Autodesk delivered solid top-line growth in QQ3 2025, highlighting an 11% reported revenue increase and 12% growth in constant currency versus the prior year, supported by a broad-based expansion across product lines and regions. The rollout of the new transaction model and accelerated shift toward direct billing contributed to a meaningful lift in billings (up 28% in the quarter, with the new model adding roughly $72 million to billings in Q3 and $108 million year-to-date). Despite a temporary margin headwind from Autodesk University timing and the transition, management reaffirmed and modestly raised full-year guidance, signaling confidence in mid-term profitability and free cash flow expansion as the company completes the transition and benefits from scale. The company emphasizes AI and cloud as core growth accelerants (including Bernini and Tandem), a strengthened go-to-market through self-service and direct relationships, and a continued focus on capital discipline (notably share buybacks) to create long-term shareholder value. While near-term FX and co-terming headwinds pose risks, Autodesk remains positioned to drive margin expansion toward the upper end of its long-term targets and to show durable gross margins and improving free cash flow over the next two fiscal years.