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Autodesk$ADSK · filed: grew revenue 17.5% in FY2026 to $7.2BSound shipTrillion Score 589Fall Risk LowNext year $7.5B–$8.8B sealedCheck ▾Close ▴
What Autodesk filed
Grew revenue 17.5% in FY2026 to $7.2 billion, operating margin 21.9% against a 0.9% median for prepackaged software, equity 24.4% of assets. Every figure links to the filing it came from on Autodesk’s card. Sound ship: one warning sign. Trillion Score 589, #31 of 311 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-01-31 between $7.5B and $8.8B, an 80% range sealed on 24 Sept 2026 · receipt #8ade19 · graded in public by the revenue in Autodesk’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Starboard's stake in Autodesk turns an accounting delay into a governance campaign, with board seats and CFO succession now in play.
10-K
filing four months past its statutory deadline
$8.5 billion
has held conversations with Autodesk directors in recent weeks…
$289.42
roughly flat on the news
2025
annual filing deadline from May to September
Starboard Value disclosed a position in Autodesk on Thursday and told the board it is considering litigation over the company's handling of an internal accounting investigation that pushed the 10-K filing four months past its statutory deadline. Jeff Smith's fund, which manages roughly $8.5 billion, has held conversations with Autodesk directors in recent weeks and outlined what it described as material governance failures tied to disclosure timing and board oversight. Autodesk shares closed Thursday at $289.42, roughly flat on the news.
Autodesk disclosed in March that its audit committee had opened an investigation into certain accounting practices tied to revenue recognition and the timing of contract modifications. The company pushed its fiscal 2025 annual filing deadline from May to September, then missed that window as well. The 10-K finally landed in early October, revealing no restatement but significant internal control weaknesses. The company's market capitalization sits near $62 billion, with trailing twelve-month revenue of $6.03 billion and operating margins above 31%. Starboard has not disclosed the size of its stake, but people familiar with the matter said the position was built over several months and is large enough to press for board changes.
The threat of litigation is unusual but not without precedent in activist campaigns where disclosure timing becomes a governance flashpoint. Starboard's argument centers on whether Autodesk's board moved quickly enough to inform shareholders once the scope of the investigation became clear, and whether the delay itself created material risk for investors who traded on incomplete information. Autodesk's general counsel and audit committee chair have so far declined to comment beyond the company's public filings. The delay cost Autodesk inclusion in two index rebalancings and triggered margin calls for at least one large crossover fund that had used the shares as collateral in structured products. Starboard is known for multi-year campaigns and has previously won board seats at Darden, Box, and GoDaddy.
Investors should watch whether Starboard files a 13D amendment detailing its specific demands, expected within 10 days if the fund decides to escalate. The company's next quarterly earnings call is scheduled for late November, and Smith's team has indicated it may attend or file questions in advance. Autodesk's board is also in the middle of a search for a new CFO, after Deborah Clifford announced her departure in August. If Starboard pushes for board representation, proxy advisors ISS and Glass Lewis will likely weigh in by late December, ahead of the company's annual meeting in mid-2025.
Autodesk's enterprise subscription model and dominance in CAD and BIM software make it a high-margin target with limited near-term competitive pressure, but the accounting delays have raised questions about internal controls that Starboard will almost certainly use as leverage for governance reform.
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For the principal
If you hold Autodesk directly, flag the CFO search and board composition for review by year-end before proxy season.
For the operator
Track the 13D amendment and any board nomination filings; Starboard's timelines suggest a Spring proxy fight if demands aren't met.
For the house
We are watching for board seat openings and CFO finalist shortlists; no position yet but prepping diligence on governance uplift scenarios.
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