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Autodesk 8-K Report, Financial Results (Aug 28, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed August 28, 2025
Period End
August 28, 2025
Security
ADSK
In the record · 2016–202610-K1110-Q328-K113

ADSK filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 113 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Nov ’17Nov ’17
  2. Leadership change8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed August 28, 2025. Cited figures are marked; the original filing is the authoritative source.

Autodesk's fiscal Q2 2026 (quarter ended July 31, 2025) showed strong top-line momentum, with total revenue up 17% year over year (18% in constant currency) to $1.76 billiona, and billings up 36% to $1.68 billion.

Growth was led by the AECO product family (+23%) and Design revenue (+17%), with Americas and EMEA each growing about 18-19%. GAAP diluted EPS rose to $1.46b from $1.30 and non-GAAP EPS to $2.62 from $2.15, while operating cash flow of $460 million and free cash flow of $451 million were both more than double the prior year's levels. GAAP operating margin improved to 25% and non-GAAP operating margin reached 39%.

Management attributed the strength to sustained AECO investment in data centers, infrastructure, and industrial buildings, which offset commercial softness, and cited stronger-than-expected Autodesk Store performance, billings linearity, and up-front revenue. Management raised full-year fiscal 2026 guidance, citing first-half strength and additional foreign exchange tailwinds, while keeping macroeconomic assumptions unchanged. Full-year revenue is now guided to $7.025c-$7.075 billion and billings to $7.355-$7.445 billion.

Full-year GAAP EPS is guided to $4.68d-$5.09 and non-GAAP EPS to $9.80-$9.98, with free cash flow of $2.2-$2.275 billion. Q3 revenue is guided to $1.80-$1.81 billion. Guidance includes a restructuring cash outflow of $105-$115 million and a one-time discrete cash benefit of $130-$150 million from utilizing U.S. deferred tax assets.

The filing also disclosed that the SEC and the U.S. Attorney's Office for the Northern District of California have closed their inquiries into the company's free cash flow and non-GAAP operating margin practices, which had been under investigation since early 2024. The quarter also carried some notable balance-sheet and cost items. Six-month restructuring charges reached $111 million, and total long-term notes payable rose to $2.48 billion after new debt issuance, with $300 million of notes repaid.

Share repurchases totaled $712 million in the first half, compared with $120 million a year earlier. Accounts receivable fell sharply to $532 million from $1,008 million at fiscal year-end, a seasonal pattern that is common for the company. Investors should weigh the strong growth and raised guidance against the GAAP margin pressure from restructuring and the substantial stock-based compensation expense.

02—Key points

Key Highlights

  1. Total revenue grew 17% year over year (18% constant currency) to $1.763 billion, with AECO up 23% and Design up 17%.
  2. Billings rose 36% to $1.678 billion, and remaining performance obligations (RPO) grew 24% to $7.297 billion.
  3. Non-GAAP diluted EPS rose 22% to $2.62, and GAAP diluted EPS rose to $1.46 from $1.30.
  4. Free cash flow more than doubled (up 122%) to $451 million, and operating cash flow was $460 million.
  5. Full-year FY26 guidance was raised for revenue ($7.025-$7.075 billion) and billings ($7.355-$7.445 billion), with non-GAAP EPS of $9.80-$9.98.
  6. The SEC and the U.S. Attorney's Office closed their investigations into free cash flow and non-GAAP operating margin practices, removing a notable overhang.
  7. Restructuring charges reached $111 million year to date, and first-half share repurchases totaled $712 million.

03—Questions

Frequently Asked Questions

  1. Why did Autodesk raise its full-year fiscal 2026 guidance?

    Management said the raise reflects stronger-than-expected first-half results, including the Autodesk Store, billings linearity, and up-front revenue, plus additional foreign exchange tailwinds. Full-year macroeconomic assumptions were left unchanged.

  2. What is driving the growth in the business?

    Growth is led by the AECO product family, up 23%, as customers benefit from sustained investment in data centers, infrastructure, and industrial buildings. This more than offset softness in the commercial segment.

  3. Why does the GAAP EPS guidance differ so much from non-GAAP EPS?

    The gap comes mainly from stock-based compensation, which is roughly $3.70 per share for the full year, along with amortization of purchased intangibles, restructuring costs, and acquisition-related costs. Autodesk excludes these from non-GAAP results.

  4. What does the closure of the SEC and DOJ-related investigations mean for investors?

    The SEC and the U.S. Attorney's Office for the Northern District of California have closed their matters concerning the company's free cash flow and non-GAAP operating margin practices, which had been under inquiry since March and April 2024. This removes a significant regulatory uncertainty, though the filing does not describe any financial penalties or further actions.

  5. What is the one-time cash benefit included in the free cash flow guidance?

    The full-year free cash flow guidance of $2.2-$2.275 billion includes a discrete cash benefit of $130-$150 million from utilizing U.S. deferred tax assets. It also reflects $105-$115 million in restructuring-related cash outflows, so investors should treat this benefit as non-recurring when assessing underlying cash generation.

04—Continue

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