Autodesk, Inc. (ADSK): Results of Operations and Financial Condition
Autodesk, Inc. (ADSK) filed an SEC Form 8-K — Results of Operations and Financial Condition. AUTODESK, INC. ANNOUNCES FISCAL 2027 SECOND QUARTER RESULTS - Second quarter revenue grew 16 percent year over year as reported, 14 percent on a constant currency basis, to $2.05 billion SAN FRANCISCO, AUGUST 27, 2026 -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial resu
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance are likely to drive immediate buying pressure, especially among AI‑focused tech investors.
Market read
Autodesk's strong quarter and higher guidance reinforce its growth narrative, making the stock a potential short‑term rally candidate.
What to watch
Potential execution risk of the MaintainX acquisition and macro‑economic headwinds could temper growth.
Second quarter revenue grew 16 percent year over year as reported, 14 percent on a constant currency basis, to $2.05 billion.
Revenue, billings, operating margins, EPS, and free cash flow all increased year over year, while Autodesk increased fiscal 2027 billings and revenue growth guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Billingsother | $ 1,854 million | – | 10 % |
| Total net revenueGAAP | $ 2,046 million | – | 16 % |
| Subscription revenueGAAP | $ 1,952 million | – | – |
| Other revenueGAAP | $ 94 million | – | – |
| Total cost of revenueGAAP | $ 176 million | – | – |
| Gross profitGAAP | $ 1,870 million | – | – |
| Marketing and sales expenseGAAP | $ 616 million | – | – |
| Research and development expenseGAAP | $ 464 million | – | – |
| General and administrative expenseGAAP | $ 179 million | – | – |
| Amortization of purchased intangiblesGAAP | $ 13 million | – | – |
| Restructuring, other exit costs, and facility reductionsGAAP | $ 1 million | – | – |
| Total operating expensesGAAP | $ 1,271 million | – | – |
| Income from operationsGAAP | $ 599 million | – | – |
| GAAP operating marginGAAP | 29 % | – | 4 ppt |
| Non-GAAP operating marginnon-GAAP | 41 % | – | 2 ppt |
| Income before income taxesGAAP | $ 593 million | – | – |
| Provision for income taxesGAAP | $ (101) million | – | – |
| Net incomeGAAP | $ 492 million | – | – |
| GAAP diluted net income per shareGAAP | $ 2.33 | – | $ 0.87 |
| Non-GAAP diluted net income per sharenon-GAAP | $ 3.30 | – | $ 0.68 |
| Cash flow from operating activitiesGAAP | $ 575 million | – | 25 % |
| Free cash flownon-GAAP | $ 561 million | – | 24 % |
| Deferred revenueother | $ 4,258 million | – | 11 % |
| Unbilled deferred revenueother | $ 3,175 million | – | (8) % |
| Remaining performance obligationsother | $ 7,433 million | – | 2 % |
| Current RPOother | $ 5,245 million | – | 12 % |
| Six months ended July 31, 2026 total net revenueGAAP | $ 3,980 million | – | – |
| Six months ended July 31, 2026 income from operationsGAAP | $ 1,140 million | – | – |
| Six months ended July 31, 2026 net incomeGAAP | $ 983 million | – | – |
| Six months ended July 31, 2026 diluted net income per shareGAAP | $ 4.64 | – | – |
| Six months ended July 31, 2026 net cash provided by operating activitiesGAAP | $ 1,468 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| DesignNo segment-specific driver disclosed. | $ 1,708 million | – | 16 % |
| MakeNo segment-specific driver disclosed. | $ 244 million | – | 26 % |
| Other product typeNo segment-specific driver disclosed. | $ 94 million | – | (3) % |
| AmericasNo geographic-specific driver disclosed. | $ 898 million | – | 14 % |
| EMEANo geographic-specific driver disclosed. | $ 804 million | – | 19 % |
| APACNo geographic-specific driver disclosed. | $ 344 million | – | 14 % |
| Architecture, Engineering, Construction, and OperationsNo product-family-specific driver disclosed. | $ 1,029 million | – | 17 % |
| AutoCAD and AutoCAD LTNo product-family-specific driver disclosed. | $ 500 million | – | 14 % |
| ManufacturingNo product-family-specific driver disclosed. | $ 385 million | – | 15 % |
| Media and EntertainmentNo product-family-specific driver disclosed. | $ 92 million | – | 15 % |
| Other product familyNo product-family-specific driver disclosed. | $ 40 million | – | 29 % |
Q3 FY27 (ending October 31, 2026) and FY27 (ending January 31, 2027) outlook
- RevenueQ3 FY27: $2,125 - $2,140 million; FY27: $8,295 - $8,345 million
- NoteQ3 FY27 GAAP EPS: $1.57 - $1.87
- NoteQ3 FY27 Non-GAAP EPS: $3.04 - $3.09
- NoteFY27 Billings: $8,575 - $8,650 million
- NoteFY27 GAAP operating margin: 25% - 27%
- NoteFY27 Non-GAAP operating margin: ~39%
- NoteFY27 GAAP EPS: $7.89 - $8.72
- NoteFY27 Non-GAAP EPS: $12.52 - $12.60
- NoteFY27 Free cash flow: $2,725 - $2,750 million
- NoteFY27 guidance includes MaintainX.
