Cadence Design Systems (CDNS) investor relations material
Cadence Design Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong Q3 2025 results with revenue of $1.339 billion, exceeding guidance and up from $1.215 billion in Q3 2024, with record $7 billion backlog and broad-based momentum across all product categories and geographies.
Raised full-year 2025 outlook to approximately 14% revenue growth and 18% EPS growth, citing accelerating AI-driven design activity and increased non-GAAP EPS guidance midpoint to $7.05.
Expanded partnerships with Samsung, TSMC, and leading semiconductor companies, and completed the acquisition of Arm Artisan foundation IP.
Announced agreement to acquire Hexagon's D&E business, including MSC software, to strengthen structural analysis and multi-body dynamics capabilities.
Hardware segment achieved record Q3, driven by AI and HPC customer expansions.
Financial highlights
Q3 2025 revenue was $1.339 billion, with GAAP operating margin at 31.8% and non-GAAP at 47.6%.
GAAP EPS was $1.05; non-GAAP EPS was $1.93.
Operating cash flow was $311 million; cash balance at quarter end was $2.75 billion; principal value of debt was $2.5 billion.
Gross margin for Q3 2025 was 86.4% GAAP and 88.0% non-GAAP.
Used $200 million to repurchase shares in Q3.
Outlook and guidance
Q4 2025 revenue expected in the range of $1.405 billion-$1.435 billion; GAAP EPS expected at $1.17-$1.23; non-GAAP EPS at $1.88-$1.94.
Full-year 2025 revenue outlook raised to $5.262 billion-$5.292 billion; GAAP EPS expected at $3.80-$3.86; non-GAAP EPS at $7.02-$7.08.
Full-year GAAP operating margin expected at 27.9%-28.9%; non-GAAP at 43.9%-44.9%.
Operating cash flow for 2025 expected at $1.65 billion-$1.75 billion; at least 50% of annual free cash flow to be used for share repurchases.
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