Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Cadence Design Systems Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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 financial performance presented demonstrates a generally positive trajectory over the analyzed period, with notable acceleration in recent quarters. Revenue exhibited consistent growth, particularly from the second half of 2023 through the first half of 2025. While cost of revenue also increased, the company maintained a healthy gross margin, which generally expanded over time. Operating income and net income followed similar upward trends, though fluctuations were observed due to variations in tax provisions and other income/expenses.
- Revenue Growth
- Revenue began at approximately US$736 million in April 2021 and increased to US$1.44 billion by December 2025. The growth was not linear, with periods of slower expansion followed by more substantial gains. A significant surge in revenue is apparent from September 2024 onwards, indicating accelerating market demand or successful product launches. The contribution of 'Services' revenue has also steadily increased, though 'Product and maintenance' remains the dominant revenue stream.
- Gross Margin Analysis
- Gross margin remained relatively stable between 651 and 703 thousand US$ for the first eight quarters. From October 2022, a clear upward trend is visible, reaching a peak of 1,251 thousand US$ in December 2025. This suggests improved cost management, pricing strategies, or a shift towards higher-margin products. The increase in gross margin contributed significantly to the overall profitability improvements.
- Operating Expenses
- Marketing and sales expenses remained relatively consistent in the range of 132 to 189 thousand US$ until the end of 2023, then increased to 206 thousand US$ in December 2025. Research and development expenses consistently represent a substantial portion of revenue, with a notable increase from 369 thousand US$ in September 2023 to 464 thousand US$ in December 2025, indicating continued investment in innovation. General and administrative expenses also increased over time, but at a slower rate than revenue, contributing to improved operating leverage. Amortization of acquired intangibles remained relatively stable, with a slight upward trend.
- Profitability Trends
- Income from operations demonstrated a positive trend, increasing from approximately 204 thousand US$ in April 2021 to 457 thousand US$ in December 2025. Net income mirrored this trend, rising from 187 thousand US$ to 388 thousand US$ over the same period. Fluctuations in the provision for income taxes impacted net income in certain quarters, with a particularly large impact in June 2025. Other income (expense), net, also exhibited volatility, with a significant positive impact in December 2022 and June 2025.
- Cost of Revenue
- Cost of revenue increased alongside revenue, but at a slower pace, contributing to the expansion of gross margin. The cost of product and maintenance represents the majority of the cost of revenue. A substantial increase in cost of revenue is observed in December 2024, potentially linked to the significant revenue growth in that quarter.
Overall, the financial performance indicates a company experiencing robust growth and improving profitability. The increasing revenue, expanding gross margin, and effective management of operating expenses suggest a strong competitive position and successful execution of its business strategy. The fluctuations in tax provisions and other income/expenses warrant further investigation, but do not appear to fundamentally alter the positive overall trend.