Autodesk, Inc.

ADSK · NASDAQ · USD

Analysis

Last 4 earnings calls · through Q2 FY2027

Autodesk has finished rebuilding how it sells, raised its outlook again, and is now spending the payoff on operations and AI. The year turns on whether new-business selling normalises before a large, still-unprofitable acquisition weighs on profit. How much margin does MaintainX cost Autodesk in fiscal 2028?

  • The multiyear sales rebuild is done, and it is paying off.

    Management completed the final phase of its go-to-market overhaul in January and says renewals are far more productive now. Non-GAAP operating margin reached 41% in Q2 FY2027 — the cash that funds everything else. How much of Autodesk's fiscal 2027 margin gain came from the sales reorganisation?

  • Its largest acquisition ever opens an entirely new market.

    MaintainX brings maintenance and asset software — over $135 million of recurring revenue growing faster than 50% — into a business spanning design, make and operate. It loses money today, so it drags on margins while revenue builds.

  • The open risk is that new-business selling has not recovered yet.

    Autodesk cut customer-facing sales roles in January and warned the disruption would slow new subscriptions early in FY2027, with Western Europe still ramping. Renewals held up, but the year leans on the biggest renewal cohort landing in Q4. How far below plan is Autodesk's new-business selling in Western Europe?

Bullish
  • Sales reorganization impact contained
    The bull case is that the sales reorganization is landing inside the planned range while renewals hold up, so disruption stays temporary rather than eroding the base.
  • Design to make convergence
    Demand in construction, infrastructure and manufacturing keeps compounding through a connected design and make platform, so growth comes from replacing fragmented tools.
  • Operations expansion
    Operations gives Autodesk a large adjacent market to sell into, reusing the construction acquisition approach and extending relationships from projects into asset upkeep.
Bearish
  • Sales productivity in Western Europe
    The bear case is that a sales reshuffle aimed at customer-facing roles is still bedding down in Western Europe, so new business productivity, not demand, limits growth.
  • Acquisition dilution
    MaintainX is a large, unprofitable purchase that dilutes margins and must be integrated, while withdrawal of product-line disclosure makes the core business harder to track.
  • AI workload costs
    AI and cloud workloads cost more to deliver than the software Autodesk has sold, so heavier AI use supports gross profit dollars while pressing on gross margin.
See the full bull & bear case
PoliticiansInstitutionsInsiders
PoliticianTransactionAmountTradedFiled
Donald Trump
Republican · Executive
Purchase≥$15KJul 23Sep 22
Donald Trump
Republican · Executive
Purchase≥$250KJul 20Sep 22
Donald Trump
Republican · Executive
Purchase≥$1KJul 17Sep 22
Donald Trump
Republican · Executive
Purchase≥$1KJul 8Sep 22
Donald Trump
Republican · Executive
Sale≥$15KJun 24Aug 22

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Product segmentsGeography
FY2026 · USD

How Autodesk turned $7.2B of revenue into $1.6B of operating income.

Revenue
Architecture Engineering And Construction$3.6B▲ 22.00% YoY
AutoCAD and AutoCAD LT Family$1.8B▲ 13.68% YoY
Manufacturing$1.4B▲ 15.98% YoY
Media And Entertainment [member]$332.0M▲ 5.40% YoY
Other$125.0M▲ 5.93% YoY
Total revenue$7.2B
Gross profit$6.6B91.0%
Operating income$1.6B21.9%
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