Q2 FY2027 results
| Metric | Result | Change |
|---|---|---|
| Revenue growth | 16% | as reported |
| Billings growth | 10% | as reported |
| GAAP operating margin | 29% | up 4 percentage points |
| Non-GAAP operating margin | 41% | up 2 percentage points |
| Free cash flow | $561 million | Not stated |
Guidance and outlook
- Fiscal '27 billings: $8.575 billion to $8.65 billion.
- Fiscal '27 revenue: $8.295 billion to $8.345 billion.
- Fiscal '27 GAAP operating margin: 25% to 27%.
- Fiscal '27 free cash flow: $2.725 billion to $2.75 billion.
How management sounded
Positive (+6 on our -10 to +10 scale). Management raised full year guidance following strong second quarter performance and consistent business momentum. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
MaintainX Data Advantage
Asked: How does MaintainX operational data create a data advantage for Autodesk AI?
Answer: It extends intelligence into the asset life cycle, capturing real-world performance data to train models and close the loop on the asset cycle.
Guidance Prudence
Asked: How much prudence is built into the Q3 and full year guide?
Answer: Guidance reflects business momentum and opportunities, with prudence incorporated in areas of variability like sales productivity normalization, particularly in Western Europe.
Organic vs Inorganic Growth
Asked: Can you clarify the organic versus inorganic revenue and billings raise?
Answer: Billings outlook improved by 2 percentage points, with 1 point from MaintainX ($70 million) and 1 point from underlying performance, offset by currency and transaction model mix.
Sales Reorganization
Asked: What are the leading indicators for sales reorganization success?
Answer: Renewals are more productive, and there are green shoots in expansion business, though mature Europe is slower to ramp.
What to watch before the next call
- Normalization of new business productivity in Western Europe.
- Integration of MaintainX and realization of revenue synergies.
- Performance of the largest EBA renewal cohort concentrated in Q4.
