Slides
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August 27, 2026 Second quarter Fiscal 2027 earnings
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This presentation contains forward looking statements about revenue, billings, free cash flow, operating margin, EPS, products, future performance, financial and otherwise, and strategy, including statements regarding our progress on our key priorities, business models, guidance for the third fiscal quarter and full fiscal year 2027, statements about the impact of our transaction with MaintainX, statements about our utilization and strategy regarding artificial intelligence, statements about our new transaction model and sales and marketing optimization, our business momentum, the macroeconomic environment, and our long-term financial objectives. There are a significant number of factors that could cause actual results to differ materially from statements made in this presentation, including: challenges associated with the integrationof MaintainX into our business, our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, economic and regulatory uncertainty including tariffs and trade wars, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model and our sales and marketing optimization; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and the current military conflict in the Middle East; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings as well as market reaction to disruption from artificial intelligence; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates asto tax rate are based on current expectations and our interpretations of existing tax law and could be affected by a variety of factors, including but not limited to the projectedgeographic mix of earnings, changing interpretations of current tax law, further guidance, and additional tax legislation. Adjustments for the impact of the new transaction model are based on management’s estimate giving effect to current period results or projections as if under the prior model. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission as well as our press release regarding MaintainX. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures These presentations include certain non-GAAP financial measures. Please see the Appendices attached to the presentations for an explanation of management’s use of these measures and a reconciliation of the most directly comparable GAAP financial measures. 2 Safe harbor
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(1) GAAP to Non-GAAP reconciliation in the appendix. (2) CC refers to constant currency at FY26 currency rates. (In millions, except percentages and per share amounts) Q2 FY27 YoY Change Billings $1,854 10% / 12% in CC(2) Revenue $2,046 16% / 14% in CC(2) GAAP operating margin 29% 4 ppt Non-GAAP operating margin(1) 41% 2 ppt GAAP EPS $2.33 $0.87 Non-GAAP EPS(1) $3.30 $0.68 Cash flow from operating activities $575 25% Free cash flow(1) $561 24% 3 Q2 FY27 financial summary
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(In millions, except percentages) Q2 FY27 YoY Change YoY Change in CC(1) Design $1,708 16% 14% Make $244 26% 24% Other $94 (3)% (4)% 4 (1) CC refers to constant currency at FY26 currency rates. Q2 FY27 other financial highlights Net revenue by product type, geographic area, and product family (In millions, except percentages) Q2 FY27 YoY Change YoY Change in CC(1) Americas $898 14% 14% EMEA $804 19% 13% APAC $344 14% 14% (In millions, except percentages) Q2 FY27 YoY Change YoY Change in CC(1) AECO $1,029 17% 15% AutoCAD and AutoCAD LT $500 14% 11% MFG $385 15% 12% M&E $92 15% 14% Other $40 29% 23%
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(In millions, except percentages) Q2 FY27 YoY Change Deferred revenue $4,258 11% Unbilled deferred revenue $3,175 (8)%(1) Remaining performance obligations $7,433 2%(1) Current RPO $5,245 12%(1) NR3 Approximated the top end of the range of 100% to 110% in constant currency Capital allocation Returned $453M to shareholders via share repurchases 5 Q2 FY27 other financial highlights (1) Reflects our sustained program reducing multi-year discounts, including winding down multi-year Maintenance-to-Subscription renewals. The reduction of discounting for multi-year contracts benefits price realization over time while temporarily weighing on unbilled deferred revenue and RPO growth.
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(In millions, except percentages and per share amounts) Q3 FY27 (ending October 31, 2026) FY27 (ending January 31, 2027) Billings y/y growth y/y growth in CC(3) y/y growth in CC(3) and adj. for new transaction model $8,575 - $8,650 10% - 11% 11% - 12% 10% - 11% Revenue y/y growth y/y growth in CC(3) y/y growth in CC(3) and adj. for new transaction model $2,125 - $2,140 $8,295 - $8,345 15% - 16% 13% - 14% ~12% GAAP operating margin 25% - 27% Non-GAAP operating margin(1) ~39% GAAP EPS $1.57 - $1.87 $7.89 - $8.72 Non-GAAP EPS(1) $3.04 - $3.09 $12.52 - $12.60 Free cash flow(2) $2,725 - $2,750 6 (1) GAAP to Non-GAAP reconciliation in the appendix. (2) Free cash flow is cash flow from operating activities less approximately $70 million of capital expenditures. Free cash flow includes approximately $45 million of transaction expenses related to the MaintainX acquisition. (3) CC refers to constant currency at FY26 currency rates. Outlook (includes MaintainX) Year-over-year growth rates rounded to the nearest whole percent
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7 Non-GAAP FY27 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW • MaintainX to contribute ~$60M to revenue and ~$70M to billings in the second half; both slightly weighted to Q4. FY28 will reflect a full -year impact. • Other revenue growth to accelerate in second half relative to the first half reflecting the timing of our largest EBA cohort. • Net revenue retention rate: 100 to 110 percent in constant currency as the impact of the new transaction model fades. • Gross margin to be approximately flat year over year. • Other income and expense (net) to be approximately ($50M) including two quarters of MaintainX net financing costs. FY28 will reflect a full - year impact. • Full-year effective GAAP tax rate of 17% to 19% and non-GAAP tax rate of 17%. Third-quarter effective GAAP tax rate of 18% to 20% and non- GAAP tax rate of 17%. • Weighted average share count to be modestly lower than fiscal 26, depending on average share price for buyback. • Capital expenditures to be approximately $70 million. • Free cash flow: • Significantly weighted to the fourth quarter reflecting the timing of our largest EBA cohort. • Includes two quarters of operating and net financing costs for MaintainX for the second half and approximately $45M of transaction expenses. • FY28 will reflect a full-year impact of operating and net financing costs for MaintainX.
