Autodesk Q1 FY1/26 Earnings Review

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That’s how I think of Autodesk $ADSK company fundamentals - they are a proxy take on the real economy. Specifically, new orders is a proxy for the real economy capex program, and the real economy capex program is a proxy for grownups’ confidence in the real economy.

Well, here’s how ADSK’s order book (“remaining performance obligation”) is shaping up.

The order book is 21% bigger than last year, that’s the answer. Moreover that same order book is seeing sequential acceleration in growth rates for four of the last five quarters. It’s almost as if consumer- and corporate demand is in good shape despite all the narrative we hear to the contrary.

Let’s take a look at the fundamentals, the valuation, and the stock chart.

Financial Fundamentals

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