Autodesk (ADSK) Q4 2025 earnings summary

Executive summary

• Achieved double-digit annual revenue growth in FY25, with recurring revenue exceeding 95% and significant progress on cloud, platform, and AI initiatives.

• Delivered strong Q4 and full-year results, with billings and revenue surpassing expectations despite FX headwinds; margins and free cash flow also exceeded guidance.

• Announced a restructuring plan affecting 9% of the workforce, focused on optimizing sales and marketing and reallocating resources to strategic priorities.

• Modernized go-to-market approach and diversified product/customer portfolio, supporting resilience and sustainable shareholder value.

• Emphasized disciplined execution, operational efficiency, and capital deployment to drive long-term value.

Financial highlights

• FY25 total revenue reached $6.13B, up 12% year-over-year; Q4 revenue was $1.64B, also up 12% year-over-year.

• FY25 free cash flow was $1.6B, above guidance; Q4 free cash flow was $678M.

• Q4 GAAP and non-GAAP operating margins were 22% and 37%, respectively; FY25 non-GAAP margin was 36%.

• Repurchased $852M–$858M in stock in FY25; 3.1M shares repurchased.

• Q4 billings increased 23% to $2.11B; full-year billings were $6.0B.

Outlook and guidance

• FY26 revenue guidance: $6.90B–$6.97B, up 12–14%; billings: $7.06B–$7.21B, up 18–20%.

• FY26 GAAP operating margin expected at 21–22%; non-GAAP at 36–37%.

• Free cash flow projected at $2.08B–$2.18B, including $110–$120M in restructuring outflows and $130–$150M tax benefit.

• Share repurchases planned at $1.1B–$1.2B in FY26, a 30–40% increase over FY25.

• Q1 FY26 revenue guidance: $1.60B–$1.61B; GAAP EPS $0.76–$0.90; non-GAAP EPS $2.14–$2.17.