tapebrief
ADSK · Q4 2026

ADSK · Q1 2027 Earnings

Bullish

Autodesk

Reported May 28, 2026

30-second summary

30-second take: Q1 revenue of $1.934B (+18.4% YoY) beat consensus of $1.89B by 2.3% and cleared the prior guide high end by $34M; non-GAAP EPS of $2.99 beat consensus $2.84 by 5.3% and topped guide by $0.13; non-GAAP operating margin held at 39%, in line with the FY low end. Management raised FY27 revenue, GAAP/non-GAAP EPS, billings, free cash flow, and tightened non-GAAP op margin to ~39%, while announcing the largest acquisition in company history (MaintainX at ~18x forward revenue, >$135M ARR growing >50%). The sales-optimization "prudence" cushion baked into the FY27 guide three months ago is already partially unused — and the strategic narrative just expanded from design-and-make to design-make-operate.

Headline numbers

EPS

Q1 FY2027

$2.99

+5.3% vs est.

Revenue

Q1 FY2027

$1.93B

+18.4% YoY

+2.3% vs est.

Gross margin

Q1 FY2027

90.9%

Free cash flow

Q1 FY2027

$0.88B

Operating margin

Q1 FY2027

28.0%

Key financials

Q1 FY2027
MetricQ1 FY2027Q1 FY2026YoYQ4 FY2026QoQ
Revenue$1.93B$1.63B+18.4%$1.96B-1.2%
EPS$2.99$2.29+30.6%$2.85+4.9%
Gross margin90.9%90.2%+70bps91.5%-60bps
Operating margin28.0%14.3%+1370bps22.0%+600bps
Free cash flow$0.88B$0.56B+57.6%$0.97B-9.9%

Guidance

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

MetricPeriodPrior guideActualΔResult
RevenueQ1 FY2027$1,885 - $1,900 million$1,934 million+$34-49 million above guideBeat
EPS (GAAP)Q1 FY2027$1.68 - $1.83$2.32+$0.49 above guideBeat
EPS (Non-GAAP)Q1 FY2027$2.82 - $2.86$2.99+$0.13 above guideBeat

New guidance

MetricPeriodGuideYoY
RevenueQ2 FY2027$2,005 - $2,015 million+13.6-14

Changes to prior guidance

MetricPeriodPrior guideNew guideΔResult
Revenue
FY 2027
$8,100 - $8,170 million$8,155 - $8,215 million+$55-85 million at midpointRaised
EPS (GAAP)
FY 2027
$7.76 - $8.39$8.07 - $8.63+$0.31-0.24 at range endpointsRaised
EPS (Non-GAAP)
FY 2027
$12.29 - $12.56$12.40 - $12.65+$0.11-0.09 at range endpointsRaised
Billings
FY 2027
$8,480 - $8,580 million$8,505 - $8,580 million+$25 million at low endRaised
Non-GAAP Operating Margin
FY 2027
38.5% - 39%~39%+0.5 ppts at low endRaised
Free Cash Flow
FY 2027
$2,700 - $2,800 million$2,725 - $2,800 million+$25 million at low endRaised

Reaffirmed unchanged this quarter: GAAP Operating Margin (26% - 28%)

Segment performance

Q1 FY2027
SegmentQ1 FY2027Q1 FY2026YoY
Design$1.612B$1.361B+18.4%
Make$0.224B$0.179B+25.1%
Other$0.098B—+5.0%
AECO$0.97B$0.809B+19.9%
AutoCAD and AutoCAD LT$0.474B$0.411B+15.3%
Manufacturing$0.367B—+19.0%
Media and Entertainment$0.086B—+13.0%

Platform metrics

Q1 FY2027
SegmentQ1 FY2027Q1 FY2026YoY
Billings$1,688 million$1,434M—
Deferred Revenue$4,457 million$3,929M—
Remaining Performance Obligations (RPO)$7,808 million$7,157M—
Current RPO$5,383 million$4,552M—
Subscription Revenue$1,836 million——

Profitability

Q1 FY2027
SegmentQ1 FY2027
Operating Cash Flow$893 million
Non-GAAP Operating Margin39%

Other KPIs

Q1 FY2027
SegmentQ1 FY2027Q1 FY2026YoY
Americas$0.844B$0.725B+16.4%
EMEA$0.761B$0.627B+21.4%
APAC$0.329B$0.281B+17.1%

Management tone

Q1 FY26 anchor: Macro caution layered in → Q2/Q3 FY26 anchor: Caution unused → Q4 FY26 anchor: Self-inflicted caution from sales optimization → Q1 FY27 anchor: Caution unused AND strategic surface area expanded via M&A.

