Autodesk, Inc.
For the period ended Jul 31, 2026. Filed Aug 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2026 · Filed Aug 28, 2026
ADSK$261.72-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-04-30; filed 2026-05-29.
0000769397-26-000044
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-31; filed 2026-08-28.
0000769397-26-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 125 previous paragraphs and 123 current paragraphs.
83 unchanged; 34 reworded; 6 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Our acquisition of MaintainX, Inc. (“MaintainX”) expands our relationship with manufacturing, and architecture, engineering, and construction customers into asset operations and maintenance management. We expect MaintainX to further extend our operations capabilities by providing a cloud-based platform for maintenance management, asset tracking, inspections, work orders, and frontline operational workflows. Its solutions help customers improve asset reliability, reduce downtime, and optimize operational performance through the collection and analysis of real-time maintenance and asset data. By connecting operational workflows and asset performance information with our existing design, construction, and operations solutions, we believe MaintainX will help support our strategy of delivering a more comprehensive lifecycle platform for the built environment.
Current report
•Deferred revenue was $4.26 billion, a decrease of 9% compared to the fourth quarter in the prior fiscal year.
Current report
Income tax expense for the six months ended July 31, 2026, decreased compared to the corresponding periods in fiscal year 2026. The decrease reflects prior year impacts from the One Big Beautiful Bill Act (“OBBBA”) and the Company’s U.S. tax election regarding the timing of taxation of revenue, which reduced the tax benefit from FDDEI and increased tax expense associated with NCTI.
Current report
In June 2026, we entered into a Term Loan Credit Agreement (“Term Loan Credit Agreement”) which provides for an unsecured 364-day delayed draw term loan facility in the aggregate principal amount of $1 billion. On August 3, 2026, we borrowed $1 billion under the Term Loan Agreement in connection with the acquisition of MaintainX. See also Part I, Item 1, “Financial Statements,” Note 11, “Borrowing Arrangements," in the Notes to Condensed Consolidated Financial Statements for further discussion.
Current report
In July 2026, Autodesk established a commercial paper program under which Autodesk may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $2 billion outstanding at any time, with maturities up to 364 days from the date of issuance. We intend to use the net proceeds of the commercial paper notes for general corporate purposes and to fund the acquisition of businesses. For example, we partially funded the acquisition of MaintainX with borrowings under the commercial paper program. As of July 31, 2026, we had $1 billion of short-term outstanding borrowings under the commercial paper program. See also Part I, Item 1, “Financial Statements,” Note 11, “Borrowing Arrangements," in the Notes to Condensed Consolidated Financial Statements for further discussion.
Current report
On August 3, 2026, we acquired MaintainX for approximately $3.6 billion, net of cash acquired. See Part I, Item 1, “Financial Statements,” Note 19, “Subsequent Events,” in the Notes to Condensed Consolidated Financial Statements for further discussion. We financed the acquisition through borrowings under the Term Loan Credit Agreement, borrowings under our commercial paper program, and cash on hand.
Removed paragraphs (8)
Previous report
•Deferred revenue was $4.46 billion, a decrease of 5% compared to the fourth quarter in the prior fiscal year.
Previous report
On May 28, 2026, we entered into a definitive agreement to acquire MaintainX, Inc. for approximately $3.6 billion in cash. The proposed acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close later in fiscal 2027. We intend to use debt and available cash to fund the proposed acquisition. See Part I, Item 1, Note 19, “Subsequent Events,” in the Notes to Condensed Consolidated Financial Statements for further discussion.
Previous report
Issuer Purchases of Equity Securities
Previous report
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.
Previous report
The following table provides information about the repurchase of common stock in open-market transactions during the three months ended April 30, 2026:
Previous report
(1)This represents shares purchased in open-market transactions under the stock repurchase plans approved by the Board of Directors.
Previous report
(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 April 30, 2026, $2.04 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 15, “Stockholders' Equity,” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
Previous report
Free Cash Flow: Cash flow from operating activities minus capital expenditures.
