---
schema_version: "secwatch.filing_event.v1"
accession: "0000813672-23-000024"
form_type: "8-K"
ticker: "CDNS"
cik: "0000813672"
company_name: "CADENCE DESIGN SYSTEMS INC"
filed_at: "2023-04-24T23:59:59+00:00"
generated_at: "2026-06-16T20:25:40.981435+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Cadence Q1 revenue $1.02B, beats; raises FY23 revenue guidance to ~14% growth

## Summary
- Q1 revenue $1.022B (+13% YoY); GAAP EPS $0.89 vs $0.85 YoY; non-GAAP EPS $1.29 vs $1.17.
- FY23 revenue guidance raised to $4.03-$4.07B (prior $4.00-$4.06B); non-GAAP EPS raised to $4.96-$5.04.
- Q1 GAAP operating margin 32%, non-GAAP 42%; operating cash flow $267M, FCF $241M.
- Q2 outlook: revenue $960-$980M; non-GAAP EPS $1.15-$1.19.
- Backlog $5.4B; repurchased $125M in shares during Q1.

## SEC filing metadata
- accession: 0000813672-23-000024
- form_type: 8-K
- ticker: CDNS
- cik: 0000813672
- company_name: CADENCE DESIGN SYSTEMS INC
- filed_at: 2023-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/813672/000081367223000024/0000813672-23-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/813672/000081367223000024/cdns-20230424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000813672-23-000024
- JSON: https://secwatch.observer/filing/0000813672-23-000024.json
- Plain text: https://secwatch.observer/filing/0000813672-23-000024.txt

## Key facts
- Earnings Releases
  CADENCE DESIGN SYSTEMS INC reported Fiscal year 2023 results: revenue $4.03 billion to $4.07 billion, EPS $3.26 to $3.34. Guidance raised.
  - Period: Fiscal year 2023
  - Revenue: $4.03 billion to $4.07 billion
  - EPS: $3.26 to $3.34
  - Guidance: raised
  - Result: guidance update
  source text: For fiscal year 2023, the company expects total revenue in the range of $4.03 billion to $4.07 billion. On a GAAP basis, operating margin for 2023 is expected to be in the range of 30 percent to 31 percent and GAAP net income per diluted share for 2023 is expected to be in the range of $3.26 to $3.34.
  evidence_url: https://www.sec.gov/Archives/edgar/data/813672/000081367223000024/0000813672-23-000024-index.htm
- Earnings Releases
  CADENCE DESIGN SYSTEMS INC reported First quarter 2023 results: revenue $1.022 billion, net income $242 million, EPS $0.89.
  - Period: First quarter 2023
  - Revenue: $1.022 billion
  - Net income: $242 million
  - EPS: $0.89
  - Result: reported results
  source text: Cadence reported first quarter 2023 revenue of $1.022 billion, compared to revenue of $902 million for the same period in 2022. On a GAAP basis, Cadence achieved operating margin of 32 percent and recognized net income of $242 million, or $0.89 per share on a diluted basis, in the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/813672/000081367223000024/0000813672-23-000024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.