Autodesk, Inc. Q2 2027 Earnings Recap

Autodesk’s stock rose modestly by 2.3% following its Q2 report, reflecting steady results with modest upside but no clear catalyst for a stronger market reaction. Overall, results were consistent with prior trends and guidance upgrades but did not generate strong investor enthusiasm reflected in modest stock appreciation.

Key Takeaways

• Total revenue grew 16% year-over-year (14% in constant currency), with billings up 10% reported (12% constant currency), supported by a 2-point tailwind from a new transaction model.
• GAAP operating margin improved to 29%, up about 4 percentage points, driven by margin improvements and lower stock-based compensation; non-GAAP margin rose 2 points to 41%.
• Renewal rates remained strong, and the sales reorganization impact was within expected ranges, with geographic normalization progressing unevenly.
• The company completed the MaintainX acquisition early in Q3, integrating it into guidance to reflect expectations of continued growth in the second half.
• Free cash flow reached $561 million, aided by billing and collections timing; share repurchases totaled $453 million on 2.1 million shares.