{ "ticker": "CDNS", "cik": "0000813672", "company": "Cadence Design Systems, Inc.", "business_type": "software", "schema_template": "standard (technology/software): revenue split into product and maintenance vs services, costs and expenses as the income statement lists them, operating income, net income, EPS and share counts; cash, debt, deferred revenue and equity; operating cash flow, capital expenditures and free cash flow", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual US dollars (not thousands or millions); per-share amounts in dollars; share counts in actual shares", "units_notes_seen": { "FY2025 10-K consolidated balance sheets": "(In thousands, except par value)", "FY2025 10-K consolidated income statements": "(In thousands, except per share amounts)", "FY2025 10-K consolidated statements of stockholders' equity": "(In thousands)", "FY2025 10-K consolidated statements of cash flows": "(In thousands)", "Q3 2026 10-Q condensed consolidated balance sheets": "(In thousands)", "Q3 2026 10-Q condensed consolidated income statements": "(In thousands, except per share amounts)", "Q3 2026 10-Q condensed consolidated statements of stockholders' equity": "(In thousands)", "Q3 2026 10-Q condensed consolidated statements of cash flows": "(In thousands)", "Q3 2026 CFO commentary (8-K Exhibit 99.02) free cash flow table": "(In Millions)" }, "adjustments": { "splits_applied": [], "adr_ratio": null, "fx": "none: the company reports in US dollars" }, "annual": [ { "label": "FY2025", "period_start": "2025-01-01", "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0000813672-26-000016", "fiscal_year": 2025, "income_statement": { "product_and_maintenance_revenue": 4821589000, "services_revenue": 475170000, "total_revenue": 5296759000, "cost_of_product_and_maintenance": 518673000, "cost_of_services": 203576000, "marketing_and_sales": 802633000, "research_and_development": 1768772000, "general_and_administrative": 313387000, "amortization_of_acquired_intangibles": 39937000, "loss_related_to_contingent_liability": 128545000, "restructuring": 29194000, "total_costs_and_expenses": 3804717000, "operating_income": 1492042000, "interest_expense": -116541000, "other_income_net": 146542000, "pretax_income": 1522043000, "income_tax_expense": 413155000, "net_income": 1108888000, "basic_eps": 4.09, "diluted_eps": 4.06, "basic_shares": 271333000, "diluted_shares": 273312000, "cost_of_revenue": 722249000, "gross_profit": 4574510000 }, "balance_sheet": { "cash_and_cash_equivalents": 3001317000, "receivables_net": 944939000, "inventories": 303545000, "total_current_assets": 4669673000, "goodwill": 2749143000, "acquired_intangibles_net": 718223000, "total_assets": 10153148000, "accounts_payable_and_accrued_liabilities": 856856000, "current_deferred_revenue": 778435000, "total_current_liabilities": 1635291000, "long_term_deferred_revenue": 155997000, "long_term_debt": 2480150000, "total_long_term_liabilities": 3043676000, "treasury_stock": -6344213000, "retained_earnings": 7100756000, "total_stockholders_equity": 5474181000, "shares_outstanding": 271799000, "total_liabilities": 4678967000, "total_debt": 2480150000 }, "cash_flow": { "depreciation_and_amortization": 227828000, "stock_based_compensation": 455175000, "operating_cash_flow": 1728781000, "capex": -141871000, "business_combinations_net_of_cash_acquired": -429538000, "investing_cash_flow": -460523000, "proceeds_from_issuance_of_common_stock": 145901000, "repurchases_of_common_stock": -925034000, "financing_cash_flow": -948975000, "free_cash_flow": 1586910000 } }, { "label": "FY2024", "period_start": "2024-01-01", "period_end": "2024-12-31", "period_type": "fiscal year", "source_accession": "0000813672-26-000016", "fiscal_year": 2024, "income_statement": { "product_and_maintenance_revenue": 4213509000, "services_revenue": 427755000, "total_revenue": 4641264000, "cost_of_product_and_maintenance": 436600000, "cost_of_services": 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1370105000, "long_term_deferred_revenue": 115168000, "long_term_debt": 2476183000, "total_long_term_liabilities": 2930799000, "treasury_stock": -5309579000, "retained_earnings": 5991868000, "total_stockholders_equity": 4673578000, "shares_outstanding": 273851000, "total_liabilities": 