Autodesk's subscription shift drives €373M sales surge despite industry downturns
Autodesk has strengthened its position in the architecture, engineering, construction (AEC), and manufacturing sectors after rolling out new transaction models. The shift to subscription-based sales between Q4 2024 and Q3 2025 drove a 6% increase in market volume, pushing customer sales to €373 million in 2025. Despite broader struggles in the industry, the company's latest financial results show strong growth in revenue and billings.
The company's fourth-quarter revenue rose by 19% compared to the previous year, with a €107 million boost from the new transaction model. Billings also climbed sharply, up 33% as reported and 30% in constant currency, adding €185 million from the same changes. These gains came even as the broader multi-user maintenance (MuM) segment saw a 27% revenue decline.
Autodesk's consumption-based revenue now makes up 17% of total sales, split between Enterprise Business Agreements (EBA) at 15% and Flex at 2%. The company has also adjusted its sales incentives for fiscal 2027, increasing rewards for new business while cutting renewal bonuses—though total payouts remain unchanged.
Looking ahead, Autodesk expects total revenue of €8.17 billion for fiscal 2027, with billings projected at €8.58 billion. Free cash flow guidance sits between €2.7 billion and €2.8 billion, following €972 million in the fourth quarter. The GAAP operating margin is forecast at 26%-28%, while the non-GAAP margin is set to rise to 38.5%-39%, up 120 basis points from last year. The company also repurchased €333 million in shares during the quarter, reducing outstanding stock by 2.1 million.
Meanwhile, competitors like Dassault Systèmes saw a 24.19% stock decline over 30 days to January 27, 2026, despite its strong position in product lifecycle management (PLM) and cloud-based CAD. The global 3D CAD market, driven by AEC demand for visualisation and cloud tools, grew from €11.73 billion in 2024 to an expected €12.41 billion.
Autodesk's shift to subscription and consumption-based models has delivered measurable growth in revenue and billings. With adjusted incentives, share buybacks, and higher margins forecast for 2027, the company appears well-placed in a competitive stock market. The AEC sector's expansion continues to shape demand, even as rivals face stock market challenges.
