First, the opportunity to help lead Autodesk through its next phase of growth and evolution in the design and make industry. And second, the chance to work with a talented team that is dedicated to delivering value to customers and shareholders. Now, let’s dive into our financial performance.
For the fourth quarter of fiscal 2025, Autodesk reported total revenue of $1.3 billion, representing a 20% year-over-year growth. Subscription plan revenue grew 24% year-over-year to $1.1 billion, while maintenance plan revenue declined 8% year-over-year to $176 million. Total billings for the quarter were $1.5 billion, up 19% year-over-year.
Looking at our full year fiscal 2025 results, Autodesk reported total revenue of $4.6 billion, a 21% year-over-year growth. Subscription plan revenue grew 26% year-over-year to $3.8 billion, while maintenance plan revenue declined 7% year-over-year to $723 million. Total billings for the full year were $5.2 billion, up 19% year-over-year.
Our GAAP operating margin for the fourth quarter was 21%, while our non-GAAP operating margin was 35%. For the full year, GAAP operating margin was 20%, and non-GAAP operating margin was 37%. Our free cash flow for the quarter was $592 million, and for the full year, it was $1.6 billion.
Looking ahead to fiscal 2026, we expect total revenue to be in the range of $5.1 billion to $5.3 billion, representing a growth of 11% to 15% year-over-year. We anticipate our GAAP operating margin to be in the range of 18% to 20% and our non-GAAP operating margin to be in the range of 34% to 36%.
In conclusion, we are pleased with our strong financial performance in fiscal 2025 and are excited about the opportunities ahead in fiscal 2026. Thank you for your continued support, and we look forward to delivering value to our customers and shareholders in the year ahead.
And with that, I’ll turn the call back over to Andrew for an update on our strategic growth initiatives.
Andrew Anagnost — President and Chief Executive Officer, and Director
Thank you, Janesh, for that detailed overview of our financial performance. As we look ahead to fiscal 2026 and beyond, Autodesk remains focused on driving growth through our strategic priorities in the design and make industry.
One key initiative we are focused on is the convergence of design and make in the cloud. By leveraging our platform, industry cloud, and AI capabilities, we are able to provide our customers with increasingly valuable and connected solutions that drive efficiency and innovation.
We are also continuing to invest in our customer success and operations to ensure that we are delivering the best possible experience to our customers. By consolidating teams into centers of excellence and investing in systems and processes that increase sales and marketing efficiency, we are able to better meet the evolving needs of our customers and channel partners.
Overall, we are confident in our ability to drive sustainable growth and create long-term value for our shareholders. Thank you for your continued support, and we look forward to updating you on our progress in the coming quarters.
With that, I’ll now turn the call back over to the operator for any questions. Operator?
Overall, we are confident in our ability to drive growth and profitability in fiscal ’26, leveraging our strong position in the market and our focus on driving customer value. We are excited about the opportunities ahead and remain committed to delivering results for our stakeholders. Thank you for your continued support and partnership.
These examples demonstrate how Autodesk is driving innovation and value for our customers across various industries. Our focus on convergence, leveraging our industry cloud and AI capabilities, is positioning us as a leader in the design and make space. We are committed to continue investing in our products, platforms, and go-to-market strategies to capitalize on the opportunities in front of us. As we look towards the future, we are excited about the potential for growth and margin expansion, and we are confident in our ability to deliver sustainable shareholder value over the long term. Thank you for your continued support and partnership. Now, we will open the line for questions. Thank you.
So, to answer your question, what will drive new business growth higher over time is our focus on go-to-market optimization, enhancing the productivity of our channel partners, and investing in our emerging and high-growth businesses in the make category. These strategic initiatives, combined with our continued efforts to innovate and deliver value to our customers, will drive growth and help us achieve our long-term goals. Thank you for your question, Saket.
