Autodesk, Inc 10-Q for FY2027 Q2

Autodesk, Inc. (ADSK)

10-Q 2026-08-28 For: 2026-07-31

Added on August 29, 2026

About this 10-Q

Autodesk, Inc filed this 10-Q on August 28, 2026, covering the quarter ended July 31, 2026 (FY2027 Q2).

Headline figures

Quarter ended July 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.05B; up 16.1% from $1.76B a year earlier
Net income: $492M; up 57.2% from net income of $313M a year earlier
Diluted EPS: $2.33; up 59.6% from $1.46 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware		94-2819853
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer Identification No.)

One Market Street, Ste. 400
San Francisco,	California	94105
(Address of principal executive offices)		(Zip Code)


		Page No.
	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended July 31 , 2026 and 2025	4

	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended July 31 , 2026 and 2025	5

	Condensed Consolidated Balance Sheets as of July 31 , 2026 and January 31, 2026	6

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 31 , 2026 and 2025	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43

Item 4.	Controls and Procedures	44

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	45

Item 1A.	Risk Factors	45

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64

Item 3.	Defaults Upon Senior Securities	65

Item 4.	Mine Safety Disclosures	65

Item 5.	Other Information	65

Item 6.	Exhibits	66

	Signatures	67


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Net revenue:
Subscription (1)	$	1,952	$	1,667	$	3,788	$	3,207
Other	94		96		192		189
Total net revenue	2,046		1,763		3,980		3,396
Cost of revenue:
Cost of subscription revenue (1)	130		114		259		225
Cost of other revenue	22		22		43		46
Amortization of developed technologies	24		23		49		48
Total cost of revenue	176		159		351		319
Gross profit	1,870		1,604		3,629		3,077
Operating expenses:
Marketing and sales	616		559		1,209		1,125
Research and development	464		413		885		807
General and administrative	179		168		341		330
Amortization of purchased intangibles	13		14		25		27
Restructuring, other exit costs, and facility reductions	(1)		6		29		111
Total operating expenses	1,271		1,160		2,489		2,400
Income from operations	599		444		1,140		677
Interest and other income (expense), net	(6)		12		52		13
Income before income taxes	593		456		1,192		690
Provision for income taxes	(101)		(143)		(209)		(225)
Net income	$	492	$	313	$	983	$	465
Basic net income per share	$	2.34	$	1.47	$	4.66	$	2.17
Diluted net income per share	$	2.33	$	1.46	$	4.64	$	2.15
Weighted average shares used in computing basic net income per share	210		213		211		214
Weighted average shares used in computing diluted net income per share	211		215		212		216


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Net income	$	492	$	313	$	983	$	465
Other comprehensive income (loss), net of reclassifications:
Net gain (loss) on derivative instruments (net of tax effect of $(1) , $1, $(2), and $3, respectively)	14		(6)		24		(29)
Change in net unrealized gain on available-for-sale debt securities (net of tax effect of zero, zero, $(6), and zero, respectively)	(1)		—		—		1
Change in defined benefit pension items (net of tax effect of zero for all periods presented)	—		—		—		1
Net change in cumulative foreign currency translation (loss) gain (net of tax effect of $(1), $(2), $(2), and $(5), respectively)	(12)		—		(25)		58
Total other comprehensive income (loss)	1		(6)		(1)		31
Total comprehensive income (loss)	$	493	$	307	$	982	$	496


	July 31, 2026		January 31, 2026
ASSETS
Current assets:
Cash and cash equivalents	$	4,098	$	2,249
Marketable securities	57		348
Accounts receivable, net	684		1,439

Prepaid expenses and other current assets	831		906
Total current assets	5,670		4,942
Long-term marketable securities	202		376
Computer equipment, software, furniture and leasehold improvements, net	124		121
Operating lease right-of-use assets	145		157
Intangible assets, net	423		467
Goodwill	4,331		4,295
Deferred income taxes, net	808		842
Long-term other assets	1,280		1,267
Total assets	$	12,983	$	12,467
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	457	$	422
Accrued compensation	354		659
Accrued income taxes	63		54
Deferred revenue	4,036		4,406

Short-term debt, net	994		—
Current portion of long-term notes payable, net	499		—
Operating lease liabilities	52		52
Other accrued liabilities	173		215
Total current liabilities	6,628		5,808
Long-term deferred revenue	222		287
Long-term operating lease liabilities	175		199
Long-term income taxes payable	203		181
Long-term deferred income taxes	53		40
Long-term notes payable, net	1,985		2,483
Long-term other liabilities	334		424
Stockholders’ equity:

