8x8, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 26% from March 2023 to July 2026.

  8x8 had 26% more shares at July 2026 than at March 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.8x8 had 26% more shares at July 2026 than at March 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $122M vs $2M spent repurchasing shares over the 3 fiscal years to FY Mar 2026.

  Over three fiscal years 8x8 recorded $122M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years 8x8 recorded $122M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Much more borrowing than peers. Debt is 2.1× equity vs a peer median of 0.2×.Debt is 2.1× equity vs peers 0.2×.

  Debt is 2.1× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.1× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

• Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

  8x8 made a profit per share in its latest year after a loss the year before.