Cadence Design Systems, Inc. (CDNS) Cash Flow Statement
Where CDNS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.73B +37.1% vs 2024
- Capital expenditures
- $141.9M 2.7% of revenue
- Free cash flow
- $1.59B 30.0% margin
- Returned to shareholders
- $925.0M 58% of free cash flow
- Change in cash
- $357.3M cash at year-end $3.00B
Cash from operations
$1.73B
Capital expenditures
−$141.9M
Investments (net)
+$99.4M
Acquisitions & other
−$418.0M
Share buybacks (net)
−$925.0M
Shares issued
+$145.9M
Other financing
−$169.8M
Currency & other
+$38.0M
Change in cash
$357.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CDNS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CDNS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $444.9M2016 | $1.73B2025 | +16.3%/yr | |
| Capital expenditures | $53.7M2016 | $141.9M2025 | +11.4%/yr | |
| Free cash flow | $391.2M2016 | $1.59B2025 | +16.8%/yr | |
| Free cash flow margin | 21.5%2016 | 30.0%2025 | +8.4 pts | |
| Operating cash flow / net income | 2.192016 | 1.562025 | −0.63 | |
| Stock-based compensation | $109.2M2016 | $455.2M2025 | +17.2%/yr | |
| Dividends paid | $415.0M2016 | $460.0M2020 | +2.6%/yr | |
| Share buybacks (net) | $960.3M2016 | $925.0M2025 | −0.4%/yr | |
| Capex / revenue | 3.0%2016 | 2.7%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CDNS cash flow by activity
OperatingInvestingFinancingChange in cash
CDNS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CDNS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.11B | $1.06B | $1.04B | $849.0M | $696.0M | $590.6M | $989.0M | $345.8M | $204.1M | $203.1M |
| Depreciation & amortization | $233.8M | $195.0M | $145.3M | $135.4M | $130.7M | $150.1M | $123.4M | $118.7M | $115.5M | $119.6M |
| Stock-based compensation | $455.2M | $391.2M | $325.6M | $270.4M | $210.1M | $197.3M | $181.5M | $167.7M | $130.0M | $109.2M |
| Change in working capital | −$73.3M | −$209.0M | −$98.8M | $87.5M | $105.8M | −$15.4M | $6.3M | −$22.0M | −$51.3M | $18.4M |
| Other non-cash items | $4.1M | −$172.2M | −$64.1M | −$100.5M | −$41.6M | −$17.7M | −$570.6M | −$5.5M | $72.3M | −$5.4M |
| Cash from operating activities | $1.73B | $1.26B | $1.35B | $1.24B | $1.10B | $904.9M | $729.6M | $604.8M | $470.7M | $444.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$141.9M | −$142.5M | −$102.5M | −$124.2M | −$66.9M | −$94.8M | −$74.6M | −$61.5M | −$57.9M | −$53.7M |
| Investments (net) | $99.4M | −$837.1M | −$377.7M | −$738.6M | $128,000 | $217,000 | −$30.8M | −$112.3M | $9.9M | $95.8M |
| Acquisitions & other investing | −$418.0M | $142.5M | $68.0M | $124.2M | −$226.2M | −$197.6M | −$338,000 | $0 | −$143.2M | −$40.7M |
| Cash from investing activities | −$460.5M | −$837.1M | −$412.2M | −$738.6M | −$293.0M | −$292.2M | −$105.7M | −$173.8M | −$191.2M | $1.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$460.0M | −$240.6M | −$169.9M | −$138.9M | −$415.0M |
| Share repurchases & issuance (net) | −$925.0M | −$787.8M | −$700.1M | −$1.16B | −$730.3M | −$490.1M | −$396.7M | −$320.0M | −$157.2M | −$960.3M |
| Net borrowing (repayment) | $0 | $1.85B | −$100.0M | $399.6M | −$1.3M | $400.0M | −$100.0M | −$288.9M | $38.1M | $349.4M |
| Shares issued | $145.9M | $204.2M | $133.0M | $105.3M | $87.8M | $74.8M | $52.8M | $40.9M | $0 | $0 |
| Other financing | −$169.8M | −$23.8M | −$136.4M | $0 | $0 | $60.0M | $240.6M | $169.9M | $187.8M | $433.2M |
| Cash from financing activities | −$949.0M | $1.24B | −$803.6M | −$657.0M | −$643.8M | −$415.3M | −$443.9M | −$567.9M | −$70.1M | −$592.7M |
| Summary | ||||||||||
| Net change in cash | $357.3M | $1.64B | $125.8M | −$206.6M | $160.5M | $223.2M | $171.9M | −$154.8M | $222.9M | −$151.5M |
| Cash at end of period | $3.00B | $2.64B | $1.01B | $882.3M | $1.09B | $928.4M | $705.2M | $533.3M | $688.1M | $465.2M |
| Free cash flow | $1.59B | $1.12B | $1.25B | $1.12B | $1.03B | $810.1M | $655.0M | $543.2M | $412.8M | $391.2M |
| Free cash flow margin | 30.0% | 24.1% | 30.5% | 31.4% | 34.6% | 30.2% | 28.0% | 25.4% | 21.2% | 21.5% |
| Capex / revenue | 2.7% | 3.1% | 2.5% | 3.5% | 2.2% | 3.5% | 3.2% | 2.9% | 3.0% | 3.0% |