4300904000, "total_debt": 2476183000 }, "cash_flow": { "depreciation_and_amortization": 196935000, "stock_based_compensation": 391219000, "operating_cash_flow": 1260551000, "capex": -142542000, "business_combinations_net_of_cash_acquired": -737574000, "investing_cash_flow": -837118000, "proceeds_from_issuance_of_common_stock": 204237000, "repurchases_of_common_stock": -550026000, "financing_cash_flow": 1239241000, "free_cash_flow": 1118009000 } }, { "label": "FY2023", "period_start": "2023-01-01", "period_end": "2023-12-31", "period_type": "fiscal year", "source_accession": "0000813672-26-000016", "fiscal_year": 2023, "income_statement": { "product_and_maintenance_revenue": 3834359000, "services_revenue": 255627000, "total_revenue": 4089986000, "cost_of_product_and_maintenance": 331760000, "cost_of_services": 103281000, "marketing_and_sales": 690319000, "research_and_development": 1441796000, "general_and_administrative": 242430000, "amortization_of_acquired_intangibles": 18162000, "loss_related_to_contingent_liability": 0, "restructuring": 11013000, "total_costs_and_expenses": 2838761000, "operating_income": 1251225000, "interest_expense": -36185000, "other_income_net": 66886000, "pretax_income": 1281926000, "income_tax_expense": 240782000, "net_income": 1041144000, "basic_eps": 3.86, "diluted_eps": 3.82, "basic_shares": 269381000, "diluted_shares": 272748000, "cost_of_revenue": 435041000, "gross_profit": 3654945000 }, "cash_flow": { "depreciation_and_amortization": 145292000, "stock_based_compensation": 325611000, "operating_cash_flow": 1349176000, "capex": -102337000, "business_combinations_net_of_cash_acquired": -198351000, "investing_cash_flow": -412249000, "proceeds_from_issuance_of_common_stock": 132957000, "repurchases_of_common_stock": -700134000, "financing_cash_flow": -803573000, "free_cash_flow": 1246839000 } } ], "quarterly": [ { "label": "Q3 FY2026", "period_start": "2026-07-01", "period_end": "2026-09-30", "period_type": "three months", "source_accession": "0000813672-26-000121", "fiscal_year": 2026, "fiscal_quarter": 3, "cash_flow_source_accession": "0000813672-26-000116", "income_statement": { "product_and_maintenance_revenue": 1487311000, "services_revenue": 146000000, "total_revenue": 1633311000, "cost_of_product_and_maintenance": 173867000, "cost_of_services": 61753000, "marketing_and_sales": 242476000, "research_and_development": 537541000, "general_and_administrative": 113020000, "amortization_of_acquired_intangibles": 33779000, "loss_related_to_contingent_liability": 0, "restructuring": 42159000, "total_costs_and_expenses": 1204595000, "operating_income": 428716000, "interest_expense": -30375000, "other_income_net": 9994000, "pretax_income": 408335000, "income_tax_expense": 118588000, "net_income": 289747000, "basic_eps": 1.06, "diluted_eps": 1.05, "basic_shares": 273748000, "diluted_shares": 275278000, "cost_of_revenue": 235620000, "gross_profit": 1397691000 }, "balance_sheet": { "cash_and_cash_equivalents": 1452020000, "receivables_net": 1110591000, "inventories": 448824000, "total_current_assets": 3353887000, "goodwill": 4926955000, "acquired_intangibles_net": 1792006000, "total_assets": 12224774000, "revolving_credit_facility": 150000000, "current_portion_of_long_term_debt": 498809000, "accounts_payable_and_accrued_liabilities": 805365000, "current_deferred_revenue": 1012305000, "total_current_liabilities": 2466479000, "long_term_deferred_revenue": 138228000, "long_term_debt": 1984433000, "total_long_term_liabilities": 2883044000, "treasury_stock": -7188558000, "retained_earnings": 8093239000, "total_stockholders_equity": 6875251000, "shares_outstanding": 274379000, "total_liabilities": 5349523000, "total_debt": 2633242000 }, "cash_flow": { "operating_cash_flow": 424000000, "free_cash_flow": 362000000, "capex": -62000000 } }, { "label": "Q3 FY2025", "period_start": "2025-07-01", "period_end": "2025-09-30", "period_type": "three months", "source_accession": "0000813672-26-000121", "fiscal_year": 2025, "fiscal_quarter": 3, "cash_flow_source_accession": "0000813672-26-000116", "income_statement": { "product_and_maintenance_revenue": 1207703000, "services_revenue": 131135000, "total_revenue": 1338838000, "cost_of_product_and_maintenance": 118702000, "cost_of_services": 63493000, "marketing_and_sales": 