Autodesk, Inc. Q2 2027 Earnings Recap

Autodesk shares fell 3.7% after earnings, despite Q2 revenue and EPS above the high end of guidance. Investors may have focused on billings growth of 10% as reported (12% in constant currency) and the ongoing impact of the sales reorganization on new subscription growth, which management said remained within its expected range.

Key Takeaways

• Revenue grew 16% as reported and 14% in constant currency; the new transaction model added roughly 2 percentage points to reported growth.
• Billings increased 10% as reported and 12% in constant currency; management said the transaction model had no significant billings impact this quarter.
• GAAP and non-GAAP operating margins were 29% and 41%, respectively; non-GAAP margin rose about 2 percentage points, reflecting operating leverage and sales optimization benefits.
• Free cash flow was $561 million, reflecting the timing of billings and collections.
• Management raised its full-year billings and revenue outlook, citing Q2 outperformance and stronger second-half expectations; the outlook also includes MaintainX after its August 3 acquisition.