The stress characteristics method (SCM) has been used to compute the bearing capacity of smooth and rough ring foundations. Two different failure mechanisms for a smooth footing, and four different mechanisms for a rough footing have been considered. For a rough base, a curvilinear non-plastic wedge has been employed below the footing. The analysis incorporates the stress singularities at the inner as well as outer edges of the ring footing. Bearing capacity factors, Nc, Nq and N? are presented as a function of soil internal friction angle (?) and the ratio (ri/ro) of inner to outer radii of the footing.