Slide 1: Fourth quarter Fiscal 2026 earnings
Fourth quarter Fiscal 2026 earnings February 26, 2026
Slide 2: Safe harbor
Safe harbor 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
Slide 3: Q4 FY26 financial summary
Q4 FY26 financial summary (In millions, except percentages and per share amounts) Q4 FY26 YoY Change Billings $2,804 33% Revenue $1,957 19% GAAP operating margin 22% - Non-GAAP operating margin(1) 38% 1 ppt GAAP EPS $1.48 $0.08 Non-GAAP EPS(1) $2.85 $0.56 Cash flow from operating activities $989 43%
Slide 4: Q4 FY26 new transaction model impact
Q4 FY26 new transaction model impact Constant currency and adjusted for new transaction model Constant currency(1) and adjusted Q4 FY26 Results As Reported Constant currency(1) for new transaction model Billings $2,804M 30% 32% Up 33% Revenue $1,957M 19% 14% Up 19% Non-GAAP operating margin 38% 39%
Slide 5: Q4 FY26 other financial highlights
Q4 FY26 other financial highlights Net revenue by product type, geographic area, and product family (In millions, except percentages) Q4 FY26 YoY Change YoY Change in CC(1) Design $1,609 19% 19% Make $218 24% 23% Other $130 21% 19% (In millions, except percentages) Q4 FY26 YoY Change YoY Change in C
Slide 6: Q4 FY26 other financial highlights
Q4 FY26 other financial highlights (In millions, except percentages) Q4 FY26 YoY Change Deferred revenue $4,693 14% Unbilled deferred revenue $3,607 28% Remaining performance obligations $8,300 20% Current RPO $5,479 23% Above 110%, in constant currency, in part due to NR3 new transaction model Retu
Slide 7: FY26 financial summary
FY26 financial summary (In millions, except percentages and per share amounts) FY26 YoY Change Billings $7,771 30% Revenue $7,206 18% GAAP operating margin 22% - Non-GAAP operating margin(1) 38% 2 ppt GAAP EPS $5.23 $0.11 Non-GAAP EPS(1) $10.43 $1.96 Cash flow from operating activities $2,452 53% Fr
Slide 8: FY26 new transaction model impact
FY26 new transaction model impact Constant currency and adjusted for new transaction model Constant currency(1) and adjusted FY26 Results As Reported Constant currency(1) for new transaction model Billings $7,771M 28% 25% Up 30% Revenue $7,206M 18% 12% Up 18% Non-GAAP operating margin 38% 38% 41% (1
Slide 9: FY26 other financial highlights
FY26 other financial highlights Net revenue by product type, geographic area, and product family (In millions, except percentages) FY26 YoY Change YoY Change in CC(1) Design $5,980 17% 18% Make $796 22% 22% Other $430 15% 14% (In millions, except percentages) FY26 YoY Change YoY Change in CC(1) Amer
Slide 10: Outlook
Outlook Q1 FY27 FY27 (In millions, except percentages and per share amounts) (ending April 30, 2026) (ending January 31, 2027) Billings $8,480 - $8,580 y/y growth 9% - 10% y/y growth in cc(3) 8% - 9% y/y growth in cc(3) and adj. for new transaction model 8% - 9% Revenue $1,885 - $1,900 $8,100 - $8,1
Slide 11: Non-GAAP FY27 model expectations
Non-GAAP FY27 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW • Other revenue growth to be up roughly in line with the prior two • Capital expenditures to be approximately $50 million years; weighted toward the second half of the year • Billings slightly more weighted towards the secon
Slide 12: Appendix
Appendix 12
Slide 13: Simplifying the story in FY27
Simplifying the story in FY27 • Focusing on as-reported and constant currency metrics • Retiring direct and indirect revenue disclosure since the implementation of the new transaction model is largely complete • Consolidating immaterial maintenance revenue into subscription revenue • Retiring annual
Slide 14: Reconciliation of GAAP financial measures to non-GAAP financial measures
Reconciliation of GAAP financial measures to non-GAAP financial measures (in millions, except per share data) 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 dil
Slide 15: Appendix – other financial information
Appendix – other financial information In thousands (1) FY25 FY26 Subscriptions as of the end of fiscal Q4 Total subscriptions 7,787 8,307 Design subscriptions 5,800 5,915 Make subscriptions 1,986 2,391 M2S subscriptions 1,437 1,372 Total subscriptions adjusted for multi-user trade-in 7,183 7,779 (1
Slide 16: GAAP to non-GAAP operating margin and diluted EPS reconciliation
Appendix - GAAP to non-GAAP operating margin and diluted EPS reconciliation Three Months Ended Fiscal Year Ended January 31, 2026 January 31, 2026 (Unaudited) GAAP operating margin 22 % 22 % Stock-based compensation expense 9% 11 % Amortization of purchased intangibles and developed technologies 2%
Slide 17: Net cash provided by operating activities to free cash flow reconciliation
Appendix - net cash provided by operating activities to free cash flow reconciliation Three Months Ended Fiscal Year Ended January 31, 2026 January 31, 2026 (Unaudited) Net cash provided by operating activities $ 989 $ 2,452 Capital expenditures (17) (43) Free cash flow $ 972 $ 2,409 17
Slide 18: Outlook GAAP to non-GAAP diluted EPS reconciliation
Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation GAAP to non-GAAP diluted EPS reconciliation Q1 FY27 (ending April 30, 2026) GAAP EPS $1.68 - $1.83 Stock-based compensation expense 0.85 - 0.80 Amortization of purchased intangibles and developed technologies 0.17 - 0.14 Acquisition-re
Slide 19: Outlook GAAP to non-GAAP operating margin reconciliation
Appendix - Outlook GAAP to non-GAAP operating margin reconciliation GAAP to non-GAAP operating margin reconciliation FY27 (ending January 31, 2027) GAAP operating margin 26% - 28% Stock-based compensation expense 10% - 9% Amortization of purchased intangibles and developed technologies 2% Restruct
Slide 20: Outlook GAAP to non-GAAP diluted EPS reconciliation
Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation FY27 GAAP to non-GAAP diluted EPS reconciliation (ending January 31, 2027) GAAP EPS $7.76 - $8.39 Stock-based compensation expense 3.73 - 3.47 Amortization of purchased intangibles and developed technologies 0.69 - 0.59 Acquisition-rel
Slide 21: Glossary of terms
Glossary of terms In order to help better understand our financial performance we use several key performance metrics including billings, recurring revenue, and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue as
Slide 22: Glossary of terms
Glossary of terms Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with
Slide 23: Glossary of terms
Glossary of terms Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base custome
Slide 24: Glossary of terms
Glossary of terms Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider: Solution Provider is the name of o
Slide 25: AUTODESK Make Anything
72 AUTODESK Make Anything