Autodesk

ADSK · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

ADSK · Last close · October 26, 2026

$249.45

Autodesk's revenue rose 17.5% to $7.2 billion in fiscal 2026. Its operating margin was 21.9%, down from 22.1% a year earlier. Free cash flow was $2.4 billion, up 53.7%. It paid out $1.4 billion in dividends and buybacks, 58% of free cash flow. The diluted share count fell 0.9%.

Autodesk, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 3, 2026 · 0000769397-26-000015 Updated October 9, 2026

Revenue

$7.2B

17.5%

Operating margin

21.9%

0.2 pts

Net income

$1.1B

1.1%

Free cash flow

$2.4B

53.7%

Return on capital

37.0%

7.0 pts

Market cap

$52.6B

Oct 26 close

P/E

32.3x

On $7.72 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Autodesk does

Autodesk sells design and engineering software. Architects, engineers, builders, product makers and film and game studios use it to draw, model, simulate and manage projects before they are built. Its best-known products are AutoCAD and Revit for buildings and infrastructure, Fusion and Inventor for product design and manufacturing, and Maya and 3ds Max for animation and visual effects.

Autodesk earns revenue mainly from subscriptions, where customers pay for term-based access to desktop software and cloud services, including enterprise agreements that cover many users. It describes its offerings in three groups: architecture, engineering, construction and operations; manufacturing; and media and entertainment. It sells through its own online store and sales staff, and through a network of about 1,170 resellers and distributors. For fiscal 2026, approximately 37% of revenue came from indirect sales through distributors and resellers. It is moving to a new transaction model in which resellers quote a price but the sale is made directly between Autodesk and the customer.

Autodesk says it expects international sales to remain the majority of net revenue. It names large global software firms, small regional firms, startups and in-house tools as competitors.

Its biggest risks, as it describes them

Reliance on a small number of products, mainly AutoCAD-based software, for a large share of revenue.
Difficulty predicting whether customers will renew their subscriptions.
Competition and fast technology change that could cut its revenue and profit.
Dependence on resellers and distributors, and changes in how it sells through them.
Security breaches, software defects or outages, and the risks of adding AI to its products.

From Autodesk's annual report on Form 10-K, filed March 3, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2020 to 2026, earnings per share grew 32.6% a year and net income 31.8% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Autodesk yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Autodesk's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Autodesk's fiscal 2026 free cash flow of $2.4B, net cash of $97M at January 31, 2026 and 215 million diluted shares, from its filings. The scenarios are fitted to Autodesk: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 12.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Application Software); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Autodesk's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 19.5% then 11% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $249.45
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Autodesk's earnings per share of $7.72 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 34×, the middle of Autodesk's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Synopsys, SS&C Technologies, Workday.

Earnings growth in the years ahead (% a year) Starts at Autodesk's revenue growth over the last 3 years, 12.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $249.45
Value at this multiple, against the last close: —
Autodesk's P/E at the last close: 32.3×

