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
-- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2027, ended July 31, 2026.
“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,” said Andrew Anagnost, CEO of Autodesk. “To realize that promise, customers need AI that is accurate, fast enough to stay in the flow of work, and affordable enough to use every day. The future of AI for the built world will belong to the trusted platform that combines the richest context with the right models to deliver the best outcomes for customers. Autodesk is uniquely positioned because we build project intelligence across the asset lifecycle by converging design, make, and operate through a continuous flow of data, context, and experience.”
“We delivered strong second quarter results with consistent execution and momentum. Our sales reorganization is proceeding as expected,” said 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. Our fiscal 27 non-GAAP margin guidance is unchanged, reflecting higher underlying margins from operating leverage and benefits from our go-to-market optimization, offset by margin dilution from the MaintainX acquisition. We’ve narrowed our fiscal 27 free cash flow expectations reflecting stronger underlying expectations offset by the operating and net financing costs for MaintainX and including approximately $45 million of transaction expenses related to the MaintainX acquisition.”
Our product offerings are focused in four primary product families: Architecture, Engineering, Construction, and Operations ("AECO"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
(1) Reflects our sustained program reducing multi-year discounts, including winding down multi-year Maintenance-to-Subscription renewals. The reduction of discounting for multi-year contracts benefits price realization over time while temporarily weighing on unbilled deferred revenue and RPO growth.
All growth rates are compared to the second quarter of fiscal 2026 unless otherwise noted. 2
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement.” A reconciliation between the third quarter and full-year fiscal 2027 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
(2) Free cash flow is cash flow from operating activities less approximately $70 million of capital expenditures. Free cash flow includes approximately $45 million of transaction expenses related to the MaintainX acquisition.
Autodesk will host its second quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor . A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor . This replay will be maintained on Autodesk's website for at least 12 months.
An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor .
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above, statements about the impact of our transaction with MaintainX, statements about our utilization of and strategy regarding artificial intelligence, statements about our new transaction model and sales and marketing optimization, statements about the momentum of our business, statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: challenges associated with the integration of MaintainX into our business, our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, economic and regulatory uncertainty including tariffs and trade wars, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model and our sales and marketing optimization; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and the current military conflict in the Middle East; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings as well as market reaction to disruption from artificial intelligence; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current expectations and our interpretations of existing tax law and could be affected by a variety of factors, including but not limited to the projected geographic mix of earnings, changing interpretations of current tax law, further guidance, and additional tax legislation. Adjustments for the impact of the New Transaction Model are based on management’s estimate giving effect to current period results or projections as if under the prior model.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. 4
The world’s designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk’s Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything
Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
(1) During fiscal year ending 2027, the Company began classifying maintenance revenue within “Subscription revenue”. Prior period amounts have been reclassified to conform to the current period presentation. The reclassification did not impact total net revenue. 6
Autodesk, Inc. Condensed Consolidated Balance Sheets (In millions) ASSETS July 31, 2026 Current assets: (Unaudited) January 31, 2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 4,098 $ 2,249 equivalents Marketable securities 57 348 Accounts receivable, 684 1,439 net Prepaid expenses and other current 831 906 assets Total current assets 5,670 4,942 Long-term marketable 202 376 securities Computer equipment, software, furniture 124 121 and leasehold improvements, net Operating lease 145 157 right-of-use assets Intangible assets, net 423 467 Goodwill 4,331 4,295 Deferred income taxes, 808 842 net Long-term other assets 1,280 1,267 Total assets $ 12,983 $ 12,467 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 457 $ 422 Accrued compensation 354 659 Accrued income taxes 63 54 Deferred revenue 4,036 4,406 Short-term debt, net 994 — Current portion of long-term notes 499 — payable, net Operating lease 52 52 liabilities Other accrued 173 215 liabilities Total current 6,628 5,808 liabilities Long-term deferred 222 287 revenue Long-term operating 175 199 lease liabilities Long-term income taxes 203 181 payable Long-term deferred 53 40 income taxes Long-term notes 1,985 2,483 payable, net Long-term other 334 424 liabilities Stockholders’ equity: Common stock and additional paid-in 4,846 4,709 capital Accumulated other -233 -232 comprehensive loss Accumulated deficit -1,230 -1,432 Total stockholders’ 3,383 3,045 equity Total liabilities and stockholders' $ 12,983 $ 12,467 equity
