Cadence Design Systems Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revolving credit facility	—)	—)	—)	100,000)	—)
Current portion of long-term debt	—)	—)	349,285)	—)	—)
Long-term debt, excluding current portion	2,480,150)	2,476,183)	299,771)	648,078)	347,588)
Total outstanding debt (carrying amount)	2,480,150)	2,476,183)	649,056)	748,078)	347,588)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The carrying amount of total outstanding debt exhibited a fluctuating pattern over the five-year period. Initially, a substantial increase is observed, followed by a decrease and then a significant rise, concluding with a period of relative stability.

Overall Trend: Total outstanding debt began at 347,588 US$ in thousands in 2021. It increased significantly to 748,078 US$ in thousands in 2022, representing a growth of approximately 115%. A subsequent decrease was noted in 2023, with the total falling to 649,056 US$ in thousands. However, a dramatic increase occurred in 2024, reaching 2,476,183 US$ in thousands, and remained relatively stable at 2,480,150 US$ in thousands in 2025.
Revolving Credit Facility: A revolving credit facility of 100,000 US$ in thousands was utilized in 2022, but was not in use during the other reported years.
Current Portion of Long-Term Debt: The current portion of long-term debt was not reported in 2021 or 2022. It appeared in 2023 at 349,285 US$ in thousands, but was absent in the 2024 and 2025 reports.
Long-Term Debt (Excluding Current Portion): Long-term debt, excluding the current portion, started at 347,588 US$ in thousands in 2021. It increased to 648,078 US$ in thousands in 2022, then decreased to 299,771 US$ in thousands in 2023. A substantial increase was then recorded in 2024, reaching 2,476,183 US$ in thousands, and remained consistent at 2,480,150 US$ in thousands in 2025.

The most significant change in the debt structure occurred between 2023 and 2024, with a considerable increase in long-term debt. The stability observed between 2024 and 2025 suggests a potential stabilization of the debt level following the substantial increase.

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	Dec 31, 2025
Selected Financial Data (US$ in thousands)
Revolving Credit Facility	—)
2024 Notes	—)
2025 Term Loan	—)
2027 Notes	503,000)
2029 Notes	1,000,000)
2034 Notes	1,000,000)
Total outstanding debt (fair value)	2,503,000)
Financial Ratio
Debt, fair value to carrying amount ratio	1.01

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average interest rate on debt: 4.44%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.20%	497,927)	20,913)
4.30%	992,253)	42,667)
4.70%	989,970)	46,529)
Total	2,480,150)	110,108)
4.44%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 110,108 ÷ 2,480,150 = 4.44%

Cadence Design Systems Inc. (NASDAQ:CDNS)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt