Autodesk Q2 Fiscal 2027 Earnings Beat on Revenue and EPS, Full-Year Guidance Raised

Autodesk reported second-quarter fiscal 2027 results after the close on August 27, topping Wall Street estimates on both the top and bottom lines. Revenue came in at $2.046 billion, up 16% year over year and ahead of the $2.012 billion consensus. Adjusted EPS of $3.30 beat the $3.12 estimate, while GAAP EPS was $2.33.

Non-GAAP operating margin expanded two points year over year to 41%, and GAAP operating margin rose four points to 29%. Free cash flow grew 24% to $561 million, with cash flow from operations up 25% to $575 million. Billings reached $1.85 billion, up 10% year over year.

By segment, Design revenue was $1.7 billion, up 16%, Make revenue rose 26% to $244 million, and Other declined 3% to $94 million. For the full fiscal year 2027, Autodesk raised its revenue guidance to $8.30 billion to $8.35 billion, above the prior $8.21 billion consensus, and lifted its billings outlook to $8.58 billion to $8.65 billion. The company attributed the higher guidance to stronger underlying growth and the incremental contribution from MaintainX, a recently acquired asset.

Full-year non-GAAP EPS guidance of $12.52 to $12.60 was in line with the $12.60 consensus, while free cash flow guidance of $2.73 billion to $2.75 billion exceeded the $2.68 billion estimate, though management noted that MaintainX operating and financing costs tempered an otherwise stronger cash flow outlook. For the third quarter, Autodesk guided revenue to $2.13 billion to $2.14 billion, above the $2.08 billion estimate, while adjusted EPS guidance of $3.04 to $3.09 came in below the $3.14 consensus. Autodesk held a conference call at 5:00 PM ET on August 27 to discuss the results.