192560000, "research_and_development": 423031000, "general_and_administrative": 78035000, "amortization_of_acquired_intangibles": 10233000, "loss_related_to_contingent_liability": 0, "restructuring": 27394000, "total_costs_and_expenses": 913448000, "operating_income": 425390000, "interest_expense": -29035000, "other_income_net": -3572000, "pretax_income": 392783000, 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"operating_income": 1310360000, "interest_expense": -97124000, "other_income_net": 133436000, "pretax_income": 1346672000, "income_tax_expense": 354189000, "net_income": 992483000, "basic_eps": 3.63, "diluted_eps": 3.61, "basic_shares": 273260000, "diluted_shares": 275061000, "cost_of_revenue": 689485000, "gross_profit": 4002497000 }, "cash_flow": { "depreciation_and_amortization": 320159000, "stock_based_compensation": 429836000, "operating_cash_flow": 1414436000, "capex": -163254000, "business_combinations_net_of_cash_acquired": -2143429000, "investing_cash_flow": -2245610000, "proceeds_from_issuance_of_common_stock": 139073000, "repurchases_of_common_stock": -800025000, "financing_cash_flow": -706560000, "free_cash_flow": 1251182000 }, "prior_year_comparative": { "label": "Nine months ended September 30, 2025", "period_start": "2025-01-01", "period_end": "2025-09-30", "period_type": "nine months", "source_accession": "0000813672-26-000121", "income_statement": { "product_and_maintenance_revenue": 3489063000, "services_revenue": 367582000, "total_revenue": 3856645000, "cost_of_product_and_maintenance": 374672000, "cost_of_services": 158823000, "marketing_and_sales": 595855000, "research_and_development": 1304190000, "general_and_administrative": 210162000, "amortization_of_acquired_intangibles": 28359000, "loss_related_to_contingent_liability": 128545000, "restructuring": 27332000, "total_costs_and_expenses": 2827938000, "operating_income": 1028707000, "interest_expense": -87101000, "other_income_net": 87476000, "pretax_income": 1029082000, "income_tax_expense": 308330000, "net_income": 720752000, "basic_eps": 2.65, "diluted_eps": 2.64, "basic_shares": 271471000, "diluted_shares": 273440000, "cost_of_revenue": 533495000, "gross_profit": 3323150000 }, "cash_flow": { "depreciation_and_amortization": 163269000, "stock_based_compensation": 342011000, "operating_cash_flow": 1175286000, "capex": -100830000, "business_combinations_net_of_cash_acquired": -250695000, "investing_cash_flow": -371714000, "proceeds_from_issuance_of_common_stock": 138069000, "repurchases_of_common_stock": -725025000, "financing_cash_flow": -735086000, "free_cash_flow": 1074456000 } } }, "trailing_twelve_months": { "label": "Twelve months ended September 30, 2026", "period_start": "2025-10-01", "period_end": "2026-09-30", "period_type": "trailing twelve months", "source_accession": "0000813672-26-000016; 0000813672-26-000121", "income_statement": { "total_revenue": 6132096000, "operating_income": 1773695000, "net_income": 1380619000, "cost_of_revenue": 878239000, "gross_profit": 5253857000 }, "cash_flow": { "operating_cash_flow": 1967931000, "capex": -204295000, "free_cash_flow": 1763636000 } }, "notes": [ "Template: a software company. Cadence reports revenue in two lines, product and maintenance and services, and lists its costs and expenses in one block. The income statement does not print a gross profit line.", "Sources: the three fiscal years come from the FY2025 Form 10-K (accession 0000813672-26-000016). The income statement and cash flow statement cover 2023, 2024 and 2025; the balance sheet covers December 31, 2025 and 2024, so FY2023 has no balance sheet here. The quarters, the nine-month periods and the September 30, 2026 balance sheet come from the Q3 2026 Form 10-Q (accession 0000813672-26-000121).", "cost_of_revenue is cost of product and maintenance plus cost of services, and gross_profit is total revenue less that sum. Both are derived. They give a GAAP gross margin of 85.6% for Q3 2026 and 86.4% for Q3 2025, the same as the company's CFO commentary for the quarter.", "Signs follow the statements: amounts printed in parentheses are stored as negative numbers. These include interest expense, treasury stock, capital expenditures, cash paid in business combinations, share repurchases and net investing