실적분석 2026년 8월 26일

Synopsys ($SNPS) Fiscal 2026 Q3 Earnings Analysis — Beat on the Top and Bottom Lines and Raised Full-Year Guidance, Yet Shares Slide in Extended Trading

Earnings Scorecard

Revenue: $2.477 billion (+42.4% year over year, vs. $2.439 billion estimate) ✅ Beat

EPS (Earnings Per Share): $3.91 on an adjusted basis (vs. $3.67 estimate) ✅ Beat

Guidance: Raised — fiscal 2026 revenue midpoint $9.715 billion, adjusted EPS midpoint $15.07

Stock reaction: -3.39% in extended trading ($396.09) — as of 06:00 Korea Standard Time on Aug 27

The Positives

Revenue beat: $2.477 billion exceeded the $2.439 billion estimate, up 42.4% year over year

Adjusted EPS beat: $3.91 topped the $3.67 estimate and exceeded the high end of prior guidance

Design Automation strength: Segment revenue of $2.003 billion accounted for 80.9% of the total, leading growth

The addition of Ansys amplified the Design Automation segment, and the Design IP business returned to year-over-year growth. The company noted that demand tied to artificial intelligence (AI) provided a tailwind across the entire portfolio.

The Negatives

Underwhelming reaction: Despite the beat and raised guidance, profit-taking dominated in extended trading

GAAP drag: A wide gap between GAAP EPS ($2.84) and adjusted EPS, weighed down by amortization of acquired intangibles and related items

Regulatory premise: Guidance was raised on the assumption that no additional export controls or Entity List expansions will be imposed

On the numbers alone, this was a solid print. But with growth expectations already elevated, the key swing factor for the stock is how much further the company can outrun them.

What Management Said

President and CEO Sassine Ghazi said AI is driving demand for the silicon IP and engineering solutions required for next-generation compute and infrastructure. CFO Shelagh Glaser said that, based on expected double-digit growth in Electronic Design Automation (EDA), the company is raising its full-year outlook for revenue, margins, EPS, and cash flow.

Market Reaction and What to Watch Next

Selling pressure prevailed despite the strong print and raised full-year guidance. With high expectations already priced in, the read is that the market was looking for an even larger raise.

Whether Q4 revenue and adjusted EPS land within the ranges the company provided

Whether double-digit growth in Design Automation and Ansys integration synergies continue

Whether the export control environment stays consistent with the assumptions baked into guidance