Autodesk is a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment. The company's software products enable customers to design, fabricate, manufacture, and build anything by visualizing, simulating, and analyzing real-world performance early in the design process. The software industry has limited barriers to entry, and the availability of computing power with continually expanding performance at progressively lower prices contributes to the ease of market entry. The industry continues to undergo a platform shift from the personal computer to cloud and mobile computing, which further lowers barriers to entry and poses a disruptive challenge to established software companies. The design software market is characterized by vigorous competition in each of the vertical markets in which Autodesk competes, both from existing competitors and by entry of new competitors with innovative technologies.

Autodesk's primary global competitors include Adobe Systems Incorporated, Bentley Systems, Inc., Dassault Systèmes S.A. and its subsidiary Dassault Systèmes SolidWorks Corp., Intergraph Corporation, a wholly owned subsidiary of Hexagon AB, MSC Software Corporation, Nemetschek AG, Oracle Corporation, Procore Technologies, Inc., PTC Inc., 3D Systems Corporation, Siemens PLM, and Trimble Navigation Limited, among others. The company strives to increase its competitive separation by investing in research and development, allowing it to bring new products to market and create new versions of existing products that offer compelling efficiencies for customers. Autodesk also competes through investments in marketing and sales to more effectively reach new customers and better serve existing customers. Revenue through its largest distributor, TD Synnex Corporation and its global affiliates, accounted for 14% ¹ of net revenue for the fiscal year ended January 31, 2026, down from 33% ² in the prior fiscal year.

Autodesk generates revenue primarily through various offerings that provide recurring revenue. Under its subscription plan, customers can use software anytime, anywhere, get access to the latest updates, and previous versions through term-based product subscriptions, cloud service offerings, and enterprise business agreements. The company's revenue is divided into three categories: subscription revenue, maintenance revenue, and other revenue. Subscription revenue consists of term-based product subscriptions, cloud service offerings, and flexible enterprise business agreements. Maintenance revenue consists of renewal fees for existing agreements. Other revenue consists of revenue from consulting and other products and services. Recurring revenue as a percentage of net revenue was 97% ³ for both fiscal years ending January 31, 2026 and 2025. The net revenue retention rate was above the range of 100% and 110% ⁴, on a constant currency basis, as of both January 31, 2026 and 2025.

Autodesk's 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). AECO products include the AEC Collection, AutoCAD Civil 3D, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Revit, and Tandem. AutoCAD and AutoCAD LT products include AutoCAD software, a customizable and extensible CAD application, and AutoCAD LT software for professional drafting and detailing. Manufacturing products include Fusion, Inventor, the Product Design & Manufacturing Collection, and Vault. Media and Entertainment products include Flow Production Tracking, Maya, the M&E Collection, and 3ds Max. For fiscal 2026, AECO revenue was $3.583 billion ⁵, AutoCAD and AutoCAD LT revenue was $1.787 billion ⁶, MFG revenue was $1.379 billion ⁷, and M&E revenue was $332 million ⁸.

During the fiscal year ended January 31, 2026, Autodesk did not complete any business combinations. During the first quarter of fiscal 2026, the company initiated a restructuring plan (the "2026 Plan") to support initiatives to optimize its go-to-market organization and reallocate resources to strategic priorities such as investments in cloud, platform, and artificial intelligence. During the fourth quarter of fiscal 2026, the company initiated another restructuring plan (the "January 2026 Plan") that marks the final phase of its sales and marketing optimization program. The company repurchased 5 million ⁹ shares of its common stock for $1.40 billion ¹⁰ during fiscal 2026. In May 2025, the company entered into the 2025 Credit Agreement, which provides for an unsecured revolving loan facility in the aggregate principal amount of $1.5 billion ¹¹, with an option to be increased up to $2 billion ¹², subject to receipt of additional commitments and other customary conditions.

