Autodesk (ADSK) Company Report

Autodesk reiterated strong business performance and reiterated its FY 2029 margin target of 41%, noting a non-linear path due to cumulative headwinds from the New Transaction Model (≈400 bps total, ~100 bps remaining, mostly in FY 2027) and normalization of billing/FCF tailwinds in FY 2027.
Autodesk Research—300-person organization—has built an AI lab since 2018 focused on geometry- and shape-based generative AI, shrinking research-to-product cycle to 3–6 months, and rolled out Autodesk Assistant and Neural CAD in Forma (and soon Revit).
The company demos AI-driven workflows across architecture (outcome-based design, real-time renderings, automated plan generation) and construction (Construction IQ leak and risk detection), leveraging integrated data in its industry clouds to improve collaboration and automate repetitive tasks.
Autodesk will retain its seat-based model while expanding TAM into adjacent verticals (construction, operations) and introduce consumption-based pricing via Flex tokens—metering machine-driven AI value and 24×7 compute “time” to capture new monetizable demand.

Dec 10, 2025, 6:25 PM

Transcript

Autodesk outlines AI strategy and billing transition at Barclays Tech Conference

ADSK

Product Launch

New Projects/Investments

Autodesk Research’s 300-person AI lab, initiated in 2009 and formalized in 2018, focuses on geometry-specific generative AI and has shortened research-to-product cycles from a decade to 3–6 months.
Autodesk Assistant is being rolled out across products like Forma and Revit, alongside Neural CAD for buildings, enabling foundation models that “think” in building geometry for conceptual design and automation.
Generative AI will revolutionize architecture via outcome-based design, cross-discipline collaboration (e.g., real-time translations between architects and engineers), and automation of repetitive tasks; in construction, AI enhancements in Construction Cloud (e.g., Construction IQ, issue prediction) aim to reduce costs and improve site focus.
Annual billing transition is nearly complete, fueling FY25–26 billings and free cash flow growth, with normalized revenue growth expected by FY27 despite non-linear margin headwinds of ~100 bps remaining from the new transaction model.

Dec 10, 2025, 6:25 PM

Transcript

Autodesk highlights AI leadership and business strategy at Barclays Tech Conference

ADSK

Product Launch

New Projects/Investments

Autodesk reiterates strong business performance and plans fiscal 2027 to see normalized billings and free cash flow growth as the shift to annual billing completes, while acknowledging margin headwinds from the New Transaction Model and potential macro disruptions.
The company’s 300-person Autodesk Research team and AI lab (established 2018) have positioned Autodesk years ahead of competitors in domain-specific AI for geometry and design applications.
Introduced Autodesk Assistant across core products (including Revit and Forma) and unveiled Neural CAD—building-focused foundation models for rapid conceptual design and automation.
Autodesk Construction Cloud extends market share via strategic acquisitions and a unified Build platform, delivering AI-enabled tools like Construction IQ for predictive site management and improved collaboration.
Continued investment in platform architecture, data standardization, and large-scale AI infrastructure on AWS underpins agentic workflows and future AI-driven innovations.

Dec 10, 2025, 6:25 PM

Transcript

Autodesk discusses AI and growth drivers at UBS conference

ADSK

Guidance Update

New Projects/Investments

Q3 performance beat across revenue and profitability, prompting Autodesk to raise its Q4 and full fiscal-year guidance.
Autodesk highlights its resilient demand driven by structural capacity constraints in AEC, manufacturing and infrastructure projects.
The company’s AI strategy progresses through task, workflow and systems-level automation, with over 2.6 million constraints automated and a >60% acceptance rate.
Autodesk is expanding into the operate phase via Tandem digital-twin technology and targeting mid-market factory and building operations to extend lifecycle revenue.

Dec 2, 2025, 4:35 PM

Transcript

Autodesk outlines AI-driven growth and margin outlook at UBS conference

ADSK

Guidance Update

Autodesk reported strong Q3 performance and raised Q4 and full-year fiscal 2026 guidance following beats in revenue and profitability.
Highlighted durable growth driven by global capacity constraints and a three-stage AI automation strategy (task, workflow, systems) to add incremental capacity.
Noted 2.6 million constraints automated in Fusion with >60% acceptance, and outlined API-based pricing for machine usage to monetize AI and platform services.
Emphasized the data layer as the critical glue for design-make-operate integration, accelerating cloud migrations across Fusion and Construction Cloud.
Announced expansion into operations (digital twins) via Autodesk Tandem to extend addressable market into asset management and lifecycle services.