- NoteFY27 free cash flow includes approximately $45 million of transaction expenses related to the MaintainX acquisition.
- NoteFY27 free cash flow is cash flow from operating activities less approximately $70 million of capital expenditures.
Capital returns
- Repurchases of common stock for the six months ended July 31, 2026: $ (901) million.
- Repurchases of common stock for the six months ended July 31, 2025: $ (712) million.
What drove it
- Total net revenue grew 16 % year over year as reported and 14 % on a constant currency basis.
- Make revenue grew 26 % year over year and 24 % on a constant currency basis.
- EMEA revenue grew 19 % year over year and 13 % on a constant currency basis.
- AECO revenue grew 17 % year over year and 15 % on a constant currency basis.
- Management cited consistent execution and momentum, and stated that its sales reorganization is proceeding as expected.
- Management increased fiscal 2027 billings and revenue growth guidance to reflect higher underlying growth expectations and the incremental contribution from MaintainX.
Concerns
- Unbilled deferred revenue declined (8) % year over year and RPO grew 2 % year over year.
- Autodesk stated that its program to reduce multi-year discounts, including winding down multi-year Maintenance-to-Subscription renewals, temporarily weighs on unbilled deferred revenue and RPO growth.
- Other product-type revenue declined (3) % year over year.
- Management said MaintainX creates margin dilution and that fiscal 2027 free cash flow includes operating and net financing costs for MaintainX plus approximately $45 million of transaction expenses.
What to watch
- Q3 FY27 revenue guidance of $2,125 - $2,140 million and non-GAAP EPS guidance of $3.04 - $3.09.
- FY27 billings guidance of $8,575 - $8,650 million and revenue guidance of $8,295 - $8,345 million.
- FY27 GAAP operating margin guidance of 25% - 27% and non-GAAP operating margin guidance of ~39%.
- The effect of reduced multi-year discounting on unbilled deferred revenue and RPO growth.
- The contribution, transaction expenses, operating costs, net financing costs, and margin dilution associated with MaintainX.
- Execution of the sales reorganization and go-to-market optimization.
Balance sheet and cash flow
- Cash and cash equivalents as of July 31, 2026: $ 4,098 million.
- Marketable securities as of July 31, 2026: $ 57 million current and $ 202 million long-term.
- Short-term debt, net as of July 31, 2026: $ 994 million.
- Current portion of long-term notes payable, net as of July 31, 2026: $ 499 million.
- Long-term notes payable, net as of July 31, 2026: $ 1,985 million.
- Six months ended July 31, 2026 capital expenditures: $ (31) million.
- Six months ended July 31, 2026 business combinations, net of cash acquired: $ (55) million.
- Six months ended July 31, 2026 proceeds from debt, net of discount: $ 993 million.
- Cash and cash equivalents at end of period: $ 4,098 million, compared with $ 2,249 million at beginning of period.
Analysis
Autodesk reported second-quarter fiscal 2027 revenue of $ 2,046 million, up 16 % year over year as reported and 14 % on a constant currency basis. Billings were $ 1,854 million, up 10 %. Subscription revenue was $ 1,952 million, compared with $ 1,667 million in the prior-year quarter, while other revenue was $ 94 million, compared with $ 96 million. Revenue growth was broad across product families, led by AECO at $ 1,029 million and Make at $ 244 million, which grew 26 % year over year.
