Slide 1: Second quarter fiscal 2026 earnings
Second quarter fiscal 2026 earnings August 28, 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: Q2 FY26 financial summary
Q2 FY26 financial summary (In millions, except percentages and per share amounts) Q2 FY26 YoY Change Billings $1,678 36% Revenue $1,763 17% GAAP operating margin 25% 2 ppt Non-GAAP operating margin(1) 39% 1 ppt GAAP EPS $1.46 $0.16 Non-GAAP EPS(1) $2.62 $0.47 Cash flow from operating activities $460
Slide 4: Q2 FY26 new transaction model impact
Q2 FY26 new transaction model impact Constant currency and adjusted for new transaction model Constant currency(1) and adjusted Q2 FY26 Results As Reported Constant currency(1) for new transaction model Billings $1,678M 34% 26% Up 36% Revenue $1,763M 18% 11% Up 17% Non-GAAP operating margin 39% 39%
Slide 5: Q2 FY26 other financial highlights
Q2 FY26 other financial highlights Net revenue by product type, family, and geographic area (In millions, except percentages) Q2 FY26 YoY Change YoY Change in CC(1) Design $1,472 17% 18% Make $194 20% 20% Other $97 13% 11% (In millions, except percentages) Q2 FY26 YoY Change YoY Change in CC(1) Amer
Slide 6: Q2 FY26 other financial highlights
Q2 FY26 other financial highlights (In millions, except percentages) Q2 FY26 YoY Change Deferred revenue $3,844 4% Unbilled deferred revenue $3,453 59% Remaining performance obligations (“RPO”) $7,297 24% Current RPO (“cRPO”) $4,677 20% Above 110%, in constant currency, in part due to NR3 new transa
Slide 7: Outlook
Outlook Q3 FY26 FY26 (In millions, except percentages and per share amounts) (ending October 31, 2025) (ending January 31, 2026) Billings $7,355 - $7,445 Revenue $1,800 - $1,810 $7,025 - $7,075 GAAP operating margin 21% - 22% Non-GAAP operating margin(1) ~37% EPS GAAP $1.34 - $1.42 $4.68 - $5.09 EPS
Slide 8: FY26 outlook – new transaction model impact
FY26 outlook – new transaction model impact 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 $7,355M - $7,445M 21% - 23% 17% - 19% Up 23% - 24% Revenu
Slide 9: Non-GAAP FY26 model expectations
Non-GAAP FY26 model expectations INCOME STATEMENT BALANCE SHEET / CASH FLOW • Other revenue to be up modestly 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 total defer
Slide 10: Appendix
Appendix 10
Slide 11: 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 12: 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 July 31, 2025 (Unaudited) GAAP operating margin 25 % Stock-based compensation expense 11 % Amortization of purchased intangibles and developed technologies 2% Non-GAAP operating margin(1) 39 % GAAP diluted
Slide 13: 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 July 31, 2025 (Unaudited) Net cash provided by operating activities $ 460 Capital expenditures (9) Free cash flow $ 451 13
Slide 14: 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 Q3 FY26 (ending October 31, 2025) GAAP EPS $1.34 - $1.42 Stock-based compensation expense 0.88 Amortization of purchased intangibles and developed technologies 0.16 Acquisition-related costs
Slide 15: 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 16: 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 $4.68 - $5.09 Stock-based compensation expense 3.75 - 3.68 Amortization of purchased intangibles and developed technologies 0.64 Acquisition-related co
Slide 17: 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 18: 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 19: 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 20: 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 21: AUTODESK
72 AUTODESK Make Anything