UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~July~~October 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-14338

AUTODESK, INC.

(Exact name of registrant as specified in its charter)


Delaware		94-2819853
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer Identification No.)

One Market Street, Ste. 400
San Francisco,	California	94105
(Address of principal executive offices)		(Zip Code)

(415) 507-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ADSK

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~August~~November 2620, 2025, registrant had outstanding ~~213~~212 million shares of common stock.

AUTODESK, INC. FORM 10-Q

TABLE OF CONTENTS

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended July 31, 2025 and 2024	4
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended October 31, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended July 31, 2025 and 2024	5
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended October 31, 2025 and 2024	5
	Condensed Consolidated Balance Sheets as of July 31, 2025 and January 31, 2025	6
	Condensed Consolidated Balance Sheets as of October 31, 2025 and January 31, 2025	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 31, 2025 and 2024	7
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended October 31, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3031
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5152
Item 4.	Controls and Procedures	5253
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	5354
Item 1A.	Risk Factors	5455
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7374
Item 3.	Defaults Upon Senior Securities	7374
Item 4.	Mine Safety Disclosures	7374
Item 5.	Other Information	7374
Item 6.	Exhibits	7475
	Signatures	7576

PART I. FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

AUTODESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Net revenue:
Subscription	$	1,~~658~~734	$	1,~~408~~457	$	34,~~190~~924	$	24,~~738~~195
Maintenance	98		119		1725		2231
Total subscription and maintenance revenue	1,~~667~~742		1,~~419~~466		34,~~207~~949		24,~~760~~226
Other	96111		86104		~~189~~300		~~162~~266
Total net revenue	1,~~763~~853		1,~~505~~570		35,~~396~~249		24,~~922~~492
Cost of revenue:
Cost of subscription and maintenance revenue	~~114~~118		~~100~~105		~~225~~343		~~200~~305
Cost of other revenue	22		1819		4668		3857
Amortization of developed technologies	2325		2223		4873		3962
Total cost of revenue	~~159~~165		~~140~~147		~~319~~484		~~277~~424
Gross profit	1,~~604~~688		1,~~365~~423		34,~~077~~765		24,~~645~~068
Operating expenses:
Marketing and sales	~~559~~612		~~480~~525		1,~~125~~737		~~949~~1,474
Research and development	~~413~~416		~~368~~378		~~807~~1,223		~~714~~1,092
General and administrative	~~168~~172		161		~~330~~502		~~316~~477
Amortization of purchased intangibles	1413		13		2740		2437
Restructuring, other exit costs, and facility reductions	65		—		~~111~~116		—
Total operating expenses	1,~~160~~218		1,~~022~~077		23,~~400~~618		23,~~003~~080
Income from operations	~~444~~470		~~343~~346		~~677~~1,147		~~642~~988
Interest and other income, net	12		9		13		19
Interest and other (loss) income, net	(2)		5		11		24
Income before income taxes	~~456~~468		~~352~~351		~~690~~1,158		~~661~~1,012
Provision for income taxes	(~~143~~125)		(7076)		(~~225~~350)		(~~127~~203)
Net income	$	~~313~~343	$	~~282~~275	$	~~465~~808	$	~~534~~809
Basic net income per share	$	1.4761	$	1.3128	$	23.1779	$	23.4876
Diluted net income per share	$	1.4660	$	1.3027	$	23.1576	$	23.4673
Weighted average shares used in computing basic net income per share	213		~~216~~215		~~214~~213		215
Weighted average shares used in computing diluted net income per share	215		217		~~216~~215		217

See accompanying Notes to Condensed Consolidated Financial Statements.

AUTODESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Net income	$	~~313~~343	$	~~282~~275	$	~~465~~808	$	~~534~~809
Other comprehensive income (loss), net of reclassifications:
Net loss on derivative instruments (net of tax effect of $1, $1, $3, and $1, respectively)	(6)		(5)		(29)		(3)
Net loss on derivative instruments (net of tax effect of $2, $2, $5, and $3, respectively)	(10)		(12)		(39)		(15)
Change in net unrealized loss on available-for-sale debt securities (net of tax effect of zero for all periods presented)	—2		3(2)		13		(1)
Change in defined benefit pension items (net of tax effect of zero for all periods presented)	—		—		1		—
Net change in cumulative foreign currency translation gain (loss) (net of tax effect of $(2), zero, $(5), and zero, respectively)	—		16		58		(13)
Net change in cumulative foreign currency translation gain (loss) (net of tax effect of $(4), $(1), $(9), and $(1), respectively)	(1)		3		57		(10)
Total other comprehensive income (loss)	(69)		14(11)		3122		(1526)
Total comprehensive income	$	~~307~~334	$	~~296~~264	$	~~496~~830	$	~~519~~783

See accompanying Notes to Condensed Consolidated Financial Statements.

AUTODESK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

	July 31, 2025		January 31, 2025
	October 31, 2025		January 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	21,~~003~~989	$	1,599
Marketable securities	~~233~~300		287
Accounts receivable, net	~~532~~806		1,008
Prepaid expenses and other current assets	~~721~~800		588
Total current assets	3,~~489~~895		3,482
Long-term marketable securities	~~282~~302		267
Computer equipment, software, furniture and leasehold improvements, net	~~109~~118		117
Operating lease right-of-use assets	~~149~~152		169
Intangible assets, net	~~521~~493		574
Goodwill	4,~~275~~278		4,242
Deferred income taxes, net	~~1,053~~936		1,205
Long-term other assets	~~978~~1,024		777
Total assets	$	1011,~~856~~198	$	10,833
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	~~324~~384	$	242
Accrued compensation	~~388~~442		506
Accrued income taxes	6098		62
Deferred revenue	3,~~550~~577		3,787
Operating lease liabilities	5657		58
Current portion of long-term notes payable, net	—		300
Other accrued liabilities	~~188~~177		196
Total current liabilities	4,~~566~~735		5,151
Long-term deferred revenue	~~294~~269		341
Long-term operating lease liabilities	~~197~~195		214
Long-term income taxes payable	~~210~~216		200
Long-term deferred income taxes	3027		32
Long-term notes payable, net	2,~~481~~482		1,987
Long-term other liabilities	~~363~~381		287
Stockholders’ equity:
Common stock and additional paid-in capital	4,~~456~~588		4,239
Accumulated other comprehensive loss	(~~254~~263)		(285)
Accumulated deficit	(1,~~487~~432)		(1,333)
Total stockholders’ equity	2,~~715~~893		2,621
Total liabilities and stockholders’ equity	$	1011,~~856~~198	$	10,833

See accompanying Notes to Condensed Consolidated Financial Statements.

AUTODESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Six Months Ended July 31,
	Nine Months Ended October 31,
	2025		2024
Operating activities:
Net income	$	~~465~~808	$	~~534~~809
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	95145		86134
Stock-based compensation expense	~~421~~607		~~316~~497
Amortization of costs to obtain a contract with a customer	~~219~~364		85136
Deferred income taxes	~~153~~271		(4060)
Restructuring, other exit costs, and facility reductions	1719		—
Other	~~(20)~~7		(57)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable	~~476~~202		~~477~~177
Prepaid expenses and other assets	(~~539~~819)		(~~167~~221)
Accounts payable and other liabilities	1795		~~(30)~~1
Deferred revenue	(~~287~~286)		(~~577~~612)
Accrued income taxes	750		2761
Net cash provided by operating activities	1,~~024~~463		~~706~~915
Investing activities:
Purchases of marketable securities	(~~309~~622)		(~~431~~632)
Sales and maturities of marketable securities	~~353~~583		~~430~~690
Capital expenditures	(1726)		(1626)
Purchases of intangible assets	(1427)		(3957)
Business combinations, net of cash acquired	—		(801)
Other investing activities	(59)		(710)
Net cash provided by (used in) investing activities	8		(864)
Net cash used in investing activities	(101)		(836)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	75137		71121
Taxes paid related to net share settlement of equity awards	(~~190~~238)		(~~172~~208)
Repurchases of common stock	(~~712~~1,071)		(~~120~~443)
Proceeds from debt, net of discount	499		—
Repayment of debt	(300)		—
Other financing activities	(6)		—
Net cash used in financing activities	(~~634~~979)		(~~221~~530)
Effect of exchange rate changes on cash and cash equivalents	67		—(4)
Net increase (decrease) in cash and cash equivalents	~~404~~390		(~~379~~455)
Cash and cash equivalents at beginning of period	1,599		1,892
Cash and cash equivalents at end of period	$	21,~~003~~989	$	1,~~513~~437
Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued to settle liability-classified restricted common stock	$	—	$	3

See accompanying Notes to Condensed Consolidated Financial Statements.

AUTODESK, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(In millions, except share and per share data, or as otherwise noted)

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Autodesk, Inc. (“Autodesk,” “we,” “us,” “our,” or the “Company”) as of ~~July~~October 31, 2025, and for the three and ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, Autodesk made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three and ~~six~~nine months ended ~~July~~October 31, 2025, are not necessarily indicative of the results for the entire fiscal year ending January 31, 2026, or for any other period. Further, the balance sheet as of January 31, 2025, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to Autodesk's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended January 31, 2025. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed on March 6, 2025.

2. Recently Issued Accounting Standards

With the exception of those discussed below, there have been no recent changes in accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) or adopted by the Company during the six months ended July 31, 2025, that are applicable to the Company.

Recently Issued Accounting Standards Not Yet Adopted

In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)” (“ASU 2025-06”), which amends certain aspects of the accounting for and disclosure of software costs under Subtopic 350-40. ASU 2025-06 eliminates accounting consideration of software development “stages”. Cost capitalization will now begin solely when (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and the software used to perform its intended function (the probable-to-complete threshold). In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 specifies that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The amendments in ASU 2025-06 supersede the website development costs guidance and incorporate the recognition requirements for website-specific development costs from Subtopic 350-50 into Subtopic 350-40. ASU 2025-06 is effective for Autodesk’s fiscal year beginning February 1, 2028, and interim periods within that fiscal year. Early adoption is permitted. Autodesk is currently evaluating the effect of adopting ASU 2025-06 on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclosure of the total amount of selling expenses, and in annual reporting periods, Autodesk’s definition of selling expenses. ASU 2024-03 is effective for Autodesk’s fiscal year beginning February 1, 2027, and interim periods for Autodesk’s fiscal year beginning February 1, 2028. Early adoption is permitted. Autodesk is currently evaluating the effect of adopting ASU 2024-03 on its disclosures.

Accounting Standards Adopted

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures” (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. Autodesk will provide the new disclosures required by ASU 2023-09 beginning with its annual financial statements for the fiscal year ending January 31, 2026.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which are intended to improve reportable segment disclosure requirements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. Autodesk adopted the annual disclosures of ASU 2023-07 for our fiscal year ended January 31, 2025 and adopted for interim periods beginning February 1, 2025.

There have been no other recent accounting pronouncements during the nine months ended October 31, 2025, that may have a material impact on our financial position or results of operations.

3. Revenue Recognition

Revenue Disaggregation

Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and enterprise business agreements (“EBAs”), (2) fees for maintenance purchased with software licenses, and (3) consulting and other products and services. The three categories are presented as line items on Autodesk’s Condensed Consolidated Statements of Operations.

Information regarding the components of Autodesk's net revenue from contracts with customers by product family, geographic location, sales channel, and product type is as follows:

Three Months Ended July 31,

Six Months Ended July 31,

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

Net revenue by product family:

Architecture, Engineering, Construction and Operations

~~878~~921

~~713~~751

12,~~687~~608

12,~~387~~138

AutoCAD and AutoCAD LT

~~440~~458

~~389~~398

~~851~~1,309

~~765~~1,163

Manufacturing

~~334~~355

~~296~~307

~~643~~998

~~564~~871

Media and Entertainment

8086

7783

~~156~~242

~~148~~231

Other

3133

3031

5992

5889

Total net revenue

1,~~763~~853

1,~~505~~570

35,~~396~~249

24,~~922~~492

Net revenue by geographic area:

Americas

U.S.

~~629~~666

~~543~~579

1,~~214~~880

1,~~052~~631

Other Americas

~~157~~154

~~119~~126

~~297~~451

~~229~~355

Total Americas

~~786~~820

~~662~~705

12,~~511~~331

1,~~281~~986

Europe, Middle East and Africa

~~675~~715

~~570~~580

12,~~302~~017

1,~~104~~684

Asia Pacific

~~302~~318

~~273~~285

~~583~~901

~~537~~822

Total net revenue

1,~~763~~853

1,~~505~~570

35,~~396~~249

24,~~922~~492

Net revenue by sales channel:

Indirect

~~676~~626

908

12,~~418~~044

12,~~788~~696

Direct

1,~~087~~227

~~597~~662

13,~~978~~205

1,~~134~~796

Total net revenue

1,~~763~~853

1,~~505~~570

35,~~396~~249

24,~~922~~492

Net revenue by product type:

Design

1,~~472~~537

1,~~257~~295

24,~~833~~371

23,~~453~~748

Make

~~194~~205

~~162~~171

~~373~~578

~~307~~478

Other

97111

86104

~~190~~300

~~162~~266

Total net revenue

1,~~763~~853

1,~~505~~570

35,~~396~~249

24,~~922~~492

Payments for subscriptions are typically due in annual installments or upfront. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, warranties, or amounts due to customers for which significant estimation or judgment is required as of the reporting date.

Remaining performance obligations consist of total short-term, long-term, and unbilled deferred revenue. As of ~~July~~October 31, 2025, Autodesk had remaining performance obligations of $7.3036 billion, which represents the total transaction price allocated to remaining performance obligations, which are generally recognized over the next three years. We expect to recognize $4.6883 billion or 6466% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $2.6253 billion or 3634% of our remaining performance obligations as revenue thereafter.

The amount of remaining performance obligations may be impacted by the specific timing, duration, and size of customer subscription and support agreements, the specific timing of customer renewals, and foreign currency fluctuations.

Contract Balances

We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to performance completed in advance of scheduled billings. Contract assets were not material as of ~~July~~October 31, 2025 and January 31, 2025. Deferred revenue relates to billings in advance of performance under the contract. The primary changes in our contract assets and deferred revenues are due to our performance under the contracts and billings.

Revenue recognized during the three months ended July 31, 2025 and 2024, that was included in the deferred revenue balances at January 31, 2025 and 2024, was $1.14 billion and $1.02 billion, respectively. Revenue recognized during the six months ended July 31, 2025 and 2024, that was included in the deferred revenue balances at January 31, 2025 and 2024, was $2.48 billion and $2.21 billion, respectively. The satisfaction of performance obligations typically lags behind payments received under revenue contracts from customers.10

Revenue recognized during the three months ended October 31, 2025 and 2024, that was included in the deferred revenue balances at January 31, 2025 and 2024, was $843 million and $790 million, respectively. Revenue recognized during the nine months ended October 31, 2025 and 2024, that was included in the deferred revenue balances at January 31, 2025 and 2024, was $3.33 billion and $3.00 billion, respectively. The satisfaction of performance obligations typically lags behind payments received under revenue contracts from customers.

4. Concentration of Credit Risk

Autodesk places its cash, cash equivalents, and marketable securities in highly liquid instruments with, and in the custody of, multiple diversified financial institutions globally with high credit ratings, and limits the amounts invested with any one institution, type of security, and issuer. Autodesk’s primary commercial banking relationship is with Citigroup Inc. and its global affiliates. Citibank, N.A., an affiliate of Citigroup, acts as administrative agent and a lender under Autodesk’s $1.5 billion revolving credit facility. See Note 13, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion.

Total revenue from the Company's largest distributor TD Synnex Corporation and its global affiliates (“TD Synnex”) accounted for 1612% and 1816% of Autodesk’s total net revenue during the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively. Total revenue from TD Synnex accounted for 3633% and 3735% of Autodesk’s total net revenue during the three and ~~six~~nine months ended ~~July~~October 31, 2024, respectively. The majority of the net revenue from sales to TD Synnex is from sales outside of the United States. In addition, TD Synnex accounted for 97% and 5% of trade accounts receivable at ~~July~~October 31, 2025, and January 31, 2025, respectively. No other customer accounted for more than 10% of Autodesk's total net revenue or trade accounts receivable for each of the respective periods.

1011

5. Financial Instruments

The following tables summarize the Company's financial instruments by significant investment category as of October 31, 2025, and January 31, 2025:

	July 31, 2025
	October 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents (1):
Money market funds	$	1,~~095~~001	$	—	$	—	$	1,~~095~~001
Commercial paper	85154		—		—		85154
Certificates of deposit	4448		—		—		4448
U.S. government securities	5018		—		—		5018
Other (2)	14		—		—		14
Marketable securities:
Short-term
Corporate debt securities	5355		—		—		5355
U.S. government securities	7170		—		—		7170
Commercial paper	55116		—		—		55116
Asset-backed securities	2027		—		—		2027
Certificates of deposit	18		—		—		18
Agency mortgage-backed securities	11		—		—		11
Other (3)	53		—		—		53
Long-term
Corporate debt securities	~~113~~128		1		—		~~114~~129
Asset-backed securities	72		—		—		72
U.S. government securities	6063		—		—		6063
Agency mortgage-backed securities	2928		—		—		2928
Other (4)	710		—		—		710
Mutual funds (5) (6)	~~112~~114		1825		—		~~130~~139
Total	$	1,~~901~~940	$	1926	$	—	$	1,~~920~~966

___________________

(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.

(2)Primarily consists of ~~asset~~agency ~~backed~~discount ~~securities~~notes.

(3)Primarily consists of ~~U.S. treasury bonds and~~ agency ~~bonds~~discount notes.

(4)Primarily consists of agency collateralized mortgage obligations, ~~supranational bonds,~~ and ~~sovereign~~agency ~~government~~ bonds.

(5)See Note 11, “Deferred Compensation” for more information.

(6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Condensed Consolidated Balance Sheets.

1112


	January 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents (1):
Money market funds	$	618	$	—	$	—	$	618
Commercial paper	85		—		—		85
Certificates of deposit	38		—		—		38
U.S government securities	19		—		—		19


Other (2)	4		—		—		4
Marketable securities:
Short-term
Commercial paper	96		—		—		96
Corporate debt securities	79		—		—		79
U.S. government securities	74		—		—		74
Asset-backed securities	19		—		—		19



Other (3)	19		—		—		19


Long-term
Corporate debt securities	96		1		—		97
Asset backed securities	71		—		—		71
U.S. government securities	52		—		(1)		51
Agency mortgage-backed securities	40		—		—		40

Other (4)	8		—		—		8
Mutual funds (5) (6)	106		12		—		118


Total	$	1,424	$	13	$	(1)	$	1,436

____________________

(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.

(2)Consists primarily of corporate debt securities.

(3)Consists primarily of agency discount bonds, agency mortgage-backed securities, mortgage-backed securities, and U.S. treasury bonds.

(4)Consists primarily of agency collateralized mortgage obligations and supranational bonds.

(5)See Note 11, “Deferred Compensation” for more information.

(6)Included in “Prepaid expenses and other current assets,” or “Long-term other assets,” in the accompanying Condensed Consolidated Balance Sheets.

The following table summarizes the fair values of investments classified as marketable debt securities by contractual maturity date as of ~~July~~October 31, 2025:

	Fair Value
Due within 1 year	$	~~206~~267
Due in 1 year through 5 years	286
Due after 1 year through 5 years	314
Due in 5 years through 10 years	15
Due after 5 years through 10 years	15
Due after 10 years	86
Total	$	~~515~~602

As of both ~~July~~October 31, 2025, and January 31, 2025, Autodesk had no material unrealized losses, individually and in the aggregate, for marketable debt securities that are in a continuous unrealized loss position for greater than 12 months. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the ~~six~~nine months ended ~~July~~October 31, 2025.

12Autodesk monitors all marketable debt securities for potential credit losses by reviewing indicators such as, but not limited to, current credit rating, change in credit rating, credit outlook, and default risk. There were no allowances for credit losses as of both October 31, 2025, and January 31, 2025. There were no write offs of accrued interest receivables for both the nine months ended October 31, 2025 and 2024.

Autodesk monitors all marketable debt securities for potential credit losses by reviewing indicators such as, but not limited to, current credit rating, change in credit rating, credit outlook, and default risk. There were no allowances for credit losses as of both July 31, 2025, and January 31, 2025. There were no write offs of accrued interest receivables for both the six months ended July 31, 2025 and 2024.

There were no material realized gains or losses for the sales or redemptions of marketable debt securities during both the six months ended July 31, 2025 and 2024. Realized gains and losses from the sales or redemptions of marketable debt securities are recorded in “Interest and other income, net” on the Company's Condensed Consolidated Statements of Operations.

	Three Months Ended July 31,				Six Months Ended July 31,
	2025		2024		2025		2024
Marketable debt securities	$	178	$	168	$	353	$	430

Strategic investments in equity securities

As of July 31, 2025, and January 31, 2025, Autodesk had $167 million and $168 million in direct investments in privately held companies, respectively. These strategic investments in equity securities do not have readily determined fair values, and Autodesk uses the measurement alternative to account for the adjustment to these investments in a given quarter. If Autodesk determines that an impairment has occurred, Autodesk writes down the investment to its fair value. These strategic investments in equity securities are generally subject to a security-specific restriction which limits the sale or transfer of the respective equity security during the holding period.

	Six Months Ended July 31,				Cumulative Amount as of
	2025		2024		July 31, 2025
Upward adjustments	$	—	$	—	$	29
Negative adjustments, including impairments	(1)		(6)		(123)
Net unrealized adjustments	$	(1)	$	(6)	$	(94)

Realized gains for the disposition of strategic investment equity securities for both the three and six months ended July 31, 2025 and 2024 were immaterial.

There were no material realized gains or losses for the sales or redemptions of marketable debt securities during both the three and nine months ended October 31, 2025 and 2024. Realized gains and losses from the sales or redemptions of marketable debt securities are recorded in “Interest and other (loss) income, net” on the Company's Condensed Consolidated Statements of Operations.

Strategic investments in equity securities

As of October 31, 2025, and January 31, 2025, Autodesk had $156 million and $168 million in direct investments in privately held companies, respectively. These strategic investments in equity securities do not have readily determined fair values, and Autodesk uses the measurement alternative to account for the adjustment to these investments in a given quarter. If Autodesk determines that an impairment has occurred, Autodesk writes down the investment to its fair value. These strategic investments in equity securities are generally subject to a security-specific restriction which limits the sale or transfer of the respective equity security during the holding period.

Adjustments to the carrying value of our strategic investment equity securities with no readily determined fair values measured using the measurement alternative are included in “Interest and other (loss) income, net” on the Company's Condensed Consolidated Statements of Operations. These adjustments were as follows:


	Nine Months Ended October 31,				Cumulative Amount as of
	2025		2024		October 31, 2025
Upward adjustments	$	—	$	—	$	29
Negative adjustments, including impairments	(15)		(7)		(137)
Net unrealized adjustments	$	(15)	$	(7)	$	(108)

Realized gains for the disposition of strategic investment equity securities for both the three and nine months ended October 31, 2025 and 2024 were immaterial.

Fair Value

Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities, and other financial instruments, on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

	July 31, 2025
		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1):
Money market funds		$	1,095	$	—	$	—	$	1,095
Commercial paper		—		85		—		85
Certificates of deposit		—		44		—		44
U.S. government securities		—		50		—		50
Other (2)		—		1		—		1
Marketable securities:
Short-term
Corporate debt securities		—		53		—		53
U.S. government securities		—		71		—		71
Commercial paper		—		55		—		55
Asset-backed securities		—		20		—		20
Certificates of deposit		—		18		—		18
Agency mortgage-backed securities		—		11		—		11
Other (3)		—		5		—		5
Long-term
Corporate debt securities		—		114		—		114
Asset-backed securities		—		72		—		72
U.S. government securities		—		60		—		60
Agency mortgage-backed securities		—		29		—		29
Other (4)		—		7		—		7
Long-term other assets:
Mutual funds (5)(6)		130		—		—		130
Derivative assets:
Derivative contract assets (6)		—		33		—		33
Derivative liabilities:
Derivative contract liabilities (7)		—		(30)		—		(30)
Total		$	1,225	$	698	$	—	$	1,923

The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by significant investment category as of October 31, 2025, and January 31, 2025:


	October 31, 2025
		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1):
Money market funds		$	1,001	$	—	$	—	$	1,001
Commercial paper		—		154		—		154
Certificates of deposit		—		48		—		48

U.S. government securities		—		18		—		18




Other (2)		—		4		—		4
Marketable securities:
Short-term
Corporate debt securities		—		55		—		55
U.S. government securities		—		70		—		70
Commercial paper		—		116		—		116
Asset-backed securities		—		27		—		27
Certificates of deposit		—		18		—		18
Agency mortgage-backed securities		—		11		—		11



Other (3)		—		3		—		3
Long-term
Corporate debt securities		—		129		—		129
Asset-backed securities		—		72		—		72
U.S. government securities		—		63		—		63
Agency mortgage-backed securities		—		28		—		28


Other (4)		—		10		—		10
Long-term other assets:
Mutual funds (5)(6)		139		—		—		139

Derivative assets:
Derivative contract assets (6)		—		29		—		29

Derivative liabilities:
Derivative contract liabilities (7)		—		(25)		—		(25)
Total		$	1,140	$	830	$	—	$	1,970

____________________

(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.

(2)Primarily consists of ~~asset~~agency ~~backed~~discount ~~securities~~notes.

(3)Primarily consists of ~~U.S. treasury bonds and~~ agency ~~bonds~~discount notes.

(4)Primarily consists of agency collateralized mortgage obligations, ~~supranational bonds,~~ and ~~sovereign~~agency ~~government~~ bonds.

(5)See Note 11, “Deferred Compensation” for more information.

(6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Condensed Consolidated Balance Sheets.

(7)Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.

1415


	January 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1):

Money market funds	$	618	$	—	$	—	$	618
Commercial paper	—		85		—		85
Certificates of deposit	—		38		—		38
U.S government securities	—		19		—		19




Other (2)	—		4		—		4
Marketable securities:
Short-term
Commercial paper	—		96		—		96
Corporate debt securities	—		79		—		79
U.S. government securities	—		74		—		74
Asset backed securities	—		19		—		19



Other (3)	—		19		—		19
Long-term
Corporate debt securities	—		97		—		97
Asset backed securities	—		71		—		71
U.S. government securities	—		51		—		51
Agency bonds	—		40		—		40

Other (4)	—		8		—		8
Long-term other assets:
Mutual funds (5) (6)	118		—		—		118


Derivative assets:
Derivative contract assets (6)	—		28		—		28
Derivative liabilities:
Derivative contract liabilities (7)	—		(22)		—		(22)
Total	$	736	$	706	$	—	$	1,442

____________________

(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.

(2)Consists primarily of corporate debt securities.

(3)Consists primarily of agency discount bonds, agency mortgage-backed securities, mortgage-backed securities, and U.S. treasury bonds.

(4)Consists primarily of agency collateralized mortgage obligations and supranational bonds.

(5)See Note 11, “Deferred Compensation” for more information.

(6)Included in “Prepaid expenses and other current assets,” or “Long-term other assets,” in the accompanying Condensed Consolidated Balance Sheets.

(7)Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.

1516

6. Equity Compensation

Restricted Stock Units

A summary of restricted stock activity for the nine months ended October 31, 2025, is as follows:

	Unvestedrestrictedstock units	Weightedaverage grantdate fair valueper share
	Unvested restrictedstock units	Weighted average grant date fair value per share
	(in thousands)
Unvested restricted stock units at January 31, 2025	5,188	$	229.09
Granted	2,~~629~~767	~~263~~264.0279
Vested	(2,~~107~~576)	224.9450
Canceled/Forfeited	(~~343~~429)	~~230~~233.4223
Performance Adjustment (1)	6	275.23
Unvested restricted stock units at July 31, 2025	5,373	$	248.15
Unvested restricted stock units at October 31, 2025	4,956	$	252.28

_______________

(1)Based on Autodesk's financial results and relative total stockholder return for the fiscal 2025 performance period. The performance stock units were attained at rates ranging from 95% to 108% of the target award.

