Cadence Design Systems, Inc. (CDNS) Income Statement
CDNS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCDNS revenue and net income
Where CDNS's revenue goes
2025Each bar shows an amount and its share of revenue. CDNS kept 20.9% of revenue as net income.
CDNS profit margins
CDNS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +14.1% | +14.1% | +14.6% | +12.0% |
| Gross profit | +14.5% | +12.8% | +14.0% | +12.1% |
| Operating income | +22.1% | +15.4% | +20.6% | +19.2% |
| Net income | +5.1% | +9.3% | +13.4% | +16.0% |
| EPS (diluted) | +19.6% | +18.7% | +20.7% | +20.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CDNS quarterly EPS vs estimates
Cadence beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 26, 2026 (estimate $1.60).
CDNS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.30B | $4.64B | $4.09B | $3.56B | $2.99B | $2.68B | $2.34B | $2.14B | $1.94B | $1.82B |
| Cost of revenue | $722.2M | $647.5M | $435.0M | $371.6M | $307.0M | $305.5M | $266.4M | $258.7M | $237.4M | $256.5M |
| Gross profit | $4.57B | $3.99B | $3.65B | $3.19B | $2.68B | $2.38B | $2.07B | $1.88B | $1.71B | $1.56B |
| Research & development | $1.77B | $1.55B | $1.44B | $1.25B | $1.13B | $1.03B | $935.9M | $884.8M | $804.2M | $735.3M |
| Sales, general & admin | $1.12B | $1.03B | $932.7M | $846.3M | $749.3M | $670.9M | $621.5M | $573.1M | $553.3M | $520.3M |
| Total operating expenses | $2.92B | $2.64B | $2.40B | $2.12B | $1.90B | $1.73B | $1.57B | $1.48B | $1.37B | $1.27B |
| Operating income | $1.65B | $1.35B | $1.25B | $1.07B | $779.1M | $645.6M | $491.8M | $396.2M | $324.0M | $244.9M |
| Interest income | $101.6M | $62.5M | $27.4M | $10.1M | $2.6M | $3.8M | $9.5M | $8.1M | $3.9M | $2.9M |
| Interest expense | $116.5M | $76.0M | $36.2M | $22.9M | $17.0M | $20.7M | $18.8M | $23.1M | $25.7M | $23.7M |
| Income before taxes | $1.52B | $1.40B | $1.28B | $1.05B | $768.4M | $632.7M | $479.0M | $376.4M | $315.0M | $237.2M |
| Income taxes | $413.2M | $340.3M | $240.8M | $196.4M | $72.5M | $42.1M | −$510.0M | $30.6M | $110.9M | $34.1M |
| Net income | $1.11B | $1.06B | $1.04B | $849.0M | $696.0M | $590.6M | $989.0M | $345.8M | $204.1M | $203.1M |
| EBITDA | $1.87B | $1.67B | $1.46B | $1.20B | $916.1M | $803.6M | $621.1M | $526.0M | $448.9M | $406.5M |
| EPS (diluted) | $7.14 | $5.97 | $5.15 | $4.27 | $3.31 | $2.79 | $2.19 | $1.86 | $1.40 | $1.21 |
| Gross margin | 86.4% | 86.0% | 89.4% | 89.6% | 89.7% | 88.6% | 88.6% | 87.9% | 87.8% | 85.9% |
| Operating margin | 31.1% | 29.1% | 30.6% | 30.1% | 26.1% | 24.1% | 21.1% | 18.5% | 16.7% | 13.5% |
| Net margin | 20.9% | 22.7% | 25.5% | 23.8% | 23.3% | 22.0% | 42.3% | 16.2% | 10.5% | 11.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.47B | $1.44B | $1.34B | $1.28B | $1.24B | $1.36B | $1.22B | $1.06B | $1.01B | $1.07B | $1.02B |
| Cost of revenue | $239.3M | $214.5M | $188.7M | $182.2M | $184.2M | $167.2M | $220.0M | $163.1M | $139.3M | $125.2M | $104.1M | $109.6M |
| Gross profit | $1.35B | $1.26B | $1.25B | $1.16B | $1.09B | $1.08B | $1.14B | $1.05B | $921.4M | $883.9M | $964.5M | $913.5M |
| Research & development | $531.3M | $508.4M | $464.6M | $423.0M | $442.1M | $439.1M | $392.0M | $407.4M | $370.7M | $379.0M | $367.4M | $369.6M |
