Autodesk, Inc. · ADSK · FY2026 Q2 · Calendar Q3 2025

Autodesk Q2 FY26: Growth Accelerates as Guidance Rises

The supplied analysis supports a constructive near-term operating trajectory: strong Q2 growth, raised FY26 guidance, AI adoption, and industry-cloud demand indicate continued execution. The case remains conditional on the company managing transaction-model margin drag, sustaining retention and billings quality, and converting AI investment into broader customer adoption.

Reported After market closeNASDAQTechnology $43.75B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.62 Consensus $2.45
EPS surprise +6.9% Reported versus consensus
Reported revenue $1.76B Consensus $1.72B
Revenue surprise +2.2% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +9.1% Event window
SPY move -0.6% Same window
Abnormal move +9.7% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift +2.3% Up to 20 sessions
ADSKSPY benchmark

Ask FN2 about ADSK FY2026 Q2

Transcript, numbers and history already loaded
Why did ADSK rise 9.1% after beating EPS estimates in FY2026 Q2?What changed in ADSK's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ADSK after FY2026 Q2 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior quarter, Autodesk reported faster growth, with Q2 revenue up 17% and billings up 36%, and again raised its full-year outlook. The new transaction model contributed $105 million of revenue and $129 million of billings in Q2; management also highlighted stronger AutoConstrain adoption, additional AI development, and a larger planned share repurchase.

Guidance delta

Management raised FY26 revenue, billings, non-GAAP margin, and free cash flow guidance; free cash flow guidance increased by $88 million to $2.2-$2.275 billion.

Key takeaways

  • Q2 revenue grew 17% year over year and billings grew 36%, surpassing guidance.
  • The new transaction model is supporting billings growth while creating temporary margin drag that management expects to diminish as it scales.
  • AI initiatives including Project Bernini and AutoConstrain are gaining traction, with further product expansion planned.
  • Management increased the share repurchase program to $1.2-$1.3 billion, reflecting strong free-cash-flow generation.

Management priorities

  • Expand AI capabilities, including Autodesk Assistant, Project Bernini, and AutoConstrain.
  • Develop industry clouds and improve platform convergence across Autodesk products.
  • Continue sales-and-marketing efficiency efforts and optimize the new transaction model.
  • Pursue targeted tuck-in acquisitions in construction and operations adjacencies.

Follow ADSK with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
ADSK EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q3 '24 estimate $1.99 Q3 '24 actual $2.07, beat Q4 '24 estimate $1.95 Q4 '24 actual $2.09, beat Q1 '25 estimate $1.80 Q1 '25 actual $1.87, beat Q2 '25 estimate $2.00 Q2 '25 actual $2.15, beat Q2 '26 estimate $2.45 Q2 '26 actual $2.62, beat Q3 '26 estimate $2.50 Q3 '26 actual $2.67, beat Q4 '26 estimate $2.65 Q4 '26 actual $2.85, beat Q1 '27 estimate $2.84 Q1 '27 actual $2.99, beat Q2 '27 estimate $3.12 Q2 '27 actual $3.30, beat Q3 '27 estimate $3.07 Q4 '27 estimate $3.20
Show less

Analyst Consensus ?

ConsensusBuy51 ratings
Bullish3874.5%
Neutral917.7%
Bearish47.8%

Analyst 52W Price Targets

$204.73Current
$215Low
$319.37Average
$440High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Piper Sandler Overweight OverweightMaintainSep 28, 2026
Guggenheim Buy BuyMaintainSep 21, 2026
BTIG Buy BuyMaintainSep 18, 2026
RBC Capital Outperform OutperformMaintainSep 17, 2026
Argus Research Buy BuyMaintainSep 2, 2026
Show 46 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $204.73. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerBilly Fitzsimmons$300$209.4 +46.5%Sep 28, 2026
Goldman SachsMatthew Martino$265$220.31 +29.4%Sep 17, 2026
Cantor FitzgeraldAnalyst unavailable$215$228.93 +5.0%Sep 14, 2026
Berenberg BankNay Soe Naing$333$258.53 +62.7%Sep 1, 2026
Rosenblatt SecuritiesBlair Abernethy$330$260.66 +61.2%Aug 31, 2026
See 117 more

Track every rating change on ADSK the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Autodesk, Inc. delivers advanced software and services for 3D design, engineering, and entertainment to a global clientele. Their diverse product line includes AutoCAD Civil 3D, a comprehensive solution for civil engineering tasks such as land development, transportation infrastructure, and environmental projects. For construction project management, they offer BIM 360, a cloud-based platform. Core design and drafting needs are met by AutoCAD and its specialized counterpart, AutoCAD LT. The company also provides CAM software, essential for computer numeric control (CNC) machining, inspection, and manufacturing modeling, alongside Fusion 360, an integrated platform for 3D CAD, CAM, and computer-aided engineering.…

Historical context

All ADSK earnings
-3.7%FY2027 Q2 · Calendar Q3 2026-4.0%FY2027 Q1 · Calendar Q2 2026+2.4%FY2026 Q3 · Calendar Q4 2025

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SNX TD Synnex Corp FY2026 Q3 · Calendar Q3 2026 +20.9% -9.9% TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the ADSK recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-29T13:11:01.557076+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T13:11:01.554537+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.