The fair value of the shares vested during the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, was $~~580~~730 million and $~~514~~634 million, respectively.

During the ~~six~~nine months ended ~~July~~October 31, 2025, Autodesk granted 2 million restricted stock units. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights.

Autodesk recorded stock-based compensation expense related to restricted stock units of $~~158~~151 million and $~~153~~152 million during the three months ended ~~July~~October 31, 2025 and 2024, respectively. Autodesk recorded stock-based compensation expense related to restricted stock units of $~~298~~449 million and $~~280~~432 million during the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, respectively.

During the ~~six~~nine months ended ~~July~~October 31, 2025, Autodesk granted 332 thousand performance stock units for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated performance and service period. The performance criteria for the majority of the performance stock units are based on revenue and non-GAAP operating income less stock-based compensation expense goals adopted by the Compensation and Human Resource Committee and total stockholder return compared against companies in the S&P North American Technology Software Index with a market capitalization over $2.0 billion (“Relative TSR”). The fair value of the performance stock units is expensed using the accelerated attribution method over the three-year vesting period and the performance stock units have the following vesting schedule:

•Up to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2026 as well as 1-year Relative TSR (covering year one) or vest following year three depending the achievement of the performance criteria for fiscal 2026 as well as a 3-year Relative TSR (covering years one, two and three).

•Up to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for fiscal 2027 as well as 2-year Relative TSR (covering years one and two) or vest following year three depending the achievement of the performance criteria for fiscal 2027 as well as a 3-year Relative TSR (covering years one, two and three).

•Up to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for fiscal 2028 as well as 3-year Relative TSR (covering years one, two and three) or vest following year three depending the achievement of the performance criteria for fiscal 2028 as well as a 3-year Relative TSR (covering years one, two and three).

The performance criteria for the performance stock units vested during the ~~six~~nine months ended ~~July~~October 31, 2025, was based on revenue and free cash flow goals adopted by the Compensation and Human Resource Committee.

1617

Performance stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights.

Autodesk recorded stock-based compensation expense related to performance stock units of $1819 million and $822 million for the three months ended ~~July~~October 31, 2025 and 2024, respectively. Autodesk recorded stock-based compensation expense related to performance stock units of $3958 million and $1436 million for the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, respectively.

1998 Employee Qualified Stock Purchase Plan (“ESPP”)

Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period.

A summary of the ESPP activity for the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, is as follows:

			Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Issued shares (in thousands)	280		299		~~343~~623		~~433~~732
Average price of issued shares	$	220.90	$	167.45	$	~~218~~219.2042	$	~~164~~165.8189
Weighted average grant date fair value of shares granted under the ESPP (1)	$	90.23	$	78.92	$	7685.5648	$	7978.1493

_______________

(1)Calculated as of the award grant date using the Black-Scholes Merton (“BSM”) option pricing model.

Stock-based Compensation Expense

The following table summarizes stock-based compensation expense for the three and nine months ended October 31, 2025 and 2024, as follows:

The following table summarizes stock-based compensation expense for the three and six months ended July 31, 2025 and 2024, as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Cost of subscription and maintenance revenue	$	10	$	9	$	32	$	27
Cost of other revenue	4		3		12		9
Marketing and sales	61		64		224		178
Research and development	84		80		257		222
General and administrative	27		25		82		64
Stock-based compensation expense related to stock awards and ESPP purchases	$	186	$	181	$	607	$	500

	Three Months Ended July 31,				Six Months Ended July 31,
	2025		2024		2025		2024
Cost of subscription and maintenance revenue	$	11	$	9	$	22	$	18
Cost of other revenue	4		3		8		6
Marketing and sales	66		61		163		114
Research and development	84		76		173		142
General and administrative	26		21		55		39
Stock-based compensation expense related to stock awards and ESPP purchases	$	191	$	170	$	421	$	319

During the nine months ended October 31, 2025, Autodesk recorded $54 million in stock-based compensation expense reflecting a cumulative adjustment since fiscal 1999 related to the Company’s ESPP. The differences were not material to any prior interim or annual periods, nor to the current fiscal year.

During the six months ended July 31, 2025, Autodesk recorded $54 million in stock-based compensation expense reflecting a cumulative adjustment since fiscal 1999 related to the Company’s ESPP. The differences were not material to any prior interim or annual periods, nor to the current fiscal year.

Stock-based Compensation Expense Assumptions

Autodesk determines the grant date fair value of its share-based payment awards BSM option pricing model or the quoted stock price on the date of grant, unless the awards are subject to market conditions, in which case Autodesk uses the Monte Carlo simulation model. The Monte Carlo simulation model uses multiple input variables to estimate the probability that market conditions will be achieved. Autodesk uses the following assumptions to estimate the fair value of stock-based awards:

	Six Months Ended July 31, 2025		Six Months Ended July 31, 2024
	Performance Stock Units (1)	ESPP (1)	Performance Stock Units	ESPP (2)
Range of expected volatilities	29.7 - 33.4%	29.1 - 29.5%	29.4 - 31.4%	28.7 - 34.5%
Range of expected lives (in years)	N/A	0.5 - 2.0	N/A	0.5 - 2.0
Expected dividends	—%	—%	—%	—%
Range of risk-free interest rates	3.8 - 4.1%	4.0 - 4.3%	5.2%	4.6 - 5.4%

_______________


	Three Months Ended October 31, 2025		Three Months Ended October 31, 2024
	Performance Stock Units	ESPP	Performance Stock Units	ESPP
Range of expected volatility	N/A	28.3 - 29.6%	N/A	29.1 - 32.0%
Range of expected lives (in years)	N/A	0.5 - 2.0	N/A	0.5 - 2.0
Expected dividends	—%	—%	—%	—%
Range of risk-free interest rates	N/A	3.6 - 3.8%	N/A	3.6 - 4.6%

	Nine Months Ended October 31, 2025		Nine Months Ended October 31, 2024
	Performance Stock Units	ESPP	Performance Stock Units	ESPP
Range of expected volatilities	29.7 - 33.4%	28.3 - 29.6%	29.4 - 31.4%	28.7 - 34.5%
Range of expected lives (in years)	N/A	0.5 - 2.0	N/A	0.5 - 2.0
Expected dividends	—%	—%	—%	—%
Range of risk-free interest rates	3.8 - 4.1%	3.6 - 4.3%	5.2%	3.6 - 5.4%

(1)There were no ESPP awards or performance stock units granted during the three months ended July 31, 2025.

(2)There were no ESPP awards granted during the three months ended July 31, 2024.

Autodesk estimates expected volatility for stock-based awards based on the average of the following two measures: (1) a measure of historical volatility in the trading market for the Company’s common stock, and (2) the implied volatility of traded options to purchase shares of the Company’s common stock. The expected volatility for performance stock units subject to market conditions includes the expected volatility of companies within the S&P North American Technology Software Index with a market capitalization over $2.0 billion, depending on the award type.

The range of expected lives of ESPP awards are based upon the four six-month exercise periods within a 24-month offering period.

Autodesk does not currently pay, and does not anticipate paying in the foreseeable future, any cash dividends. Consequently, an expected dividend yield of zero is used in the BSM option pricing model and the Monte Carlo simulation model.

The risk-free interest rate used in the BSM option pricing model and the Monte Carlo simulation model for stock-based awards is the historical yield on U.S. Treasury securities with equivalent remaining lives.

Autodesk recognizes expense only for the stock-based awards that ultimately vest. Autodesk accounts for forfeitures of our stock-based awards as those forfeitures occur.

7. Income Tax

Autodesk had income tax expense of $~~143~~125 million, relative to pre-tax income of $~~456~~468 million for the three months ended ~~July~~October 31, 2025, and income tax expense of $7076 million, relative to pre-tax income of $~~352~~351 million for the three months ended ~~July~~October 31, 2024. Our effective tax rate for the three months ended ~~July~~October 31, 2025, differs from the U.S. federal statutory rate of 21% primarily due to tax on net controlled foreign corporation tested income (“NCTI”) and withholding tax, offset by varying tax rates on foreign earnings, tax deductible stock-based compensation, and tax credits.

Autodesk had income tax expense of $~~225~~350 million, relative to pre-tax income of $~~690~~1.16 ~~million~~billion for the ~~six~~nine months ended ~~July~~October 31, 2025, and income tax expense of $~~127~~203 million, relative to pre-tax income of $~~661~~1.01 ~~million~~billion for the ~~six~~nine months ended ~~July~~October 31, 2024. Our effective tax rate for the ~~six~~nine months ended ~~July~~October 31, 2025, differs from the U.S. federal statutory rate of 21% primarily due to tax on NCTI, a nondeductible cumulative adjustment of stock-based compensation related to the Company’s ESPP, and withholding tax, offset by varying tax rates on foreign earnings, tax deductible stock-based compensation, and tax credits.

Autodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company continues to retain a valuation allowance against ~~Portugal,~~ New Zealand, California, Massachusetts, and Michigan deferred tax assets and deferred tax assets that will convert to a capital loss upon reversal in Australia and the U.S., as we do not have sufficient income of the appropriate character to benefit from these deferred tax assets.

8. Intangible Assets, Net

The following tables summarize the Company's intangible assets, net, as of October 31, 2025, and January 31, 2025:

The following tables summarize the Company's intangible assets, net, as of July 31, 2025, and January 31, 2025:


	October 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	743	$	(520)	$	223
Developed technologies	1,181		(922)		259
Trade names and patents	122		(118)		4
Other	9		(2)		7
Total intangible assets	$	2,055	$	(1,562)	$	493

	July 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	743	$	(508)	$	235
Developed technologies	1,171		(897)		274
Trade names and patents	122		(117)		5
Other	9		(2)		7
Total intangible assets	$	2,045	$	(1,524)	$	521


	January 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	735	$	(480)	$	255
Developed technologies	1,154		(849)		305
Trade names and patents	122		(115)		7
Other	7		—		7
Total intangible assets	$	2,018	$	(1,444)	$	574

9. Cloud Computing Arrangements

Autodesk enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. Costs incurred for these arrangements are capitalized for application development activities, if material, and immediately expensed for preliminary project activities and post-implementation activities. Autodesk amortizes the capitalized development costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. The capitalized costs are included in “Prepaid expenses and other current assets” and “Long-term other assets” on our Condensed Consolidated Balance Sheets. Capitalized costs were $~~356~~371 million and $327 million at ~~July~~October 31, 2025, and January 31, 2025, respectively. Accumulated amortization was $~~152~~163 million and $136 million at ~~July~~October 31, 2025, and January 31, 2025, respectively. Amortization expense for the three months ended ~~July~~October 31, 2025 and 2024, was $10 11 million and $17 15 million, respectively. Amortization expense for the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, was $2031 million and $3045 million, respectively.

10. Goodwill

Goodwill consists of the excess of the consideration transferred over the fair value of net assets acquired in business combinations. The following table summarizes the changes in the carrying amount of goodwill for the ~~six~~nine months ended ~~July~~October 31, 2025, (in millions):

Balance as of January 31, 2025 (1)	$	4,242
Effect of foreign currency translation	3336
Balance as of July 31, 2025 (1)	$	4,275
Balance as of October 31, 2025 (1)	$	4,278

_______________

(1)Accumulated impairment losses as of both January 31, 2025 and ~~July~~October 31, 2025, were $149 million.

11. Deferred Compensation

At ~~July~~October 31, 2025, Autodesk had investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans and a corresponding deferred compensation liability totaling $~~130~~139 million. Of this amount, $1314 million was classified as current and $~~117~~125 million was classified as non-current in the Condensed Consolidated Balance Sheets. Of the $118 million related to the investments in a rabbi trust as of January 31, 2025, $12 million was classified as current and $106 million was classified as non-current. The current and non-current asset portions of the investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans are recorded in the Condensed Consolidated Balance Sheets under “Prepaid expenses and other current assets” and “Long-term other assets,” respectively. The current and non-current portions of the liability are recorded in the Condensed Consolidated Balance Sheets under “Accrued compensation” and “Long-term other liabilities,” respectively.

Costs to obtain a contract with a customer

Sales commissions earned by our internal sales personnel and our solution providers are considered incremental and recoverable costs of obtaining a contract with a customer. The ending balance of assets recognized from costs to obtain a contract with a customer was $~~692~~755 million as of ~~July~~October 31, 2025, and $467 million as of January 31, 2025. These assets are recorded in “Prepaid expenses and other current assets” and “Long-term other assets” in the Condensed Consolidated Balance Sheet. Of the total amount as of ~~July~~October 31, 2025, $~~377~~417 million was recorded in “Prepaid expenses and other current assets” and $~~315~~338 million was recorded in “Long-term other assets” in the Condensed Consolidated Balance Sheets. Amortization expense related to assets recognized from costs to obtain a contract with a customer was $~~123~~ 145 million and $~~219~~364 million during the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively. Amortization expense related to assets recognized from costs to obtain a contract with a customer was $44 51 million and $85136 million during the three and ~~six~~nine months ended ~~July~~October 31, 2024, respectively. Autodesk did not recognize any contract cost impairment losses during the three and ~~six~~nine months ended ~~July~~October 31, 2025 and 2024.

12. Computer Equipment, Software, Furniture, and Leasehold Improvements, Net

Computer equipment, software, furniture and equipment, and leasehold improvements, and the related accumulated depreciation were as follows:

	July 31, 2025		January 31, 2025
	October 31, 2025		January 31, 2025
Computer hardware, at cost	$	~~106~~90	$	103
Computer software, at cost	5053		42
Furniture and equipment, at cost	~~102~~101		100
Leasehold improvements, land and buildings, at cost	~~334~~344		333
	592		578
	588		578
Less: Accumulated depreciation	(~~483~~470)		(461)
Computer equipment, software, furniture, and leasehold improvements, net	$	~~109~~118	$	117

13. Borrowing Arrangements

In May 2025, the Company terminated its previous credit agreement and entered into a new Credit Agreement (“2025 Credit Agreement”) by and among the Company, the lenders party thereto and Citibank, N.A. (“Citibank”), as administrative agent, which provides for an unsecured revolving loan facility in the aggregate principal amount of $1.5 billion, with an option to increase the principal amount to $2 billion subject to receipt of additional commitments and other customary conditions. The revolving credit facility is available for working capital and general corporate purposes. The 2025 Credit Agreement contains customary covenants that could, among other things, restrict the imposition of liens on Autodesk’s assets, and restrict Autodesk’s ability to incur additional indebtedness or make dispositions of assets if Autodesk fails to maintain compliance with the financial covenants. The 2025 Credit Agreement requires the Company to maintain a maximum leverage ratio of Consolidated Covenant Debt to Consolidated EBITDA (each as defined in the 2025 Credit Agreement) no greater than 3.50:1.00 during the term of the credit facility, subject to adjustment following the consummation of certain acquisitions up to 4.00:1.00 for up to four consecutive fiscal quarters. At ~~July~~October 31, 2025, Autodesk was in compliance with the 2025 Credit Agreement covenants. Revolving loans under the 2025 Credit Agreement will bear interest, at the Company’s option, at either (i) a per annum rate equal to the Base Rate (as defined in the 2025 Credit Agreement) or (ii) a per annum rate equal to the rate at which dollar deposits are offered in the Secured Overnight Financing Rate, plus a margin of between 0.575% and 1.000%, depending on the Company’s Public Debt Rating. The Company is also obligated to pay to each lender a facility fee on a quarterly basis based on amounts committed (whether used or unused) under the revolving facility of between 0.050% and 0.125% per annum, depending on the Company’s Public Debt Rating. The scheduled termination date under the 2025 Credit Agreement is May 8, 2030, which termination date may be extended with respect to some or all of the commitments under the 2025 Credit Agreement subject to certain terms and conditions, including the consent of each lender holding commitments to be extended. As of July 31, 2025, Autodesk had no outstanding borrowings under the 2025 Credit Agreement.

In June 2025, Autodesk issued $500 million aggregate principal amount of 5.3% notes due June 15, 2035 (“2025 Notes”). Net of a discount of $1 million and issuance costs of $5 million, Autodesk received net proceeds of $494 million from issuance of the 2025 Notes. Both the discount and issuance costs are being amortized to interest expense over the term of the 2025 Notes using the effective interest method. A portion of the proceeds of the 2025 Notes was used for the repayment of $300 million of 4.375% notes due June 15, 2025, and the remainder is available for general corporate purposes.

In October 2021, Autodesk issued $1.0 billion aggregate principal amount of 2.4% notes due December 15, 2031 (“2021 Notes”). Net of a discount of $3 million and issuance costs of $9 million, Autodesk received net proceeds of $988 million from issuance of the 2021 Notes. Both the discount and issuance costs are being amortized to interest expense over the term of the 2021 Notes using the effective interest method. The 2021 Notes were designated as sustainability bonds, the net proceeds of which are used to fund environmentally and socially responsible projects in the following areas: eco-efficient products, production technologies, and processes, sustainable water and wastewater management, renewable energy & energy efficiency, green buildings, pollution prevention and control, and socioeconomic advancement and empowerment.

In January 2020, Autodesk issued $500 million aggregate principal amount of 2.85% notes due January 15, 2030 (“2020 Notes”). Net of a discount of $1 million and issuance costs of $5 million, Autodesk received net proceeds of $494 million from issuance of the 2020 Notes. Both the discount and issuance costs are being amortized to interest expense over the term of the 2020 Notes using the effective interest method. The proceeds of the 2020 Notes were used for the repayment of $450 million of debt due June 15, 2020, and the remainder is available for general corporate purposes.

In June 2017, Autodesk issued $500 million aggregate principal amount of 3.5% notes due June 15, 2027 (the “2017 Notes”). Net of a discount of $3 million and issuance costs of $5 million, Autodesk received net proceeds of $492 million from issuance of the 2017 Notes. Both the discount and issuance costs are being amortized to interest expense over the term of the 2017 Notes using the effective interest method. The proceeds of the 2017 Notes have been used for the repayment of $400 million of debt due December 15, 2017, and the remainder is available for general corporate purposes.

The 2025 Notes, 2021 Notes, 2020 Notes, and the 2017 Notes may all be redeemed at any time, subject to a make whole premium. In addition, upon the occurrence of certain change of control triggering events, Autodesk may be required to repurchase all the aforementioned notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. All notes contain restrictive covenants that limit Autodesk's ability to create certain liens, to enter into certain sale and leaseback transactions and to consolidate or merge with, or convey, transfer, or lease all or substantially all of its assets, subject to important qualifications and exceptions.

Based on the quoted market prices, the approximate fair value of the notes as of July 31, 2025, were as follows:

	Aggregate Principal Amount	Fair value
2017 Notes	500	493
2020 Notes	500	467
2021 Notes	1,000	873
2025 Notes	500	507

quarterly basis based on amounts committed (whether used or unused) under the revolving facility of between 0.050% and 0.125% per annum, depending on the Company’s Public Debt Rating. The scheduled termination date under the 2025 Credit Agreement is May 8, 2030, which termination date may be extended with respect to some or all of the commitments under the 2025 Credit Agreement subject to certain terms and conditions, including the consent of each lender holding commitments to be extended. As of October 31, 2025, Autodesk had no outstanding borrowings under the 2025 Credit Agreement.

The ~~expected~~outstanding ~~future principal payments for all~~ borrowings as of ~~July~~ October 31, 2025, were as follows ~~(in millions)~~:


Instrument	Date of Issuance	Principal Outstanding		Fair value
5.30% senior notes due June 15, 2035 (1)	June 2025	$	500	$	514
2.40% senior notes due December 15, 2031	October 2021	1,000		889
2.85% senior notes due January 15, 2030	January 2020	500		473
3.50% senior notes due June 15, 2027	June 2017	500		496
Total principal outstanding		2,500
Less unamortized debt discount and issuance costs (2)		18
Total notes payable, net		$	2,482

_______________

(1)A portion of the proceeds of the senior notes was used for the repayment of $300 million of 4.375% notes due June 15, 2025, and the remainder is available for general corporate purposes.

(2)Both the debt discount and issuance costs are being amortized to interest expense over the term of the senior notes using the effective interest method.

The June 2025 Notes, October 2021 Notes, January 2020 Notes, and the June 2017 Notes may all be redeemed at any time, subject to a make whole premium. In addition, upon the occurrence of certain change of control triggering events, Autodesk may be required to repurchase all the aforementioned notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. All notes contain restrictive covenants that limit Autodesk's ability to create certain liens, to enter into certain sale and leaseback transactions and to consolidate or merge with, or convey, transfer, or lease all or substantially all of its assets, subject to important qualifications and exceptions.

The expected future principal payments for all borrowings as of October 31, 2025, were as follows (in millions):



Fiscal year ending
2026 (remainder)	$	—
2027	—
2028	500
2029	—
2030	500
Thereafter	1,500
Total principal outstanding	$	2,500

14. Leases

Autodesk has operating leases for real estate and certain equipment. Leases have remaining lease terms of less than 1 year to 6564 years, some of which include options to extend the lease with renewal terms ranging from 1 year to 75 years and some of which include options to terminate the leases ~~from~~within less than 1 year to 54 years. Options to extend or terminate the lease are considered in determining the lease term when it is reasonably certain that the option will be exercised. Payments under our lease arrangements are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. These amounts include payments affected by the Consumer Price Index, payments for common area maintenance that are subject to annual reconciliation, and payments for maintenance and utilities. The Company’s leases do not contain residual value guarantees or material restrictive covenants. Short-term leases are recognized in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. Short-term lease expense was not material for the periods presented. Changes in operating lease right-of-use assets and operating lease liabilities are presented net in the “Accounts payable and other liabilities” line in the Condensed Consolidated Statements of Cash Flows with the exception of “Lease-related asset impairments” which is presented in “Adjustments to reconcile net income to net cash provided by operating activities”.

During the three and ~~six~~nine months ended ~~July~~October 31, 2025, Autodesk recorded total operating lease right-of-use assets impairment charges of $21 million and $1112 million, respectively. Autodesk did not recognize any charges during the three and six months ended July 31, 2024. Autodesk assessed the asset groupings for disaggregation based on the proposed changes in use of the facilities. For asset groups where impairment was triggered, Autodesk utilized an income approach to value the asset groups by developing discounted cash flow models. The significant assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income over the remaining lease terms, expected downtime prior to the commencement of future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future cash flows. These significant assumptions are considered Level 1 and Level 2 inputs in accordance with the fair value hierarchy described in Note 1, “Business and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. The operating lease right-of-use assets impairment charges are included in “Restructuring, other exit costs, and facility reductions” in the Company’s Condensed Consolidated Statements of Operations. See Note 16, “Restructuring, Other Exit Costs, and Facility Reductions” for more details.

~~Supplemental~~nine ~~operating~~months ended October 31, 2024. Autodesk assessed the asset groupings for disaggregation based on the proposed changes in use of the facilities. For asset groups where impairment was triggered, Autodesk utilized an income approach to value the asset groups by developing discounted cash flow ~~information~~models. ~~related~~The significant assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income over the remaining lease terms, expected downtime prior to ~~leases~~the iscommencement asof ~~follows:~~future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future cash flows. These significant assumptions are considered Level 1 and Level 2 inputs in accordance with the fair value hierarchy described in Note 1, “Business and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. The operating lease right-of-use assets impairment charges are included in “Restructuring, other exit costs, and facility reductions” in the Company’s Condensed Consolidated Statements of Operations. See Note 16, “Restructuring, Other Exit Costs, and Facility Reductions” for more details.

Supplemental operating cash flow information related to leases is as follows:

	Six Months Ended July 31,
	Nine Months Ended October 31,
	2025		2024
Cash paid for operating leases included in operating cash flows (1)	$	4566	$	4770
Increase in operating lease liabilities arising from obtaining operating lease right-of-use assets and lease modifications	1329		104

_______________

(1) Includes $58 million and $710 million in variable lease payments for the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, respectively, not included in “Operating lease liabilities” and “Long-term operating lease liabilities” on the Condensed Consolidated Balance Sheets.

Maturities of operating lease liabilities were as follows:


Fiscal year ending
2026 (remainder)	$	10
2027	70
2028	60
2029	49
2030	31
Thereafter	54
	274
Less imputed interest	22
Present value of operating lease liabilities	$	252

Fiscal year ending
2026 (remainder)	$	27
2027	64
2028	55
2029	47
2030	30
Thereafter	53
	276
Less imputed interest	23
Present value of operating lease liabilities	$	253

Operating lease amounts in the table above do not include sublease income payments of $57 million. Autodesk expects to receive sublease income payments of approximately $37 million for remaining fiscal 2026 through fiscal 2030 and $20 million thereafter.

~~Operating~~As ~~lease~~of ~~amounts~~October in31, ~~the~~2025, ~~table~~Autodesk ~~above~~had dono ~~not~~material ~~include~~additional ~~sublease~~operating ~~income~~lease ~~payments~~minimum oflease ~~$60 million. Autodesk expects to receive sublease income~~ payments ~~of approximately $40 million~~ for ~~remaining~~executed ~~fiscal~~leases ~~2026~~that ~~through~~have ~~fiscal~~not ~~2030~~yet ~~and $20 million thereafter~~commenced.

As of July 31, 2025, Autodesk had no material additional operating lease minimum lease payments for executed leases that have not yet commenced.

15. Derivative Instruments

The effects of derivatives designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2025 and 2024 (amounts presented include any income tax effects):

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amount of loss recognized in accumulated other comprehensive income, net of tax, (effective portion)	$	(610)	$	(512)	$	(2939)	$	(315)
Amount and location of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)
Net revenue	$	5(1)	$	53	$	1312	$	1013
Cost of revenue	1		—		12		—
Operating expenses	85		~~(2)~~4		38		~~(4)~~—
Total	$	145	$	37	$	1722	$	613

The amount and location of gains or losses recognized in net income of derivatives not designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2025 and 2024, (amounts presented include any income tax effects):

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Interest and other (loss) income, net	$	74	$	14	$	(2420)	$	15

See Note 5, “Financial Instruments” for the fair values of derivative instruments in Autodesk’s Condensed Consolidated Balance Sheets as of ~~July~~October 31, 2025, and January 31, 2025.

Foreign currency contracts designated as cash flow hedges

Autodesk uses foreign currency contracts to reduce the exchange rate impact on a portion of the net revenue or operating expense of certain anticipated transactions. These currency collars and forward contracts are designated and documented as cash flow hedges. The notional amounts of these contracts are presented net settled and were $1.9775 billion at ~~July~~October 31, 2025, and $1.52 billion at January 31, 2025. Outstanding contracts are recognized as either assets or liabilities on the Company's Condensed Consolidated Balance Sheet at fair value. The majority of the net loss of $515 million remaining in “Accumulated other comprehensive loss” as of ~~July~~October 31, 2025, is expected to be recognized into earnings within the next 24 months.

Derivatives not designated as hedging instruments

Autodesk uses foreign currency contracts that are not designated as hedging instruments to reduce the exchange rate risk associated primarily with foreign currency denominated receivables, payables, and cash. The notional amounts of these foreign currency contracts are presented net settled and were $~~277~~487 million at ~~July~~October 31, 2025, and $1.14 billion at January 31, 2025.

16. Restructuring, Other Exit Costs, and Facility Reductions

During the first quarter of fiscal 2026, Autodesk initiated a restructuring plan (“2026 Plan”) to support Autodesk's initiatives to optimize its go-to-market organization and, at the same time, to reallocate resources to Autodesk’s strategic priorities of investments in cloud, platform and artificial intelligence. With this restructuring plan, Autodesk is realigning roles to maximize talent investments and to distribute critical expertise globally. ~~Autodesk~~The ~~expects to complete the~~ 2026 Plan byis ~~the~~substantially ~~end~~complete as of ~~fiscal~~October ~~2026~~31, 2025.

