CDNS earnings call: guidance, demand and margins铿腾电子 (CDNS) 电话会要点：指引、需求与利润率
Cadence Q2 2026 Earnings Follow-Up Analysis
1. Actual vs Consensus: Per the July 27, 2026 Businesswire official earnings release and SEC 8-K filing, non-GAAP diluted EPS came in at $2.11, beating consensus estimates of $2.05 by 2.9%. Total revenue was $1.584B, in line with the $1.6B consensus estimate, representing 7.5% year-over-year (YoY) growth.
2. Revenue Quality & Profitability: GAAP gross margin was 84.9%, with gross profit of $1.3B. GAAP operating margin was 28.4%, with operating income up 4.4% YoY to $450M. EBIT and EBITDA both hit $545M, with EBITDA margin at 34.4%. GAAP net income was $367M, net margin 23.2%, and GAAP diluted EPS was $1.33, compared to non-GAAP EPS of $2.11.
3. Cash Conversion & Capital Deployment: Operating cash flow was $635M, capex $53M, resulting in free cash flow of $582M. Ending cash and equivalents were $1.44B, total debt $2.5B, net debt $1.0B, and the company repurchased $200M of shares during the quarter.
4. Guidance: Management raised full-year 2026 guidance during the Q2 earnings call: revenue range $6.26B-$6.34B (~19% YoY growth), GAAP operating margin 27.75%-28.75%, non-GAAP operating margin 43.75%-44.75%, GAAP EPS $4.76-$4.86, non-GAAP EPS $8.05-$8.15. Q3 2026 guidance: revenue $1.595B-$1.625B, non-GAAP EPS $2.01-$2.07.
5. GAAP vs Non-GAAP: Both GAAP and non-GAAP financial metrics were disclosed, with a reconciliation of non-GAAP to GAAP available in the official earnings release and CFO commentary on the company’s investor relations website.
6. Management Commentary: Per the July 27, 2026 earnings call transcript, AI-driven design demand was strong, with all product groups posting double-digit YoY growth: IP revenue up >40% YoY, core EDA up 18%, system design and analysis up 37%. The company posted a record $8.1B backlog, with first-half YoY bookings growth of 55%, new multi-year foundry partnerships with Intel and Samsung Foundry, and launches of AI super-agent tools including AuraStack.
7. Investor Watch Items: 1) Long-term revenue contribution trajectory of new foundry partnerships with Intel and Samsung; 2) Actual margin impact of Hexagon business integration; 3) Pace of paid customer adoption for AI-powered design tools.
本次Cadence 2026年Q2财报跟进分析
1. 实际业绩与市场预期对比：根据Businesswire发布的官方财报（2026-07-27）及SEC 8-K文件，Q2非GAAP摊薄每股收益（EPS）为2.11美元，超出市场一致预期的2.05美元，超幅2.9%；营收为15.84亿美元，接近市场预期的16亿美元，同比增长7.5%。
2. 营收质量与盈利能力：GAAP毛利率84.9%，毛利13亿美元；GAAP营业利润率28.4%，营业利润同比增长4.4%至4.5亿美元。EBIT和EBITDA均为5.45亿美元，EBITDA利润率34.4%；GAAP净利润3.67亿美元，净利润率23.2%，GAAP摊薄EPS为1.33美元，非GAAP EPS为2.11美元。
3. 现金转换与资本配置：季度经营现金流6.35亿美元，资本支出5300万美元，自由现金流5.82亿美元；期末现金及等价物14.4亿美元，总债务25亿美元，净债务10亿美元，当季完成2亿美元股票回购。
4. 业绩指引：管理层在电话会议中上调全年2026年指引，营收区间为62.6-63.4亿美元，对应同比增速约19%；GAAP营业利润率27.75%-28.75%，非GAAP营业利润率43.75%-44.75%；GAAP EPS 4.76-4.86美元，非GAAP EPS 8.05-8.15美元。三季度营收指引为15.95-16.25亿美元，非GAAP EPS区间2.01-2.07美元。
5. GAAP与非GAAP口径：财报同时披露两类财务口径，非GAAP调整了特定非现金及一次性项目，详细调节表可参考公司投资者关系页面的CFO评论文件。
6. 管理层评论：根据2026年7月27日的电话会议纪要，AI驱动的设计需求强劲，全产品组实现双位数同比增长，IP业务同比增长超40%，核心EDA增长18%，系统设计与分析增长37%。订单额创纪录达81亿美元，上半年 bookings同比增长55%，新增与英特尔、三星代工的长期合作，推出AuraStack等AI超级代理工具。
7. 投资者关注事项：① 英特尔与三星代工新合作的长期营收贡献节奏；② Hexagon业务整合对利润率的实际影响；③ AI工具的客户付费转化进度。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。