Summary
Autodesk closed fiscal 2025 with fourth-quarter revenue of $1.64 billion, up 11.6% from the prior-year quarter. Full-year revenue reached $6.13 billion, up 11.5%. The fourth quarter also delivered gross profit of $1.48 billion, up 10.9%, and full-year gross profit of $5.55 billion, up 11.4%. Operating income was $366 million in the quarter, up 16.2%, and $1.35 billion for the full year, up 20.0%. Net income came in at $303 million for the quarter, up 7.4%, and $1.11 billion for the full year, up 22.7%. Diluted earnings per share for fiscal 2025 was $5.12, up $0.93 or 22.2%.
The company generated $692 million of operating cash flow in the fourth quarter, up 58.4%, and $1.61 billion for the full year, up 22.4%. Capital expenditures were $14 million in the quarter, up 40.0%, and $40 million for the full year, up 29.0%. Deferred revenue, current portion, stood at $3.79 billion, up 8.2% from the prior-year quarter. Gross margin was 90.6% in the fourth quarter, down 0.5 percentage points, and 90.6% for the full year, down 0.1 percentage points. Operating margin was 22.3% in the quarter, up 0.9 percentage points, and 22.1% for the full year, up 1.6 percentage points.
Management highlighted progress across its product families. AECO, AutoCAD and AutoCAD LT, Manufacturing, and Media and Entertainment all grew revenue during fiscal 2025. Acquisitions such as Payapps and PIX contributed to the AECO and M&E offerings. The company continued to push its cloud platforms, including Autodesk Construction Cloud, Fusion, Forma, and Flow. Recurring revenue remained the core of the business, representing 97% of net revenue for fiscal 2025, compared with 98% in the prior fiscal year. Net revenue retention was within the 100% to 110% range on a constant currency basis at both January 31, 2025 and 2024.
For fiscal 2026, management expects cost of revenue, marketing and sales, and research and development expenses to increase. General and administrative expenses and amortization of purchased intangibles are expected to remain flat. The company also plans a tax election in fiscal 2026 that it expects to increase cash flow from operating activities and increase its provision for income taxes. A restructuring plan initiated in fiscal 2026 is expected to generate savings in marketing and sales and research and development. The guidance is for the full fiscal year, not the next quarter.
Risks remain significant. Management cited material scarcity, supply chain disruption, inflationary pressures, higher interest rates, a global labor shortage, ongoing geopolitical conflicts, and foreign exchange rate fluctuations. The transition to annual billings for multi-year contracts is expected to affect the timing of billings and cash collections. The new transaction model moves sales incentives to operating expenses, which management says will positively affect calculated revenue growth, be broadly neutral to calculated operating profit and free cash flow dollars, and negatively affect operating margin. TD Synnex accounted for 33% of total net revenue in fiscal 2025. The company also retains valuation allowances against deferred tax assets in several jurisdictions, including California, Michigan, Massachusetts, Portugal, New Zealand, and Australia, and against U.S. capital losses.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.64B | $1.57B | +4.4% | $1.47B | +11.6% |
| Gross profit | $1.49B | $1.42B | +4.4% | $1.34B | +10.9% |
| Gross margin | 90.6% | 90.6% | -0.0 pp | 91.2% | -0.6 pp |
| Research & development | $393.0M | $378.0M | +4.0% | $352.0M | +11.6% |
| Sales & marketing | $526.0M | $525.0M | +0.2% | $479.0M | +9.8% |
| General & administrative | $173.0M | $161.0M | +7.5% | $182.0M | -4.9% |
| Total operating expenses | $1.12B | $1.08B | +3.9% | $1.02B | +9.3% |
| Operating income (loss) | $366.0M | $346.0M | +5.8% | $315.0M | +16.2% |
| Operating margin | 22.3% | 22.0% | +0.3 pp | 21.4% | +0.9 pp |
| Net income (loss) | $303.0M | $275.0M | +10.2% | $282.0M | +7.4% |
| Net margin | 18.5% | 17.5% | +1.0 pp | 19.2% | -0.7 pp |
| Diluted EPS | $1.40 | $1.27 | +$0.13 | $1.31 | +$0.09 |
Risks
The Audit Committee internal investigation into free cash flow and non-GAAP operating margin practices has led to SEC and U.S. Attorney inquiries and shareholder litigation. The filing states Autodesk has incurred significant audit, legal, and consulting expenses and could face penalties, injunctions, or additional claims.
Autodesk is increasingly building AI into its offerings and expects AI to help drive future growth, but competitors may incorporate AI more quickly or successfully. The EU AI Act and U.S. state AI laws impose obligations, and deficient, inaccurate, or biased AI outputs could trigger liability and reputational harm.
International net revenue represented 64% of net revenue for both fiscal 2025 and 2024, exposing Autodesk to tariffs, trade barriers, sanctions, and geopolitical conflicts. The filing notes recent U.S. executive actions on digital services taxes and trade policy and potential retaliatory measures.
TD Synnex accounted for 33% of total net revenue in fiscal 2025 compared with 39% in fiscal 2024, and combined AutoCAD and AutoCAD LT family revenue represented 26% of total net revenue in fiscal 2025 compared with 27% in fiscal 2024. Loss of these channels or products could harm results.
Customers are not obligated to renew, and renewal rates may decline or fluctuate due to pricing, competitive offerings, satisfaction, or spending cuts. Management said NR3 was within the range of 100% to 110% on a constant currency basis as of both January 31, 2025 and 2024, and the shift to annual billing of multi-year contracts can impact timing of billings and cash collections.
Autodesk transitioned most indirect business to its new transaction model in major markets during fiscal 2025. Management expects the shift of sales incentives from contra revenue to operating expenses to positively impact calculated revenue growth while resulting in a calculated negative impact to operating margin.
During the first quarter of fiscal 2026, Autodesk initiated the 2026 Plan to optimize go-to-market and reallocate resources to cloud, platform, and AI. The filing warns the plan may not achieve expected benefits, costs and charges may exceed forecasts, and attrition or lower morale could hurt productivity and retention.
Global economic and political conditions, including material scarcity, supply chain disruption, inflationary pressures, higher interest rates, a global labor shortage, and ongoing geopolitical conflicts, may impact Autodesk's outlook. Management said these factors may affect fiscal 2026 and beyond.
As of January 31, 2025, Autodesk had $2.30 billion of principal debt with notes due from June 2025 to December 2031 and a $1.5 billion revolving credit facility. Covenants could restrict financing, and a breach could accelerate outstanding indebtedness.
Tax authorities are considering new regimes such as the OECD global minimum tax of 15%. Autodesk retains valuation allowances against certain U.S. and foreign deferred tax assets, and changes could increase its effective tax rate and cash taxes.
Autodesk completed several acquisitions in fiscal 2024 and 2025, including Payapps. Integration may fail to realize revenue and cost synergies, and amortization of developed technologies increased 77% in fiscal 2025 due to acquired technologies.
Autodesk provides products and services to government entities and holds FedRAMP authorization. Loss of FedRAMP certification could inhibit U.S. federal contracting and create liability under public sector contracts obtained on the basis of that authorization.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Remaining Performance Obligations (RPO)
Current Remaining Performance Obligations (cRPO)
Net Revenue Retention Rate (NR3)
Recurring Revenue as a Percentage of Net Revenue
Summary, forecast, risks and KPIs are extracted from Autodesk, Inc.'s SEC filings for Q4 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.