Ribbon Communications
Modernizes carrier voice networks and supplies optical transport equipment to telecom operators worldwide.
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Profile
Formed through a 2017 merger of two voice-infrastructure vendors, the business sells session-border-controller-based voice modernization to telecom carriers and enterprises, plus optical-transport and IP-routing equipment gained through a later acquisition and concentrated in Indian, European, and North American carrier networks. The voice-modernization line carries most of the profitability.
Formed in 2017 by merging two established voice-infrastructure vendors, the business sells communications and network gear to carriers, enterprises, and critical-infrastructure operators worldwide.
Its larger, more profitable line modernizes carrier and enterprise voice networks around session border controllers, paired with a cloud communications platform and services that shift legacy voice systems onto it; global carriers, including major U.S. providers, are core customers.
A second, acquired line supplies optical transport and IP routing and switching gear, sold heavily into India alongside customers across Europe and North America; it still trails the voice business on margin and has absorbed a multi-year drop in Eastern European demand since sales there were halted.
Its IT systems were breached in late 2025 by an actor reportedly linked to a nation-state, adding one-time remediation costs alongside recurring litigation expenses.
Company facts
Key statistics
Year to date −30.2% · Average volume (30d) 718.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | B. Riley | Upgrade | Neutral | Buy | ||
| Jul 29, 2026 | C.L. King | Target | $6 | $3.30 | ||
| Feb 11, 2026 | Craig-Hallum | Target | $6 | $3 | ||
| Feb 6, 2026 | Northland Securities | Target | $4 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | −$0.01 | −$0.03 | −114.3% | $190.0M | $192.3M | +1.2% | +6.83% |
| Apr 28, 2026Q1 FY26 | −$0.06 | −$0.05 | +16.7% | $163.4M | $162.6M | −0.5% | −8.46% |
| Feb 5, 2026Q4 FY25 | $0.11 | $0.59 | +436.4% | $241.3M | $227.3M | −5.8% | −27.94% |
| Oct 22, 2025Q3 FY25 | $0.06 | $0.04 | −33.3% | $241.4M | $215.4M | −10.8% | −13.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $181.3M | $220.6M | $215.4M | $227.3M | $162.6M | $192.3M | |
| Gross profit | $82.4M | $109.3M | $108.0M | $115.3M | $64.0M | $87.8M | |
| Operating income | −$19.6M | $4.2M | $2.8M | $18.8M | −$29.7M | −$4.8M | |
| Net income | −$26.2M | −$11.1M | −$12.1M | $89.1M | −$34.5M | −$26.9M | |
| Diluted EPS | −$0.15 | −$0.06 | −$0.07 | $0.50 | −$0.20 | −$0.15 | |
| Gross margin | 45.4% | 49.6% | 50.1% | 50.7% | 39.4% | 45.7% | |
| Operating margin | -10.8% | 1.9% | 1.3% | 8.3% | -18.2% | -2.5% |
Fiscal years (4-quarter sums)FY21 $845.0M · FY22 $819.8M · FY23 $826.3M · FY24 $833.9M · FY25 $844.6M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $43.5M · Total debt $397.0M · Total assets $1.14B · Shareholders' equity $392.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 178.82M · Float 144.01M · 80.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| JPMorgan Chase & Co | 52.04M | 29.10% | 13F | Aug 12, 2026 |
| Neuberger Berman Group LLC | 18.31M | 10.24% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 7.15M | 4.00% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 6.29M | 3.52% | 13F | Aug 11, 2026 |
| Royce & Associates LP | 5.09M | 2.85% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 10, 2026 | Bruce William McClelland | director, officer: President & CEO | +12,000 | $2.06 |
| Feb 11, 2026 | Bruce William McClelland | director, officer: President & CEO | +12,500 | $1.99 |
| Feb 13, 2026 | Bruce William McClelland | director, officer: President & CEO | +12,500 | $1.98 |
| Sep 8, 2025 | Dan Redington | officer: EVP, Global Sales | −14,176 | $4.02 |
| Sep 5, 2025 | Dan Redington | officer: EVP, Global Sales | −155,434 | $4.03 |
Peers
- Cisco Systems
Broadest overlap across SBC, IP routing/switching, and AIOps observability
- Nokia (ADR)
Full-line IP-optical, SBC and AIOps rival, bulked up in optical via Infinera
- Ciena
Pure-play optical networking rival centered on WaveLogic coherent optics
- Oracle
Longstanding pure-play SBC rivalry via Oracle's Acme Packet lineage
- AudioCodes
Smaller, enterprise/UC-focused SBC and gateway rival to carrier-grade SBCs
- ADTRAN
Smaller access/edge-focused optical networking rival, ADVA heritage
- Ericsson (ADR)
Mobile-network giant with an overlapping SBC line and rival automation platform
- Hewlett Packard Enterprise
Diversified IT vendor whose Juniper unit sells service-provider routers
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ribbon Communications | $2.03 | +0.25% | $363.0M | 24.9 | 14.5 | 0.5 | −12.8% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Nokia (ADR) | $10.18 | −0.29% | $55.14B | 71.4 | 24.3 | 2.5 | +2.3% |
| Ciena | $379.00 | +0.24% | $53.57B | 126.1 | 48.3 | 9.6 | +39.5% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| AudioCodes | $10.04 | −0.15% | $255.6M | 39.4 | 15.5 | 1.0 | +3.1% |
| ADTRAN | $7.81 | +1.23% | $625.3M | — | 21.7 | 0.5 | +6.1% |
| Ericsson (ADR) | $9.91 | −0.35% | $32.67B | 12.9 | 20.2 | 1.4 | −6.7% |
| Hewlett Packard Enterprise | $52.56 | +0.50% | $69.26B | 49.8 | 13.4 | 1.8 | +40.0% |
| Median | 39.4 | 20.8 | 2.1 | +11.8% |