美国应用软件 EDA 业绩预告：盈利期或现波动，建议逢低布局-US Application Software EDA Earnings Preview Expect Volatility Heading into Earnings Accumulate on Weakness

Ac t i o n | CDNS – Expect strong 2026 revenue outlook offset by conservative operating margin guidance — We expect upside to current 4Q25 and 1Q26 consensus estimates driven by robust IP growth and a record backlog. We expect C26 revenue guide to be slightly above consensus estimate of 12% YoY given the Hexagon acquisition and strong IP sales (14% of revenue). However, the Hexagon acquisition, due to close in 1Q26, could present downside risk to C26 consensus operating margin estimate of a 100-basis points ...