| Operating cash flow / net income | 1.56 | 1.19 | 1.30 | 1.46 | 1.58 | 1.53 | 0.74 | 1.75 | 2.31 | 2.19 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $367.1M | $335.7M | $388.1M | $287.1M | $160.1M | $273.6M | $340.2M | $238.1M | $229.5M | $247.6M | $323.9M | $254.3M |
| Depreciation & amortization | $118.3M | $84.4M | $68.9M | $55.8M | $57.8M | $52.9M | $53.9M | $55.4M | $47.2M | $38.6M | $38.5M | $37.2M |
| Stock-based compensation | $146.9M | $138.2M | $113.2M | $116.1M | $118.3M | $107.6M | $106.5M | $109.0M | $87.6M | $88.1M | $86.7M | $88.0M |
| Change in working capital | $69.2M | −$263.3M | $51.5M | −$250.5M | $72.2M | $53.6M | $47.2M | −$15.4M | −$176.0M | −$64.8M | −$147.2M | $31.6M |
| Other non-cash items | −$66.5M | $60.8M | −$68.2M | $102.2M | −$30.7M | −$654,000 | −$106.5M | $22.9M | −$32.2M | −$56.4M | −$29.8M | −$15.2M |
| Cash from operating activities | $634.9M | $355.8M | $553.5M | $310.7M | $377.6M | $487.0M | $441.4M | $410.0M | $156.0M | $253.2M | $272.1M | $395.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$52.6M | −$48.8M | −$41.0M | −$33.7M | −$44.1M | −$23.1M | −$37.2M | −$26.5M | −$29.2M | −$49.6M | −$33.9M | −$22.0M |
| Investments (net) | $111.6M | $11.4M | $131.1M | −$174.3M | −$175.6M | −$21.8M | −$40.0M | −$39.3M | −$678.1M | −$79.8M | −$98.7M | −$183.8M |
| Acquisitions & other investing | −$32.7M | −$2.07B | −$178.8M | $33.7M | $44.1M | $23.1M | $37.2M | $26.5M | $29.2M | $49.6M | $33.9M | $22.0M |
| Cash from investing activities | $26.3M | −$2.11B | −$88.8M | −$174.3M | −$175.6M | −$21.8M | −$40.0M | −$39.3M | −$678.1M | −$79.8M | −$98.7M | −$183.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$200.0M | −$200.0M | −$200.0M | −$200.0M | −$175.0M | −$350.0M | −$170.3M | −$200.6M | −$140.8M | −$125.0M | −$2.8M | −$168.2M |
| Net borrowing (repayment) | −$425.0M | $425.0M | $0 | $0 | $0 | $0 | −$350.0M | $1.50B | — | — | — | — |
| Shares issued | $16.2M | $72.6M | $7.8M | $59.7M | $1.5M | $76.8M | $10.3M | $60.7M | $16.5M | $116.7M | $1.6M | $53.8M |
| Other financing | −$17.6M | −$123.1M | −$21.7M | −$53.8M | −$21.8M | −$72.6M | −$1.2M | −$21.7M | $699.1M | −$151.1M | −$136.4M | $0 |
| Cash from financing activities | −$626.4M | $174.5M | −$213.9M | −$194.1M | −$195.2M | −$345.8M | −$511.1M | $1.33B | $574.8M | −$159.4M | −$137.6M | −$114.4M |
| Summary | ||||||||||||
| Net change in cash | $33.8M | −$1.59B | $248.1M | −$69.5M | $45.1M | $133.6M | −$142.0M | $1.73B | $46.5M | $4.3M | $46.2M | $88.1M |
| Cash at end of period | $1.44B | $1.41B | $3.00B | $2.75B | $2.82B | $2.78B | $2.64B | $2.79B | $1.06B | $1.01B | $1.01B | $962.0M |
| Free cash flow | $582.3M | $307.0M | $512.5M | $277.0M | $333.5M | $464.0M | $404.2M | $383.5M | $126.8M | $203.6M | $238.2M | $373.9M |
| Free cash flow margin | 36.8% | 20.8% | 35.6% | 20.7% | 26.1% | 37.3% | 29.8% | 31.5% | 12.0% | 20.2% | 22.3% | 36.5% |
| Capex / revenue | 3.3% | 3.3% | 2.8% | 2.5% | 3.5% | 1.9% | 2.7% | 2.2% | 2.8% | 4.9% | 3.2% | 2.1% |
| Operating cash flow / net income | 1.73 | 1.06 | 1.43 | 1.08 | 2.36 | 1.78 | 1.30 | 1.72 | 0.68 | 1.02 | 0.84 | 1.56 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CDNS cash generation
In fiscal 2025 (ended December 31, 2025), Cadence generated $1.7 billion of cash from operations (up 37.1%) and spent $141.9 million on capital expenditures, leaving free cash flow of $1.6 billion, 30.0% of revenue. It returned $925.0 million to shareholders through dividends ($0) and net share buybacks ($925.0 million). Cash and equivalents rose by $357.3 million over the year.
Related: CDNS income statement, CDNS balance sheet. See the CDNS stock overview for the latest quote and news.
CDNS cash flow FAQ
What is Cadence's free cash flow?
Cadence's free cash flow was $1.6 billion in fiscal 2025: $1.7 billion of operating cash flow minus $141.9 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Cadence generate from operations?
Cadence generated $1.7 billion of cash from operating activities in fiscal 2025, 1.56 times its net income of $1.1 billion.
How much does Cadence spend on capital expenditures?
Cadence spent $141.9 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $142.5 million the year before.
How much stock does Cadence buy back?
Cadence spent $925.0 million on net share repurchases in fiscal 2025.