The following table sets forth the restructuring and other exit costs liability as of ~~July~~October 31, 2025:

	Balances, January 31, 2025		Additions (3)		Payments		Balances, ~~July~~October 31, 2025
Employee terminations costs (1)	$	15	$	9193	$	(98106)	$	82
Other exit costs (2)	—		34		(34)		—
Total	$	15	$	9497	$	(~~101~~110)	$	82

____________________

(1) Recorded in the Condensed Consolidated Balance Sheets under “Accrued compensation."

(2) Recorded in the Condensed Consolidated Balance Sheets under “Accounts payable."

(3) Recorded in the Condensed Consolidated Statements of Operations under “Restructuring, other exit costs, and facility reductions”.

During the three and ~~six~~nine months ended ~~July~~October 31, 2025, Autodesk recorded $21 million and $1112 million in lease right-of-use assets impairments and $1 million and $67 million in impairment charges to computer equipment, software, furniture, and leasehold improvements for facility reductions, respectively, related to the 2026 Plan. These costs are included in “Restructuring, other exit costs, and facility reductions” on the Company's Condensed Consolidated Statements of Operations.

17. Commitments and Contingencies

Guarantees and Indemnifications

In the normal course of business, Autodesk provides indemnifications of varying scopes, including limited product warranties and indemnification of customers against claims of intellectual property infringement made by third parties arising from the use of its products or services. Autodesk accrues for known indemnification issues if a loss is probable and can be reasonably estimated. Historically, costs related to these indemnifications have not been significant, and because potential future costs are highly variable, Autodesk is unable to estimate the maximum potential impact of these indemnifications on its future results of operations.

In connection with the purchase, sale, or license of assets or businesses with third parties, Autodesk has entered into or assumed customary indemnification agreements related to the assets or businesses purchased, sold, or licensed. Historically, costs related to these indemnifications have not been significant, and because potential future costs are highly variable, Autodesk is unable to estimate the maximum potential impact of these indemnifications on its future results of operations.

As permitted under Delaware law, Autodesk has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at Autodesk’s request in such capacity. The maximum potential amount of future payments Autodesk could be required to make under these indemnification agreements is unlimited; however, Autodesk has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable Autodesk to recover a portion of any future amounts paid. Autodesk believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.

Legal Proceedings

Autodesk is involved in a variety of claims, suits, inquiries, investigations, and proceedings in the normal course of business including claims of alleged infringement of intellectual property rights, commercial, employment, tax, prosecution of unauthorized use, business practices, and other matters. Autodesk routinely reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any matter is considered probable and the amount can be reasonably estimated, Autodesk records a liability for the estimated loss. Because of inherent uncertainties related to these legal matters, Autodesk bases its loss accruals on the best information available at the time. As additional information becomes available, Autodesk reassesses its potential liability and may revise its estimates. In the Company’s opinion, resolution of pending matters is not expected to have a material adverse impact on its consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, there is a reasonable possibility that an unfavorable resolution of one or more such proceedings could in the future materially affect the Company’s results of operations, cash flows, or financial position in a particular period, however, based on the information known by the Company as of the date of this filing and the rules and regulations applicable to the preparation of the Company’s financial statements, any such amount is either immaterial or it is not possible to provide an estimated amount of any such potential loss.

In early March 2024, the Audit Committee of Autodesk’s Board of Directors commenced an internal investigation with the assistance of outside counsel and advisors regarding the Company’s free cash flow and non-GAAP operating margin practices (the “Internal Investigation”). On March 8, 2024, the Company voluntarily contacted the U.S. Securities and Exchange Commission (“SEC”) to inform it of the Internal Investigation. On April 3, 2024, the United States Attorney’s Office for the Northern District of California (“USAO”) contacted the Company regarding the Internal Investigation. The Company cooperated with the SEC and USAO, including by providing certain documents and information. On August 19, 2025, the SEC notified the Company that it was closing its matter. On August 21, 2025, the USAO notified the Company that it was closing its matter as well.

On April 24, 2024, Michael Barkasi filed a purported federal securities class action complaint in the Northern District of California against the Company, our Chief Executive Officer, Andrew Anagnost, and our former Chief Financial Officer, Deborah L. Clifford. The complaint, which was filed shortly after the Company’s announcement of the Internal Investigation, generally alleged that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder. On July 10, 2024, the Court appointed a lead plaintiff in the action, and an amended complaint was filed on September 16, 2024. The action purports to be brought on behalf of those who purchased or otherwise acquired the Company’s securities between February 23, 2023 and April 16, 2024, and seeks unspecified damages and other relief. On November 25, 2024, defendants filed a motion to dismiss the complaint. On July 18, 2025, the Court granted defendants’ motion to dismiss with leave to amend. On August 8, 2025, plaintiffs filed an amended complaint, which purports to assert claims under Sections 10(b) and 20(a) of the Exchange Act, and

Rule 10b-5 promulgated thereunder. Defendants’ motion to dismiss the complaint was filed on August 29, 2025. At this stage, the Company cannot reasonably estimate the amount of any possible financial loss that could result from this matter.

18. Stockholders' Equity

Changes in stockholders' equity by component, net of tax, for the ~~six~~nine months ended ~~July~~October 31, 2025, are as follows:

	Common stock and additional paid-in capital			Accumulated other comprehensive loss		Accumulated deficit		Total stockholders' equity
	Shares	Amount
Balances, January 31, 2025	214	$	4,239	$	(285)	$	(1,333)	$	2,621
Common shares issued under stock plans	1	(73)		—		—		(73)
Stock-based compensation expense	—	233		—		—		233
Net income	—	—		—		152		152
Other comprehensive income	—	—		37		—		37
Repurchase and retirement of common shares (1)	(1)	(75)		—		(278)		(353)
Balances, April 30, 2025	214	4,324		(248)		(1,459)		2,617
Common shares issued under stock plans	—	(47)		—		—		(47)
Stock-based compensation expense	—	194		—		—		194
Net income	—	—		—		313		313
Other comprehensive income	—	—		(6)		—		(6)
Other comprehensive loss	—	—		(6)		—		(6)
Repurchase and retirement of common shares (1)	(1)	(15)		—		(341)		(356)
Balances, July 31, 2025	213	$4,456	~~4,456~~	$(254)	~~(254)~~	$(1,487)	~~(1,487)~~	$2,715	~~2,715~~
Common shares issued under stock plans	—	14		—		—		14
Stock-based compensation expense	—	191		—		—		191
Net income	—	—		—		343		343
Other comprehensive income	—	—		(9)		—		(9)
Repurchase and retirement of common shares (1)	(1)	(73)		—		(288)		(361)
Balances, October 31, 2025	212	$	4,588	$	(263)	$	(1,432)	$	2,893

________________

(1)During the three and ~~six~~nine months ended ~~July~~October 31, 2025, Autodesk repurchased 1.2 million and ~~2.5~~3 million shares at an average repurchase price of $~~297~~306.5935 and $~~282~~290.3904 per share, respectively. At ~~July~~October 31, 2025, $32.1781 billion and $5 billion remained available for repurchase under the November 2022 and November 2024 repurchase programs approved by the Board of Directors, respectively.

Changes in stockholders' equity by component, net of tax, for the six months ended July 31, 2024, are as follows:

	Common stock and additional paid-in capital			Accumulated other comprehensive loss		Accumulated deficit		Total stockholders' equity
	Shares	Amount
Balances, January 31, 2024	214	$	3,802	$	(234)	$	(1,713)	$	1,855
Common shares issued under stock plans	1	(62)		—		—		(62)
Stock-based compensation expense	—	151		—		—		151
Settlement of liability-classified restricted common shares	—	3		—		—		3
Net income	—	—		—		252		252
Other comprehensive loss	—	—		(29)		—		(29)
Repurchase and retirement of common shares (1)	—	—		—		(9)		(9)
Balances, April 30, 2024	215	3,894		(263)		(1,470)		2,161
Common shares issued under stock plans	—	(38)		—		—		(38)
Stock-based compensation expense	—	170		—		—		170
Net income	—	—		—		282		282
Other comprehensive income	—	—		14		—		14
Repurchase and retirement of common shares (1)	—	(17)		—		(98)		(115)
Balances, July 31, 2024	215	$	4,009	$	(249)	$	(1,286)	$	2,474

________________

(1)During the three and six months ended July 31, 2024, Autodesk repurchased 471 thousand and 504 thousand shares at an average repurchase price of $244.63 and $245.29 per share, respectively. At July 31, 2024, $4.62 billion remained available for repurchase under the November 2022 repurchase program approved by the Board of Directors.

~~19. Accumulated~~Changes ~~Other~~in ~~Comprehensive~~stockholders' ~~Loss~~equity by component, net of tax, for the nine months ended October 31, 2024, are as follows:

Accumulated other comprehensive loss, net of taxes, consisted of the following at July 31, 2025:


	Common stock and additional paid-in capital			Accumulated other comprehensive loss		Accumulated deficit		Total stockholders' equity
	Shares	Amount
Balances, January 31, 2024	214	$	3,802	$	(234)	$	(1,713)	$	1,855
Common shares issued under stock plans	1	(62)		—		—		(62)
Stock-based compensation expense	—	151		—		—		151
Settlement of liability-classified restricted common shares	—	3		—		—		3



Net income	—	—		—		252		252
Other comprehensive loss	—	—		(29)		—		(29)
Repurchase and retirement of common shares (1)	—	—		—		(9)		(9)
Balances, April 30, 2024	215	3,894		(263)		(1,470)		2,161
Common shares issued under stock plans	—	(38)		—		—		(38)
Stock-based compensation expense	—	170		—		—		170


Net income	—	—		—		282		282
Other comprehensive income	—	—		14		—		14
Repurchase and retirement of common shares (1)	—	(17)		—		(98)		(115)
Balances, July 31, 2024	215	4,009		(249)		(1,286)		2,474
Common shares issued under stock plans	1	13		—		—		13
Stock-based compensation expense	—	184		—		—		184


Net income	—	—		—		275		275
Other comprehensive loss	—	—		(11)				(11)
Repurchase and retirement of common shares (1)	(1)	(106)		—		(213)		(319)
Balances, October 31, 2024	215	$	4,100	$	(260)	$	(1,224)	$	2,616

	Net Unrealized Gains (Losses) on Derivative Instruments		Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Defined Benefit Pension Components		Foreign Currency Translation Adjustments		Total
Balances, January 31, 2025	$	24	$	20	$	(25)	$	(304)	$	(285)
Other comprehensive (loss) income before reclassifications	(15)		1		1		63		50
Pre-tax loss reclassified from accumulated other comprehensive loss	(17)		—		—		—		(17)
Tax effects	3		—		—		(5)		(2)
Net current period other comprehensive (loss) income	(29)		1		1		58		31
Balances, July 31, 2025	$	(5)	$	21	$	(24)	$	(246)	$	(254)

________________

~~Accumulated~~(1)During ~~other~~the ~~comprehensive~~three ~~loss,~~and ~~net~~nine ofmonths ~~taxes~~ended October 31, ~~consisted~~2024, ofAutodesk ~~the~~repurchased ~~following~~1.2 million and 1.7 million shares at ~~July~~an average repurchase price of $269.30 and $262.15 per share, respectively. At October 31, 2024:, $4.3 billion remained available for repurchase under the November 2022 repurchase program approved by the Board of Directors.

	Net Unrealized Gains (Losses) on Derivative Instruments		Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Defined Benefit Pension Components		Foreign Currency Translation Adjustments		Total
Balances, January 31, 2024	$	23	$	20	$	(24)	$	(253)	$	(234)
Other comprehensive income (loss) before reclassifications	2		1		—		(13)		(10)
Pre-tax loss reclassified from accumulated other comprehensive loss	(6)		—		—		—		(6)
Tax effects	1		—		—		—		1
Net current period other comprehensive (loss) income	(3)		1		—		(13)		(15)
Balances, July 31, 2024	$	20	$	21	$	(24)	$	(266)	$	(249)

Reclassifications related to gains and losses on available-for-sale debt securities are included in “Interest and other income, net.” Refer to Note 15, “Derivative Instruments,” for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components of net periodic benefit cost are included in “Interest and other income, net.”

19. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, net of taxes, consisted of the following at October 31, 2025:


	Net Unrealized Gains (Losses) on Derivative Instruments		Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Defined Benefit Pension Components		Foreign Currency Translation Adjustments		Total
Balances, January 31, 2025	$	24	$	20	$	(25)	$	(304)	$	(285)
Other comprehensive (loss) income before reclassifications	(22)		4		2		66		50
Pre-tax loss reclassified from accumulated other comprehensive loss	(22)		(1)		(1)		—		(24)
Tax effects	5		—		—		(9)		(4)
Net current period other comprehensive (loss) income	(39)		3		1		57		22
Balances, October 31, 2025	$	(15)	$	23	$	(24)	$	(247)	$	(263)

Accumulated other comprehensive loss, net of taxes, consisted of the following at October 31, 2024:


	Net Unrealized Gains (Losses) on Derivative Instruments		Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Defined Benefit Pension Components		Foreign Currency Translation Adjustments		Total
Balances, January 31, 2024	$	23	$	20	$	(24)	$	(253)	$	(234)
Other comprehensive (loss) income before reclassifications	(5)		—		—		(9)		(14)
Pre-tax loss reclassified from accumulated other comprehensive loss	(13)		(1)		—		—		(14)
Tax effects	3		—		—		(1)		2
Net current period other comprehensive (loss) income	(15)		(1)		—		(10)		(26)
Balances, October 31, 2024	$	8	$	19	$	(24)	$	(263)	$	(260)

Reclassifications related to gains and losses on available-for-sale debt securities are included in “Interest and other (loss) income, net.” Refer to Note 15, “Derivative Instruments,” for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components of net periodic benefit cost are included in “Interest and other (loss) income, net.”

20. Net Income Per Share

Basic net income per share is computed using the weighted average number of shares of common stock outstanding for the period. Diluted net income per share is computed using the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of restricted stock units, performance share awards, and stock options using the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net income per share amounts:

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Numerator:
Net income	$	~~313~~343	$	~~282~~275	$	~~465~~808	$	~~534~~809
Denominator:
Denominator for basic net income per share—weighted average shares	213		~~216~~215		~~214~~213		215
Effect of dilutive securities	2		12		2		2
Denominator for dilutive net income per share	215		217		~~216~~215		217
Basic net income per share	$	1.4761	$	1.3128	$	23.1779	$	23.4876
Diluted net income per share	$	1.4660	$	1.3027	$	23.1576	$	23.4673

The computation of diluted net income per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk’s stock during the periods. For the three and ~~six~~nine months ended ~~July~~October 31, 2025, there were ~~zero~~19 thousand and 9066 thousand anti-dilutive shares excluded from the computation of diluted net income per share, respectively. For the three and ~~six~~nine months ended ~~July~~October 31, 2024, there were ~~194~~12 thousand and ~~121~~84 thousand anti-dilutive shares excluded from the computation of diluted net income per share, respectively.

21. Segments

Autodesk operates in one operating and reportable segment, the Company as a whole. Autodesk is a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment. Autodesk’s software products are offered through a hybrid of desktop and cloud functionality. The chief operating decision maker (“CODM”) assesses performance and decides how to allocate resources based on consolidated net income as reported on the Condensed Consolidated Statements of Operations. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. Autodesk reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions, allocating resources, and assessing performance as the source of the Company’s reportable segments. The description of Autodesk’s products and offerings and accounting policies are described in Note 1, “Business and Summary of Significant Accounting Policies” in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed on March 6, 2025. The measure of Autodesk’s segment assets is reported on the Condensed Consolidated Balance Sheets as total assets. Autodesk determined that the Company’s Chief Executive Officer, serves as the CODM.

The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources, evaluating financial performance, and making operating decisions of Autodesk. Consolidated net income is indicative of financial performance and is monitored by the CODM. The CODM considers budget to actual comparisons of total net revenue and consolidated net income on a regular basis when assessing the operating results and making resource decisions to improve profitability. The CODM also uses the budget to actual comparisons of total net revenue and consolidated net income to make decisions aligned with Autodesk’s strategic initiatives and go-to market strategies and capital allocation priorities.

2829

The following table presents information about Autodesk’s reported segment total net revenue, segment profit, and significant segment expenses:

Three Months Ended July 31,

Six Months Ended July 31,

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

Total net revenue

1,~~763~~853

1,~~505~~570

35,~~396~~249

24,~~922~~492

Less (1):

Cost of subscription and maintenance revenue (2)

~~103~~108

9196

~~203~~311

~~182~~278

Cost of other revenue (2)

1516

3856

3248

Amortization of developed technologies

2325

2223

4873

3962

Marketing and sales (2)

~~396~~433

~~405~~437

~~794~~1,227

~~813~~1,250

Research and development (2)

~~329~~332

~~292~~298

~~634~~966

~~572~~870

General and administrative (2)

~~136~~139

~~134~~129

~~264~~403

~~267~~396

Amortization of purchased intangibles

1413

2740

2437

Restructuring, other exit costs, and facility reductions

—

~~111~~116

—

New transaction model (3)

~~103~~124

2031

~~179~~303

3263

Stock-based compensation

~~191~~186

~~170~~181

~~421~~607

~~319~~500

Interest and other (income) expense, net

~~(12)~~2

(95)

(1311)

(1924)

Provision for income taxes

~~143~~125

7076

~~225~~350

~~127~~203

Consolidated net income

~~313~~343

~~282~~275

~~465~~808

~~534~~809

____________________

(1)Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)The amounts of new transaction model and stock-based compensation are excluded from this line and presented separately within this table.

(3)New transaction model costs include sales incentives to solution providers, transaction fees, and internal operating costs.

The following table presents information about Autodesk’s other segment disclosures:

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Interest income	$	2122	$	2221	$	4062	$	4667
Interest expense	1922		18		3759		3654
Depreciation, amortization, and accretion expense	4750		4648		95145		86134
Amortization of costs to obtain a contract with a customer	~~123~~145		4451		~~219~~364		85136

Other significant non-cash items include stock-based compensation. See disclosure in table above.

Information regarding Autodesk's long-lived assets by geographic area were as follows:

	July 31, 2025		January 31, 2025
	October 31, 2025		January 31, 2025
Long-lived assets (1):
Long-lived assets:
Americas
U.S.	$	~~139~~144	$	170
Other Americas	1415		13
Total Americas	~~153~~159		183
Europe, Middle East, and Africa	5857		64
Asia Pacific	4754		39
Total long-lived assets	$	~~258~~270	$	286

~~(1)Long-lived assets exclude deferred tax assets, marketable securities, goodwill, and intangible assets.~~ 30

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion in our MD&A and elsewhere in this Quarterly Report on Form 10-Q contains trend analyses and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are any statements that look to future events and consist of, among other things, our business strategies, including those discussed in “Strategy,” “Overview of the Three and ~~Six~~Nine Months Ended ~~July~~October 31, 2025,” and in “Results of Operations-Overview.” Examples of such forward-looking statements may relate to items such as future net revenue, operating expenses, recurring revenue, net revenue retention rate, cash flow, remaining performance obligations, and other future financial results (by product type and geography); the transition to annual billings for multi-year contracts; the implementation of new transaction models; the effectiveness of our efforts to successfully manage transitions to new markets; our ability to increase our subscription base; expected market trends, including the growth of cloud and mobile computing; the availability of credit; the effects of global economic conditions, including from global trade wars or an economic downturn or recession in the United States or in other countries around the world; the effects of revenue recognition; the effects of recently issued accounting standards; expected trends in certain financial metrics, including expenses; expectations regarding our cash needs; the effects of fluctuations in exchange rates and our hedging activities on our financial results; our ability to successfully expand adoption of our products; our ability to gain market acceptance of new business and sales initiatives; the impact of restructuring activities; cybersecurity and privacy issues or incidents; the impact of past acquisitions, including our integration efforts and expected synergies; the impact of economic volatility and geopolitical activities in certain countries, particularly emerging economy countries; the timing and amount of purchases under our stock buy-back plan; and the effects of potential non-cash charges on our financial results and the resulting effect on our financial results. In addition, forward-looking statements also consist of statements involving expectations regarding product capability and acceptance, anticipated benefits of our products; statements regarding our liquidity and short-term and long-term cash requirements, as well as statements involving trend analyses and statements including such words as “may,” “believe,” “could,” “anticipate,” “would,” “might,” “plan,” “expect,” and similar expressions or the negative of these terms or other comparable terminology. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements as a result of a number of factors, including those set forth below in Part II, Item 1A, “Risk Factors,” and in our other reports filed with the U.S. Securities and Exchange Commission. We assume no obligation to update the forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Note: A glossary of terms used in this Quarterly Report on Form 10-Q appears at the end of this Item 2.

Strategy

Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk technology helps our customers to design and make a better world for all.

Our strategy is to drive customer workflow convergence by delivering a trusted design and make platform that connects people through automation, data, and insights to help them achieve better outcomes for their businesses and the world. To drive the execution of our strategy, we are focused on three strategic priorities: build the platform of choice for Design and Make, accelerate adoption of Fusion, Forma, and Flow, and transform how customers experience Autodesk.

We equip and inspire our users with the tailored tools, services, and access they need for success today and tomorrow. At every step, we help users harness the power of data to build upon their ideas and explore new ways of imagining, collaborating, and creating to achieve better outcomes for their customers, for society, and for the world. And because creativity can’t flourish in silos, we connect what matters - from steps in a project to collaborators on a unified platform.

Product Evolution

We offer subscriptions for individual products and Industry Collections, EBAs, and cloud service offerings (collectively referred to as “subscription plans”). Subscription plans are designed to give our customers more flexibility with how they use our offerings and to attract a broader range of customers, such as project-based users and small businesses.

Our subscription plans represent a hybrid of desktop software and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Our cloud offerings, for example, Autodesk 31

30Our subscription plans represent a hybrid of desktop software and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Our cloud offerings, for example, Autodesk Construction Cloud, Autodesk Build, Fusion, Flow Production Tracking, Autodesk Forma, AutoCAD web app, and AutoCAD mobile app, provide tools, including mobile and collaboration capabilities, to streamline design, collaboration, building and manufacturing, and data management processes. We believe that customer adoption of these latest offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these services.

Construction Cloud, Autodesk Build, Fusion, Flow Production Tracking, Autodesk Forma, AutoCAD web app, and AutoCAD mobile app, provide tools, including mobile and collaboration capabilities, to streamline design, collaboration, building and manufacturing, and data management processes. We believe that customer adoption of these latest offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these services.

Industry Collections provide our customers with access to a broader selection of Autodesk solutions and services, simplifying the customers’ ability to benefit from a complete set of tools for their industry.

To support our strategic priority of digital transformation in Architecture, Engineering, Construction and Operations (“AECO”), we are strengthening our AECO solutions’ foundation with both organic and inorganic investments. In fiscal 2025, we acquired Payapps Limited (“Payapps”), a leading cloud-based software platform for managing construction-related payments. This acquisition will deepen Autodesk Construction Cloud’s footprint and provide a robust payment management offering to serve the needs of general contractors and trade contractors. Through automating the application of the payment process, Payapps’ solution provides greater transparency, reduces risk and helps accelerate time-to-payment. In fiscal 2024, we launched the first set of capabilities in Autodesk Forma, an industry cloud that unifies workflows across the teams that design, build, and operate the built environment. Autodesk Forma’s initial capabilities enable the early-stage planning and design process with automation and Artificial Intelligence (“AI”)-powered insights that simplify the exploration of design concepts, offload repetitive tasks, and help evaluate environmental qualities surrounding a building site.

In manufacturing, our strategy is to combine organic and acquired software in existing and adjacent verticals to create end-to-end, cloud-based solutions for our customers that drive efficiency and sustainability. We continue to attract global manufacturing leaders and disruptive startups with our generative design and cloud-based Fusion that converges the design process with manufacturing. In fiscal 2024, we acquired a provider of simulation technology that enables factory and logistics center operators to optimize their processes.

Our strategy includes improving our product functionality and expanding our product offerings through internal development as well as through the acquisition of products, technology, and businesses. Acquisitions often increase the speed at which we can deliver product functionality to our customers; however, they entail cost and integration challenges and may, in certain instances, negatively impact our operating margins. We continually review these factors in making decisions regarding acquisitions. We anticipate that we will continue to acquire products, technology, and businesses as compelling opportunities become available.

Global Reach

We sell our products and services globally, through a combination of direct and indirect channels. Our direct channels include, but are not limited to, internal sales resources focused on selling our highly specialized solutions in our largest accounts, Solution Providers focused on serving certain Flex and subscription customers through our new transaction model, and business transacted through our online Autodesk branded store. Our indirect channels primarily include distributors, resellers, direct market resellers, volume channel partners, and product-specific resellers. During fiscal 2023, we entered into transition agreements with certain of our distributors, including TD Synnex and Ingram Micro Inc., to provide transition distribution activities for a one-to-two-year period. In fiscal 2025, we entered into a new distribution agreement with TD Synnex for government business in certain jurisdictions. Existing distribution agreements will continue in emerging markets. We transitioned our token-based Flex offerings to the new transaction model in most countries during fiscal 2023 and fiscal 2024. We transitioned most of our subscription offerings in our major markets in fiscal 2025. In this new transaction model, Solution Providers provide a quote to customers but the actual transaction occurs directly between Autodesk and the customer. During fiscal 2026, we expect the change in recognition of sales incentives to Solution Providers from contra revenue to operating costs under the new transaction model to positively impact calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars, and to result in a calculated negative impact to operating margin. See Part I, Item 1, “Financial Statements,” Note 3, “Revenue Recognition” in the Notes to the Condensed Consolidated Financial Statements for further detail on the results of our indirect and direct channel sales for the three and ~~six~~nine months ended ~~July~~October 31, 2025 and 2024.

31Our indirect channels primarily include distributors, resellers, direct market resellers, volume channel partners, and product-specific resellers.

We anticipate that our channel mix will continue to change as we scale our business. With the continued growth of our online Autodesk branded store and our new transaction model, we are transacting directly with more end customers, rather than through distributors, without substantial disruption to our revenue. We expect our indirect channel will continue to transact and support a considerable portion of our customers. We also expect our transition to annual billings for multi-year contracts to impact the timing of our billings and cash collections. We employ a variety of incentive programs and promotions to align our direct and indirect channels with our business strategies.

Platform Capabilities

We are building a trusted, outcome-focused platform for critical customer workflows that enables end-to-end digital transformation for our customers and partners within and between the industries we serve. We aim to accelerate these customer workloads by providing granular, interoperable and accessible data.

We plan to do this by focusing on building the next generation of technology and services as trusted, shared capabilities. We aim to centralize critical and duplicative capabilities across key offerings. These include foundational capabilities to make our offers safer, faster, easier, and globally scalable, as well as capabilities that can accelerate new sources of value for our customers.

One example of these shared capabilities is Autodesk AI. We have been investing in AI for over a decade. Our focus is on building AI capabilities that add value to our customers’ workloads through augmentation, automation and analysis.

One of our key strategies is to maintain an API based architecture of our software products to facilitate third-party development of complementary products and industry-specific software solutions. This approach enables customers and third parties to customize solutions for a wide variety of highly specific uses. We offer several programs that provide strategic investment funding, technological platforms, user communities, technical support, forums, and events to developers who develop add-on applications for our products. For example, we have established the Autodesk Platform Services to support innovators that build solutions to facilitate the development of a single connected ecosystem for the future of how things are designed, made, and used.

