SNPS earnings analysis — 10-Q, transcript, statement tables新思科技 (SNPS) 财报解读 — 10-Q、transcript、statement tables
Synopsys, Inc. (SNPS) FY26 Q2 Earnings Follow-Up Analysis
This analysis is based on the company’s May 27, 2026 fiscal Q2 2026 earnings press release, SEC-filed 10-Q, and the同日 earnings call transcript.
1. Actual vs. Consensus Results: Non-GAAP diluted EPS came in at $3.35, beating the consensus estimate of $3.15 by 6.3%; total revenue was $2.276B (rounded to $2.3B in reporting), which exceeded the company’s prior internal guidance and matched analyst expectations, with a 5.5% year-over-year decline.
2. Revenue Quality and Profitability: Gross margin reached 72.3% ($1.6B gross profit); operating margin was 10.4%, with operating income up 16.4% YoY to $236M. EBIT was $153M, EBITDA totaled $609M with a 26.8% margin. GAAP diluted EPS was only $0.09, with net income of $17M and a 0.8% net margin, showing a wide gap between GAAP and non-GAAP earnings.
3. Cash Flow and Capital Deployment: Operating cash flow was $671M, capital expenditures totaled $54M, generating $617M in free cash flow. The company held $2.4B in cash, $10.8B in total debt, resulting in $8.4B in net debt.
4. Forward Guidance: The firm raised full-year fiscal 2026 guidance, with total revenue at a midpoint of $9.665B and non-GAAP EPS at a midpoint of $14.76. The upward revision was driven by strong cross-segment performance and an EPS-neutral Ansys channel-related accounting impact, partially offset by the impending sale of the Processor IP Solutions business. The company also announced a September 30, 2026 Investor Day.
5. Management Commentary: Per the earnings call transcript, AI-driven EDA demand remained robust, with hardware-assisted verification as the key growth driver, including wins for ZS5, ZeBu, and HAPS-200 systems. 3DIC and advanced node EDA products secured multiple production-scale orders; Multiphysics Fusion and Agentic EDA technologies are in expanded customer trials, with commercial launch in H2 2026. Ansys segment saw strong system-level simulation demand across data centers, aerospace, and automotive. The IP segment bottomed in Q1 and is set for sequential improvement in H2, with strong wins for PCIe 7.0 and UCIe IP. The Processor IP Solutions sale is expected to close shortly.
6. Unresolved Investor Questions: Key missing details include segment-specific revenue breakdowns, backlog/RPO, deferred revenue, capital expenditure deployment plans, granular demand and pricing data, and additional supplemental financial details from the filed 10-Q.
新思科技（SNPS）FY26 Q2财报跟进分析
本分析基于公司2026年5月27日发布的FY26 Q2财报新闻稿、SEC提交的10-Q文件及当日电话会议纪要。
1. 业绩与市场预期对比：非GAAP摊薄每股收益（EPS）为3.35美元，超出市场预期的3.15美元，增幅6.3%；总营收实际为22.76亿美元（四舍五入至23亿美元），超出公司此前内部指引且与市场预期一致，同比下滑5.5%。
2. 营收质量与盈利能力：整体毛利率72.3%，对应毛利16亿美元；营业利润率10.4%，营业利润2.36亿美元，同比增长16.4%；EBIT为1.53亿美元，EBITDA 6.09亿美元，利润率26.8%。GAAP口径下摊薄EPS仅0.09美元，净利润1700万美元，净利率0.8%，与非GAAP EPS存在显著差异。
3. 现金流与资本配置：经营性现金流6.71亿美元，资本支出5400万美元，自由现金流6.17亿美元；期末现金及现金等价物24亿美元，总债务108亿美元，净债务84亿美元。
4. 业绩指引：公司上调全年财年指引，总营收中点至96.65亿美元，非GAAP EPS中点至14.76美元，此次上调受全业务板块强劲表现、Ansys渠道相关会计影响（对EPS中性）推动，同时处理器IP业务出售的潜在影响部分抵消了上调幅度，公司还宣布将于2026年9月30日举办投资者日活动。
5. 管理层评论：根据电话会议纪要，AI驱动的EDA需求强劲，硬件辅助验证是核心增长动力，3DIC、先进节点EDA产品获得多个量产级订单；Multiphysics Fusion和Agentic EDA技术进入扩大测试阶段，下半年开始商业化；Ansys板块的系统级仿真需求覆盖数据中心、航空航天、汽车等多个领域；IP板块已在Q1触底，预计下半年逐季改善，PCIe7.0、UCIe等高端IP订单表现亮眼，处理器IP业务出售即将完成。
6. 未明确信息：目前缺少各细分板块的具体营收数据、积压订单（RPO）、递延收入、资本支出的具体使用计划、细分需求与定价细节，以及10-Q文件中的补充财务细节。
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。