107M $105M $112M $423M $424M Income (loss) from $33M $3M $9M $17M ($3M) opera
Slide 19: Thank You
Refer to the supplemental schedules including financial results, key stats, and non-GAAP reconciliations on the investor relations website investors.ribboncommunications.com Thank You © 2026 Ribbon | Public 19
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