Autodesk, Inc. Condensed Consolidated Statements of Cash Flows Six Months Ended July 31, (In millions) 2026 Operating activities: (Unaudited) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 983 $ 465 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and 101 95 accretion Stock-based compensation 339 421 expense Amortization of costs to obtain a 347 219 contract with a customer Deferred income taxes 40 153 Restructuring-related — 17 asset impairments Other operating -32 -20 activities Changes in operating assets and liabilities, net of business combinations:
Accounts receivable 753 476 Prepaid expenses and -253 -539 other assets Accounts payable and -408 17 other liabilities Deferred revenue -434 -287 Accrued income taxes 32 7 Net cash provided by operating 1,468 1,024 activities Investing activities: Purchases of marketable -222 -309 securities Sales and maturities of marketable 686 353 securities Capital expenditures -31 -17 Purchases of intangible -16 -14 assets Business combinations, net of cash -55 — acquired Purchases of strategic -10 -5 investments (1) Other investing 29 — activities Net cash provided by investing 381 8 activities Financing activities: Proceeds from issuance of common stock, 76 75 net of issuance costs Taxes paid related to net share -157 -190 settlement of equity awards Repurchases of common -901 -712 stock Proceeds from debt, net 993 499 of discount Repayment of debt — -300 Other financing -7 -6 activities Net cash provided by (used in) financing 4 -634 activities Effect of exchange rate changes on cash -4 6 and cash equivalents Net increase in cash and cash 1,849 404 equivalents Cash and cash equivalents at beginning 2,249 1,599 of period Cash and cash equivalents at end of $ 4,098 $ 2,003 period
( 1) “Purchases of strategic investments” were previously presented in “Other investing activities”. Prior period amounts have been reclassified to conform to the current period presentation. This presentation change did not have any impact to “Net cash provided by investing activities”. 8
Autodesk, Inc. Reconciliation of GAAP financial measures to non-GAAP financial measures (In millions, except per share data) The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release. Three Months Ended July 31, 2026 -Unaudited GAAP operating margin 29 % Stock-based compensation expense 9 % Amortization of purchased intangibles 2 % and developed technologies Acquisition-related costs 1 % Non-GAAP operating margin (1) 41 % GAAP diluted net income per share $ 2.33 Stock-based compensation expense 0.87 Amortization of purchased intangibles 0.16 and developed technologies Acquisition-related costs 0.07 (Gains) losses on strategic investments 0.07 and dispositions, net Income tax adjustments -0.20 Non-GAAP diluted net income per $ 3.30 share Net cash provided by operating $ 575 activities Capital expenditures -14 Free cash flow $ 561
The following tables show Autodesk's GAAP business outlook reconciled to non- GAAP business outlook included in this release.
GAAP to non-GAAP diluted earnings per share Q3 FY27 reconciliation (ending October 31, 2026) ────────────────────────────────────────────────────────────────────────── GAAP earnings per share $1.57 - $1.87 Stock-based compensation expense 0.95 - 0.93 Restructuring and facility-related asset 0.01 impairments and other (gains) losses Amortization of purchased intangibles and 0.48 - 0.29 developed technologies Acquisition-related costs 0.26 - 0.21 Income tax adjustments -0.23) - (0.22 Non-GAAP earnings per share $3.04 - $3.09
GAAP to non-GAAP operating margin FY27 reconciliation (ending January 31, 2027) ────────────────────────────────────────────────────────────────────────────── GAAP operating margin 25% - 27% Stock-based compensation expense 9% Restructuring and facility-related asset 1% - 0% impairments and other (gains) losses Amortization of purchased intangibles and 3% - 2% developed technologies Acquisition-related costs 1% Non-GAAP operating margin (1) ~39%
GAAP to non-GAAP diluted earnings per share FY27 reconciliation (ending January 31, 2027) ────────────────────────────────────────────────────────────────────────── GAAP earnings per share $7.89 - $8.72 Stock-based compensation expense 3.56 - 3.46 Restructuring and facility-related asset 0.26 - 0.15 impairments and other (gains) losses Amortization of purchased intangibles and 1.19 - 0.80 developed technologies Acquisition-related costs 0.52 - 0.43 (Gains) losses on strategic investments and -0.20 dispositions, net Income tax adjustments -0.70) - (0.76 Non-GAAP earnings per share $12.52 - $12.60
In order to help better understand Autodesk’s financial performance, Autodesk uses a billings key performance metric. We define billings as total revenue plus the net change in deferred revenue less the net change in contract assets for the reporting period. Billings exclude deferred revenue acquired from business combinations during the period and the impact of changes in foreign currency exchange rates. This metric is a key performance metric and should be viewed independently of revenue and deferred revenue as this metric is not intended to be combined with those items. Autodesk believes this metric is useful to investors because it can help in monitoring the long-term health of Autodesk’s business. Autodesk’s determination and presentation of this metric may differ from that of other companies. The presentation of this metric is meant to be considered in addition to, not as a substitute for or in isolation from, Autodesk financial measures prepared in accordance with GAAP.
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non- GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.
