Autodesk Stock Earnings Reports

Autodesk reported a strong fiscal Q2 '26 beat across revenue, billings, non-GAAP EPS and free cash flow, leading management to raise full-year guidance. Key financials: total revenue +17% reported (18% constant currency), billings +36% reported (34% cc), RPO $7.3B, current RPO $4.7B. Management raised FY26 revenue and billings ranges, raised non-GAAP operating margin guidance (FY26 ~37% reported; ~40% underlying ex new transaction model) and set a FY29 target of ~41% reported (~45% underlying). Free cash flow guidance was increased and buyback targets were raised to $1.2–$1.3B for FY26. Results benefited materially from the new transaction model (Q2 contribution: ~$105M revenue, ~$129M billings), stronger-than-expected Autodesk Store performance and upfront EBA revenue. Vertical highlights: sustained strength in AECO/construction (data centers, infrastructure, industrial buildings) and continued momentum in manufacturing (Fusion adoption, AutoConstrain AI feature adoption >60%). Management emphasized continued investments in cloud, platform and industry-specific AI/foundation models (Project Bernini referenced), a focus on sales & marketing optimization to drive margin expansion, and a disciplined capital allocation approach prioritizing organic investment, targeted tuck-in M&A and share repurchases. Autodesk University (September) and Investor Day (Oct 7) were flagged as upcoming milestones for more product/AI disclosures. Channel transition to the new transaction model is progressing as expected with increasing partner-sourced new business and improved direct capture via the Autodesk Store.