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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.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Q3 2025 revenue reached $1.34 billion, up 10% year-over-year, with record $7 billion backlog and strong momentum across all product categories and geographies.
Net income for Q3 2025 was $287.1 million, a 21% increase year-over-year; GAAP EPS was $1.05, up from $0.87.
Raised full-year 2025 outlook to approximately 14% revenue growth and 18% EPS growth, citing accelerating AI-driven design activity and broad-based business momentum.
Completed acquisitions of Arm Artisan foundation IP and VLAB Works, and announced agreement to acquire Hexagon's D&E business, including MSC software, to strengthen capabilities.
Settled export control violations with BIS and DOJ, paying $140.6 million in penalties and entering ongoing compliance obligations.
Financial highlights
Q3 2025 revenue was $1.34 billion; GAAP operating margin was 31.8%, non-GAAP 47.6%.
GAAP EPS was $1.05; non-GAAP EPS was $1.93.
Operating cash flow for Q3 2025 was $311 million; cash and cash equivalents at quarter end were $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; $1.6 billion remains available under repurchase authorization.
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.
At least 50% of annual free cash flow to be used for share repurchases in 2025.
Fiscal 2025 effective tax rate expected to be approximately 29%.
Closing of the Hexagon acquisition expected in Q1 2026, funded by cash and debt.
Explain Q3 China revenue growth drivers
Synergies from recent IP and D&E acquisitions?
DOJ/BIS settlement impact on China business?
Drivers and sustainability of IP business growth?
SDA strategy and Hexagon acquisition impact?
Hardware platform demand and future growth?
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Next Cadence Design Systems earnings date
Q4 20259 Feb, 2026
Next Cadence Design Systems earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Cadence Design Systems, Inc. offers functional verification, logical equivalence checking, and formal verification solutions, as well as tools for emulation, prototyping, field programmable gate arrays, power management design, low power design and analysis, physical verification and signoff, analysis-driven debugging and side channel security defect detection. Cadence Design Systems also provides simulation and debugging products to facilitate hardware and software co-development of embedded computer systems, system level verification solutions that enable SoC verification prior to implementation, a family of emulation platforms with the capacity and performance of large ASICs and the ability to emulate a portion or all of an ASIC and scale to millions of gates. Cadence Design Systems, Inc. was incorporated in 1987 and is headquartered in San Jose, California.
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