In addition to the competitive advantages afforded by our technology, our large global network of distributors, resellers, Solution Providers, third-party developers, customers, educators, educational institutions, learning partners, and students is a key competitive advantage that has been cultivated over an extensive period. This network of partners and relationships provides us with a broad and deep reach into volume markets worldwide. Our distributor, reseller and Solution Provider network is extensive and provides our customers with the resources to purchase, deploy, learn, and support our solutions quickly and easily. We have a significant number of registered third-party developers who create products that work well with our solutions and extend them to a variety of specialized applications.

Impact at Autodesk

Autodesk is committed to advancing a more sustainable, resilient, and inclusive world. We take action as a business to support our employees, customers, and communities in our collective opportunity to design and make a better world for all.

We focus our efforts to advance positive outcomes across three primary areas: energy and materials, health and resilience, and work and prosperity. These impact opportunity areas are derived from the UN Sustainable Development Goals (“SDGs”) and have been identified through a multi-pronged process to align the top needs of our stakeholders, the issues that are most important to our business, and the areas we are best placed to accelerate positive impact at scale.

These opportunities primarily manifest as outcomes through how our customers leverage our technology to design and make net-zero carbon buildings, resilient infrastructure, more sustainable products, and a thriving workforce. We support and amplify these opportunities through powering our business with 100% renewable energy, neutralizing greenhouse gas emissions associated with our operations, developing an inclusive culture and supporting students and educators with tools and training to equip the next generation of innovators. We advance these opportunities with industry innovators through collaboration with our customers and partners, deploying philanthropic capital to changemakers, and providing software donations, and training to our wider ecosystem. Autodesk committed to target 1% of annual operating profit for the long-term support of our impact programs, which includes our philanthropic work and our climate commitments.

These programs align with our operational priorities and long-term growth strategy. We aim to maintain our commitments, fostering trust with stakeholders and enabling compliance with global regulations.

Additional information about our impact and governance program is available in our annual impact report on our website at www.autodesk.com. Information contained on or accessible through our website is not part of or incorporated by reference into this report.

Assumptions Behind Our Strategy

Our strategy depends upon many assumptions, including: making our technology available to mainstream markets; leveraging our large global network of distributors, resellers, Solution Providers, third-party developers, customers, educators, educational institutions, learning partners, and students; improving the performance and functionality of our products and platform; and adequately protecting our intellectual property. If the outcome of any of these assumptions differs from our expectations, we may not be able to implement our strategy, which could potentially adversely affect our business. For further discussion regarding these and related risks, Part II, Item 1A, “Risk Factors.”

educational institutions, learning partners, and students; improving the performance and functionality of our products and platform; and adequately protecting our intellectual property. If the outcome of any of these assumptions differs from our expectations, we may not be able to implement our strategy, which could potentially adversely affect our business. For further discussion regarding these and related risks, Part II, Item 1A, “Risk Factors.”

Critical Accounting Policies and Estimates

Our Condensed Consolidated Financial Statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing our Condensed Consolidated Financial Statements, we make assumptions, judgments, and estimates that can have a significant impact on amounts reported in our Condensed Consolidated Financial Statements. We evaluate our estimates and assumptions on an ongoing basis. We base our assumptions, judgments, and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. Our significant accounting policies are described in Item 8, “Financial Statements and Supplementary Data,” Note 1, “Business and Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, if different estimates reasonably could have been used, or if changes in the estimate that are reasonably possible could materially impact the financial statements. We highlighted those policies that involve a higher degree of judgment and complexity with further discussion in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K. There have been no material changes to our critical accounting policies and estimates during the three and ~~six~~nine months ended ~~July~~October 31, 2025, as compared to those disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. We believe these policies are the most critical to aid in fully understanding and evaluating our financial condition and results of operations.

Overview of the Three and ~~Six~~Nine Months Ended ~~July~~October 31, 2025

•Total net revenue increased 1718% and 1617% to $1.7685 billion and $35.4025 billion during the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively, compared to the same periods in the prior fiscal year.

•Recurring revenue as a percentage of net revenue was ~~98% and~~ 97% for both the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively, and 97% for both the three and ~~six~~nine months ended ~~July~~October 31, 2024.

•Net revenue retention rate (“NR3”) was above 110%, on a constant currency basis, as of ~~July~~October 31, 2025, and was within the range of 100% and 110%, on a constant currency basis, as of ~~July~~October 31, 2024.

•Deferred revenue was $3.8485 billion, a decrease of 7% compared to the fourth quarter in the prior fiscal year.

•Remaining performance obligations (short-term and long-term deferred revenue plus unbilled deferred revenue) (“RPO”) was $7.3036 billion, an increase of 56% compared to the fourth quarter in the prior fiscal year.

•Current remaining performance obligations was $4.6883 billion, an increase of 58% compared to the fourth quarter in the prior fiscal year.

Revenue Analysis

Net revenue increased 1718% and 1617% during the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively, as compared to the same periods in the prior fiscal year, primarily due to an increase in subscription revenue. For further discussion of these results, see below under the heading “Results of Operations.”

We rely significantly upon major distributors and resellers in both the U.S. and international regions, including TD Synnex Corporation and its global affiliates (collectively, “TD Synnex”). Total revenue from TD Synnex accounted for 1612% and 1816% of our total net revenue during the three and ~~six~~nine months ended ~~July~~October 31, 2025, respectively. Total revenue from TD Synnex accounted for 3633% and 3735% of Autodesk’s total net revenue during the three and ~~six~~nine months ended ~~July~~October 31, 2024, respectively. Our customers through TD Synnex are the resellers and end users who purchase our software subscriptions and services. In connection with our new transaction model, we entered into agreements to provide transition distribution activities with certain distributors and entered into a new distribution agreement with TD Synnex for government business in certain jurisdictions. We maintained distribution relationships in emerging markets. We have increased our selling efforts with Solution Providers in connection with our new transaction model. Consequently, we believe our business is not substantially dependent on TD Synnex.

3334

respectively. Our customers through TD Synnex are the resellers and end users who purchase our software subscriptions and services. In connection with our new transaction model, we entered into agreements to provide transition distribution activities with certain distributors and entered into a new distribution agreement with TD Synnex for government business in certain jurisdictions. We maintained distribution relationships in emerging markets. We have increased our selling efforts with Solution Providers in connection with our new transaction model. Consequently, we believe our business is not substantially dependent on TD Synnex.

Recurring Revenue and Net Revenue Retention Rate

In order to help better understand our financial performance, we use several key performance metrics including recurring revenue and NR3. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue as these metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Please refer to the Glossary of Terms for the definitions of these metrics.

The following table outlines our recurring revenue metric for the three and nine months ended October 31, 2025 and 2024:

The following table outlines our recurring revenue metric for the three and six months ended July 31, 2025 and 2024:


	Three Months Ended October 31, 2025			Change compared to prior fiscal year				Three Months Ended October 31, 2024
(In millions, except percentage data)				$		%
Recurring revenue (1)	$	1,804		$	274	18	%	$	1,530
As a percentage of net revenue	97		%	N/A		N/A		97		%

	Nine Months Ended October 31, 2025			Change compared to prior fiscal year				Nine Months Ended October 31, 2024
				$		%
Recurring Revenue (1)	$	5,115		$	737	17	%	$	4,378
As a percentage of net revenue	97		%	N/A		N/A		97		%

	Three Months Ended July 31, 2025			Change compared toprior fiscal year				Three Months Ended July 31, 2024
(In millions, except percentage data)				$		%
Recurring revenue (1)	$	1,719		$	252	17	%	$	1,467
As a percentage of net revenue	98		%	N/A		N/A		97		%
	Six Months Ended July 31, 2025			Change compared toprior fiscal year				Six Months Ended July 31, 2024
				$		%
Recurring Revenue (1)	$	3,311		$	463	16	%	$	2,848
As a percentage of net revenue	97		%	N/A		N/A		97		%

________________

(1)The acquisition of a business may cause variability in the comparison of recurring revenue in this table above and recurring revenue derived from the revenue reported in the Condensed Consolidated Statements of Operations.

NR3 was above 110%, on a constant currency basis, as of ~~July~~October 31, 2025, in part due to our new transaction model, and was within the range of 100% and 110%, on a constant currency basis, as of ~~July~~October 31, 2024.

Foreign Currency Analysis

We generate a significant amount of our revenue in the United States, Germany, Japan, the United Kingdom, and Canada.

The following table shows the impact of foreign exchange rate changes on our net revenue and total spend:


	Three Months Ended October 31, 2025					Nine Months Ended October 31, 2025
	Percent change compared to prior fiscal year		Constant Currency percent change compared to prior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes	Percent change compared to prior fiscal year		Constant Currency percent change compared to prior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes
Net revenue	18	%	18	%	Flat	17	%	18	%	Negative
Total spend	13	%	13	%	Flat	17	%	17	%	Flat

	Three Months Ended July 31, 2025					Six Months Ended July 31, 2025
	Percent change compared toprior fiscal year		Constant Currency percent change compared toprior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes	Percent change compared toprior fiscal year		Constant Currency percent change compared toprior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes
Net revenue	17	%	18	%	Negative	16	%	17	%	Negative
Total spend	14	%	14	%	Neutral	19	%	20	%	Positive

________________

(1)Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.

Changes in the value of the U.S. dollar may have a significant effect on net revenue, total spend, and income from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions but do not attempt to completely mitigate the impact of fluctuations of such foreign currency against the U.S. dollar.

3435

Remaining Performance Obligations

RPO represents deferred revenue and contractually stated or committed ~~orders~~contracts under early renewal and multi-year billing plans for subscription, services, license, and maintenance for which the associated deferred revenue has not yet been recognized. Unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheets. See Part I, Item 1, “Financial Statements,” Note 3, “Revenue Recognition,” for more details on Autodesk's performance obligations.

(in millions)	~~July~~October 31, 2025		January 31, 2025
Deferred revenue	$	3,~~844~~846	$	4,128
Unbilled deferred revenue	3,~~453~~515		2,810
RPO	$	7,~~297~~361	$	6,938

RPO consisted of the following:

(in millions)	~~July~~October 31, 2025	January 31, 2025
Current RPO		$	4,~~677~~830	$	4,457
Non-current RPO		2,~~620~~531		2,481
RPO		$	7,~~297~~361	$	6,938

We expect that the amount of RPO will change from quarter to quarter for several reasons, including the specific timing, duration, and size of customer subscription and support agreements, the specific timing of customer renewals, and foreign currency fluctuations. Historically, we have had increased EBA sales activity in our fourth fiscal quarter and this seasonality may affect the relative value of our billings, RPO, and collections in the fourth and first fiscal quarters. As customers continue to transition from multi-year subscription contracts billed upfront to annual billing installments, some customers may choose annual contracts instead. If this were to occur, we would expect it to proportionately reduce the unbilled portion of our total remaining performance obligations and would expect it to impact total RPO growth rates negatively. Deferred revenue, billings, current RPO, revenue, non-GAAP operating margin, and free cash flow would remain broadly unchanged in this scenario.

Balance Sheet and Cash Flow Items

At ~~July~~October 31, 2025, we had $2.5259 billion in cash, cash equivalents, and marketable securities. Our cash flow from operations increased to $1.0246 billion for the ~~six~~nine months ended ~~July~~October 31, 2025, compared to $~~706~~915 million for the ~~six~~nine months ended ~~July~~October 31, 2024. We repurchased 3 million shares of our common stock for $~~709~~1.07 ~~million~~billion during the ~~six~~nine months ended ~~July~~October 31, 2025. Comparatively, we repurchased ~~504~~1.7 ~~thousand~~million shares of our common stock for $~~124~~443 million during the ~~six~~nine months ended ~~July~~October 31, 2024. See further discussion regarding the balance sheet and cash flow activities under the heading “Liquidity and Capital Resources.”

Results of Operations

Overview

We believe our investment in cloud products and a subscription business model, backed by a strong balance sheet, give us a robust foundation to successfully navigate complex geopolitical and global macro-economic challenges. However, material scarcity, supply chain disruption and resulting inflationary pressures, higher interest rates, a global labor shortage, ongoing geopolitical conflicts, economic and regulatory uncertainty, the potential for global trade wars, and foreign exchange rate fluctuations, may impact our outlook. We also expect our continued transition to annual billings for multi-year contracts to impact the timing of our billings and cash collections. The extent of the impact of these risks on our business in remaining fiscal 2026 and beyond will depend on several factors, some of which are out of our control. Further discussion of the potential impacts of these risks on our business can be found in Part II, Item 1A, “Risk Factors.”

We transitioned our token-based Flex offerings to the new transaction model in most countries during fiscal 2023 and fiscal 2024. We transitioned most of our subscription offerings in our major markets in fiscal 2025. In this new transaction model, Solution Providers provide a quote to customers but the actual transaction occurs directly between Autodesk and the customer.36

35Our sales incentives to Solution Providers are recorded as operating expenses under the new transaction model in which Solution Providers provide a quote to customers but the actual transaction occurs directly between Autodesk and the customer. Accordingly, we expect sales incentives paid to resellers recorded as a reduction of transaction price and subsequently recognized as a reduction to subscription revenue over the contract period to continue to decrease as we have transitioned to the new transaction model. Most of the sales incentives payments to Solution Providers in our new transaction model are considered incremental and recoverable costs of obtaining a contract with a customer and are capitalized and included in “Prepaid expenses and other current assets” and “Long-term other assets” on the Consolidated Balance Sheets. The deferred costs are amortized over the period of benefit and recorded to “Sales and Marketing” on the Consolidated Statement of Operations. The sales incentives not qualifying for capitalization are recorded to “Sales and Marketing” on the Consolidated Statement of Operations as the costs are incurred under the incentive program requirements. During fiscal 2026, we expect the change in recognition of sales incentives to indirect channels from contra revenue to operating expenses under the new transaction model to positively impact calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars, and to result in a calculated negative impact to operating margin.

Our sales incentives to Solution Providers are recorded as operating expenses under the new transaction model as we contract directly with end customers. Accordingly, we expect sales incentives paid to resellers recorded as a reduction of transaction price and subsequently recognized as a reduction to subscription revenue over the contract period to continue to decrease as we have transitioned to the new transaction model. Most of the sales incentives payments to Solution Providers in our new transaction model are considered incremental and recoverable costs of obtaining a contract with a customer and are capitalized and included in “Prepaid expenses and other current assets” and “Long-term other assets” on the Consolidated Balance Sheets. The deferred costs are amortized over the period of benefit and recorded to “Sales and Marketing” on the Consolidated Statement of Operations. The sales incentives not qualifying for capitalization are recorded to “Sales and Marketing” on the Consolidated Statement of Operations as the costs are incurred under the incentive program requirements. During fiscal 2026, we expect the change in recognition of sales incentives to indirect channels from contra revenue to operating expenses under the new transaction model to positively impact calculated revenue growth, while being broadly neutral to calculated operating profit and free cash flow dollars, and to result in a calculated negative impact to operating margin.

Net Revenue

Net Revenue by Income Statement Presentation

Subscription revenue consists of our term-based product subscriptions, cloud service offerings, and flexible EBAs. Revenue from these arrangements is predominately recognized ratably over the contract term commencing with the date our service is made available to customers and when all other revenue recognition criteria have been satisfied.

Maintenance revenue consists of fees for maintenance purchased with software licenses. Under our maintenance plan, customers are eligible to receive unspecified upgrades, when and if available, and technical support. We recognize maintenance revenue ratably over the term of the agreements, which is generally one year.

Other revenue consists of revenue from other products and services and is recognized as the products are delivered and services are performed.

	Three Months Ended		Change Compared to Prior Fiscal Year				Three Months Ended		Management Comments
(In millions, except percentages)	July 31, 2025		$		%		July 31, 2024
Net Revenue:
Subscription	$	1,658	$	250	18	%	$	1,408	Increase due to growth in subscription renewal revenue from the current subscriber base as compared to the prior period. Also contributing to the growth was an increase in revenue from Cloud Service offerings and EBA offerings.
Maintenance	9		(2)		(18)	%	11
Total subscription and maintenance revenue	1,667		248		17	%	1,419
Other	96		10		12	%	86
	$	1,763	$	258	17	%	$	1,505
	Six Months Ended		Change compared toprior fiscal year				Six Months Ended		Management Comments
	July 31, 2025		$		%		July 31, 2024
Net Revenue:
Subscription	$	3,190	$	452	17	%	$	2,738	Increase due to growth in subscription renewal revenue from the current subscriber base as compared to the prior period. Also contributing to the growth was an increase in revenue from Cloud Service offerings and EBA offerings.
Maintenance	17		(5)		(23)	%	22
Total subscription and maintenance revenue	3,207		447		16	%	2,760
Other	189		27		17	%	162
	$	3,396	$	474	16	%	$	2,922


	Three Months Ended		Change Compared to Prior Fiscal Year				Three Months Ended		Management Comments
(In millions, except percentages)	October 31, 2025		$		%		October 31, 2024
Net Revenue:
Subscription	$	1,734	$	277	19	%	$	1,457	Increase due to growth in subscription renewal revenue from the current subscriber base as compared to the prior period. Also contributing to the growth was an increase in revenue from Cloud Service offerings and EBA offerings.
Maintenance	8		(1)		(11)	%	9
Total subscription and maintenance revenue	1,742		276		19	%	1,466
Other	111		7		7	%	104
	$	1,853	$	283	18	%	$	1,570

	Nine Months Ended		Change compared to prior fiscal year				Nine Months Ended		Management Comments
	October 31, 2025		$		%		October 31, 2024
Net Revenue:
Subscription	$	4,924	$	729	17	%	$	4,195	Increase due to growth in subscription renewal revenue from the current subscriber base as compared to the prior period. Also contributing to the growth was an increase in revenue from Cloud Service offerings and EBA offerings.
Maintenance	25		(6)		(19)	%	31
Total subscription and maintenance revenue	4,949		723		17	%	4,226
Other	300		34		13	%	266
	$	5,249	$	757	17	%	$	4,492

Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering, Construction and Operations (“AECO”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”).

	Three Months Ended		Change compared toprior fiscal year				Three Months Ended		Management Comments
(In millions, except percentages)	~~July~~October 31, 2025		$		%		~~July~~October 31, 2024
Net Revenue by Product Family:
AECO	$	~~878~~921	$	~~165~~170	23	%	$	~~713~~751	Increase due to growth in revenue from AEC Collections, EBA offerings, and Autodesk Construction Cloud.
AutoCAD and AutoCAD LT	~~440~~458		5160		1315	%	~~389~~398		Increase due to growth in revenue from both AutoCAD and AutoCAD LT.
MFG	~~334~~355		3848		1316	%	~~296~~307		Increase due to growth in revenue from MFG Collections, Inventor, and Fusion.
M&E	8086		3		4	%	7783		Increase primarily due to lower contra revenue, driven by the adoption of the new transaction model.
Other	3133		12		36	%	3031
Total Net Revenue	$	1,~~763~~853	$	~~258~~283	1718	%	$	1,~~505~~570
	Six Months Ended		Change compared toprior fiscal year				Six Months Ended		Management Comments
	Nine Months Ended		Change compared toprior fiscal year				Nine Months Ended		Management Comments
	July 31, 2025		$		%		July 31, 2024
	October 31, 2025		$		%		October 31, 2024
Net Revenue by Product Family:
AECO	$	12,~~687~~608	$	~~300~~470	22	%	$	12,~~387~~138	Increase due to growth in revenue from AEC Collections, ~~Revit,~~EBA ~~Autodesk Build~~offerings, and ~~EBA~~Autodesk ~~offerings~~Construction Cloud.
AutoCAD and AutoCAD LT	~~851~~1,309		86146		1113	%	~~765~~1,163		Increase due to growth in revenue from both AutoCAD and AutoCAD LT.
MFG	~~643~~998		79127		1415	%	~~564~~871		Increase due to growth in revenue from MFG Collections, Fusion, and Inventor.
M&E	~~156~~242		811		5	%	~~148~~231		Increase primarily due to lower contra revenue ~~from~~due ~~PIX~~to ~~acquisition~~the ~~and~~adoption ~~EBA~~of ~~offerings~~the new transaction model.
Other	5992		13		23	%	5889
Total Net Revenue	$	35,~~396~~249	$	~~474~~757	1617	%	$	24,~~922~~492

3839

Net Revenue by Geographic Area

	Three Months Ended July 31, 2025		Change compared toprior fiscal year				Constant currency change compared to prior fiscal year		Three Months Ended July 31, 2024
	Three Months Ended October 31, 2025		Change compared toprior fiscal year				Constant currency change compared to prior fiscal year		Three Months Ended October 31, 2024
(In millions, except percentages)			$		%		%
Net Revenue:
Americas
U.S.	$	~~629~~666	$	8687	1615	%	*		$	~~543~~579
Other Americas	~~157~~154		3828		3222	%	*		~~119~~126
Total Americas	~~786~~820		~~124~~115		1916	%	1917	%	~~662~~705
EMEA	~~675~~715		~~105~~135		1823	%	1922	%	~~570~~580
APAC	~~302~~318		2933		1112	%	14	%	~~273~~285
Total Net Revenue	$	1,~~763~~853	$	~~258~~283	1718	%	18	%	$	1,~~505~~570
	Six Months Ended July 31, 2025		Change compared toprior fiscal year				Constant currency change compared to prior fiscal year		Six Months Ended July 31, 2024
	Nine Months Ended October 31, 2025		Change compared toprior fiscal year				Constant currency change compared to prior fiscal year		Nine Months Ended October 31, 2024
(In millions, except percentages)			$		%		%
Net Revenue:
Americas
U.S.	$	1,~~214~~880	$	~~162~~249	15	%	*		$	1,~~052~~631
Other Americas	~~297~~451		6896		3027	%	*		~~229~~355
Total Americas	12,~~511~~331		~~230~~345		1817	%	18	%	1,~~281~~986
EMEA	12,~~302~~017		~~198~~333		1820	%	1820	%	1,~~104~~684
APAC	~~583~~901		4679		910	%	1213	%	~~537~~822
Total Net Revenue	$	35,~~396~~249	$	~~474~~757	1617	%	1718	%	$	24,~~922~~492

____________________

* Constant currency data not provided at this level.

We believe that international revenue will continue to comprise a majority of our net revenue. Unfavorable economic conditions, including in connection with the ongoing geopolitical conflicts (and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy), or global trade wars, in the countries that contribute a significant portion of our net revenue, including in emerging economies such as Brazil, India, and China, has had and may continue to have an adverse effect on our business in those countries and our overall financial performance. Changes in the value of the U.S. dollar relative to other currencies have significantly affected, and could continue to significantly affect, our financial results for a given period even though we hedge a portion of our current and projected revenue. Increases to the levels of political and economic unpredictability or protectionism in the global market may impact our future financial results.

Net Revenue by Sales Channel

	Three Months Ended		Change compared toprior fiscal year				Three Months Ended
(In millions, except percentages)	July 31, 2025		$		%		July 31, 2024
Net Revenue by Sales Channel:
Indirect	$	676	$	(232)	(26)	%	$	908
Direct	1,087		490		82	%	597
Total Net Revenue	$	1,763	$	258	17	%	$	1,505
	Six Months Ended		Change compared toprior fiscal year				Six Months Ended
	July 31, 2025		$		%		July 31, 2024
Net Revenue by Sales Channel:
Indirect	$	1,418	$	(370)	(21)	%	$	1,788
Direct	1,978		844		74	%	1,134
Total Net Revenue	$	3,396	$	474	16	%	$	2,922

For the three months ended July 31, 2025 and 2024, approximately 62% and 40%, respectively, of our revenue was derived from direct sales to customers. For the six months ended July 31, 2025 and 2024, approximately 58% and 39%, respectively, of our revenue was derived from direct sales to customers. With the continued growth of our online Autodesk branded store and the introduction of our new transaction model, we have been decreasing our sales through resellers and distributors and transacting directly with more end customers. We anticipate that our revenue by direct sales channel will continue to increase as a percentage of total net revenue. We expect our indirect channel will continue to transact and support a considerable portion of our customers, particularly in emerging regions.

Net Revenue by Sales Channel


	Three Months Ended		Change compared to prior fiscal year				Three Months Ended
(In millions, except percentages)	October 31, 2025		$		%		October 31, 2024
Net Revenue by Sales Channel:
Indirect	$	626	$	(282)	(31)	%	$	908
Direct	1,227		565		85	%	662
Total Net Revenue	$	1,853	$	283	18	%	$	1,570

	Nine Months Ended		Change compared to prior fiscal year				Nine Months Ended
	October 31, 2025		$		%		October 31, 2024
Net Revenue by Sales Channel:
Indirect	$	2,044	$	(652)	(24)	%	$	2,696
Direct	3,205		1,409		78	%	1,796
Total Net Revenue	$	5,249	$	757	17	%	$	4,492

For the three months ended October 31, 2025 and 2024, approximately 66% and 42%, respectively, of our revenue was derived from direct sales to customers. For the nine months ended October 31, 2025 and 2024, approximately 61% and 40%, respectively, of our revenue was derived from direct sales to customers. With the continued growth of our online Autodesk branded store and the introduction of our new transaction model, we have been decreasing our sales through resellers and distributors and transacting directly with more end customers. We anticipate that our revenue by direct sales channel will continue to increase as a percentage of total net revenue. We expect our indirect channel will continue to transact and support a considerable portion of our customers, particularly in emerging regions.

Net Revenue by Product Type

	Three Months Ended July 31, 2025		Change compared toprior fiscal year				Three Months Ended July 31, 2024
	Three Months Ended October 31, 2025		Change compared toprior fiscal year				Three Months Ended October 31, 2024
(In millions, except percentages)			$		%				Management Comments
Net Revenue by Product Type:
Design	$	1,~~472~~537	$	~~215~~242	1719	%	$	1,~~257~~295	Increase primarily due to growth in AEC collections, EBA offerings, AutoCAD, AutoCAD LT, and MFG collections.
Make	~~194~~205		3234		20	%	~~162~~171		Increase primarily due to growth in revenue from Autodesk Construction Cloud and Fusion.
Other	97111		117		137	%	86104
Total Net Revenue	$	1,~~763~~853	$	~~258~~283	1718	%	$	1,~~505~~570
	Six Months Ended July 31, 2025		Change compared toprior fiscal year				Six Months Ended July 31, 2024
	Nine Months Ended October 31, 2025		Change compared toprior fiscal year				Nine Months Ended October 31, 2024
(In millions, except percentages)			$		%				Management Comments
Net Revenue by Product Type:
Design	$	24,~~833~~371	$	~~380~~623	1517	%	$	23,~~453~~748	Increase primarily due to growth in AEC collections, EBA offerings, AutoCAD, AutoCAD LT, and MFG collections.
Make	~~373~~578		66100		21	%	~~307~~478		Increase primarily due to growth in revenue from Autodesk Construction Cloud, ~~Fusion~~ and ~~PIX~~Fusion.
Other	~~190~~300		2834		1713	%	~~162~~266
Total Net Revenue	$	35,~~396~~249	$	~~474~~757	1617	%	$	24,~~922~~492

Cost of Revenue and Operating Expenses

Cost of subscription and maintenance revenue includes the labor costs of providing product support to our subscription and maintenance customers, SaaS vendor costs and allocated IT costs, facilities costs, professional services fees related to operating our network and cloud infrastructure, royalties, depreciation expense and operating lease payments associated with computer equipment, data center costs, related expenses of network operations, stock-based compensation expense, and gains and losses on our operating expense cash flow hedges.

Cost of other revenue includes costs of consulting and training services contracts and collaborative project management services contracts. Cost of other revenue also includes stock-based compensation expense, overhead charges, allocated IT and facilities costs, professional services fees, and gains and losses on our operating expense cash flow hedges.

Cost of revenue, at least over the near term, is affected by labor costs, hosting costs for our cloud offerings, the volume and mix of product sales, fluctuations in consulting costs, amortization of developed technology, new customer support offerings, royalty rates for licensed technology embedded in our products, stock-based compensation expense, and gains and losses on our operating expense cash flow hedges.

