Start here if you're new
what it is
Autodesk makes software that architects, engineers, and manufacturers use to design buildings, parts, and media.
how it gets paid
Use two clocks: FY2026 revenue outlook is about $7.16B (company guidance, Nov. 2025). The Q3 FY2026 mix was led by AECO at $921M on $1.85B total quarterly revenue (~50%).
why it's growing
Q3 FY2026 revenue grew 18% to $1.85B. GAAP diluted EPS was $1.60 for the quarter; non-GAAP diluted EPS was $2.67.
what just happened
Through the first nine months of FY2026 (ended Oct. 31, 2025), revenue was $5.25B — that is a nine-month total, not a single quarter.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
30/100 earnings predictability — expect surprises
49.2x trailing p/e — you're paying up for this one
25.5% return on capital — every dollar works hard here
xvary composite: 59/100 — below average
What they do
Autodesk makes software that architects, engineers, and manufacturers use to design buildings, parts, and media.
Four million customers use Autodesk. If your team builds in AutoCAD or Revit, leaving means retraining people and reopening old files. AEC is 46% of 2024 revenue, while AutoCAD and AutoCAD LT add 28%; that is 74% from tools people cannot casually swap.
How they make money
~$7.16B
FY2026 revenue outlook (company guidance, Nov. 25, 2025) · Q3 FY2026 below is actual quarterly mix
AECO (Architecture, Engineering, Construction, Operations)
$921M
+23%
AutoCAD and AutoCAD LT
$458M
+15%
Manufacturing
$355M
+16%
Media & Entertainment
$86M
+4%
Other
$33M
The products that matter
2d drafting software
AutoCAD
Q3 FY2026: $458M segment revenue
AutoCAD and LT remain the everyday drafting anchor inside a subscription-heavy model; segment revenue grew 15% in Q3 FY2026 vs. the prior-year quarter.
workflow anchor
building design workflow
Revit
AECO $921M in Q3 FY2026
Revit sits in the AECO bucket, which grew 23% in Q3 FY2026 — the main swing factor when infrastructure and nonresidential spend moves.
aec exposure
manufacturing design platform
Fusion 360
Manufacturing $355M in Q3 FY2026
Manufacturing revenue grew 16% in Q3 FY2026; Fusion 360 is part of the upsell story as design data moves cloud-native.
upsell bet
Key numbers
49.2x
trailing P/E
Trailing P/E -> price for past profit -> you are paying 49.2 times last year's earnings.
38%
non-GAAP op. margin (Q3 FY2026)
Release cited 38% non-GAAP operating margin for Q3 FY2026 (+1 ppt vs. prior-year quarter). GAAP operating margin was 25%.
25.5%
return on capital
Return on capital -> profit versus money invested -> the business is still squeezing good returns from each dollar.
$335
target price
The 18-month target is $335, which is 26% above $265.69, so the market still leaves room if the story holds.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $2.5B (4% of capital)
- net profit margin 17.1% — keeps 17 cents of every dollar in revenue
- return on equity 38% — $0.38 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ADSK 3 years ago → it's now worth $13,250.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Q3 FY2026 (ended Oct. 31, 2025): $1.85B revenue · GAAP EPS $1.60 · non-GAAP EPS $2.67.
Revenue grew 18% vs. the prior-year quarter. FY2026 outlook was updated to about $7,150–$7,165M in revenue. Gross margin stays software-high: (total net revenue − total cost of revenue) was roughly 91% for the quarter on reported totals.
$1.85B
Q3 FY2026 revenue
$2.67
non-GAAP EPS
~91%
gross margin (calc.)
the number that mattered
The $1.85B quarter + raised FY2026 revenue guide is the clean read — not a mislabeled nine-month $5.2B stack.
-
autodesk should deliver solid fiscal fourth-quarter results (ending january 31st).revenues will probably expand to about $1.9 billion, aided by strength in the architecture, engineering, construction, and operations segment. the company has benefited from investments in data centers, industrial buildings, and infrastructure. autocad and autocad lt offerings likely showed elevated demand, while autodesk construction cloud and fusion products probably gained traction. margins should have gained from economies of scale, though the introduction of a new transaction model likely created some near-term margin drag due to associated transition costs and changes in billing timing.
-
we estimate earnings will reach $1.64 per share during the quarter.
-
we expect improved performance in fiscal 2026.optimizing sales and marketing initiatives will likely drive customer acquisition and enhance retention rates. elsewhere, manufacturing activity should be higher, as companies utilize the design and make platform offering. the new transaction model ought to contribute to top-line expansion, given recent success in that arena. enterprise business agreements have demonstrated strong renewal rates, with more customers signing contracts exceeding $100,000 annually. cloudbased offerings and ai-powered features, such as the sketch autoconstrain tool in fusio, ought to drive upselling opportunities.
-
net revenue retention rate remained above 110% in recent quarters, while we think that margins expanded.
-
overall, we project fiscal 2026 full-year profits per share will advance to $6.20.
snap-source: Autodesk Q3 FY2026 results (Nov. 25, 2025) — adsknews.autodesk.com
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What could go wrong
the #1 risk is a premium multiple colliding with merely good execution. Autodesk is priced like a software compounder in full stride, but the last year still showed only 5% EPS growth.
med
49.2x earnings leaves little room for an ordinary quarter
A stock at 49.2x trailing earnings needs profit growth to look obvious, not merely plausible. Autodesk grew revenue 17.5% last year, but EPS only moved from $5.12 to $5.40.
At the current price, you are paying for the $6.20 estimate to arrive cleanly and for margins to keep expanding.
med
the transaction-model change can distort timing
Management flagged near-term drag from transition costs and billing timing. That does not break the model, but it can make clean quarterly comparisons harder when predictability is already only 30/100.
If investors stop trusting the cadence of reported growth, premium multiples tend to get less patient.
med
management trust matters more when the stock is expensive
A litigation firm is investigating whether leadership breached fiduciary duties, following the prior accounting-related scrutiny that delayed filings. Governance issues hit harder when a company already trades on quality and consistency.
The financial damage may be limited. The credibility damage can still pressure the multiple.
med
construction and manufacturing are not recession-proof
AEC and manufacturing activity help drive new bookings and upsell. If data centers, industrial projects, or infrastructure spending cool off, Autodesk still has renewals but gets less help from new demand.
Net revenue retention above 110% is a cushion. It is not immunity.
A slower path from $7.2B to $8B, or margins stuck near 23.8%, would make this look less like a premium software name and more like a good company wearing an expensive stock.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net revenue retention
Above 110% is the quiet part loud. Existing customers spending more each year is what makes the subscription story worth paying for.
calendar
fiscal 2026 guidance
The stock already leans on the $6.20 EPS view and the $8B revenue estimate. Guidance is where management either confirms that setup or complicates it.
trend
margin expansion
Revenue growth has looked better than EPS growth. Watch whether the 23.8% operating margin starts moving higher fast enough to close that gap.
risk
governance headlines
Any update tied to investigations, delayed filings, or leadership credibility matters more than usual when the stock trades on quality.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts see a normal near-term setup, not a strong directional edge.
risk profile
average
stability score 3 — this sits in the middle of the pack on risk, which fits a solid business with a less forgiving valuation.
chart momentum
top 20%
technical score 2 — the chart looks better than the headline valuation, which is why momentum investors and value investors are having different conversations.
earnings predictability
30 / 100
Low predictability means the market has less patience for misses. When a stock trades at 49.2x earnings, that matters.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 680 buyers vs. 572 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$225
$444
$266
current price
$335
target midpoint · +26% from current · 3-5yr high: $480 (+80% · 16% ann'l return)
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