Thank you for standing by, and welcome to Autodesk third quarter and fiscal year 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. I would now like to hand the call over to Simon Mays-Smith, VP, Investor Relations. Please go ahead.
Thanks, Operator, and good afternoon. Thank you for joining our conference call to discuss the third quarter results of Autodesk fiscal 2025. On the line with me is Andrew Anagnost, our CEO, and Betsy Rafael, our interim CFO. During this call, we will make forward-looking statements, including outlook and related assumptions, and on product and strategies. Actual events or results could differ materially. Please refer to our SEC filings, including our most recent Form 10-Q and the Form 8-K filed with today's press release for important risks and other factors that may cause our actual results to differ from those in our forward-looking statements. Forward-looking statements made during the call are being made as of today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Autodesk disclaims any obligation to update or revise any forward-looking statements.
We will quote several numeric or growth changes during this call as we discuss our financial performance. Unless otherwise noted, each such reference represents a year-on-year comparison. All non-GAAP numbers referenced in today's call are reconciled in our press release or Excel financials and other supplemental materials available on our Investor Relations website. And now, I will turn the call over to Andrew.
Thank you, Simon, and welcome everyone to the call. We finished the third quarter of the year strongly, delivering 12% revenue growth in constant currency and have again raised full-year guidance. This reflects the sustained momentum of the business and successful execution of our strategy, including a smooth implementation of the new transaction model in Western Europe. Once again, opportunity, resilience, and discipline underpinned our performance. Last month at Autodesk University in San Diego, we hosted 12,000 registered attendees and another 30,000 online. We showed how granular data in the cloud, organized in data models, and connected to everything through APIs can deliver even more valuable and connected solutions for customers and partners and support a much broader ecosystem and marketplace.
Customers and channel partners that I spoke with at AU remained cautiously optimistic, a sentiment consistent with the underlying momentum of our business, our growing product usage, and BuildingConnected bid activity trends over recent quarters. I left AU with a tremendous sense of purpose and optimism in the ingenuity and persistence of our customers and for the future. On our earnings call last quarter, I set out our secular growth opportunities and our strategy to capitalize on them. I concluded that Autodesk's investment in cloud, platform, and AI in pursuit of those opportunities were ahead of its peers. AU was a good demonstration of that. But we're also leading the industry in modernizing our go-to-market motion, starting a few years ago with the subscription transition through consumption and self-service enablement, and more recently to direct billing.
These initiatives enable Autodesk to build larger and more durable direct relationships with its customers and to serve them more efficiently. We have already seen significant benefits from initiatives like these, and there's more to come in the next optimization phase. Taking out the effects on margins from FX and the new transaction model, we still expect to be towards the midpoint of our fiscal 2026 non-GAAP operating margin target of 38%-40% in fiscal 2025, a year ahead of schedule. We are confident we will make further improvement in fiscal 2026 on the same basis. The new transaction model will enable tighter channel partnerships with less duplication of effort and more digital self-service and automation, which increases customer satisfaction and workforce productivity.
It will also create new opportunities for partners and Autodesk to earn more, with less emphasis on transaction revenue sharing and a greater emphasis on value creation for customers. Once complete, we expect the new transaction model and subsequent go-to-market optimization to increase sales and marketing efficiency and deliver GAAP margins among the best in the industry. Attractive, long-term secular growth markets, a focused strategy delivering ever more valuable and connected solutions to our customers, and a resilient business are generating strong and sustained momentum, both in absolute terms and relative to peers. Disciplined execution and capital allocation have driven even greater operational velocity and efficiency within Autodesk and will underpin the methodical build of revenue and free cash flow over the next few years and GAAP margins among the best in the industry.
We will continue to deploy capital to offset and buy forward dilution as our free cash flow grows from the fiscal 2024 trough. This practice has reduced our share count over the last three years. We have significantly increased our share repurchase authorization to extend this momentum flexibility over the medium term, with the precise trajectory remaining dependent on our debt repayment schedule and the ebb and flow of M&A. In combination, we believe these factors will deliver sustainable shareholder value over many years. Before I conclude, I'd like to formally welcome Janesh to Autodesk. We're excited to welcome Janesh, who brings a wealth of experience and will be instrumental in sustaining Autodesk's growth and enhanced profitability momentum.
Of equal importance, I'd like to thank Betsy for stepping in as interim CFO at an important time in the company's journey, and I'm looking forward to continuing to work closely with her as an Autodesk board member. I will now turn the call over to Betsy to discuss our quarterly financial performance and guidance for the year. I'll then return to provide an update on our strategic growth initiatives.