Total net revenue was $7.206 billion ¹³ during fiscal 2026, an increase of 18% ¹⁴ compared to the prior fiscal year. Net income was $1.124 billion ¹⁵ for fiscal 2026, compared to $1.112 billion ¹⁶ in fiscal 2025. Diluted net income per share was $5.23 ¹⁷ for fiscal 2026, compared to $5.12 ¹⁸ in the prior year. Income from operations was $1.578 billion ¹⁹ for fiscal 2026, compared to $1.354 billion ²⁰ in fiscal 2025. Operating margin was 22% ²¹ for both fiscal 2026 and 2025. Cash flow from operations increased to $2.452 billion ²² for fiscal 2026, from $1.607 billion ²³ for fiscal 2025.

Autodesk's strategy is to drive customer workflow convergence by delivering a trusted design and make platform that connects people through automation, data, and insights. The company is focused on three strategic priorities: build the platform of choice for Design and Make, accelerate adoption of Fusion, Forma, and Flow, and transform how customers experience Autodesk. The company is undertaking a multi-year process to develop lifecycle solutions within and between its industry clouds, powered by shared platform services, and with its data model at its core. Autodesk dedicates considerable technical and financial resources to research and development to deliver additional automation and insights to customers through artificial intelligence, machine learning, and generative design, which increase efficiency and sustainability and reduce waste.

In manufacturing, Autodesk's strategy is to combine organic and acquired software in existing and adjacent verticals to create end-to-end, cloud-based solutions for customers that drive efficiency and sustainability. The company continues to attract global manufacturing leaders and disruptive startups with its generative design and cloud-based Fusion that converges the design process with manufacturing. To support its strategic priority of digital transformation in AECO, Autodesk is strengthening its AECO solutions' foundation with both organic and inorganic investments. In fiscal 2025, the company acquired Payapps Limited, a leading cloud-based software platform for managing construction-related payments, to deepen Autodesk Construction Cloud's footprint and provide a robust payment management offering.

During fiscal 2027, Autodesk expects the change in recognition of sales incentives to Solution Providers from contra revenue to operating costs under the new transaction model to continue to positively impact calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars, and to result in a calculated negative impact to operating margin. The company expects cost of revenue to increase as revenue grows. Marketing and sales expenses are expected to increase with the recognition of Solution Provider commissions under the new transaction model. Research and development expenses are expected to increase as the company continues its investments in cloud, platform, and artificial intelligence. General and administrative expenses are expected to remain flat due to continued cost discipline. Amortization of purchased intangibles is expected to remain unchanged. Restructuring, other exit costs, and facility reductions are expected to decrease as compared to fiscal 2026 due to the plans initiated during the first and fourth quarters of fiscal 2026.

Autodesk expects its indirect channel will continue to transact and support a considerable portion of its customers, particularly in emerging regions. The company also expects its transition to annual billings for multi-year contracts to impact the timing of its billings and cash collections. The company anticipates that its revenue by direct sales channel will continue to increase as a percentage of total net revenue. As of January 31, 2026, Autodesk employed approximately 14,300 ²⁴ people, a decrease from approximately 15,300 ²⁵ employees as of the end of fiscal year 2025.

Autodesk's stock repurchase programs provide the ability to offset dilution from the issuance of stock under employee stock plans and reduce shares outstanding over time. Under the share repurchase programs, the company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, tender offers, or by other means. At January 31, 2026, $2.48 billion ²⁶ and $5 billion ²⁷ remained available for repurchase under the November 2022 and November 2024 repurchase programs, respectively. The company anticipates that, for the foreseeable future, it will not pay any cash or stock dividends.

Global economic and political conditions may further impact Autodesk's industries, business, and financial results. The company notes that current geopolitical and global macro-economic challenges, most recently regarding tariffs and trade protectionism, have caused uncertainty in the global economy. The company also faces exposure to adverse movements in foreign currency exchange rates, which could have a material adverse impact on its financial results and cash flows. Autodesk expects its continued transition to annual billings for multi-year contracts to impact the timing of its billings and cash collections, and this impact is expected to continue into fiscal year 2027.

The company's strategy depends upon many assumptions, including making its technology available to mainstream markets, leveraging its large global network of distributors, resellers, Solution Providers, third-party developers, customers, educators, educational institutions, learning partners, and students, improving the performance and functionality of its products and platform, and adequately protecting its intellectual property. If the outcome of any of these assumptions differs from expectations, Autodesk may not be able to implement its strategy, which could potentially adversely affect its business.