Marketing and sales expenses include salaries, bonuses, benefits, and stock-based compensation expense for our marketing and sales employees, the expense of travel, entertainment, and training for such personnel, sales commissions to employees and Solution Providers, and the costs of programs aimed at increasing revenue, such as advertising, trade shows and expositions, and various sales and promotional programs. Marketing and sales expenses also include SaaS vendor costs and allocated IT costs, payment processing fees, the cost of supplies and equipment, gains and losses on our operating expense cash flow hedges, facilities costs, and labor costs associated with sales and order management.

Research and development expenses, which are expensed as incurred, consist primarily of salaries, bonuses, benefits, and stock-based compensation expense for research and development employees, the expense of travel, entertainment, and training for such personnel, professional services such as fees paid to software development firms and independent contractors, SaaS vendor costs and allocated IT costs, gains and losses on our operating expense cash flow hedges, and facilities costs.

General and administrative expenses include salaries, bonuses, benefits, and stock-based compensation expense for our CEO, finance, human resources, and legal employees, as well as professional fees for legal and accounting services, SaaS vendor costs and net IT costs, certain foreign business taxes, gains and losses on our operating expense cash flow hedges, expense of travel, entertainment, and training, facilities costs, acquisition-related costs, and the cost of supplies and equipment.

Restructuring, other exit costs, and facility reductions include charges related to the restructuring plan (“2026 Plan”) to support our initiatives to optimize our go-to-market organization and, at the same time, to reallocate resources to our strategic priorities of investments in cloud, platform and artificial intelligence. With this restructuring plan, we are realigning roles to maximize talent investments and to distribute critical expertise globally.

	Three Months Ended			Change compared toprior fiscal year						Three Months Ended		Management comments
(In millions, except percentages)	~~July~~October 31, 2025		$			%			~~July~~October 31, 2024
Cost of revenue:
Subscription and maintenance	$	~~114~~118		$	1413		1412	%		$	~~100~~105	Increase primarily due to an increase in cloud hosting costs and employee-related costs.
Other	22			43			2216	%		1819		Increase primarily due to employee-related costs driven by higher headcount.
Amortization of developed technologies	2325			12			59	%		2223		~~Amortization~~Increase ofdue ~~developed~~to ~~technologies~~amortization ~~remained~~of ~~flat~~capitalized ~~period~~software ~~over period~~costs.
Total cost of revenue	$	~~159~~165		$	1918		1412	%		$	~~140~~147
Operating expenses:
Marketing and sales	$	~~559~~612		$	7987		1617	%		$	~~480~~525	Increase primarily due to an increase in sales commissions to Solution Providers due to the recognition of these costs in marketing and sales expense under the new transaction model ~~and an increase in marketing campaign costs~~ partially offset by a decrease in employee-related costs.
Research and development	413			45			12	%		368		Increase primarily due to an increase in employee-related costs driven by higher headcount and an increase in cloud hosting costs.
General and administrative	168			7			4	%		161		Increase primarily due to charitable contributions to the Autodesk Foundation and an increase in employee-related costs.
Amortization of purchased intangibles	14			1			8	%		13		Amortization of purchased intangibles remained flat period over period.
Restructuring, other exit costs, and facility reductions	6			6			NM (1)			—		The increase is due to the restructuring plan initiated during the first quarter of fiscal 2026. See Part I, Item 1, “Financial Statements, Note 16, “Restructuring, other exit costs, and facility reductions” for more details.
Total operating expenses	$	1,160		$	138		14	%		$	1,022
	Six Months Ended			Change compared toprior fiscal year						Six Months Ended		Management comments
	July 31, 2025		$			%			July 31, 2024
Cost of revenue:
Subscription and maintenance	$	225		$	25		13	%		$	200	Increase primarily due to an increase in cloud hosting costs and employee-related costs.
Other	46			8			21	%		38		Increase primarily due to employee-related costs driven by higher headcount.
Amortization of developed technologies	48			9			23	%		39		Increase is primarily due to amortization of acquired developed technologies as a result of acquisitions in fiscal 2025.
Total cost of revenue	$	319		$	42		15	%		$	277
Operating expenses:

Marketing and sales	$	1,125		$	176		19	%		$	949	Increase primarily due to an increase in sales commissions to Solution Providers due to the recognition of these costs in marketing and sales expense under the new transaction model and the cumulative adjustment related to the Company’s Employee Stock Purchase Plan (see Part I, Item 1, “Financial Statements, Note 6, “Equity Compensation” for more details) partially offset by a decrease in employee-related costs.
Research and development	416			38			10	%		378		Increase primarily due to an increase in employee-related costs driven by higher headcount and an increase in cloud hosting costs.
Research and development	807			93			13	%		714		Increase primarily due to employee-related costs driven by higher headcount, the cumulative adjustment related to the Company’s Employee Stock Purchase Plan (see Part I, Item 1, “Financial Statements, Note 6, “Equity Compensation” for more details) and an increase in cloud hosting costs.
General and administrative	172			11			7	%		161		Increase primarily due to charitable contributions to the Autodesk Foundation and an increase in employee-related costs.
General and administrative	330			14			4	%		316		Increase primarily due to an increase in stock-based compensation expense, professional fees and charitable contributions to the Autodesk Foundation partially offset by a decrease in acquisition-related costs.
Amortization of purchased intangibles	13			—			—	%		13		Amortization of purchased intangibles remained flat period over period.
Amortization of purchased intangibles	27			3			13	%		24		The increase is primarily due to amortization of acquired intangibles as a result of acquisitions in fiscal 2025.
Restructuring, other exit costs, and facility reductions	5			5			NM (1)			—		The increase is due to the restructuring plan initiated during the first quarter of fiscal 2026. See Part I, Item 1, “Financial Statements, Note 16, “Restructuring, other exit costs, and facility reductions” for more details.
Restructuring, other exit costs, and facility reductions	111			111			NM (1)			—		The increase is due to the restructuring plan initiated during the first quarter of fiscal 2026. See Part I, Item 1, “Financial Statements, Note 16, “Restructuring, other exit costs, and facility reductions” for more details.
Total operating expenses	$	1,218		$	141		13	%		$	1,077
Total operating expenses	$	2,400		$	397		20	%		$	2,003
	Nine Months Ended			Change compared toprior fiscal year						Nine Months Ended		Management comments
	October 31, 2025		$			%			October 31, 2024
Cost of revenue:
Subscription and maintenance	$	343		$	38		12	%		$	305	Increase primarily due to an increase in cloud hosting costs and employee-related costs.
Other	68			11			19	%		57		Increase primarily due to employee-related costs driven by higher headcount.
Amortization of developed technologies	73			11			18	%		62		Increase is primarily due to amortization of acquired developed technologies as a result of acquisitions in fiscal 2025.
Total cost of revenue	$	484		$	60		14	%		$	424
Operating expenses:
Marketing and sales	$	1,737		$	263		18	%		$	1,474	Increase primarily due to an increase in sales commissions to Solution Providers due to the recognition of these costs in marketing and sales expense under the new transaction model partially offset by a decrease in employee-related costs.
Research and development	1,223			131			12	%		1,092		Increase primarily due to employee-related costs driven by higher headcount and an increase in cloud hosting costs.
General and administrative	502			25			5	%		477		Increase primarily due to an increase in stock-based compensation expense, professional fees and charitable contributions to the Autodesk Foundation partially offset by a decrease in acquisition-related costs.
Amortization of purchased intangibles	40			3			8	%		37		The increase is primarily due to amortization of acquired intangibles as a result of acquisitions in fiscal 2025.
Restructuring, other exit costs, and facility reductions	116			116			NM (1)			—		The increase is due to the restructuring plan initiated during the first quarter of fiscal 2026. See Part I, Item 1, “Financial Statements, Note 16, “Restructuring, other exit costs, and facility reductions” for more details.
Total operating expenses	$	3,618		$	538		17	%		$	3,080

_______________

(1)Not meaningful.

~~The following table highlights our expectation for the absolute dollar change between the third quarter of fiscal 2026, as compared to the third quarter of fiscal 2025:~~43

	Absolute dollar impact	Management Comments
Cost of revenue	Increase	We expect our cost of revenue to increase as our revenue grows.
Marketing and sales	Increase	We expect marketing and sales expenses to increase with the recognition of Solution Provider commissions under our new transaction model, partially offset by savings from the restructuring initiated in fiscal 2026.
Research and development	Increase	We expect our research and development expenses to increase as we continue our investments in cloud, platform, and artificial intelligence partially offset by savings from the restructuring initiated in fiscal 2026.
General and administrative	Decrease	We expect general and administrative expenses to slightly decrease as we gain operational leverage.
Amortization of purchased intangibles	Flat	We expect our amortization of purchased intangibles to remain unchanged.
Restructuring, other exit costs, and facility reductions	Increase	We expect restructuring, other exit costs, and facility reductions to increase as compared to the third quarter of fiscal 2025 for remaining charges related to the restructuring plan initiated during the first quarter of fiscal 2026.

The following table highlights our expectation for the absolute dollar change between the fourth quarter of fiscal 2026, as compared to the fourth quarter of fiscal 2025:


	Absolute dollar impact	Management Comments
Cost of revenue	Increase	We expect our cost of revenue to increase as our revenue grows.
Marketing and sales	Increase	We expect marketing and sales expenses to increase with the recognition of Solution Provider commissions under our new transaction model, partially offset by savings from the restructuring initiated in fiscal 2026.
Research and development	Increase	We expect our research and development expenses to increase as we continue our investments in cloud, platform, and artificial intelligence partially offset by savings from the restructuring initiated in fiscal 2026.
General and administrative	Decrease	We expect general and administrative expenses to slightly decrease as we gain operational leverage.
Amortization of purchased intangibles	Flat	We expect our amortization of purchased intangibles to remain unchanged.
Restructuring, other exit costs, and facility reductions	Decrease	We expect immaterial restructuring, other exit costs, and facility reductions in the fourth quarter of fiscal 2026 related to the restructuring plan initiated during the first quarter of fiscal 2026 as the plan is substantially complete as of October 31, 2025.

Interest and Other Income (Expense), Net

The following table sets forth the components of interest and other income (expense), net:

	Three Months Ended July 31,				Six Months Ended July 31,
	Three Months Ended October 31,				Nine Months Ended October 31,
(in millions)	2025		2024		2025		2024
Interest and investment (loss) income, net	$	11	$	11	$	9	$	19
Interest and investment income, net	$	9	$	6	$	18	$	25
Gain on foreign currency	12		2—		46		3
Loss on strategic investments	(115)		(63)		(217)		(69)
Other income	12		2		24		35
Interest and other income, net	$	12	$	9	$	13	$	19
Interest and other (loss) income, net	$	(2)	$	5	$	11	$	24

43Interest and other (loss) income, net, negatively changed by $7 million during the three months ended October 31, 2025 and decreased $13 million during the nine months ended October 31, 2025, respectively, as compared to the same periods in the prior fiscal year. The negative change in the three months ended October 31, 2025, as compared to the same period in the prior fiscal year was primarily due to an increase in losses on strategic investments. The decrease in the nine months ended October 31, 2025, as compared to the same period in the prior fiscal year was primarily due an increase in losses on strategic investments, decrease in interest income, and an increase interest expenses.

Interest and other income, net, increased by $3 million during the three months ended July 31, 2025 and decreased by $6 million during the six months ended July 31, 2025, as compared to the same periods in the prior fiscal year. The increase in the three months ended July 31, 2025, as compared to the same period in the prior fiscal year was primarily due to a decrease in losses on strategic investment equity securities. The decrease in the six months ended July 31, 2025, as compared to the same period in the prior fiscal year was primarily due to a decrease in interest income in the current period and a decrease in gains for investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans as compared to the same period in the prior fiscal year.

Interest expense and investment income fluctuates based on average cash, marketable securities, debt balances, average maturities, and interest rates.

Gains and losses on foreign currency are primarily due to the impact of re-measuring foreign currency transactions and net monetary assets into the functional currency of the corresponding entity. The amount of the gain or loss on foreign currency is driven by the volume of foreign currency transactions and the foreign currency exchange rates for the period.

Provision for Income Taxes

We had income tax expense of $~~143~~125 million, relative to pre-tax income of $~~456~~468 million for the three months ended ~~July~~October 31, 2025, and income tax expense of $7076 million, relative to pre-tax income of $~~352~~351 million for the three months ended ~~July~~October 31, 2024. Income tax expense for the three months ended ~~July~~October 31, 2025, reflects U.S. and foreign tax expense, including withholding tax, reduced by tax-deductible stock-based compensation, and tax credits.

We had income tax expense of $225 million, relative to pre-tax income of $690 million for the six months ended July 31, 2025, and income tax expense of $127 million, relative to pre-tax income of $661 million for the six months ended July 31, 2024. Income tax expense for the six months ended July 31, 2025, reflects U.S. and foreign tax expense, including withholding tax, reduced by tax-deductible stock-based compensation, and tax credits.44

~~The~~We had income tax expense ~~for~~of ~~both~~$350 ~~the~~million, ~~three~~relative ~~and~~to pre-tax income of $1.16 billion for the ~~six~~nine months ended ~~July~~October 31, 2025, ~~increased~~and ~~compared~~income totax ~~the~~expense ~~corresponding~~of ~~periods~~$203 ~~in fiscal year 2024~~million, ~~primarily~~relative ~~due~~ to ~~the~~pre-tax ~~election~~income ~~made~~of ~~in the U~~$1.S.01 ~~regarding~~billion for the ~~timing~~nine ofmonths ~~taxation~~ended ~~of revenue~~October 31, ~~which~~2024. ~~reduced~~Income ~~the taxable benefit arising from foreign-derived deduction-eligible income (“FDDEI”) and increased~~ tax expense ~~associated~~for ~~with NCTI due to~~ the ~~tax~~nine ~~law~~months ~~change~~ended toOctober ~~full~~31, ~~expensing~~2025, ofreflects U.S. ~~research~~ and ~~development~~foreign ~~expenses~~tax ~~under~~expense, ~~the~~including ~~One~~withholding ~~Big~~tax, ~~Beautiful~~reduced ~~Bill~~by ~~Act~~tax-deductible ~~(“OBBBA”)~~stock-based compensation, and tax credits.

The income tax expense for both the three and the nine months ended October 31, 2025, increased compared to the corresponding periods in fiscal year 2025, primarily due to the election made in the U.S. regarding the timing of taxation of revenue, which reduced the taxable benefit arising from foreign-derived deduction-eligible income (“FDDEI”) and increased tax expense associated with NCTI in combination with the tax law change to full expensing of U.S. research and development expenses under the One Big Beautiful Bill Act (“OBBBA”), offset by benefits arising from return-to-provision adjustments relating to filing the fiscal year 2025 U.S. income tax return.

We filed an election in the U.S. for fiscal year 2026 that will more closely align the timing of taxation of our revenue with our U.S. GAAP revenue recognition principles. The one-time impact of this election reduces our estimated tax payments and increases our provision for income taxes due to the loss of taxation benefits through FDDEI and NCTI tax regimes.

The U.S. Tax Cut and Jobs Act (“Tax Act”) enacted on December 22, 2017, requires taxpayers to capitalize and amortize research and development expenses over five or fifteen years beginning in fiscal 2023. On July 4, 2025, the enactment of the OBBBA permanently eliminated the requirement to capitalize and amortize U.S. research and development expenses, thus, reducing the capitalization requirement to foreign research and development expenses only. In addition to this change, the OBBBA includes a broad range of tax reform provisions initially established by the Tax Act. The OBBBA has multiple effective dates, with certain provisions effective in fiscal year 2026 and others effective in fiscal year 2027.

We have reasonably estimated the tax effects of OBBBA and included the impact in our provision for income taxes as of ~~July~~October 31, 2025. InFor ~~addition~~fiscal year 2026, wethe ~~anticipate~~incremental ~~future~~effect ~~cash~~of ~~tax~~the ~~savings,~~OBBBA ason athe ~~result~~provision offor income taxes was reduced due to the ~~full~~preceding ~~expensing~~elections to align the timing of our revenue with our U.S. ~~research~~GAAP ~~and~~revenue ~~development~~recognition ~~expenses under the OBBBA~~principles.

We filed an election in the U.S. for fiscal year 2026 that will more closely align the timing of taxation of our revenue with our U.S. GAAP revenue recognition principles. The impact of this election reduces our estimated tax payments and increases our provision for income taxes due to the loss of taxation benefits through FDDEI and NCTI tax regimes.

As we continually strive to optimize our overall business model, tax planning strategies may become feasible and prudent allowing us to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, we will continue to evaluate the ability to utilize the deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative.

Our future effective annual tax rate may be materially impacted by the amount of benefits and charges from tax amounts associated with our foreign earnings that are taxed at rates different from the federal statutory rate, changes in valuation allowances, level of profit before tax, accounting for uncertain tax positions, business combinations, closure of statute of limitations or settlement of tax audits, and changes in tax laws. A significant amount of our earnings are generated by our European and Asia Pacific subsidiaries. Our future effective tax rates may be adversely affected to the extent earnings are lower than anticipated in countries where we have lower statutory tax rates.

Signed into law on August 16, 2022 in the U.S., the Inflation Reduction Act contains many revisions to the Internal Revenue Code effective in taxable years beginning after December 31, 2022, including a 15% corporate alternative minimum tax. We expect that this will not have a material impact on our provision for income taxes in the current fiscal year.

Other Financial Information

In addition to our results determined under GAAP discussed above, we believe the following non-GAAP measures are useful to investors in evaluating our operating performance. For the three and ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, our gross profit, income from operations, operating margin, net income, and diluted net income per share on a GAAP and non-GAAP basis were as follows (in millions except for operating margin and per share data):

	Three Months Ended July 31,						Six Months Ended July 31,
	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(Unaudited)
Gross profit	$	1,~~604~~688		$	1,~~365~~423		$	34,~~077~~765		$	24,~~645~~068
Non-GAAP gross profit	$	1,~~640~~725		$	1,~~398~~457		$	34,~~151~~876		$	24,~~706~~163
Income from operations	$	~~444~~470		$	~~343~~346		$	~~677~~1,147		$	~~642~~988
Non-GAAP income from operations	$	~~681~~698		$	~~560~~573		$	1,~~289~~987		$	1,~~050~~623
Operating margin	25		%	2322		%	2022		%	22		%
Non-GAAP operating margin	3938		%	3736		%	38		%	36		%
Net income	$	~~313~~343		$	~~282~~275		$	~~465~~808		$	~~534~~809
Non-GAAP net income	$	~~563~~575		$	~~466~~470		$	1,~~057~~632		$	~~871~~1,341
GAAP diluted net income per share	$	1.4660		$	1.3027		$	23.1576		$	23.4673
Non-GAAP diluted net income per share	$	2.6267		$	2.1517		$	47.8959		$	46.0118

For our internal budgeting and resource allocation process and as a means to provide consistency in period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our reported financial results. We also use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain benefits, credits, expenses, and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies, and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures included above are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

4546

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(In millions except for operating margin and per share data):

	Three Months Ended July 31,						Six Months Ended July 31,
	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(Unaudited)
Gross profit	$	1,~~604~~688		$	1,~~365~~423		$	34,~~077~~765		$	24,~~645~~068
Stock-based compensation expense	1514			12			3044			2436
Amortization of developed technologies	2123			2122			4467			3759
Non-GAAP gross profit	$	1,~~640~~725		$	1,~~398~~457		$	34,~~151~~876		$	24,~~706~~163
Income from operations	$	~~444~~470		$	~~343~~346		$	~~677~~1,147		$	~~642~~988
Stock-based compensation expense	~~191~~186			~~170~~181			~~421~~607			~~319~~500
Amortization of purchased intangibles and developed technologies	3436			3435			69105			6196
Acquisition-related costs	61			1311			1112			2839
Restructuring, other exit costs, and facility reductions	65			—			~~111~~116			—
Non-GAAP income from operations	$	~~681~~698		$	~~560~~573		$	1,~~289~~987		$	1,~~050~~623
Operating margin	25		%	2322		%	2022		%	22		%
Stock-based compensation expense	1110		%	1112		%	12		%	11		%
Amortization of purchased intangibles and developed technologies	2		%	2		%	2		%	2		%
Acquisition-related costs	—		%	1		%	—		%	1		%
Restructuring, other exit costs, and facility reductions	—		%	—		%	32		%	—		%
Non-GAAP operating margin (1)	3938		%	3736		%	38		%	36		%
Net income	$	~~313~~343		$	~~282~~275		$	~~465~~808		$	~~534~~809
Stock-based compensation expense	~~191~~186			~~170~~181			~~421~~607			~~319~~500
Amortization of purchased intangibles and developed technologies	3436			3435			69105			6196
Acquisition-related costs	61			1311			1112			2839
Restructuring, other exit costs, and facility reductions	65			—			~~111~~116			—
Loss on strategic investments and dispositions, net	115			63			217			69
Income tax adjustments	12(11)			(3935)			(2233)			(77112)
Non-GAAP net income	$	~~563~~575		$	~~466~~470		$	1,~~057~~632		$	~~871~~1,341
Diluted net income per share	$	1.4660		$	1.3027		$	23.1576		$	23.4673
Stock-based compensation expense	0.8987			0.7883			12.9582			12.4730
Amortization of purchased intangibles and developed technologies	0.1517			0.16			0.3249			0.2844
Acquisition-related costs	~~0.03~~—			0.0605			0.0506			0.1318
Restructuring, other exit costs, and facility reductions	0.0302			—			0.5254			—
Loss on strategic investments and dispositions, net	—0.07			0.0301			—0.07			0.0304
Income tax adjustments	(0.06)			(0.1815)			(0.1015)			(0.3651)
Non-GAAP diluted net income per share	$	2.6267		$	2.1517		$	47.8959		$	46.0118

________________

(1)Totals may not sum due to rounding.

Our non-GAAP financial measures may exclude the following, as applicable:

Stock-based compensation expenses. We exclude stock-based compensation expenses from non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning, and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions, and the variety of award types that companies can use under FASB Accounting Standards Codification ("ASC") Topic 718, we believe excluding stock-based compensation

4647

~~can use under FASB ASC Topic 718, we believe excluding stock-based compensation~~ expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

Amortization of developed technologies and purchased intangibles. We incur amortization of acquisition-related developed technologies and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues to assist in budgeting, planning, and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.

Acquisition-related costs. We exclude certain acquisition-related costs, including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration-related expenses. These expenses are unpredictable, and dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired business or our Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. We believe excluding acquisition-related costs facilitates the comparison of our financial results to our historical operating results and to other companies in our industry.

Restructuring, other exit costs, and facility reductions. These expenses are associated with realigning our business strategies based on current economic conditions. In connection with these restructuring actions or other exit actions, we recognize costs related to termination benefits for former employees whose positions were eliminated, the reduction of facilities, and cancellation of certain contracts. We exclude these charges because these expenses are not reflective of ongoing business and operating results. We believe it is useful for investors to understand the effects of these items on our total operating expenses.

Loss (gain) on strategic investments and dispositions. We exclude gains and losses related to our strategic investments and dispositions of strategic investments, purchased intangibles, and businesses from our non-GAAP measures primarily because management finds it useful to exclude these variable gains and losses on these investments and dispositions in assessing our financial results. Included in these amounts are non-cash unrealized gains and losses on the derivative components, dividends received, realized gains and losses on the sales or losses on the impairment of these investments, and gain and loss on dispositions. We believe excluding these items is useful to investors because these excluded items do not correlate to the underlying performance of our business and these losses or gains were incurred in connection with strategic investments and dispositions which do not occur regularly.

Income tax adjustments. The income tax effects that are excluded from the non-GAAP measures relate to the tax impact on the difference between GAAP and non-GAAP expenses, primarily due to stock-based compensation, amortization of purchased intangibles, and restructuring, other exit costs, and facility reductions for GAAP and non-GAAP measures. We remove GAAP discrete tax items, including changes in valuation allowance, from the non-GAAP measure of net income (loss). The non-GAAP tax provision is based on a projected long-term annual non-GAAP effective tax rate. Management believes the income tax adjustments assist investors in understanding the tax provision and the effective tax rate related to ongoing operations. We believe the exclusion of the discrete tax items provides investors with useful supplemental information about our operational performance.

Liquidity and Capital Resources

Our primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities, and overhead costs. Long-term cash requirements for items other than normal operating expenses are anticipated for the following: the acquisition of businesses, software products, or technologies complementary to our business; repayment of debt; common stock repurchases; and capital expenditures, including the purchase and implementation of internal-use software applications.

At ~~July~~October 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $2.5259 billion, net accounts receivable of $~~532~~806 million, and our revolving loan facility.

In May 2025, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2025 Credit Agreement”) by and among the Company, the lenders party thereto and Citibank, N.A. (“Citibank”), as administrative agent, which provides for an unsecured revolving loan facility in the aggregate principal amount of $1.5 billion, with an option to increase the principal amount to $2 billion subject to receipt of additional commitments and other customary conditions. The proceeds from the 2025 Credit Agreement are available for working capital and general corporate purposes. At ~~July~~October 31, ~~2025,~~

4748

2025, Autodesk had no outstanding borrowings under the 2025 Credit Agreement. See Part I, Item 1, “Financial Statements,” Note 13, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion on our covenant requirements and additional information with respect to the 2025 Credit Agreement. If we are unable to remain in compliance with the covenants under the 2025 Credit Agreement, we will not be able to draw on our revolving credit facility. Additionally, as of ~~September~~November 226, 2025, we have no amounts outstanding under the 2025 Credit Agreement.

As of ~~July~~October 31, 2025, we have $2.50 billion aggregate principal amount of notes outstanding. See Part I, Item 1, “Financial Statements,” Note 13, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion.

Our cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $1.5 billion revolving credit facility.

Our cash and cash equivalents and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of ~~July~~October 31, 2025, approximately 4956% of our total cash and cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions, or adverse tax costs. Earnings in foreign jurisdictions are generally available for distribution to the United States with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through or in combination of current cash balances, ongoing cash flows, and external borrowings.

Cash from operations could also be affected by various risks and uncertainties, including, but not limited to, the risks detailed in Part II, Item 1A titled “Risk Factors.” Based on our current business plan and revenue prospects, we believe that our existing cash and cash equivalents, our anticipated cash flows from operations, and our available revolving credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months.

Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part I, Item 3, “Quantitative and Qualitative Disclosures About Market Risk” for further discussion.

	Six Months Ended July 31,
	Nine Months Ended October 31,
(in millions)	2025		2024
Net cash provided by operating activities	$	1,~~024~~463	$	~~706~~915
Net cash provided by (used in) investing activities	8		(864)
Net cash used in investing activities	(101)		(836)
Net cash used in financing activities	(~~634~~979)		(~~221~~530)

Net cash provided by operating activities of $1,~~024~~463 million for the ~~six~~nine months ended ~~July~~October 31, 2025, primarily consisted of $~~465~~808 million of our net income adjusted for $~~885~~1,413 million non-cash items such as stock-based compensation expense, restructuring, other exit costs, and facility reductions, amortization of costs to obtain a contract with a customer, depreciation, amortization, and accretion expense, and deferred income tax offset by changes in operating assets and liabilities. The decrease in working capital is primarily due to a negative change in prepaid expenses and other assets of $~~539~~819 million, and a decrease in deferred revenue of $~~287~~286 million due to the timing of our billing installments and seasonality of billings in the fourth fiscal quarter, partially offset by the change in accounts receivable of $~~476~~202 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections from customers.

