| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 27, 2026 | 5/12 | 2 high, 3 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 27, 2026 | 9/12 | 3 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q4'25 | February 17, 2026 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q3'25 | 2025-10-27 | 10/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Hardware to deliver 'another record year' Two record quarters so far but no longer quantifying growth |
| Q2'26 | Missed | China to remain ~13% of revenue Stopped disclosing the metric entirely, suggesting deterioration |
| Q2'26 | Exceeded | Operating margin of 43.5-44.5% for full year Raised to 43.75-44.75% despite Hexagon dilution |
| Q2'26 | Pending | Hexagon to contribute $160M revenue in 2026 On track with $20M in Q1, needs $140M in remaining quarters |
| Q2'26 | Exceeded | IP business momentum to continue with 'strong tailwinds' Accelerated from 22% to 40%+ growth |
| Q2'26 | Exceeded | System design analysis targeting 20%+ growth Delivered 37% growth, nearly double the target |
| Q1'26 | Missed | Operating margin sustainability around 44-45% range Guided 43.5-44.5% for 2026 due to Hexagon integration costs |
| Q1'26 | Delivered | China business stabilized Maintained 13% revenue mix with 'stabilized' design activity |
| Q1'26 | Exceeded | System Design and Analysis positioned for growth 18% YoY growth vs 13% prior quarter |
| Q1'26 | Pending | AI solutions gaining traction with market-shaping customers ChipStack launched with customer endorsements but no revenue attribution yet |
| Q1'26 | Delivered | IP business positioned for continued growth 22% YoY growth, though decelerated from 25% prior quarter |
| Q1'26 | Exceeded | Hardware to be another record year Achieved 'best quarter ever' with 7 of top 10 being Dynamic Duo customers |
| Q1'26 | Delivered | Strong momentum across all businesses in 2025 All segments grew double digits, backlog hit record $7.8B |
| Q4'25 | Delivered | Continued operating leverage and margin expansion (Q3 call) Maintained 44.6% operating margin for year despite growth investments |
| Q4'25 | Exceeded | Strong Q4 bookings expected (Q3 call) Bookings were 'exceptionally strong' resulting in record $7.8B backlog |
| Q4'25 | Delivered | Double-digit growth across all product categories (Q3 call) Achieved double-digit growth in all 5 business lines: EDA 13%, SDA 13%, IP 25%, hardware record |
| Q4'25 | Exceeded | IP business to grow better than Cadence average (Q3 call) IP grew nearly 25% vs company average of 14%, third consecutive year of 20%+ growth |
| Q4'25 | Exceeded | Hardware expected to be record year (Q3 call) Delivered record year with 30+ new customers and substantially higher repeat demand |
| Q4'25 | Delivered | China expected to grow for fiscal 2025 (Q3 call) China did grow year-over-year, though John noted some Q2 makeup in Q3 results |
| Q3'25 | Pending | AI monetization over contract cycles Still early but management slightly more optimistic on timeline |
| Q3'25 | Exceeded | Hardware momentum in second half Record Q3 hardware revenue with strong pipeline for next 6 months |
| Q3'25 | Exceeded | IP business growth better than average Sustained 20%+ growth for third consecutive year, management very confident on outperformance |
| Q3'25 | Delivered | Double-digit growth across all product categories Confirmed all five lines of business performing well with double-digit growth expected |
| Q3'25 | Delivered | Strong renewal opportunities in second half Record Q3 bookings and backlog growth to $7B+ demonstrates strong renewals |
| Q3'25 | Exceeded | China would be flat year-over-year for 2025 Now expecting China to be up year-over-year, returned to 18% of revenue mix |
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