8x8

EGHT · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

EGHT · Last close · November 6, 2026

$2.13

8x8's revenue rose 2.9% to $736 million in fiscal 2026. Its operating margin was 2.6%, up from 2.1% a year earlier. Free cash flow was $52 million, down 14.8%. It paid out $2 million in dividends and buybacks, 4% of free cash flow. The diluted share count rose 9.9%.

8x8, Inc. Latest fiscal year ended March 31, 2026 10-K filed May 22, 2026 · 0001023731-26-000041 Updated November 7, 2026

Revenue

$736M

2.9%

Operating margin

2.6%

0.4 pts

Net income

$2M

Free cash flow

$52M

14.8%

Return on capital

2.5%

0.6 pts

Market cap

$312M

Nov 6 close

P/E

42.6x

On $0.05 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What 8x8 does

8x8 sells cloud communications software to businesses. Its Platform for CX combines a contact center (the system customers call for support), business phone and messaging, and tools that let companies add voice and messaging to their own apps. It says the platform uses artificial intelligence to help companies handle customer and employee conversations in one system.

It sells to companies of all sizes, but says it is putting more effort into mid-market, small and mid-sized, and public sector organizations, especially those with 500 to 10,000 employees. It also works to keep its small business customers. It reaches customers through its own salespeople and through indirect channels: technology distributors and their sub-agents, resellers, and partners whose software connects to its own. Carrier partnerships extend its service to over 100 countries and territories. It earns revenue mainly from subscriptions to its cloud services.

As of March 31, 2026, it had 1,819 full-time employees, of which 70% were outside the United States.

Its biggest risks, as it describes them

A history of losses and negative cash flow, with more losses expected.
Losing customers to churn, which costs money to replace.
Intense competition and pricing pressure in cloud communications.
Failing to keep up with fast technology change in cloud software.
Depending on indirect sales partners and on software partners such as CRM vendors.

From 8x8's annual report on Form 10-K, filed May 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	136	138	117	88	93
Debt incl. finance leases	448	260	410	350	322
Net debt (negative means net cash)	312	122	292	262	228
Net debt to EBITDA	—	—	—	7.4x	6.2x
Debt to equity	2.5x	2.6x	4.0x	2.9x	2.2x
Interest coverage	−71.5x	−2.4x	−0.7x	0.5x	1.1x
Current ratio	1.4x	1.2x	1.4x	1.2x	1.1x
Quick ratio	1.4x	1.2x	1.4x	1.2x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project 8x8's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open 8x8's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought 8x8 shares on the open market, and 5 insiders sold $562,320, $446,102 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Andrew F. BurtonDirector	Sold plan	107,085	$1.81	$193,824	Form 4
Sep 11, 2026	Laurence DennyChief Legal Officer	Sold plan	9,433	$1.82	$17,168	Form 4
Aug 7, 2026	Kevin KrausChief Financial Officer	Sold	34,329	$2.32	$79,643	Form 4
Jul 27, 2026	Elizabeth Harriet TheophilleDirector	Sold	20,207	$1.81	$36,575	Form 4
Feb 17, 2026	Laurence DennyChief Legal Officer	Sold plan	5,000	$2.55	$12,750	Form 4
Feb 4, 2026	Hunter MiddletonChief Product Officer	Sold plan	85,044	$2.50	$212,610	Form 4
Dec 1, 2025	Laurence DennyChief Legal Officer	Sold plan	5,000	$1.95	$9,750	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	6 of 9	5 of 9	6 of 9
Rule of 40	8.4%	6.7%	10.0%
Altman Z''	−3.14	−3.53	−3.70
Accruals ratio	−18.4%	−12.6%	−8.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put 8x8 side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
8x8	FY26	2.9%	2.6%	7.1%	2.5%	6.2x	6
Braze	FY26	24.4%	−19.6%	8.4%	—	—	—	Compare
Appian	FY25	17.8%	0.1%	8.2%	—	5.2x	6	Compare
Vertex	FY25	12.2%	0.3%	—	0.9%	0.2x	—	Compare
SPS Commerce	FY25	17.8%	15.7%	20.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	253	296	353	446	532	638	744	729	715	736
Revenue growth	21.0%	17.0%	18.9%	26.6%	19.3%	19.9%	16.6%	−2.0%	−1.9%	2.9%
Gross profit	234	276	—	—	—	391	502	504	485	475
Research and development	29	36	62	78	92	112	142	136	123	113
Operating income	−7	−42	−90	−160	−146	−154	−66	−28	15	19
Net income	−5	−104	−89	−172	−166	−175	−73	−68	−27	2
Diluted EPS (US$)	−0.05	−1.14	−0.94	−1.72	−1.57	−1.55	−0.63	−0.56	−0.21	0.01
Diluted shares (millions)	90	92	94	100	106	113	116	121	130	143
Cash flow
Cash from operations	28	22	−15	−94	−14	35	49	79	64	56
Capital expenditure	9	9	9	36	6	4	3	3	2	4
Free cash flow	20	13	−24	−130	−20	31	46	76	61	52
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	3	22	8	0	0	45	60	0	0	2
Acquisitions	3	0	6	59	10	125	1	0	3	5
Stock-based compensation	22	29	44	71	108	133	90	62	40	20
Balance sheet at fiscal year end
Cash and short-term investments	175	152	346	171	153	136	138	117	88	93
Debt incl. finance leases	—	0	216	292	308	448	260	410	350	322
Total assets	334	277	546	701	678	910	842	756	683	663
Total liabilities	45	58	297	510	518	728	742	654	561	516
Shareholders' equity	289	219	249	191	160	182	100	102	122	147
Margins and ratios
Gross margin	92.2%	93.1%	—	—	—	61.2%	67.5%	69.1%	67.9%	64.6%
Operating margin	−2.6%	−14.1%	−25.4%	−35.8%	−27.4%	−24.2%	−8.9%	−3.8%	2.1%	2.6%
Net margin	−1.9%	−35.2%	−25.2%	−38.6%	−31.1%	−27.5%	−9.8%	−9.3%	−3.8%	0.2%
Free cash flow margin	7.8%	4.3%	−6.8%	−29.1%	−3.9%	4.8%	6.2%	10.5%	8.6%	7.1%
Rule of 40 (growth + FCF margin)	28.8%	21.4%	12.1%	−2.5%	15.4%	24.7%	22.7%	8.4%	6.7%	10.0%
Return on capital	—	—	−76.4%	−58.7%	−36.8%	−30.1%	−14.6%	−7.1%	3.1%	2.5%
Return on equity	−1.7%	−41.2%	−37.9%	−78.3%	−94.3%	−102.3%	−51.8%	−67.0%	−24.3%	1.2%
Return on assets	−1.5%	−34.2%	−21.6%	−27.6%	−24.0%	−22.1%	−8.3%	−8.5%	−3.8%	0.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	7.4x	6.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: 8x8's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with 8x8.