The "sales optimization disruption" cushion is already being absorbed. Three months ago Janesh told the Street the FY27 guide was set conservatively because the 7% RIF would impair early-year billings with flow-through to revenue. This quarter Q1 revenue beat the high end of guide by $49M, non-GAAP EPS beat by $0.13, and the FY raise explicitly bakes in continued sales-restructuring drag while still going higher. Janesh in Q&A to UBS's Taylor McGinnis: "guidance reflects gradual normalization of new business productivity through year." Translation: the worst of the disruption either didn't show up or showed up smaller than budgeted. This is the same pattern as FY26 — set a defensive bar, beat it, raise into the conservatism — but the source of caution flipped from external (macro) to internal (RIF) and is now being neutralized in the same way.

Strategic narrative just expanded from "design and make" to "design-make-operate" — and the price tag was unprecedented. Through four prior quarters management capped M&A at "hundreds of millions to low billions for tuck-ins." This quarter Autodesk announced MaintainX as the largest acquisition in company history at ~18x forward revenue. Andrew to Barclays' Saket Kalia: MaintainX "enables convergence of design, make, and operate lifecycle, unlocks $40B TAM, and advances digital twins from static to dynamic to predictive." That's a direct re-framing of the Autodesk platform thesis — the operations tier wasn't on the public roadmap a quarter ago and is now positioned as a TAM expansion potentially larger than construction. The construction precedent ($1.8B deployed → ~$600M revenue growing >20%) is being explicitly used as the integration playbook.

Valuation discipline is being publicly defended rather than assumed. Jefferies' Brent Dale forced the question on 18x forward revenue. Janesh and Andrew didn't dodge — they argued the multiple compresses on forward basis as scale builds and pointed to the construction comp as proof of capital efficiency. The fact that management was prepared with a specific defense (operating leverage absorbs margin dilution, fiscal 2029 framework already contemplated acquisitions) suggests they expected pushback. The CFO's commitment that the FY29 margin framework remains intact despite MaintainX's lower margin profile is the load-bearing claim — and the one most worth tracking.

The "data and context" moat is being articulated as the AI defense. Andrew to Griffin's James Schauer: customers can build vertical tools on Autodesk's platform but "lack ability to access cross-company data and context that Autodesk orchestrates at ecosystem level." This is a sharper version of the Q4 positioning that Autodesk's combination of frontier + proprietary models would always be superior. The MaintainX acquisition fits this narrative — operational data from asset performance closes the design-make-operate loop, feeding the proprietary model layer.

Q&A highlights

Sackett Kalia · Barclays

Requested color on MaintainX as a company and how it helps Autodesk's strategic goals long-term, and how the construction expansion experience informed the operations expansion.

Andrew explained MaintainX enables convergence of design, make, and operate lifecycle, unlocks $40B TAM, and advances digital twins from static to dynamic to predictive. MaintainX provides field execution data and asset performance insights. Management emphasized following the construction playbook: experienced leadership (Steve Hooper), series of acquisitions for coverage expansion, and operating independently within Autodesk. Construction example: $1.8B in acquisitions over 5 years built ~$600M revenue business growing >20%.

$40 billion TAM unlock from operations expansionMaintainX ARR >$135 million with >50% growthConstruction: $1.8B acquisitions → ~$600M revenue, >20% growthAcquisition largest ever for Autodesk

James Schauer · Griffin Industries

Asked about production deployments of AEC data model, manufacturing data model, and API usage by customers. Also inquired how MaintainX fits technically into architectural initiatives around data models and customer-developed tools.

Andrew confirmed ongoing month-to-month increase in customer API and data model usage with monetization beginning. MaintainX brings asset performance data into the cycle enabling customers to build new businesses. Emphasized customers should build vertical tools on Autodesk's platform but lack ability to access cross-company data and context that Autodesk orchestrates at ecosystem level. Platform strategy enables customer tool development while retaining competitive advantage.

API usage and data model adoption increasing month-over-monthSome API usage being monetized todayCustomers building on Autodesk platform for vertical capabilitiesEcosystem-level data and context remains Autodesk competitive moat

Brent Dale · Jefferies

Questioned the acquisition valuation of 18x next year's revenue given software multiple compression, asking what justifies the premium and how deal valuation was determined.

Janesh and Andrew justified premium by citing: high-growth market-leading platform defining next-gen operations software; large strategic TAM expansion; rich operational data enabling design-make-operate loop closure; strengthens AI foundation; enables higher-value workflows. Referenced construction precedent: $1.8B capital deployed built $600M+ revenue business growing >20%. Expect operations to become larger TAM than construction long-term; revenue multiples will compress on forward basis as business scales.

18x next year revenue valuationHigh-growth, market-leading platform statusCloses design-make-operate data loopOperations TAM expected larger than construction TAM

Janesh Mojani · Autodesk (CFO)

Asked whether fiscal 2029 margin framework contemplated strategic acquisitions like MaintainX and how Autodesk plans to maintain margin goals while absorbing this acquisition.

