Quarterly operating margin ranged from -18.2% in 2026Q1 to 13.2% in 2024Q4 with profitability in only five of ten periods, and the latest 1.6% revenue growth on $218.7M suggests the top-line trajectory remains fragile after two consecutive double-digit declines.
Ribbon Communications Inc. (RBBN) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Revenue | 800.98M | 844.56M | 833.88M | 826.34M | 819.76M | 844.96M | 843.79M | 563.11M | 577.9M | 329.94M | 252.59M | 249.03M | 296.33M | 276.73M | 254.13M | 259.7M | 249.31M | 227.5M | 313.14M | 320.31M | 279.48M | 194.61M | 170.74M | 93.21M | 62.56M | 173.2M | 51.77M | 1K |
| Revenue Growth % | -7.78% | 1.28% | 0.91% | 0.8% | -2.98% | 0.14% | 49.85% | -2.56% | 75.15% | 30.62% | 1.43% | -15.96% | 7.08% | 8.89% | -2.14% | 4.17% | 9.59% | -27.35% | -2.24% | 14.61% | 43.61% | 13.98% | 83.18% | 49% | -63.88% | 234.55% | - | - |
| Cost of Revenue | 428.3M | 447.7M | 394.37M | 446.86M | 418.82M | 400.3M | 392.98M | 246.03M | 269.57M | 128.45M | 84.98M | 87.38M | 102.92M | 104.27M | 111.54M | 113.58M | 96.16M | 83.36M | 129.87M | 129.57M | 100.43M | 77.52M | 50.57M | 37.91M | 30.87M | 75.7M | 22.74M | -4.03M |
| Gross Profit | 372.68M | 396.86M | 439.51M | 379.48M | 400.94M | 444.66M | 450.82M | 317.08M | 308.33M | 201.5M | 167.61M | 161.66M | 193.41M | 172.46M | 142.59M | 146.12M | 153.15M | 144.14M | 183.27M | 190.74M | 179.05M | 117.09M | 120.17M | 55.3M | 31.69M | 97.5M | 29.03M | 4.03M |
| Gross Margin % | 46.53% | 46.99% | 52.71% | 45.92% | 48.91% | 52.63% | 53.43% | 56.31% | 53.35% | 61.07% | 66.36% | 64.91% | 65.27% | 62.32% | 56.11% | 56.27% | 61.43% | 63.36% | 58.53% | 59.55% | 64.07% | 60.17% | 70.38% | 59.33% | 50.66% | 56.29% | 56.08% | 402700% |
| Gross Profit Growth % | - | -9.71% | 15.82% | -5.35% | -9.83% | -1.37% | 42.18% | 2.84% | 53.02% | 20.22% | 3.68% | -16.42% | 12.14% | 20.94% | -2.41% | -4.59% | 6.26% | -21.35% | -3.92% | 6.53% | 52.92% | -2.56% | 117.3% | 74.51% | -67.5% | 235.82% | 620.98% | - |
| Operating Expenses | 382.76M | 376.19M | 422.64M | 383.08M | 449.26M | 562.46M | 449.15M | 506.54M | 339.77M | 232.53M | 177.33M | 190.59M | 203.47M | 188.03M | 177.97M | 158.65M | 163.21M | 152.01M | 229.29M | 242.51M | 156.56M | 117.5M | 98.81M | 71.66M | 102.17M | 678.33M | 85.32M | 28.4M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 48.1M | 81.59M | 81.27M | 67.4M | 28.16M | -34.21M | 79.77M | -128.29M | -4.49M | -29.63M | 1.86M | -12.15M | -1.17M | -4.2M | -32.88M | -496K | 387K | -1.05M | -33.9M | -38.08M | 32M | 7.57M | 29.56M | -4.23M | -52.8M | -527.49M | -51.17M | -18.49M |
| EBITDA Margin % | 6.01% | 9.66% | 9.75% | 8.16% | 3.44% | -4.05% | 9.45% | -22.78% | -0.78% | -8.98% | 0.74% | -4.88% | -0.39% | -1.52% | -12.94% | -0.19% | 0.16% | -0.46% | -10.83% | -11.89% | 11.45% | 3.89% | 17.31% | -4.53% | -84.4% | -304.56% | -98.84% | -1848600% |
