Summary
Autodesk's fiscal 2025 second quarter, ended July 31, 2024, produced revenue of $1.50 billion, up 11.9% from $1.34 billion in the prior-year quarter, and 13% in constant currency. Six-month revenue of $2.92 billion rose 11.8% from $2.61 billion. Recurring revenue held at 97% of net revenue, and net revenue retention stayed within the 100% to 110% range on a constant currency basis. Growth was broad rather than concentrated. AEC revenue rose 14%, manufacturing rose 16%, AutoCAD and AutoCAD LT rose 7%, and media and entertainment rose 4%. The Americas grew 12%, EMEA grew 13%, and APAC grew 9%, or 13% in constant currency. Management credited Autodesk Construction Cloud and Fusion for Make revenue growth of 25%, while Design revenue rose 9%.
Margins expanded sharply. Gross profit of $1.36 billion rose 12.1%, and gross margin of 90.7% was up 0.1 percentage points. Operating income of $343.0 million rose 30.9% from $262.0 million, lifting operating margin to 22.8%, up 3.3 percentage points. Net income of $282.0 million rose 27.0%, and diluted EPS of $1.30 rose 26.2% from $1.03. For the six months, net income of $534 million rose 39.4% from $383 million, and diluted EPS of $2.46 rose 39.0% from $1.77. On a non-GAAP basis, operating income was $560 million versus $489 million, non-GAAP operating margin was 37% versus 36%, and non-GAAP diluted EPS was $2.15 versus $1.91. Stock-based compensation and acquisition-related amortization remain the largest reconciling items, so cash earnings depend heavily on whether those charges stay at current levels.
Billings of $1.24 billion rose 13%. Remaining performance obligations rose 12% to $5.86 billion, and current RPO rose 11% to $3.90 billion, although both sit below the fourth quarter of the prior fiscal year as multi-year contracts move to annual billing. Current deferred revenue of $3.23 billion was up 3.1% from the prior-year quarter. The MD&A warns that customers shifting from multi-year upfront contracts to annual installments could keep pushing down the unbilled portion of RPO, which would weigh on reported RPO growth without changing revenue or cash flow much. The transaction model rollout is the other moving part. Most subscription offerings moved to the new model in North America during the quarter, Western Europe follows in the third quarter of fiscal 2025, and remaining major markets shift through fiscal 2026. Sales incentives move from contra revenue to operating expense, which lifts calculated revenue growth, is broadly neutral to operating profit and free cash flow dollars, and dents calculated operating margin.
Cash flow was mixed. Operating cash flow of $212.0 million in the quarter rose 57.0% from $135.0 million, but the six-month figure of $706 million fell 17.7% from $858 million. Free cash flow, which the company defines as operating cash flow less capital expenditures, was $203 million in the quarter and $690 million for the six months. Capital expenditures of $9.0 million in the quarter rose 28.6%, while the six-month total of $16 million was flat. The first-half decline in cash generation came largely from a $577 million reduction in deferred revenue tied to the timing of billing installments and the seasonal concentration of billings in the fourth fiscal quarter. Autodesk ended the quarter with $2.11 billion in cash, cash equivalents and marketable securities and no borrowings under its $1.5 billion revolver. Distributor concentration is still a factor: TD Synnex accounted for 36% of net revenue, down from 40% a year earlier.
Guidance moved up. Management raised the midpoints of its billings, revenue, earnings per share and free cash flow ranges for the full fiscal year 2025. Third quarter fiscal 2025 revenue is guided to $1,555 million to $1,570 million, with GAAP EPS of $1.21 to $1.27 and non-GAAP EPS of $2.08 to $2.14. For the full fiscal year, guidance calls for billings of $5,880 million to $5,980 million, up 13% to 15%, revenue growth of approximately 11%, GAAP EPS of $4.88 to $5.01, non-GAAP EPS of $8.18 to $8.31, and free cash flow of $1,450 million to $1,500 million. The outlook assumes effective tax rates of 20% on a GAAP basis and 19% on a non-GAAP basis and rests on the current economic and foreign exchange environment. Reported growth trailed constant currency growth because of foreign exchange headwinds, and the risk list is familiar: macroeconomic and geopolitical uncertainty, the transaction model transition, tax rate shifts across jurisdictions, and the seasonal swing in deferred revenue and billings.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q2 FY2025 | Q1 FY2025 | QoQ | Q2 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.50B | $1.42B | +6.2% | $1.34B | +11.9% |
| Gross profit | $1.36B | $1.28B | +6.6% | $1.22B | +12.1% |
| Gross margin | 90.7% | 90.3% | +0.4 pp | 90.6% | +0.1 pp |
| Research & development | $368.0M | $346.0M | +6.4% | $355.0M | +3.7% |
| Sales & marketing | $480.0M | $469.0M | +2.3% | $449.0M | +6.9% |
| General & administrative | $161.0M | $155.0M | +3.9% | $141.0M | +14.2% |
| Total operating expenses | $1.02B | $981.0M | +4.2% | $956.0M | +6.9% |
| Operating income (loss) | $343.0M | $299.0M | +14.7% | $262.0M | +30.9% |
| Operating margin | 22.8% | 21.1% | +1.7 pp | 19.5% | +3.3 pp |
| Net income (loss) | $282.0M | $252.0M | +11.9% | $222.0M | +27.0% |
| Net margin | 18.7% | 17.8% | +1.0 pp | 16.5% | +2.2 pp |
| Diluted EPS | $1.30 | $1.16 | +$0.14 | $1.03 | +$0.27 |
Risks
Autodesk disclosed an Audit Committee internal investigation into its free cash flow and non-GAAP operating margin practices, is cooperating with an SEC investigation, and has been contacted by the U.S. Attorney's Office for the Northern District of California. The matter has resulted in significant legal and professional fees and purported shareholder litigation, and could lead to penalties, injunctions, and further expense.
Autodesk is increasingly building AI into many offerings and expects AI to help drive future growth, but competitors may incorporate AI more quickly or successfully. AI outputs that are deficient, inaccurate, or biased could expose the company to lawsuits, regulatory investigations, brand harm, and AI-related cybersecurity incidents.
International net revenue represented 64% of net revenue for the six months ended July 31, 2024, and Autodesk has recently seen deceleration in certain geographies including China. APAC net revenue increased 9% for the six months ended July 31, 2024 as reported but 13% on a constant currency basis, reflecting a negative foreign exchange impact.
Autodesk is transitioning indirect business to a new transaction model and shifting multi-year contracts to annual billing, which affects the timing of billings and cash collections. The company expects the new transaction model to positively impact calculated revenue growth but to result in a calculated negative impact to operating margin, and operating cash flow for the six months ended July 31, 2024 decreased 17.7% to $706 million.
Total revenue from TD Synnex accounted for 36% and 37% of total net revenue for the three and six months ended July 31, 2024. Combined revenue from AutoCAD and AutoCAD LT family products represented 26% of total net revenue for the six months ended July 31, 2024, concentrating results in a limited number of channel and product offerings.
Autodesk regularly acquires businesses and completed several transactions in fiscal 2024 and the six months ended July 31, 2024, including Payapps Limited. Acquisition-related costs increased to $28 million in the six months ended July 31, 2024 from $5 million in the prior-year period, and integration may divert management and expose the company to inherited liabilities.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Remaining Performance Obligations (RPO)
Free Cash Flow
Billings
Current Remaining Performance Obligations (cRPO)
Recurring Revenue as % of Net Revenue
Net Revenue Retention Rate
Summary, forecast, risks and KPIs are extracted from Autodesk, Inc.'s SEC filings for Q2 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.