We propose a cascadic multigrid algorithm for a semilinear elliptic problem. The nonlinear equations arising from linear finite element discretizations are solved by Newton's method. Given an approximate solution on the coarsest grid on each finer grid we perform exactly one Newton step taking the approximate solution from the previous grid as initial guess. The Newton systems are solved iteratively by an appropriate smoothing method. We prove that the algorithm yields an approximate solution within the discretization error on the finest grid provided that the start approximation is sufficiently accurate and that the initial grid size is sufficiently small. Moreover, we show that the method has multigrid complexity.