Cash and investments increased by $51 million to $543.5 million; free cash flow was $71.7 million.
Days sales outstanding improved significantly to 41 days from 63 days a year ago.
Enterprise customer vertical revenue grew 17.7%, while service provider vertical revenue declined 5.6%.
Gross profit margin expanded by 1.6 percentage points to 78.7%, driven primarily by product volume and mix.
NETSCOUT reported Q1 fiscal 2026 revenue of approximately $187 million, a 7% year-over-year increase driven by strong growth in cybersecurity and timing of orders.
Non-GAAP diluted EPS was $0.34, up 21% year-over-year, reflecting benefits from restructuring and cost management initiatives.
Operating profit margin improved to 14.2% from 8% in the prior year quarter.
Product revenue increased 19.3% to $73 million, while service revenue grew slightly by 0.3% to $113.8 million.
Adjusted EBITDA was $877 million with a 28.4% margin, down 250 basis points year-over-year, impacted by a $46 million onetime RDOF giveback and special items totaling $152 million.
Fiber broadband revenue in Mass Markets increased 19.9% year-over-year, with 117,000 fiber-enabled homes added and 34,000 Quantum Fiber customers added during the quarter.
Free cash flow excluding special items was negative $209 million, with capital expenditures at $891 million.
Lumen reported total revenue decline of 5.4% to $3.092 billion in 2Q 2025, with business segment revenue down 3.4% to $2.49 billion and Mass Markets segment revenue down 12.8% to $602 million.
North American enterprise channels revenue declined 2.4% year-over-year, with Grow product revenue up 8.5%, Nurture down 18%, and Harvest up 2.1%.
Public Sector revenue grew 8.2% year-over-year, helped by Grow revenue up 9.4% and Harvest revenue up approximately 49%, though Harvest is expected to normalize in H2 2025.
Total business Grow revenue increased 6% year-over-year, with total IP sales up nearly 38% and IP revenue up mid-single digits.
Wholesale revenue declined approximately 5%, with Harvest revenue down 6.2% and Nurture revenue down 8.6%.
Adoption of FASB fair value accounting increased stockholders' equity by $12.7 billion as of January 1, 2025.
Annualized interest and dividend obligations total $614 million, representing only 1.6% of capital raised in the last 12 months.
Bitcoin holdings provide 15x over-collateralization against out-of-the-money convertible debt and cover approximately 120 years of preferred dividend needs.
Bitcoin holdings valued at over $74 billion with a low-cost basis of $46 billion, all fully unencumbered.
Bitcoin per share (BPS) increased to 198,543 Satoshis cumulatively since 2020, with a year-to-date BTC Yield of 25% and BTC Gain of 111,894 Bitcoin.
First half 2025 GAAP operating income was $8.1 billion, net income $5.7 billion, and EPS $19.43, setting record highs.
Market capitalization surpassed $112 billion, ranking 96th largest public company in the U.S.
Q2 2025 GAAP operating income reached a record $14 billion, with net income of $10 billion and fully diluted EPS of $32.60, the highest in company history.
Q2 saw a $14 billion unrealized fair value gain on Bitcoin holdings, following a $5.9 billion unrealized loss in Q1.
Raised $18.3 billion in capital year-to-date, 81% of total capital raised in all of last year, through four preferred equity offerings.
Strategy holds 628,791 Bitcoin, representing 3% of all Bitcoin ever mined, positioning it as the dominant Bitcoin Treasury Company.
Total stockholders' equity stands at $47.5 billion with $8.2 billion in convertible debt and $6.3 billion in perpetual preferred equity outstanding.
Treasury operations generated $13.2 billion in BTC dollar gain year-to-date, nearing the $15 billion full-year target.
Dafinchi