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Netscout Systems (NTCT) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Netscout Systems (NTCT) Q2 FY27 earnings results →

Q2 FY27 Revenue up 1% year over year to $222M · 15¢ of every $1 of revenue kept as net profit · operating margin 16.9%

Netscout Systems made $222M in Q2 FY27 (+1% Y/Y): Service $132M, Product $89.9M. Operating margin 16.9%, net earnings $34.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$222M
Year over year+1%
Operating margin16.9%
Net earnings$34.4M
Operating cash flow−$15.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $222.2M in Q2 FY27, up 1% year over year and up 6% from the previous quarter. Service was the largest line at 60% of revenue. Service added $8.0M year over year (up 6%), 253% of the total change. Product declined 5%.

Gross margin was 79.5%, down 0.6 points from Q2 FY26. Operating profit was $37.6M, a 16.9% margin (up 2.1 points year over year). Of the extra revenue versus Q2 FY26, 161% reached operating profit, above the 15% margin then. Operating expenses fell 3% while revenue rose 1%. Net earnings were $34.4M, up 33% year over year. The effective tax rate was 15.5%.

Operating cash flow was −$15.1M. Non-cash charges added back $15.0M of depreciation and amortization and $13.9M of share-based compensation. Working capital and other items used $78.4M. Capital expenditures of $642K exceeded it, leaving free cash flow of −$15.8M.

Quarterly history

Netscout Systems revenue by quarterNetscout Systems revenue by quarter$205MQ4 FY25$187MQ1 FY26$219MQ2 FY26$251MQ3 FY26$203MQ4 FY26$210MQ1 FY27$222MQ2 FY27
Netscout Systems net earnings by quarterNetscout Systems net earnings by quarter$18.6MQ4 FY25−$3.7MQ1 FY26$25.8MQ2 FY26$55.1MQ3 FY26$18.2MQ4 FY26$21.8MQ1 FY27$34.4MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$222M+1%16.9%$34.4M−$15.1M
Q1 FY2710-QAug 6, 2026$210M+13%6.9%$21.8M$50.8M
Q4 FY2610-KMay 14, 2026$203M-1%9.6%$18.2M$152M
Q3 FY2610-QFeb 5, 2026$251M-0.5%25.7%$55.1M$62.1M
Q2 FY2610-QNov 6, 2025$219M+15%14.8%$25.8M$6.7M
Q1 FY2610-QAug 7, 2025$187M+7%-3.5%−$3.7M$73.6M
Q4 FY2510-KMay 15, 2025$205M+0.8%9.7%$18.6M$142M

Charts

Netscout Systems: revenue growth, year over year and quarter over quarterNetscout Systems: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q4 FY25+7%-9%Q1 FY26+15%+17%Q2 FY260%+14%Q3 FY26-1%-19%Q4 FY26+13%+4%Q1 FY27+1%+6%Q2 FY27
Latest (Q2 FY27): Y/Y +1%, Q/Q +6%.
Netscout Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Netscout Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$250MOther investing−$149MBuybacks−$106MCash drawn (+) / kept (−)$45.0MTaxes on employees’ shares−$28.4MCapital spending−$9.1MExchange rates−$2.0MShares issued$3K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Netscout Systems: profit against cash, quarter by quarterNetscout Systems: profit against cash, quarter by quarterNet incomeOperating cash flow$48.8M$41.5MQ3 FY25$18.6M$142MQ4 FY25−$3.7M$73.6MQ1 FY26$25.8M$6.7MQ2 FY26$55.1M$62.1MQ3 FY26$18.2M$152MQ4 FY26$21.8M$50.8MQ1 FY27$34.4M−$15.1MQ2 FY27
Latest (Q2 FY27): Net income $34.4M, Operating cash flow −$15.1M.
Netscout Systems: diluted shares by fiscal yearNetscout Systems: diluted shares by fiscal year74MFY2175MFY2273MFY2371MFY2472MFY2573MFY26
-0.6% since FY21: buybacks shrank the count.
Netscout Systems in its industry: growth against margin (40 companies, SIC 7373)Netscout Systems in its industry: growth against margin (40 companies, SIC 7373)revenue growth, year over year →↑ operating marginmedian +9%median 1%LDOSKDCACISAICPSNGDDYOTEXLAWILJKHYIOTUISWAYRBBNIONQAGYSOSPNTLSSMRTASURWYYSTEMCREXCSPIHCTIQNTDMRCOMQSSLERIMEAURKDKMRLNFUSEODYSVEEAGRHIBNAISUNIDAICNTCT (+1%, 17%)
Services-Computer Integrated Systems Design; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Netscout Systems

We are an industry leader with four decades of experience in providing service assurance and cybersecurity solutions that are based on our pioneering deep packet inspection technology at scale, which is used by many Fortune 500 companies to protect their digital business services against disruption. Service providers and enterprises, including local, state and federal government agencies, rely on our solutions to achieve the visibility and protection necessary to optimize network performance, ensure the delivery of high-quality, mission-critical applications and services, gain timely insight into the end user experience and protect their networks from attack.

In its own words, from its 10-K, filed May 15, 2025.

Netscout Systems against its Services-Computer Integrated Systems Design peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +2%. Operating margin: 16.9% against the peers' median 11.9%.

CompanyQuarterRevenueY/YOp. margin
NTCT Netscout SystemsQ2 FY27$222M+1%16.9%
LDOS Leidos HoldingsQ3 2026$4.6B+4%11.9%
KD Kyndryl HoldingsQ2 FY27$3.7B-2%3.1%
CACI CACI InternationalQ3 2026$2.5B+8%10.0%
SAIC Science Applications InternationalQ2 FY27$1.9B+6%8.1%
PSN ParsonsQ3 2026$1.7B+2%6.3%
GDDY GoDaddyQ3 2026$1.3B+6%27.0%
OTEX Open TextQ1 FY27$1.2B-4%20.3%
LAWIL Light & WonderQ3 2026$824M-2%29.4%

Source: Netscout Systems 10-Q on SEC EDGAR · CIK 1078075 · Services-Computer Integrated Systems Design

Guidance and outlook

Netscout Systems: what its forward-looking statements are about (10-Q filed 2026-11-05)Netscout Systems: what its forward-looking statements are about (10-Q filed 2026-11-05)Financing3Other2Demand2Deals1Costs1
9 statements; tone +0.11 (−1 all cautious, +1 all confident); 2 hedged.
Netscout Systems: outlook statements against the filing beforeNetscout Systems: outlook statements against the filing beforeConfident1

13F: who owns NTCT and who is buying

Largest holders of NTCT (13F)Largest holders of NTCT (13F)BlackRock$498MVanguard Group$245MVanguard Portfolio Management LLC$243MDimensional Fund Advisors LP$188MLegal & General Group$166MState Street$156MVanguard Capital Management LLC$133MGeode Capital Management, LLC$93.8MRobeco Institutional Asset Manage…$89.5MFirst Trust Advisors LP$85.5M
Funds' net buying of NTCT by quarter (13F)Funds' net buying of NTCT by quarter (13F)−$9.3M2024-09−$2.0M2024-12$6.3M2025-03−$10.0M2025-06−$18.5M2025-09$10.9M2025-12−$19.1M2026-03$74.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NTCT

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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