Debt was reduced by $105 million, lowering net debt to $1.1 billion and net leverage to 1.8x, with credit rating upgrades from Fitch and Moody's.
Operating margin expanded to 22.6%, up 160 basis points year-over-year, and non-GAAP EPS grew 16% to $1.06 per diluted share.
RingCentral achieved positive GAAP operating income and net income for the first time in its history.
RingCentral reported total revenue of $620 million in Q2 2025, representing a 5% year-over-year increase and hitting the high end of guidance.
Stock-based compensation was reduced by 450 basis points year-over-year as a percentage of revenue, with net new grants down 45% in the first half of 2025.
Subscription revenue grew 6% to approximately $600 million, with ARR increasing 7% to about $2.6 billion.
The company generated $144 million in free cash flow, a 33% increase year-over-year, with free cash flow per share rising 37% to $1.57.
Advanced nodes revenue was $89 million (35% of total), specialty devices and advanced packaging $117 million (46%), and software and services $48 million (19%).
Cash and investments increased by $44 million to approximately $895 million at quarter-end.
Cash from operations was $58 million, with a cash conversion rate of 95% of non-GAAP net income.
Earnings per share were $1.25, impacted slightly by foreign exchange losses and a higher effective tax rate of 16%.
Gross margin was 54.5%, or approximately 55% excluding $1.1 million in tariff expenses.
Onto Innovation reported Q2 2025 revenue of $253.6 million, a 5% year-over-year increase.
Operating margin reached 25.9%, near the high end of guidance, driven by productivity gains in R&D and operations.
Fortinet reported strong Q2 2025 financial results with total billings growing 15% to $1.78 billion and revenue increasing 14% to $1.63 billion.
Free cash flow was $284 million, adjusted free cash flow was $428 million, up $104 million, with strong cash generation of $1.27 billion year-to-date.
Gross margin improved by 10 basis points to 81.6%, with product gross margin up 180 basis points and service gross margin down 80 basis points.
Infrastructure investments increased to $168 million, up $145 million year-over-year, supporting FortiSASE, FortiCloud, and other services.
Non-GAAP operating margin was 33.1%, slightly above guidance despite a 200 basis point year-over-year decline due to investments and FX headwinds.
Product revenue grew 13% to $509 million, driven by upgrade buying and operational technology growth, while service revenue increased 14% to $1.12 billion.
Dafinchi