All growth rates are compared to the fourth quarter and full year of fiscal 2024, respectively, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
Fourth Quarter Fiscal 2025 Financial Highlights
- Total revenue increased 12 percent to $1.64 billion;
- GAAP operating margin was 22 percent, compared to 21 percent;
- Non-GAAP operating margin was 37 percent, compared to 36 percent;
- GAAP income from operations was $366 million, compared to $315 million;
- Non-GAAP income from operations was $608 million, compared to $522 million;
- GAAP diluted EPS was $1.40; Non-GAAP diluted EPS was $2.29;
- Cash flow from operating activities was $692 million; free cash flow was $678 million.
"Autodesk is focused on the convergence of design and make in the cloud, enabled by platform, industry clouds, and AI. We are reallocating internal resources toward these critical areas and beginning the optimization of our go-to-market functions to better meet the evolving needs of our customers and channel partners," said Andrew Anagnost, Autodesk president and CEO. "We expect consistent growth momentum and disciplined execution, reinforced by persistent share repurchases, to deliver sustainable shareholder value over many years."
"The fourth quarter and full year fiscal 25 results are strong," said Janesh Moorjani, Autodesk CFO. "The completion of the new transaction model launch in the fourth quarter marked a significant milestone, and we have now initiated the optimization phase of our sales and marketing plan. Once our sales and marketing optimization is complete, we expect to deliver GAAP margins among the best in the industry."
Following a review of our business, Autodesk has announced today a worldwide restructuring plan that includes a reduction in force that will result in the termination of approximately 9 percent of our workforce, or approximately 1,350 employees, other exit costs, and facility reductions. We anticipate incurring total pre-tax restructuring charges of approximately $135 million to $150 million, a substantial majority of which would result in cash expenditures. For more information, please see our Current Report on Form 8-K filed with the SEC on February 27, 2025.
Fourth Quarter Fiscal 2025 Additional Financial Details
- Total billings increased 23 percent to $2.11 billion.
- Total revenue was $1.64 billion, an increase of 12 percent as reported and on a constant currency basis. Recurring revenue represents 97 percent of total.
- Design revenue was $1.36 billion, an increase of 12 percent as reported and on a constant currency basis. On a sequential basis, Design revenue increased 5 percent as reported and on a constant currency basis.
- Make revenue was $176 million, an increase of 28 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 3 percent as reported and on a constant currency basis.
- Subscription plan revenue was $1.52 billion, an increase of 14 percent as reported and on a constant currency basis. On a sequential basis, subscription plan revenue increased 4 percent as reported, and 5 percent on a constant currency basis.
- Net revenue retention rate was within the range of 100 to 110 percent on a constant currency basis.
- GAAP income from operations was $366 million, compared to $315 million. GAAP operating margin was 22 percent, compared to 21 percent.
- Total non-GAAP income from operations was $608 million, compared to $522 million. Non-GAAP operating margin was 37 percent, compared to 36 percent.
- GAAP diluted net income per share was $1.40, compared to $1.31.
- Non-GAAP diluted net income per share was $2.29, compared to $2.09.
- Deferred revenue decreased 3 percent to $4.13 billion. Unbilled deferred revenue was $2.81 billion, an increase of $966 million. Remaining performance obligations ("RPO") increased 14 percent to $6.94 billion. Current RPO increased 12 percent to $4.46 billion.
- Cash flow from operating activities was $692 million, an increase of $255 million. Free cash flow was $678 million, an increase of $251 million.
Net Revenue by Geographic Area
