Earnings Recap — Q2 FY2027
CY Q3 2026 · Reported August 27, 2026 · Beat 7 of last 7 quarters
Autodesk, Inc. reported Q2 FY2027 revenue of $2.05B, a beat of 1.7% against consensus, and EPS of $3.30, a beat of 5.8%.
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Autodesk's results and its project intelligence strategy highlight the growing convergence of design, construction, and operations data across the built environment, which could drive demand for cloud infrastructure and data platforms that support digital twins and AI workloads. The MaintainX acquisition extends Autodesk's reach into asset operations, potentially increasing the volume and richness of operational data that feeds AI models, which may require scalable cloud and data processing capacity. As Autodesk pushes deeper into workflow and systems-level automation, its reliance on cloud infrastructure and AI model orchestration could grow, with implications for infrastructure providers supporting these workloads.
Autodesk reported Q2 FY2027 revenue up 16% as reported and 14% in constant currency, with EPS above the high end of guidance. Billings increased 10% as reported and 12% in constant currency, and renewal rates remained strong. GAAP and non-GAAP operating margins were 29% and 41%, respectively, with non-GAAP margin up approximately 2 percentage points on operating leverage and sales optimization benefits. Free cash flow was $561M, reflecting the timing of billings and collections. The company repurchased approximately 2.1 million shares for $453M and closed the MaintainX acquisition on August 3, which will contribute approximately $60M to second-half revenue and approximately $70M to second-half billings.
Autodesk raised its full-year fiscal '27 billings guidance to $8.575B–$8.65B and revenue guidance to $8.295B–$8.345B, reflecting the MaintainX contribution, Q2 outperformance, and an underlying improvement in expectations. On an organic basis, billings growth guidance improved from 8%–9% to 9%–10%, with MaintainX adding roughly 1 point. GAAP operating margin guidance was revised to 25%–27% to reflect GAAP accounting effects of MaintainX, while non-GAAP operating margin guidance is unchanged at approximately 39%, with higher underlying margin offset by MaintainX dilution. Management expects fiscal '28 non-GAAP margins to improve modestly from 39%, with underlying improvement partly offset by annualization of MaintainX operating costs, and remains on track to achieve 41% non-GAAP operating margin in fiscal '29. Free cash flow guidance was narrowed to $2.725B–$2.75B, reflecting stronger underlying expectations offset by MaintainX operating and net financing costs and approximately $45M of transaction expenses. Management flagged the largest EBA renewal cohort with a Q4 concentration and the pace of new business productivity normalization, particularly in Western Europe, as remaining work in the back half.
“We delivered another strong quarter with revenue and earnings per share above the high end of our guidance ranges. We've raised our full year billings and revenue outlook to reflect the second quarter outperformance and stronger expectations for the second half.”
on Quarterly performance and guidance raise
“The future of AI won't belong to the company with the best single model. It will belong to the platform that combines the richest context with the right models to deliver the best outcomes for customers. That's where Autodesk is uniquely positioned.”
on AI platform strategy
“We expect fiscal '28 non-GAAP margins to improve modestly from 39% in fiscal '27, with underlying improvement partly offset by the annualization of MaintainX operating costs. We remain on track to achieve 41% non-GAAP operating margin in fiscal '29.”
on Margin trajectory
How does the operational data from MaintainX create a data advantage for Autodesk AI when combined with design and build data?
Andrew Anagnost explained that project intelligence captures the intent and reasons behind decisions across design, make, and construction. MaintainX extends that intelligence into the asset life cycle, capturing real-world performance data about buildings, machines, and infrastructure. This closes the loop on the asset cycle and allows Autodesk to train on how assets are used, feeding that back into the larger cycle and increasing overall value for customers.
Can you clarify how much of the full-year revenue and billings raise was inorganic versus organic?
Janesh Moorjani said the underlying billings outlook improved by about 2 percentage points, with 1 point from MaintainX (~$70M) and roughly 1 point from stronger underlying performance, offset by about 1 point of currency and transaction model mix headwinds, netting to about a 1 point improvement. Excluding the new transaction model and currency, prior guidance of 8%–9% year-over-year growth increased to 9%–10% on an organic basis, plus 1 point for MaintainX, for 10%–11% total. For revenue, Q2 outperformance flowed through, and the organic raise was much larger than MaintainX's $60M contribution.
What has been early customer feedback on the move into operations with MaintainX, and what are the top R&D and sales priorities now that it has closed?
Andrew Anagnost said customers in general contracting, architecture, and manufacturing are interested in improving operations or extending into operations, and Autodesk closing the loop around design, make, and operate is attractive. Integration is very early, with focus on back-office integration and maintaining business momentum. Future synergies include bringing MaintainX into enterprise accounts, expanding into Europe, and moving it more robustly into the AEC sector, similar to the construction playbook.