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Netscout Systems (NTCT) FY2025 results: revenue $823 million, down 0.8% on the year

Netscout Systems Inc. (NTCT) reported revenue of $823 million for fiscal 2025, the year ended 31 March 2025, down 0.8% on the year before. Net income was -$367 million, and diluted earnings per share $-5.12. The figures are the company's own, from the 10-K it filed with the SEC on 15 May 2025.

Revenue
$823 million
-0.8% on the year
FY2018FY2025
Operating margin
-44.7%
-18.1% a year earlier
FY2018FY2025
Net income
-$367 million
FY2018FY2025
Diluted EPS
-$5.12
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue823829915-0.8%
Cost of revenue179187223-4.6%
Gross profit644642691+0.3%
Gross margin78.3%77.4%75.6%
Research and development153161176-5.2%
Operating income-368-15077.7
Operating margin-44.7%-18.1%8.5%
Interest expense7.28.710.2-17.2%
Pre-tax income-366-14568.4
Income tax1.13.28.8-65.0%
Effective tax raten/an/a12.8%
Net income-367-14859.6
Net margin-44.6%-17.8%6.5%
Diluted EPS-$5.12-$2.07$0.82
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow21858.8157+270.1%
Capital expenditure5.46.410.5-15.0%
Free cash flow21252.4146+304.7%
Free cash flow margin25.8%6.3%16.0%
Cash from investing-7.013.415.3
Cash from financing-142-69.4-419
Depreciation and amortisation63.875.085.9-14.9%
Share-based compensation64.870.862.0-8.5%
Buybacks25.350.0150-49.5%
Diluted shares, weighted72m71m73m+0.2%
Shares outstanding at period end72m71m71m+0.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,5601,8922,030-17.5%
Debt0.0100100
Operating lease liabilities32.538.148.8-14.7%
Other liabilities594565642+5.0%
Total liabilities and equity2,1872,5952,821-15.7%
Fixed assets21.526.534.7-18.7%
Goodwill1,0761,5031,724-28.4%
Intangible assets259309367-16.2%
Investments1.01.041.1+1.0%
Cash and equivalents457390387+17.4%
Receivables164192144-14.8%
Inventory12.914.118.0-8.5%
Other assets195160105+21.5%
Total assets2,1872,5952,821-15.7%

10-K for the year ended 31 March 2025, filed 15 May 2025: the filing.