$CDNS Q3 beats expectations, and the 2026 guide is raised for the third time t… · @carrioresearch · TwKit

@carrioresearch

$CDNS Q3 beats expectations, and the 2026 guide is raised for the third time this year. Revenue $1.633B vs $1.615B expected, beat (+1.1%); guidance was $1.595B–$1.625B Non-GAAP EPS $2.11 vs $2.05 expected, beat (+2.9%); guidance was $2.01–$2.07 Backlog a record $8.2B, up from $8.1B in Q2 China 16% of revenue, vs 15% in Q2 Q4 guide: revenue $1.695B–$1.725B, above the $1.648B expected; non-GAAP EPS $2.19–$2.25, above the $2.03 expected 2026 guide: revenue $6.387B–$6.417B, up from $6.26B–$6.34B, about 21% growth; non-GAAP EPS $8.37–$8.43, up from $8.05–$8.15 Nearly every AI chip is designed and verified on tools from Cadence or Synopsys, two or three years before it ships, so Cadence sits at the very front of the chain. Raising the full year again and guiding Q4 well above the Street says design work is still speeding up. Backlog is the one number moving slowly, up $0.1B for the second quarter in a row. More design work today is an early read on chip volume in 2027 and 2028, and that volume flows downstream to the foundries, to packaging houses like $AMKR, and to HBM makers like $MU and $SKHY. What I'm looking forward to: the multi-year collaboration on Intel's 14A process, which management has called a meaningful growth driver for the next several years, and this week's capex updates from $MSFT and $GOOGL on Wednesday and $AMZN on Thursday. Their budgets decide how much of today's design work turns into chips.

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