Autodesk Q4 Revenue Up 19%, Billings Soar 33% on New Transaction Model
Autodesk’s Q4 revenue rose 19% year-over-year (14% excluding a $137 million transaction-model boost), while billings climbed 33% reported (32% cc ex-model with a $185 million contribution). Non-GAAP margin improved 120bps to 38%, free cash flow reached $972 million, and fiscal 2027 guidance calls for $8.48–$8.58B in billings and $8.10–$8.17B in revenue.
1. Q4 Financial Performance
Autodesk delivered fourth-quarter revenue growth of 19% year-over-year, including a $137 million contribution from its new transaction model and 14% organic growth. Billings rose 33% as reported and 30% in constant currency, or 32% cc excluding the $185 million transaction-model tailwind.
2. Profitability and Cash Flow
Non-GAAP operating margin expanded 120 basis points to 38%, while GAAP margin held flat at 22% after a $100 million restructuring charge tied to sales optimization. Fourth-quarter free cash flow reached $972 million, driven by billing strength and linearity.
3. Capital Allocation and Buybacks
The company repurchased $333 million of stock in Q4, acquiring approximately 1.1 million shares and bringing fiscal 2026 buybacks to $1.4 billion (over 50% of free cash flow). These repurchases reduced outstanding shares by about 2.1 million as share prices weakened.
4. Fiscal 2027 Outlook and Guidance
For fiscal 2027, Autodesk forecasts billings of $8.48–$8.58 billion, revenue of $8.10–$8.17 billion, non-GAAP operating margin of 38.5%–39%, and free cash flow of $2.7–$2.8 billion. Guidance assumes higher disruption risk from sales restructuring, a waning transaction-model tailwind, and $135–$160 million in cash restructuring outflows.