Ringcentral, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $2.62 billion, which rose 5.5% on the year before. That growth rate was up 0.2 percentage points on the rate a quarter earlier.

Profitability

The trailing gross margin was 72.2%. The trailing operating margin was 7.5%, up 3.7 percentage points from a year earlier. The trailing net margin was 25.3%. Net income over the twelve months was $662.4 million, which rose 4904.5% on the year before.

Cash flow

Operating cash flow over the twelve months was $699.4 million, up 16.3% on the year before. Capital spending was $32.1 million, or 1.2% of revenue. Free cash flow, operating cash flow less capital spending, was $667.2 million, up 16.5% on the year before. Free cash flow was 25.5% of revenue (the free-cash-flow margin), up 2.4 percentage points from a year earlier.

Share count

The average diluted share count fell 4.0% over the year.

Against its own history

Today’s free-cash-flow margin of 25.5% is higher than 100% of the company’s own past quarterly readings, which have ranged from −24.4% to 24.7%. Today’s operating margin of 7.5% is higher than 100% of the company’s own past quarterly readings, which have ranged from −32.7% to 6.7%. Today’s twelve-month revenue growth rate of 5.5% is higher than 8% of the company’s own past quarterly readings, which have ranged from 4.8% to 40.1%.

Guidance

The company gave its Fourth Quarter 2026 guidance for Subscriptions revenue for Subscriptions: $653.0 million to $659.0 million. The company gave its Fourth Quarter 2026 guidance for Total revenue: $673.0 million to $680.0 million. The company gave its Fourth Quarter 2026 guidance for GAAP operating margin: 13.3% to 14.7%. The company gave its Fourth Quarter 2026 guidance for Non-GAAP EPS (adjusted): $1.32 to $1.37.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 26.6%, and 5 percentage points higher would raise it by 34.8%. A free-cash-flow margin 1 percentage point lower would lower it by 3.9%.

What to watch

The next filing will show whether the recent increases in operating and free-cash-flow margins continue their trajectory relative to the company’s historical ranges. It will also reveal if the revenue growth rate maintains its recent acceleration or reverts toward the lower end of the historical distribution. Additionally, the report will clarify how the average diluted share count evolves as the company continues its capital allocation activities.