| EBITDA Growth % | -41.17% | 0.39% | 20.59% | 139.34% | 182.32% | -142.88% | 162.18% | -2760.33% | 84.86% | -1692.21% | 115.32% | -941.05% | 72.21% | 87.23% | -6528.63% | -228.17% | 136.93% | 96.91% | 10.98% | -219.01% | 322.88% | -74.4% | 799.27% | 91.99% | 89.99% | -930.84% | -176.81% | - |
| Depreciation & Amortization | 58.18M | 60.92M | 64.4M | 71M | 76.48M | 83.59M | 78.1M | 61.17M | 60.92M | 25.6M | 15.47M | 19.07M | 16.09M | 16.88M | 15.66M | 12.03M | 11.95M | 10.34M | 12.82M | 13.69M | 9.51M | 7.98M | 8.2M | 12.13M | 16.99M | 122.95M | 5.11M | 5.89M |
| D&A / Revenue % | 7.26% | 7.21% | 7.72% | 8.59% | 9.33% | 9.89% | 9.26% | 10.86% | 10.54% | 7.76% | 6.12% | 7.66% | 5.43% | 6.1% | 6.16% | 4.63% | 4.79% | 4.54% | 4.09% | 4.27% | 3.4% | 4.1% | 4.8% | 13.02% | 27.16% | 70.99% | 9.87% | 588700% |
| Operating Income (EBIT) | -10.08M | 20.67M | 16.87M | -3.6M | -48.32M | -117.8M | 1.67M | -189.46M | -65.41M | -55.23M | -13.61M | -31.22M | -17.25M | -21.07M | -48.54M | -12.53M | -11.56M | -11.38M | -46.72M | -51.77M | 22.49M | -409K | 21.36M | -16.36M | -69.79M | -650.44M | -56.28M | -24.37M |
| Operating Margin % | -1.26% | 2.45% | 2.02% | -0.44% | -5.89% | -13.94% | 0.2% | -33.65% | -11.32% | -16.74% | -5.39% | -12.54% | -5.82% | -7.62% | -19.1% | -4.82% | -4.64% | -5% | -14.92% | -16.16% | 8.05% | -0.21% | 12.51% | -17.55% | -111.56% | -375.54% | -108.72% | -2437300% |
| Operating Income Growth % | - | 22.52% | 568.67% | 92.55% | 58.98% | -7157.88% | 100.88% | -189.66% | -18.43% | -305.83% | 56.41% | -80.95% | 18.14% | 56.58% | -287.56% | -8.36% | -1.54% | 75.63% | 9.76% | -330.18% | 5599.02% | -101.91% | 230.57% | 76.56% | 89.27% | -1055.66% | -130.92% | - |
| Interest Expense | 4M | 44.92M | 34.15M | 27.66M | 16.88M | 22.82M | 23.24M | 4.5M | 4.5M | 700K | 100K | 199K | 251K | 97K | 202K | 0 | 191K | 183K | 291K | 164K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | -0.02x | 0.79x | -1.00x | -5.50x | -8.43x | 4.92x | -26.45x | -15.37x | -44.33x | -113.16x | -145.42x | -57.33x | -212.06x | -235.28x | - | -51.35x | -39.39x | -124.34x | -187.46x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.5% | 5.32% | 4.1% | 3.35% | 2.06% | 2.7% | 2.75% | 0.8% | 0.78% | 0.21% | 0.04% | 0.08% | 0.08% | 0.04% | 0.08% | 0% | 0.08% | 0.08% | 0.09% | 0.05% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -950K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 | 0 |
| Pretax Income | -70.89M | -45.11M | -46.07M | -55.37M | -112.6M | -208.14M | 93.32M | -122.89M | -73.41M | -53.69M | -11.42M | -29.89M | -14.64M | -20.67M | -47.73M | -11.24M | -10M | -7.39M | -34.01M | -32.46M | 37.9M | 8.98M | 25.16M | -14.83M | -70.94M | -1.09B | 0 | 0 |