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Appendix 8
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9 Simplifying the Story from Q3 • No change to income statement revenue presentation • Minor changes to product family revenue presentation (see next slide) • Retiring Design/Make presentation to reflect our strategy of convergence • Will provide regular commentary on Construction, Fusion, and Operations and will disclose MaintainX revenue for 4 quarters Reflecting Our Evolving Portfolio
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10 Simplifying the Story from Q3 PRODUCT FAMILY REVENUE PRODUCT FAMILY REVENUE AECO AutoCAD & AutoCAD LT MFG M&E Other (mainly Flex) AEC AutoCAD & AutoCAD LT MFG Other products (new category, includes M&E and AOS) Q3 FY27Q2 FY27 CHANGES (-) Operations moved to “Other products” (+) Allocation from Other (+) Allocation from Other (-) Operations moved to “Other products” (+) Allocation from Other Reported under “Other products” (-) Zeroed out; allocated to product families Changes not expected to have a meaningful impact on reported dollars or growth rates Reflecting Our Evolving Portfolio
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To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non- GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation. There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business. The following slides present Autodesk's GAAP results reconciled to non-GAAP results included in this presentation. See Excel financials for additional information: https://investors.autodesk.com/financials/quarterly-results 11 Reconciliation of GAAP financial measures to non-GAAP financial measures (in millions, except per share data)
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Three Months Ended July 31, 2026 (Unaudited) GAAP operating margin 29% Stock-based compensation expense 9% Amortization of purchased intangibles and developed technologies 2% Acquisition-related costs 1 % Non-GAAP operating margin (1) 41% GAAP diluted net income per share $2.33 Stock-based compensation expense 0.87 Amortization of purchased intangibles and developed technologies 0.16 Acquisition-related costs 0.07 (Gains) losses on strategic investments and dispositions, net 0.07 Income tax adjustments (0.20) Non-GAAP diluted net income per share $3.30 (1) Total may not sum due to rounding. 12 Appendix - GAAP to non-GAAP operating margin and diluted net income per share reconciliation
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Three Months Ended July 31, 2026 (Unaudited) Net cash provided by operating activities $ 575 Capital expenditures (14) Free cash flow $ 561 13 Appendix - net cash provided by operating activities to free cash flow reconciliation
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GAAP to non-GAAP diluted earnings per share reconciliation Q3 FY27 (ending October 31, 2026) GAAP earnings per share $1.57 - $1.87 Stock-based compensation expense 0.95 - 0.93 Restructuring and facility-related asset impairments and other (gains) losses 0.01 Amortization of purchased intangibles and developed technologies 0.48 - 0.29 Acquisition-related costs 0.26 - 0.21 Income tax adjustments (0.23) - (0.22) Non-GAAP earnings per share $3.04 - $3.09 14 Appendix - Outlook GAAP to non-GAAP diluted earnings per share reconciliation
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GAAP to non-GAAP operating margin reconciliation FY27 (ending January 31, 2027) GAAP operating margin 25% - 27% Stock-based compensation expense 9% Restructuring and facility-related asset impairments and other (gains) losses 1% - 0% Amortization of purchased intangibles and developed technologies 3% - 2% Acquisition-related costs 1% Non-GAAP operating margin (1) ~39% (1) Total may not sum due to rounding. 15 Appendix - Outlook GAAP to non-GAAP operating margin reconciliation
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GAAP to non-GAAP diluted earnings per share reconciliation FY27 (ending January 31, 2027) GAAP earnings per share $7.89 - $8.72 Stock-based compensation expense 3.56 - 3.46 Restructuring and facility-related asset impairments and other (gains) losses 0.26 - 0.15 Amortization of purchased intangibles and developed technologies 1.19 - 0.80 Acquisition-related costs 0.52 - 0.43 (Gains) losses on strategic investments and dispositions, net (0.20) Income tax adjustments (0.70) - (0.76) Non-GAAP earnings per share $12.52 - $12.60 16 Appendix - Outlook GAAP to non-GAAP diluted earnings per share reconciliation