Stock Analysis on Net
Stock Analysis on Net

Cadence Design Systems Inc. (NASDAQ:CDNS)

$24.99

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Cadence Design Systems Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: 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
Net income
Depreciation and amortization
Stock-based compensation
(Gain) loss on divestitures and investments, net
Deferred income taxes
ROU asset amortization and change in operating lease liabilities
Other non-cash items
Receivables
Inventories
Prepaid expenses and other
Other assets
Accounts payable and accrued liabilities
Deferred revenue
Other long-term liabilities
Changes in operating assets and liabilities, net of effect of acquired businesses
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Proceeds from the sale and maturity of investments
Proceeds from the sale of IP and other assets
Purchases of property, plant and equipment
Purchases of intangible assets
Cash paid in business combinations, net of cash acquired
Net cash used for investing activities
Proceeds from revolving credit facility
Payments on revolving credit facility
Proceeds from issuance of debt
Payments of debt
Payment of debt issuance costs
Proceeds from issuance of common stock
Stock received for payment of employee taxes on vesting of restricted stock
Payments for repurchases of common stock
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents

Based on: 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 financial trajectory demonstrates a period of sustained growth in operating performance coupled with an aggressive strategic investment phase. Net income shows a consistent upward trend, increasing from a range of 155 million to 187 million USD in early 2021 to peak at 388 million USD by December 2025. This growth is mirrored in the net cash provided by operating activities, which evolved from 208 million USD in April 2021 to 553 million USD in December 2025, indicating a strong ability to convert accounting profits into liquid cash.

Operating Cash Flow Dynamics
Operating cash flow exhibits strong stability with periodic surges. The growth is supported by consistent non-cash adjustments, most notably in stock-based compensation and depreciation. However, volatility is observed in the changes in operating assets and liabilities, with significant fluctuations in receivables and accounts payable affecting quarterly net cash positions.
Investment Strategy and Capital Expenditure
Investing activities are characterized by a transition toward large-scale acquisitions. While purchases of property, plant, and equipment grew steadily from approximately 15 million USD per quarter in 2021 to 48 million USD by March 2026, the primary driver of cash outflows is business combinations. Notable spikes occurred in October 2022 (561 million USD), June 2024 (649 million USD), and a substantial expenditure of 2.07 billion USD in March 2026.
Financing and Capital Structure
Financing activities reveal a consistent commitment to shareholder returns through common stock repurchases, which remained a recurring quarterly outflow ranging from 125 million to 350 million USD. To balance these outflows and fund acquisitions, the company utilized debt markets significantly in 2024, with proceeds from debt issuance totaling 700 million USD in June and approximately 2.5 billion USD in September 2024.
Non-Cash Expense Trends
A marked increase in non-cash expenses is evident. Stock-based compensation rose from approximately 52 million USD per quarter in 2021 to 138 million USD by March 2026. Similarly, depreciation and amortization saw a steady climb, accelerating from 36 million USD in early 2021 to 84 million USD by the end of the analyzed period, reflecting an expanded asset base resulting from both organic growth and acquisitions.

Overall, the data indicates a company in a high-growth phase, leveraging its strong operating cash flow and the debt markets to fund an aggressive acquisition strategy while simultaneously maintaining a policy of returning capital to shareholders through buybacks.