Profitability improved. GAAP operating margin was 29 %, up 4 ppt, and non-GAAP operating margin was 41 %, up 2 ppt. GAAP income from operations was $ 599 million versus $ 444 million in the prior-year quarter, and GAAP net income was $ 492 million versus $ 313 million. GAAP diluted EPS was $ 2.33, with non-GAAP diluted EPS of $ 3.30. The reconciliation identifies stock-based compensation expense, amortization, acquisition-related costs, strategic investment gains or losses, and income-tax adjustments as non-GAAP exclusions.
Cash generation also increased, with second-quarter cash flow from operating activities of $ 575 million, up 25 %, and free cash flow of $ 561 million, up 24 %. For the six months ended July 31, 2026, net cash provided by operating activities was $ 1,468 million and repurchases of common stock were $ (901) million. Cash and cash equivalents were $ 4,098 million at July 31, 2026. The balance sheet also reported $ 994 million of short-term debt, $ 499 million of current long-term notes payable, and $ 1,985 million of long-term notes payable.
The principal booking-related watchpoint is the divergence among deferred-revenue measures. Deferred revenue increased 11 % to $ 4,258 million and current RPO increased 12 % to $ 5,245 million, but unbilled deferred revenue declined (8) % to $ 3,175 million and total RPO increased 2 % to $ 7,433 million. Autodesk attributed the pressure on unbilled deferred revenue and RPO growth to its sustained reduction of multi-year discounts and the wind-down of multi-year Maintenance-to-Subscription renewals, while stating that the change benefits price realization over time.
Management increased fiscal 2027 billings and revenue growth guidance, citing higher underlying growth expectations and MaintainX. Full-year revenue guidance is $8,295 - $8,345 million and billings guidance is $8,575 - $8,650 million. Fiscal 2027 non-GAAP operating margin guidance remains ~39%, as higher underlying margins from operating leverage and go-to-market optimization are offset by MaintainX margin dilution. Free-cash-flow guidance is $2,725 - $2,750 million and includes approximately $45 million of MaintainX transaction expenses.
Management, verbatim
AI turns connected data and context into actionable project intelligence that can ease endemic capacity constraints, raise the bar on what’s possible in the physical world, and help our customers do more with scarce resources.
Andrew Anagnost, CEO of Autodesk
We delivered strong second quarter results with consistent execution and momentum. Our sales reorganization is proceeding as expected.
Janesh Moorjani, Autodesk CFO
We have increased our fiscal 27 billings and revenue growth guidance to reflect higher underlying growth expectations, as well as the incremental contribution from MaintainX.
Janesh Moorjani, Autodesk CFO
Not in the filing
stated, not guessed- Prior-quarter figures and quarter-over-quarter changes for reported Q2 metrics.
- GAAP gross margin and non-GAAP gross margin for Q2 FY27.
- Q2 FY27 non-GAAP operating income.
- Q2 FY27 non-GAAP net income.
- Q2 FY27 effective tax rate.
- Dividend amount or dividend declaration.
- Q3 FY27 billings, operating-margin, gross-margin, operating-expense, tax-rate, and free-cash-flow guidance.
- FY27 gross-margin, operating-expense, and tax-rate guidance.
- Prior fiscal 2027 outlook needed for comparisons with prior guidance.
- Segment-level profitability, billings, cash flow, and RPO.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Autodesk's 8‑K filing provides the first public disclosure of its Q2 FY27 results and updated FY27 outlook.
Ticker impact
Autodesk reported Q2 FY27 results with 16% revenue growth and raised FY27 guidance, including billings $8.575‑$8.650B and revenue $8.295‑$8.345B.
Potential short‑term upside as investors price in higher growth expectations.
Revenue beat, margin expansion, and raised guidance signal improved fundamentals, attracting buying interest.
Market effects
Positive for the design software and broader CAD/PLM sector, reinforcing AI‑driven growth narratives.
Strong performance across Americas, EMEA, and APAC may lift regional tech indices.
Highlights AI integration in enterprise software, a theme of global relevance.
Counterpoint
If integration costs of MaintainX outweigh benefits, margins could be pressured, limiting upside.
Key entities
- ExecutiveAndrew Anagnost
CEO of Autodesk, quoted on AI strategy.
- ExecutiveJanesh Moorjani
CFO of Autodesk, discussed guidance and acquisition impact.