There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non- GAAP financial measures to the comparable 10 GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.
Autodesk may exclude the following items, as applicable, from its non-GAAP measures:
Stock-based compensation expenses. Autodesk excludes stock-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning, and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Autodesk believes that excluding stock-based compensation expenses allows investors to make meaningful comparisons between its recurring core business operating results and those of other companies.
Amortization of developed technologies and purchased intangibles. Autodesk incurs amortization of acquisition-related developed technology and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency and is significantly affected by the timing and size of Autodesk's acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues to assist in budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to Autodesk's future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.
Restructuring and facility-related asset impairments and other (gains) losses. These expenses are associated with realigning Autodesk's business strategies based on current economic conditions. In connection with these restructuring actions or other exit actions, Autodesk recognizes costs related to termination benefits for former employees whose positions were eliminated, the reduction of facilities, and cancellation of certain contracts. Autodesk excludes these charges because these expenses are not reflective of ongoing business and operating results. Autodesk believes it is useful for investors to understand the effects of these items on its total operating expenses. Also included are gains or losses associated with the optimization of our costs related to facilities that we have vacated. In connection with these facilities, we recognize costs related to the impairment or abandonment of property, facilities, operating lease right-of-use assets, computer equipment, furniture, and leasehold improvements, and other gains or losses. We exclude these gains or losses because they are not reflective of ongoing business and operating results. We believe it is useful for investors to understand the effects of these items on our total operating expenses.
Acquisition-related costs. Autodesk excludes certain acquisition-related costs, including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration-related expenses. These expenses are unpredictable, and dependent on factors that may be outside of Autodesk's control and unrelated to the continuing operations of the acquired business or Autodesk. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. Autodesk believes excluding acquisition-related costs facilitates the comparison of its financial results to the Autodesk's historical operating results and to other companies in its industry.
Gains or losses on strategic investments and dispositions. Autodesk excludes gains and losses related to its strategic investments and dispositions of strategic investments, purchased intangibles, and businesses from its non-GAAP measures primarily because management finds it useful to exclude these variable gains and losses on these investments and dispositions in assessing Autodesk's financial results. Included in these amounts are non-cash unrealized gains and losses, dividends received, realized gains and losses on the sales or losses on the impairment of these investments, and gain and loss on dispositions. Autodesk believes excluding these items is useful to investors because these excluded items do not correlate to the underlying performance of its business and these losses or gains were incurred in connection with strategic investments and dispositions which do not occur regularly. 11 Income tax adjustments. The income tax effects that are excluded from the non- GAAP measures relate to the tax impact on the difference between GAAP and non- GAAP expenses, primarily due to stock-based compensation, amortization of purchased intangibles, and restructuring and facility-related asset impairments and other (gains) losses for GAAP and non-GAAP measures. We remove GAAP discrete tax items, including changes in valuation allowance, from the non-GAAP measure of net income (loss). The non-GAAP tax provision is based on a projected long- term annual non-GAAP effective tax rate. Management believes the income tax adjustments assist investors in understanding the tax provision and the effective tax rate related to ongoing operations. We believe the exclusion of the discrete tax items provides investors with useful supplemental information about our operational performance. 12
Full text with the tables
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 results for the second
quarter of fiscal 2027, ended July 31, 2026.
“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,” said
Andrew Anagnost, CEO of Autodesk. “To realize that promise, customers need AI
that is accurate, fast enough to stay in the flow of work, and affordable enough
to use every day. The future of AI for the built world will belong to the
trusted platform that combines the richest context with the right models to
deliver the best outcomes for customers. Autodesk is uniquely positioned because
we build project intelligence across the asset lifecycle by converging design,
make, and operate through a continuous flow of data, context, and experience.”
“We delivered strong second quarter results with consistent execution and
momentum. Our sales reorganization is proceeding as expected,” said 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. Our fiscal 27 non-GAAP margin guidance
is unchanged, reflecting higher underlying margins from operating leverage and
benefits from our go-to-market optimization, offset by margin dilution from the
MaintainX acquisition. We’ve narrowed our fiscal 27 free cash flow expectations
reflecting stronger underlying expectations offset by the operating and net
financing costs for MaintainX and including approximately $45 million of
transaction expenses related to the MaintainX acquisition.”
Second Quarter Fiscal 2027
(In millions, except
percentages and per
share amounts) Q2 FY27 YoY Change
──────────────────────────────────────────────────────────────────────────────
Billings $ 1,854 10 %
Revenue $ 2,046 16 %
GAAP Operating Margin 29 % 4 ppt
Non-GAAP Operating Margin 41 % 2 ppt
GAAP EPS $ 2.33 $ 0.87
Non-GAAP EPS $ 3.30 $ 0.68
Cash flow from operating $ 575 25 %
activities
Free cash flow $ 561 24 %
See GAAP to Non-GAAP reconciliation at the end of this document.
