Autodesk, Inc. reported financial results for the fourth quarter and full year of fiscal 2025.
All growth rates are compared to the fourth quarter and full year of fiscal 2024, respectively, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
Fourth Quarter Fiscal 2025 Financial Highlights
- Total revenue increased 12 percent to $1.64 billion;
- GAAP operating margin was 22 percent, compared to 21 percent;
- Non-GAAP operating margin was 37 percent, compared to 36 percent;
- GAAP income from operations was $366 million, compared to $315 million;
- Non-GAAP income from operations was $608 million, compared to $522 million;
- GAAP diluted EPS was $1.40; Non-GAAP diluted EPS was $2.29;
- Cash flow from operating activities was $692 million; free cash flow was $678 million.
"Autodesk is focused on the convergence of design and make in the cloud, enabled by platform, industry clouds, and AI. We are reallocating internal resources toward these critical areas and beginning the optimization of our go-to-market functions to better meet the evolving needs of our customers and channel partners," said Andrew Anagnost, Autodesk president and CEO. "We expect consistent growth momentum and disciplined execution, reinforced by persistent share repurchases, to deliver sustainable shareholder value over many years."
"The fourth quarter and full year fiscal 25 results are strong," said Janesh Moorjani, Autodesk CFO. "The completion of the new transaction model launch in the fourth quarter marked a significant milestone, and we have now initiated the optimization phase of our sales and marketing plan. Once our sales and marketing optimization is complete, we expect to deliver GAAP margins among the best in the industry."
Following a review of our business, Autodesk has announced today a worldwide restructuring plan that includes a reduction in force that will result in the termination of approximately 9 percent of our workforce, or approximately 1,350 employees, other exit costs, and facility reductions. We anticipate incurring total pre-tax restructuring charges of approximately $135 million to $150 million, a substantial majority of which would result in cash expenditures. For more information, please see our Current Report on Form 8-K filed with the SEC on February 27, 2025.
Fourth Quarter Fiscal 2025 Additional Financial Details
- Total billings increased 23 percent to $2.11 billion.
- Total revenue was $1.64 billion, an increase of 12 percent as reported and on a constant currency basis. Recurring revenue represents 97 percent of total.
- Design revenue was $1.36 billion, an increase of 12 percent as reported and on a constant currency basis. On a sequential basis, Design revenue increased 5 percent as reported and on a constant currency basis.
- Make revenue was $176 million, an increase of 28 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 3 percent as reported and on a constant currency basis.
- Subscription plan revenue was $1.52 billion, an increase of 14 percent as reported and on a constant currency basis. On a sequential basis, subscription plan revenue increased 4 percent as reported, and 5 percent on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent on a constant currency basis.
- GAAP income from operations was $366 million, compared to $315 million. GAAP operating margin was 22 percent, compared to 21 percent.
- Total non-GAAP income from operations was $608 million, compared to $522 million. Non-GAAP operating margin was 37 percent, compared to 36 percent.
- GAAP diluted net income per share was $1.40, compared to $1.31.
- Non-GAAP diluted net income per share was $2.29, compared to $2.09.
- Deferred revenue decreased 3 percent to $4.13 billion. Unbilled deferred revenue was $2.81 billion, an increase of $966 million. Remaining performance obligations ("RPO") increased 14 percent to $6.94 billion. Current RPO increased 12 percent to $4.46 billion.
- Cash flow from operating activities was $692 million, an increase of $255 million. Free cash flow was $678 million, an increase of $251 million.
Net Revenue by Geographic Area
|
Three Months |
Three Months |
Change prior fiscal year |
Constant currency |
||
|
(In millions, except percentages) |
$ |
% |
% |
||
|
Net Revenue: |
|||||
|
Americas |
|||||
|
U.S. |
$ 597 |
$ 517 |
$ 80 |
15 % |
* |
|
Other Americas |
133 |
139 |
(6) |
(4) % |
* |
|
Total Americas |
730 |
656 |
74 |
11 % |
11 % |
|
Europe, Middle East and Africa |
623 |
546 |
77 |
14 % |
13 % |
|
Asia Pacific |
286 |
267 |
19 |
7 % |
11 % |
|
Total Net Revenue |
$ 1,639 |
$ 1,469 |
$ 170 |
12 % |
12 % |
____________________
|
* Constant currency data not provided at this level. |
Net Revenue by Product Family
Our product offerings are focused in four primary product families: Architecture, Engineering, Construction and Operations ("AECO"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
|
Three Months Ended |
Change compared to prior fiscal year |
||||
|
(In millions, except percentages) |
January 31, |
January 31, |
$ |
% |
|
|
AECO |
$ 799 |
$ 696 |
$ 103 |
15 % |
|
|
AutoCAD and AutoCAD LT |
409 |
377 |
32 |
8 % |
|
|
MFG |
318 |
292 |
26 |
9 % |
|
|
M&E |
84 |
77 |
7 |
9 % |
|
|
Other |
29 |
27 |
2 |
7 % |
|
|
Total Net Revenue |
$ 1,639 |
$ 1,469 |
$ 170 |
12 % |
|
Fiscal 2025 Financial Highlights
- Total billings increased 16 percent to $6.00 billion.
