NetScout Systems (NTCT) delivered a robust Q3 FY2025, with revenue of $252.0 million, non-GAAP diluted EPS of $0.94, and an EBITDA of $78.3 million, reflecting a 31% EBITDA margin. The quarter benefited from the accelerated recognition of customer orders originally slated for Q4, driven by calendar-year budgeting, and strong expansion in both Cybersecurity and Service Assurance. Cybersecurity revenue rose ~29% YoY in Q3, underpinned by ongoing demand for AI-enhanced protections (Adaptive DDoS) and new Arbor Edge Defense/Arbor Enterprise Manager capabilities. Service Assurance posted ~9% growth in Q3 but faced year-to-date headwinds, including backlog-related revenue and a divestiture that reduced YoY comparability. Management guided FY2025 with revenue of $810â$820 million and non-GAAP EPS of $2.15â$2.25, maintaining the midpoints from prior guidance. NetScout finished Q3 with a strong balance sheet: cash and investments of $427.9 million, a $75 million revolver outstanding to be repaid in Q4, and a net cash position driven by operating cash flow of $41.5 million for the quarter and free cash flow of $39.6 million. The company also cited a growing pipeline in edge and 5G-related initiatives, including private 5G, network slicing, and fixed wireless, with several enterprise and service provider opportunities in advanced stages. The outlook remains cautiously favorable, with upside potential from cybersecurity go-to-market initiatives and AI-driven threat detection, while backdrop risks include backlog concentration and IT-spend volatility.