Net Revenue by Product Type
(In YoY Change
millions, in
except YoY Change Constant
percentag… Q2 FY27 % % Currency
──────────────────────────────────────────────────────────────────────────────
Design $ 1,708 16 % 14 %
Make 244 26 % 24 %
Other 94 -3 % -4 %
Total Net $ 2,046 16 % 14 %
Revenue
Net Revenue by Geographic Area
1
(In YoY Change
millions, in
except YoY Change Constant
percentag… Q2 FY27 % % Currency
──────────────────────────────────────────────────────────────────────────────
Americas $ 898 14 % 14 %
EMEA 804 19 % 13 %
APAC 344 14 % 14 %
Total Net $ 2,046 16 % 14 %
Revenue
Net Revenue by Product Family
Our product offerings are focused in four primary product families:
Architecture, Engineering, Construction, and Operations ("AECO"), AutoCAD and
AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
(In YoY Change
millions, in
except YoY Change Constant
percentag… Q2 FY27 % % Currency
──────────────────────────────────────────────────────────────────────────────
AECO $ 1,029 17 % 15 %
AutoCAD
and 500 14 % 11 %
AutoCAD LT
MFG 385 15 % 12 %
M&E 92 15 % 14 %
Other 40 29 % 23 %
Total Net $ 2,046 16 % 14 %
Revenue
Remaining Performance Obligations
(In millions, except percentages) Q2 FY27 YoY Change
──────────────────────────────────────────────────────────────────────────
Deferred Revenue $ 4,258 11 %
Unbilled deferred revenue(1) 3,175 -8 %
Remaining performance obligations 7,433 2 %
(“RPO”)(1)
Current RPO(1) 5,245 12 %
(1) Reflects our sustained program reducing multi-year discounts, including
winding down multi-year Maintenance-to-Subscription renewals. The reduction of
discounting for multi-year contracts benefits price realization over time while
temporarily weighing on unbilled deferred revenue and RPO growth.
All growth rates are compared to the second quarter of fiscal 2026 unless
otherwise noted.
2
Business Outlook
The following are forward-looking statements based on current expectations and
assumptions, and involve risks and uncertainties, some of which are set forth
below under "Safe Harbor Statement.” A reconciliation between the third quarter
and full-year fiscal 2027 GAAP and non-GAAP estimates is provided below or in
the tables later in this document.
Third Quarter Fiscal 2027 (1)
Q3 FY27
Q3 FY27 Guidance Metrics (ending October 31, 2026)
───────────────────────────────────────────────────────
Revenue (in millions) $2,125 - $2,140
GAAP EPS $1.57 - $1.87
Non-GAAP EPS $3.04 - $3.09
Full Year Fiscal 2027 (1)
FY27
FY27 Guidance Metrics (ending January 31, 2027)
──────────────────────────────────────────────────────────────
Billings (in millions) $8,575 - $8,650
Revenue (in millions) $8,295 - $8,345
GAAP operating margin 25% - 27%
Non-GAAP operating margin ~39%
GAAP EPS $7.89 - $8.72
Non-GAAP EPS $12.52 - $12.60
Free cash flow (in millions)(2) $2,725 - $2,750
(1) Includes MaintainX.
(2) Free cash flow is cash flow from operating activities less approximately $70
million of capital expenditures. Free cash flow includes approximately $45
million of transaction expenses related to the MaintainX acquisition.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at 5 p.m. ET. The
live broadcast can be accessed at autodesk.com/investor . A transcript of the
opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at
autodesk.com/investor . This replay will be maintained on Autodesk's website for
at least 12 months.
Investor Presentation Details
An investor presentation, Excel financials and other supplemental materials
providing additional information can be found at autodesk.com/investor .