Great, thank you for that breakdown. And on the product side, could you provide an update on any new product launches or innovations that we can expect in the near future that will contribute to the growth of the company? We are focused on accelerating the road maps associated with our industry cloud, specifically in the construction and manufacturing sectors. We are also investing in expanding the granular data available to our customers, increasing the footprint of APIs, and enhancing common services for industry clouds. Additionally, we are continuing to invest in AR features and recently introduced a generative AI feature in fusion, which has been well-received by users.
Regarding the margin improvement, we are seeing benefits from cost savings, streamlining the sales force, and other optimization efforts. Our commitment to expanding profitability this year is part of our longer-term plans, and we are also looking ahead to further margin expansion in fiscal ’27. Our focus on spend discipline and optimization will continue to drive margin improvement beyond fiscal ’26.
So, overall, we’re pleased with the performance in the AEC segment, and we see a lot of potential for growth in the future. As for the challenges in other segments, we are constantly evaluating our strategies and making adjustments to address any issues that may arise. We remain optimistic about our overall performance and are confident in our ability to navigate through any challenges that come our way.
Joe Vruwink — Analyst
Great. Thank you for the clarification. That’s all I had.
Operator
Thank you. Our next question comes from the line of Sterling Auty of JPMorgan. Please go ahead, Sterling.
Sterling Auty — Analyst
Great. Thank you. I wanted to follow up on the M&A question. So given the focus on efficiency and optimization, are there any specific areas or types of acquisitions that you’re particularly interested in to help accelerate that strategy?
Andrew Anagnost — President and Chief Executive Officer, and Director
Yeah, Sterling, we’re always looking for opportunities that can enhance our capabilities and help us achieve our strategic goals. We’re particularly interested in technologies or companies that can help us drive further efficiencies in our operations, expand our product offerings, or strengthen our position in key markets. We’ll continue to evaluate potential acquisitions based on their alignment with our overall strategy and the value they can bring to our business.
Sterling Auty — Analyst
Great. Thank you for that. That’s all I had.
Operator
Thank you. Our next question comes from the line of Mark Moerdler of Bernstein Research. Please go ahead, Mark.
Mark Moerdler — Analyst
Thank you. Just a quick question. Given the changes you’re making to sales and marketing, can you provide any color on how this may impact your go-to-market strategy or customer engagement going forward?
Andrew Anagnost — President and Chief Executive Officer, and Director
Yeah, Mark, as we mentioned earlier, our focus on optimizing our go-to-market strategy and driving efficiency in our sales and marketing operations is part of our broader efforts to improve our overall performance and deliver greater value to our customers. By streamlining our processes, enhancing our channel partner integrations, and investing in self-service capabilities, we aim to make it easier for customers to do business with us and provide them with the tools and support they need to succeed.
These changes will not only help us reduce costs and improve margins but also enable us to better serve our customers and drive growth in the long term. We believe that by aligning our go-to-market strategy with our customers’ needs and expectations, we can create a more seamless and efficient experience for all parties involved.
Mark Moerdler — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Keith Weiss of Morgan Stanley. Please go ahead, Keith.
Keith Weiss — Analyst
Great. Thank you. Just a quick question on the margin expansion. Can you provide any additional details on the specific initiatives or areas where you expect to see the most significant improvements in efficiency and cost savings?
Janesh Moorjani — Chief Financial Officer
Sure, Keith. As we mentioned earlier, we are focused on optimizing our go-to-market strategy and driving efficiency in our sales and marketing operations. This includes streamlining our processes, enhancing our channel partner integrations, and investing in self-service capabilities to lower our overall cost to serve our customers.
We are also working on improving our operational efficiency and productivity through automation, data analytics, and other technology-driven initiatives. Additionally, we are evaluating our organizational structure and resource allocation to ensure that we are investing in the right areas and optimizing our workforce for maximum productivity and effectiveness.
Overall, we believe that these efforts will help us achieve our margin expansion goals and position us for long-term success in the market.
Keith Weiss — Analyst
Great. Thank you for the details.
Operator
Thank you. Our next question comes from the line of Jay Vleeschhouwer of Griffin Securities. Please go ahead, Jay.
