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AI核心结论
Autodesk delivered strong FY2026 results with revenue growing 17.5% to $7.21B and operating cash flow surging 52.6% to $2.45B, though net income growth was modest at 1.1% due to higher operating expenses.
营业收入
$7.21B
同比 ++17.53%
每股收益（基本）
$5.28
同比 ++2.13%
毛利率
91.0%
同比 ++0.41%
营业利润
$1.58B
同比 ++16.54%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Autodesk (ADSK) FY2026 营收 $7.21B，同比增长 17.5%。 净利润 $1.12B，同比增长 1.1%，稀释每股收益 $5.23。 毛利率 91.0%。
Autodesk grew total revenue 17.5% year-over-year to $7.21B in FY2026, up from $6.13B in FY2025, reflecting continued momentum in its subscription-based business model and strong customer retention across its design and construction software platforms.
来源: Source: 10-K Income Statement
Operating cash flow surged 52.6% to $2.45B in FY2026 from $1.61B in FY2025, significantly outpacing revenue growth and demonstrating the high cash-conversion quality of Autodesk's recurring subscription revenue streams.
来源: Source: 10-K Cash Flow Statement
Gross margin remained exceptionally high at 90.98% in FY2026, up slightly from 90.57% in FY2025, reflecting the inherently low marginal cost of delivering cloud-based software and the scalability of Autodesk's platform.
来源: Source: 10-K Income Statement
R&D expenses increased 10.6% to $1.64B in FY2026, representing approximately 22.8% of revenue, underscoring Autodesk's commitment to product innovation including AI-driven design tools and cloud platform development.
来源: Source: 10-K Income Statement
Autodesk repurchased $1.40B in shares during FY2026, a 64.6% increase from $852M in FY2025, reflecting management's confidence in the business and commitment to returning capital to shareholders despite a current ratio below 1.0.
来源: Source: 10-K Cash Flow Statement
Autodesk's current ratio stands at 0.85 in FY2026, meaning current liabilities of $5.81B exceed current assets of $4.94B. This is largely driven by deferred revenue obligations, but it does indicate the company relies on ongoing cash generation to meet near-term obligations. Any disruption to subscription renewals or cash flows could create liquidity stress.
来源: Source: 10-K Balance Sheet
While revenue grew 17.5%, net income grew only 1.1% to $1.12B in FY2026, suggesting that operating cost growth — including R&D at $1.64B and other expenses — is consuming a large portion of incremental revenue. This compression in bottom-line conversion could concern investors focused on profitability scaling.
来源: Source: 10-K Income Statement
Long-term debt increased 8.7% to $2.50B in FY2026 while the company spent $1.40B on share repurchases. The combination of elevated debt and aggressive capital returns limits financial flexibility and increases vulnerability to rising interest rates or an economic downturn that pressures subscription renewal rates.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Operating margin declined modestly from 22.08% in FY2025 to 21.90% in FY2026 despite strong revenue growth, indicating that operating expenses are growing slightly faster than revenue. Sustained margin compression could signal difficulty in achieving operating leverage as the company scales.
来源: Source: 10-K Income Statement
Autodesk's business model is almost entirely dependent on subscription renewals, with gross margins near 91% reflecting software delivery costs. Any macro-driven reduction in customer spending on design software, competitive disruption, or failure to upsell existing customers could materially impact revenue and cash flow given the high fixed cost base of R&D investment.
来源: Source: 10-K Income Statement & Cash Flow Statement
FY2026 实际 EPS $2.85，分析师一致预期 $2.70，超预期 +5.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.21B | $6.13B | +17.53% |
营业成本 | $650M | $578M | +12.46% |
毛利润 | $6.56B | $5.55B | +18.06% |
营业利润 | $1.58B | $1.35B | +16.54% |
净利润 | $1.12B | $1.11B | +1.08% |
每股收益（基本） | $5.28 | $5.17 | +2.13% |
每股收益（稀释） | $5.23 | $5.12 | +2.15% |
研发费用 | $1.64B | $1.49B | +10.64% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $12.47B | $10.83B | +15.08% |
流动资产 | $4.94B | $3.48B | +41.93% |
流动负债 | $5.81B | $5.15B | +12.75% |
股东权益 | $3.04B | $2.62B | +16.18% |
现金及等价物 | $2.25B | $1.6B | +40.65% |
长期债务 | $2.5B | $2.3B | +8.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.45B | $1.61B | +52.58% |
投资活动现金流 | $-451M | $-903M | +50.06% |
筹资活动现金流 | $-1.36B | $-987M | -37.89% |
股票回购 | $1.4B | $852M | +64.55% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 91.0% | 90.6% | +0.41% |
营业利润率 | 21.9% | 22.1% | -0.19% |
净利率 | 15.6% | — | — |
净资产收益率 | 36.9% | — | — |
总资产收益率 | 9.0% | — | — |
流动比率 | $0.851 | — | — |
Application Software 行业其他公司
Autodesk delivered strong FY2026 results with revenue of $7.21B, up 17.5% year-over-year, and operating cash flow of $2.45B, up 52.6%. However, net income grew only 1.1% to $1.12B due to rising R&D and operating expenses, and diluted EPS came in at $5.23.
Autodesk's 17.5% revenue growth to $7.21B in FY2026 was driven by its subscription-based business model, which generates highly recurring and predictable revenue. The company's near-91% gross margin reflects the scalability of its cloud-delivered design software across architecture, engineering, construction, and manufacturing markets.
Key risks include a current ratio below 1.0 (0.85x), indicating current liabilities of $5.81B exceed current assets of $4.94B, and net income growth of only 1.1% despite 17.5% revenue growth, suggesting cost pressures. Additionally, long-term debt rose 8.7% to $2.50B while the company spent $1.40B on buybacks, limiting financial flexibility.
Yes, Autodesk is highly profitable with a gross margin of ~91% and net income of $1.12B in FY2026. Operating cash flow surged 52.6% to $2.45B, far exceeding net income, reflecting the strong cash-conversion quality of its subscription model where customers often pay upfront.
Autodesk repurchased $1.40B in shares in FY2026, a 64.6% increase from $852M in FY2025, which helped support diluted EPS growth of 2.1% to $5.23 even as net income grew only 1.1%. While buybacks signal management confidence, the aggressive pace alongside rising debt warrants monitoring of the company's capital allocation strategy.