Autodesk’s recently launched Project Bernini platform has enabled the company to increase its total addressable market by an estimated 30% over the past twelve months. By allowing designers with limited coding experience to generate fully manufacturable 3D models, Bernini has driven a 45% quarter-over-quarter increase in usage among small and mid-sized enterprises. As of the end of fiscal Q4, more than 3,200 customers had integrated Bernini into their workflows, up from 1,800 at the start of the year. Management expects Bernini to contribute approximately 15% of new subscription bookings in the coming fiscal year, unlocking recurring revenue streams beyond traditional per-seat licensing.

Autodesk’s Architecture, Engineering & Construction Operations (AECO) business grew revenue by 22% year-over-year to $740 million in the latest quarter, now representing 35% of the company’s annual recurring revenue base. Unlike cyclically sensitive design suites tied to new project starts, AECO’s contracts are increasingly weighted toward multi-year, operations-focused agreements that deliver stable cash flows. Renewal rates in the segment exceeded 92% during the period, up from 88% twelve months earlier, reflecting deeper integration of Autodesk’s cloud analytics and facilities-management tools in ongoing infrastructure projects.

Autodesk’s shift toward cloud-based, usage-sensitive contracts has reduced its revenue volatility. In the past four quarters, subscription net retention climbed to 108%, compared with a mid-90s percentage two years ago. Free cash flow for the trailing twelve months reached $1.1 billion, covering 150% of capital expenditures and share repurchases. This enhanced cash flow runway supports Autodesk’s plan to reinvest 20% of free cash flow annually into R&D for AI enhancements and to allocate the remainder toward strategic acquisitions that could further broaden its software ecosystem.

Led by CEO Andrew Anagnost, Autodesk has maintained a disciplined approach to both capital allocation and product development. The company has increased its R&D investment to 21% of revenue, targeting AI-driven automation in design and construction workflows. Guidance for the next fiscal year calls for subscription revenue growth of 18% to 20% and operating margin expansion of 150 to 200 basis points. Management’s focus on secular tailwinds—namely digital transformation in manufacturing and infrastructure—positions Autodesk to sustain high-teens growth rates while preserving a robust competitive moat.