Common stock and additional paid-in capital	4,846		4,709
Accumulated other comprehensive loss	(233)		(232)
Accumulated deficit	(1,230)		(1,432)
Total stockholders’ equity	3,383		3,045
Total liabilities and stockholders’ equity	$	12,983	$	12,467


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


	July 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents (1):
Money market funds	$	280	$	—	$	—	$	280

Certificates of deposit	83		—		—		83
U.S. government securities	160		—		—		160






Marketable securities:
Short-term
Commercial paper	30		—		—		30
Corporate debt securities	11		—		—		11

Asset-backed securities	12		—		—		12



Other (2)	4		—		—		4
Long-term
Corporate debt securities	58		—		—		58
Asset-backed securities	37		—		—		37
U.S. government securities	81		—		(1)		80
Agency mortgage-backed securities	24		—		—		24

Other (3)	3		—		—		3
Mutual funds (4)	146		—		—		146
Total	$	929	$	—	$	(1)	$	928


	Fair Value
Due within 1 year	$	45
Due after 1 year through 5 years	197
Due after 5 years through 10 years	14
Due after 10 years	3
Total	$	259


	Six Months Ended July 31,				Cumulative Amount as of
	2026		2025		July 31, 2026
Upward adjustments	$	60	$	—	$	89
Negative adjustments, including impairments	(15)		(1)		(155)
Net unrealized adjustments	$	45	$	(1)	$	(66)


	July 31, 2026
		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (1):
Money market funds		$	280	$	—	$	—	$	280

Certificates of deposit		—		83		—		83
U.S. government securities		—		160		—		160






Marketable securities:
Short-term
Commercial paper		—		30		—		30
Corporate debt securities		—		11		—		11

Asset-backed securities		—		12		—		12



Other (2)		—		4		—		4
Long-term
Corporate debt securities		—		58		—		58
Asset-backed securities		—		37		—		37
U.S. government securities		—		80		—		80
Agency mortgage-backed securities		—		24		—		24

Other (3)		—		3		—		3
Long-term other assets:
Mutual funds (4)		146		—		—		146
Derivative assets:
Derivative contract assets (5)		—		24		—		24
Derivative liabilities:
Derivative contract liabilities (6)		—		(25)		—		(25)
Total		$	426	$	501	$	—	$	927


	Unvested restricted stock units	Weighted average grant date fair value per share
	(in thousands)
Unvested restricted stock units at January 31, 2026	4,477	$	255.39
Granted	2,996	224.41
Vested	(1,854)	249.15
Canceled/Forfeited	(238)	248.48
Performance Adjustment (1)	32	289.05
Unvested restricted stock units at July 31, 2026	5,413	$	240.27


	Six Months Ended July 31, 2026		Six Months Ended July 31, 2025
	Performance Stock Units (1)	ESPP (1)	Performance Stock Units (1)	ESPP (1)
Range of expected volatility	35.1 - 36.7%	33.9 - 34.8%	29.7 - 33.4%	29.1 - 29.5%
Range of expected lives (in years)	N/A	0.5 - 2.0	N/A	0.5 - 2.0
Expected dividends	—%	—%	—%	—%
Range of risk-free interest rates	3.7 - 3.9%	3.7%	3.8 - 4.1%	4.0 - 4.3%


	July 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	750	$	(557)	$	193
Developed technologies	1,216		(995)		221
Trade names and patents	122		(119)		3
Other	7		(1)		6
Total intangible assets	$	2,095	$	(1,672)	$	423


	July 31, 2026		January 31, 2026
Computer hardware, at cost	$	93	$	90
Computer software, at cost	81		61
Furniture and equipment, at cost	98		104
Leasehold improvements, land and buildings, at cost	318		349
	590		604
Less: Accumulated depreciation	(466)		(483)
Computer equipment, software, furniture, and leasehold improvements, net	$	124	$	121


	Six Months Ended July 31,
	2026		2025
Operating activities:
Net income	$	983	$	465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	101		95
Stock-based compensation expense	339		421
Amortization of costs to obtain a contract with a customer	347		219
Deferred income taxes	40		153


Restructuring-related asset impairments	—		17
Other operating activities	(32)		(20)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable	753		476
Prepaid expenses and other assets	(253)		(539)
Accounts payable and other liabilities	(408)		17
Deferred revenue	(434)		(287)
Accrued income taxes	32		7
Net cash provided by operating activities	1,468		1,024
Investing activities:
Purchases of marketable securities	(222)		(309)
Sales and maturities of marketable securities	686		353

