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Cadence Design Systems Inc. (NASDAQ:CDNS)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Cadence Design Systems Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021
Revolving credit facility 1.23 0.00 3.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.58 1.95 3.02 0.00 0.00 0.00 0.00 0.00 0.00
Current portion of long-term debt 4.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.82 4.84 6.11 6.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts payable and accrued liabilities 6.59 6.82 7.14 8.44 6.58 8.06 6.33 7.05 6.84 6.99 7.98 10.17 11.01 9.89 8.32 10.85 9.15 10.02 8.20 9.51 8.63 8.26 6.78
Current portion of deferred revenue 8.28 8.49 7.22 7.67 8.08 7.68 8.11 8.22 7.61 9.39 11.53 11.73 12.26 13.31 13.95 13.44 13.13 13.88 13.66 12.63 12.89 14.22 13.03
Current liabilities 20.18% 15.30% 17.87% 16.11% 14.65% 15.74% 14.43% 15.27% 18.27% 21.23% 25.62% 28.06% 23.28% 23.21% 22.84% 26.23% 25.30% 23.90% 21.86% 22.14% 21.53% 22.48% 19.81%
Long-term portion of deferred revenue 1.13 1.20 1.21 1.54 1.35 1.62 1.23 1.28 1.12 1.23 1.52 1.74 1.85 1.87 1.98 1.78 2.06 2.63 2.43 2.31 2.28 2.39 2.31
Long-term debt, excluding current portion 16.23 20.55 20.51 24.43 25.83 26.06 27.48 27.59 27.00 13.82 5.24 5.29 11.95 12.58 12.54 12.62 13.04 7.98 7.91 7.92 8.24 8.42 8.68
Other long-term liabilities 6.22 6.18 6.17 4.01 4.01 3.92 3.87 3.78 3.83 4.75 5.28 4.86 5.60 5.92 5.77 5.93 5.09 5.30 4.99 5.14 5.51 5.66 5.62
Long-term liabilities 23.58% 27.93% 27.89% 29.98% 31.19% 31.61% 32.58% 32.66% 31.95% 19.81% 12.04% 11.89% 19.39% 20.38% 20.29% 20.33% 20.19% 15.90% 15.34% 15.38% 16.03% 16.47% 16.61%
Total liabilities 43.76% 43.23% 45.77% 46.08% 45.84% 47.35% 47.01% 47.92% 50.22% 41.03% 37.65% 39.95% 42.67% 43.58% 43.13% 46.56% 45.49% 39.81% 37.20% 37.52% 37.56% 38.95% 36.42%
Common stock and capital in excess of par value 49.40 48.56 47.12 46.48 47.97 46.76 48.01 46.60 44.37 54.37 58.22 55.86 56.67 56.21 55.66 53.84 54.30 59.41 58.07 56.26 57.23 57.12 57.71
Treasury stock, at cost -58.80 -55.92 -54.02 -62.49 -63.82 -61.93 -63.16 -59.16 -56.09 -68.81 -84.59 -81.21 -82.18 -82.58 -77.10 -74.44 -70.90 -76.88 -68.84 -62.47 -62.24 -60.88 -56.91
Retained earnings 66.20 64.60 61.47 69.94 69.93 67.57 69.51 66.77 61.65 74.92 90.60 87.07 84.92 84.54 80.00 75.83 73.57 79.53 74.67 69.45 68.10 65.33 63.45
Accumulated other comprehensive income (loss) -0.56 -0.46 -0.33 -0.02 0.08 0.25 -1.37 -2.12 -0.15 -1.51 -1.88 -1.67 -2.08 -1.76 -1.69 -1.78 -2.46 -1.87 -1.09 -0.76 -0.65 -0.53 -0.68
Stockholders’ equity 56.24% 56.77% 54.23% 53.92% 54.16% 52.65% 52.99% 52.08% 49.78% 58.97% 62.35% 60.05% 57.33% 56.42% 56.87% 53.44% 54.51% 60.19% 62.80% 62.48% 62.44% 61.05% 63.58%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).

The capital structure exhibits a transition from a predominantly equity-funded model toward an increased reliance on long-term leverage, particularly starting in late 2024. Total liabilities, which fluctuated between 36% and 46% from 2021 through 2023, experienced a significant peak of 50.22% in September 2024 before stabilizing in the 43% to 47% range through 2026.

Debt and Long-Term Obligations
A substantial shift in the debt profile is evident. Long-term debt, excluding the current portion, remained relatively stable or decreased between 2021 and mid-2023, reaching a low of 5.24% in June 2023. However, a sharp increase occurred in September 2024, where the ratio jumped to 27.00% and remained elevated above 20% for several subsequent quarters. This suggests a strategic decision to increase long-term borrowing. The revolving credit facility and current portion of long-term debt appear sporadically, indicating tactical use of short-term credit to manage liquidity.
Operational Liabilities and Deferred Revenue
Current liabilities peaked at 28.06% in December 2023 before trending downward. A key driver of this change is the current portion of deferred revenue, which declined from a peak of 14.22% in July 2021 to approximately 8.28% by September 2026. This downward trend in deferred revenue as a percentage of total capital suggests a change in the timing of revenue recognition or a shift in the proportion of advance payments relative to the overall growth of the balance sheet.
Stockholders' Equity and Retained Earnings
Stockholders' equity has seen a general decline from 63.58% in April 2021 to 56.24% by September 2026, with a notable trough of 49.78% in September 2024. Retained earnings showed a strong upward trajectory, peaking at 90.60% in March 2024, followed by a sharp contraction to 61.65% in September 2024. This abrupt decrease, coinciding with the spike in long-term debt, may indicate a significant capital reallocation, such as share repurchases or dividend distributions.
Treasury Stock and Capital Management
Treasury stock maintains a consistently high negative balance, reflecting an aggressive share buyback program. The ratio deepened from -56.91% in April 2021 to a peak of -84.59% in March 2024. Following this peak, the ratio moderated to -58.80% by September 2026. The interplay between the reduction in retained earnings and the fluctuations in treasury stock highlights a proactive approach to managing shareholder equity and earnings per share.

Overall, the balance sheet indicates a move toward a more leveraged position. The simultaneous increase in long-term debt and the reduction in the proportional weight of equity and deferred revenue suggest a pivot in financial strategy, moving away from operational funding toward institutional debt financing.

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