Autodesk, Inc.
Enterprise Software and Computer-Aided DesignFounded 1982- Updated June 2025
Reviewed by Swet Parvadiya
Last reviewed: June 2025
CorpDigest
Autodesk, Inc.
Financial Performance
Last reviewed: June 2025 · By Swet Parvadiya
Revenue
$5.50B
Market Cap
$54.0B
Net Income
$318M
Employees
13,300
93.6% of Autodesk's $5.5 billion in FY2024 revenue came from subscriptions. Subscription revenue of $5.15 billion in FY2024, representing 93.6% of total company revenue, is the culmination of a model transition that took ten years, generated significant customer backlash, and produced a business that now looks inevitable from a financial perspective. Revenue grew from $4.4 billion in FY2022 to $5.5 billion in FY2024 at consistent double-digit rates, driven by the subscription premium and ongoing seat expansion. Non-GAAP gross margin of 89% in FY2024 reflects the near-zero marginal cost of serving additional cloud software users once infrastructure is built. Free cash flow of $1.30 billion in FY2024 represents a 24% margin, funding $1.20 billion in annual R&D. GAAP net income of $318 million reflects significant stock-based compensation — a gap between GAAP and non-GAAP earnings that is characteristic of the software industry but represents genuine ongoing dilution to shareholders. Market capitalization of approximately $54 billion against $5.5 billion in revenue prices Autodesk at roughly 9.8x revenue — a premium multiple justified by 89% gross margins, 24% free cash flow margins, and the near-monopoly position in AEC and manufacturing design software.
Revenue Trend Analysis
YoY Change
+12%
2-Year CAGR
+11.9%
Peak Year
2024
Trend
Consistent Growth
Autodesk, Inc. has reported revenue across 3 fiscal years, compounding at +11.9% annually over 2 years. The most recent year saw a 12% increase versus the prior year. Revenue peaked in 2024 at $5.5B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $5.5B | $318M | +12.0% |
| FY2023 | $4.9B | — | +11.8% |
| FY2022 | $4.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Autodesk's $318 million GAAP net income significantly understates cash profitability because the company incurs $1.1 billion in annual stock-based compensation and $600 million in acquisition-related amortization that reduce GAAP earnings but require no cash. Non-GAAP operating income exceeded $1.6 billion in fiscal 2024 (29% margin), and free cash flow generation reached $2.1 billion (38% of revenue), reflecting the high-margin subscription model's cash generation. Investors value Autodesk on non-GAAP metrics and free cash flow multiples, explaining the $54 billion market cap despite modest GAAP earnings, as the business generates substantial cash while accounting rules require expensing equity compensation at grant-date values.
Autodesk's revenue growth slowed during the 2016-2020 subscription transition as the company converted multi-year perpetual revenues to annualized subscriptions, appearing to stagnate before reaccelerating to 11-14% annually once the conversion completed. Revenue grew from $2.5 billion in 2018 to $5.5 billion in 2024, a 14% CAGR, with subscription revenue now comprising 95%+ of total versus 20% in 2016. The growth acceleration post-transition validates the model change, and Autodesk targets reaching $6-7 billion in annual recurring revenue by 2026 through price increases, seat expansion, and platform upselling within its 6.4 million subscriber base.
Autodesk's fiscal 2026 target model includes $6-7 billion in revenue, 38-40% free cash flow margins, and 38%+ operating margins, representing significant margin expansion from 25-28% current levels as fixed costs are leveraged over the growing subscription base. The targets assume continued 10-12% annual revenue growth through subscription price increases ($220-$2,400 for core products), seat expansion, and Construction Cloud upsell, with operating leverage materializing as revenue scales without proportional cost increases. Achieving these targets would generate $2.5-3.0 billion in annual free cash flow, supporting potential share buybacks or acquisitions, though execution risk exists if macroeconomic weakness reduces construction and manufacturing capital spending.
Autodesk invests approximately $1.4 billion annually in R&D (25% of revenue), funding cloud platform development, AI integration, and product innovation across its AEC (Architecture, Engineering, Construction) and Manufacturing segments. AI investments include generative design in Fusion 360, automated drawing review in Construction Cloud, and AI-assisted drafting in AutoCAD, with the company integrating large language models to reduce repetitive design tasks. R&D intensity of 25% is high relative to mature software peers, reflecting Autodesk's ongoing cloud platform build-out and AI investment, and management expects R&D as a percentage of revenue to decline toward 20% as the platform matures and revenue scales.
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CorpDigest. "Autodesk, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/autodesk/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Autodesk, Inc. reported $6B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/autodesk/financials" target="_blank" rel="noopener">CorpDigest — Autodesk, Inc. financials</a></div>