Reworded paragraphs (34)
Previous wording
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 Months Ended April 30, 2026,” 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…
Excerpt shortened here; the source contains the full paragraph.
Current wording
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 Months Ended July 31, 2026,” 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 and financing arrangements; 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 t…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, and 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.
Current wording
Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, operations, and 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.
Previous wording
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 the following strategic priorities: build the platform of choice for Design and Make, accelerate adoption of Fusion, Forma, and Flow, and transform how customers experience Autodesk.
Current wording
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 enabling convergence through our artificial intelligence (“AI”) -powered industry clouds, Fusion, Forma, and Flow, accelerating the delivery of AI and platform capabilities, creating a smooth path from our core products to industry clouds, and strengthening customer trust in every interaction.
Previous wording
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. Autodesk has invested in the development, scaling, and monetization of agentic AI in design, engineering, manufacturing, and construction industries. Our strategy is built on the foundational pillars of proprietary data, deep contextual integration, and specialized AI expertise.
Current wording
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. Autodesk has invested in the development, scaling, and monetization of agentic AI in design, engineering, manufacturing, construction, and operations industries. Our strategy is built on the foundational pillars of proprietary data, deep contextual integration, and specialized AI expertise.
Previous wording
We develop and operate a trusted platform designed to support critical customer workflows and digital transformation across the industries we serve. The platform provides granular, interoperable, and accessible data through shared and centralized capabilities that support the functionality, performance, usability, security, and scalability of our offerings. These shared capabilities include Autodesk AI, reflecting more than a decade of investment in artificial intelligence technologies used to augment, automate, and analyze customer workflows.
Current wording
We develop and operate a trusted platform designed to support critical customer workflows and digital transformation across the industries we serve. The platform provides granular, interoperable, and accessible data through shared and centralized capabilities that support the functionality, performance, usability, security, and scalability of our offerings. These shared capabilities include Autodesk AI, reflecting more than a decade of investment in AI technologies used to augment, automate, and analyze customer workflows.
Previous wording
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 months ended April 30, 2026, as compared to those disclosed in our Annual Report on Form 10-K. We believe these policies are the most critical to aid in fully understanding and evaluating our financial condition and results of operations.
Current wording
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 months ended July 31, 2026, as compared to those disclosed in our Annual Report on Form 10-K. We believe these policies are the most critical to aid in fully understanding and evaluating our financial condition and results of operations.
Previous wording
Overview of the Three Months Ended April 30, 2026
Current wording
Overview of the Three and Six Months Ended July 31, 2026
Previous wording
•Total net revenue increased 18% to $1.93 billion during the three months ended April 30, 2026, compared to the same period in the prior fiscal year.
Current wording
•Total net revenue increased 16% and 17% to $2.05 billion and $3.98 billion during the three and six months ended July 31, 2026, respectively, compared to the same periods in the prior fiscal year.
Previous wording
•Recurring revenue as a percentage of net revenue was 97% for both the three months ended April 30, 2026 and 2025.
Current wording
•Recurring revenue as a percentage of net revenue was 97% and 98% for the three months ended July 31, 2026 and 2025, respectively, and 97% for both the six months ended July 31, 2026 and 2025.
Previous wording
•Net revenue retention rate (“NR3”) was slightly above the range of 100% to 110%, on a constant currency basis, as of both April 30, 2026, and April 30, 2025.
Current wording
•Net revenue retention rate (“NR3”) approximated the top end of the range and was slightly above the range of 100% to 110%, on a constant currency basis, as of July 31, 2026, and July 31, 2025, respectively.
Previous wording
•Remaining performance obligations (short-term and long-term deferred revenue plus unbilled deferred revenue) (“RPO”) was $7.81 billion, a decrease of 6% compared to the fourth quarter in the prior fiscal year.
Current wording
•Remaining performance obligations (short-term and long-term deferred revenue plus unbilled deferred revenue) (“RPO”) was $7.43 billion, a decrease of 10% compared to the fourth quarter in the prior fiscal year.
