Executive Summary

Strong Q1 FY26: Revenue $1.633B (+15% YoY CC +16%), non-GAAP EPS $2.29; both exceeded the high end of company guidance, with billings +29% and non-GAAP operating margin 37% (+3 ppt YoY). Management cited robust AECO strength, easing transactional model friction, and Autodesk Store momentum as drivers .
Beat vs Street: Q1 revenue and non-GAAP EPS beat S&P Global consensus ($1.607B rev, $2.15 EPS) as Autodesk delivered $1.633B and $2.29, respectively; notable upside vs expectations despite macro cautionary tone from management *.
Guidance raised: FY26 revenue raised to $6.925–$6.995B (from $6.895–$6.965B), non-GAAP EPS to $9.50–$9.73 (from $9.34–$9.67), FCF to $2.1–$2.2B (from $2.075–$2.175B); Q2 FY26 guide set at revenue $1.720–$1.730B, non-GAAP EPS $2.44–$2.48 .
Setup/catalysts: Execution on the new transaction model (NTM) is contributing ($78M revenue, $105M billings in Q1), AI features (e.g., AutoConstrain) show rising acceptance, and go-to-market optimization underpins margin and FCF trajectory; macro/trade policy uncertainty is now prudently reflected in the outlook .

What Went Well and What Went Wrong

What Went Well
- Topline and earnings: Revenue +15% (CC +16%) to $1.633B; non-GAAP EPS $2.29; non-GAAP operating margin 37% (+3 ppt YoY); FCF $556M (+14% YoY) .
- AECO outperformance and Store momentum: AECO revenue +20% YoY; easing NTM friction and stronger Autodesk Store price realization aided performance; EBA activity also supported upfront revenue .
- Strategic focus and AI traction: Management emphasized cloud/platform/AI prioritization; AI AutoConstrain has created >580k constraints with >50% acceptance, supporting Fusion ACV and attach rates .
What Went Wrong
- GAAP margin compression: GAAP operating margin fell to 14% (-7 ppt YoY) driven by $105M restructuring charges and a $54M non-cash ESPP stock-comp cumulative adjustment (immaterial historically) .
- APAC softness: Japan’s later NTM go-live and macro/trade exposure in China and Korea weighed on APAC growth (+6% YoY, +11% CC), lagging Americas/EMEA (+17% each) .
- Macro prudence: Despite steady momentum, FY26 guidance embeds added caution for H2 on increased macro uncertainty, even as currency tailwinds lift revenue .

Financial Results

Metric	Q3 FY25	Q4 FY25	Q1 FY26
Revenue ($M)	$1,570	$1,639	$1,633 (+15% YoY; +16% CC)
GAAP Operating Margin	22%	22%	14% (-7 ppt YoY)
Non-GAAP Operating Margin	36%	37%	37% (+3 ppt YoY)
GAAP Diluted EPS	$1.27	$1.40	$0.70 (−$0.46 YoY)
Non-GAAP Diluted EPS	$2.17	$2.29	$2.29 (+$0.42 YoY)
Free Cash Flow ($M)	$199	$678	$556 (+14% YoY)

Actual vs S&P Global Consensus (Q1 FY26)

Metric	Actual	Consensus	Result
Revenue ($M)	$1,633	$1,606.7*	Beat
Non-GAAP Diluted EPS	$2.29	$2.147*	Beat

Values marked with * are retrieved from S&P Global.

