Autodesk, Inc.

Autodesk said Q2 revenue increased 16% as reported and 14% in constant currency, and billings increased 10% as reported and 12% in constant currency. GAAP operating margin was 29% and non-GAAP operating margin was 41%; GAAP margin increased approximately 4 percentage points and non-GAAP margin increased approximately 2 percentage points year over year. Free cash flow was $561 million, and the company repurchased about 2.1 million shares for $453 million. For fiscal 2027, Autodesk raised billings guidance to $8.575 billion-$8.65 billion and revenue guidance to $8.295 billion-$8.345 billion, revised GAAP operating margin to 25%-27%, kept non-GAAP operating margin unchanged, narrowed free cash flow to $2.725 billion-$2.75 billion, and said MaintainX should contribute about $60 million of second-half revenue and about $70 million of second-half billings.

Andrew Anagnost framed the quarter as another validation of Autodesk’s strategy to connect design, make, and operate through “project intelligence.” He highlighted large customer wins in construction and manufacturing, said the company is seeing strong momentum in Fusion and construction, and argued that MaintainX extends the data loop into operations and improves Autodesk’s AI advantage. His tone was confident and upbeat, with repeated emphasis on convergence, platform breadth, and the long-term opportunity in AI-driven workflows.

Janesh Moorjani emphasized that the quarter was broadly in line with expectations, with underlying momentum supported by strong renewals, construction, and emerging markets. He cited Q2 revenue of 16% reported growth, billings of 10% reported growth, GAAP/non-GAAP operating margins of 29%/41%, and $561 million of free cash flow. On capital allocation, he noted roughly 2.1 million shares repurchased for $453 million and said fiscal '27 buybacks should be similar to fiscal '26 in total dollars, with about 50% of free cash flow still targeted for repurchases. He also explained that MaintainX adds margin drag in FY27, but Autodesk still expects fiscal '28 non-GAAP margin to improve modestly from 39% and remains on track for 41% in fiscal '29.

Analysts focused on three themes: how MaintainX changes Autodesk’s AI/data moat, how much prudence is embedded in guidance, and whether the company’s new pricing and packaging changes are affecting adoption. Management said MaintainX extends project intelligence into the asset life cycle and adds real-world operational data that can feed future AI and workflow automation. On pricing and packaging, Autodesk said Flex minimums were reduced to improve accessibility, adoption has accelerated and been net accretive, and API/machine usage pricing will continue as customers ramp. They also said sales reorganization effects were largely within expectations, with renewals strong and Western Europe still slower to normalize.