2Q26 Results: AI Traction Builds, Growth Still Range-Bound

研报英文原文证据摘录

2Q26 Results: AI Traction Builds, Growth Still Range-Bound

Update

July 24, 2026 03:28 AM GMT

Morgan Stanley & Co. LLCMRingCentral Inc | North America Elizabeth Porter, CFA

Equity Analyst

2Q26 Results: AI Traction Elizabeth.E.Porter@morganstanley.comAdam Wood +1 212 761-3632

Adam.Wood@morganstanley.com +1 212 761-3656

Builds, Growth Still Range- Jamie Reynolds

Research Associate

Jamie.Reynolds@morganstanley.com +1 212 761-2087

Bound

RingCentral Inc (RNG.N, RNG UN)

What’s Changed Software | United States of America

RingCentral Inc (RNG.N) From To Stock Rating Equal-weight

Price Target $40.00 $41.00 Industry View Attractive

Price target $41.00

Shr price, close (Jul 23, 2026) $38.62

Mkt cap, curr (mm) $3,360

AlphaSignals Earnings Reaction 52-Week Range $49.85-23.59

Unchanged Modest upside Largely unchanged Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Impact to our thesis Financial results versus consensus Direction of next 12-month

ModelWare EPS ($) 1.34 2.24 3.08 3.99

consensus EPS

EPS ($)** 4.36 5.03 5.50 5.94

Source: Company data, Morgan Stanley Research EPS ($)§ 4.32 4.92 5.51 6.09

Prior EPS ($)** - 4.93 5.34 5.77

Q2 revenue was slightly ahead of consensus, reflecting another Div yld (%) 0.0 1.2 1.3 1.3

quarter of range bound subscription growth. Patience is required Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

for AI product expansion to reinvigorate topline, but investors §**==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

e = Morgan Stanley Research estimates

are rewarded to wait with improving profitability. Remain EW as Quarterly EPS ($)

growth inflection catalyst longer-dated. 2026e 2026e 2027e 2027e Quarter 2025 Prior Current Prior Current

Q1 1.00 - 1.20a 1.28 1.30

Steady Growth; Better Margins.