# RingCentral Stock: It Beat, RAISED, and Popped 25% — Here’s Why We Still Say BUY

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/ringcentral-stock-it-beat-raised-and-popped-25-here-s-why-we-still-say-buy
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/ringcentral-stock-it-beat-raised-and-popped-25-here-s-why-we-still-say-buy.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-25T14:32:39+00:00
Episode link: https://chargedalpha.podbean.com/e/ringcentral-stock-it-beat-raised-and-popped-25-%e2%80%94-here-s-why-we-still-say-buy/
Audio file: https://mcdn.podbean.com/mf/web/q3e9d689odbyw61i/audio_p.mp3
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Duration seconds: 853

## Resource

RingCentral (RNG) Q2 2026 — RingCentral (RNG), the cloud-communications pioneer pivoting to AI-powered customer engagement, reported a clean Q2 2026 beat above the high end of its own guidance: non-GAAP EPS of $1.22 beat the ~$1.16 estimate (+15% YoY) on revenue of $657M (+5.9%), with subscriptions revenue of $634M (96% of total). Non-GAAP operating margin expanded to 23.4% and free cash flow jumped 25% to $180M (a 27% cash margin). Management RAISED full-year guidance across the board — total revenue to $2.635–2.646B, non-GAAP EPS to $4.96–$5.10, free cash flow to $615–625M — hiked the dividend 67% to $0.125/quarter, and refinanced ~$600M+ of convertible notes. The stock ripped ~25% to ~$48.31 (a new 52-week high, off a $23.59 low). Even after the pop it trades near ~10x forward earnings at a mid-teens FCF yield. Our owner-earnings DCF pegs fair value near $60 — even a melting-ice-cube case (~$53) tops the price. Our call: BUY, 4/5. RingCentral (RNG) is a stock the market left for dead — a deeply profitable, cash-gushing cloud-communications company priced for slow death. Q2 2026 challenged that thesis hard: non-GAAP EPS of $1.22 beat the ~$1.16 estimate (+15% YoY) on revenue of $657M (+5.9%), subscriptions revenue of $634M (96% of total, ~6% growth), non-GAAP operating margin up 90bps to 23.4%, and free cash flow up 25% to $180M (a 27% cash margin). Management RAISED full-year guidance on revenue, margins, and cash (total revenue $2.635–2.646B, non-GAAP EPS $4.96–$5.10, FCF $615–625M), hiked the dividend 67%, refinanced $600M+ of convertible notes, and bought back $94M of stock — and the shares ripped ~25% to ~$48.31, a new 52-week high off a $23.59 low. The bull case: a 96%-recurring cash machine at ~10x earnings and a mid-teens free-cash-flow yield, shrinking its s…

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