Contacts
Investors:
Simon Mays-Smith
415-746-0137
simon.mays-smith@autodesk.com
Press:
Renée Francis
3
628-888-4599
renee.francis@autodesk.com
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and
uncertainties, including quotations from management, statements in the
paragraphs under “Business Outlook” above, statements about the impact of our
transaction with MaintainX, statements about our utilization of and strategy
regarding artificial intelligence, statements about our new transaction model
and sales and marketing optimization, statements about the momentum of our
business, statements about our short-term and long-term goals, statements
regarding our strategies, market and product positions, performance and results,
and all statements that are not historical facts. There are a significant number
of factors that could cause actual results to differ materially from statements
made in this press release, including: challenges associated with the
integration of MaintainX into our business, our strategy to develop and
introduce new products and services and to move to platforms and capabilities,
exposing us to risks such as limited customer acceptance (both new and existing
customers), costs related to product defects, and large expenditures; global
economic and political conditions, including changes in monetary and fiscal
policy, foreign exchange headwinds, recessionary fears, supply chain
disruptions, resulting inflationary pressures and hiring conditions;
geopolitical tension and armed conflicts, economic and regulatory uncertainty
including tariffs and trade wars, and extreme weather events; costs and
challenges associated with strategic acquisitions and investments; our ability
to successfully implement and expand our transaction model and our sales and
marketing optimization; dependency on international revenue and operations,
exposing us to significant international regulatory, economic, intellectual
property, collections, currency exchange rate, taxation, political, and other
risks, including risks related to the war against Ukraine launched by Russia and
the current military conflict in the Middle East; inability to predict
subscription renewal rates and their impact on our future revenue and operating
results; existing and increased competition and rapidly evolving technological
changes; fluctuation of our financial results, key metrics and other operating
metrics; our transition from up front to annual billings for multi-year
contracts; deriving a substantial portion of our net revenue from a small number
of solutions, including our AutoCAD-based software products and collections; any
failure to successfully execute and manage initiatives to realign or introduce
new business and sales initiatives, including our new transaction model for
Flex; net revenue, billings, earnings, cash flow, or new or existing
subscriptions shortfalls; social and ethical issues relating to the use of
artificial intelligence in our offerings as well as market reaction to
disruption from artificial intelligence; our ability to maintain security levels
and service performance meeting the expectations of our customers, and the
resources and costs required to avoid unanticipated downtime and prevent, detect
and remediate performance degradation and security breaches; security incidents
or other incidents compromising the integrity of our or our customers’
offerings, services, data, or intellectual property; reliance on third parties
to provide us with a number of operational and technical services as well as
software; our highly complex software, which may contain undetected errors,
defects, or vulnerabilities; increasing regulatory focus on privacy issues and
expanding laws; governmental export and import controls that could impair our
ability to compete in international markets or subject us to liability if we
violate the controls; protection of our intellectual property rights and
intellectual property infringement claims from others; the government
procurement process; fluctuations in currency exchange rates; our debt service
obligations; and our investment portfolio consisting of a variety of investment
vehicles that are subject to interest rate trends, market volatility, and other
economic factors. Our estimates as to tax rate are based on current expectations
and our interpretations of existing tax law and could be affected by a variety
of factors, including but not limited to the projected geographic mix of
earnings, changing interpretations of current tax law, further guidance, and
additional tax legislation. Adjustments for the impact of the New Transaction
Model are based on management’s estimate giving effect to current period results
or projections as if under the prior model.
Further information on potential factors that could affect the financial results
of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q,
which are on file with the U.S. Securities and Exchange Commission. Autodesk
disclaims any obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the date on which
they were made.
4
About Autodesk
The world’s designers, engineers, builders, and creators trust Autodesk to help
them design and make anything. From the buildings we live and work in, to the
cars we drive and the bridges we drive over. From the products we use and rely
on, to the movies and games that inspire us. Autodesk’s Design and Make Platform
unlocks the power of data to accelerate insights and automate processes,
empowering our customers with the technology to create the world around us and
deliver better outcomes for their business and the planet. For more information,
visit autodesk.com or follow @autodesk. #MakeAnything
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material non-public information, announcing upcoming investor conferences and
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Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of
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this document.
© 2026 Autodesk, Inc. All rights reserved.
5
Autode…
Inc.
Conden…
Consol…
Statem…
of
Operat…
(In
millio…
except Three Six
per Months Months
share Ended Ended
data) July 31, July 31,
Net 2026 2026
revenu… (Unaudit… 2025 (Unaudi… 2025
──────────────────────────────────────────────────────────────────────────────
Subscr… $ 1,952 $ 1,667 $ 3,788 $ 3,207
(1)
Other 94 96 192 189
Total
net 2,046 1,763 3,980 3,396
revenue
Cost of
revenu…
Cost of
subscr… 130 114 259 225
revenue
(1)
Cost of
other 22 22 43 46
revenue
Amorti…
of 24 23 49 48
develo…
techno…
Total
cost of 176 159 351 319
revenue
Gross 1,870 1,604 3,629 3,077
profit
Operat…
expens…
Market…
and 616 559 1,209 1,125
sales
Resear…
and 464 413 885 807
develo…
General
and 179 168 341 330
admini…
Amorti…
of 13 14 25 27
purcha…
intang…
Restru…
other
exit
costs, -1 6 29 111
and
facili…
reduct…
Total
operat… 1,271 1,160 2,489 2,400
expens…
Income
from 599 444 1,140 677
operat…
Intere…
and
other -6 12 52 13
(loss)
income,
net
Income
before 593 456 1,192 690
income
taxes
Provis…
for -101 -143 -209 -225
income
taxes
Net $ 492 $ 313 $ 983 $ 465
income
Basic
net
income $ 2.34 $ 1.47 $ 4.66 $ 2.17
per
share
Diluted
net
income $ 2.33 $ 1.46 $ 4.64 $ 2.15
per
share
Weight…
average
shares
used in
comput… 210 213 211 214
basic
net
income
per
share
Weight…
average
shares
used in
comput… 211 215 212 216
diluted
net
income
per
share
____________________
(1) During fiscal year ending 2027, the Company began classifying maintenance
revenue within “Subscription revenue”. Prior period amounts have been
reclassified to conform to the current period presentation. The reclassification
did not impact total net revenue.