Net cash provided by operating activities of $~~706~~915 million for the ~~six~~nine months ended ~~July~~October 31, 2024, primarily consisted of $~~534~~809 million of our net income adjusted for $~~442~~700 million non-cash items such as stock-based compensation expense, amortization of costs to obtain a contract with a customer, depreciation, amortization, and accretion expense, and deferred income tax. The decrease in working capital is primarily due to a decrease in deferred revenue of $~~577~~612 million due to the timing of our billing installments and seasonality of billings in the fourth fiscal quarter and a negative change in prepaid expenses and other assets of $221 million partially offset by the change in accounts receivable of $~~477~~177 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections from customers.

Net cash provided by investing activities was $8 million for the six months ended July 31, 2025, primarily due to sales and maturities of marketable securities partially offset by purchases of marketable securities. Net cash used in investing 49

48Net cash used in investing activities was $101 million for the nine months ended October 31, 2025, primarily due to purchases of marketable securities partially offset by sales and maturities of marketable securities. Net cash used in investing activities was $836 million for the nine months ended October 31, 2024, primarily due to business combinations, net of cash acquired, and purchases of marketable securities partially offset by the sales and maturities of marketable securities.

Net cash used in financing activities was $~~864~~979 million for the ~~six~~nine months ended ~~July~~October 31, ~~2024~~2025, primarily due to ~~business~~the repurchases ~~combinations, net~~ of ~~cash~~common ~~acquired,~~stock and ~~purchases~~payment of ~~marketable~~notes ~~securities~~payable due in June 2025 partially offset by the ~~sales~~proceeds ~~and~~from ~~maturities~~the issuance of ~~marketable~~notes ~~securities~~payable due in June 2035. Net cash used in financing activities was $530 million for the nine months ended October 31, 2024, primarily due to repurchases of common stock.

Net cash used in financing activities was $634 million for the six months ended July 31, 2025, primarily due to the repurchases of common stock and payment of notes payable due in June 2025 partially offset by the proceeds from the issuance of notes payable due in June 2035. Net cash used in financing activities was $221 million for the six months ended July 31, 2024, primarily due to taxes paid related to net share settlement of equity awards and repurchases of common stock.

Issuer Purchases of Equity Securities

Autodesk's stock repurchase programs provide Autodesk with the ability to offset the dilution from the issuance of stock under our employee stock plans and reduce shares outstanding over time and has the effect of returning excess cash generated from our business to stockholders. Under the share repurchase programs, Autodesk may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share repurchase programs, tender offers, or by other means. The share repurchase programs do not have an expiration date and the pace and timing of repurchases will depend on factors such as cash generation from operations, available surplus, the volume of employee stock plan activity, remaining shares or dollar amount available in the authorized pool, cash requirements for acquisitions, cash requirements to retire outstanding debt, economic and market conditions, stock price, and legal and regulatory requirements.

The following table provides information about the repurchase of common stock in open-market transactions during the three months ended ~~July~~October 31, 2025:

(Shares in thousands)	Total Number ofSharesPurchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2)
May 1 - May 31	342	$	291.46	342	$	8,428
August 1 - August 31	411	$	290.70	411	$	8,055
June 1 - June 30	388	299.31		388	$	8,312
September 1 - September 30	336	321.64		336	$	7,947
July 1 - July 31	456	300.74		456	$	8,175
October 1 - October 31	426	309.41		426	$	7,815
Total	1,~~186~~173	$	~~297~~306.5935	1,~~186~~173

________________

(1)This represents shares purchased in open-market transactions under the stock repurchase plans approved by the Board of Directors.

(2)These amounts correspond to the plans publicly announced and approved by the Board of Directors in November 2022 and November 2024 that each authorized the repurchase of $5 billion. At ~~July~~October 31, 2025, $32.1781 billion and $5 billion remained available for repurchase under the November 2022 and November 2024 repurchase programs, respectively. The plans do not have a fixed expiration date. See Part I, Item 1, “Financial Statements,” Note 18, “Stockholders' Equity,” in the Notes to the Condensed Consolidated Financial Statements for further discussion.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate.

Free Cash Flow: Cash flow from operating activities minus capital expenditures.

Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.

Other Revenue: Consists of revenue from consulting, and other products and services, and is recognized as the products are delivered and services are performed.

Product Family: A grouping of related products or solutions that address specific industry or market needs, customer types, or use cases, or share core underlying technology or deployment models. Where a customer has a right to use different products over time, Autodesk may classify amounts to a single product family based on the customer’s primary industry or use case, or to product family other, or allocate the amounts across product families using estimates.

Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.

Solution Provider: Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions.

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.

Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs.

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. 51

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed contracts under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency Exchange Risk

Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates. Our risk management strategy utilizes foreign currency contracts to manage our exposure to foreign currency volatility that exists as part of our ongoing business operations. We utilize cash flow hedge contracts to reduce the exchange rate impact on a portion of the net revenue or operating expense of certain anticipated transactions. In addition, we use balance sheet hedge contracts to reduce the exchange rate risk associated primarily with foreign currency denominated receivables and payables. As of ~~July~~October 31, 2025, and January 31, 2025, we had open cash flow and balance sheet hedge contracts with future settlements generally within one to 12 months. Contracts were primarily denominated in British pounds, Euros, Japanese yen, ~~British pounds,~~ Singapore dollars, ~~Australian~~and ~~dollars,~~ Swiss francs~~, and Indian rupees~~. We do not enter into foreign exchange derivative instruments for trading or speculative purposes.

Our option and foreign exchange forward contracts outstanding as of the respective period-ends are summarized in U.S. dollar equivalents as follows (in millions):

	July 31, 2025				January 31, 2025
	October 31, 2025				January 31, 2025
	Notional Amount		Fair Value		Notional Amount		Fair Value
Forward Contracts:
Purchased	$	1,~~470~~648	$	6(2)	$	1,152	$	(20)
Sold	1,~~425~~963		1012		1,894		8
Option Contracts:
Purchased	1,~~704~~642		1312		1,269		24
Sold	1,~~802~~741		(2718)		1,349		(5)

We use foreign currency contracts to reduce the exchange rate impact on the net revenue and operating expenses of certain anticipated transactions. A hypothetical 10% appreciation of the U.S. dollar from its value at ~~July~~October 31, 2025, and January 31, 2025, would increase the fair value of our foreign currency contracts by $~~117~~159 million and $209 million, respectively. A hypothetical 10% depreciation of the dollar from its value at ~~July~~October 31, 2025, and January 31, 2025, would decrease the fair value of our foreign currency contracts by $~~130~~150 million and $116 million, respectively.

Interest Rate Risk

Interest rate movements affect both the interest income we earn on our short-term investments and the market value of certain longer-term securities. At ~~July~~October 31, 2025, we had $1.7983 billion of cash equivalents and marketable securities, including $~~233~~300 million classified as short-term marketable securities and $~~282~~302 million classified as long-term marketable securities. If interest rates were to move up or down by 50 or 100 basis points over a 12-month period, the market value change of these securities would not have a material impact on our results of operations.

Other Market Risk

From time to time, we make direct investments in privately held companies. Privately held company investments generally are considered inherently risky. The technologies and products these companies have under development are typically in the early stages and may never materialize, which could result in a loss of all or a substantial part of our initial investment in these companies. The evaluation of privately held companies is based on information that we request from these companies, which is not subject to the same disclosure regulations as U.S. publicly traded companies, and as such, the basis for these evaluations is subject to the timing and accuracy of the data received from these companies. See Part I, Item 1, “Financial Statements,” Note 5, “Financial Instruments,” in the Notes to Condensed Consolidated Financial Statements for further discussion regarding these strategic investments.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our Exchange Act reports is (i) recorded, processed, summarized, and reported within the time periods specified in the rules of the Securities and Exchange Commission, and (ii) accumulated and communicated to Autodesk management, including our CEO and CFO, to allow timely decisions regarding required disclosure. We conducted an evaluation, under the supervision and with the participation of our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective to meet the objective for which they were designed and operated at the reasonable assurance level.

Our disclosure controls and procedures include components of our internal control over financial reporting. Our management, including our CEO and CFO, does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Autodesk have been detected.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended ~~July~~October 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are involved in a variety of claims, suits, investigations, inquiries, and proceedings in the normal course of business activities including claims of alleged infringement of intellectual property rights, commercial, employment, tax, prosecution of unauthorized use, business practices, and other matters. In our opinion, resolution of pending matters is not expected to have a material adverse impact on our consolidated results of operations, cash flows, or financial position. Given the unpredictable nature of legal proceedings, there is a reasonable possibility that an unfavorable resolution of one or more such proceedings could in the future materially affect our results of operations, cash flows, or financial position in a particular period, however, based on the information known by us as of the date of this filing and the rules and regulations applicable to the preparation of our financial statements, any such amount is either immaterial or it is not possible to provide an estimated amount of any such potential loss.

On April 24, 2024, Michael Barkasi filed a purported federal securities class action complaint in the Northern District of California against Autodesk, our Chief Executive Officer, Andrew Anagnost, and our former Chief Financial Officer, Deborah L. Clifford. The complaint, which was filed shortly after Autodesk’s announcement of the Internal Investigation, generally alleged that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder. On July 10, 2024, the Court appointed a lead plaintiff in the action, and an amended complaint was filed on September 16, 2024. The action purports to be brought on behalf of those who purchased or otherwise acquired the Company’s securities between February 23, 2023 and April 16, 2024, and seeks unspecified damages and other relief. On November 25, 2024, Defendants filed a motion to dismiss the complaint. On July 18, 2025, the Court granted defendants’ motion to dismiss with leave to amend. On August 8, 2025, plaintiffs filed an amended complaint, which purports to assert claims under Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder. Defendants’ motion to dismiss the complaint was filed on August 29, 2025. At this stage, the Company cannot reasonably estimate the amount of any possible financial loss that could result from this matter.

In addition, on June 7, 2024, a purported stockholder derivative complaint was filed in the United States District Court for the Northern District of California, naming our directors at the time of the complaint and our Chief Strategy Officer as defendants and our company as a nominal defendant. The complaint generally alleges violations of Section 14(a) of the Exchange Act and breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, abuse of control, and waste of corporate assets, based on similar underlying allegations contained in the purported federal securities class action complaint described above. A second purported stockholder derivative complaint naming the same defendants was filed in the Northern District of California on June 25, 2024. The complaint in that case generally alleges violations of Section 10(b) of the Exchange Act and Rule 10b-5, Section 20(a) of the Exchange Act, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution, also based on similar underlying allegations contained in the purported federal securities class action described above. On October 29, 2024 the Court consolidated and stayed the two stockholder derivative actions. A third purported stockholder derivative complaint naming the same defendants was filed in the District of Delaware on February 14, 2025. That complaint generally alleged violations of Section 10(b) of the Exchange Act and Rule 10b-5, Sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duties, misappropriation of information, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, also based on similar underlying allegations contained in the purported federal securities class action described above. The plaintiff in the District of Delaware action filed a notice of voluntary dismissal of the action without prejudice on April 4, 2025, which the Court entered on April 7, 2025.

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ITEM 1A.RISK FACTORS

We operate in a rapidly changing environment that involves significant risks, a number of which are beyond our control. In addition to the other information contained in this Quarterly Report on Form 10-Q, the following discussion highlights some of these risks and the possible impact of these factors on our business, financial condition, and future results of operations. If any of the following risks actually occur, our business, financial condition, or results of operations may be adversely impacted, causing the trading price of our common stock to decline. In addition, these risks and uncertainties may impact the forward-looking statements described elsewhere in this Quarterly Report on Form 10-Q and in the documents incorporated herein by reference. They could affect our actual results of operations, causing them to differ materially from those expressed in forward-looking statements.

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties that you should consider before investing in our securities. These risks are described more fully below and include, but are not limited to, risks relating to the following:

•Our strategy to develop and introduce new products and services, exposing us to risks such as limited customer acceptance (both with new and existing customers), costs related to product defects, and large expenditures.

•Global economic and political conditions.

•Costs and challenges associated with strategic acquisitions and investments.

•Dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks.

•Inability to predict subscription renewal rates and their impact on our future revenue and operating results.

•Existing and increased competition and rapidly evolving technological changes.

•Fluctuation of our financial results, key metrics and other operating metrics.

•Deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections.

•Any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives.

•Our strategy and expectations regarding the expected benefits, timing and costs associated with our restructuring plan.

•Net revenue, billings, earnings, cash flow, or subscriptions shortfalls or volatility of the market causing the market price of our stock to decline.

•Challenges relating to the proper management and governance of our use of AI in our offerings.

•Security incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property.

•Reliance on third parties to provide us with a number of operational and technical services as well as software.

•Our highly complex software, which may contain undetected errors, defects, or vulnerabilities, and is subject to service disruptions, degradations, outages or other performance problems.

•Increasing regulatory focus on privacy, data protection, and information security issues and expanding laws.

•Governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls.

•Protection of our intellectual property rights and intellectual property infringement claims from others.

•The government procurement process.

•Fluctuations in currency exchange rates.

•Our debt service obligations.

•Our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors.

Risks Relating to Our Business and Strategy

Our strategy to develop and introduce new products and services exposes us to risks such as limited customer acceptance (both with new and existing customers), costs related to product defects, and large expenditures, each of which may result in no additional net revenue or decreased net revenue.

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The software industry is characterized by rapid technological changes as well as changes in customer requirements and preferences. In recent years, the industry has undergone a transition from developing and selling perpetual licenses and on-premises products to subscriptions and cloud-enabled technologies. Both new and existing customers are also reconsidering how they purchase software products, which requires us to constantly evaluate our business model and strategy. In response, we are focused on providing solutions to enable our customers to be more agile and collaborative on their projects. We devote significant resources to the development of new technologies. If we are unable to provide new features, enhancements to user experience, and modifications in a timely and cost-effective manner that achieve market acceptance, align with customer expectations, and that keep pace with rapid technological developments and changing regulatory landscapes, our business and operating results could be adversely affected. For example, AI and machine learning are propelling advancements in technology, but if they are not widely adopted and accepted or fail to operate as expected, our business and reputation may be harmed.

In addition, we frequently introduce new business models or methods that require a considerable investment of technical and financial resources, such as our introduction of flexible subscription and service offerings, our transition of multi-subscription plans to named-user plans and our new transaction model. It is uncertain whether these strategies, including our product and pricing changes, will accurately reflect customer demand or be successful, or whether we will be able to develop the necessary infrastructure and business models more quickly than our competitors. We make such investments through further development and enhancement of our existing products and services, as well as through acquisitions. Such investments may not result in sufficient revenue generation to justify their costs and could result in decreased net revenue or profitability. If we are not able to meet customer requirements, either with respect to new customers or existing customers, and either with respect to our software or the manner in which we provide such products, or if we are not able to adapt our business model to meet our customers’ requirements, our business, financial condition, or results of operations may be adversely impacted.

In particular, a critical component of our growth strategy is to have customers of our AutoCAD and AutoCAD LT products, as well as other individual Autodesk products, expand their portfolios to include our other offerings and cloud-based functionality, and we are taking steps to accelerate this migration. At times, sales of our AutoCAD and AutoCAD LT or individual Autodesk flagship products have decreased without a corresponding increase in Industry Collections or cloud-based functionality revenue, or without purchases of customer seats to our Industry Collections. Should this continue, our results of operations will be adversely affected.

Our executive management team must continuously act quickly and with vision, given the rapidly changing customer expectations and technology advancements inherent in the software industry, the extensive and complex efforts required to create useful and widely accepted products, and the rapid evolution of cloud computing, mobile devices, new computing platforms, and other technologies, such as consumer products. Although we have articulated a strategy that we believe will fulfill these challenges, if we fail to execute properly on that strategy or adapt the strategy as market conditions evolve, we may fail to meet our customers’ expectations, be unable to compete with our competitors' products and technology, and lose the confidence of our channel partners and employees. This in turn could adversely affect our business and financial performance.

Global economic and political conditions may further impact our industries, business, and financial results.

Our overall performance depends largely upon domestic and worldwide economic and political conditions. The United States and other countries’ economies have experienced cyclical downturns, in which economic activity was impacted by falling demand for a variety of goods and services, restricted credit, poor liquidity, decreased government spending, reduced corporate profitability, volatility in credit, equity, and foreign exchange markets, inflationary pressures and higher interest rates, bankruptcies, and overall uncertainty. These economic conditions can occur abruptly. For example, current geopolitical and global macro-economic challenges, most recently regarding tariffs and trade protectionism, have caused uncertainty in the global economy, and an economic downturn or recession in the United States or in other countries may occur or has already occurred and may continue. The extent to which these challenges will impact our financial condition or results of operations is still uncertain and will continue to depend on developments such as the impact of these challenges on our customers, vendors, distributors, and resellers, such as the supply chain disruption and resulting inflationary pressures and global labor shortage that we have seen recently, material scarcity, as well as other factors; actions taken by governments, businesses, and consumers in response to these challenges; speed and timing of economic recovery, including in specific geographies; our billings and renewal rates, including new business close rates, rate of multi-year contracts, pace of closing larger transactions, and new unit volume growth; wars and armed conflicts, including the ongoing wars between Ukraine and Russia and between Israel and Hamas; foreign exchange rate fluctuations; and the effect of these challenges on margins and cash flow. All of these factors continue to evolve and remain uncertain at this time, and some of these factors are not within our control. If economic growth in countries where we do business slows or if such countries experience further economic recessions, customers may delay or reduce technology purchases. Our customers include government entities, including the U.S. federal government, and if

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spending cuts impede the ability of governments to purchase our products and services, our revenue could decline. In addition, a number of our customers rely, directly and indirectly, on government spending.

As described elsewhere in these risk factors, we are dependent on international revenue and operations and are subject to related risks of conducting business globally. Trends toward nationalism and protectionism, including imposition of tariffs and related trade wars, and the weakening or dissolution of international trade pacts may increase the cost of, or otherwise interfere with, conducting business. These trends have increased political and economic unpredictability globally and may increase the volatility of global financial markets, and the impact of such developments on the global economy remains uncertain. Political instability or adverse political developments in any of the countries in which we do business could harm our business, results of operations, and financial condition. A financial sector credit crisis could impair credit availability and the financial stability of our customers, including our distribution partners and channels. A disruption in the financial markets may also have an effect on our derivative counter-parties and could also impair our banking partners, on which we rely for operating cash management. War, geopolitical conflicts, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy, could also affect our business. Any of these events could harm our business, results of operations, and financial condition.

Our business could be adversely impacted by the costs and challenges associated with strategic acquisitions and investments.

We regularly acquire or invest in businesses, software solutions, and technologies that are complementary to our business through acquisitions, strategic alliances, or equity or debt investments, including several transactions in fiscal 2025. The risks associated with such acquisitions include the difficulty of integrating solutions, operations, and personnel; inheriting liabilities such as intellectual property infringement claims; failure to realize anticipated revenue and cost projections and expected synergies; the requirement to test and assimilate the internal control processes of the acquired business in accordance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002; and diversion of management's time and attention. In addition, such acquisitions and investments involve other risks such as:

•the inability to retain customers, key employees, vendors, distributors, business partners, and other entities associated with the acquired business;

•the potential that due diligence of the acquired business or solution does not identify significant problems;

•exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, including claims from terminated employees, customers, or other third parties;

•the potential for incompatible business cultures;

•significantly higher than anticipated transaction or integration-related costs;

•the potential that acquired businesses or businesses that we invest in may not have adequate controls, processes, and procedures to ensure compliance with laws and regulations, including with respect to data privacy, data protection, and data security, as well as anti-bribery and anti-corruption laws, export controls, sanctions and industry-specific-regulation;

•potential additional exposure to economic, tax, currency, political, legal, and regulatory risks and liabilities, including risks associated with specific countries; and

•the potential impact on relationships with existing customers, vendors, and distributors as business partners as a result of acquiring another business.

We may not be successful in overcoming such risks, and such acquisitions and investments may negatively impact our business. In addition, if we do not complete an announced acquisition transaction or integrate an acquired business successfully and in a timely manner, we may not realize the benefits of the acquisition to the extent anticipated. Acquisitions and investments have in the past and may in the future contribute to fluctuations in our quarterly financial results. These fluctuations could arise from transaction-related costs and charges associated with eliminating redundant expenses or write-offs of impaired assets recorded in connection with acquisitions and investments, and could negatively impact our financial results.

We are dependent on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, which could adversely impact our financial results.

International net revenue represented 64% of our net revenue during both the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024. Our international revenue, some of which comes from emerging economies, is subject to economic and political conditions in foreign markets, including those resulting from economic and political conditions in the United States. Our total ~~revenue is also~~

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revenue is also impacted by the relative geographical and country mix of our revenue over time. Our dependency on international revenue makes us much more exposed to global economic and political trends, which can negatively impact our financial results even if our results in the United States are strong for a particular period.

We anticipate that our international operations will continue to account for a significant portion of our net revenue and, as we expand our international development, sales, and marketing expertise, will provide significant support to our overall efforts in countries outside of the United States. Risks inherent in our international operations include:

•economic volatility;

•tariffs, quotas, and other trade barriers and restrictions, geopolitical conflicts, and any political or economic responses and counter-responses thereto by various global actors;

•fluctuating currency exchange rates, including devaluations, currency controls, and inflation, and risks related to any hedging activities we undertake;

•changes in regulatory requirements and practices;

•delays resulting from difficulty in obtaining export licenses for certain technology;

•different purchase patterns as compared to the developed world;

•operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies;

•compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other anti-corruption laws;

•difficulties in staffing and managing foreign sales and development operations;

•local competition;

•longer collection cycles for accounts receivable;

•U.S. and foreign tax law changes and the complexities of tax reporting;

•laws regarding the free flow of data across international borders and management of and access to data and public networks;

•possible future limitations upon foreign-owned businesses;

•increased financial accounting and reporting burdens and complexities;

•inadequate local infrastructure;

•greater difficulty in protecting intellectual property;

•software piracy; and

•other factors beyond our control, including popular uprisings, terrorism, war (including any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy), natural disasters, and diseases and pandemics.

Some of our business partners also have international operations and are subject to the risks described above.

In addition, in recent years, the United States has instituted or proposed changes to foreign trade policy, including the negotiation or termination of trade agreements, the imposition of new or increased tariffs on products imported from certain countries; economic sanctions on individuals, corporations, or countries; and other government regulations affecting trade between the United States and other countries in which we do business. For example, the United States and other global actors have imposed sanctions as a result of the war against Ukraine launched by Russia and the ongoing war between Israel and Hamas. Additionally, recent executive actions and executive branch policies in the United States, such as those communicated in a February 2025 memorandum regarding a change in U.S. policy with respect to the negotiation and imposition of digital services taxes and regulations by other countries, suggest a broader purview for changes in U.S. trade policy as a component of U.S. foreign policy. Since March 2025, the United States has placed an additional 20% tariff on most goods from China, imposed an additional 25% tariff on most products of Canada and Mexico (with an exception for goods that qualify for duty-free treatment under the U.S.-Mexico-Canada Agreement), and implemented 25% Section 232 tariffs on various articles of steel and aluminum. In April 2025, the U.S. government implemented 25% Section 232 tariffs on passenger vehicles and light trucks (with similar Section 232 tariffs on components for such vehicles expected to be imposed beginning in May 2025); imposed an additional reciprocal tariff of 125% on most imports from China; and imposed an additional reciprocal tariff of 10% on most imports from U.S. trading partners other than China, Canada, Mexico, and countries with which the U.S. does not have normal trade relations. Additional investigations by the U.S. government are in progress and could result in the imposition of additional tariffs on additional items.

There is currently significant uncertainty about the future relationship between the United States and its trading partners with respect to trade policies, tariffs, taxes, and similar policies affecting cross-border operations. These new or increased

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tariffs and other changes in U.S. trade policy, including new sanctions, have triggered and could continue to trigger retaliatory actions by affected countries, including Canada, China, Russia, and others, that have instituted, considered, or are considering imposing new or increased tariffs, export controls, and other trade sanctions targeting certain U.S. persons or U.S.-manufactured goods. These retaliatory measures could include responses such as the imposition of new or increased digital services taxes. The escalation of protectionist or retaliatory trade measures in either the United States or any other countries in which we do business, such as announcing sanctions, a change in tariff structures, export controls, or other trade policies, may increase the cost of, or otherwise interfere with, the conduct of our business, and could have a material adverse effect on our operations and business outlook.

Even if we are able to successfully manage the risks of international operations, our business may be adversely affected if our business partners are not able to successfully manage these risks.

We may not be able to predict subscription renewal rates and their impact on our future revenue and operating results.

We are dependent on attracting new customers as well as renewing and expanding our business with existing customers. Our customers are not obligated to renew their subscriptions for our offerings, and they may elect not to renew, upgrade, or expand their subscriptions. We cannot assure renewal rates or the mix of subscriptions renewals. Customer renewal rates may decline or fluctuate due to a number of factors, including offering pricing; competitive offerings; customer satisfaction; and reductions in customer spending levels, customer activity, or number of users due to economic downturns or financial markets uncertainty. If our customers do not renew their subscriptions or if they renew on less favorable terms, our revenues may decline.

Existing and increased competition and rapidly evolving technological changes may reduce our revenue and profits.

The software industry has limited barriers to entry, and the availability of computing devices with continually expanding performance at progressively lower prices contributes to the ease of market entry. The industry has undergone a transition from developing and selling perpetual licenses and on-premises products to subscriptions and cloud-enabled technologies. This shift further lowers barriers to entry and poses a disruptive challenge to established software companies. The markets in which we operate are characterized by vigorous competition, both by entrants with innovative technologies and by consolidation of companies with complementary offerings and technologies. Some of our competitors have greater financial, technical, sales and marketing, and other resources. Our competitors may also be able to develop and market new technologies that render our existing or future products less competitive. For example, disruptive technologies such as machine learning and other AI technologies may significantly alter the market for our products in unpredictable ways and reduce customer demand. Furthermore, a reduction in the number and availability of compatible third-party applications or our inability to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices, and new computing platforms, may adversely affect the sale of our solutions. Because of these and other factors, competitive conditions in the industry are likely to intensify in the future. Increased competition could result in price reductions, reduced net revenue and profit margins, and loss of market share, any of which would likely harm our business.

Our financial results, key metrics, and other operating metrics fluctuate within each quarter and from quarter to quarter, making our future revenue and financial results difficult to predict.

Our quarterly financial results, key metrics, and other operating metrics have fluctuated in the past and will continue to do so in the future. These fluctuations have in the past caused and could in the future cause our stock price to change significantly or experience declines. We also provide investors with quarterly and annual financial forward-looking guidance that could prove to be inaccurate as a result of these fluctuations. In addition to the other risks described in these risk factors, some of the factors that have in the past caused and could in the future cause our financial results, key metrics, and other operating metrics to fluctuate include:

•general market, economic, business, and political conditions in Europe, APAC, and emerging economies, including from an economic downturn or recession in the United States or other countries, as well as economic and regulatory uncertainty;

•failure to produce sufficient revenue, billings, subscription, profitability, and cash flow growth;

•failure to accurately predict the impact of acquired businesses or to identify and realize the anticipated benefits of acquisitions, and successfully integrate such acquired businesses and technologies;

•shift to named-user plans and annual billing of multi-year contracts, which impacted the timing of our billings and cash collections in fiscal year 2024 and 2025 and which is expected to continue into fiscal year 2026;

•our ability to successfully introduce and expand new transaction models such as Flex;

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•potential goodwill impairment charges related to prior acquisitions;

•failure to manage spend;

•changes in billings linearity;

•changes in subscription mix, pricing pressure, or changes in subscription pricing;

•weak or negative growth in one or more of the industries we serve, including AECO, manufacturing, and digital media and entertainment markets;

•the success of new business or sales initiatives;

•security breaches, related reputational harm, and potential financial penalties to customers and government entities;

•restructuring or other accounting charges and unexpected costs or other operating expenses;

•timing of additional investments in our technologies or deployment of our services;

•changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board, Securities and Exchange Commission, or other rulemaking bodies;

•fluctuations in foreign currency exchange rates and the effectiveness of our hedging activity;

•dependence on and timing of large transactions;

•adjustments arising from ongoing or future tax examinations;

•the ability of governments around the world to adopt fiscal policies, meet their financial and debt obligations, and finance infrastructure projects;

•failure to expand our AutoCAD and AutoCAD LT customer base to related design products and services;

•our ability to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices, and new computing platforms;

•timing of the introduction of new products by us or our competitors;

•the financial and business condition of our reseller and distribution channels;

•perceived or actual technical or other problems with a product or combination of subscriptions;

•unexpected or negative outcomes of matters and expenses relating to litigation or regulatory inquiries;

•increases in cloud functionality-related expenses;

•timing of releases and retirements of offerings;

•changes in tax laws or tax or accounting rules and regulations, such as increased use of fair value measures;

•changes in sales compensation practices;

•failure to effectively implement and maintain our copyright legalization programs, especially in developing countries;

•renegotiation or termination of royalty or intellectual property arrangements;

•interruptions or terminations in the business of our consultants or third-party developers;

•timing and degree of expected investments in growth and efficiency opportunities;

•failure to achieve continued success in technology advancements;

•catastrophic events, natural disasters, or public health events, such as pandemics and epidemics;

•regulatory compliance costs; and

•failure to appropriately estimate the scope of services under consulting arrangements.