Segment and Geographic Mix (Q1 FY26)

Net Revenue by Product Family

Product Family	Revenue ($M)	YoY %	CC YoY %
AECO	$809	20%	21%
AutoCAD & AutoCAD LT	$411	9%	10%
Manufacturing (MFG)	$309	15%	16%
Media & Entertainment (M&E)	$76	7%	8%
Other	$28	—%	2%
Total	$1,633	15%	16%

Net Revenue by Geography

Geography	Revenue ($M)	YoY %	CC YoY %
Americas	$725	17%	17%
EMEA	$627	17%	18%
APAC	$281	6%	11%
Total	$1,633	15%	16%

Key KPIs (Q1 FY26)

KPI	Q1 FY26	YoY Change
Billings ($M)	$1,434	+29%
Deferred Revenue ($M)	$3,929	(1)%
Unbilled Deferred Revenue ($M)	$3,228	+67%
RPO ($M)	$7,157	+21%
Current RPO ($M)	$4,552	+16%
Cash from Operations ($M)	$564	+14%
Free Cash Flow ($M)	$556	+14%

Additional color: The new transaction model contributed $78M to Q1 revenue and $105M to billings; RPO and cRPO growth reflect annual billings stack rebuild .

Guidance Changes

Metric	Period	Previous Guidance (2/27/25)	Current Guidance (5/22/25)	Change
Revenue ($B)	FY26	$6.895 – $6.965	$6.925 – $6.995	Raised
Billings ($B)	FY26	$7.060 – $7.210	$7.160 – $7.310	Raised
GAAP Operating Margin	FY26	21% – 22%	21% – 22%	Maintained
Non-GAAP Operating Margin	FY26	36% – 37%	36.5% – 37%	Raised (low end)
GAAP EPS	FY26	$4.74 – $5.37	$4.63 – $5.14	Lowered (Q1 charges)
Non-GAAP EPS	FY26	$9.34 – $9.67	$9.50 – $9.73	Raised
Free Cash Flow ($B)	FY26	$2.075 – $2.175	$2.100 – $2.200	Raised
Revenue ($B)	Q2 FY26	N/A	$1.720 – $1.730	New
GAAP EPS	Q2 FY26	N/A	$1.37 – $1.46	New
Non-GAAP EPS	Q2 FY26	N/A	$2.44 – $2.48	New

Management noted FX tailwinds since February partially offset by added macro prudence in underlying growth assumptions; non-GAAP margin raised at the low end reflecting operating leverage .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 FY25, Q4 FY25)	Current Period (Q1 FY26)	Trend
New Transaction Model & GTM Optimization	Momentum sustained; smooth launches; raising guidance; optimization phase initiated; restructuring plan announced (9% RIF) .	NTM eased friction; contributed $78M revenue/$105M billings; benefits seen in Autodesk Store price realization; ongoing GTM optimization .	Improving execution; structural tailwind building.
AI/Productivity (Fusion/Forma)	Platform/industry clouds/AI highlighted in strategy .	AutoConstrain >580k constraints; >50% acceptance; roadmap acceleration in Fusion data management and Forma-Revit connectivity; AI to drive displacement and down-market expansion .	Increasing impact and adoption.
Macro/Tariffs & Customer Tone	Macro challenges steady; momentum sustained .	Trade/policy uncertainty flagged by customers; backlog up; MAUs rising; bid activity increasing; prudence added to guide for H2 .	Cautious but resilient demand.
Regional Dynamics	Broad-based growth; Western Europe NTM launch smooth .	APAC softer (Japan last NTM wave; China/Korea macro/trade exposure) .	Mixed: Americas/EMEA strong; APAC lagging.
RPO/Billings/Annual Billing Stack	RPO up; billings up (Q3 +28%); transitioning to annual billings .	RPO $7.2B (+21%); billings +29%; rebuilding annual billings stack continues .	Positive trajectory.
Capital Allocation	Buyback authorization extended; reducing share count .	Repurchased ~1.3M shares for ~$353M (avg ~$269); prioritizing buybacks as FCF rebuilds .	Ongoing shareholder returns.

