01—Abstract
Summary
Summary of the 8-K filed August 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Autodesk (ADSK) reported fiscal 2027 second quarter results (quarter ended July 31, 2026) with total revenue of $2.05 billiona, up 16% year over year as reported and 14% in constant currency.
Billings grew 10% to $1.854 billionb. GAAP diluted EPS was $2.33, up from $1.46 a year earlier, and non-GAAP diluted EPS was $3.30, up from roughly $2.62 implied by the stated $0.68 increase. GAAP operating margin expanded 4 points to 29% and non-GAAP operating margin rose 2 points to 41%.
Operating cash flow was $575 millionc and free cash flow was $561 million, up 24%. Growth was broad-based: Design revenue rose 16%, Make rose 26%, and AECO rose 17%. Management raised fiscal 2027 billings and revenue guidance, citing stronger underlying growth and the contribution from the MaintainX acquisition.
Full-year billings are now guided to $8.575d-$8.650 billion and revenue to $8.295-$8.345 billion. Non-GAAP operating margin guidance is unchanged at about 39%, as operating leverage and go-to-market optimization are offset by MaintainX margin dilution. Free cash flow guidance was narrowed to $2.725-$2.750 billion, which includes roughly $45 million of MaintainX transaction expenses.
The GAAP operating margin guidance of 25%-27% and the Q3 revenue guidance of $2.125-$2.140 billion are also relevant to the outlook. Two items warrant investor attention. Unbilled deferred revenue fell 8% and remaining performance obligations grew only 2%, which management attributes to the deliberate wind-down of multi-year discounting and Maintenance-to-Subscription renewals.
The company also took on significant debt: short-term debt of $994 million and current notes payable of $499 million appear on the balance sheet, and the company repurchased $901 million of stock during the first half. Cash and equivalents rose to $4.1 billion, but accounts receivable fell sharply to $684 million from $1.439 billion at fiscal year-end, which is a seasonal pattern that should be read with care.
02—Key points
Key Highlights
- Total revenue of $2.046 billion grew 16% as reported and 14% in constant currency; Make revenue rose 26% and AECO rose 17%.
- Billings grew 10% to $1.854 billion, while unbilled deferred revenue declined 8% and RPO grew only 2% to $7.433 billion.
- GAAP diluted EPS of $2.33 (up from $1.46) and non-GAAP diluted EPS of $3.30; GAAP operating margin reached 29% and non-GAAP operating margin 41%.
- Free cash flow of $561 million rose 24%; first-half operating cash flow was $1.468 billion versus $1.024 billion a year earlier.
- FY27 billings guidance raised to $8.575-$8.650 billion and revenue guidance raised to $8.295-$8.345 billion, including MaintainX.
- Non-GAAP operating margin guidance unchanged at about 39%; FY27 free cash flow guidance narrowed to $2.725-$2.750 billion, including about $45 million of MaintainX transaction costs.
- Balance sheet shows $1.5 billion of new short-term and current debt, $901 million in first-half share repurchases, and a $55 million business combination outflow.
03—Questions
Frequently Asked Questions
Why did Autodesk raise its revenue and billings guidance but keep margin guidance unchanged?
Management cited higher underlying growth expectations and the incremental contribution from MaintainX for the revenue and billings increase. Non-GAAP operating margin guidance stayed at about 39% because higher underlying margins from operating leverage and go-to-market optimization were offset by margin dilution from the MaintainX acquisition.
Is the slowdown in unbilled deferred revenue and RPO a concern?
Autodesk attributes the decline in unbilled deferred revenue (down 8%) and the modest RPO growth (2%) to a deliberate program that reduces multi-year discounts and winds down multi-year Maintenance-to-Subscription renewals. The company states this improves price realization over time but temporarily weighs on those metrics. Investors should watch whether billings and revenue growth continue to track ahead of RPO.
What is the MaintainX acquisition's impact on near-term results?
MaintainX adds to revenue and billings guidance but dilutes non-GAAP operating margin. Free cash flow guidance includes roughly $45 million of transaction expenses, and the company also cites operating and net financing costs associated with the deal. The filing does not break out MaintainX's standalone revenue or profitability.
How strong is Autodesk's cash generation and balance sheet after recent activity?
Operating cash flow for the first half was $1.468 billion, and cash and equivalents rose to $4.098 billion. However, the company now carries $994 million of short-term debt and $499 million of current notes payable, and it repurchased $901 million of stock in the first half. Total stockholders' equity increased to $3.383 billion from $3.045 billion.
Why did GAAP and non-GAAP EPS differ so much this quarter?
The gap is mainly driven by stock-based compensation ($0.87 per share), amortization of purchased intangibles and developed technologies ($0.16), acquisition-related costs ($0.07), and strategic investment losses ($0.07), partly offset by a $0.20 income tax adjustment. Investors should evaluate both GAAP and non-GAAP results, since the non-GAAP measure excludes recurring costs such as stock compensation.
04—Continue