Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Autodesk Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).
The financial data over the six-year period reveals notable trends in revenues, costs, expenses, and profitability.
- Revenue Trends
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Subscription revenue shows a consistent and significant upward trend, rising from $1,802 million in 2019 to $5,116 million in 2024. In contrast, maintenance revenue has steadily declined, dropping from $635 million in 2019 to $54 million in 2024. Combined subscription and maintenance revenue reflect overall growth, increasing from $2,437 million to $5,170 million in the same period.
Other revenue also shows growth, especially notable from 2021 onwards, increasing from $128 million to $327 million by 2024. Net revenue correspondingly exhibits a steady increase, from $2,570 million in 2019 to $5,497 million in 2024.
- Cost of Revenue and Gross Profit
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The cost of subscription and maintenance revenue has grown gradually, from -$216 million in 2019 to -$381 million in 2024, while the cost of other revenue also increased moderately. Amortization of developed technologies shows some variability but remained relatively stable in recent years. Total cost of revenue rose from -$286 million to -$511 million over the period.
Gross profit has improved substantially, from $2,284 million in 2019 to $4,986 million in 2024, reflecting the strong revenue growth outpacing the increase in costs.
- Operating Expenses
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Marketing and sales expenses increased consistently, from -$1,184 million in 2019 to -$1,823 million in 2024, illustrating continued investment in customer acquisition and retention. Research and development expenses also rose steadily, from -$725 million to -$1,373 million, indicating a sustained focus on innovation and product development.
General and administrative expenses showed an increasing trend overall, despite a dip in 2022, moving from -$340 million in 2019 to -$620 million in 2024. Amortization of purchased intangibles remained relatively stable. Restructuring and other exit costs were only noted in earlier years and then ceased.
Total operating expenses increased from -$2,309 million in 2019 to -$3,858 million in 2024, reflecting growth in the scale of operations and investment areas.
- Profitability and Other Income/Expenses
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Income from operations turned positive in 2020, following a small loss in 2019, and has generally increased to $1,128 million by 2024. Interest and investment income (expense), net, was negative until 2023 but turned positive in 2024, suggesting improved net financial income. Gains and losses on foreign currency and strategic investments exhibit some fluctuations but have limited impact on overall profitability.
Income before income taxes follows a rising trend from a loss of -$43 million in 2019 to a profit of $1,136 million in 2024. However, provision for income taxes is volatile, with a significant benefit recorded in 2021 but provisions in other years, culminating in a -$230 million tax provision in 2024.
Net income exhibits considerable variability with a loss in 2019, a sharp increase in 2021, and subsequent fluctuations, reaching $906 million in 2024. The inconsistent tax provisions likely contribute to these fluctuations.
Overall, the data indicates strong top-line growth driven largely by subscription revenue, effective management of cost of revenue leading to higher gross profit, and increased operating expenses consistent with business growth and development investments. Profitability improvements are evident but somewhat tempered by tax expense volatility and other non-operating income and expenses. The company's financial position appears to have strengthened substantially over the period analyzed.