Previous wording
•Current remaining performance obligations was $5.38 billion, a decrease of 2% compared to the fourth quarter in the prior fiscal year.
Current wording
•Current remaining performance obligations was $5.24 billion, a decrease of 4% compared to the fourth quarter in the prior fiscal year.
Previous wording
Net revenue increased 18% during the three months ended April 30, 2026, as compared to the same period 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.”
Current wording
Net revenue increased 16% and 17% during the three and six months ended July 31, 2026, 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.”
Previous wording
We rely 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 9% and 20% of our total net revenue during the three months ended April 30, 2026 and 2025, respectively. TD Synnex sells to resellers and end users who purchase our software subscriptions and services. We are increasingly transacting directly with customers due to the growth of our online store and sales with Solution Providers. Consequently, we believe our business is not substantially dependent on TD Synnex.
Current wording
We rely 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 8% of Autodesk’s total net revenue during both the three and six months ended July 31, 2026. Total revenue from TD Synnex accounted for 16% and 18% of Autodesk’s total net revenue during the three and six months ended July 31, 2025, respectively. TD Synnex sells to resellers and end users who purchase our software subscriptions and services. We are increasingly transacting directly with customers due to the growth of our online store and sales with Solution Providers. Consequently, we believe our business is not substantially dependent on TD Synnex.
Previous wording
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.
Current wording
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 is generally included in the calculation one year after the quarter of the acquisition. This may cause variability in the comparison.
Previous wording
The following table outlines our recurring revenue metric for the three months ended April 30, 2026 and 2025:
Current wording
The following table outlines our recurring revenue metric for the three and six months ended July 31, 2026 and 2025:
Previous wording
NR3 was slightly above the range of 100% to 110%, on a constant currency basis, as of both April 30, 2026, and April 30, 2025.
Current wording
NR3 approximated the top end of the range and was slightly above the range of 100% to 110%, on a constant currency basis, as of July 31, 2026, and 2025, respectively.
Previous wording
RPO represents deferred revenue and unbilled deferred revenue, which consists of contractually stated or committed contracts under early renewal and multi-year billing plans for which the associated deferred revenue has not yet been recorded. Unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheets. See Part I, Item 1, “Financial Statements,” Note 3, “Revenue Recognition,” for more details on Autodesk's performance obligations.
Current wording
RPO represents deferred revenue and unbilled deferred revenue, which consists of contractually stated or committed contracts under early renewal and multi-year billing plans for which the associated deferred revenue has not yet been recorded. 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.
Previous wording
At April 30, 2026, we had $3.31 billion in cash, cash equivalents, and marketable securities. Our cash flow from operations increased to $893 million for the three months ended April 30, 2026, compared to $564 million for the three months ended April 30, 2025. We repurchased 2 million shares of our common stock for $448 million during the three months ended April 30, 2026. Comparatively, we repurchased 1 million shares of our common stock for $353 million during the three months ended April 30, 2025. See further discussion regarding the balance sheet and cash flow activities under the heading “Liquidity and Capital Resources.”
Current wording
At July 31, 2026, we had $4.36 billion in cash, cash equivalents, and marketable securities. Our cash flow from operations increased to $1.47 billion for the six months ended July 31, 2026, compared to $1.02 billion for the six months ended July 31, 2025. We repurchased 4 million shares of our common stock for $901 million during the six months ended July 31, 2026. Comparatively, we repurchased 2 million shares of our common stock for $709 million during the six months ended July 31, 2025. See further discussion regarding the balance sheet and cash flow activities under the heading “Liquidity and Capital Resources.”
Previous wording
(1) During the fiscal quarter ended April 30, 2026, the Company changed its presentation of maintenance revenue and reclassified “Maintenance revenue” to “Subscription revenue”. Prior period amounts have been reclassified to conform to the current period presentation. The reclassification did not impact total net revenue.
