Company Reports

Autodesk has continually innovated its product lineup and has become the industry standard for design software. The company’s latest innovation is centered around its three industry clouds—Forma, Fusion, and Flow—to provide an interconnected experience that accelerates the circulation of design ideas among different stakeholders. Underneath the industry clouds, Autodesk also has a platform services product that allows users to leverage data for customized solutions, unlocking additional productivity.

Autodesk's second-quarter revenue growth of 16% and operating margin of 29% both beat our expectations. Customers acknowledge Autodesk's potential as a unified platform for both design and make workflows, which led to competitive wins in the European and Asian markets.

Autodesk reported strong first-quarter results. Total revenue grew 18% year over year to $1.93 billion, with all product families recording revenue growth in the teens range or higher. Sales optimization and operating leverage drove a 200-basis-point improvement in non-GAAP operating margin.

Autodesk has continually innovated its product lineup and has become the industry standard for design software. The company’s latest innovation is centered around its three industry clouds—Forma, Fusion, and Flow—to provide an interconnected experience that accelerates the circulation of design ideas among different stakeholders. Underneath the industry clouds, Autodesk also has a platform services product that allows users to leverage data for customized solutions, unlocking additional productivity.

Autodesk finished fiscal 2026 strong. Billings were up 33% year over year, and revenue expanded 19% to $1.96 billion. More importantly, the growth of all four product families outpaced our forecasts, highlighting the broad-based strength of Autodesk tools.

Autodesk delivered another quarter of outperformance, with revenue up 18% year over year. Operating margin expanded 20 basis points sequentially, reaching a new high of 25.4%, thanks to the outstanding execution of go-to-market optimization.

Autodesk has continually innovated its product lineup and has become the industry standard for design software. The company’s latest innovation is centered around its three industry clouds—Forma, Fusion, and Flow—to provide an interconnected experience that accelerates the circulation of design ideas among different stakeholders. Underneath the industry clouds, Autodesk also has a platform services product that allows users to leverage data for customized solutions, unlocking additional productivity.

We take a fresh look at Autodesk, one of the world's largest suppliers of computer-aided design, or CAD, software. The company currently provides three vertically-integrated software suites for architecture & construction, manufacturing, and media & entertainment.

Autodesk has continually innovated its product lineup and has become the industry standard for design software. The company’s latest innovation is centered around its three industry clouds—Forma, Fusion, and Flow—to provide an interconnected experience that accelerates the circulation of design ideas among different stakeholders. Underneath the industry clouds, Autodesk also has a platform services product that allows users to leverage data for customized solutions, unlocking additional productivity.

Autodesk held its 2025 Investor Day on Oct. 7, giving us more clarity on revenue growth drivers, the key levers for its 41% 2029 non-GAAP operating margin outlook (up from 36% currently), and the benefits it will see after the new model transition.

Autodesk reported fiscal second-quarter results, with revenue growing at 17% year on year, which beat management's 15% guidance estimate. Billings saw a strong lift as well, up 36% year-over-year. Non-GAAP operating margins clocked in at 39%, up 70 basis points from the previous year.

We view Autodesk as the global industry standard in computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films, and video games. We think Autodesk will remain the industry standard, as its switching costs and network effect continue to reinforce one another and the firm stays at the forefront of industry trends. Over 95% of its revenue is now recurring, after a gradual transition from licenses the past eight years. We think the change enables Autodesk to extract greater revenue per user as it upsells its loyal and increasingly maturing base.

We view Autodesk as the global industry standard in computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films, and video games. We think Autodesk will remain the industry standard, as its switching costs and network effect continue to reinforce one another and the firm stays at the forefront of industry trends. Over 95% of its revenue is now recurring, after a gradual transition from licenses the past eight years. We think the change enables Autodesk to extract greater revenue per user as it upsells its loyal and increasingly maturing base.

We raise our fair value estimate for wide-moat Autodesk to $295 from $290 after the company reported results that exceeded both our top and bottom-line estimates. We remain impressed by Autodesk's resilience in revenue, healthy billings and strong renewal rates in the face of macroeconomic headwinds over the past few months. Enterprise business agreements were a key contributor, as the company was able to capture large renewals and expansion from infrastructure and energy firms. Management reiterated that Autodesk has yet to see a change in the overall business momentum or slowdown in customer activity but embedded caution into its slightly raised full-year guidance. With shares marginally up on results, we view the stock as fairly valued.

We maintain our $290 fair value estimate for wide-moat Autodesk after the company reported solid fiscal 2025 fourth-quarter results that were in line with our revenue expectations and exceeded our profitability estimates. We view the shares as fairly valued.

We view Autodesk as the global industry standard in computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films, and video games. We think Autodesk will remain the industry standard, as its switching costs and network effect continue to reinforce one another and the firm stays at the forefront of industry trends. Over 95% of its revenue is now recurring, after a gradual transition from licenses the past eight years. We think the change enables Autodesk to extract greater revenue per user as it upsells its loyal and increasingly maturing base.

We have increased our fair value estimate for wide-moat Autodesk to $290 per share from $275 following strong third-quarter results that exceeded our top- and bottom-line estimates. The solid performance was driven by momentum in the construction market, healthy billings growth, and progress on the new transactional model. Despite all the positive developments this quarter, the share price dipped 8% after hours. This drop brought the shares roughly in line with our updated fair value estimate.

We view Autodesk as the global industry standard computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films, and video games. We think Autodesk will remain the industry standard, as its switching costs and network effect continue to reinforce one another and Autodesk stays at the forefront of industry trends. The company now has over 95% of revenue recurring, after a gradual transition from licenses the past eight years. We think the change enables Autodesk to extract greater revenue per user as it upsells its loyal and increasingly maturing base.

We are maintaining our $275 per share fair value estimate for wide-moat Autodesk, following a solid second quarter. Both top and bottom lines aligned with our forecasts while exceeding guidance. Despite a challenging macroeconomic environment, including a tough buying landscape, management is confident about future wins stemming from growth in the construction market and increased operational visibility through its new transaction pricing model. With this in mind, management raised its full-year outlook and guided to a sequentially stronger third quarter. With shares trading higher after hours and approaching our fair value estimate, we view this high-quality stock as fairly valued.

We maintain our $275 fair value estimate for wide-moat Autodesk after the firm reported fiscal first-quarter results above our expectations. Management maintained its full-year targets for revenue and margins while increasing its earnings per share guide. We are encouraged by Autodesk’s continued resiliency and renewal momentum, and our long-term forecasts remain intact. Additionally, the transaction model transition is progressing well, which provides a positive indicator for future upside. Altogether, we view the current stock as undervalued.