6
Autodesk, Inc.
Condensed Consolidated
Balance Sheets
(In millions)
ASSETS July 31, 2026
Current assets: (Unaudited) January 31, 2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 4,098 $ 2,249
equivalents
Marketable securities 57 348
Accounts receivable, 684 1,439
net
Prepaid expenses and
other current 831 906
assets
Total current assets 5,670 4,942
Long-term marketable 202 376
securities
Computer equipment,
software, furniture 124 121
and leasehold
improvements, net
Operating lease 145 157
right-of-use assets
Intangible assets, net 423 467
Goodwill 4,331 4,295
Deferred income taxes, 808 842
net
Long-term other assets 1,280 1,267
Total assets $ 12,983 $ 12,467
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 457 $ 422
Accrued compensation 354 659
Accrued income taxes 63 54
Deferred revenue 4,036 4,406
Short-term debt, net 994 —
Current portion of
long-term notes 499 —
payable, net
Operating lease 52 52
liabilities
Other accrued 173 215
liabilities
Total current 6,628 5,808
liabilities
Long-term deferred 222 287
revenue
Long-term operating 175 199
lease liabilities
Long-term income taxes 203 181
payable
Long-term deferred 53 40
income taxes
Long-term notes 1,985 2,483
payable, net
Long-term other 334 424
liabilities
Stockholders’ equity:
Common stock and
additional paid-in 4,846 4,709
capital
Accumulated other -233 -232
comprehensive loss
Accumulated deficit -1,230 -1,432
Total stockholders’ 3,383 3,045
equity
Total liabilities and
stockholders' $ 12,983 $ 12,467
equity
7
Autodesk, Inc.
Condensed Consolidated
Statements of Cash Flows Six Months Ended July 31,
(In millions) 2026
Operating activities: (Unaudited) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 983 $ 465
Adjustments to reconcile
net income to
net cash provided by
operating
activities:
Depreciation,
amortization and 101 95
accretion
Stock-based compensation 339 421
expense
Amortization of costs to
obtain a 347 219
contract with a customer
Deferred income taxes 40 153
Restructuring-related — 17
asset impairments
Other operating -32 -20
activities
Changes in operating
assets and
liabilities, net of
business
combinations:
Accounts receivable 753 476
Prepaid expenses and -253 -539
other assets
Accounts payable and -408 17
other liabilities
Deferred revenue -434 -287
Accrued income taxes 32 7
Net cash provided by
operating 1,468 1,024
activities
Investing activities:
Purchases of marketable -222 -309
securities
Sales and maturities of
marketable 686 353
securities
Capital expenditures -31 -17
Purchases of intangible -16 -14
assets
Business combinations,
net of cash -55 —
acquired
Purchases of strategic -10 -5
investments (1)
Other investing 29 —
activities
Net cash provided by
investing 381 8
activities
Financing activities:
Proceeds from issuance of
common stock, 76 75
net of issuance costs
Taxes paid related to net
share -157 -190
settlement of equity
awards
Repurchases of common -901 -712
stock
Proceeds from debt, net 993 499
of discount
Repayment of debt — -300
Other financing -7 -6
activities
Net cash provided by
(used in) financing 4 -634
activities
Effect of exchange rate
changes on cash -4 6
and cash equivalents
Net increase in cash and
cash 1,849 404
equivalents
Cash and cash equivalents
at beginning 2,249 1,599
of period
Cash and cash equivalents
at end of $ 4,098 $ 2,003
period
____________________
( 1) “Purchases of strategic investments” were previously presented in “Other
investing activities”. Prior period amounts have been reclassified to conform to
the current period presentation. This presentation change did not have any
impact to “Net cash provided by investing activities”.
8
Autodesk, Inc.
Reconciliation of GAAP financial
measures to non-GAAP financial
measures
(In millions, except per share
data)
The following table shows
Autodesk's
GAAP results reconciled to non-GAAP
results included in this release.
