Autodesk (ADSK) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 ended with billings, revenue, non-GAAP operating margin, EPS, and free cash flow all above the high end of guidance ranges, with Q4 FY26 billings up 33% to $2.80B and revenue up 19% to $1.96B.

• FY26 billings increased 30% to $7.77B, and revenue grew 18% to $7.21B, driven by strong AECO, construction, and manufacturing performance.

• Non-GAAP operating margin for Q4 and FY26 was 38%; free cash flow for Q4 was $972M (up 43%), and for FY26 was $2.41B (up 54%).

• Successfully completed go-to-market optimization and sales restructuring, enhancing resilience and unlocking new growth and margin opportunities.

• Continued investment in cloud platforms and AI, positioning for future growth and integrating capabilities across product lines.

Financial highlights

• Q4 FY26 GAAP operating margin was 22%; non-GAAP operating margin was 38%.

• Q4 FY26 GAAP EPS was $1.48; non-GAAP EPS was $2.85.

• FY26 GAAP EPS was $5.23; non-GAAP EPS was $10.43.

• Deferred revenue at Q4 FY26 was $4.69B (up 14%), with unbilled deferred revenue at $3.61B (up 28%).

• Share repurchases totaled $333M in Q4 and $1.4B for the year, reducing shares outstanding by 2.1 million.

Outlook and guidance

• FY27 billings guidance: $8.48B–$8.58B; revenue: $8.1B–$8.17B.

• FY27 GAAP operating margin guidance: 26%–28%; non-GAAP: 38.5%–39%.

• FY27 GAAP EPS guidance: $7.76–$8.39; non-GAAP EPS: $12.29–$12.56.

• Free cash flow guidance: $2.7B–$2.8B.

• Guidance reflects prudence for potential disruption from sales restructuring, with no expected tailwind from currency or new transaction model.