# ADSK earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ADSK) · [Earnings tab](https://www.lopjlb.com/stock/ADSK?tab=earnings) Updated: 2026-08-31T02:02:41 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for ADSK, management tone moved from +0.80 (2025 Q3) to +0.60 (2027 Q2). Latest guidance stance: raised. Latest desk line: Autodesk Q2 FY27 beat guidance, raised full‑year revenue and billings outlook, highlighted MaintainX integration and strong construction growth >20%, while maintaining share buybacks and margin improvements. ## Latest CallCard · Q2 Autodesk Q2 FY27 beat guidance, raised full‑year revenue and billings outlook, highlighted MaintainX integration and strong construction growth >20%, while maintaining share buybacks and margin improvements. **Guidance:** raised — Revenue guidance lifted to $8.295‑$8.345B and billings to $8.575‑$8.65B for FY27. **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.2 Prepared remarks emphasized a strong quarter, raised guidance and strategic progress, indicating optimism. ### Demand visibility Will provide regular commentary on construction, Fusion, operations and quarterly MaintainX revenue. Janesh said they will give regular updates on construction growth (>20%), Fusion and operations, and disclose MaintainX revenue for four quarters to improve visibility. ### Margins / costs Margins improved but GAAP guidance lowered due to MaintainX accounting effects. GAAP operating margin rose ~4 pts to 29% in Q2; FY27 GAAP margin guidance set 25‑27% reflecting acquisition impact. Non‑GAAP margin up 2 pts to 41% and guidance unchanged. ### Capital allocation Continues share buyback program targeting ~50% of free cash flow. Repurchased ~2.1 million shares for $453 million in Q2; expects FY27 buyback similar to FY26 in total dollars, applying roughly half of free cash flow to buybacks. ### Milestones - **MaintainX acquisition** [new]: Acquired on Aug 3 and now reflected in product family reporting. - **Retailer digital twin deployment** [on_track]: Selected Autodesk Forma as common data environment and Tandem platform; early‑stage deployment. - **ENR Top 400 contractor Forma win** [delivered]: Chosen for construction cost management, preconstruction and model coordination. - **German manufacturer Product Design & Manufacturing Collection** [on_track]: Standardized on collection to unify fragmented engineering data. - **Central State Industrial Vault & Fusion expansion** [on_track]: Expanded use to connect critical data, improve access and scalability. - **Williams Company Fusion adoption** [on_track]: Using full Fusion capabilities for CNC programming modernization. - **Fusion Assistant development** [on_track]: Delivered workflow‑type automations via the Assistant within Fusion. ### Fears / risks - **Macroeconomic environment**: Assumes macro environment remains broadly stable; deterioration could curb demand. - **MaintainX integration**: Integration may dilute GAAP margins and add operating costs. - **Transaction model tailwind**: Revenue tailwind from new transaction model expected to diminish in second half. - **Discount reduction impact**: Winding down multiyear discounts temporarily weighs on unbilled deferred revenue and RPO growth. - **Construction market unevenness**: Construction backdrop is fairly uneven, posing a risk to growth momentum. - **Foreign exchange**: Guidance mix assumptions include foreign‑exchange impact. - **Stock‑based compensation**: Stock‑based compensation remains a cost, though targeted to decline to ~9% of revenue. - **AI strategy execution**: Reliance on AI‑driven automation for future growth carries execution risk. ### Key quotes > “We delivered another strong quarter with revenue and earnings per share above the high end of our guidance ranges.” — Andrew Anagnost > “We've raised our fiscal '27 revenue guidance to a range of $8.295 billion to $8.345 billion to reflect the contribution from MaintainX, our strong results in the second quarter and an underlying improvement in our expectations.” > “It's really got to do with the launch of the operations business, right? With closing of MaintainX, we needed to revisit our product family reporting.” — Janesh Moorjani ## Quarter one-liners - **2027 Q2:** Autodesk Q2 FY27 beat guidance, raised full‑year revenue and billings outlook, highlighted MaintainX integration and strong construction growth >20%, while maintaining share buybacks and margin improvements. - **2027 Q1:** — - **2026 Q4:** — - **2026 Q3:** Autodesk posted strong Q3 results, raised full‑year guidance and highlighted AI, cloud convergence and new transaction model benefits while noting macro uncertainty and diminishing tailwinds from the model next year. - **2026 Q2:** Autodesk Q2 FY26 beat guidance, raised full-year revenue, billings and margin outlook, citing strong AECO, data-center demand and progress on its new transaction model while noting macro uncertainty. - **2026 Q1:** Autodesk posted strong Q1 FY2026 results, beating guidance, raised revenue, billings and cash forecasts, highlighted new transaction model, AI progress, while noting macro‑economic uncertainty. - **2025 Q4:** — - **2025 Q3:** ADSK Q3 revenue +12% cc, raised FY25 guidance across metrics; new transaction model launched smoothly in Europe; FCF $199M; share buybacks accelerated; AI leadership emphasized; near-term growth at low end of 10-15% range. ## Theme arcs - **Management tone** (deteriorating): Δ mgmt=-0.20 ## Fear persistence - **macroeconomic uncertainty** [recurring]: 2026 Q1, 2026 Q2, 2026 Q3 - **currency volatility** [resolved]: 2026 Q1 - **new transaction model adoption risk** [resolved]: 2026 Q1 - **eba renewal uplift uncertainty** [resolved]: 2026 Q1 - **pricing philosophy future uplift** [resolved]: 2026 Q1 - **restructuring charge impact** [resolved]: 2026 Q1 - **stock‑based compensation dilution** [resolved]: 2026 Q1 - **competitive pressure** [resolved]: 2026 Q1 - **regulatory complexity** [resolved]: 2026 Q2 - **backlog execution capacity** [resolved]: 2026 Q2 ## Guidance path 2025 Q3:raised → 2025 Q4:vague → 2026 Q1:raised → 2026 Q2:raised → 2026 Q3:raised → 2026 Q4:vague → 2027 Q1:vague → 2027 Q2:raised --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/ADSK`