Current wording
(1) During the six months ended July 31, 2026, the Company changed its presentation of maintenance revenue and reclassified “Maintenance revenue” to “Subscription revenue”. Prior period amounts have been reclassified to conform to the current period presentation. The reclassification did not impact total net revenue.
Previous wording
Restructuring, other exit costs, and facility reductions include charges related to the restructuring plan initiated during the fourth fiscal quarter ended January 31, 2026 (“January 2026 Plan”) to support our initiatives to optimize and complete 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. In addition to the culmination of our sales and marketing optimization program, the January 2026 Plan reallocates resources in certain other functions to accelerate Autodesk’s strategic priorities.
Current wording
Restructuring, other exit costs, and facility reductions include charges related to the restructuring plan initiated during the fourth fiscal quarter ended January 31, 2026 (“January 2026 Plan”) to support our initiatives to optimize and complete our go-to-market organization and, at the same time, to reallocate resources to our strategic priorities of investments in cloud, platform and AI. In addition to the culmination of our sales and marketing optimization program, the January 2026 Plan reallocates resources in certain other functions to accelerate Autodesk’s strategic priorities.
Previous wording
The following table highlights our expectation for the absolute dollar change between the second quarter of fiscal 2027, as compared to the second quarter of fiscal 2026:
Current wording
The following table highlights our expectation for the absolute dollar change between the third quarter of fiscal 2027, as compared to the third quarter of fiscal 2026:
Previous wording
Interest and other income, net, increased by $57 million during the three months ended April 30, 2026, as compared to the same period in the prior fiscal year. The increase in the three months ended April 30, 2026, as compared to the same period in the prior fiscal year was primarily due to an increase in gains on strategic investments.
Current wording
Interest and other income (expense), net, changed by $18 million and increased by $39 million during the three and six months ended July 31, 2026, respectively, as compared to the same periods in the prior fiscal year. The change in the three months ended July 31, 2026, as compared to the same period in the prior fiscal year was primarily due to an increase in losses on strategic investments. The increase in the six months ended July 31, 2026 as compared to the same period in the prior fiscal year was primarily due to gains on strategic investments.
Previous wording
The income tax expense for the three months ended April 30, 2026, increased compared to the corresponding period in fiscal year 2026. The increase is driven by higher pre-tax income for the three months ended as of April 30, 2026. Also, in the preceding period, the company made an election in the U.S. regarding the timing of taxation of revenue, which reduced the taxable benefit arising from FDDEI and increased tax expense associated with NCTI.
Current wording
We had income tax expense of $101 million, relative to pre-tax income of $593 million for the three months ended July 31, 2026, and income tax expense of $143 million, relative to pre-tax income of $456 million for the three months ended July 31, 2025. Income tax expense for the three months ended July 31, 2026, decreased compared to the corresponding periods in fiscal year 2026. In the preceding period, the company made an election in the U.S. regarding the timing of taxation of revenue, which reduced the taxable benefit arising from FDDEI and increased tax expense associated with NCTI.
Previous wording
We had income tax expense of $108 million, relative to pre-tax income of $599 million for the three months ended April 30, 2026, and income tax expense of $82 million, relative to pre-tax income of $234 million for the three months ended April 30, 2025.
Current wording
We had income tax expense of $209 million, relative to pre-tax income of $1.19 billion for the six months ended July 31, 2026, and income tax expense of $225 million, relative to pre-tax income of 690 million for the six months ended July 31, 2025.
Previous wording
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in fiscal 2027. We have reflected the tax effects of OBBBA in our provision for income taxes as of April 30, 2026.
Current wording
Signed into law on July 4, 2025, the OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in fiscal 2027. We have reflected the tax effects of OBBBA in our provision for income taxes as of July 31, 2026.
Previous wording
At April 30, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $3.31 billion, net accounts receivable of $579 million, and our revolving loan facility.
Current wording
At July 31, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $4.36 billion, net accounts receivable of $684 million, and our revolving loan facility. As disclosed below, after that date, we used a portion of our cash to fund our acquisition of MaintainX.
