실적분석 2026년 8월 27일

Autodesk ($ADSK) Fiscal 2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Beat Estimates; Shares Decline After Hours

Earnings Scorecard

Revenue: $2.046 billion (+16% year over year, vs. $2.011 billion estimate) ✅ Beat

EPS: Adjusted EPS $3.30 (vs. $3.12 estimate) ✅ Beat

Guidance: Raised — Fiscal 2027 revenue $8.295–$8.345 billion, billings $8.575–$8.650 billion (including MaintainX). Adjusted operating margin held at roughly 39%; free cash flow narrowed to $2.725–$2.750 billion

Stock reaction: After-hours -7.24% ($251) — as of 06:00 Korea time on 08-28

The Positives

Revenue and adjusted EPS both beat: Revenue of $2.046 billion (+16%) and adjusted EPS of $3.30 exceeded estimates

Full-year revenue and billings guidance raised: Reflects MaintainX contribution and core business growth

Make and cash generation remain solid: Make revenue +26%, free cash flow $561 million (+24%)

Design and Architecture, Engineering, Construction, and Operations (AECO) drove growth, and adjusted operating margin rose to 41%, up 2 percentage points year over year. Billings also climbed to $1.854 billion, a 10% increase year over year.

The Negatives

Next-quarter adjusted EPS guidance conservative: $3.04–$3.09 falls short of the $3.12 market estimate

Remaining performance obligation growth slowing: Total +2%; unbilled deferred revenue down 8% year over year

Acquisition costs pressure cash and margins: Roughly $45 million in transaction-related charges reflected; top end of full-year free cash flow range narrowed

The multi-year contract discount reduction policy is temporarily weighing on the growth rates of unbilled deferred revenue and remaining performance obligation. Operating and financial costs, as well as margin dilution, from the MaintainX acquisition remain a drag on near-term numbers.

What Management Said

The CFO explained that the sales organization realignment is progressing on plan, and that full-year billings and revenue guidance was raised to reflect core business growth and the MaintainX contribution. Adjusted operating margin guidance was maintained, but the free cash flow outlook range was narrowed due to margin dilution and transaction costs from the acquisition.

Market Reaction and What to Watch Next

Despite the earnings beat, next-quarter adjusted EPS guidance at the top end came in below market expectations, and free cash flow guidance was narrowed by acquisition-related costs — both factors appear to have driven selling pressure.

Timing of the MaintainX acquisition close and the size of its contribution to full-year results

How close next-quarter adjusted EPS comes to the $3.12 market estimate within the guidance range

Whether the impact of the multi-year discount reduction policy on remaining performance obligation and billings growth begins to ease