Management Commentary

“Autodesk delivered strong first quarter results. Revenue and non-GAAP earnings per share topped the higher end of our guidance ranges and billings, non-GAAP margins and free cash flow exceeded our expectations.” — Andrew Anagnost, CEO .
“Q1 was another strong quarter… strength in AECO, in upfront revenue from EBAs and in the Autodesk Store as friction from the new transaction model implementation process continue to ease.” — Janesh Moorjani, CFO .
“We continue to make the right decisions to drive long-term shareholder value by focusing on our strategic priorities in cloud, platform, and AI; optimizing our sales and marketing to drive higher margins; and allocating more capital to share repurchases as our free cash flow grows.” — Andrew Anagnost .
“GAAP operating margins decreased 7 percentage points, primarily due to restructuring charges of $105 million and a onetime noncash charge of $54 million… This does not affect the trajectory of stock-based compensation for future years.” — Janesh Moorjani .
“AutoConstrain… has created over 580,000 constraints… acceptance rates… increased to more than 50%.” — Andrew Anagnost .

Q&A Highlights

Macro lens and customer tone: Customers flag trade/policy uncertainty but see ongoing demand; Autodesk observes higher construction backlog, rising MAUs, and bid activity; prudence added to H2 guide despite no observed slowdown yet .
Margin/GTX optimization: Q1 margin strength from revenue outperformance and expense discipline; restructuring initiates multiyear GTM optimization; spend growth held ~4% YoY (ex-NTM, CC); further productivity opportunities ahead .
Channel consolidation: Fewer, solution-focused partners; Autodesk Store captured down-market demand and price realization; risk mitigated via partner incentives .
NRR mechanics: NRR above 110% mainly due to NTM mechanics; excluding that, in the 100–110% range .
Regional commentary: APAC softness (Japan NTM wave; China/Korea macro/trade exposure); Americas/EMEA solid .
Pricing/maintenance-to-subscription cohort: Program sunsets in near future; long-term increases will align with value delivered (no specifics yet) .

Estimates Context

Q1 FY26 vs S&P Global consensus: Revenue $1.633B vs $1.607B*; non-GAAP EPS $2.29 vs $2.15* — both beats; management also exceeded the high end of internal guidance *.
Direction for estimates: FY26 revenue, non-GAAP EPS, and FCF ranges were raised; GAAP EPS lowered on Q1 charges; FX tailwind offsets macro caution in H2 assumptions .
Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

Quality beat with resilient demand: Broad-based growth, especially AECO, plus easing NTM friction and Autodesk Store momentum underpinned Q1 upside and margin delivery .
Guidance momentum: FY26 revenue, non-GAAP EPS, and FCF raised; non-GAAP margin floor lifted — clear positive revision path; GAAP EPS trimmed due to restructuring/stock-comp adjustment .
Structural tailwinds: NTM is contributing to revenue/billings and improving price realization; rebuild of annual billings stack and RPO growth support multi-quarter visibility .
AI differentiation: Growing adoption (AutoConstrain) and accelerated Fusion/Forma roadmaps can drive ACV/attach and competitive displacement, a potential medium-term multiple driver .
Watch APAC/macros: APAC lags due to Japan NTM timing and China/Korea macro/trade; H2 guide prudence reflects broader uncertainty — monitor conversion of EBA renewals and new business trends .
Capital returns: Active buybacks (1.3M shares/$353M) signal confidence; FCF guide up supports further repurchase capacity .
Near-term setup: Q2 guide implies continued growth; execution on GTM and AI roadmap plus any macro relief could sustain estimate revisions; conversely, worsening macro could temper H2 .

Other Relevant Q1 FY26 Press Releases

Autodesk announced funding/technology to accelerate Los Angeles wildfire recovery via pre-approved designs and AI-powered permitting, reinforcing its community/ESG positioning and AEC ecosystem engagement .

Non-GAAP Adjustments and Reconciliations

Q1 GAAP to non-GAAP: Non-GAAP operating margin 37% vs GAAP 14%; non-GAAP EPS $2.29 vs GAAP $0.70; adjustments include stock-based compensation, amortization, acquisition costs, restructuring, and tax adjustments; Q2/FY26 EPS and margin reconciliations provided .

Autodesk, Inc. (ADSK)·Q1 2026 Earnings Summary