Autodesk (ADSK) Q2 FY2027: Revenue Up 16%, Raises Full-Year Guidance After MaintainX Deal

Autodesk (NASDAQ: ADSK) reported Q2 fiscal 2027 revenue of $2.05 billion, up 16.1% year over year, as adjusted EPS of $3.30 beat the $3.19 consensus estimate by 3.5%. The company simultaneously raised its full-year revenue and billings guidance, incorporating the contribution from its recently closed MaintainX acquisition. Shares gained 6.21% on Thursday, August 27, while the S&P 500 rose 0.66%.

Q2 FY2027 Results

• Revenue: $2.05 billion, up 16.1% year over year (14% on a constant-currency basis), driven by subscription revenue of $1.95 billion
• Adjusted EPS: $3.30, beating the $3.19 consensus; GAAP EPS of $2.33, up from $1.46 in Q2 FY2026
• GAAP operating margin: 29%, expanding 4 percentage points year over year; non-GAAP operating margin of 41%, up 2 percentage points
• Free cash flow: $561 million, up 24% year over year; operating cash flow of $575 million, up 25%
• Billings: $1.85 billion, up 10% year over year

What Drove the Results

Adjusted EPS of $3.30 beat the $3.19 consensus by 3.5%, and GAAP net income rose 57.2% to $492 million. By product family, Architecture, Engineering, Construction, and Operations (AECO) led with $1.03 billion in revenue, up 17% year over year, while the Manufacturing segment generated $385 million, up 15%. The Make segment was the fastest-growing category at 26% year over year to $244 million. GAAP operating income rose 34.9% to $599 million, with margin expansion reflecting operating leverage across the business.

The non-GAAP operating margin of 41% expanded 2 percentage points versus the prior-year quarter. GAAP and non-GAAP figures diverged primarily due to stock-based compensation and acquisition-related amortization charges. Remaining performance obligations stood at $7.43 billion, up 2% year over year, while current RPO grew 12% to $5.25 billion, reflecting near-term contracted revenue visibility. The company noted that its sustained program to reduce multi-year discounts is temporarily weighing on unbilled deferred revenue and total RPO growth.

CFO Janesh Moorjani noted in the company's press release that the sales reorganization is proceeding as expected, with higher underlying margins from operating leverage and go-to-market optimization. Non-GAAP margin guidance for the full year was left unchanged, as higher underlying margins are being offset by margin dilution from the MaintainX acquisition.

Why It Matters

Autodesk raised its fiscal 2027 full-year revenue guidance to $8.295 billion to $8.345 billion and billings guidance to $8.575 billion to $8.650 billion, both figures incorporating the MaintainX contribution. For Q3 FY2027, the company guided for revenue of $2.125 billion to $2.140 billion, with non-GAAP EPS of $3.04 to $3.09. Full-year non-GAAP EPS guidance was set at $12.52 to $12.60, with GAAP EPS of $7.89 to $8.72.

Full-year free cash flow guidance of $2.725 billion to $2.750 billion includes approximately $45 million in MaintainX transaction expenses and approximately $70 million in capital expenditures. Capital expenditures for the quarter totaled $31 million, up from $17 million in the prior-year period. CEO Andrew Anagnost highlighted in the press release that AI-driven project intelligence across the asset lifecycle positions Autodesk to help customers operate with scarce resources, citing the convergence of design, manufacturing, and operations data as a competitive differentiator.

Wall Street View

Analyst sentiment heading into the print was broadly constructive, with the majority of covering analysts carrying Buy or Strong Buy ratings. The raised guidance and clean execution on the MaintainX integration timeline are likely to be the focal points for any near-term target revisions.

Investor Takeaway

The Q2 print confirmed above-consensus profitability and accelerating free cash flow, but the more consequential signal for shareholders is the guidance raise: Autodesk is absorbing the financial drag of the MaintainX acquisition while still growing the underlying revenue and billings outlook, suggesting the core business is running ahead of prior expectations. The current RPO growth of 12% to $5.25 billion provides a forward revenue buffer that the total RPO figure, pressured by the multi-year discount wind-down, does not fully capture.