Three Months Ended July 31,
2026
-Unaudited
GAAP operating margin 29 %
Stock-based compensation expense 9 %
Amortization of purchased
intangibles 2 %
and developed technologies
Acquisition-related costs 1 %
Non-GAAP operating margin (1) 41 %
GAAP diluted net income per share $ 2.33
Stock-based compensation expense 0.87
Amortization of purchased
intangibles 0.16
and developed technologies
Acquisition-related costs 0.07
(Gains) losses on strategic
investments 0.07
and dispositions, net
Income tax adjustments -0.20
Non-GAAP diluted net income per $ 3.30
share
Net cash provided by operating $ 575
activities
Capital expenditures -14
Free cash flow $ 561
____________________
(1) Total may not sum due to rounding.
The following tables show Autodesk's GAAP business outlook reconciled to non-
GAAP business outlook included in this release.
GAAP to non-GAAP diluted earnings per share Q3 FY27
reconciliation (ending October 31, 2026)
──────────────────────────────────────────────────────────────────────────
GAAP earnings per share $1.57 - $1.87
Stock-based compensation expense 0.95 - 0.93
Restructuring and facility-related asset 0.01
impairments and other (gains) losses
Amortization of purchased intangibles and 0.48 - 0.29
developed technologies
Acquisition-related costs 0.26 - 0.21
Income tax adjustments -0.23) - (0.22
Non-GAAP earnings per share $3.04 - $3.09
GAAP to non-GAAP operating margin FY27
reconciliation (ending January 31, 2027)
──────────────────────────────────────────────────────────────────────────────
GAAP operating margin 25% - 27%
Stock-based compensation expense 9%
Restructuring and facility-related asset 1% - 0%
impairments and other (gains) losses
Amortization of purchased intangibles and 3% - 2%
developed technologies
Acquisition-related costs 1%
Non-GAAP operating margin (1) ~39%
____________________
(1) Total may not sum due to rounding.
9
GAAP to non-GAAP diluted earnings per share FY27
reconciliation (ending January 31, 2027)
──────────────────────────────────────────────────────────────────────────
GAAP earnings per share $7.89 - $8.72
Stock-based compensation expense 3.56 - 3.46
Restructuring and facility-related asset 0.26 - 0.15
impairments and other (gains) losses
Amortization of purchased intangibles and 1.19 - 0.80
developed technologies
Acquisition-related costs 0.52 - 0.43
(Gains) losses on strategic investments and -0.20
dispositions, net
Income tax adjustments -0.70) - (0.76
Non-GAAP earnings per share $12.52 - $12.60
Key Performance Metric
In order to help better understand Autodesk’s financial performance, Autodesk
uses a billings key performance metric. We define billings as total revenue plus
the net change in deferred revenue less the net change in contract assets for
the reporting period. Billings exclude deferred revenue acquired from business
combinations during the period and the impact of changes in foreign currency
exchange rates. This metric is a key performance metric and should be viewed
independently of revenue and deferred revenue as this metric is not intended to
be combined with those items. Autodesk believes this metric is useful to
investors because it can help in monitoring the long-term health of Autodesk’s
business. Autodesk’s determination and presentation of this metric may differ
from that of other companies. The presentation of this metric is meant to be
considered in addition to, not as a substitute for or in isolation from,
Autodesk financial measures prepared in accordance with GAAP.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented on a
GAAP basis, we provide investors with certain non-GAAP measures including non-
GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net
income per share, and free cash flow. For our internal budgeting and resource
allocation process and as a means to evaluate period-to-period comparisons, we
use non-GAAP measures to supplement our condensed consolidated financial
statements presented on a GAAP basis. These non-GAAP measures do not include
certain items that may have a material impact upon our future reported financial
results. We use non-GAAP measures in making operating decisions because we
believe those measures provide meaningful supplemental information regarding our
earning potential and performance for management by excluding certain expenses
and charges that may not be indicative of our core business operating results.
For the reasons set forth below, we believe these non-GAAP financial measures
are useful to investors both because (1) they allow for greater transparency
with respect to key metrics used by management in its financial and operational
decision-making and (2) they are used by our institutional investors and the
analyst community to help them analyze the health of our business. This allows
investors and others to better understand and evaluate our operating results and
future prospects in the same manner as management, compare financial results
across accounting periods and to those of peer companies and to better
understand the long-term performance of our core business. We also use some of
these measures for purposes of determining company-wide incentive compensation.