| Pretax Margin % | -8.85% | -5.34% | -5.52% | -6.7% | -13.74% | -24.63% | 11.06% | -21.82% | -12.7% | -16.27% | -4.52% | -12% | -4.94% | -7.47% | -18.78% | -4.33% | -4.01% | -3.25% | -10.86% | -10.13% | 13.56% | 4.61% | 14.74% | -15.91% | -113.41% | -632.09% | 0% | 0% |
| Income Tax | -89.48M | -84.75M | 8.17M | 10.83M | -14.52M | -30.96M | 4.73M | 7.18M | 3.4M | -18.44M | 2.52M | 2.01M | 2.21M | 1.45M | 2.44M | 1.47M | 693K | -2.46M | 79.56M | -8.82M | -64.96M | 611K | 687K | 302K | -2.01M | 64.6M | -6.25M | -486K |
| Effective Tax Rate % | 126.22% | 187.87% | -17.73% | -19.56% | 12.89% | 14.87% | 5.06% | -5.84% | -4.63% | 34.34% | -22.04% | -6.72% | -15.12% | -7.03% | -5.11% | -13.04% | -6.93% | 33.27% | -233.94% | 27.18% | -171.41% | 6.8% | 2.73% | -2.04% | 2.83% | -5.9% | - | - |
| Net Income | 18.59M | 39.64M | -54.23M | -66.21M | -98.08M | -177.19M | 88.59M | -130.07M | -76.81M | -35.25M | -13.93M | -31.89M | -16.86M | -22.12M | -50.17M | -12.7M | -10.69M | -4.93M | -118.8M | -23.64M | 102.85M | 8.37M | 24.48M | -15.14M | -68.47M | -645.43M | -50.04M | -23.89M |
| Net Margin % | 2.32% | 4.69% | -6.5% | -8.01% | -11.96% | -20.97% | 10.5% | -23.1% | -13.29% | -10.68% | -5.52% | -12.81% | -5.69% | -7.99% | -19.74% | -4.89% | -4.29% | -2.17% | -37.94% | -7.38% | 36.8% | 4.3% | 14.34% | -16.24% | -109.45% | -372.65% | -96.65% | -2388700% |
| Net Income Growth % | 143.16% | 173.08% | 18.08% | 32.5% | 44.64% | -300% | 168.11% | -69.35% | -117.89% | -153.03% | 56.32% | -89.23% | 23.8% | 55.91% | -294.94% | -18.82% | -116.77% | 95.85% | -402.58% | -122.98% | 1129.13% | -65.81% | 261.71% | 77.89% | 89.39% | -1189.88% | -109.48% | - |
| EPS (Diluted) | 0.10 | 0.22 | -0.31 | -0.39 | -0.63 | -1.20 | 0.61 | -1.19 | -0.74 | -0.60 | -0.28 | -0.64 | -0.34 | -0.40 | -0.90 | -0.23 | -0.19 | -0.09 | -2.19 | -0.45 | 2.00 | 0.10 | 0.50 | -0.34 | -1.80 | -18.66 | -2.61 | -2.78 |
| EPS Growth % | 140.68% | 170.97% | 20.51% | 38.1% | 47.5% | -296.72% | 151.26% | -60.81% | -23.33% | -114.29% | 56.25% | -88.24% | 15% | 55.56% | -291.3% | -21.05% | -110.88% | 95.89% | -386.67% | -122.5% | 1900% | -80% | 247.06% | 81.11% | 90.35% | -614.94% | 6.12% | - |
| EPS (Basic) | - | 0.22 | -0.31 | -0.39 | -0.63 | -1.20 | 0.64 | -1.19 | -0.74 | -0.60 | -0.28 | -0.64 | -0.34 | -0.40 | -0.90 | -0.23 | -0.19 | -0.09 | -2.19 | -0.45 | 2.05 | 0.10 | 0.50 | -0.34 | -1.80 | -18.66 | -2.61 | -2.78 |
| Diluted Shares Outstanding | 178.86M | 179.82M | 174.04M | 170.41M | 156.67M | 147.57M | 144.65M | 109.73M | 103.92M | 58.82M | 49.38M | 49.56M | 50.24M | 55.69M | 56.02M | 55.71M | 55.09M | 54.75M | 54.3M | 52.58M | 51.67M | 50.56M | 50.76M | 44.14M | 37.98M | 34.58M | 19.18M | 8.59M |
Quick answers to the most common questions about buying RBBN stock.
