Autodesk (ADSK)

Outperform Recap: Q1 FY27

Beat-and-Raise, Then a $3.6B Bet on Operations: Autodesk Buys MaintainX to Close the Design-Make-Operate Loop — Maintain Outperform Through the Sell-the-News Dip

Outperform Flashcap: Q1 FY27

Beat-and-Raise With an Operations Land-Grab: Revenue +18% to $1.93B, EPS $2.99 Clears the Street by 5%, FCF +58% — and Autodesk Buys MaintainX to Own the "O" in AECO

Outperform Recap: Q4 FY26

Q4 Revenue +19% YoY to $1.96B Above High End of Guide; Billings +33% Reported (+30% CC); Non-GAAP Operating Margin 38% (+120bp YoY); FCF $972M; FY26 Closes With All-Line Beat; FY27 Guide: Billings $8.48-$8.58B / Revenue $8.10-$8.17B / GAAP OM 26-28% / Non-GAAP OM 38.5-39% / FCF $2.7-$2.8B; AI AutoConstrain at 3.8M+ Uses With ~2/3 Acceptance; Building Agentic AI Moats Around Data + Context + Expertise + Platform; FY26 Buyback $1.4B (50%+ FCF, Above Guide); Sales Optimization Final Phase Completed — Maintaining Outperform

Outperform Recap: Q3 FY26

Revenue +18% YoY (+12% CC ex-NTM) to $1.85B Above High End of Guide; Billings +21% Reported (+16% CC ex-NTM); Non-GAAP Operating Margin 38% (+120bp YoY); FCF $430M; FY26 Guidance Raised Again Across Every Line; Investor Day Delivered Multi-Year Framework With FY27 Incremental Headwinds From NTM Noted; AI AutoConstrain at 2.6M+ Commercial Uses With Sustained 60%+ Acceptance; Buyback Now $1.3B (50% Increase vs FY25) — Maintaining Outperform

Outperform Recap: Q2 FY26

Revenue +17% YoY (+18% Constant Currency) to $1.76B Above High End of Guide; Billings +36% Reported (+34% CC, +26% ex-NTM CC); Non-GAAP Operating Margin 39% (+140bp YoY); FCF $451M; FY26 Guidance Raised Across Every Line; FY29 Operating Margin Target Articulated at 41% Reported / 45% Underlying (Ex-NTM) — 500/900bp Expansion From FY24; AI AutoConstrain at 1.2M+ Commercial Uses With 60%+ Acceptance Rate; FY26 Buyback Raised $100M to $1.2-$1.3B (40-50% Increase vs FY25); Investor Day October 7 — Maintaining Outperform

Outperform Recap: Q1 FY26

Revenue +15% YoY (+16% Constant Currency) to $1.6B Above High End of Guide; Billings +29% / RPO $7.2B +21%; Non-GAAP Operating Margin 37% (+300bp YoY) Above Expectations; FCF $556M; New Transaction Model Contributed $78M Revenue / $105M Billings With Implementation Friction Easing; AI AutoConstrain Delivering 580K+ Commercial Constraints With 50%+ Acceptance Rate; FY26 Guide Raised Across Billings, Revenue, FCF; $353M Q1 Buyback at $269 Average — Initiating Coverage at Outperform