- Total revenue was $6.13 billion, an increase of 12 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
- Design revenue was $5.10 billion, an increase of 10 percent as reported, and 11 percent on a constant currency basis.
- Make revenue was $654 million, an increase of 25 percent as reported, and 26 percent on a constant currency basis.
- Subscription plan revenue was $5.72 billion, an increase of 12 percent as reported, and 13 percent on a constant currency basis.
- Total subscriptions increased approximately 516 thousand to 7.79 million. Total subscriptions adjusted for the multi-user trade-in increased approximately 471 thousand to 7.18 million.
- GAAP income from operations was $1.35 billion, compared to $1.13 billion. GAAP operating margin was 22 percent, up 1 percentage point.
- Total non-GAAP income from operations was $2.23 billion, compared to $1.96 billion. Non-GAAP operating margin was 36 percent, flat compared to the prior period.
- GAAP diluted net income per share was $5.12, compared to $4.19.
- Non-GAAP diluted net income per share was $8.47, compared to $7.60.
- Cash flow from operating activities increased to $1.61 billion, compared to $1.31 billion. Free cash flow increased to $1.57 billion, compared to $1.28 billion.
Net Revenue by Geographic Area
|
Fiscal Year Ended |
Fiscal Year Ended |
Change compared to prior fiscal year |
Constant |
||
|
(In millions, except percentages) |
$ |
% |
% |
||
|
Net Revenue: |
|||||
|
Americas |
|||||
|
U.S. |
$ 2,228 |
$ 1,978 |
$ 250 |
13 % |
* |
|
Other Americas |
488 |
460 |
28 |
6 % |
* |
|
Total Americas |
2,716 |
2,438 |
278 |
11 % |
12 % |
|
EMEA |
2,307 |
2,042 |
265 |
13 % |
13 % |
|
APAC |
1,108 |
1,017 |
91 |
9 % |
13 % |
|
Total Net Revenue |
$ 6,131 |
$ 5,497 |
$ 634 |
12 % |
13 % |
____________________
|
* Constant currency data not provided at this level. |
Net Revenue by Product Family
Our product offerings are focused in four primary product families: AECO, AutoCAD and AutoCAD LT, MFG, and M&E.
|
Fiscal Year Ended |
Change compared to prior fiscal year |
||||
|
(In millions, except percentages) |
January 31, 2025 |
January 31, 2024 |
$ |
% |
|
|
AECO |
$ 2,937 |
$ 2,580 |
$ 357 |
14 % |
|
|
AutoCAD and AutoCAD LT |
1,572 |
1,462 |
110 |
8 % |
|
|
MFG |
1,189 |
1,063 |
126 |
12 % |
|
|
M&E |
315 |
295 |
20 |
7 % |
|
|
Other |
118 |
97 |
21 |
22 % |
|
|
Total Net Revenue |
$ 6,131 |
$ 5,497 |
$ 634 |
12 % |
|
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk’s business outlook for the first quarter and full-year fiscal 2026 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the first quarter and full-year fiscal 2026 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
First Quarter Fiscal 2026
|
Q1 FY26 Guidance Metrics |
Q1 FY26 |
|
Revenue (in millions) |
$1,600 – $1,610 |
|
EPS GAAP |
$0.76 – $0.90 |
|
EPS non-GAAP (1) |
$2.14 – $2.17 |
____________________
|
(1) See GAAP to Non-GAAP reconciliation at the end of this document. |
Full-Year Fiscal 2026
|
FY26 Guidance Metrics |
FY26 |
|
Billings (in millions) (1) |
$7,060 – $7,210 |
|
Revenue (in millions) (1) |
$6,895 – $6,965 |
|
GAAP operating margin |
21% – 22% |
|
Non-GAAP operating margin (2) |
36% – 37% |
|
EPS GAAP |
$4.74 – $5.37 |
|
EPS non-GAAP (2) |
$9.34 – $9.67 |
|
Free cash flow (in millions) (3) |
$2,075 – $2,175 |
____________________
|
(1) See supplemental materials available on our investor relations website for growth rates excluding currency movements and the new transaction model. |
|
(2) See GAAP to Non-GAAP reconciliation at the end of this document. |
|
(3) Free cash flow is cash flow from operating activities less approximately $35 million of capital expenditures, and includes restructuring and other related cash outflows of $110 to $120 million and an anticipated discrete cash benefit of $130 to $150 million from the utilization of US deferred tax assets. |
The full-year fiscal 2026 outlook assumes a projected annual effective tax rate of 25 to 28 percent for GAAP, which includes the effects of the utilization of US deferred tax assets, and 19 percent for non-GAAP results. The first quarter fiscal 2026 outlook assumes a projected annual effective tax rate of 25 to 29 percent for GAAP, which includes the effects of the utilization of US deferred tax assets, and 19 percent for non-GAAP results. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. As such, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
Investor Presentation Details
An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.
