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. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Cadence Design Systems Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 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).
The analysis of the financial data reveals several notable trends and patterns across key metrics over successive quarterly periods.
- Revenue and Segments
- Overall revenue exhibits a general upward trend from early 2020 through the most recent quarters, despite some fluctuations. Product and maintenance revenue consistently represents the lion’s share, showing steady growth with notable acceleration beginning in early 2022 and continuing into 2025. Services revenue maintains a smaller proportion but shows progressive increases, particularly marked from 2023 onwards, including an especially sharp rise in Q4 2023.
- Cost Structure
- Costs associated with product and maintenance have generally increased in absolute terms, with significant spikes particularly in late 2024 and early 2025, indicating rising expenses that may be related to scaling operations or increased input costs. The cost of services also follows an upward trajectory, with noticeable volatility, especially around late 2023 and 2024. Total cost of revenue, aggregating product and services costs, mirrors these patterns and has increased at a pace roughly proportional to revenue growth.
- Profitability Measures
- Gross margin has steadily improved from 2020 into mid-2023, peaking during periods corresponding to strong revenue growth. However, there is variability evident in later periods, with some declines in margin correlating with increased costs. Income from operations peaks markedly in early 2023 and fluctuates thereafter, showing episodic declines associated with rising costs and expenses. Despite these fluctuations, operational income levels remain robust over the duration.
- Operating Expenses
- Marketing and sales expenses display some variation but generally increase over time, reflecting sustained investment in customer acquisition and retention efforts. Research and development expenses remain consistently high, with a slight upward trend indicative of ongoing product innovation and development activities. General and administrative costs exhibit more volatility, notably peaking in late 2020 and again at various points through 2023 and 2024, suggesting possible organizational restructuring or scaling costs.
- Amortization and Non-Recurring Items
- Amortization of acquired intangibles remains relatively stable with a slight upward drift, likely linked to acquisitions or capitalized development costs. Restructuring charges appear intermittently, with some quarters showing substantial negative amounts, indicating ongoing organizational adjustments. A single significant loss related to a contingent liability is recorded in late 2025, which may impact net results for that period.
- Net Income and Taxes
- Net income follows a generally upward trend through 2023, reaching peaks in early 2024, before experiencing notable volatility in subsequent quarters. Tax provisions are highly variable with some quarters showing negative values, possibly due to tax benefits or adjustments, and others witnessing steep increases reflecting higher pre-tax income or changes in tax rates or liabilities.
- Other Income and Interest Expense
- Interest expenses are relatively stable in earlier periods but show marked increases particularly in 2024 and 2025. Other income (expense), net, is volatile with significant positive and negative swings, contributing episodically to overall profitability variations. Substantial positive spikes in other income in early to mid-2024 enhance income before taxes during those intervals.
In summary, the company demonstrates solid revenue growth driven predominantly by its main product and maintenance segment, supported by steadily growing services revenue. Cost pressures, including rising costs of revenue and operating expenses, impact operating margins but the company maintains healthy profitability levels overall. Fluctuations in tax provision and other income items contribute to variability in net income. Periodic restructuring activities and a significant contingent liability loss near the end of the horizon suggest areas requiring management attention.