or financing outflows.", "Quarterly cash flow: the 10-Q prints its cash flow statement for the nine months only. The three-month operating cash flow, capital expenditures and free cash flow for Q3 2026 and Q3 2025 come from the CFO commentary furnished as Exhibit 99.02 to the Form 8-K filed October 26, 2026 (accession 0000813672-26-000116), and each quarter records that accession as its cash_flow_source_accession. That table is in millions. It prints capital expenditures as a positive amount, which is stored here as a negative outflow to match the other periods.", "Free cash flow for the fiscal years and nine-month periods is derived: net cash provided by operating activities less purchases of property, plant and equipment. This is the definition used in the company's own quarterly free cash flow table.", "total_liabilities is derived as total current liabilities plus total long-term liabilities, because the balance sheet prints those two subtotals but no grand total. total_debt is the revolving credit facility plus the current portion of long-term debt plus long-term debt, at their balance sheet carrying amounts. At December 31, 2025 and 2024 the balance sheet shows long-term debt only. At September 30, 2026 it shows $150.0 million drawn on the revolving credit facility and a $498.8 million current portion of long-term debt.", "shares_outstanding is the share count closing each period in the statements of stockholders' equity, which are in thousands. The 274,379,000 shares at September 30, 2026 equal the count on the 10-Q cover.", "Trailing twelve months to September 30, 2026 is derived as FY2025 plus the nine months of 2026 less the nine months of 2025, using the 10-K and 10-Q figures. No trailing-twelve-month per-share figure is derived.", "Restructuring: the 10-Q prints $42.2 million for Q3 2026 and $41.8 million for the nine months of 2026. Both figures are recorded as filed. The nine-month figure is below the Q3 charge because the first two quarters of 2026 recorded small net restructuring credits totaling $0.4 million: $(5) thousand for the quarter ended March 31, 2026 (Q1 2026 earnings release, Exhibit 99.1 to accession 0000813672-26-000044) and $(352) thousand for the quarter ended June 30, 2026, $(357) thousand for the six months (Q2 2026 earnings release, Exhibit 99.1 to accession 0000813672-26-000089).", "The 2026 figures include the design and engineering business of Hexagon Smart Solutions AB, which Cadence acquired on February 23, 2026. The 10-Q puts the consideration at about $3.0 billion net of cash acquired: $2.2 billion in cash plus 3.2 million Cadence shares with an acquisition-date fair value of $902.2 million. Cash paid in business combinations, net of cash acquired, was $2.14 billion for the nine months.", "The FY2025 and nine-month 2025 income statements include a $128.5 million loss related to a contingent liability, a line the 10-Q's income statement cross-references to its Note 15. There is no such loss in 2026.", "No restatement: the December 31, 2025 balance sheet in the 10-Q matches the 10-K.", "No adjustments applied. The company reports in US dollars, its shares are not ADRs, and it had no stock splits in the periods presented. The cash flow statements show no dividend payments in any period." ], "uncertainties": [ "The Q3 2026 and Q3 2025 operating cash flow, capital expenditures and free cash flow come from a millions-rounded table in the earnings-release CFO commentary, not from an audited or reviewed statement. The three 2026 quarters in that table sum to $1,415 million of operating cash flow and $164 million of capital expenditures. The 10-Q's nine-month statement prints $1,414.4 million and $163.3 million." ], "headline": { "period": "Q3 FY2026", "period_end_words": "September 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 1633311000, "text": "$1.63 billion", "exact": "$1,633,311,000", "compact": "$1.63B", "abs": "$1.63 billion", "prior_value": 1338838000, "prior": "$1.34 billion", "priorabs": "$1.34 billion", "yoy": "up 22.0%", "source": { "array": "quarterly", "field": "income_statement.total_revenue", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0000813672-26-000121", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0000813672-26-000121", "gap_days": 