Raising full-year outlook on strong AI-driven demand
Synopsys raised FY26 guidance across all metrics, citing AI-driven demand strength and cost discipline. Management highlighted strong demand in hardware-assisted verification and high-speed IP, while noting near-term IP growth is muted but recovering. FY26 revenue, EPS, operating margin, and FCF guidance all raised.
Buzzberg 분석Raising full-year outlook on strong AI-driven demandSynopsys raised FY26 guidance across all metrics, citing AI-driven demand strength and cost discipline. Management highlighted strong demand in hardware-assisted verification and high-speed IP, while noting near-term IP growth is muted but recovering. FY26 revenue, EPS, operating margin, and FCF guidance all raised.전체 분석 보기분석 접기
Synopsys raised FY26 guidance across all metrics, citing AI-driven demand strength and cost discipline. Management highlighted strong demand in hardware-assisted verification and high-speed IP, while noting near-term IP growth is muted but recovering. FY26 revenue, EPS, operating margin, and FCF guidance all raised.
ANSYS channel accounting adds $60M to revenue (EPS-neutral), masking some underlying growth.
IP business bottomed in Q1 and is recovering sequentially; new high-value business models with hyperscalers are progressing.
Agentic AI designs are in early trials with 20 customers, representing a potential future monetization shift.
ANSYS revenue$0.652B
-26% QoQ
Revenue$2.276B
-6% QoQ
EPS$3.35
-11% QoQ
Gross margin72.33%
reported
이번 분기에 달라진 점
01
Guidance
Raising full-year outlook on strong AI-driven demand
Guidance · revenue to $9.665B
02
AI
Agentic EDA gaining traction with 20 customers evaluating
Management highlighted strong AI-driven demand across the portfolio, including AI scaling semiconductor demand, architecture diversity, and complexity. They noted agentic EDA is gaining traction with 20 customers evaluating over 25 AI agents, and early monetization signals with…
03
IP
IP business bottomed in Q1 and recovering sequentially
ANSYS channel accounting adds $60M to revenue (EPS-neutral), masking some underlying growth.
04
Product
Multi-physics fusion to ramp commercial availability in H2 2026
IP business bottomed in Q1 and is recovering sequentially; new high-value business models with hyperscalers are progressing.
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management highlighted strong AI-driven demand across the portfolio, including AI scaling semiconductor demand, architecture diversity, and complexity. They noted agentic EDA is gaining traction with 20 customers evaluating over 25 AI agents, and early monetization signals with GPU-accelerated EDA. They also emphasized the essentialness of their solutions in the AI supply chain and the opportunity
수요
수주 및 전환
Management raised full-year guidance across revenue, operating margin, EPS, and free cash flow, citing strong AI demand, cost discipline, and accelerating Ansys synergies.
자본지출
투자 및 생산능력
Capital expenditure guidance for fiscal 2026 remains unchanged at approximately $300 million, with free cash flow guidance raised by $100 million to approximately $2 billion.
톤 · Upbeat
Management expressed strong confidence in the business, highlighting exceeding guidance, raising full-year targets, and emphasizing a leadership position and expanding opportunities driven by AI.
공급망 알파
A1
The ANSYS channel revenue accounting change adds $60M to revenue but is EPS-neutral, obscuring underlying growth.
“the ANSYS channel accounting impact increases revenue by $60 million, which is accompanied by an equivalent increase in expenses”
Synopsys' UCIE IP achieved a 64-gig tape-out on a 2-nanometer process, with lifetime wins now over 150, indicating expanding die-to-die interoperability adoption.
Hardware-assisted verification saw 'particular demand from hyperscaler and leading semiconductor customers,' driving multiple strategic wins for ZS5, Xebu, and HAPS200.
“Hardware-assisted verification remained the key growth driver. with particular demand from hyperscaler and leading semiconductor customers”
Intel Foundry's ramp (18A/14A) is a potential tailwind for Synopsys IP, but revenue only materializes once evals convert to production, which is not included in FY26 guidance.
“when we see or you hear about customers like Intel, Intel Foundry, expanding their engagements, we are, of course, aware of these engagements very early on”
Hi, this is Liam Farr on the line from Vivek. Thank you so much for taking our questions. So I guess just to start, in regards to your largest customer, it sounds like 18A and 14A pipeline is building. Have you seen any of that benefit? And if not, how and when does it start to impact your numbers?
So the great news for Synopsys is any new foundry or a new technology within the same foundry is a tailwind in particular for our IP business. Because you cannot on-ramp a customer to any technology, process technology or foundry, without our IP. It starts with the foundation IP, which is the library, et cetera, and the interface IP. So when we see or you hear about customers like Intel, Intel Foundry, expanding their engagements, we are, of course, aware of these engagements very early on when that target customer is evaluating the technology. Now, to remind you, we get paid once. the customer commits to the technology and they want to go into production. During the eval phase, it's just an eval. Once it goes into production, we get paid for it. So in terms of how are we taking it into account, for FY26, we're not accounting or taking into account or in our guidance any upside. But as these swings move from an eval into production, we'll absolutely see the upside.
Synopsys' UCIE IP achieved a 64-gig tape-out on a 2-nanometer process, with lifetime wins now over 150, indicating expanding die-to-die interoperability adoption. — High-speed chiplet interconnect is a key enabler for TSMC's advanced packaging and 2nm processes, driving demand for Synopsys IP.
… IP continues to accelerate, driven by AI's massive data requirements. In Q2, our PCIe 7.0 IP achieved a greater than 90% win rate with 18 new licenses and a growing pipeline. We also continue to see strong momentum in advanced connectivity technologies, including 224 gig with multiple wins across leading and emerging innovators. The shift to multi-die and chiplet architectures is driving demand for die-to-die interoperability. In Q2, we secured additional UCIE design wins and achieved a 64-gig tape-out on a 2-nanometer process, bringing total UCIE lifetime wins to over 150. We're strengthening our position in memory IP with design wins across hyperscalers, AI startups, and leading semiconductor companies. In Q2, we also delivered the industry's first HBM4 IP test chip. While we continue to expect muted IP growth for fiscal year 2026, we believe the IP segment bottomed in Q1 and has begun its recovery. We expect sequential quarterly improvements throughout the second half, supported by our roadmap, execution, and pipeline. Importantly, we are focusing our IP business on the highest value opportunities aligned to AI-driven demand and hyperscaler customization. These …
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