Autodesk, Inc. (ADSK) Earnings

metirFinance

Oct 2026upcoming

Next quarter

Expected to report Nov 24, 2026 — estimated from last year’s reporting date.

Consensus is $2.27 EPS for Oct 2026 across 9 estimates, ranging $2.12 to $2.33.

ADSK Jul 2026

Reported Aug 27, 2026 · after the close

: 3.40%
: -3.67%

: $2.35
: $2.43
: —
: $2.05B

Reported results

: $2.05B; from $1.76B
: 91.40%; from 90.98%
: $599.00M; from $444.00M
: 29.28%; from 25.18%
: $492.00M; from $313.00M
: $2.33; from $1.46

Highlights

Revenue growth: Q2 FY27 revenue rose 16% year over year, or 14% in constant currency, to $2.05 billion, up from $1.93 billion in Q1 FY27 and $1.76 billion a year earlier.
Earnings beat: The supplied consensus dataset shows EPS of $2.43 versus $2.35 expected, a 3.4% surprise; the filing reports diluted GAAP EPS of $2.33 and non-GAAP EPS of $3.30.
Operating leverage: GAAP operating income increased 35% year over year to $599 million, lifting operating margin to 29% from 25%; non-GAAP margin was 41%, up 2 percentage points.
Recurring base: Subscription revenue grew 17% to $1.95 billion, while recurring revenue reached $1.99 billion, or 97% of total revenue; net revenue retention was around the top of the 100%-110% range and slightly above it on a constant-currency basis.
Product momentum: Make revenue grew 26% to $244 million and Design revenue grew 16% to $1.71 billion; AECO revenue rose 17% to $1.03 billion and Manufacturing rose 15% to $385 million.
Guidance increase: Autodesk raised FY27 billings guidance to $8.575-$8.650 billion and revenue guidance to $8.295-$8.345 billion, while holding non-GAAP operating margin guidance at approximately 39%.
MaintainX acquisition: Autodesk closed the MaintainX acquisition on August 3 for approximately $3.53 billion net of cash acquired, financed with cash, $1 billion of commercial paper and a $1 billion term loan; management expects margin dilution and $45 million of transaction expenses.
Cash generation: Q2 operating cash flow rose 25% year over year to $575 million and free cash flow rose 24% to $561 million; six-month operating cash flow was $1.47 billion versus $1.02 billion a year earlier.
Contract visibility: Total RPO was $7.43 billion, up 2% year over year, with current RPO up 12% to $5.24 billion, although total RPO declined 10% from January as Autodesk reduced multi-year discounts and shifted billing practices.

Analysis

Autodesk delivered a strong Q2 FY27 print, with revenue of $2.05 billion up 16% year over year and 6% sequentially from $1.93 billion. GAAP operating income rose to $599 million from $444 million a year ago and $541 million in Q1, while net income was $492 million versus $313 million last year and $491 million in the prior quarter. GAAP diluted EPS was $2.33 versus $1.46 a year ago and $2.32 in Q1. Separately, the supplied consensus dataset reports EPS of $2.43 versus $2.35 expected, a 3.4% beat; Autodesk reported non-GAAP EPS of $3.30.

The quarter was defined by broad-based subscription growth, operating leverage and the start of a larger platform expansion through MaintainX. Subscription revenue rose 17% to $1.95 billion, and Make was the fastest-growing product type at 26%. Autodesk raised full-year billings and revenue guidance, but maintained its approximately 39% non-GAAP margin target because the acquisition is expected to dilute margins. Cash generation remained substantial, with $561 million of quarterly free cash flow. RPO growth was more mixed: current RPO rose 12% year over year, while total RPO was only 2% higher and down from January amid the company’s reduction of multi-year discounts and annual-billing transition.

Revenue and product growth

Subscription-led expansion: Subscription revenue increased 17% year over year to $1.95 billion, accounting for 95% of total revenue on the filing’s presentation. Recurring revenue was $1.99 billion, or 97% of net revenue, compared with 98% a year ago.
Product breadth: Design revenue rose 16% to $1.71 billion, while Make revenue grew 26% to $244 million. Other revenue declined 3% to $94 million.
Core families: AECO revenue increased 17% to $1.03 billion, supported by AEC Collections, Forma and Revit. AutoCAD and AutoCAD LT grew 14% to $500 million, Manufacturing rose 15% to $385 million, and Media and Entertainment grew 15% to $92 million.
Geographic mix: Revenue increased 14% in the Americas to $898 million, 19% in EMEA to $804 million and 14% in APAC to $344 million. International revenue represented 65% of first-half revenue.

