10-Q · May 29, 2026
Autodesk reported strong Q1 FY27 results, with revenue of $1.93 billion and EPS of $2.99, surpassing expectations of $1.89 billion and $2.70 respectively. The company experienced significant year-over-year growth driven…
Earnings analysis · 10-Q
ADSK earnings analysis
Filed August 28, 2026 · Our reading of the company's report
The latest report
Autodesk delivered a strong Q2, with revenue of $2.046 billion and diluted EPS of $3.30, both higher sequentially and above consensus estimates of $2.0116 billion and $2.97, respectively. The filing shows continued…
Read full summary
Autodesk delivered a strong Q2, with revenue of $2.046 billion and diluted EPS of $3.30, both higher sequentially and above consensus estimates of $2.0116 billion and $2.97, respectively. The filing shows continued global scale and active capital returns, but does not provide the current-quarter gross margin, operating margin, operating cash flow, free cash flow, balance-sheet cash total, or segment revenue detail in the supplied text. The MaintainX acquisition and related $1 billion term loan materially increase integration, execution, and leverage risks, while international exposure, tariffs, currency movements, and AI regulation remain important headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.3
What stood out
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Revenue and EPS accelerated sequentially
Q2 revenue was $2.046 billion, up from $1.93 billion in the prior quarter, while diluted EPS was $3.30 versus $2.32, representing sequential increases of approximately 6% and 42%, respectively.
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International business remains substantial
International revenue represented 65% of total net revenue for the six months ended July 31, 2026, underscoring Autodesk’s broad global reach.
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Product concentration eased modestly
Standalone AutoCAD and AutoCAD LT revenue represented 24% of total net revenue for the six months ended July 31, 2026, down from 25% in the prior-year period, indicating continued portfolio diversification.
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Share repurchases remained active
Autodesk repurchased 2.140 million shares during the quarter at an average price of $211.89 per share, with $6.584 billion remaining available under the repurchase programs at July 31, 2026.
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Meaningful liquid investment base
Cash equivalents and marketable securities totaled $782 million at July 31, 2026, including $57 million of short-term and $202 million of long-term marketable securities.
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No reported control deficiencies
Disclosure controls were deemed effective at the reasonable-assurance level, and the company reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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MaintainX acquisition increases leverage
As of July 31, 2026, Autodesk had $2.5 billion of notes outstanding and $1 billion of short-term commercial paper borrowings; it also borrowed $1 billion under the MaintainX term loan on August 3, 2026. Higher leverage could constrain cash flow and financial flexibility.
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Trade and geopolitical exposure expanded
The company’s international revenue was 65% of total net revenue for the six months ended July 31, 2026. The filing highlights exposure to tariffs, sanctions, export restrictions, geopolitical conflicts, and currency volatility, including potential tariffs of up to 10% or 12.5% on imports from 60 trading partners and an announced 50% tariff on certain Canadian products.
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MaintainX integration and synergy risk
The MaintainX acquisition was completed on August 3, 2026. Management identifies integration, retention, inherited liabilities, cybersecurity and privacy compliance, and failure to realize anticipated synergies as acquisition risks; the transaction also introduces $1 billion of term-loan borrowings.
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Core-product concentration remains material
Autodesk states that standalone AutoCAD and AutoCAD LT represented 24% of total net revenue for the six months ended July 31, 2026. A decline in these products without corresponding growth in Industry Collections or cloud functionality could pressure results.
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AI regulation and execution risk
The filing identifies AI-related execution, regulatory, cybersecurity, accuracy, bias, and liability risks as Autodesk expands AI features. It specifically notes that the EU AI Act imposes obligations on providers and users of AI technologies.
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Currency volatility remains material
Foreign-exchange exposure remains significant: a hypothetical 10% appreciation of the U.S. dollar would increase the fair value of currency contracts by $180 million as of July 31, 2026, while a 10% depreciation would decrease it by $68 million.
Management's outlook
No explicit quantitative revenue or EPS guidance was provided in the supplied 10-Q text; outlook deferred to the earnings release or call.
Earlier filings 4
10-K · March 3, 2026
Autodesk describes a multi-year strategy to build lifecycle industry clouds and connected data models, investing heavily in AI, subscription flexibility and a direct go-to-market via a new transaction model. Fiscal 2026…
10-Q · November 26, 2025
Autodesk reported strong Q3 results with revenue of $1,853 million (up from $1,570 million a year ago) and operating income of $470 million (up from $346 million). Gross margin expanded to ~91.1% and diluted EPS rose to…
10-Q · September 2, 2025
Autodesk reported strong Q2 (three months ended July 31, 2025) results with net revenue of $1,763 million, up from $1,505 million a year earlier (+$258 million, +17.1%), driven by broad product-family growth and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.