Previous wording
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 April 30, 2026, Autodesk had no outstanding borrowings under the 2025 Credit Agreement. See Part I, Item 1, “Financial Statements,” Note 11, “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 May 29, 2026, we have no amounts outstanding under the 2025 Credit Agreement.
Current wording
In May 2025, and as amended on June 15, 2026, the Company entered into a 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 $2 billion. The proceeds from the 2025 Credit Agreement are available for working capital and general corporate purposes. At July 31, 2026, Autodesk had no outstanding borrowings under the 2025 Credit Agreement. See Part I, Item 1, “Financial Statements,” Note 11, “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 August 28, 2026, we have no amounts outstanding under the 2025 Credit Agreement.
Previous wording
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.
Current wording
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 $2 billion revolving credit facility.
Previous wording
Net cash provided by operating activities of $893 million for the three months ended April 30, 2026, primarily consisted of $491 million of our net income adjusted for $369 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 and by changes in operating assets and liabilities. The positive change in cash provided by working capital is primarily due to the change in accounts receivable of $859 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections from customers partially offset by negative changes in accounts payable and other liabilities of $488 million due to the timing of payments related to employee compensation and related costs and deferred revenue of $238 million due to the timing of our billing installments and seasonality of billings in the fourth fiscal quarter.
Current wording
Net cash provided by operating activities of $1.47 billion for the six months ended July 31, 2026, primarily consisted of $983 million of our net income adjusted for $795 million non-cash items such as stock-based compensation expense, restructuring-related asset impairments, amortization of costs to obtain a contract with a customer, depreciation, amortization, and accretion expense, and deferred income tax and by changes in operating assets and liabilities. The negative change in cash provided by working capital is primarily due to changes in accounts payable and other liabilities of $408 million due to the timing of payments related to employee compensation and related costs and deferred revenue of $434 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 $753 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections.
Previous wording
Net cash provided by operating activities of $564 million for the three months ended April 30, 2025, primarily consisted of $152 million of our net income adjusted for $489 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. The decrease in working capital is primarily due to a negative change in prepaid expenses and other assets of $304 million, and a decrease in deferred revenue of $204 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 $515 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections from customers.
Current wording
Net cash provided by operating activities of $1.02 billion for the six months ended July 31, 2025, primarily consisted of $465 million of our net income adjusted for $885 million non-cash items such as stock-based compensation expense, restructuring-related asset impairments, 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 negative change in prepaid expenses and other assets of $539 million, and a decrease in deferred revenue of $287 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 million due to the seasonality of our billings in the fourth fiscal quarter and timing of cash collections from customers.
Previous wording
Net cash provided by investing activities was $29 million for the three months ended April 30, 2026, primarily due to sales and maturities of marketable securities partially offset by purchases of marketable securities. Net cash provided by investing activities was $58 million for the three months ended April 30, 2025, primarily due to sales and maturities of marketable securities partially offset by purchases of marketable securities.
Current wording
Net cash provided by investing activities was $381 million for the six months ended July 31, 2026, primarily due to sales and maturities of marketable securities partially offset by purchases of marketable securities. 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.
Previous wording
Net cash used in financing activities was $498 million for the three months ended April 30, 2026, primarily due to the repurchases of common stock. Net cash used in financing activities was $415 million for the three months ended April 30, 2025, primarily due to repurchases of common stock.
Current wording
Net cash provided by financing activities was $4 million for the six months ended July 31, 2026, primarily due to proceeds from the issuance of short-term debt partially offset by the repurchases of common stock. Net cash used in financing activities was $634 million for the six months ended July 31, 2025, primarily due to 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.
Previous wording
Billings: Total revenue plus the net change in deferred revenue, as presented in the consolidated statement of cash flows, for the reporting period less the net change in contract assets for the reporting period.
Current wording
Billings: Total revenue plus the net change in deferred revenue, as presented in the consolidated statement of cash flows, less the net change in contract assets for the reporting period.