365 } }, { "label": "Net income", "format": "usd", "value": 289747000, "text": "$289.75 million", "exact": "$289,747,000", "compact": "$289.75M", "abs": "$289.75 million", "prior_value": 287122000, "prior": "$287.12 million", "priorabs": "$287.12 million", "yoy": "up 0.9%", "source": { "array": "quarterly", "field": "income_statement.net_income", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0000813672-26-000121", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0000813672-26-000121", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 1.05, "text": "$1.05", "exact": "$1.05", "compact": "$1.05", "abs": "$1.05", "prior_value": 1.05, "prior": "$1.05", "priorabs": "$1.05", "yoy": "flat", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0000813672-26-000121", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0000813672-26-000121", "gap_days": 365 } }, { "label": "Operating income", "format": "usd", "value": 428716000, "text": "$428.72 million", "exact": "$428,716,000", "compact": "$428.72M", "abs": "$428.72 million", "prior_value": 425390000, "prior": "$425.39 million", "priorabs": "$425.39 million", "yoy": "up 0.8%", "source": { "array": "quarterly", "field": "income_statement.operating_income", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0000813672-26-000121", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0000813672-26-000121", "gap_days": 365 } } ], "summary": "Cadence Design Systems reported revenue of $1.63 billion for Q3 FY2026, the quarter ended September 30, 2026, up 22.0% from a year earlier, with results including the Hexagon design and engineering business it acquired in February. Costs rose faster than revenue, so operating income of $428.72 million was up 0.8% and net income of $289.75 million was up 0.9%. Diluted earnings per share were $1.05, flat from a year earlier.", "qa": [ { "q": "How much revenue did Cadence Design Systems report in Q3 FY2026?", "a": "Cadence Design Systems reported revenue of $1.63 billion for Q3 FY2026, the quarter ended September 30, 2026, up 22.0% from $1.34 billion in the same quarter a year earlier. The results include the Hexagon design and engineering business, which Cadence acquired in February." }, { "q": "What was Cadence Design Systems' net income in Q3 FY2026?", "a": "Cadence Design Systems earned net income of $289.75 million in Q3 FY2026, the quarter ended September 30, 2026, up 0.9% from $287.12 million a year earlier. Profit grew more slowly than revenue largely because operating costs, including amortization of intangibles from acquisitions, rose faster than sales." }, { "q": "What were Cadence Design Systems' earnings per share for Q3 FY2026?", "a": "Cadence Design Systems reported diluted earnings per share of $1.05 for Q3 FY2026, the quarter ended September 30, 2026, compared with $1.05 in the same quarter a year earlier." }, { "q": "Why did Cadence Design Systems' operating income grow more slowly than revenue in Q3 FY2026?", "a": "Cadence Design Systems reported operating income of $428.72 million for Q3 FY2026, up 0.8% from $425.39 million a year earlier, while revenue was up 22.0%. Cadence attributes the lower operating margin to acquisition costs, including amortization, outpacing acquired revenue, higher charitable contributions and product mix." } ] }, "company_details": { "Name": "Cadence Design Systems Inc", "Ticker": "CDNS", "CIK": "0000813672", "Exchange": "Nasdaq", "State": "California", "Incorporation": "Delaware", "SIC": "7372", "Office": "Technology", "Industry": "Services-Prepackaged Software" }, "next_filing": { "predicted_date": "2027-02-18", "predicted_type": "10-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "form": "10-Q", "accession": "0000813672-26-000121", "fiscal_year_end": "1231", "source": "facts" }, "source_filings": [ { "role": "annual", "current": false, "form": "10-K", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "10-Q", "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "filed": "2026-10-28", "accession": "0000813672-26-000121", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000121/cdns-20260930.htm", "source": "facts" } ], "figure_sources": { "about": "Where each figure in this file is printed in its SEC filing. 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