Cadence Design Systems Inc (NASDAQ:CDNS) reported financial results for the first quarter of 2026 after the market close on Monday. Here’s a look at the key details from the print.
- Cadence Design Systems shares are consolidating. Where are CDNS shares going?
Cadence Design Systems Q1 Highlights
Cadence Design Systems reported first-quarter revenue of $1.47 billion, beating analyst estimates of $1.45 billion. The company reported first-quarter adjusted earnings of $1.96 per share, beating estimates of $1.90 per share, according to Benzinga Pro.
Total revenue was up about 18.5% year-over-year, driven by broad-based strength across all businesses. Cadence noted that it’s in a leading position in the agentic AI transformation in semiconductor and system design.
The company ended the quarter with a record backlog of $8 billion and approximately $1.41 billion in cash and cash equivalents. Cadence said it expects half of its backlog to be recognized as revenue over the next year.
“Cadence had a strong start to 2026, delivering a solid Q1 with accelerating AI demand and record backlog, reflecting strong customer commitment to our AI-driven portfolio,” said Anirudh Devgan, president and CEO of Cadence Design Systems.
Cadence Design Systems raised its full-year revenue guidance from a range of $5.90 billion to $6 billion to a new range of $6.13 billion to $6.23 billion versus estimates of $6.06 billion.
On the other hand, the company lowered its full-year earnings outlook. Cadence now expects full-year adjusted earnings of $7.85 to $7.95 per share, down from prior guidance of $8.05 to $8.15 per share. Analysts have been anticipating full-year earnings of $8.02.
Cadence Design Systems management will discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.
CDNS Shares Down After Hours
CDNS Price Action: Cadence Design Systems shares were down 1.48% in after-hours Monday, trading at $331.36 at the time of publication, according to Benzinga Pro.
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