✅ Important key figures
- Turnover: approx. 1.34 billion US-$ (stated value USD 1.339 billion) for Q3 2025.
- Year-on-year growth: approx. +10 % according to one source.
- Non-GAAP earnings per share (EPS): 1.93 US-$.
- GAAP operating margin: approx. 31,8 % for Q3.
- Non-GAAP operating margin: approx. 47,6 %.
- Scope of the order backlog: ~US$ 7.0 billion at the end of the quarter.
🔍 Outlook & further developments
- For the full year 2025 Cadence expects sales in the range of USD 5.262 billion to USD 5.292 billion.
- GAAP operating margin forecast for 2025: 27.9 % to 28.9 %; Non-GAAP operating margin: 43.9 % to 44.9 %.
✅ Assessment
Cadence's Q3 2025 results show solid growth - sales increase, good margins, high order backlog. Non-GAAP earnings growth of USD 1.93 per share exceeded expectations. In addition, the high backlog is a positive signal for future business momentum.
The extended margin targets for the full year also underline the operational strength.
⚠️ Notes & risks
- Although growth was reported, the pace of growth (~10 %) is not at "explosion rates" in all reports. Some sources quote higher figures.
- The outlook for 2025 is ambitious - whether all targets will be met depends on demand trends (e.g. in the AI/chip design environment) and geopolitical risks (e.g. export controls).
- The shift between GAAP and non-GAAP figures: Users should look closely at which basis is used (e.g. exclusion of special items, stock-based compensation, etc.).