全球科技业绩快报：Cadence 2Q25

Investment Rating - The report provides a positive outlook for Cadence, indicating an "Outperform" rating based on its strong financial performance and growth prospects [2][12]. Core Insights - Cadence reported a total revenue of $1.275 billion for Q2 2025, representing a 20% year-on-year increase, and Non-GAAP earnings per share of $1.65, up 29% year-on-year, exceeding market expectations [2][8]. - The growth was primarily driven by strong demand for AI-driven products and comprehensive growth across all business lines, including EDA, IP, and system design and analysis [2][12]. - The company has raised its full-year revenue guidance to a range of $5.21 billion to $5.27 billion, reflecting a year-on-year increase of 13% [12]. Summary by Sections Financial Performance - Cadence's Q2 2025 revenue was $1.275 billion, exceeding market expectations of $1.25 billion, with a Non-GAAP operating margin of 42.8%, up from 40.1% the previous year [2][9]. - The GAAP operating margin was reported at 19.0%, down from 27.7% due to a one-time charge related to a settlement [2][9]. Business Segments - The core EDA business grew by 16%, driven by the adoption of advanced process nodes, with over 50% of designs using Cadence Cerebrus [3][10]. - The IP business saw over 25% growth, fueled by AI and HPC infrastructure demands, while the system design and analysis business grew by 35% [3][10]. Product Innovation and Partnerships - Cadence launched the Cerebrus AI Studio, an AI-driven SoC design platform, and the Millennium M2000 AI supercomputer, which offers significant performance improvements [4][11]. - Strategic partnerships were expanded with industry leaders like SK hynix, ADI, and Samsung Foundry, enhancing collaboration in EDA software and advanced technologies [4][11]. Future Outlook - The company expects Q3 2025 revenue between $1.305 billion and $1.335 billion, with Non-GAAP earnings per share projected at $1.75 to $1.81 [12]. - Cadence plans to utilize at least 50% of its free cash flow for stock repurchases, indicating confidence in its financial health and growth trajectory [12].