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Autodesk

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Analysis

ADSK 10-K Analysis: The $0 Sales Cost Paradox Behind 18% Growth

Autodesk grew revenue by $1,075 million in FY2026 — and spent $4 million less on sales and marketing than the year before. The FY2026 10-K reveals that the channel transition from 42% to 63% direct sales is recapturing $284 million in distributor margin while .DWG file format lock-in keeps customers in place despite the most aggressive go-to-market restructuring in enterprise software history. But half of revenue now comes from construction software, making this 'design company' increasingly a cyclical bet that the 9x revenue multiple may not adequately price.

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15 min

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