We have also experienced fluctuations in financial results in interim periods in certain geographic regions due to seasonality or regional economic or political conditions. In particular, our financial results, key metrics, or other operating metrics in Europe during our third quarter are usually affected by a slower summer period, and our APAC operations typically experience seasonal slowing in our fourth quarter. War, geopolitical conflicts, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy, could also affect our business.

Our operating expenses are based in part on our expectations for future revenue and are relatively fixed in the short term. Accordingly, any revenue shortfall below expectations has had, and in the future could have, an immediate and significant adverse effect on our profitability. Greater than anticipated expenses or a failure to maintain rigorous cost controls would also negatively affect profitability.

We derive a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections, and if these offerings are not successful, our revenue would be adversely affected.

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We derive a substantial portion of our net revenue from sales of subscriptions of a limited number of our offerings, including AutoCAD software, solutions based on AutoCAD, which include our collections that serve specific markets, and products that are interoperable with AutoCAD. Any factor adversely affecting sales of these subscriptions, including the product release cycle, market acceptance, product competition, performance and reliability, reputation, price competition, economic and market conditions, and the availability of third-party applications, would likely harm our financial results. During the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, combined revenue from our AutoCAD and AutoCAD LT family products, not including collections having AutoCAD or AutoCAD LT as a component, represented 25% and 26% of our total net revenue, respectively.

From time to time we realign or introduce new business and sales initiatives; if we fail to successfully execute and manage these initiatives, our results of operations could be negatively impacted.

As part of our effort to accommodate our customers’ needs and demands and the rapid evolution of technology, from time to time we evolve our business and sales initiatives, such as shifting to annual billing of multi-year contracts, introducing and expanding new business models such as the new transaction model and Flex, realigning our development and marketing organizations, offering software as a service, and realigning our internal resources in an effort to improve efficiency. We may take such actions without clear indications that they will prove successful and, at times, we have been met with short-term challenges in the execution of such initiatives. Market acceptance of any new business or sales initiative is dependent on our ability to match our customers’ needs at the right time and price. Often, we have limited prior experience and operating history in these new areas of emphasis. If any of our assumptions about expenses, revenue, or revenue recognition principles from these initiatives proves incorrect, or our attempts to improve efficiency are not successful, our actual results may vary materially from those anticipated, and our financial results will be negatively impacted.

We may not successfully execute or achieve the expected benefits of our restructuring plan and other measures we may take in the future, and our efforts may adversely affect our business.

During the first quarter of fiscal 2026, we initiated a restructuring plan (the “2026 Plan”), to support Autodesk's initiatives to optimize its go-to-market organization and, at the same time, to reallocate resources to Autodesk’s strategic priorities such as investments in cloud, platform, and artificial intelligence. These measures are intended to address our short and long-term objectives and are based on our current estimates, assumptions, and forecasts, which are subject to known and unknown risks and uncertainties. Implementation of these and any other initiatives may not achieve our expected benefits, may be disruptive to our business, the expected costs and charges may be greater than we have forecasted, and the estimated cost savings may be lower than we have forecasted. In addition, our 2026 Plan could result in personnel attrition beyond our planned reduction in headcount or could reduce employee morale, which could in turn adversely impact productivity, including through a loss of continuity, loss of accumulated knowledge and/or inefficiency during transitional periods, could affect our ability to attract highly skilled employees, or may otherwise adversely affect our business.

Net revenue, billings, earnings, cash flow, or subscriptions shortfalls or volatility of the market generally may cause the market price of our stock to decline.

The market price for our common stock has experienced significant fluctuations and may continue to fluctuate significantly. The market price for our common stock has in the past been, and in the future may be, affected by a number of factors, including the other risks described in these risk factors and the following:

•shortfalls in our expected financial results, including net revenue, billings, earnings, and cash flow or key performance metrics, such as subscriptions, and how those results compare to securities analyst expectations, including whether those results fail to meet, exceed, or significantly exceed securities analyst expectations;

•quarterly variations in our or our competitors’ results of operations;

•general socioeconomic, political, or market conditions, including from an economic downturn or recession in the United States or in other countries, as well as economic and regulatory uncertainty;

•changes in forward-looking estimates of future results, how those estimates compare to securities analyst expectations, or changes in recommendations or confusion on the part of analysts and investors about the short- and long-term impact to our business;

•uncertainty about certain governments’ abilities to repay debt or effect fiscal policy;

•announcements of new offerings or enhancements by us or our competitors;

•unusual events such as significant acquisitions, divestitures, regulatory actions, and litigation;

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•changes in laws, rules, or regulations applicable to our business;

•outstanding debt service obligations;

•actions by activist shareholders or others, and our response to such actions; and

•other factors, including factors unrelated to our operating performance, such as instability affecting the economy or the operating performance of our competitors.

Significant changes in the price of our common stock could expose us to costly and time-consuming litigation. Historically, after periods of volatility in the market price of a company’s securities, a company becomes more susceptible to securities class action litigation. This type of litigation is often expensive and diverts management’s attention and resources.

As a result of our strategy of partnering with other companies for product development, our product delivery schedules could be adversely affected if we experience difficulties with our product development partners.

We partner with certain independent firms and contractors to perform some of our product development activities. We believe our partnering strategy allows us to achieve efficiencies in developing new products and maintaining and enhancing existing product offerings. This strategy creates a dependency on independent developers. Independent developers, including those who currently develop solutions for us in the United States and throughout the world, may not be able or willing to provide development support to us in the future. In addition, use of development resources through consulting relationships, particularly in non-U.S. jurisdictions with developing legal systems, may be adversely impacted by, and expose us to risks relating to, evolving employment, export, and intellectual property laws. These risks could, among other things, expose our intellectual property to misappropriation and result in disruptions to product delivery schedules.

We incorporate AI into our offerings, and challenges with properly managing its use could result in competitive harm, reputational harm, or liability, and adversely affect our results of operations.

We are increasingly building AI into many of our offerings. We expect to rely on AI technologies to help drive future growth in our business, but there can be no assurance that we will realize the desired or anticipated benefits from AI or at all. We may also fail to properly implement or market our AI offerings. As with many innovations, AI presents risks and challenges that could affect its adoption, and therefore our business. Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, our offerings based on AI may expose us to additional lawsuits and regulatory investigations and other proceedings and subject us to legal liability as well as brand and reputational harm. For example, if the content, analyses, or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, or biased, our business, financial condition, and results of operations may be adversely affected. The use of AI applications has resulted in, and may in the future result in, cybersecurity incidents that implicate the personal data of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations.

Social and ethical issues relating to the use of new and evolving technologies such as AI in our offerings, may result in reputational harm and liability, and may cause us to incur additional research and development costs to resolve such issues. AI presents emerging ethical issues and if we enable or offer solutions that draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm, or legal liability. Government regulation addressing AI ethics or other aspects of the development or use of AI may also increase the burden and cost of research and development in this area, subjecting us to brand or reputational harm, competitive harm, or legal liability. For example, the European Union’s Artificial Intelligence Act (the “AI Act”), which achieved approval by the European Council on February 2, 2024, and the European Parliament on March 13, 2024, will impose obligations on providers and users of artificial intelligence technologies. Some U.S. states have proposed, and in certain cases enacted, laws addressing aspects of the development and use of AI. Failure to address AI ethical and regulatory issues by us or others in our industry could undermine public confidence in AI, slow adoption of AI in our products and services, and subject us to claims, demands, and proceedings from private actors, regulatory investigations and other proceedings by regulatory authorities, and fines, penalties, and other liabilities.

The Audit Committee internal investigation has been time-consuming and expensive, has resulted in the filing of lawsuits, and may result in additional expense and/or litigation.

As previously disclosed on April 1, 2024, the Audit Committee commenced an internal investigation with the assistance of outside counsel and advisors, regarding Autodesk’s free cash flow and non-GAAP operating margin practices. The results of that investigation were announced on May 31, 2024.

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We have incurred significant expenses, including audit, legal, consulting and other professional fees, in connection with the investigation, and we could be forced to incur significant additional time and expense as a result of the investigation. The incurrence of significant additional expense, or the requirement that management devote significant time that could reduce the time available to execute on our business strategies, could have an adverse effect on our business, results of operations and financial condition.

Autodesk voluntarily contacted the Securities and Exchange Commission (~~the~~ “SEC”) to advise it that an internal investigation was ongoing. In addition, the United States Attorney’s Office for the Northern District of California (“USAO”) contacted us regarding the Audit Committee investigation. We cooperated with the SEC and USAO, including by providing certain documents and information. On August 19, 2025, the SEC notified us that it was closing its matter. On August 21, 2025, the USAO notified us that it was closing its matter as well. We cannot guarantee that we will not receive inquiries from other regulatory authorities regarding the investigation, or that we will not be subject to future claims, investigations or proceedings. Any future inquiries from the SEC or other regulatory authorities, or future claims or proceedings or any related regulatory investigation will, regardless of the outcome, likely consume a significant amount of our internal resources and result in additional legal and accounting costs. We can provide no assurances as to the outcome of any governmental investigation.

In addition, we and certain of our officers and directors have been named in purported shareholder litigation arising out of our announcement of the investigation. For additional discussion, see Part I, Item 3. Legal Proceedings and Note 11 to our Consolidated Financial Statements. The pending litigation, and any future litigation, investigation or other actions that may be filed or initiated against us or our officers or directors, may be time consuming and expensive. We cannot predict what losses we may incur in these litigation matters, and contingencies related to our obligations under the federal and state securities laws, or in other legal proceedings or governmental investigations or proceedings related to these matters.

Any legal proceedings, if decided adversely to us, could result in significant monetary damages, penalties and reputational harm, and will likely involve significant defense and other costs. We have entered into indemnification agreements with each of our directors and certain of our officers, and our bylaws require us to indemnify each of our directors and officers. Further, our insurance may not cover all claims that have been or may be brought against us, and insurance coverage may not continue to be available to us at a reasonable cost. As a result, we may be exposed to substantial uninsured liabilities, including pursuant to our indemnification obligations, which could adversely affect our business, prospects, results of operations and financial condition.

Risks Relating to Our Operations

Security breaches or incidents may compromise the integrity of our or our customers’ systems, solutions, offerings, services, applications, data, or intellectual property, harm our reputation, damage our competitiveness, create additional liability, and adversely impact our financial results.

As we digitize Autodesk and use cloud- and web-based technologies to leverage customer data to deliver the total customer experience, we are exposed to increased security risks and the potential for unauthorized access to, or improper use, disclosure, or other processing of, our and our customers’ information. Like other software offerings and systems, ours are vulnerable to security breaches and incidents, including those from acquired companies. Also, our ability to mitigate the risk of security breaches and incidents may be impacted by our limited control over our customers or third-party technology providers and vendors, or the processing of data by third-party technology providers and vendors, which may not allow us to maintain the integrity or security of such transmissions or processing. We devote significant resources in an effort to maintain the security and integrity of our systems, offerings, services, and applications (online, mobile, and desktop). Despite these efforts, we have been subject to security breaches and incidents, and we face the risks of them occurring in the future, as well as the risks of delays and other difficulties in identifying, responding to, or remediating security breaches or incidents.

Hackers regularly have targeted our systems, offerings, services, and applications, and we expect them to do so in the future. To date, we have not considered any such identified security events as material to us, including to our reputation or business operations, or had a material financial impact, but there can be no assurance that future cyberattacks will not be material or otherwise significant. Security breaches or incidents disrupt the proper functioning of our systems, solutions, offerings, applications, or services; cause errors in the output of our customers’ work; allow unauthorized access to or unauthorized use, disclosure, modification, loss, unavailability, or destruction of, sensitive data or intellectual property, including proprietary or confidential information of ours or our customers; or cause other destructive or disruptive outcomes. The risk of a security incident, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments, and cyber terrorists, has increased as the number, intensity, and sophistication of attempted attacks and intrusions from around the world have increased. These threats include, among others, identity theft, unauthorized access, DNS attacks,

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wireless network attacks, viruses and worms, malware, bugs, vulnerabilities, advanced persistent threats, application-centric attacks, peer-to-peer attacks, social engineering, phishing, credential stuffing, malicious file uploads, backdoor trojans, supply chain attacks, ransomware attacks, and distributed denial of service attacks. In addition, third parties may attempt to fraudulently induce our employees, vendors, partners, customers, or users to disclose information to gain access to our data or our customers’ or users’ data and there is the risk of employee, contractor, or vendor error or malfeasance. These existing risks are compounded given the shift in recent years to work-from-home arrangements for a large population of employees and contractors, as well as employees and contractors of our third-party technology providers and vendors, and the risks could also be elevated in connection with the ongoing wars between Ukraine and Russia and between Israel and Hamas as we and our third-party technology providers and vendors are vulnerable to a heightened risk of cyberattacks from or affiliated with nation-state actors, including retaliatory attacks from Russian actors against U.S.-based companies. Additionally, these threats continue to evolve in sophistication and volume and are difficult to detect and predict due to advances in electronic warfare techniques, advances in cryptography and other technologies, including AI and machine learning. Our use of AI may also increase our risks of being subject to a security breach or incident. Despite our significant efforts to create security barriers to such threats, we cannot entirely mitigate these risks, and there is no guarantee that inadvertent or unauthorized use or disclosure of such information will not occur or that third parties will not gain unauthorized access to such information.

Many governments have enacted laws requiring companies to provide notice of security breaches or incidents involving certain types of personal data and personal information. We are also contractually required to notify certain customers of certain security breaches or incidents. Any security breach or incident suffered, or believed to have been suffered, by us or by our technology providers or vendors could result in harm to our reputation and competitive position, difficulty attracting new customers (including government customers), retaining existing customers, and securing payment from customers, our expenditure of significant capital and other resources to evaluate and alleviate the security incident and to try to prevent further or additional incidents, and regulatory inquiries, investigations, and other proceedings, private claims, demands, lawsuits, potential liability, and the potential loss of our authorization under the Federal Risk and Authorization Management Program (“FedRAMP”). We could incur significant costs and liabilities, including due to litigation, indemnity obligations, damages for contract breach, penalties for violation of applicable laws or regulations, and costs for remediation and other incentives offered to customers or other business partners in an effort to maintain business relationships after a security breach or incident, and our financial performance could be negatively impacted.

We cannot assure you that any limitations of liability provisions in our contracts would be enforceable or adequate or would otherwise protect us from any liabilities or damages with respect to any particular claim relating to a security incident. We also cannot be sure that our existing insurance coverage will continue to be available on acceptable terms or will be available in sufficient amounts to cover one or more large claims related to a security incident, or that the insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, including our financial condition, operating results, and reputation.

Our use of third-party open source software could negatively affect our ability to sell subscriptions to access our products and subject us to possible litigation and greater security risks.

We use third-party open source software. From time to time, companies that use third-party open source software have faced claims challenging the use of such open source software and compliance with the open source software license terms. Accordingly, we may be subject to suits by parties claiming ownership of what we believe to be open source software or claiming non-compliance with the applicable open source licensing terms. Some open source software licenses require end-users, who distribute or make available across a network software and services that include open source software, to make publicly available or to license all or part of such software (which in some circumstances could include valuable proprietary code, such as modifications or derivative works created, based upon, incorporating, or using the open source software) under the terms of the particular open source license. While we employ practices designed to monitor our compliance with the licenses of third-party open source software and protect our valuable proprietary source code, we may inadvertently use third-party open source software in a manner that exposes us to claims of non-compliance with the terms of the applicable license, including claims of intellectual property rights infringement or for breach of contract. Furthermore, there exists today an increasing number of types of open source software licenses, almost none of which have been tested in courts of law to provide clarity on their proper legal interpretation. If we were to receive a claim of non-compliance with the terms of any of these open source licenses, we may be required to publicly release certain portions of our proprietary source code. We could also be required to expend substantial time and resources to re-engineer some or all of our software. Any of the foregoing could materially adversely affect our business, financial condition, results of operations, and prospects.

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In addition, the use of third-party open source software typically exposes us to greater risks than the use of third-party commercial software because open source licensors generally do not provide warranties or controls on the functionality or origin of the software. Use of open source software may also present additional security risks because the public availability of such software may make it easier for hackers and other third parties to determine how to compromise our platform. Any of the foregoing could materially adversely affect our business, financial condition, results of operations, and prospects and could help our competitors develop products and services that are similar to or better than ours.

We rely on third parties to provide us with a number of operational and technical services; third-party security incidents could result in the loss of our or our customers’ data, expose us to liability, harm our reputation, damage our competitiveness, and adversely impact our financial results.

We rely on third parties, such as Amazon Web Services, to provide us with operational and technical services. These third parties may have access to our systems, provide hosting services, or otherwise process data about us or our customers, employees, or partners. Our ability to monitor such third parties’ security measures is limited. There have been and may continue to be significant supply chain attacks, and we cannot guarantee that our or our such third parties’ systems have not been breached or otherwise compromised or that they do not contain exploitable defects, bugs, or vulnerabilities that could result in an incident, breach, or other disruption to, our or these third parties’ systems. Any security breach or incident involving such third parties could compromise the integrity or availability of, or result in the theft or unauthorized use, modification, or other processing of, our and our customers’ data. In addition, our operations or the operations of our customers or partners could be negatively affected in the event of a security breach or incident and could be subject to the loss or theft of confidential or proprietary information, including source code. Unauthorized access to or other processing of data and other confidential or proprietary information may be obtained through break-ins, network breaches by unauthorized parties, employee theft or misuse, or other misconduct. If any of the foregoing were to occur or to be perceived to occur, our reputation may suffer, our competitive position may be diminished, customers may buy fewer of our offerings and services, we could face lawsuits, regulatory investigation, fines, and potential liability, and our financial results could be negatively impacted.

Delays in service from third-party service providers could expose us to liability, harm our reputation, damage our competitiveness, and adversely impact our financial results.

From time to time, we may rely on a single or limited number of suppliers, or upon suppliers in a single country, for the provision of services and materials that we use in the operation of our business and production of our solutions. Inability of such third parties to satisfy our requirements could disrupt our operations or make it more difficult for us to implement our strategy. If any of these situations were to occur, our reputation could be harmed, we could be subject to third-party liability, including under laws relating to privacy, data protection, and information security in certain jurisdictions, and our financial results could be negatively impacted.

We are investing in resources to update and improve our information technology systems to digitize Autodesk and support our customers. Should our investments not succeed, or if delays or other issues with new or existing information technology systems disrupt our operations, our business could be harmed.

We rely on our network and data center infrastructure, technology systems, and websites for our development, marketing, operational, support, sales, accounting, and financial reporting activities. We continually invest resources to update and improve these systems to meet the evolving requirements of our business and customers. In particular, our transition to cloud-based products and a subscription-only business model involves considerable investment in the development of technologies, as well as back-office systems for technical, financial, compliance, and sales resources. Such improvements are often complex, costly, and time consuming. In addition, such improvements can be challenging to integrate with our existing technology systems, or may uncover problems with those systems. Unsuccessful implementation of hardware or software updates and improvements could result in disruption in our business operations, loss of customers, loss of revenue, errors in our accounting and financial reporting, or damage to our reputation, all of which could harm our business.

Our software solutions are highly complex and may contain undetected errors, defects, or vulnerabilities, and are subject to service disruptions, degradations, outages or other performance problems, each of which could harm our business and financial performance.

The software solutions that we offer are complex and, despite extensive testing and quality control, may contain errors, defects, or vulnerabilities. Some errors, defects, or vulnerabilities in our software solutions may only be discovered after they have been released. In addition, we have experienced, and may in the future experience, service disruptions, degradations, outages, and other performance problems in connection with our software solutions.

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Any errors, defects, vulnerabilities, service disruptions, degradations, outages or other performance problems could result in the need for corrective releases to our software solutions, damage to our reputation, damage to our customers’ businesses, loss of revenue, an increase in subscription cancellations, or lack of market acceptance of our offerings, any of which would likely harm our business and financial performance.

If we do not maintain good relationships with the members of our distribution channel, or if our distribution channel suffers financial losses, becomes financially unstable or insolvent, or is not provided the right mix of incentives to sell our subscriptions, our ability to generate revenue will be adversely affected.

We sell our software products both directly to end users and through a network of distributors and resellers. For the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, approximately 4239% and 6160%, respectively, of our revenue was derived from indirect channel sales primarily through distributors and resellers. Our ability to effectively distribute our solutions depends in part upon the financial and business condition of our distributor and reseller network. Computer software distributors and resellers typically are not highly capitalized, and have previously experienced difficulties during times of economic contraction as well as during the past several years. We have processes to ensure that we assess the creditworthiness of distributors and resellers prior to our sales to them. In the past we have taken steps to support them, and may take additional steps in the future, such as extending credit terms and adjusting our incentives. These steps, if taken, could harm our financial results. If our distributors and resellers were to become insolvent, they would not be able to maintain their business and sales or provide customer support services, which would negatively impact our business and revenue.

We rely significantly upon major distributors and resellers in both the U.S. and international regions. Of our distributors, TD Synnex accounted for 1816% and 3735% of our total net revenue for the ~~six~~nine months ended ~~July~~October 31, 2025 and 2024, respectively. In connection with our new transaction model, we entered into agreements to provide transition distribution activities with certain distributors and entered into a new distribution agreement with TD Synnex for government business in certain jurisdictions. In connection with such transition agreements, we intend to increase our selling efforts with resellers and agents. During the transition period, we believe the resellers and end users who currently purchase our products through TD Synnex will be able to continue to do so, and following the transition period, we believe such end users will be able to continue to purchase our products from certain resellers or directly from Autodesk, in each case under substantially the same terms and without substantial disruption to our revenue. However, if during the transition period, TD Synnex was to experience a significant business disruption or if our relationship with either were to significantly deteriorate, it is possible that our ability to sell to end users would, at least temporarily, be negatively impacted. Also, if any of our assumptions about our end users, resellers, distributors, or agents or our direct selling capabilities proves incorrect, these changes could harm our business. This could, in turn, negatively impact our financial results.

Over time, we have modified and especially during the transition process noted above, will continue to modify aspects of our relationship with our distributors and resellers, such as their incentive programs, pricing to them, and our distribution model to motivate and reward them for aligning their businesses with our strategy and business objectives. Changes in these relationships and underlying programs could negatively impact their business and harm our business. Further, our distributors and resellers may lose confidence in our business, move to competitive products, or not have the skills or ability to support customers. The loss of or a significant reduction in business with those distributors or resellers could harm our business. In particular, if one or more of such distributors or resellers were unable to meet their obligations with respect to accounts payable to us, we could be forced to write off such accounts and may be required to delay the recognition of revenue on future sales to these customers. These events could have a material adverse effect on our financial results.

We rely on software from third parties, and a failure to properly manage our use of third-party software could result in increased costs or loss of revenue.

Many of our products are designed to include software licensed from third parties. Such third-party software includes software licensed from commercial suppliers and under public open source licenses. While we have internal processes to manage our use of such third-party software, if such processes are inadequate, we may be subject to copyright infringement or other third-party claims. If we are non-compliant with a license for commercial software, we may be required to pay penalties or undergo costly audits pursuant to the license agreement. In the case of open-source software licensed under certain “copyleft” licenses, the license itself, or a court-imposed remedy for non-compliant use of the open source software, may require that proprietary portions of our own software be publicly disclosed or licensed. This could result in a loss of intellectual property rights, increased costs, re-engineering of our software, damage to our reputation, or loss of revenue.

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In addition to risks related to license requirements, usage of open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties, support, indemnities, assurances of title or controls on origin of the software, or other contractual protections regarding infringement claims or the quality of the code. Likewise, some open source projects have known security and other vulnerabilities and architectural instabilities, or are otherwise subject to security attacks due to their wide availability, and are provided on an “as-is” basis.

Our business could be adversely affected if we are unable to attract and retain key personnel.

Our success and ability to invest and grow depend largely on our ability to attract and retain highly skilled technical, professional, managerial, sales, and marketing personnel. Historically, competition for these key personnel has been intense. The loss of services of any of our key personnel, including key personnel joining our company through acquisitions, inability to retain and attract qualified employees in the future, or delays in hiring required personnel, particularly engineering and sales personnel, including sales leadership personnel, could make it difficult to meet key objectives, such as timely and effective product introductions and financial goals.

We rely on third-party technologies and if we are unable to use or integrate these technologies, our solutions and service development may be delayed and our financial results negatively impacted.

We rely on certain software that we license from third parties, including software that is integrated with internally developed software and used in our offerings to perform key functions. These third-party software licenses may not continue to be available on commercially reasonable terms, and the software may not be appropriately supported, maintained, or enhanced by the licensors. The loss of licenses to, or inability to support, maintain, and enhance any such software could result in increased costs or delays until equivalent software can be developed, identified, licensed, and integrated, which would likely harm our business.

Disruptions in licensing relationships and with third-party developers could adversely impact our business.

We license certain key technologies from third parties. Licenses may be restricted in the term or the use of such technology in ways that negatively affect our business. Similarly, we may not be able to obtain or renew license agreements for key technology on favorable terms, if at all, and any failure to do so could harm our business. Our business strategy has historically depended in part on our relationships with third-party developers who provide products that expand the functionality of our design software. Some developers may elect to support other products or may experience disruption in product development and delivery cycles or financial pressure during periods of economic downturn. In particular markets, such disruptions have in the past, and would likely in the future, negatively impact these third-party developers and end users, which could harm our business.

Technology created by outsourced product development, whether outsourced to third parties or developed externally and transferred to us through business or technology acquisitions, involves additional risks such as effective integration into existing products, adequate transfer of technology know-how, and ownership and protection of transferred intellectual property.

Risks Relating to Laws and Regulations

Increasing regulatory focus on privacy, data protection, and information security issues and new and expanding laws may impact our business and expose us to increased liability.

