Financial Trends -- 9/10

Near-textbook strong: revenue accelerating ~11% to ~18-19%, non-GAAP op margin expanding to 39% (+600bps over 5yr), share count declining (-1.9% YoY), FCF large and growing (+54% FY26, +58% FY27Q1 at 45% margin). AEC (largest segment, 51%) growing +20%. No penalty modifiers apply. Docked one point because revenue acceleration is amplified by transaction-model billing transition. Weight: 25%

Fiscal Qtr	Revenue ($M)	YoY	Gross Margin	Non-GAAP Op Margin	Diluted EPS	FCF ($M)	Shares (M)
FY25Q1	$1,417	+11.7%	90.3%	37%	$0.70	$487	217
FY25Q2	$1,505	+11.9%	90.7%	39%	$1.46	$203	217
FY25Q3	$1,570	+11.0%	90.6%	38%	$1.60	$199	217
FY25Q4	$1,639	+11.6%	90.6%	38%	$1.48	$972	214
FY26Q1	$1,633	+15.2%	90.2%	37%	$0.70	$556	216
FY26Q2	$1,763	+17.1%	91.0%	39%	$1.46	$451	215
FY26Q3	$1,853	+18.0%	91.1%	38%	$1.60	$430	215
FY26Q4	$1,957	+19.4%	91.5%	38%	$1.48	$972	214
FY27Q1	$1,934	+18.4%	91.0%	39%	$2.32	$876	212

• Revenue re-accelerating: +11.7% → +15.2% → +17.1% → +18.0% → +19.4% → +18.4% — sustained mid-to-high teens
• Gross margin durably ~91% — subscription model creates exceptional margin stability
• Non-GAAP op margin expanded +600bps over 5 years (32% FY22 → 38% FY26), now at 39% in FY27Q1
• FCF growing +54% in FY26, +58% in FY27Q1 — 45% FCF margin in latest quarter
• Share count declining: 222M → 212M over 5 years via consistent buybacks ($1.4B in FY26)

Segment	Revenue ($M)	% of Rev	YoY Growth	Note
AEC	$970	51%	+20%	Fastest grower, largest segment
AutoCAD & LT	$474	25%	+15%
Manufacturing	$367	19%	+19%
Media & Entertainment	$86	5%	+13%

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Total Revenue	$4,386M	$5,005M	$5,497M	$6,131M	$7,206M
YoY Growth	—	+14.1%	+9.8%	+11.5%	+17.5%
Non-GAAP Op Margin	32%	36%	36%	36%	38%
Net Income	$497M	$823M	$906M	$1,112M	$1,124M
Free Cash Flow	$1,475M	$2,031M	$1,282M	$1,567M	$2,409M
Diluted Shares (M)	222	218	216	217	215

No penalty modifiers apply. No negative FCF, no dilution, no revenue-up/OI-down divergence, no debt outpacing revenue.