Autodesk, Inc. Revenue in 2024

Autodesk, Inc. reported $5.5B in revenue for fiscal year 2024. This represents a growth of 12% compared to the 2023 figure of $4.9B.

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. The company repurchases shares to partially offset this dilution, but net share count has nonetheless grown modestly over the past five years. 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. The question embedded in that multiple is whether Autodesk can extend its dominance from design into construction management, where Procore, Trimble, and Oracle Aconex have established positions that are less easily displaced by software network effects alone.