Dec 2, 2025, 4:35 PM

Transcript

Autodesk Posts Strong Q3 Fiscal 2026 Earnings, Raises Guidance

ADSK

Earnings

Guidance Update

Autodesk's Q3 fiscal 2026 revenue rose 18% to $1.85 billion and billings grew 21%, driven by AECO segment demand and core products like AutoCAD.
The company raised its full-year guidance, reflecting confidence in sustained growth from design services and AI-driven solutions.
GAAP operating margin expanded by 3 pp to 25% and non-GAAP margin increased by 1 pp to 38%, indicating improved operational efficiency.
Free cash flow surged 116% to $430 million, highlighting strong cash generation.

Nov 25, 2025, 10:28 PM

WSJ

Autodesk reports Q3 FY2026 results

ADSK

Earnings

Guidance Update

Share Buyback

Revenue up 18% y/y as reported and in constant currency; underlying revenue grew 12% excluding new transaction model contributions.
Billings increased 21% reported (20% in constant currency); underlying billings growth was 16% excluding the transaction model.
Operating margins: GAAP 25% and non-GAAP 38%, with Q3 free cash flow of $430 M.
Raised FY26 guidance: billings $7.465–7.525 B, revenue $7.15–7.165 B, non-GAAP op margin ~37.5% (40.5% underlying), and FCF $2.26–2.29 B; share repurchases now expected at $1.3 B.
Share buybacks: repurchased 1.2 M shares for $361 M in Q3 (YTD 3.7 M shares for $1.07 B).

Nov 25, 2025, 10:00 PM

Transcript

Autodesk reports Q3 FY2026 results

ADSK

Earnings

Guidance Update

Share Buyback

Autodesk delivered 18% revenue growth (12% ex-transaction model) and 21% billings increase (16% ex-transaction model) year-over-year in Q3.
Q3 GAAP/non-GAAP operating margins were 25%/38% (up ~330/120 bps) and free cash flow reached $430 M.
The company repurchased 1.2 M shares for $361 M in the quarter (YTD 3.7 M shares for $1.07 B) and plans $1.3 B in share buybacks for FY2026.
FY2026 guidance was raised to $7.465–7.525 B in billings, $7.15–7.165 B in revenue, non-GAAP operating margin of ~37.5% (~40.5% underlying), and $2.26–2.29 B in free cash flow.
Continued focus on cloud convergence and AI, with Fusion’s Sketch auto constraint delivering 2.6 M constraints at 60%+ acceptance and 90% full constraint.

Nov 25, 2025, 10:00 PM

Transcript

Autodesk announces Q3 FY26 results

ADSK

Earnings

Guidance Update

Share Buyback

Autodesk reported billings of $1,855 M (+21% YoY) and revenue of $1,853 M (+18% YoY).
Non-GAAP operating margin was 38% (up 1 ppt YoY) and non-GAAP EPS was $2.67 (up $0.50 YoY).
Cash flow from operations reached $439 M (+110% YoY) and free cash flow was $430 M (+116% YoY).
Q4 FY26 guidance: revenue $1,901–$1,917 M and non-GAAP EPS $2.59–$2.67; FY26 outlook: revenue $7,150–$7,165 M and non-GAAP EPS $10.18–$10.25.
Returned $361 M to shareholders via share repurchases in Q3.

Nov 25, 2025, 10:00 PM

Presentation

Autodesk reports Q3 fiscal 2026 results

ADSK

Earnings

Guidance Update

Share Buyback

Q3 total revenue grew 18% year-on-year (YoY) and in constant currency; underlying revenue ex-new transaction model rose 12% in constant currency.
Q3 billings increased 21% reported and 20% in constant currency; underlying billings ex-new transaction model grew 16% in constant currency.
Q3 operating margins expanded, with GAAP at 25% and non-GAAP at 38% (up ~330 bps and ~120 bps YoY); free cash flow was $430 million.
Raised FY26 guidance: billings to $7.465–7.525 billion, revenue to $7.15–7.165 billion, non-GAAP operating margin to 37.5% (≈40.5% underlying), free cash flow to $2.26–2.29 billion, and announced a $1.3 billion share repurchase.

Nov 25, 2025, 10:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Autodesk.

Q3 2026

Nov 25, 2025

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Q2 2026

Aug 28, 2025

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Q1 2026

May 22, 2025

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Autodesk (ADSK)

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