Autodesk Inc.
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Earnings Call Q2 2027
August 27, 2026 - AI Summary
Q2 performance beat + raised full-year outlook (key positives)
- Autodesk reported Q2 total revenue +16% YoY (reported) / +14% YoY (constant currency) and billings +10% YoY (reported) / +12% YoY (constant currency).
- CEO said results were above the high end of guidance; CFO noted underlying momentum consistent with prior quarters, driven by strength in AECO—especially construction and emerging markets.
- Renewal rates remained strong; sales reorganization impact was within expected range; linearity of billings was better than expected.
- New transaction model tailwind: CFO said it contributed ~2 percentage points to Q2 revenue growth; for the full year, the tailwind is ~1.5 percentage points to revenue growth (and mix/currency also affect comparisons).
MaintainX inclusion + new revenue/billings guidance ranges (forecast specifics)
- Autodesk acquired MaintainX on Aug 3 and now includes ~6 months of its financials in FY27 outlook.
- MaintainX contribution expectation (2H FY27): ~$60M revenue and ~$70M billings, weighted slightly toward Q4 due to its growth profile.
- Raised FY27 billings guidance: $8.575B to $8.650B.
- Raised FY27 revenue guidance: $8.295B to $8.345B.
- CFO guidance explanation: underlying billings outlook improved by ~2 percentage points, with ~1 pp from MaintainX (~$70M) and ~1 pp from stronger underlying performance, partially offset by currency and transaction model mix.
- GAAP operating margin FY27 raised/adjusted: 25% to 27% (driven primarily by GAAP accounting effects of MaintainX).
Margins + free cash flow outlook (what to watch)
- Q2 operating margins: GAAP 29% and non-GAAP 41%.
- Q2 margin drivers: operating leverage and sales optimization helped non-GAAP +~2 pts; GAAP improved ~+4 pts, including reduced stock-based comp as % of revenue.
- FY27 non-GAAP operating margin guidance unchanged (management framed it as offsetting benefits from leverage/optimization vs dilution from MaintainX).
- FY28 non-GAAP margin expected to improve modestly vs FY27 39%, but partially offset by annualization of MaintainX operating costs.
- FY29 non-GAAP margin target: back to ~41%.
- FY27 free cash flow narrowed: $2.725B to $2.75B (reflects stronger underlying expectations, but reduced by MaintainX operating/net financing costs and ~$45M of MaintainX-related transaction expenses).
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$238.68
11.6% downside
Current Fair Value
11.6% downsideOvervalued by 11.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $52.17 Billion |
|---|---|
| Enterprise Value | $56.05 Billion |
| Earnings per Share | $5.28 |
| Beta | 1.33 |
| Outstanding Shares | 210,000,000 |
Return
| Return on Equity | 48.54% |
|---|---|
| Return on Assets | 12.65% |
| Return on Invested Capital | 34.04% |
Valuation & Multiples
| P/E Ratio | 32.12 |
|---|---|
| PEG | 56.17 |
| Price to Sales | 7.72 |
| Price to Book Ratio | 16.88 |
| Enterprise Value to Revenue | 7.62 |
| Enterprise Value to EBIT | 25.91 |
| Enterprise Value to Net Income | 34 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 2.36 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 27, 2026
EPS Estimate
$3.12
Consensus analyst estimateRevenue Estimate
$2.01 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 24, 2026
EPS Estimate
$3.07
Consensus analyst estimateRevenue Estimate
$2.13 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.73, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7341▼ 78.46% |
|---|---|
| Total Calls | 25,200▼ 98.61% |
| Total Puts | 18,500▼ 99.33% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.83%▼ 90.23% |
|---|---|
| Total Invested | $3.01B▼ 92.43% |
| Investors Holding | 432▼ 828.00% |
About Autodesk Inc.
14,300 employees
CEO: Andrew Anagnost
Autodesk, Inc. stands as a prominent global provider of advanced software and services dedicated to 3D design, engineering, and entertainment. The company offers a comprehensive portfolio of specialized tools catering to a diverse range ...