Slide 1: Fourth quarter fiscal 2025 earnings
Fourth quarter fiscal 2025 earnings February 27, 2025 © 2025 Autodesk. All rights reserved.
Slide 2: Safe harbor
Safe harbor This presentation contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above, statements regarding reallocating internal resources, our new transaction model and sales and mar
Slide 3: Fiscal year 2025
Fiscal year 2025 $6.0B $6.1B $1.6B 36% Billings Total revenue Free cash flow Non-GAAP operating margin See appendix for glossary of terms and see Excel financials for additional information: investors.autodesk.com/financials/quarterly-results. 3
Slide 4: FY25 revenue mix by product family & geography
FY25 revenue mix by product family & geography MFG APAC $1,189M Up 12% Y/Y $1,108M M&E and Up 9% Y/Y $433M Other Americas Up 10% Y/Y $2,716M $2,937M Up 11% Y/Y AECO Up 14% Y/Y $1,572M $2,307M Up 8% Y/Y Up 13% Y/Y EMEA AutoCAD and AutoCAD LT Totals may not sum due to rounding. 4
Slide 5: FY25 underlying results
FY25 underlying results Constant currency and adjusted for new transaction model Constant currency and Q4 2025 Results As Reported Constant currency(1) adjusted for new transaction model Billings $2,109M Up ~24% Up ~15% Up ~23% Revenue $1,639M Up ~12% Up ~9% Up ~12% Non-GAAP operating margin 37.1% 3
Slide 6: Demonstrated progress on executing strategic plan
Demonstrated progress on executing strategic plan STRATEGIC INITIATIVES FINANCIAL HIGHLIGHTS A leader in attractive markets with strong secular growth Revenue growth: Delivered double-digit annual revenue growth potential: Accelerating digital transformation in AECO, and the at scale, >95% recur
Slide 7: FY26 underlying non-GAAP operating margin ~42%
FY26 underlying non-GAAP operating margin ~42% Removing the cumulative effects on margins from FX and the new transaction model, we expect to be about 200bps above the high end of our fiscal 26 non-GAAP operating margin target of 38 to 40 percent, representing about 600 bps of improvements since fis
Slide 8: Outlook
Outlook 8
Slide 9: Outlook
Outlook Q1 FY26(1) FY26(1) (ending April 31, 2025) (ending January 31, 2026) Revenue (in millions) $1,600 - $1,610 Billings (in millions) $7,060 - $7,210 Revenue (in millions) $6,895 - $6,965 EPS GAAP $0.76 - $0.90 GAAP operating margin 21% - 22% EPS non-GAAP $2.14 - $2.17 Non-GAAP operating margin
Slide 10: Underlying outlook
Underlying outlook Constant currency and adjusted for new transaction model Constant currency and FY26 Guidance Constant currency(1) adjusted for new transaction (ending January 31, 2026) model $7,060M – $7,210M Billings Up ~20% – 22% Up 17% – 19% Up 18% – 20% as reported $6,895M – $6,965M Revenue U
Slide 11: Non-GAAP FY26 model expectations
Non-GAAP FY26 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW • Other revenue to be approximately flat year over year • Capital expenditures to be approximately $35 million • Net revenue retention rate to be in the range of 100 to 110 percent • Long-term deferred revenue as a percent o
Slide 12: Appendix
Appendix 12
Slide 13: Reconciliation of GAAP financial measures to non-GAAP financial measures
Reconciliation of GAAP financial measures to non-GAAP financial measures (in millions, except per share data) To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP dil
Slide 14: Appendix – other financial information
Appendix – other financial information In thousands (1) FY24 FY25 Subscriptions as of the end of fiscal Q4 Total subscriptions 7,271 7,787 Design subscriptions 5,656 5,800 Make subscriptions 1,615 1,986 M2S subscriptions 1,475 1,437 Total subscriptions adjusted for multi-user trade-in 6,712 7,183 (1
Slide 15: Net cash provided by operating activities to free cash flow reconciliation
Appendix - net cash provided by operating activities to free cash flow reconciliation Three Months Ended January 31, Fiscal Year Ended January 31, 2025 2024 2025 2024 (Unaudited) Net cash provided by operating activities $ 692 $ 437 $ 1,607 $ 1,313 Capital expenditures (14) (10) (40) (31) Free cash
Slide 16: GAAP to non-GAAP operating margin reconciliation
Appendix - GAAP to non-GAAP operating margin reconciliation Three Months Ended January 31, Fiscal Year Ended January 31, 2025 2024 2025 2024 (Unaudited) GAAP operating margin 22 % 21 % 22 % 21 % Stock-based compensation expense 11 % 11 % 11 % 13 % Amortization of developed technologies 1% 1% 1% 1% A
Slide 17: GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation Q1FY26 Outlook GAAP EPS $0.76 - $0.90 Stock-based compensation expense 0.81 - 0.79 Amortization of purchased intangibles and developed technologies 0.17 Acquisition-related costs 0.03 Restructuring, other exit costs, and facility reductions 0.56
Slide 18: GAAP to non-GAAP diluted EPS reconciliation
Appendix - GAAP to non-GAAP diluted EPS reconciliation FY26 Outlook GAAP EPS $4.74 - $5.37 Stock-based compensation expense 3.47 – 3.34 Amortization of purchased intangibles and developed technologies 0.71 Acquisition-related costs 0.13 Restructuring, other exit costs, and facility reductions 0.63 -
Slide 19: GAAP to non-GAAP operating margin reconciliation
Appendix - GAAP to non-GAAP operating margin reconciliation FY26 Outlook GAAP operating margin 21% – 22% Stock-based compensation expense 11% - 10% Amortization of purchased intangibles and developed technologies 2% Restructuring, other exit costs, and facility reductions 2% Non-GAAP operating margi
Slide 20: Tax accounting method election for revenue recognition
Tax accounting method election for revenue recognition • Autodesk currently subjects its revenue to U.S. taxation on a cash basis at the time of billing, creating a deferred tax asset • This was done in FY21 to ensure utilization of certain tax attributes • Autodesk is considering making an election
Slide 21: Glossary of terms
Glossary of terms In order to help better understand our financial performance we use several key performance metrics including billings, recurring revenue, and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue as
Slide 22: Glossary of terms
Glossary of terms Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with
Slide 23: Glossary of terms
Glossary of terms Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base custome
Slide 24: Glossary of terms
Glossary of terms Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider: Solution Provider is the name of o
Slide 25: Autodesk trademarks notice
Autodesk and the Autodesk logo are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product