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Autodesk 8-K Report, Financial Results (Feb 26, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 26, 2026
Period End
February 26, 2026
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. Material agreement8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · May ’21May ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Autodesk reported strong fiscal 2026 fourth-quarter results on February 26, 2026, with revenue rising 19% year-over-year (on both reported and constant-currency bases) to $1.96 billiona and billings up 33% to $2.80 billion.

Growth was led by AECO (up 22%) and the Make business, while EMEA grew 25%. Profitability improved, with non-GAAP operating margin reaching 38% and non-GAAP EPS of $2.85b (up from $2.29). GAAP diluted EPS was $1.48, and free cash flow rose 43% to $972 million.

For the full year, revenue grew 18% to $7.21 billionc, billings rose 30% to $7.77 billion, and free cash flow reached $2.41 billion, up 54%. The main investor debate centers on fiscal 2027 guidance and the restructuring. Management guided FY27 revenue to $8.10-$8.17 billion and billings to $8.48-$8.58 billion, with non-GAAP EPS of $12.29-$12.56 and free cash flow of $2.7-$2.8 billion.

CFO Janesh Moorjani said the guidance includes prudence for "temporary risk to billings and revenue as we operationalize our sales optimization plan," which relates to the company's new transaction model. Q4 restructuring charges of $100 milliond (versus $15 million a year earlier) weighed heavily on GAAP results, and GAAP operating margin was flat at 22%. Investors will need to weigh the strong underlying momentum against the near-term transition risk in the new transaction model.

The balance sheet also shifted during the year. Long-term notes payable rose to $2.48 billion from $1.99 billion after $499 million of new debt was issued and $300 million was repaid, and the company repurchased $1.40 billion of stock.

Cash and cash equivalents increased to $2.25 billion. Deferred revenue grew, and remaining performance obligations reached $8.3 billion (up 20%), with current RPO up 23%, supporting visibility into future revenue.

02—Key points

Key Highlights

  1. Q4 FY26 revenue rose 19% year-over-year to $1.96 billion, and billings rose 33% to $2.80 billion, both on a reported and constant-currency basis for revenue.
  2. Non-GAAP operating margin expanded to 38% in Q4 (up 1 point) and 38% for the full year (up 2 points), with non-GAAP EPS of $2.85 in Q4 and $10.43 for the year.
  3. FY26 free cash flow rose 54% to $2.41 billion, and operating cash flow rose 53% to $2.45 billion.
  4. FY27 guidance calls for revenue of $8.10-$8.17 billion, billings of $8.48-$8.58 billion, and non-GAAP EPS of $12.29-$12.56, with management citing temporary billings and revenue risk from the sales optimization plan and new transaction model.
  5. Q4 restructuring, other exit costs, and facility reductions rose to $100 million from $15 million, which pushed GAAP EPS growth below the non-GAAP trend and held GAAP operating margin at 22%.
  6. Remaining performance obligations reached $8.30 billion (up 20%), with current RPO of $5.48 billion (up 23%), giving strong forward revenue visibility.
  7. Long-term debt increased to $2.48 billion, and the company repurchased $1.40 billion of its stock during FY26.

03—Questions

Frequently Asked Questions

  1. Why did Autodesk's billings grow faster than revenue in Q4 FY26?

    Billings rose 33% against revenue growth of 19%. Billings are total revenue plus the net change in deferred revenue, so the gap reflects strong multi-year and up-front billing activity, including EBA and product subscription billings that management said exceeded expectations. Billings growth therefore leads revenue, and it can be volatile quarter to quarter.

  2. What is the 'temporary risk' management referenced in fiscal 2027 guidance?

    The CFO said the guidance includes prudence for temporary risk to billings and revenue as Autodesk operationalizes its sales optimization plan. This ties to the new transaction model, which moves customers to channel Solution Providers. The filing does not quantify the impact, so investors should watch how the FY27 billings guidance of $8.48-$8.58 billion compares with revenue growth through the year.

  3. Why did GAAP EPS lag non-GAAP EPS so significantly?

    The gap comes mainly from stock-based compensation ($0.85 per share in Q4), amortization of intangibles ($0.15), and restructuring charges ($0.46 in Q4, versus $0.07 a year earlier). Management excludes these items from non-GAAP results, but they are real costs. For FY27, GAAP EPS is guided to $7.76-$8.39 against non-GAAP EPS of $12.29-$12.56.

  4. How strong is Autodesk's cash generation and capital allocation?

    Free cash flow was $2.41 billion for FY26, up 54%, and FY27 guidance calls for $2.70-$2.80 billion. The company returned capital through $1.40 billion of share repurchases and $289 million of taxes paid on net share settlement, while long-term notes payable increased to $2.48 billion after $499 million of new debt. Cash rose to $2.25 billion, leaving room for continued buybacks.

  5. Which product families and regions drove growth?

    AECO was the main driver, with Q4 revenue up 22% to $975 million and full-year revenue up 22% to $3.58 billion. By region, EMEA led Q4 growth at 25% (23% constant currency), while Americas grew 16% and APAC grew 16%. Make business revenue grew 24% in Q4, and Design grew 19%.

04—Continue

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