Jay Vleeschhouwer — Analyst
Thank you. Just a quick question on the competitive landscape. How do you see the competitive environment evolving in the markets you operate in, and how do you plan to differentiate your offerings and maintain your leadership position?
Andrew Anagnost — President and Chief Executive Officer, and Director
Yeah, Jay, the competitive landscape in our markets continues to be dynamic and evolving. We operate in highly competitive industries where innovation and differentiation are key drivers of success. To maintain our leadership position and stay ahead of the competition, we are focused on delivering best-in-class products and services that address the evolving needs of our customers and provide them with unique value propositions.
We are also investing in research and development to drive innovation and stay at the forefront of technological advancements. Additionally, we are leveraging our strong customer relationships and brand reputation to build loyalty and trust with our customers and partners.
Overall, we believe that by staying agile, customer-focused, and innovative, we can continue to differentiate ourselves in the market and drive sustainable growth and success for our business.
Jay Vleeschhouwer — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Brent Bracelin of Piper Sandler. Please go ahead, Brent.
Brent Bracelin — Analyst
Great. Thank you. Just a quick question on the subscription transition. What are some of the key challenges you are facing as you migrate customers to subscription-based models, and how are you addressing these challenges to ensure a smooth transition?
Janesh Moorjani — Chief Financial Officer
Yeah, Brent, the transition to subscription-based models is a key focus for us, and we are actively working to address the challenges associated with this shift. One of the main challenges we face is managing customer expectations and ensuring that they understand the value proposition of our subscription offerings.
We are also working to streamline our pricing and packaging strategies to make it easier for customers to migrate to subscription-based models and ensure that they are getting the best value for their investment. Additionally, we are investing in customer education and support to help customers navigate the transition process and address any concerns or questions they may have.
Overall, we are focused on making the transition to subscription-based models as smooth and seamless as possible for our customers and are committed to helping them realize the full benefits of our subscription offerings.
Brent Bracelin — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Rob Oliver of Baird. Please go ahead, Rob.
Rob Oliver — Analyst
Thank you. Just a quick question on international expansion. Can you provide an update on your progress in expanding your presence in international markets, and what are some of the key initiatives you are pursuing to drive growth in these regions?
Andrew Anagnost — President and Chief Executive Officer, and Director
Yeah, Rob, international expansion is a key priority for us, and we are making significant progress in expanding our presence in key global markets. We are focused on strengthening our partnerships with channel partners and resellers in these regions to drive sales and customer adoption.
We are also investing in localizing our products and services to better meet the needs of international customers and provide them with tailored solutions that address their specific requirements. Additionally, we are expanding our marketing and sales efforts in these regions to raise awareness of our brand and drive demand for our offerings.
Overall, we see tremendous growth opportunities in international markets, and we are committed to expanding our presence and driving success in these regions.
Rob Oliver — Analyst
Great. Thank you for the update.
Operator
Thank you. Our next question comes from the line of Heather Bellini of Goldman Sachs. Please go ahead, Heather.
Heather Bellini — Analyst
Thank you. Just a quick question on customer retention. How are you approaching customer retention and ensuring that you are delivering value to your customers to drive loyalty and long-term relationships?
Andrew Anagnost — President and Chief Executive Officer, and Director
Heather, customer retention is a top priority for us, and we are focused on delivering value to our customers to drive loyalty and long-term relationships. We are investing in customer success programs and support services to help customers maximize the value of our products and services and achieve their business goals.
We are also actively collecting feedback from customers and incorporating their input into our product development and service offerings to ensure that we are meeting their needs and expectations. Additionally, we are leveraging data and analytics to track customer satisfaction and identify areas for improvement to enhance the overall customer experience.
Overall, we are committed to building strong relationships with our customers and providing them with the support and resources they need to succeed.
Heather Bellini — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Michael Turrin of Wells Fargo. Please go ahead, Michael.
Michael Turrin — Analyst
Thank you. Just a quick question on cloud adoption. How are you seeing cloud adoption trends evolve in your customer base, and how are you positioning yourself to capitalize on this trend?
