Summary
Autodesk closed fiscal 2024 with fourth quarter revenue of $1.47 billion, up 11.5 percent from the prior-year quarter, and up 14 percent at constant currency. Full-year revenue was $5.50 billion, up 9.8 percent. Recurring revenue was 98 percent of total revenue, and the net revenue retention rate stayed within the 100 to 110 percent range on a constant currency basis. Total subscriptions increased by roughly 785 thousand from the end of fiscal 2023 to 7.53 million, or roughly 715 thousand to 6.97 million after adjusting for the multi-user trade-in. Total billings, a different measure from revenue, fell 19 percent to $1.71 billion. Current remaining performance obligations rose 13 percent to $3.98 billion, and total RPO rose 9 percent to $6.11 billion. Unbilled deferred revenue rose $801 million to $1.84 billion.
Profitability held up. Fourth quarter gross profit was $1.34 billion, up 12.1 percent, and gross margin was 91.2%, up 0.6 percentage points. Operating income was $315 million, up 13.7 percent, and operating margin was 21.4%, up 0.4 percentage points. Net income was $282 million, down 3.8 percent, the one GAAP line that declined. For the full year, gross profit was $4.99 billion, operating income was $1.13 billion, net income was $906 million, and diluted EPS was $4.19, all higher than the prior year. Full-year gross margin was 90.7%, up 0.3 percentage points, and full-year operating margin was 20.5%, up 0.8 percentage points. Non-GAAP operating margin was 36 percent, flat with the prior period, and non-GAAP diluted EPS was $2.09 against $1.86 a year earlier.
Cash generation weakened sharply. Fourth quarter operating cash flow was $437 million, down 52.0 percent, and full-year operating cash flow was $1.31 billion, down 36.6 percent. Capital expenditures were $10 million in the quarter, up 25.0 percent, and $31 million for the full year, down 22.5 percent. Free cash flow, a non-GAAP measure, was $427 million in the quarter, down $476 million from the prior-year quarter, and $1.28 billion for the full year, down from $2.03 billion. Current deferred revenue was $3.50 billion, up 9.3 percent. The company tied much of the cash flow decline to the shift away from multi-year contracts billed upfront toward annual billing installments, which changes the timing of billings and cash collections.
Guidance for the first quarter of fiscal 2025 calls for non-GAAP EPS of $1.73 to $1.78. Full-year fiscal 2025 guidance calls for billings of $5.81 billion to $5.96 billion, up 12 percent to 15 percent, a non-GAAP operating margin of 35 percent to 36 percent, non-GAAP EPS of $7.89 to $8.11, and free cash flow of $1.43 billion to $1.50 billion. The outlook assumes a projected annual effective tax rate of 21 percent for GAAP and 19 percent for non-GAAP results. Management said underlying revenue should grow more than 10 percent in fiscal 2025 once noise from the new transaction model, acquisitions, the absence of EBA true-up revenue, and foreign exchange is excluded. The new transaction model moves sales incentives from contra revenue to operating expenses, which should help calculated revenue growth, stay broadly neutral to calculated operating profit and free cash flow dollars, and weigh on operating margin.
Risks remain familiar and largely macro. Management listed global economic and political conditions, foreign exchange headwinds, recessionary fears, supply chain disruptions, inflationary pressures, and hiring conditions. The shift to annual billings for multi-year contracts, the new transaction model, dependence on international revenue, unpredictable subscription renewal rates, competition, and acquisition integration all carry execution risk. Distributor concentration is another exposure: TD Synnex accounted for 39 percent of fiscal 2024 total net revenue and Ingram Micro accounted for 7 percent. After the fiscal year closed, Autodesk acquired Payapps and the PIX business, adding integration work to the year ahead.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.47B | $1.41B | +3.9% | $1.32B | +11.5% |
| Gross profit | $1.34B | $1.29B | +4.0% | $1.19B | +12.1% |
| Gross margin | 91.2% | 91.0% | +0.1 pp | 90.6% | +0.6 pp |
| Research & development | $352.0M | $339.0M | +3.8% | $313.0M | +12.5% |
| Sales & marketing | $479.0M | $439.0M | +9.1% | $439.0M | +9.1% |
| General & administrative | $182.0M | $165.0M | +10.3% | $155.0M | +17.4% |
| Total operating expenses | $1.02B | $953.0M | +7.5% | $917.0M | +11.7% |
| Operating income (loss) | $315.0M | $334.0M | -5.7% | $277.0M | +13.7% |
| Operating margin | 21.4% | 23.6% | -2.2 pp | 21.0% | +0.4 pp |
| Net income (loss) | $282.0M | $241.0M | +17.0% | $293.0M | -3.8% |
| Net margin | 19.2% | 17.0% | +2.2 pp | 22.2% | -3.0 pp |
| Diluted EPS | $1.31 | $1.12 | +$0.19 | $1.34 | -$0.03 |
Risks
The Audit Committee internal investigation into Autodesk's free cash flow and non-GAAP operating margin practices has resulted in significant audit, legal, and consulting expenses, a shareholder class action, and SEC and U.S. Attorney inquiries. Additional penalties, injunctions, or future claims could further harm results.
Autodesk is increasingly building AI into its offerings and expects to rely on AI for future growth, but competitors may incorporate AI more quickly or successfully. AI outputs that are deficient, inaccurate, or biased could lead to lawsuits, regulatory investigations, and reputational harm.
Autodesk's shift to annual billing of multi-year contracts and its new transaction model are expected to continue impacting the timing of billings and cash collections into fiscal 2025. Operating cash flow decreased to $1.31 billion for FY2024 from $2.07 billion for FY2023, down 36.6%.
TD Synnex accounted for 39% of total net revenue in fiscal 2024, up from 37% in fiscal 2023, and Ingram Micro accounted for 7%. Reliance on major distributors and resellers remains significant despite transition agreements.
International net revenue represented 64% of net revenue for fiscal 2024, and Autodesk has seen deceleration in certain geographies including China. Wars, tariffs, sanctions, and protectionist trade measures could harm results.
Net revenue grew 10% as reported but 13% on a constant currency basis for fiscal 2024, with foreign exchange rate changes having a negative impact. Hedging may not fully mitigate currency volatility.
The software industry has limited barriers to entry, and disruptive technologies such as machine learning and other AI technologies may significantly alter the market for Autodesk's products and reduce customer demand.
Autodesk cannot assure subscription renewal rates, and customers may elect not to renew, upgrade, or expand subscriptions. NR3 was within the 100% to 110% range on a constant currency basis as of both January 31, 2024 and 2023.
Autodesk completed several acquisitions in fiscal 2023 and 2024 and subsequent acquisitions of Payapps, PIX, and a cloud-based AI pipeline. Integration challenges, inherited liabilities, and failure to realize synergies could negatively impact results.
Autodesk had $2.30 billion aggregate principal amount of notes outstanding as of January 31, 2024, due from June 2025 to December 2031. Credit agreement covenants could restrict flexibility or accelerate repayment if breached.
Combined revenue from AutoCAD and AutoCAD LT family products represented 27% of total net revenue in fiscal 2024, down from 28% in fiscal 2023. Adverse factors affecting these offerings would likely harm financial results.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Free Cash Flow
Billings
Current RPO
Unbilled Deferred Revenue
Net Revenue Retention Rate (NR3)
Summary, forecast, risks and KPIs are extracted from Autodesk, Inc.'s SEC filings for Q4 FY2024 (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.