Margins and earnings

Operating leverage: GAAP operating income increased 35% year over year to $599 million, as revenue growth outpaced the 10% increase in total operating expenses to $1.27 billion. GAAP operating margin expanded 4 percentage points to 29%.
Underlying profitability: Non-GAAP operating margin was 41%, up 2 percentage points. The quarter included $184 million of stock-based compensation, $37 million of amortization of purchased and developed technologies, and $14 million of acquisition-related costs.
Expense investment: Research and development increased 12% to $464 million, driven by higher headcount and cloud costs. Marketing and sales rose 10% to $616 million, reflecting higher Solution Provider commissions and advertising, partly offset by lower employee-related costs.
Tax and below-the-line items: Net interest and other expense was $6 million versus $12 million of income a year earlier, primarily because of losses on strategic investments. Lower tax expense of $101 million versus $143 million a year ago partly offset that pressure.

MaintainX integration

Autodesk closed its acquisition of MaintainX on August 3, after the reported quarter, for approximately $3.53 billion net of cash acquired; the MD&A describes the consideration as approximately $3.6 billion. MaintainX adds cloud-based maintenance, asset tracking, inspections, work orders and frontline operations workflows. Autodesk positions the deal as an extension of its design-to-make-to-operate platform, particularly across manufacturing and AECO customers. The financial effect is material: the company funded the purchase with cash on hand, $1 billion of commercial paper and a $1 billion 364-day term loan. FY27 guidance includes MaintainX, with margin guidance unchanged at approximately 39% non-GAAP because higher underlying margins are expected to offset acquisition-related dilution. Autodesk also expects approximately $45 million of transaction expenses in FY27.

Guidance and contract metrics

Raised outlook: FY27 billings guidance is $8.575-$8.650 billion and revenue guidance is $8.295-$8.345 billion. GAAP operating margin is expected at 25%-27%, GAAP EPS at $7.89-$8.72 and non-GAAP EPS at $12.52-$12.60.
Near-term view: Q3 revenue guidance is $2.125-$2.140 billion, with GAAP EPS of $1.57-$1.87 and non-GAAP EPS of $3.04-$3.09. Autodesk expects cost of revenue, sales and marketing, and R&D expenses to increase sequentially as the acquisition is incorporated and investment in cloud, platform and AI continues.
Retention: Net revenue retention approximated the top end of the 100%-110% range and was slightly above it on a constant-currency basis, indicating that existing-customer expansion remained a central growth driver.
RPO composition: RPO was $7.43 billion, including $5.24 billion current RPO, which represents 71% of the balance and is expected to be recognized over the next 12 months. Total RPO increased only 2% year over year, but current RPO rose 12%; total RPO was down 10% from January as reduced multi-year discounting temporarily weighed on unbilled deferred revenue.

Cash flow and capital allocation

Cash conversion: Q2 operating cash flow was $575 million, up 25% year over year, and free cash flow was $561 million, up 24%, after $14 million of capital expenditures. For the first six months, operating cash flow reached $1.47 billion versus $1.02 billion a year earlier.
Liquidity: At July 31, Autodesk held $4.36 billion of cash, cash equivalents and marketable securities, before using cash to fund MaintainX. The company also had access to a $2 billion revolving credit facility with no borrowings outstanding at quarter-end.
Buybacks and leverage: Autodesk repurchased 2 million shares for $457 million in the quarter and 4 million shares for $901 million in the first half. It had $2.5 billion of senior notes outstanding and $1 billion of commercial paper outstanding at July 31, before drawing the additional $1 billion term loan for MaintainX.

Platform and AI strategy

Management continued to frame Autodesk as a connected design-and-make platform rather than a collection of standalone desktop products. The strategy is to connect design, make and operate through the Fusion, Forma and Flow industry clouds, Autodesk Platform Services and shared data capabilities. AI is being integrated into workflows across design, engineering, manufacturing, construction and operations, with management emphasizing proprietary data, contextual integration and specialized models. The quarter’s quantified results do not yet separate AI monetization, so the immediate financial evidence for the strategy is instead the continued growth of cloud-oriented Make offerings, especially Forma and Fusion, alongside the MaintainX expansion into asset operations.

Autodesk, Inc.

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