Autodesk, Inc. reported financial results for the first quarter of fiscal 2026, ended April 30, 2025.
"Against an uncertain geopolitical, macroeconomic, and policy backdrop, our strong performance in the first quarter of fiscal 26 set us up well for the year," said Andrew Anagnost, Autodesk president and CEO. "We continue to make the right decisions to drive long-term shareholder value by focusing on our strategic priorities in cloud, platform, and AI; optimizing our sales and marketing to drive higher margins; and allocating more capital to share repurchases as our free cash flow grows."
"Q1 was another strong quarter. We have not seen changes in overall business momentum when compared to recent quarters," said Janesh Moorjani, Autodesk CFO. "Our guidance for Q2 and the rest of the year now includes currency movements since February partly offset by additional caution in our growth assumptions to reflect greater macro economic uncertainty."
First Quarter Fiscal 2026
|
(In millions, except percentages and per share amounts) |
Q1 FY26 |
YoY Change |
|
Billings |
$ 1,434 |
29 % |
|
Revenue |
$ 1,633 |
15 % |
|
GAAP Operating Margin (1) |
14 % |
(7) ppt |
|
Non-GAAP Operating Margin |
37 % |
3 ppt |
|
GAAP EPS (1) |
$ 0.70 |
$ (0.46) |
|
Non-GAAP EPS |
$ 2.29 |
$ 0.42 |
|
Cash flow from operating activities |
$ 564 |
14 % |
|
Free cash flow |
$ 556 |
14 % |
Net Revenue by Product Type
|
Q1 FY26 |
YoY Change |
YoY Change in |
|
|
(In millions, except percentages) |
% |
% |
|
|
Design |
$ 1,361 |
14 % |
15 % |
|
Make |
179 |
23 % |
24 % |
|
Other |
93 |
22 % |
24 % |
|
Total Net Revenue |
$ 1,633 |
15 % |
16 % |
Net Revenue by Geographic Area
|
Q1 FY26 |
YoY Change |
YoY Change in |
|
|
(In millions, except percentages) |
% |
% |
|
|
Americas |
$ 725 |
17 % |
17 % |
|
EMEA |
627 |
17 % |
18 % |
|
APAC |
281 |
6 % |
11 % |
|
Total Net Revenue |
$ 1,633 |
15 % |
16 % |
Net Revenue by Product Family
Our product offerings are focused in four primary product families: Architecture, Engineering, Construction, and Operations ("AECO"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
|
Q1 FY26 |
YoY Change |
YoY Change in |
|
|
(In millions, except percentages) |
% |
% |
|
|
AECO |
$ 809 |
20 % |
21 % |
|
AutoCAD and AutoCAD LT |
411 |
9 % |
10 % |
|
MFG |
309 |
15 % |
16 % |
|
M&E |
76 |
7 % |
8 % |
|
Other |
28 |
— % |
2 % |
|
Total Net Revenue |
$ 1,633 |
15 % |
16 % |
Remaining Performance Obligations
|
(In millions, except percentages) |
Q1 FY26 |
YoY Change |
|
Deferred Revenue |
$ 3,929 |
(1) % |
|
Unbilled deferred revenue |
3,228 |
67 % |
|
Remaining performance obligations ("RPO") |
7,157 |
21 % |
|
Current RPO |
4,552 |
16 % |
_______________
|
(1) Includes a $54 million non-cash charge reflecting a cumulative adjustment in stock-based compensation since fiscal 1999 related to the Company’s Employee Stock Purchase Program. The differences were not material to any prior interim or annual periods, nor to the current fiscal year. |
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk’s business outlook for the second quarter and full-year fiscal 2026 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the second quarter and full-year fiscal 2026 GAAP and non-GAAP estimates is provided below or in the tables later in this document.
Second Quarter Fiscal 2026
|
Q2 FY26 Guidance Metrics |
Q2 FY26 |
|
Revenue (in millions) |
$1,720 – $1,730 |
|
EPS GAAP |
$1.37 – $1.46 |
|
EPS non-GAAP (1) |
$2.44 – $2.48 |
____________________
|
(1) See GAAP to Non-GAAP reconciliation at the end of this document. |
Full Year Fiscal 2026
|
FY26 Guidance Metrics |
FY26 |
|
Billings (in millions) (1) |
$7,160 – $7,310 |
|
Revenue (in millions) (1) |
$6,925 – $6,995 |
|
GAAP operating margin |
21% – 22% |
|
Non-GAAP operating margin (2) |
36.5% – 37% |
|
EPS GAAP |
$4.63 – $5.14 |
|
EPS non-GAAP (2) |
$9.50 – $9.73 |
|
Free cash flow (in millions) (3) |
$2,100 – $2,200 |
____________________
|
(1) See supplemental materials available on our investor relations website for growth rates excluding currency movements and the new transaction model. |
The full-year fiscal 2026 outlook assumes a projected annual effective tax rate of 27 to 30 percent for GAAP, which includes the effects of the utilization of US deferred tax assets, and 19 percent for non-GAAP results. The second quarter fiscal 2026 outlook assumes a projected annual effective tax rate of 26 to 28 percent for GAAP, which includes the effects of the utilization of US deferred tax assets, and 19 percent for non-GAAP results. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.
Investor Presentation Details
An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.
