Autodesk stock falls 4% after mixed Q2 results

Autodesk shares fell about 4% on Friday after the software maker reported stronger-than-expected fiscal second-quarter results but issued third-quarter and full-year guidance that missed some analyst forecasts.

For the quarter ended, Autodesk reported earnings of $3.30 per share, above the $3.12 analysts expected. Revenue rose 16% year over year to $2.05 billion, topping the $2.01 billion consensus. Billings increased 10% to $1.85 billion and current remaining performance obligations climbed 12% to $5.2 billion, measures investors use to gauge future revenue visibility.

The company forecast third-quarter EPS of $3.04 to $3.09, below an analyst projection of $3.14 per share, and revenue of $2.125 billion to $2.14 billion, which was higher than some street estimates. For the full fiscal year Autodesk set EPS of $12.52 to $12.60 and revenue of $8.295 billion to $8.345 billion; Wall Street models called for about $12.58 per share and $8.21 billion in revenue.

CEO Andrew Anagnost highlighted the company’s work on artificial intelligence for construction and design, commenting, “The future of AI for the built world will belong to the trusted platform that combines the richest context with the right models to deliver the best outcomes for customers.” Management also raised its organic fiscal 2027 revenue-growth outlook by roughly one percentage point after adjusting for foreign exchange.

Analysts maintained generally positive stances despite the cautious outlook. BTIG’s Nick Altmann reiterated a Buy rating with a $300 price target, noting revenue rose 14% on a constant-currency basis, ahead of BTIG’s estimate. Stifel kept a Buy rating with a $285 target and DA Davidson maintained a $325 price target, each citing the better-than-expected quarter and improved organic growth assumptions.

Profitability and acquisition-related costs were highlighted in the report. Autodesk posted a non-GAAP operating margin of 41% and a GAAP operating margin of 29%, both above some expectations. The company left its fiscal 2027 non-GAAP operating-margin framework at about 39% but trimmed GAAP margin expectations by roughly one percentage point because of expenses tied to the MaintainX acquisition. Autodesk projects MaintainX will contribute about $60 million in fiscal 2027 revenue and roughly $70 million in billings. Stifel noted the midpoint of Autodesk’s free-cash-flow guidance fell about 1% as the company absorbs MaintainX costs and said the company continues to see traction for its ACC and Fusion products with broader demand conditions unchanged.

Market participants pointed to the near-term guidance ranges and the costs related to MaintainX as factors influencing the stock’s decline despite the quarter’s revenue and earnings beat.