Management remarks
Call period: 2026 Q3 · 2026-08-26
Guidance: Shelagh Glaser: We are raising our cash flow from operations guidance by $500 million to approximately $2.8 billion on strong cash collections and reducing our CapEx guidance to approximately $225 million, resulting in free cash flow of approximately $2.6 billion, an increase of $600 million versus our previous guidance.Demand and orders: Sassine Ghazi: In mobile, consumer and edge AI, our USB IP has now crossed $2 billion in lifetime bookings with Tier 1 design wins already moving to the leading-edge node. As AI expands beyond digital infrastructure into physical products, demand for silicon will continue to expand, providing a tailwind for our standards-based IP business.Margins: Shelagh Glaser: We delivered an outstanding Q3, achieving revenue of $2.477 billion, non-GAAP operating margin of 41.6% and non-GAAP EPS of $3.91, all beating the high end of our guidance range.Analyst Q&A
Analyst Jason Celino asked: Really good results here. I think what really stuck out to me was the 8% EDA growth, which was stable with last quarter despite the harder comp. You mentioned it's supposed to accelerate to double digits in Q4 and the full year. I mean, how would you describe what's driving that incremental acceleration? Management Sassine Ghazi answered: AI is definitely a tailwind. As customers are rethinking of how to reengineer their chip design engineering, it's requiring different methods for that engineering. So that's driving another tailwind for us. And hardware, we had a record revenue year on hardware. So all in all, that 8-plus percent is organic growth for EDA that we're fairly excited about.管理层陈述
电话会期间：2026 Q3 · 2026-08-26
指引：我们因强劲的现金回收将运营现金流指引上调5亿美元至约28亿美元，并将资本支出指引下调至约2.25亿美元，由此产生的自由现金流约为26亿美元，较此前指引增加6亿美元。需求与订单：在移动、消费和边缘AI领域，我们的USB IP终身预订额现已突破20亿美元，一线设计赢单已转向先进工艺节点。随着AI从数字基础设施扩展至实体产品，硅片需求将持续增长，为我们基于标准的IP业务提供利好。利润率：我们第三季度表现出色，实现营收24.77亿美元，非GAAP营业利润率为41.6%，非GAAP每股收益为3.91美元，均超出指引区间的高端。分析师问答
分析师杰森·塞利诺询问：本次业绩亮眼，8%的EDA增长虽面临更高基数但仍与上季度持平，公司提到该业务有望在第四季度和全年加速至两位数，请问推动这一增量加速的因素是什么？管理层萨辛·加齐回应称，人工智能是利好因素：客户重新设计芯片工程需要新方法，这带来增长；同时硬件业务今年收入创纪录，8%以上的EDA有机增长让我们相当兴奋。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