Confirmed fiscal 2029 framework was built assuming various scenarios including acquisitions. Stated business generates healthy operating leverage to achieve margin goals while reinvesting in growth. MaintainX margin profile differs from Autodesk but will be absorbed while maintaining margin goals and balancing necessary reinvestments. Operating leverage enables margin improvement despite inorganic additions.

Fiscal 2029 framework contemplated acquisition scenariosMaintainX margin profile lower than Autodesk standardOperating leverage to be used for margin absorptionMargin goals remain achievable through operating leverage and strategic investments

Taylor McGinnis · UES

Asked to unpack the delta between high-single-digit constant currency billings growth and ~10% revenue growth for remainder of year. Also requested clarification on price realization benefit vs. billing deferred revenue growth headwind with 9% RPO growth.

Janesh explained sales reorg shows effect in billings first, then revenue later; guidance reflects gradual normalization of new business productivity through year. RPO fluctuations driven by contract duration, currency, and new transaction model wearing off. Shift from multi-year to annual contracts reduces near-term unbilled deferred RPO but improves long-term price realization through lower discounting. Views as good economic tradeoff; customer relationships and renewal rates remain healthy.

Billings growth deceleration reflects sales reorg timingGradual normalization of new business productivity expected through Q2-Q4RPO growth 9% with shorter contract durationsReduced multi-year discounting improving long-term price realization

Answers to last quarter's watch list

Q1 FY27 billings disclosure and whether the sales optimization disruption shows up — Q1 billings of $1.688B vs. Q1 FY26 billings of $1.43B implies ~+18% YoY growth, comfortably above the implied FY27 trajectory (~+18% on the new range vs. FY26's $7.49B). The Janesh-flagged "early year" disruption did not materialize in the headline.
Resolved positively
Whether the FY27 revenue guide gets raised at Q1 or Q2 — Raised at Q1. Midpoint up $50M to $8.185B; low end up $55M, high end up $45M. The pattern of immediate first-half raises that defined FY26 is repeating.
Resolved positively
AECO sustaining 20%+ for a fifth quarter — AECO printed +20% at $970M. Fifth consecutive quarter at or above 20%, though decelerated 200bps from Q4's +23%. The growth thesis holds, but the cushion above 20% is thinner.
Resolved positively
Non-GAAP op margin at or above the 38.5% low end of FY27 guide in Q1 — Q1 printed 39%, at the high end of the prior 38.5–39% range, and the FY guide was tightened to ~39% point estimate. The +50bps year-over-year expansion (vs. Q1 FY26 37%) lands the operating leverage story cleanly.
Resolved positively
Any disclosed new-business growth rate or sales productivity metric tied to the agency model and channel incentive shift — No specific new-business growth rate or partner productivity figure disclosed on the print. Janesh characterized "gradual normalization of new business productivity through year" without a number. Three quarters into the public commitment, the absence is now conspicuous.
Continue monitoring

What to watch into next quarter

MaintainX deal close timing and any updated FY27 guide that includes the acquisition — management explicitly excluded MaintainX from the current guide pending close. The first guide-with-MaintainX print will reveal the actual revenue contribution and margin dilution magnitude.

Whether AECO holds 20%+ for a sixth quarter or breaks lower — the 200bps deceleration from Q4 to Q1 is the first sequential cooling in five quarters. Mid-teens would be a thesis-changing signal.

Non-GAAP op margin at or above 39% in Q2 — the FY guide tightened to ~39% point estimate from 38.5–39%; Q1 at 39% leaves zero cushion. A Q2 print below 39% pushes the FY at risk before MaintainX dilution even arrives.

Q2 revenue above the $2.015B high end of guide — five consecutive quarters of beating the high end would mean the conservatism is structural; the implied YoY of +13.6–14.0% off the Q2 FY26 base ($1.76B) leaves room for another beat-and-raise pattern.

Sales-restructuring productivity proof points — Janesh has now flagged "gradual normalization" for two quarters without a quantitative metric. A Q2 disclosure of partner new-business growth or sales rep productivity would meaningfully de-risk the FY27 trajectory.

Current RPO trajectory — cRPO at +18% materially outpacing total RPO at +9% is the structural tell of the contract-duration shift. Watch whether the gap widens (multi-year continues collapsing) or stabilizes.

Sources

  1. Autodesk Q1 FY2027 press release: https://www.sec.gov/Archives/edgar/data/769397/000076939726000041/q127pressrelease.htm
  2. Autodesk Q1 FY2027 earnings call Q&A (analyst exchanges referenced inline)
  3. Tapebrief Q1, Q2, Q3, Q4 FY2026 ADSK briefs for trend context

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.