Capital expenditures	(31)		(17)
Purchases of intangible assets	(16)		(14)
Business combinations, net of cash acquired	(55)		—
Purchases of strategic investments (1)	(10)		(5)
Other investing activities	29		—
Net cash provided by investing activities	381		8
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	76		75
Taxes paid related to net share settlement of equity awards	(157)		(190)
Repurchases of common stock	(901)		(712)

Proceeds from debt, net of discount	993		499
Repayment of debt	—		(300)

Other financing activities	(7)		(6)


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Net revenue by product family:
Architecture, Engineering, Construction and Operations	$	1,029	$	878	$	1,999	$	1,687
AutoCAD and AutoCAD LT	500		440		974		851
Manufacturing	385		334		752		643
Media and Entertainment	92		80		178		156
Other	40		31		77		59
Total net revenue	$	2,046	$	1,763	$	3,980	$	3,396

Net revenue by geographic area:
Americas
U.S.	$	727	$	629	$	1,409	$	1,214
Other Americas	171		157		333		297
Total Americas	898		786		1,742		1,511
Europe, Middle East and Africa	804		675		1,565		1,302
Asia Pacific	344		302		673		583
Total net revenue	$	2,046	$	1,763	$	3,980	$	3,396

Net revenue by product type:
Design	$	1,708	$	1,472	$	3,320	$	2,833
Make	244		194		468		373
Other	94		97		192		190
Total net revenue	$	2,046	$	1,763	$	3,980	$	3,396


Balance as of January 31, 2026 (1)	$	4,295
Additions arising from acquisitions during the period	46
Effect of foreign currency translation	(10)
Balance as of July 31, 2026 (1)	$	4,331


Instrument	Date of Issuance	Principal Outstanding		Fair value
5.30% senior notes due June 15, 2035	June 2025	$	500	$	490
2.40% senior notes due December 15, 2031	October 2021	1,000		869
2.85% senior notes due January 15, 2030	January 2020	500		467
3.50% senior notes due June 15, 2027	June 2017	500		496
Total principal outstanding		2,500
Less unamortized debt discount and issuance costs (1)		16
Total senior notes payable, net		$	2,484



Fiscal year ending
2027 (remainder)	$	—
2028	500
2029	—
2030	500
2031	—
Thereafter	1,500
Total principal outstanding	$	2,500


	Balances, January 31, 2026		Additions (3)		Payments		Balances, July 31, 2026

Employee terminations costs (1)	$	97	$	25	$	(111)	$	11
Other exit costs (2)	2		4		(3)		3
Total	$	99	$	29	$	(114)	$	14


	Net Unrealized Gains (Losses) on Derivative Instruments		Net Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Defined Benefit Pension Components		Foreign Currency Translation Adjustments		Total
Balances, January 31, 2026	$	(17)	$	22	$	(27)	$	(210)	$	(232)
Other comprehensive income (loss) before reclassifications	5		5		1		(23)		(12)
Pre-tax gain reclassified from accumulated other comprehensive loss	21		1		(1)		—		21
Tax effects	(2)		(6)		—		(2)		(10)
Net current period other comprehensive income (loss)	24		—		—		(25)		(1)
Balances, July 31, 2026	$	7	$	22	$	(27)	$	(235)	$	(233)


	July 31, 2026		January 31, 2026
Long-lived assets:
Americas
U.S.	$	156	$	152
Other Americas	13		15
Total Americas	169		167
Europe, Middle East, and Africa	53		56
Asia Pacific	47		55
Total long-lived assets	$	269	$	278


	Three Months Ended July 31, 2026			Change compared to prior fiscal year				Three Months Ended July 31, 2025
(In millions, except percentage data)				$		%
Recurring revenue (1)	$	1,992		$	273	16	%	$	1,719
As a percentage of net revenue	97		%	N/A		N/A		98		%

	Six Months Ended July 31, 2026			Change compared to prior fiscal year				Six Months Ended July 31, 2025
				$		%
Recurring Revenue (1)	$	3,873		$	562	17	%	$	3,311
As a percentage of net revenue	97		%	N/A		N/A		97		%


	Three Months Ended July 31, 2026					Six Months Ended July 31, 2026
	Percent change compared to prior fiscal year		Constant Currency percent change compared to prior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes	Percent change compared to prior fiscal year		Constant Currency percent change compared to prior fiscal year (1)		Positive/Negative/Neutral impact from foreign exchange rate changes
Net revenue	16	%	14	%	Positive	17	%	15	%	Positive
Total cost of revenue and total operating expenses	10	%	9	%	Negative	4	%	3	%	Negative


