01—Abstract
Summary
Summary of the 8-K filed May 28, 2026. Cited figures are marked; the original filing is the authoritative source.
Autodesk (ADSK) reported first quarter fiscal 2027 results (quarter ended April 30, 2026) that beat on the top and bottom lines and raised full-year guidance.
Revenue grew 18% year over year as reported (16% in constant currency) to $1.93 billiona, billings rose 18% to $1.69 billion, and GAAP operating margin expanded to 28% from 14% a year earlier, helped by lower restructuring charges (down to $30 million from $105 million). Non-GAAP operating margin reached 39%, and GAAP diluted EPS rose to $2.32 from $0.70 (non-GAAP EPS $2.99 vs. $0.70 in the prior year's figure as shown in the release). Operating cash flow was $893 million and free cash flow $876 million, both up 58%, though the period was also affected by a large swing in accounts receivable collections and a strong prior-year base for some cost lines. management raised fiscal 2027 guidance: revenue of $8.155-8.215 billion, billings of $8.505-8.580 billion, non-GAAP EPS of $12.40-12.65, and free cash flow of $2.725-2.800 billion.
Guidance excludes the pending MaintainX acquisition, which management says will be included after the deal closes. The CFO flagged that guidance continues to reflect potential disruption from the sales restructuring and the new transaction model, so investors should weigh the strong quarter against that expected near-term disruption. Growth in AECO (up 20%b) and Make/MFG (up 25%) was strong, while AutoCAD and AutoCAD LT grew a more modest 15%.
The filing also highlights the announced acquisition of MaintainX, which is intended to expand Autodesk's unified operations platform. No deal price or financing terms are disclosed in this 8-K, so the financial impact on the balance sheet and future margins remains to be assessed once the transaction closes.
02—Key points
Key Highlights
- Q1 FY27 revenue of $1.93 billion, up 18% reported and 16% in constant currency; billings up 18% to $1.69 billion
- GAAP operating margin of 28% vs. 14% a year ago; non-GAAP operating margin of 39%, up 2 points
- GAAP diluted EPS of $2.32 vs. $0.70 prior year; non-GAAP diluted EPS of $2.99 per the release reconciliation
- Operating cash flow of $893 million and free cash flow of $876 million, each up 58% year over year
- FY27 guidance raised: revenue $8.155-8.215 billion, billings $8.505-8.580 billion, non-GAAP EPS $12.40-12.65, FCF $2.725-2.800 billion (excludes MaintainX)
- Remaining performance obligations of $7.81 billion, up 9%; current RPO of $5.38 billion, up 18%
- Pending acquisition of MaintainX to expand the unified operations platform; guidance will be updated after closing
03—Questions
Frequently Asked Questions
Did Autodesk raise its full-year guidance?
Yes. Management raised fiscal 2027 guidance, citing strength in the first quarter. Revenue is now guided to $8.155-8.215 billion, billings to $8.505-8.580 billion, non-GAAP EPS to $12.40-12.65, and free cash flow to $2.725-2.800 billion. The guidance excludes MaintainX until the deal closes.
Why did GAAP operating margin improve so sharply?
GAAP operating margin rose to 28% from 14% largely because restructuring, other exit costs, and facility reductions fell to $30 million from $105 million in the prior-year quarter, while gross profit grew faster than operating expenses. Investors should note that restructuring costs are excluded from non-GAAP results, so the non-GAAP margin of 39% rose a smaller 2 points.
What is the MaintainX acquisition and how will it affect results?
The filing announces that Autodesk will acquire MaintainX to advance its unified platform in operations. The 8-K does not disclose the purchase price, financing, or expected contribution. Management will include its impact in guidance once the transaction closes, so the financial effect on revenue, margins, and the balance sheet remains to be quantified.
Is the sales reorganization a risk to the outlook?
Management said the sales reorganization is proceeding as expected and that guidance reflects potential disruption consistent with the plan outlined in February. The CFO also said guidance assumes underlying business momentum stays strong. Investors should monitor whether that disruption shows up in future billings and renewal trends.
How strong was cash generation this quarter, and what drove it?
Operating cash flow was $893 million, up 58%, and free cash flow was $876 million. Accounts receivable fell by $859 million, a large source of cash, though accrued compensation and other liabilities declined, partly offsetting it. Investors should consider that working capital timing contributed materially to the quarter's cash result, so full-year free cash flow guidance of $2.725-2.800 billion remains the better benchmark.
04—Continue