There are limitations in using non-GAAP financial measures because non-GAAP
financial measures are not prepared in accordance with GAAP and may be different
from non-GAAP financial measures used by other companies. The non-GAAP financial
measures are limited in value because they exclude certain items that may have a
material impact upon our reported financial results. In addition, they are
subject to inherent limitations as they reflect the exercise of judgments by
management about which charges are excluded from the non-GAAP financial
measures. We compensate for these limitations by analyzing current and future
results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP
measures in our public disclosures. The presentation of non-GAAP financial
information is meant to be considered in addition to, not as a substitute for or
in isolation from, the directly comparable financial measures prepared in
accordance with GAAP. We urge investors to review the reconciliation of our non-
GAAP financial measures to the comparable
10
GAAP financial measures included in this presentation, and not to rely on any
single financial measure to evaluate our business.
Autodesk may exclude the following items, as applicable, from its non-GAAP
measures:
Stock-based compensation expenses. Autodesk excludes stock-based compensation
expenses from its non-GAAP measures primarily because they are non-cash expenses
and management finds it useful to exclude certain non-cash charges to assess the
appropriate level of various operating expenses to assist in budgeting,
planning, and forecasting future periods. Moreover, because of varying available
valuation methodologies, subjective assumptions and the variety of award types
that companies can use under FASB ASC Topic 718, Autodesk believes that
excluding stock-based compensation expenses allows investors to make meaningful
comparisons between its recurring core business operating results and those of
other companies.
Amortization of developed technologies and purchased intangibles. Autodesk
incurs amortization of acquisition-related developed technology and purchased
intangibles in connection with acquisitions of certain businesses and
technologies. Amortization of developed technologies and purchased intangibles
is inconsistent in amount and frequency and is significantly affected by the
timing and size of Autodesk's acquisitions. Management finds it useful to
exclude these variable charges from our cost of revenues to assist in budgeting,
planning and forecasting future periods. Investors should note that the use of
intangible assets contributed to our revenues earned during the periods
presented and will contribute to Autodesk's future period revenues as well.
Amortization of developed technologies and purchased intangible assets will
recur in future periods.
Restructuring and facility-related asset impairments and other (gains) losses.
These expenses are associated with realigning Autodesk's business strategies
based on current economic conditions. In connection with these restructuring
actions or other exit actions, Autodesk recognizes costs related to termination
benefits for former employees whose positions were eliminated, the reduction of
facilities, and cancellation of certain contracts. Autodesk excludes these
charges because these expenses are not reflective of ongoing business and
operating results. Autodesk believes it is useful for investors to understand
the effects of these items on its total operating expenses. Also included are
gains or losses associated with the optimization of our costs related to
facilities that we have vacated. In connection with these facilities, we
recognize costs related to the impairment or abandonment of property,
facilities, operating lease right-of-use assets, computer equipment, furniture,
and leasehold improvements, and other gains or losses. We exclude these gains or
losses because they are not reflective of ongoing business and operating
results. We believe it is useful for investors to understand the effects of
these items on our total operating expenses.
Acquisition-related costs. Autodesk excludes certain acquisition-related costs,
including due diligence costs, professional fees in connection with an
acquisition, certain financing costs, and certain integration-related expenses.
These expenses are unpredictable, and dependent on factors that may be outside
of Autodesk's control and unrelated to the continuing operations of the acquired
business or Autodesk. In addition, the size and complexity of an acquisition,
which often drives the magnitude of acquisition-related costs, may not be
indicative of such future costs. Autodesk believes excluding acquisition-related
costs facilitates the comparison of its financial results to the Autodesk's
historical operating results and to other companies in its industry.
Gains or losses on strategic investments and dispositions. Autodesk excludes
gains and losses related to its strategic investments and dispositions of
strategic investments, purchased intangibles, and businesses from its non-GAAP
measures primarily because management finds it useful to exclude these variable
gains and losses on these investments and dispositions in assessing Autodesk's
financial results. Included in these amounts are non-cash unrealized gains and
losses, dividends received, realized gains and losses on the sales or losses on
the impairment of these investments, and gain and loss on dispositions. Autodesk
believes excluding these items is useful to investors because these excluded
items do not correlate to the underlying performance of its business and these
losses or gains were incurred in connection with strategic investments and
dispositions which do not occur regularly.
11
Income tax adjustments. The income tax effects that are excluded from the non-
GAAP measures relate to the tax impact on the difference between GAAP and non-
GAAP expenses, primarily due to stock-based compensation, amortization of
purchased intangibles, and restructuring and facility-related asset impairments
and other (gains) losses for GAAP and non-GAAP measures. We remove GAAP discrete
tax items, including changes in valuation allowance, from the non-GAAP measure
of net income (loss). The non-GAAP tax provision is based on a projected long-
term annual non-GAAP effective tax rate. Management believes the income tax
adjustments assist investors in understanding the tax provision and the
effective tax rate related to ongoing operations. We believe the exclusion of
the discrete tax items provides investors with useful supplemental information
about our operational performance.
12