For fiscal year 2025, Ribbon Communications Inc. (RBBN) reported total revenue of $844.6M. This represents a 84455500.0% increase compared to $0.0M in 1999.
Ribbon Communications Inc. (RBBN) is profitable, generating $39.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.7%.
Ribbon Communications Inc. (RBBN) reported an operating income of $20.7M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ribbon Communications Inc. (RBBN) generated $396.9M in gross profit for the year, representing a gross profit margin of 47.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained losses with volatile margins
Metrics are mathematically derived from official filings.
Seasonality Masks Revenue Weakness
According to Ribbon Communications' reported income statements, quarterly revenue swung from $162.6M in 2026Q1 to $218.7M in 2026Q3, yet the 1.6% year-over-year gain in the latest quarter followed two consecutive double-digit declines, suggesting the top-line trajectory remains fragile.
The revenue pattern appears heavily seasonal, with first-quarter troughs near $162-181M and third/fourth-quarter peaks above $215M, so sequential swings should be read against the year-ago quarter rather than the preceding period. Consecutive year-over-year declines of 10.3% and 12.8% in 2026Q1-Q2 point to genuine demand or pricing softness, while the 1.6% uptick in 2026Q3 hints at stabilization that warrants further investigation before being treated as a trend reversal.
Margins Cross Zero Half the Time
Based on figures disclosed in Ribbon's quarterly filings, operating margin ranged from -18.2% in 2026Q1 to 13.2% in 2024Q4 over the ten-quarter window, with profitability in only five of those periods, indicating that revenue scale has not yet produced a stable earnings base.
Gross margin is not present in the supplied data, so the assessment rests on operating margin, which has flipped sign in half the observed quarters and never sustained above 13.2%. This volatility implies high operating leverage against a seasonal revenue base rather than pricing power, and the absence of a consistent margin band suggests fixed-cost absorption, not volume, is the swing factor investors should monitor.
Fourth-Quarter Profit Appears Non-Recurring
As reported in Ribbon's income statement data, 2025Q4 delivered $89.1M of net income and a 39.2% net margin against just $18.8M of operating income, implying the profit was driven largely by items below the operating line rather than core operations.
The roughly $70M gap between operating and net income in that quarter suggests a substantial non-operating gain — potentially a tax benefit, disposal, or settlement — which the supplied data does not itemize and which warrants a closer read of the filings. Excluding that outlier, the remaining nine quarters aggregate to approximately -$144M of net income, a figure that appears to underline how much reported earnings power depends on episodic items.
Early 2026 Marks Downshift, Then Reversal
According to the company's quarterly results, operating income deteriorated from $2.8M in 2025Q3 to -$29.7M in 2026Q1, the steepest loss in the ten-quarter series, before recovering to $5.6M in 2026Q3, marking a pronounced earnings inflection and partial reversal.
The move from modest profitability in 2025Q2-Q4 into a $29.7M operating loss appears to be more than seasonal noise, given that the prior-year first quarter also lost $19.6M but by a materially smaller margin. The subsequent return to positive operating income may indicate the cost base has been adjusted, though a 2.6% margin on $218.7M of revenue suggests the recovery remains thin and unproven across a full cycle.
What Could Invalidate the Base Case
Based on the reported figures, Ribbon's latest-quarter operating income of $5.6M on $218.7M of revenue implies a 2.6% margin that leaves almost no cushion for cost or demand shocks, and the apparent recovery may reflect quarter-specific mix rather than durable structural improvement.
A skeptic would observe that 2026Q3 revenue of $218.7M remained below the $227.3M and $251.4M recorded in 2025Q4 and 2024Q4 respectively, so the turnaround narrative rests on a single quarter of marginal year-over-year growth. Depreciation held near $15M per quarter through 2026Q2 while operating income was negative in several of those periods, implying the business at times failed to cover its own asset consumption before any interest burden; the $0 D&A reading for 2026Q3 is treated as data unavailable and supports no conclusion.