(in millions)	July 31, 2026		January 31, 2026
Deferred revenue	$	4,258	$	4,693
Unbilled deferred revenue	3,175		3,607
RPO	$	7,433	$	8,300


	Three Months Ended		Change Compared to Prior Fiscal Year				Three Months Ended		Management Comments
(In millions, except percentages)	July 31, 2026		$		%		July 31, 2025
Net Revenue:
Subscription (1)	$	1,952	$	285	17	%	$	1,667	Increase primarily due to growth in subscriptions from our existing customer base.
Other	94		(2)		(2)	%	96
Total Net Revenue	$	2,046	$	283	16	%	$	1,763

	Six Months Ended		Change compared to prior fiscal year				Six Months Ended		Management Comments
	July 31, 2026		$		%		July 31, 2025
Net Revenue:
Subscription (1)	$	3,788	$	581	18	%	$	3,207	Increase primarily due to growth in subscriptions from our existing customer base.
Other	192		3		2	%	189
Total Net Revenue	$	3,980	$	584	17	%	$	3,396


	Three Months Ended July 31, 2026		Change compared to prior fiscal year				Constant currency change compared to prior fiscal year		Three Months Ended July 31, 2025
(In millions, except percentages)			$		%		%
Net Revenue:
Americas
U.S.	$	727	$	98	16	%	*		$	629
Other Americas	171		14		9	%	*		157
Total Americas	898		112		14	%	14	%	786
EMEA	804		129		19	%	13	%	675
APAC	344		42		14	%	14	%	302
Total Net Revenue	$	2,046	$	283	16	%	14	%	$	1,763

	Six Months Ended July 31, 2026		Change compared to prior fiscal year				Constant currency change compared to prior fiscal year		Six Months Ended July 31, 2025
(In millions, except percentages)			$		%		%
Net Revenue:
Americas
U.S.	$	1,409	$	195	16	%	*		$	1,214
Other Americas	333		36		12	%	*		297
Total Americas	1,742		231		15	%	16	%	1,511
EMEA	1,565		263		20	%	14	%	1,302
APAC	673		90		15	%	15	%	583
Total Net Revenue	$	3,980	$	584	17	%	15	%	$	3,396


	Absolute dollar impact	Management Comments
Cost of revenue	Increase	We expect our cost of revenue to increase as our revenue grows as well as due to our recent acquisition.
Marketing and sales	Increase	We expect marketing and sales expenses to increase with the recognition of Solution Provider commissions and our recent acquisition.
Research and development	Increase	We expect our research and development expenses to increase as we continue our investments in cloud, platform, and AI.
General and administrative	Increase	We expect general and administrative expenses to increase but at a slower rate than revenue, due to continued cost discipline.
Amortization of purchased intangibles	Increase	We expect our amortization of purchased intangibles to increase largely due to our recent acquisition.
Restructuring, other exit costs, and facility reductions	Flat	We expect restructuring, other exit costs, and facility reductions to remain flat. The plan initiated in the first quarter of fiscal 2026 was substantially complete as of January 31, 2026. The majority of the costs of the plan initiated in the fourth quarter of fiscal 2026 were incurred in fiscal 2026 and in the first quarter of fiscal 2027.


	July 31, 2026				January 31, 2026
	Notional Amount		Fair Value		Notional Amount		Fair Value
Forward Contracts:
Purchased	$	1,806	$	(16)	$	1,743	$	18
Sold	1,577		1		2,166		(20)
Option Contracts:
Purchased	2,044		21		1,597		12
Sold	2,164		(4)		1,698		(13)


(Shares in thousands)	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2)
May 1 - May 31, 2026	449	$	240.31	449	$	6,929
June 1 - June 30, 2026	1,099	201.51		1,099	$	6,708
July 1 - July 31, 2026	592	209.57		592	$	6,584
Total	2,140	$	211.89	2,140



*			Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplemental copies of any of the omitted exhibits and schedules upon request by the U.S. Securities and Exchange Commission.
†			The certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.

††			The financial information contained in these XBRL documents is unaudited.



AUTODESK, INC.
(Registrant)

/s/ JANESH MOORJANI
Janesh Moorjani
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)


			/s/ ANDREW ANAGNOST
			Andrew Anagnost
			President and Chief Executive Officer (Principal Executive Officer)


			/s/ ANDREW ANAGNOST
			Andrew Anagnost
			President and Chief Executive Officer
			(Principal Executive Officer)