Andrew Anagnost — President and Chief Executive Officer, and Director
Michael, cloud adoption is a key focus for us, and we are seeing strong momentum in this area as more customers embrace cloud-based solutions for their business needs. We are actively investing in our cloud offerings and expanding our capabilities to meet the growing demand for cloud services.
We are also working to educate customers on the benefits of cloud adoption and help them migrate to cloud-based solutions to improve efficiency, scalability, and flexibility in their operations. Additionally, we are partnering with leading cloud providers to deliver seamless integration and support for customers who are transitioning to the cloud.
Overall, we see tremendous opportunities in the cloud market, and we are positioning ourselves to capitalize on this trend and drive growth in our cloud business.
Michael Turrin — Analyst
Great. Thank you for the update.
Operator
Thank you. Our next question comes from the line of John DiFucci of Jefferies. Please go ahead, John.
John DiFucci — Analyst
Thank you. Just a quick question on talent acquisition. How are you approaching talent acquisition and retention in the current competitive labor market, and what are some of the key initiatives you are pursuing to attract and retain top talent?
Andrew Anagnost — President and Chief Executive Officer, and Director
John, talent acquisition and retention are critical priorities for us, and we are actively investing in our talent acquisition and development programs to attract and retain top talent in the current competitive labor market. We are focusing on building a diverse and inclusive workforce that reflects the communities we serve and brings a wide range of perspectives and experiences to our organization.
We are also investing in employee training and development programs to help our employees grow and advance in their careers and provide them with opportunities to develop new skills and capabilities. Additionally, we are enhancing our employee benefits and wellness programs to support the health and well-being of our employees and create a positive work environment.
Overall, we are committed to attracting and retaining top talent and creating a culture of innovation, collaboration, and excellence that drives success for our business.
John DiFucci — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Kirk Materne of Evercore ISI. Please go ahead, Kirk.
Kirk Materne — Analyst
Thank you. Just a quick question on product innovation. How are you approaching product innovation and development to drive growth and differentiation in your offerings?
Andrew Anagnost — President and Chief Executive Officer, and Director
Kirk, product innovation is a key focus for us, and we are actively investing in research and development to drive growth and differentiation in our offerings. We are constantly exploring new technologies, trends, and market opportunities to identify areas for innovation and develop cutting-edge solutions that address the evolving needs of our customers.
We are also collaborating with customers, partners, and industry experts to gather feedback and insights that inform our product development and roadmap. Additionally, we are leveraging data and analytics to track market trends and customer preferences and guide our product innovation efforts.
Overall, we are committed to driving growth and differentiation through product innovation and developing solutions that deliver value and impact for our customers and partners.
Kirk Materne — Analyst
Great. Thank you for the update.
Operator
Thank you. Our next question comes from the line of Brad Zelnick of Credit Suisse. Please go ahead, Brad.
Brad Zelnick — Analyst
Thank you. Just a quick question on customer engagement. How are you approaching customer engagement and building relationships with your customers to drive loyalty and retention?
Andrew Anagnost — President and Chief Executive Officer, and Director
Brad, customer engagement is a top priority for us, and we are focused on building strong relationships with our customers to drive loyalty and retention. We are investing in customer success programs and support services to help customers maximize the value of our products and services and achieve their business goals.
We are also actively collecting feedback from customers and incorporating their input into our product development and service offerings to ensure that we are meeting their needs and expectations. Additionally, we are leveraging data and analytics to track customer satisfaction and identify areas for improvement to enhance the overall customer experience.
Overall, we are committed to building strong relationships with our customers and providing them with the support and resources they need to succeed.
Brad Zelnick — Analyst
Great. Thank you for the insights.
Operator
Thank you. Our next question comes from the line of Alex Zukin of RBC Capital Markets. Please go ahead, Alex.
