Slide 1: First quarter fiscal 2026 earnings
First quarter fiscal 2026 earnings May 22, 2025
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: Q1 FY26 financial summary
Q1 FY26 financial summary (In millions, except percentages and per share amounts) Q1 FY26 YoY Change Billings $1,434 29% Revenue $1,633 15% GAAP operating margin(1) 14% (7) ppt Non-GAAP operating margin(2) 37% 3 ppt GAAP EPS(1) $0.70 $(0.46) Non-GAAP EPS(2) $2.29 $0.42 Cash flow from operating activ
Slide 4: Q1 FY26 underlying results
Q1 FY26 underlying results Constant currency and adjusted for new transaction model Constant currency(1) and adjusted Q1 FY26 Results As Reported Constant currency(1) for new transaction model Billings $1,434M 30% 22% Up 29% Revenue $1,633M 16% 11% Up 15% Non-GAAP operating margin 37% 37%(2) 39% (1)
Slide 5: Q1 FY26 other financial highlights
Q1 FY26 other financial highlights Net revenue by product type, family, and geographic area (In millions, except percentages) Q1 FY26 YoY Change YoY Change in CC(1) Design $1,361 14% 15% Make $179 23% 24% Other $93 22% 24% (In millions, except percentages) Q1 FY26 YoY Change YoY Change in CC(1) Amer
Slide 6: Q1 FY26 other financial highlights
Q1 FY26 other financial highlights (In millions, except percentages) Q1 FY26 YoY Change Deferred revenue $3,929 (1)% Unbilled deferred revenue $3,228 67% Remaining performance obligations (“RPO”) $7,157 21% Current RPO (“cRPO”) $4,552 16% Slightly above 110%, in constant currency, in NRR part due to
Slide 7: Outlook
Outlook Q2 FY26 FY26 (In millions, except percentages and per share amounts) (ending July 31, 2025) (ending January 31, 2026) Billings (in millions) $7,160 - $7,310 Revenue (in millions) $1,720 - $1,730 $6,925 - $6,995 GAAP operating margin 21% - 22% Non-GAAP operating margin(1) 36.5% - 37% EPS GAAP
Slide 8: Underlying outlook
Underlying outlook Constant currency and adjusted for new transaction model FY26 Constant currency(1) and adjusted As Reported Guidance Constant currency(1) (ending January 31, 2026) for new transaction model Billings $7,160M - $7,310M 20% - 22% 16% - 18% Up 19% - 22% Revenue $6,925M - $6,995M 14% -
Slide 9: Non-GAAP FY26 model expectations
Non-GAAP FY26 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW • Other revenue to be approximately flat year over year • Capital expenditures to be approximately $50 million • Net revenue retention rate to be approximately 110 percent in • Long-term deferred revenue as a percent of tota
Slide 10: Employee Stock Purchase Program (ESPP) related charge
Employee Stock Purchase Program (ESPP) related charge ➢ While implementing a change related to Autodesk’s ESPP program in Australia, the accounting team assessed certain data inputs used to calculate Stock-based Compensation (SBC) expense related to ESPP globally. This assessment coincided with the
Slide 11: Prior period information related to ESPP charge
Prior period information related to Employee Stock Purchase Program (ESPP) charge Prior periods have not been revised since the amount is immaterial to any prior interim or annual period and immaterial to the current fiscal year. The amounts below are provided for reference only. The cumulative adju
Slide 12: Appendix
Appendix 12
Slide 13: 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 14: Appendix - GAAP to non-GAAP operating margin and diluted EPS reconciliation
Appendix - GAAP to non-GAAP operating margin and diluted EPS reconciliation Three Months Ended April 30, 2025 (Unaudited) GAAP operating margin 14 % Stock-based compensation expense 14 % Amortization of purchased intangibles and developed technologies 2% Restructuring, other exit costs, and facility
Slide 15: Appendix - 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 April 30, 2025 (Unaudited) Net cash provided by operating activities $ 564 Capital expenditures (8) Free cash flow $ 556 15
Slide 16: Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation
Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation GAAP to non-GAAP diluted EPS reconciliation Q2 FY26 (ending July 31, 2025) GAAP EPS $1.37 - $1.46 Stock-based compensation expense 0.89 - 0.87 Amortization of purchased intangibles and developed technologies 0.16 Acquisition-related co
Slide 17: Appendix - Outlook GAAP to non-GAAP operating margin reconciliation
Appendix - Outlook GAAP to non-GAAP operating margin reconciliation GAAP to non-GAAP operating margin reconciliation FY26 (ending January 31, 2026) GAAP operating margin 21% - 22% Stock-based compensation expense 12% - 11% Amortization of purchased intangibles and developed technologies 2% Restruc
Slide 18: Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation
Appendix - Outlook GAAP to non-GAAP diluted EPS reconciliation FY26 GAAP to non-GAAP diluted EPS reconciliation (ending January 31, 2026) GAAP EPS $4.63 - $5.14 Stock-based compensation expense 3.76 - 3.64 Amortization of purchased intangibles and developed technologies 0.65 Acquisition-related co
Slide 19: 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 20: 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 21: 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 22: 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 23: AUTODESK
72 AUTODESK Make Anything