ADSK · Q1 2026 Earnings
CautiousAutodesk
Reported May 22, 2025
30-second summary
30-second take: Autodesk delivered Q1 revenue of $1.63B (+15% YoY) with billings up 29% to $1.43B, driven by AECO (+20%) and the new transaction model lapping. Management held the FY26 revenue range at $6.925–6.995B and non-GAAP EPS at $9.50–9.73, explicitly adding macro caution to back-half assumptions even though they "have not seen changes in overall business momentum." The print is clean; the message is that the bar for H2 just got lower without anything actually breaking yet.
Headline numbers
EPS
Q1 FY2026
$2.29
Revenue
Q1 FY2026
$1.63B
+15.2% YoY
Gross margin
Q1 FY2026
90.2%
Free cash flow
Q1 FY2026
$0.56B
Operating margin
Q1 FY2026
14.3%
Key financials
Q1 FY2026| Metric | Q1 FY2026 | YoY |
|---|---|---|
| Revenue | $1.63B | +15.2% |
| EPS | $2.29 | — |
| Gross margin | 90.2% | — |
| Operating margin | 14.3% | — |
| Free cash flow | $0.56B | — |
Guidance
Prior quarter data unavailable — comparison not possible.
Segment performance
Q1 FY2026| Segment | Q1 FY2026 | YoY |
|---|---|---|
| Design | $1.361B | +14.0% |
| Make | $0.179B | +23.0% |
| AECO | $0.809B | +20.0% |
| AutoCAD and AutoCAD LT | $0.411B | +9.0% |
| MFG | $0.309B | +15.0% |
| M&E | $0.076B | +7.0% |
Platform metrics
Q1 FY2026| Segment | Q1 FY2026 |
|---|---|
| Billings | $1,434M |
| Billings YoY Growth | 29% |
| Remaining Performance Obligations (RPO) | $7,157M |
| RPO YoY Growth | 21% |
| Current RPO | $4,552M |
| Current RPO YoY Growth | 16% |
| Deferred Revenue | $3,929M |
| Unbilled Deferred Revenue | $3,228M |
Other KPIs
Q1 FY2026| Segment | Q1 FY2026 | YoY |
|---|---|---|
| Americas | $0.725B | +17.0% |
| EMEA | $0.627B | +17.0% |
| APAC | $0.281B | +6.0% |
Management tone
Three threads run through this call, and all point to a deliberate reset to "prudent but not pessimistic."
Macro caution was added without macro evidence. CFO Janesh explicitly framed the FY guide change as proactive: "no adverse business indicators observed in Q1 or May YTD" — only FX and "greater macro uncertainty" since February prompted the assumption change. CEO Andrew reinforced that customer concerns are about H2, not now: construction backlog ticked up, monthly active users are increasing, bid activity is rising. The signal: management would rather de-risk the back half than defend an unchanged number later.
The transaction model transition is past the disruption phase. Adam Borg pressed on channel health and Andrew responded that Q1 saw "no significant disruptions like those seen in Q4." First renewals on the new model hit Americas in June and EMEA in September — concrete milestones that frame H2 as the operational leverage inflection. That's a meaningful tone shift from a quarter ago when channel onboarding was the open wound.
AI was reframed from differentiator to embedded execution. Andrew committed to "highly specific AI features targeting repeatable, time-consuming workflows" — auto-constraint has generated 580,000+ constraints with >50% acceptance — and explicitly deferred AI-driven pricing power: "early days focus on delivering value, not pricing." Read: AI is now a 2027+ monetization story, not an FY26 catalyst. Big announcements punted to Autodesk University.
Recurring themes management leaned on this quarter:
Risks management surfaced:
Q&A highlights
Sackett Kalia · Barclays
How are customer conversations evolving given geopolitical and macroeconomic uncertainty? What is management's outlook on macro conditions based on customer interactions?
Andrew noted customers are flagging uncertainty around trade policy and supply chain costs, but concerns are primarily focused on H2 rather than current conditions. Construction backlog ticked up, monthly active users increasing, bid activity rising, and most customers continue to see business inflow. Uncertainty exists but not yet materializing in the business.
Jay Vlischauer · Griffin Securities
What specific roadmap accelerations are underway for industry clouds, particularly Fusion data management and Forma-Revit integration? What are the benefits and risks of deliberate channel consolidation strategy?
Andrew detailed acceleration of Fusion roadmap around data management (BOM, product data management) and Forma-Revit integration for multidisciplinary collaboration. Channel consolidation is intentional, reducing transactional partners in favor of solution-focused partners. Q1 benefits included Autodesk Store growth and increased price realization from capturing downstream business. Risks include partner focus drift, mitigated through commission structures incentivizing new business.
Adam Borg · Stifel
How is the new transaction model transition progressing? When will channel partners shift focus from onboarding to new business growth, and what is the timing of first renewals on the new model?
Andrew reported no significant disruptions like those seen in Q4; channel partners still onboarding but not experiencing systems/process issues. Expects channel productivity to increase as onboarding completes and partners extend into renewals and new business. First renewals on new model in Americas in June, EMEA in September.
Jason Salino · KeyBank Capital Markets
What drove the acceleration in Q1 constant-currency revenue growth (11%) versus prior quarter (9%)? What cushion/prudence is embedded in full-year guidance for macro risk?
Janesh attributed Q1 acceleration to strength in AECO, EBA upfront revenue, and Autodesk Store improvements as new transaction model friction eased. One percentage point from easier YoY comp due to acquisition timing. Full-year guidance incorporates additional macroeconomic prudence (slower growth assumed in back half, potential EBA renewal deterioration) but nothing observed in business yet; only changes since February are FX weakness and greater macro uncertainty.
Elizabeth Porter · Morgan Stanley
Where are the biggest opportunities for AI functionality deployment? What is the pace expected? How could AI drive upsells and pricing power?
Andrew committed to deploying highly specific AI features targeting repeatable, time-consuming workflows (e.g., auto-constraint, drawing automation). Fusion intended to become most AI-powered mechanical design tool to accelerate market share gains. Forma will see expanded AI capabilities targeting repeatable processes. Acknowledged text-to-CAD and scan-to-CAD as long-term opportunities; deferred detailed announcements to Autodesk University. Price recovery from AI capability expansion will come later after customers recognize value; early days focus on delivering value, not pricing.
What to watch into next quarter
Whether Q2 revenue lands above the $1.725B midpoint without management raising the FY range — would confirm the macro caution is purely defensive
APAC growth re-accelerating from +6% — the geographic gap vs. Americas/EMEA at +17% is now visible enough to be a question on the next call
First renewal cohort results on the new transaction model (Americas June, EMEA September) — these are the operational leverage proof points management has now committed to publicly
Non-GAAP operating margin trajectory toward the 36.5–37% FY guide — Q1's 37% print sits at the high end; sustaining that through the restructuring/CRO transition is the key bridge
Any AI monetization disclosure at Autodesk University — Andrew explicitly deferred pricing detail to that venue; absence of substance there would push the AI revenue story into FY28
Sources
- Autodesk Q1 FY2026 press release: https://www.sec.gov/Archives/edgar/data/769397/000076939725000067/q126pressrelease.htm
- Autodesk Q1 FY2026 earnings call Q&A (analyst exchanges referenced inline)
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