Our strategy to digitize Autodesk involves increasing our use of cloud- and web-based technologies and applications to leverage customer data to improve our offerings for the benefit of our customers. To accomplish this strategy, we must collect and otherwise process customer data, which may include personal data and personal information of users from different jurisdictions globally. We also collect and otherwise process personal data and personal information of our employees and contractors. As a result, federal, state, and global laws relating to privacy, data protection, and information security apply to Autodesk’s personal data and personal information processing activities. The scope of these laws and regulations is rapidly evolving, subject to differing interpretations, may be inconsistent among jurisdictions, or conflict with other rules and is likely to remain uncertain for the foreseeable future. We also expect that there will continue to be new laws, regulations, and industry standards concerning privacy, data protection, and information security proposed and enacted in various jurisdictions. Globally, laws such as the General Data Protection Regulation (EU) 2016/679 (“GDPR”) in the European Union (“EU”) and the Personal Information Protection Law (“PIPL”) in China have been enacted, and numerous other countries have proposed or have enacted laws concerning privacy, data protection, and information security. In addition, new and emerging state laws in the United

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States governing privacy, data protection, and information security, such as the California Consumer Privacy Act (“CCPA”), the California Privacy Rights Act (“CPRA”), and numerous laws in other states, many of which provide for obligations similar to the CCPA and CPRA, have been enacted. These laws and regulations, as well as industry self-regulatory codes, industry standards, and other actual and asserted obligations to which we are or may be asserted to be subject, create new compliance obligations and substantially expand the scope of potential liability and provide greater penalties for non-compliance. For example, the GDPR provides for penalties of up to €20 million or 4% of a company’s annual global revenue, whichever is greater, the PIPL provides for penalties of up to 50 million renminbi or 5% of a company's annual revenue and disgorgement of all illegal gains, whichever is greater, and the CCPA provides for penalties of up to $7,500 per violation. These laws, regulations, and codes may also impact our innovation and business drivers in developing new and emerging technologies (e.g., AI and machine learning). These requirements, among others, may impact demand for our offerings and force us to bear the burden of expanded obligations in our contracts.

In addition, there is continued instability of international personal data transfer legal mechanisms that are complex, uncertain, and subject to active litigation and enforcement actions in a number of jurisdictions around the world. For example, on June 4, 2021, the European Commission published a new set of modular standard contractual clause (“SCCs”), which became effective on June 29, 2021. The SCCs impose on companies obligations relating to personal data transfers, including the obligation to conduct a transfer impact assessment and, depending on a party’s role in the transfer, to implement additional security measures and to update internal privacy practices. We may, in addition to other impacts, be required to expend significant time and resources to update our contractual arrangements and to comply with new obligations, and we face exposure to regulatory actions, substantial fines and injunctions in connection with transfers of personal data from the EU or other regions.

In addition, the United Kingdom’s (“UK”) exit from the EU, and ongoing developments in the UK, have created uncertainty with regard to data protection regulation in the UK. Personal data processing in the UK is governed by the UK General Data Protection Regulation and supplemented by other domestic data protection laws, such as the UK Data Protection Act 2018, which authorizes fines of up to £17.5 million or 4% of annual global revenue, whichever is higher. We are also exposed to potentially divergent enforcement actions for certain violations. Furthermore, the new SCCs apply only to the transfer of personal data outside the EU and not the UK. Although the European Commission adopted an adequacy decision for the UK on June 28, 2021, allowing the continued flow of personal data from the EU to the UK, this decision will be regularly reviewed going forward, requires renewal, and may be revoked or not renewed if the UK diverges from its current adequate data protection laws following its exit from the EU. The UK has proposed legislation that would modify its data protection regime in manners that deviate from the GDPR, and the European Commission has proposed extending its adequacy renewal decision for the UK’s data protection regime until December 27, 2025, in order to assess any modified data protection regime that the UK may enact. On February 2, 2022, the UK’s Information Commissioner’s Office issued new standard contractual clauses to support personal data transfers out of the UK (“UK SCCs”), which became effective March 21, 2022. Following issuance of a U.S. executive order, a new framework, the EU-U.S. Data Privacy Framework (“DPF”) was created. Following an adequacy decision issued by the European Commission on July 10, 2023, the DPF, along with a UK extension to the DPF that allows the transfer of personal data from the UK to the U.S. (the “UK DPF Extension”) and the Swiss-U.S. Data Privacy Framework (“Swiss-U.S. DPF”), are available for companies to make use of to legitimize personal data transfers to the U.S. from the European Economic Area, Switzerland, and UK. We have certified to the U.S. Department of Commerce that we adhere to the DPF, UK DPF Extension, and Swiss-U.S. DPF. However, the DPF has been subject to a legal challenge, and it, the UK DPF Extension, and the Swiss-U.S. DPF may be subject to legal challenges in the future from privacy advocacy groups or others. Further, the European Commission’s adequacy decision regarding the EU-U.S. DPF provides that the EU-U.S. DPF will be subject to future reviews and may be subject to suspension, amendment, repeal, or limitations to its scope by the European Commission. We may, in addition to other impacts, experience additional costs associated with increased compliance burdens and be required to engage in new contract negotiations with third parties that aid in processing personal data on our behalf or localize certain personal data.

Further, several European data protection authorities have indicated that the use of Google Analytics by European website operators involves the unlawful transfer of personal data to the United States. As the enforcement landscape further develops, and depending on the impacts of these rulings and other developments with respect to cross-border data transfer, we could suffer additional costs, complaints and/or regulatory investigations or fines, have to stop using certain tools and vendors, and make other operational changes.

Several other countries, including China, Australia, New Zealand, Brazil, and Japan, have also established specific legal requirements for cross-border data transfers. There is also an increasing trend towards data localization policies. For example, China and India have introduced localization requirements for certain data. Other countries also are considering data localization requirements. If this trend continues, and countries implement more restrictive regulations for cross-border personal

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data transfers (or do not permit personal data to leave the country of origin), it could affect the manner in which we provide our services, the geographical location or segregation of our relevant systems and operations, and our business, financial condition, and results of operations in those jurisdictions could be impacted.

In addition, the CPRA and many other new state laws addressing privacy and information security, including those that have become or will become effective in 2025, provide for additional obligations such as data minimization and storage limitations, granting additional rights to consumers such as correction of personal information and additional opt-out rights. The CPRA also created a new agency to implement and enforce the law. These new state laws have required us to modify our data processing practices and policies and may cause us to make additional modifications, and to incur substantial costs and expenses, in our efforts to comply. Laws in all 50 states, and some of our contracts, require us to provide notice under certain circumstances to customers whose personal information has been disclosed as a result of a data breach. Also, if third parties we work with, such as suppliers, violate applicable data protection laws or regulations, such violations may also put our users’ information at risk and could materially adversely affect our business, financial condition, results of operations, and prospects. Additionally, in addition to government activity, privacy advocacy groups and technology and other industries are considering various new, additional, or different self-regulatory standards that may place, or be asserted to place, additional burdens on us. Evolving legislation and the interplay of federal and state laws may be subject to varying interpretations by courts and government agencies, creating complex compliance issues and have and may cause variation in requirements, increase restrictions and potential legal risk and impact strategies and the availability of previously useful data, potentially exposing us to additional expense, adverse publicity, and liability.

In the EU and the UK, regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem. Recent European case law and regulators’ recent guidance are driving increased attention to cookies and tracking technologies. This could lead to substantial costs, require significant system changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs, and subject us to additional liabilities. Regulation of cookies and similar technologies, and any decline of cookies or similar online tracking technologies as a means to identify and potentially target users, may lead to broader restrictions and impairments on our marketing and personalization activities and may negatively impact our efforts to understand our customers. The EU also has proposed, and in certain cases enacted, numerous regulations and directives addressing cybersecurity.

Governments, regulators, plaintiffs’ attorneys, and privacy advocates have increased their focus on how companies collect, use, store, share, transmit, and otherwise process personal data and personal information. Any perception of our practices, products, offerings, or services as a violation of individual privacy or data protection rights may subject us to public criticism, lawsuits, reputational harm, or investigations, claims, demands, or other proceedings by regulators, industry groups or other third parties, all of which could disrupt or adversely impact our business and expose us to fines, penalties, and other liabilities. Moreover, because the interpretation and application of many laws, regulations, and other actual and asserted obligations relating to privacy, data protection, and cybersecurity are uncertain, it is possible that these laws, regulations, and obligations may be interpreted and applied in a manner that is inconsistent with our practices or the features of our products, offerings, and services. We could be required to fundamentally change our business activities and practices or modify our offerings and services, any of which could require significant additional expense and adversely affect our business, including impacting our ability to innovate, delaying our development roadmap and adversely affecting our relationships with customers and our ability to compete. If we are obligated to fundamentally change our business activities and practices or modify our products, offerings, or services, we may be unable to make such changes and modifications in a commercially reasonable manner, or at all, and our ability to develop new products, offerings, and services could be limited.

We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls.

Our offerings are subject to export controls and economic sanctions laws and regulations that prohibit the delivery of certain solutions and services or the export to locations, governments, and persons targeted by applicable sanctions without the required export authorizations. While we have processes to prevent our offerings from being exported in violation of these laws, including obtaining authorizations as appropriate and screening against U.S. government and international lists of restricted and prohibited persons, we cannot guarantee that these processes will prevent all violations of export controls and sanctions laws and regulations.

If our channel partners fail to obtain appropriate import, export, or re-export licenses or permits, we may also be adversely affected, through reputational harm as well as other negative consequences including government investigations and penalties. We presently incorporate export controls and sanctions compliance requirements in our channel partner agreements. Complying with export controls and sanctions laws and regulations for a particular sale may be time-consuming and may result in the delay

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or loss of sales opportunities. Violations of applicable sanctions or export control laws or regulations can result in fines or penalties.

For additional risks regarding sanctions and trade protectionism, please see the risk factor entitled “We are dependent on international revenue and operations . . .” earlier in this section.

If we are not able to adequately protect our proprietary rights, our business could be harmed.

We rely on a combination of patent, copyright, and trademark laws, trade secret protections, confidentiality procedures, and contractual provisions to protect our proprietary rights. However, the steps we take to protect our intellectual property rights may be inadequate. While we have patent applications pending in the United States and throughout the world, we may be unable to obtain patent protection for the technology covered in our patent applications. In addition, any patents issued to us in the future may not provide us with competitive advantages or may be successfully challenged by third parties. Furthermore, legal standards relating to the validity, enforceability, and scope of protection of intellectual property rights are uncertain. Despite our efforts to protect our proprietary rights, unauthorized parties from time to time have copied or reverse engineered aspects of our software or have obtained and used information that we regard as proprietary. Policing unauthorized use of our software is time-consuming and costly. We are unable to measure the extent to which unauthorized use of our software exists and we expect that unauthorized use of software will remain a persistent problem, particularly in emerging economies.

Additionally, we actively protect the secrecy of our confidential information and trade secrets, including our source code. If unauthorized disclosure of our source code occurs, we could potentially lose future trade secret protection for that source code. Unauthorized disclosure of our source code could make it easier for third parties to compete with our offerings by copying functionality, which could adversely affect our financial performance and our reputation. We also seek to protect our confidential information and trade secrets through the use of non-disclosure agreements with our employees, customers, contractors, vendors, and partners. However, it is possible that our confidential information and trade secrets may be disclosed or published without our authorization. If this were to occur, it may be difficult and/or costly for us to enforce our rights, and our financial performance and reputation could be negatively impacted.

We may face intellectual property infringement claims that could be costly to defend and result in the loss of significant rights.

Our competitors, as well as a number of other entities and individuals, may own or claim to own intellectual property relating to our business. Third parties may claim that we are infringing upon or misappropriating their intellectual property rights, and we may be found to be infringing upon such rights, even if we are unaware of the intellectual property rights claimed against us. As more software patents are granted worldwide, the number of offerings and competitors in our industries grows, and the functionality of products in different industries overlaps, we expect that software developers will be increasingly subject to infringement claims. Additionally, certain patent assertion entities have become more aggressive in threatening and pursuing litigation in attempts to obtain fees for licensing the right to use patents.

Any claims or threats of infringement or misappropriation, whether with or without merit, have been and could in the future be time-consuming to defend, result in costly litigation and diversion of resources, cause product delays, require us to change our products or business practices, prevent us from offering our software and services, or require us to enter into royalty or licensing agreements. In addition, such royalty or license agreements, if required, may not be available on acceptable terms, if at all, which would likely harm our business. We may also be obligated to indemnify our customers or business partners or pay substantial settlement costs, including royalty payments, in connection with any such claim or litigation and to obtain licenses, modify applications, or refund fees, which could be costly. Furthermore, from time to time we may introduce or acquire new products, including in areas where we historically have not competed, which could increase our exposure to patent and other intellectual property claims.

Contracting with government entities exposes us to additional risks inherent in the government procurement process.

We provide products and services, directly and indirectly, to a variety of government entities. Risks associated with licensing and selling products and services to government entities include extended sales and collection cycles, varying governmental budgeting processes, and adherence to complex procurement regulations and other government-specific contractual requirements, which are subject to change by the government, and which may require significant upfront cost, time, and resources, with no assurance that we will secure contracts with government entities. Furthermore, government certification requirements applicable to our platform, including FedRAMP, may change and, in doing so, restrict our ability to sell into the

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governmental sector until we have attained the full or revised certification. Governmental entities may also have statutory, contractual or other legal rights to terminate contracts with us or our partners for convenience or for other reasons.

We have obtained authorization under FedRAMP for certain offerings, which facilitates our entry into the U.S. federal government market. Such certification is subject to rigorous compliance and if we lose our certification, it could inhibit or preclude our ability to contract with certain U.S. federal government customers. In addition, some customers may rely on our authorization under FedRAMP to help satisfy their own legal and regulatory compliance requirements and our failure to maintain FedRAMP authorization might result in a breach under public sector contracts obtained on the basis of such authorization. This could subject us to liability, result in reputational harm, and adversely impact our financial condition or operating results.

We may be subject to audits and investigations relating to our government contracts and any violations could result in civil and criminal penalties and administrative sanctions, including termination of contracts, payment of fines, and suspension or debarment from future government business, as well as harm to our reputation and financial results.

Risks Relating to Financial Developments

We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.

Because we conduct a substantial portion of our business outside the United States, we face exposure to adverse movements in foreign currency exchange rates, which could have a material adverse impact on our financial results and cash flows. These exposures may change over time as business practices evolve and economic conditions change. We use derivative instruments to manage a portion of our cash flow, revenue and expense exposure to fluctuations in foreign currency exchange rates. As part of our risk management strategy, we use foreign currency contracts to manage a portion of our exposures of underlying assets, liabilities, and other obligations, which exist as part of our ongoing business operations. These foreign currency instruments may have maturities that extend for one to 18 months in the future and provide us with some protection against currency exposures. However, our attempts to hedge against these risks may not be completely successful, resulting in an adverse impact on our financial results.

The fluctuations of currencies in which we conduct business can both increase and decrease our overall revenue and expenses for any given period. Although our foreign currency cash flow hedge program extends beyond the current quarter in order to reduce our exposure to foreign currency volatility, we do not attempt to completely mitigate this risk, and in any case, will incur transaction fees in adopting such hedging programs. Such volatility, even when it increases our revenues or decreases our expenses, impacts our ability to accurately predict our future results and earnings.

In addition, global events, including geopolitical and economic developments, may contribute to volatility in foreign exchange markets, which we may not be able to effectively manage, and our financial results could be adversely impacted. Additionally, countries in which we operate may be classified as highly inflationary economies, requiring special accounting and financial reporting treatment for such operations, or such countries’ currencies may be devalued, or both, which may adversely impact our business operations and financial results.

Our debt service obligations may adversely affect our financial condition and cash flows from operations.

We have $2.50 billion of principal debt, consisting of notes due at various times from June 2027 to June 2035, as of ~~July~~October 31, 2025, as described in Part I, Item 1. In May 2025, we also entered into the 2025 Credit Agreement, which provides for an unsecured revolving loan facility in the aggregate principal amount of $1.5 billion, with an option to increase the principal amount to $2 billion subject to receipt of additional commitments and other customary conditions, as described in Part I, Item 1, “Financial Statements,” Note 13, “Borrowing Arrangements”. Maintenance of our indebtedness, contractual restrictions, and additional issuances of indebtedness could:

•cause us to dedicate a substantial portion of our cash flows from operations towards debt service obligations and principal repayments;

•increase our vulnerability to adverse changes in general economic, industry, and competitive conditions;

•limit our flexibility in planning for, or reacting to, changes in our business and our industry;

•impair our ability to obtain future financing for working capital, capital expenditures, acquisitions, general corporate, or other purposes; and

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•due to limitations within the debt instruments, restrict our ability to grant liens on property, enter into certain mergers, dispose of all or substantially all of the assets of Autodesk and its subsidiaries, taken as a whole, materially change our business, and incur subsidiary indebtedness, subject to customary exceptions.

We are required to comply with the covenants set forth in the 2025 Credit Agreement. If we breach any of the covenants and do not obtain a waiver from the lenders, then, subject to applicable cure periods, we would not be able to incur additional indebtedness under the 2025 Credit Agreement described in Part I, Item 1, “Financial Statements,” Note 13, “Borrowing Arrangements,” and the lenders under the 2025 Credit Agreement could declare any outstanding indebtedness under the 2025 Credit Agreement immediately due and payable. In addition, changes by any rating agency to our credit rating may negatively impact the value and liquidity of our securities. Under certain circumstances, if our credit ratings are downgraded or other negative action is taken, the interest rate payable by us under the 2025 Credit Agreement could increase. Downgrades in our credit ratings could also restrict our ability to obtain additional financing in the future and could affect the terms of any such financing.

Our investment portfolio consists of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. If general economic conditions decline, this could cause the credit ratings of our investments to deteriorate and illiquidity in the financial marketplace, and we may experience a decline in interest income and an inability to sell our investments, leading to impairment in the value of our investments.

It is our policy to invest our cash, cash equivalents, and marketable securities in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings and to limit the amounts invested with any one institution, type of security, or issuer. However, we are subject to general economic conditions, interest rate trends, and volatility in the financial marketplace that can affect the income that we receive from our investments, the net realizable value of our investments (including our cash, cash equivalents, and marketable securities), and our ability to sell them. Any one of these factors could reduce our investment income or result in material charges, which in turn could impact our overall net income (loss) and earnings (loss) per share.

From time to time we make direct investments in privately held companies. Investments in privately held companies are considered inherently risky. The technologies and products these companies have under development are typically in the early stages and may never materialize, which could result in a loss of all or a substantial part of our initial investment in these companies. The evaluation of privately held companies is based on information that we request from these companies, which is not subject to the same disclosure regulations as U.S. publicly traded companies and, as such, the basis for these evaluations is subject to the timing and accuracy of the data received from these companies.

A loss on any of our investments may cause us to record an other-than-temporary impairment charge. The effect of this charge could impact our overall net income and earnings per share. In any of these scenarios, our liquidity may be negatively impacted, which in turn may prohibit us from making investments in our business, taking advantage of opportunities, and potentially meeting our financial obligations as they come due.

Changes in tax rules and regulations, and uncertainties in interpretation and application, could materially affect our tax obligations and effective tax rate.

We are a U.S.-based multinational company subject to tax in multiple U.S. and foreign tax jurisdictions. Our effective tax rate is primarily based on our geographic mix of earnings; statutory rates; stock-based compensation; intercompany arrangements, including the manner in which we develop, value, and license our intellectual property; and enacted tax rules. Significant judgment is required in determining our effective tax rate and in evaluating our tax positions on a worldwide basis. While we believe our tax positions, including intercompany transfer pricing policies, are consistent with the tax laws in the jurisdictions in which we conduct our business, it is possible that these positions may be challenged by tax authorities and, if our positions are not sustained, may have a significant impact on our effective tax rate and cash taxes.

Tax laws in the United States and in foreign tax jurisdictions are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. Due to the complexity and varying interpretations of new and existing tax laws, the U.S. Department of Treasury and other standard-setting bodies have issued and will continue to issue regulations and interpretative guidance that could significantly impact how we will apply the law and the ultimate effect on our results of operations, including for our prior tax years. In addition, increases in corporate tax rates, could increase our effective tax rate, cash taxes and have an adverse effect on our results from operations.

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Increasingly, tax authorities are reviewing existing corporate tax regulatory and legal regimes. Many countries are actively considering or implementing new taxing regimes and changes to existing tax laws. This could include U.S. and foreign tax law developments related to changes to long-standing tax principles arising from proposals made by the Organization for Economic Co-operation and Development that seek to allocate greater taxing rights to countries where customers are located and establish a global minimum tax rate of 15%. If U.S. or foreign tax authorities change applicable tax laws or successfully challenge how or where our profits are currently recognized, our overall taxes could increase, and our business, financial condition, or results of operations may be adversely impacted.

If we were required to record an impairment charge related to the value of our long-lived assets or an additional valuation allowance against our deferred tax assets, our results of operations would be adversely affected.

Our long-lived assets are tested for impairment if indicators of impairment exist. If impairment testing shows that the carrying value of our long-lived assets exceeds their estimated fair values, we would be required to record a non-cash impairment charge, which would decrease the carrying value of our long-lived assets, adversely affecting our results of operations. Our deferred tax assets include net operating loss, amortizable tax assets, and tax credit carryforwards that can be used to offset taxable income and reduce income taxes payable in future periods. Each quarter, we assess the need for a valuation allowance, considering both positive and negative evidence to determine whether all or a portion of the deferred tax assets are more likely than not to be realized. We continue to have a valuation allowance against certain U.S. and foreign deferred tax assets. Changes in the amount of the U.S. and foreign jurisdictions valuation allowance could also result in a material non-cash expense or benefit in the period in which the valuation allowance is adjusted, and our results of operations could be materially affected. We will continue to perform these tests on our worldwide deferred tax assets, and any future adjustments to the realizability of our deferred tax assets may have a material effect on our financial condition and results of operations.

General Risk Factors

Our business may be significantly disrupted upon the occurrence of a catastrophic event.

Our business is highly automated and relies extensively on the availability of our network and data center infrastructure, our internal technology systems, and our websites. We also rely on hosted computer services from third parties for services that we provide to our customers and computer operations for our internal use. The failure of our systems or hosted computer services due to a catastrophic event, such as an earthquake, fire, flood, tsunami, weather event, other climate-related events (such as drought, water security, heat waves, cold waves, and poor air quality), telecommunications failure, power failure, cyber-attack, terrorism or war (including the ongoing wars between Ukraine and Russia and between Israel and Hamas, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy), or business interruption from epidemics or pandemics, or the fear of such events, could adversely impact our business, financial results, and financial condition. For example, our corporate headquarters and executive offices are located near major seismic faults in the San Francisco Bay Area and face annual periods of wildfire danger, which increase the probability of power outages and may impact employees’ abilities to commute to work or to work from home. We have developed disaster recovery plans and maintain backup systems in order to reduce the potential impact of a catastrophic event; however, there can be no assurance that these plans and systems would enable us to return to normal business operations. In addition, any such event could negatively impact a country or region in which we sell our products. This could in turn decrease that country’s or region’s demand for our products, negatively impacting our financial results.

We are subject to legal proceedings and regulatory inquiries, and we may be named in additional legal proceedings or become involved in regulatory inquiries in the future, all of which are costly, distracting to our core business, and could result in an unfavorable outcome or a material adverse effect on our business, financial condition, results of operations, cash flows, or the trading prices for our securities.

We are involved in legal proceedings and receive inquiries from regulatory agencies. As the global economy has changed and our business has evolved, we have seen an increase in litigation activity and regulatory inquiries. Like many other technology companies, the number and frequency of inquiries from U.S. and foreign regulatory agencies we have received regarding our business and our business practices, as well as the business practices of others in our industry, have increased in recent years. In the event we are involved in significant disputes or are the subject of a formal action by a regulatory agency, we could be exposed to costly and time-consuming legal proceedings that could result in any number of outcomes. Any claims or regulatory actions initiated by or against us, whether successful or not, could result in high defense costs, damage awards,

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injunctive relief, increased costs of business, fines or orders to change certain business practices, significant dedication of management time, diversion of operational resources, or otherwise harm our business. In any such event, our financial results, results of operations, cash flows, or trading prices for our securities could be negatively impacted.

Changes in existing financial accounting standards or practices, or taxation rules or practices may adversely affect our results of operations.

Changes in existing accounting or taxation rules or practices, new accounting pronouncements or taxation rules, or varying interpretations of current accounting pronouncements or taxation practices could have a significant adverse effect on our results of operations or the way we conduct our business. Further, such changes could potentially affect our reporting of transactions completed before such changes are effective.

We are required to evaluate our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002 and any adverse results from such evaluation could result in a loss of investor confidence in our financial reports and have an adverse effect on our stock price.

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we are required to furnish a report by our management on our internal control over financial reporting, including an assessment of the effectiveness of our internal control over financial reporting as of the end of our fiscal year. This assessment must include a statement as to whether or not our internal control over financial reporting is effective and disclosure of any material weaknesses in our internal control over financial reporting identified by management. If our management or independent registered public accounting firm identifies one or more material weaknesses in our internal control over financial reporting, we are unable to assert that our internal control over financial reporting is effective, or our independent registered public accounting firm is unable to express an opinion that our internal controls are effective, investors could lose confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on our business and stock price.

In preparing our financial statements we make certain assumptions, judgments, and estimates that affect amounts reported in our consolidated financial statements which, if not accurate, may significantly impact our financial results.

We make assumptions, judgments, and estimates for a number of items, including revenue recognition for product subscriptions and enterprise business agreements (“EBAs”), the determination of the fair value of acquired assets and liabilities, goodwill, financial instruments including strategic investments, long-lived assets, and intangible assets, the realizability of deferred tax assets, and the fair value of stock awards. We also make assumptions, judgments, and estimates in determining the accruals for uncertain tax positions, variable compensation, partner incentive programs, allowances for credit losses, asset retirement obligations, legal contingencies, and operating lease liabilities. These assumptions, judgments, and estimates are drawn from historical experience and various other factors that we believe are reasonable under the circumstances as of the date of the consolidated financial statements. Actual results could differ materially from our estimates, and such differences could significantly impact our financial results.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no sales of unregistered securities during the three months ended ~~July~~October 31, 2025.

The information concerning issuer purchases of equity securities required by this Item is incorporated by reference herein to the section of this Report entitled “Issuer Purchases of Equity Securities” in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” above.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.OTHER INFORMATION

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Securities Trading Plans of Directors and Executive Officers

During our last fiscal quarter ended ~~July~~October 31, 2025, the following officer(s), as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows:

On ~~June~~August 529, 2025, ~~Steve~~Andrew ~~Blum~~Anagnost, our President and Chief ~~Operating~~Executive Officer, adopted a new Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2293,~~420~~097 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until ~~December~~September 121, ~~2025~~2026, or earlier if all transactions under the trading arrangement are completed.

No other officers, as defined in Rule 16a-1(f), or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

ITEM 6.EXHIBITS

The Exhibits listed below are filed or incorporated by reference as part of this Quarterly Report on Form 10-Q.

Incorporation by Reference

Exhibit No.

Description

Filed Herewith

Form

SEC File No.

Exhibit

Filing Date

4.1

Sixth Supplemental Indenture, dated June 6, 2025, by and between Autodesk, Inc. and U.S. Bank Trust Company, National Association

8-K

000-14338

4.1

June 6, 2025

4.2

Form of Note for Autodesk, Inc.’s 5.300% Notes due 2035 (incorporated by reference from Exhibit 4.1 hereto)

8-K

000-14338

4.2

June 6, 2025

10.1*

Autodesk, Inc. 2022 Equity Incentive Plan As Amended and Restated

8-K

000-14338

10.1

June 20, 2025

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

32.1 †

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS ††

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH ††

Inline XBRL Taxonomy Extension Schema

101.CAL ††

Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF ††

Inline XBRL Taxonomy Definition Linkbase

101.LAB ††

Inline XBRL Taxonomy Extension Label Linkbase

101.PRE ††

Inline XBRL Taxonomy Extension Presentation Linkbase

104 ††

Cover Page Interactive Data File - the cover page interactive date is embedded within the Inline XBRL document or included within the Exhibit 101 attachments



*			Denotes a management contract or compensatory plan or arrangement.
†			The certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.

††			The financial information contained in these XBRL documents is unaudited.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: ~~September~~November 226, 2025



AUTODESK, INC.
(Registrant)

/s/ JANESH MOORJANI
Janesh Moorjani
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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