Short answer
Autodesk (ADSK) filed its fiscal 2026 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $7.2B (+17.5% year over year) and net income of $1.1B.
- Top risk flagged: EU AI Act (approved March 2024) imposes compliance obligations on Autodesk's AI-embedded offerings; U.S. state AI laws adding further regulatory burden
FY2026 key financial metrics · XBRL
- Revenue
- $7.2B
- +17.5% YoY
- Net income
- $1.1B
- +1.1% YoY
- Operating margin
- 21.9%
- −0.2 pp YoY
- Gross margin
- 91.0%
- +0.4 pp YoY
- EPS (diluted)
- $5.23
- +2.1% YoY
- ROE
- 36.9%
- −5.5 pp YoY
- Operating cash flow
- $2.5B
- +52.6% YoY
Source: XBRL data from the Autodesk (ADSK) FY2026 10-K on SEC EDGAR. USD.
Autodesk FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global leader in 3D design/engineering software sold via hybrid direct-indirect channels; subscription-based recurring revenue model across AECO, Manufacturing, and M&E verticals
- Go-to-market overhaul: new transaction model shifts transactions directly between Autodesk and end customers, reducing TD Synnex revenue share from 39% (FY2024) to 14% (FY2026)
- Headcount reduced to ~14,300 from ~15,300 YoY (~1,000 fewer employees); zero acquisitions completed in FY2026
- Autodesk Construction Cloud rebranded as "Forma for Construction," signaling platform consolidation across design-to-operations lifecycle
- Committed 1% of annual operating profit to long-term impact programs; 155,000 metric tons CO2e emissions in FY2025, a 32% reduction vs FY2020 baseline
Management Discussion & Analysis
- Revenue $7.21B in FY2026, up 18% YoY ($1.075B increase); subscription revenue $6.74B, up 18%; AECO best-performing segment at $3.58B, up 22%
- GAAP operating margin 21.9% vs 22.1% FY2025; non-GAAP operating margin 38% vs 36.4% FY2025; restructuring charges drove GAAP margin pressure
- Operating cash flow $2.45B vs $1.61B prior year; share buybacks $1.40B (5M shares) vs $858M (3M shares); capex/investing outflows $451M
- Cash/marketable securities $2.97B; $2.50B notes outstanding; $1.5B undrawn revolving credit facility; RPO $8.30B, up 20% YoY
- FY2027 risks: new transaction model shift expected to boost revenue growth but compress operating margin; ongoing FX headwinds, geopolitical uncertainty, and annual billing transition impacting cash timing
Risk Factors
- EU AI Act (approved March 2024) imposes compliance obligations on Autodesk's AI-embedded offerings; U.S. state AI laws adding further regulatory burden
- International revenue 64% of total; new 10% global "temporary import surcharge" (post-Feb 2026) and prior IEEPA tariffs create trade cost/refund uncertainty
- Distributor TD Synnex fell from 33% to 14% of total net revenue YoY as direct channel grows; reseller financial instability remains concentration risk
- GDPR penalties up to €20M or 4% global revenue; SEC and USAO investigations closed Aug 2025 but shareholder litigation and further regulatory inquiries remain open
- $2.5B principal debt due 2027–2035 plus $1.5B revolving facility; covenant breach could trigger acceleration across all outstanding senior notes
Generated from the filing text; verify against the original. How to read a 10-K
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