Common-Size Income Statement
Quarterly Data
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Cadence Design Systems Inc. pages available for free this week:
- Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Cadence Design Systems Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Revenue Composition
- The revenue is predominantly driven by product and maintenance services, consistently representing over 89% of total revenue throughout the periods analyzed. There is a discernible downward trend from approximately 94% in early 2020 to a lower range around 89-91% in 2024 and 2025. Conversely, the services segment shows a gradual increase over the same timeline, rising from about 5.9% to peaks above 10% in mid-2025, indicating a strategic shift or growth in services relative to product revenue.
- Cost Structure
- The cost of product and maintenance as a percentage of revenue exhibits variability, generally fluctuating between -6% and -11%, with higher costs observed in the latter periods, particularly in late 2024 and early 2025, suggesting increased expenses related to the product segment. Cost of services remains relatively stable, mostly between -2.3% and -4.9%, with a slight uptick noted in the final intervals, paralleling the rising service revenue proportion. Overall, the combined cost of revenue maintains a level between approximately -9.5% and -16%, showing a recent trend towards higher costs.
- Profitability Metrics
- Gross margin as a percentage of revenue consistently remains high, generally in the range of 85% to 90%, but displays a softening trend toward the end of the dataset. Early 2020 values were near 88%, peaking above 90% around 2021, before reducing again to the mid-80% zone by 2025. Income from operations shows significant strength, with margins mostly between 22% and 34%, highlighting operational efficiency and profitability. Notably, income from operations dips to under 20% only at the end of the data in mid-2025, potentially reflecting increased costs or other operational challenges.
- Operating Expenses
- Marketing and sales expenses generally account for about 15% to 20% of revenue, showing a declining trend in the latter years toward approximately 15%, implying improved marketing efficiency or scaling effects. Research and development expenses are a major cost driver, fluctuating mostly between 28% and 39%, with a notable reduction post-2023 moving into the high twenties and low thirties percentages. General and administrative expenses remain stable, mostly under 8%, although some peaks occur sporadically with no clear long-term trend.
- Non-Operating Items and Other Adjustments
- Interest expense has increased notably over the periods, climbing from less than 1% to over 2% of revenue by 2024 and 2025, indicating higher debt servicing costs. Other income (expense), net, is volatile, showing positive contributions in some quarters (up to 6.8% in early 2024) and negative impacts in others, suggesting variability in non-operating income streams. Occasionally, restructuring costs and a significant loss related to contingent liabilities are recorded, with the latter dramatically impacting the final quarter in the dataset, underscoring possible one-time financial challenges.
- Taxation and Net Income
- The provision for income taxes displays significant fluctuations, occasionally resulting in negative expense (tax benefits) and at times spikes to over -10% of revenue, indicating variability in tax obligations or one-off tax-related events. Net income tightly follows operating income trends, mostly maintaining strong profitability margins in the 20%-30% range, but displays a decline to approximately 12.5% in the last period, likely influenced by increased costs, higher interest expenses, or unusual charges.