| Sales, general & admin | $329.6M | $299.7M | $310.0M | $270.6M | $269.6M | $265.8M | $279.0M | $261.3M | $250.2M | $249.3M | $256.1M | $234.8M |
| Total operating expenses | $895.2M | $828.3M | $786.2M | $703.9M | $720.9M | $713.8M | $679.1M | $702.4M | $627.5M | $634.0M | $628.0M | $620.6M |
| Operating income | $450.0M | $431.3M | $465.2M | $452.8M | $370.4M | $361.4M | $456.9M | $350.1M | $293.9M | $250.0M | $336.5M | $292.9M |
| Interest income | $9.9M | $18.3M | $24.8M | $24.6M | $26.0M | $26.2M | $27.2M | $16.9M | $8.9M | $9.5M | $7.4M | $8.5M |
| Interest expense | $35.1M | $31.6M | $29.4M | $29.0M | $28.9M | $29.1M | $29.9M | $24.5M | $12.9M | $8.7M | $9.0M | $9.1M |
| Income before taxes | $510.2M | $428.1M | $493.0M | $392.8M | $280.6M | $355.7M | $436.7M | $333.4M | $315.7M | $310.0M | $362.1M | $300.0M |
| Income taxes | $143.2M | $92.4M | $104.8M | $105.7M | $120.6M | $82.1M | $96.4M | $95.3M | $86.2M | $62.4M | $38.2M | $45.6M |
| 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 |
| EBITDA | $663.7M | $544.1M | $591.3M | $477.6M | $367.3M | $437.7M | $520.4M | $413.3M | $375.8M | $357.4M | $409.6M | $346.2M |
| EPS (diluted) | $1.58 | $1.96 | $1.99 | $1.93 | $1.65 | $1.57 | $1.88 | $1.64 | $1.28 | $1.17 | $1.38 | $1.26 |
| Gross margin | 84.9% | 85.4% | 86.9% | 86.4% | 85.6% | 86.5% | 83.8% | 86.6% | 86.9% | 87.6% | 90.3% | 89.3% |
| Operating margin | 28.4% | 29.3% | 32.3% | 33.8% | 29.0% | 29.1% | 33.7% | 28.8% | 27.7% | 24.8% | 31.5% | 28.6% |
| Net margin | 23.2% | 22.8% | 27.0% | 21.4% | 12.5% | 22.0% | 25.1% | 19.6% | 21.6% | 24.5% | 30.3% | 24.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CDNS's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CDNS financial results
In fiscal year 2025 (ended December 31, 2025), Cadence reported revenue of $5.3 billion, up 14.1% from the year before. It had net income of $1.1 billion (up 5.1%), a net profit margin of 20.9%. Diluted earnings per share came to $7.14. Over five years revenue grew at an average rate of 14.6% a year.
See the CDNS stock overview for the latest quote and news, or the CDNS chart for price history and technical indicators.
CDNS income statement FAQ
What is Cadence's annual revenue?
Cadence reported total revenue of $5.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 14.1% from $4.6 billion the previous year.
Is Cadence profitable?
Yes. Cadence reported net income of $1.1 billion in fiscal 2025, a net profit margin of 20.9%; its operating margin was 31.1%.
What is Cadence's gross margin?
Cadence's gross margin was 86.4% in fiscal 2025: for every $100 of revenue, Cadence kept $86 after the direct cost of its products and services.
How much does Cadence spend on research and development?
Cadence spent $1.8 billion on research and development in fiscal 2025, 33.4% of revenue.
How fast is Cadence growing?
Revenue grew 14.6% a year on average over the last five fiscal years, from $2.7 billion to $5.3 billion.
What are Cadence's earnings per share?
Cadence earned $7.14 per diluted share in fiscal 2025, compared with $5.97 a year earlier.
When will Cadence report its next earnings?
Cadence is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Cadence's fiscal year end?
Cadence's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.