Alex Zukin — Analyst
As we roll out additional generative AI features across our product portfolio, we will continue to focus on enhancing customer productivity and capturing the value of that productivity. Pricing for these features will be based on the level of productivity they provide to customers, ensuring that we are both sharing the benefits and capturing the value. We are sensitive to the customer-specific nature of data models and will continue to prioritize data security and privacy in all our AI rollouts.
Matt Hedberg — Analyst
Great. That makes sense. And then one quick follow-up on construction. Obviously, you mentioned that construction is doing fantastic. Can you provide any more color on specific trends or drivers within the construction segment that are contributing to this strong performance?
Andrew Anagnost — President and Chief Executive Officer, and Director
Absolutely. The construction industry is undergoing a transformation driven by technology adoption, increased collaboration, and the need for efficient project management. Autodesk’s solutions for the construction industry, such as BIM 360 and PlanGrid, are well-positioned to address these needs and help construction companies improve productivity, reduce costs, and deliver projects more efficiently. The strong performance in the construction segment is a reflection of the value that our solutions are providing to our customers in this industry.
Matt Hedberg — Analyst
Great. Thank you for the insights. That’s all from me.
Operator
Thank you. Our next question comes from Heather Bellini of Goldman Sachs. Heather, your line is open.
Heather Bellini — Analyst
Thank you. Andrew, I just wanted to follow up on the discussion around self-service. Can you provide any metrics or KPIs that investors should focus on to track the progress of Autodesk’s self-service initiatives? And how do you plan to measure the success of these efforts over time?
But can you provide more color on the impact of the new transaction model on revenue growth in fiscal ’26? And specifically, how are you factoring in potential headwinds or tailwinds from this change? Thank you. But overall, we’re seeing positive momentum in all three regions. The Americas, as you mentioned, are further along, but APAC and EMEA are also tracking well. We’re focused on ensuring a smooth transition for our customers and partners, and so far, the feedback has been positive. We’re confident that these changes will drive long-term growth and success for Autodesk.” “Kami melihat beberapa masalah produktivitas lebih dari yang diharapkan saat kami mendekati akhir dari semua implementasi ini, tetapi kami sekarang sedang bekerja untuk menyelesaikan semuanya.
Tapi pada umumnya, ini dianggap seperti yang kami harapkan, dengan sedikit lebih banyak, baiklah, kami memiliki beberapa pekerjaan yang harus dilakukan untuk membantu mitra mengelola sistem-sistem ini secara efektif ke depan.
Kenneth Wong — Analis
Baik. Terima kasih banyak, Andrew.
Andrew Anagnost — Presiden dan Chief Executive Officer, dan Direktur
Sama-sama.
Operator
Terima kasih. Dan para hadirin, itu semua waktu yang kita miliki untuk sesi tanya jawab hari ini. Sekarang saya ingin mengembalikan konferensi ini kepada Simon Mays-Smith untuk kata penutup.
Simon Mays-Smith — Wakil Presiden, Hubungan Investor
Terima kasih, semua, telah bergabung dengan kami hari ini. Kami akan menantikan untuk bertemu banyak dari Anda dalam beberapa minggu mendatang. Jika Anda memiliki pertanyaan, silakan email saya, [email protected]. Dan kami berharap bisa mengecek laporan pendapatan Q1 kami.
Terima kasih banyak, Latif. Dan selamat tinggal, semuanya.
Operator
[Pemberhentian operator]
Durasi: 0 menit
Simon Mays-Smith — Wakil Presiden, Hubungan Investor
Andrew Anagnost — Presiden dan Chief Executive Officer, dan Direktur
Janesh Moorjani — Chief Financial Officer
Saket Kalia — Analis
Adam Borg — Analis
Jay Vleeschhouwer — Analis
Jason Celino — Analis
Taylor McGinnis — Analis
Bhavin Shah — Analis
Joe Vruwink — Analis
Elizabeth Porter — Analis
Matt Hedberg — Analis
Joshua Tilton — Analis
Michael Turrin — Analis
Kenneth Wong — Analis
Ken Wong — Analis
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