Management's message emphasizes that Autodesk is changing how the world is designed and made, with technology spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment. The company's strategy is to drive customer workflow convergence by delivering a trusted design and make platform that connects people through automation, data, and insights to help them achieve better outcomes for their businesses and the world. To drive the execution of this strategy, management is focused on three strategic priorities: build the platform of choice for Design and Make, accelerate adoption of Fusion, Forma, and Flow, and transform how customers experience Autodesk. Management believes that customer adoption of the company's latest cloud offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these services. The company also believes its investment in cloud products and a subscription business model, backed by a strong balance sheet, gives it a robust foundation to successfully navigate complex geopolitical and global macro-economic challenges.

Total net revenue was $7.206 billion ³² for fiscal 2026, compared to $6.131 billion ³³ for fiscal 2025 and $5.497 billion ³⁴ for fiscal 2024. Net income was $1.124 billion ³⁵ for fiscal 2026, compared to $1.112 billion ³⁶ for fiscal 2025 and $906 million ³⁷ for fiscal 2024. Diluted net income per share was $5.23 ³⁸ for fiscal 2026, compared to $5.12 ³⁹ for fiscal 2025 and $4.19 ⁴⁰ for fiscal 2024. Income from operations was $1.578 billion ⁴¹ for fiscal 2026, compared to $1.354 billion ⁴² for fiscal 2025 and $1.128 billion ⁴³ for fiscal 2024. Operating margin was 22% ⁴⁴ for both fiscal 2026 and 2025, compared to 21% ⁴⁵ for fiscal 2024. Free cash flow, defined as cash flow from operating activities minus capital expenditures, was $2.409 billion ⁴⁶ for fiscal 2026 (calculated as $2.452 billion ⁴⁷ in operating cash flow less $43 million ⁴⁸ in capital expenditures), compared to $1.567 billion ⁴⁹ for fiscal 2025 (calculated as $1.607 billion ⁵⁰ less $40 million ⁵¹) and $1.282 billion ⁵² for fiscal 2024 (calculated as $1.313 billion ⁵³ less $31 million ⁵⁴). At January 31, 2026, Autodesk had $2.249 billion ⁵⁵ in cash and cash equivalents, $348 million ⁵⁶ in short-term marketable securities, and $376 million ⁵⁷ in long-term marketable securities, for total cash, cash equivalents, and marketable securities of $2.973 billion ⁵⁸. Total debt, net, was $2.483 billion ⁵⁹ in long-term notes payable and no current portion of long-term notes payable, compared to $1.987 billion ⁶⁰ in long-term notes payable and $300 million ⁶¹ in current portion of long-term notes payable at January 31, 2025. Restructuring, other exit costs, and facility reductions were $216 million ⁶² in fiscal 2026, compared to $15 million ⁶³ in fiscal 2025. For segment performance, AECO revenue was $3.583 billion ⁶⁴, AutoCAD and AutoCAD LT revenue was $1.787 billion ⁶⁵, MFG revenue was $1.379 billion ⁶⁶, and M&E revenue was $332 million ⁶⁷ for fiscal 2026.

Autodesk derives a substantial portion of its net revenue from a limited number of solutions, including AutoCAD-based software products and collections; combined revenue from the AutoCAD and AutoCAD LT family products represented 25% ²⁸ of total net revenue in fiscal 2026 and 26% ²⁹ in fiscal 2025, and any factor adversely affecting sales of these subscriptions would likely harm financial results. The company is dependent on international revenue and operations, with international net revenue representing 64% ³⁰ of net revenue for both fiscal 2026 and 2025, exposing it to significant international regulatory, economic, currency exchange rate, and political risks. Autodesk has $2.50 billion ³¹ of principal debt outstanding as of January 31, 2026, and its debt service obligations may adversely affect its financial condition and cash flows from operations. The company's transition to annual billings for multi-year contracts impacted the timing of billings and cash collections in fiscal 2026 and is expected to continue into fiscal year 2027. The company faces risks related to its strategy to develop and introduce new products and services, including limited customer acceptance, costs related to product defects, and large expenditures that may not result in sufficient revenue generation.