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AI核心结论
Cadence Design Systems delivered strong Q1 FY2026 results with revenue of $1.47B (+18.7% YoY) and net income of $335.7M (+22.7% YoY), though operating cash flow declined 26.9% and investing cash outflows surged nearly 96x YoY, reflecting significant acquisition activity.
营业收入
$1.47B
同比 ++18.66%
每股收益（基本）
$1.23
同比 ++21.78%
营业利润
$431.33M
同比 ++19.31%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Cadence Design Systems (CDNS) Q1 FY2026 营收 $1.47B，同比增长 18.7%。 净利润 $335.66M，同比增长 22.7%，稀释每股收益 $1.23。
Revenue grew 18.7% YoY to $1.47B in Q1 FY2026, while net income rose 22.7% to $335.7M and diluted EPS increased 23.0% to $1.23, demonstrating robust demand for Cadence's EDA and IP solutions.
来源: Source: 10-Q Income Statement
Operating margin held steady at approximately 29.3% (vs. 29.1% in Q1 FY2025), indicating disciplined cost management even as R&D spending increased 15.8% YoY to $508.4M, reflecting continued investment in next-generation design tools.
来源: Source: 10-Q Income Statement & Key Ratios
Investing cash outflows surged to -$2.11B in Q1 FY2026 from just -$21.8M in Q1 FY2025, a ~96x increase, strongly suggesting a major acquisition or strategic investment that also drove total assets up 34.2% YoY to $12.1B.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
Cash and equivalents fell 49.4% YoY to $1.41B from $2.78B, primarily due to the large investing outflows, while the company partially offset this through $174.5M in net financing inflows versus -$345.8M in the prior year period.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
R&D expense reached $508.4M in Q1 FY2026, representing approximately 34.5% of revenue, underscoring Cadence's commitment to innovation in AI-driven EDA, system design, and semiconductor IP amid intensifying competition.
来源: Source: 10-Q Income Statement
The dramatic surge in investing cash outflows (-$2.11B vs. -$21.8M prior year) indicates a major acquisition was completed in Q1 FY2026. Integrating large acquisitions carries execution risk, including potential disruption to operations, cultural misalignment, and failure to realize expected synergies, which could weigh on future profitability.
来源: Source: 10-Q Cash Flow Statement
Operating cash flow declined 26.9% YoY to $355.8M despite strong revenue and net income growth, suggesting potential working capital headwinds or timing differences in collections. Sustained divergence between earnings and cash generation could signal quality-of-earnings concerns.
来源: Source: 10-Q Cash Flow Statement
Current liabilities surged 66.2% YoY to $2.16B while current assets fell 20.5% to $3.18B, compressing the current ratio to 1.47x. Although still above 1.0x, the rapid deterioration in the liquidity profile warrants monitoring, particularly if acquisition-related obligations come due.
来源: Source: 10-Q Balance Sheet
R&D expense of $508.4M represents roughly 34.5% of Q1 FY2026 revenue, one of the highest ratios in the software/EDA sector. While necessary for competitive positioning, sustained high R&D intensity limits near-term free cash flow generation and could pressure margins if revenue growth slows.
来源: Source: 10-Q Income Statement
Cadence's revenue is heavily tied to semiconductor and systems companies' R&D budgets. A downturn in semiconductor capital spending or design activity — driven by macro weakness or inventory corrections — could disproportionately impact Cadence's top line, as seen in prior industry cycles.
来源: Source: 10-Q Income Statement (inferred from business model)
Q1 FY2026 实际 EPS $1.96，分析师一致预期 $1.94，超预期 +1.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.47B | $1.24B | +18.66% |
营业利润 | $431.33M | $361.52M | +19.31% |
净利润 | $335.66M | $273.58M | +22.69% |
每股收益（基本） | $1.23 | $1.01 | +21.78% |
每股收益（稀释） | $1.23 | $1.00 | +23.00% |
研发费用 | $508.44M | $439.1M | +15.79% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $12.1B | $9.01B | +34.23% |
流动资产 | $3.18B | $4B | -20.45% |
流动负债 | $2.16B | $1.3B | +66.25% |
股东权益 | $6.56B | $4.78B | +37.38% |
现金及等价物 | $1.41B | $2.78B | -49.36% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $355.78M | $487.02M | -26.95% |
投资活动现金流 | $-2.11B | $-21.78M | -9595.07% |
筹资活动现金流 | $174.52M | $-345.78M | +150.47% |
股票回购 | $200M | $350.01M | -42.86% |
折旧及摊销 | $84.62M | $52.92M | +59.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 29.3% | 29.1% | +0.16% |
净利率 | 22.8% | — | — |
净资产收益率 | 5.1% | — | — |
总资产收益率 | 2.8% | — | — |
流动比率 | $1.471 | — | — |
Cadence Design Systems posted strong Q1 FY2026 results with revenue of $1.47B (+18.7% YoY), net income of $335.7M (+22.7% YoY), and diluted EPS of $1.23 (+23.0% YoY). Operating margin held steady at ~29.3%, demonstrating solid execution across its EDA and IP business.
Cash and equivalents fell 49.4% YoY to $1.41B, driven by investing cash outflows of -$2.11B compared to just -$21.8M in Q1 FY2025 — a ~96x increase — strongly indicating a major acquisition was completed during the quarter. The company partially offset this with $174.5M in net financing inflows.
Key risks include integration challenges from what appears to be a significant acquisition (given $2.11B in investing outflows), a 26.9% decline in operating cash flow despite strong earnings, and rapidly rising current liabilities (+66.2% YoY) that compressed the current ratio to 1.47x. Cadence also faces ongoing exposure to semiconductor industry spending cycles.
Cadence invested $508.4M in R&D during Q1 FY2026, up 15.8% YoY from $439.1M, representing approximately 34.5% of quarterly revenue. This high R&D intensity reflects the company's focus on AI-driven EDA tools and next-generation semiconductor design solutions.
Cadence's financial health remains solid with a current ratio of 1.47x, stockholders' equity of $6.56B (+37.4% YoY), and total assets of $12.1B, though the sharp decline in cash (-49.4% to $1.41B) and surge in current liabilities (+66.2%) reflect the impact of a major acquisition. Operating margin of ~29.3% and net margin of ~22.8% confirm the core business remains highly profitable.