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Screener / SEC EDGAR /CIK 0000813672 /10-K filed Feb 19, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
CIENTWLOCDNSITONZBRA
Nasdaq Technology · Software

Cadence Design Systems CDNS

CDNS quote by TradingView

We urge you to consider these factors carefully in evaluating the forward-looking statements contained in this Annual Report. 10-K, Item 1

Employees
13,800
Headquarters
San Jose, CA
CEO
Anirudh Devgan
Next results
around Feb 16, 2027
Compare with peers Embed

CDNS among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 14.1%, above 50% of 74 peers (their median 14.0%) REVENUE GROWTH 14.1% · above 50% Operating margin: 28.9%, above 64% of 70 peers (their median 22.2%) OPERATING MARGIN 28.9% · above 64% Net margin: 22.5%, above 61% of 74 peers (their median 18.9%) NET MARGIN 22.5% · above 61% FCF margin: 28.8%, above 63% of 70 peers (their median 22.3%) FCF MARGIN 28.8% · above 63% Return on capital: 11.6%, above 46% of 61 peers (their median 12.7%) RETURN ON CAPITAL 11.6% · above 46%
CDNS Peer median Below the median

What changed

27 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 19, 2026 against Feb 21, 2025.

Risk factors
27 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +38.9% vs revenue +14.1% (+24.7 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +38.9% vs revenue +14.1% (+24.7 pts)
  • Cash from operations $1.7B vs net income $1.1B (FY ending Dec 31, 2025)
9 more checks with nothing to note
  • Inventory +17.8% vs revenue +14.1% (+3.7 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Revenue Recognition - Identifying and Evaluating Terms and Conditions in Contracts
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

27 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 27 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    The growth of our business depends primarily on the semiconductor and electronics systems industries.
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    The increasing complexity of designs of semiconductors and electronic systems and customers’ concerns about managing costs have previously led to, and in the future could lead to, a decrease in design starts and design activity in general. For example, in response to this increasing complexity, some customers have chosen to focus on one…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    In addition, as previously disclosed, on May 23, 2025, BIS informed us that a license was required for the export, re-export or in-country transfer of EDA Software and Technology when a party to the transaction is located in China or is a Chinese "military end user" on the "Military End-User List," wherever located. On July 2, 2025, BIS…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Specifically, as previously disclosed, on July 27, 2025, we reached a settlement with each of BIS and the U.S. Department of Justice ("DOJ") that resolved matters relating to export control violations that occurred between 2015 and 2021 primarily involving sales initiated by a Cadence subsidiary of products and services valued at $45.3…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
200 400 100 Revenue: $1.8B in FY2016, $5.3B in FY2025 REVENUE $5.3B · 2.9x Net income: $203.1M in FY2016, $1.1B in FY2025 NET INCOME $1.1B · 5.5x Free cash flow: $391.2M in FY2016, $1.6B in FY2025 FREE CASH FLOW $1.6B · 4.1x FY2016 = 100FY2021FY2025
Revenue 2.9x $1.8B to $5.3B
Net income 5.5x $203.1M to $1.1B
Free cash flow 4.1x $391.2M to $1.6B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$3.6B$4.1B$4.6B$5.3B
Net income$849.0M$1.0B$1.1B$1.1B
Operating cash flow$1.2B$1.3B$1.3B$1.7B
Free cash flow$1.1B$1.2B$1.1B$1.6B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$5.3B ▲ 14.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Cadence Design Systems, San Jose, CA · from the 10-K filed Feb 19, 2026

We urge you to consider these factors carefully in evaluating the forward-looking statements contained in this Annual Report. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this Annual Report are made only as of the date of this Annual Report. We do not intend, and undertake no obligation, to update these forward-looking statements.

Headquarters
San Jose, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 26, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 13,800 employees" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 19, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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