Company	Last close	Earnings per share	P/E today
SynopsysSNPS	$454.33	$5.72	79.4×
WorkdayWDAY	$208.50	$4.94	42.2×
AutodeskADSK	$249.45	$7.72	32.3×
SS&C TechnologiesSSNC	$82.01	$3.47	23.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,764	2,072	2,246	1,886	2,597
Debt incl. finance leases	2,650	2,300	2,300	2,300	2,500
Net debt (negative means net cash)	886	228	54	414	−97
Net debt to EBITDA	1.2x	0.2x	0.0x	0.3x	−0.1x
Debt to equity	3.1x	2.0x	1.2x	0.9x	0.8x
Interest coverage	10.7x	11.9x	15.9x	19.1x	19.7x
Current ratio	0.7x	0.8x	0.8x	0.7x	0.8x
Quick ratio	0.7x	0.8x	0.8x	0.7x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $2.2 million of Autodesk shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 23, 2026	John T CahillDirector	Bought	2,000	$189.20	$378,400	Form 4
Jun 16, 2026	Andrew AnagnostPresident and CEO, Director	Bought	2,460	$202.66	$498,544	Form 4
Jun 15, 2026	Janesh MoorjaniEVP, Chief Financial Officer	Bought	2,500	$197.67	$494,175	Form 4
May 29, 2026	Stacy J SmithDirector	Bought	3,435	$231.17	$794,054	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	6 of 9	8 of 9
Accruals ratio	−4.2%	−4.8%	−11.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Autodesk side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Autodesk	FY26	17.5%	21.9%	33.4%	37.0%	−0.1x	8
Synopsys	FY25	15.1%	13.0%	19.1%	4.0%	6.7x	3	Compare
Atlassian	FY26	26.0%	0.2%	20.1%	—	−1.7x	7	Compare
SS&C Technologies	FY25	6.6%	22.9%	26.5%	8.7%	3.3x	6	Compare
Workday	FY26	13.1%	7.5%	29.1%	10.6%	−2.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2,031	2,057	2,570	3,274	3,790	4,386	5,005	5,497	6,131	7,206
Revenue growth	−18.9%	1.3%	24.9%	27.4%	15.8%	15.7%	14.1%	9.8%	11.5%	17.5%
Gross profit	1,689	1,753	2,284	2,949	3,453	3,968	4,525	4,986	5,553	6,556
Research and development	766	756	725	851	932	1,115	1,219	1,373	1,485	1,643
Operating income	−500	−509	−25	343	629	618	989	1,128	1,354	1,578
Net income	−582	−567	−81	214	1,208	497	823	906	1,112	1,124
Diluted EPS (US$)	−2.61	−2.58	−0.37	0.96	5.44	2.24	3.78	4.19	5.12	5.23
Diluted shares (millions)	223	220	219	222	222	222	218	216	217	215
Cash flow
Cash from operations	170	1	377	1,415	1,437	1,531	2,071	1,313	1,607	2,452
Capital expenditure	76	51	67	53	91	56	40	31	40	43
Free cash flow	94	−50	310	1,362	1,346	1,475	2,031	1,282	1,567	2,409
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	622	699	294	442	552	1,079	1,101	795	852	1,402
Acquisitions	85	0	1,040	0	246	1,250	96	70	825	0
Stock-based compensation	222	261	250	362	398	555	657	703	683	788
Balance sheet at fiscal year end
Cash and short-term investments	1,900	1,323	954	1,844	1,776	1,764	2,072	2,246	1,886	2,597
Debt incl. finance leases	1,092	1,586	2,088	2,100	1,650	2,650	2,300	2,300	2,300	2,500
Total assets	4,798	4,114	4,729	6,179	7,280	8,607	9,438	9,912	10,833	12,467
Total liabilities	4,064	4,370	4,940	6,318	6,315	7,758	8,293	8,057	8,212	9,422
Shareholders' equity	734	−256	−211	−139	965	849	1,145	1,855	2,621	3,045
Margins and ratios
Gross margin	83.2%	85.2%	88.9%	90.1%	91.1%	90.5%	90.4%	90.7%	90.6%	91.0%
Operating margin	−24.6%	−24.8%	−1.0%	10.5%	16.6%	14.1%	19.8%	20.5%	22.1%	21.9%
Net margin	−28.7%	−27.6%	−3.1%	6.5%	31.9%	11.3%	16.4%	16.5%	18.1%	15.6%
Free cash flow margin	4.6%	−2.4%	12.1%	41.6%	35.5%	33.6%	40.6%	23.3%	25.6%	33.4%
Return on capital	—	—	−4.2%	—	—	42.2%	55.4%	54.8%	44.0%	37.0%
Return on equity	−49.5%	−237.4%	—	—	292.5%	54.8%	82.5%	60.4%	49.7%	39.7%
Return on assets	−11.3%	−12.7%	−1.8%	3.9%	17.9%	6.3%	9.1%	9.4%	10.7%	9.7%
Net debt to EBITDA	—	—	16.2x	0.5x	−0.2x	1.2x	0.2x	0.0x	0.3x	−0.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Autodesk's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Autodesk.