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ADSK US S&P 500NASDAQ-100Russell 1000 Earnings call

Autodesk (ADSK) · Q2 2026 results and valuation

Share price: $260.01 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q2 2027

Net income flat on the previous quarter, guidance raised. Tone in line with last period.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+0.2%

Net income vs Q1 2026

Guidance raised

Net income 492.0M vs 491.0M

Revenue +5.8%

2 · How management spoke

Unchanged

Language tone vs last period

Language: typical — about as upbeat as in Q1 2026.

3 · What stood out

Key theme

Autodesk is extending its design-to-operations strategy to capture value across an asset's entire lifecycle, leveraging accumulated business model…

Valuation

Is Autodesk undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-01-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 12.9% growth a year (3-year revenue growth), the model's fair value is $346.08 a share — the stock trades 25% below it. Today's price assumes 8.9% growth a year.

Current price

$260.01

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+8.9% for 10 yrs

Fair value / share

$346.08

Buy below

$259.56

Price vs fair value

Undervalued 25%

Price vs buy-below price

Fairly valued

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Autodesk's reorganization impact stayed within expected ranges six months in, allowing management to narrow guidance around productivity opportunities while maintaining prudent assumptions on remaining variability.

    Source quote
    “So at the start of the year, our guidance had to contemplate a much wider range of outcomes, particularly around the impact... ...We reflect the opportunities we see and then we incorporate some level of prudence around the areas where there may still be some variability. And 6 months into the year, the impact from the reorg has largely remained within the range we expected.”
  2. Guidance ↑

    Autodesk raised its billings and revenue guidance for the year.

    Source quote
    “We've raised our guidance on both billings and on revenue, and we feel very good about the underlying momentum of the business.”
  3. Guidance

    Autodesk expects to keep directing about 50% of free cash flow toward buybacks to gradually reduce share count.

    Source quote
    “We expect to maintain a healthy buyback program that continues to apply approximately 50% of free cash flow to further reduce share count over time.”
  4. Guidance

    Autodesk raised its fiscal 2027 billings guidance to $8.575-$8.65 billion.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Overall language Typical (was typical)

Typical — about as upbeat as in Q1 2026.

Sentences that drove the tone
“In Europe, a leading infrastructure and construction company renewed and expanded its enterprise agreement with Autodesk to accelerate digital transformation and low-carbon and energy-efficient delivery, including using Autodesk platform services...”
“But as you mentioned, I think the most important piece for us is to make sure that we first preserve the existing growth rate and that we very thoughtfully and...”
“MaintainX already has very strong stand-alone growth momentum, Tyler.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)

Metric Q2 2026period end 2026-07-31 Q1 2026period end 2026-04-30 Change Q2 2025 YoY
Revenue 2.05B 1.93B +5.8% 1.76B +16.1%
Gross profit 1.87B 1.76B +6.3% 1.60B +16.6%
Operating income 599.0M 541.0M +10.7% 444.0M +34.9%
Net income 492.0M 491.0M +0.2% 313.0M +57.2%
EPS 2.33 2.32 +0.4% 1.46 +59.6%
P/E today 28.7 30.3 34.6 −4.3 63.0 −32.7

Topics

Most discussed now

  • New Autodesk's main focus right now is on integrating the back office and maintaining the momentum in the business.
  • With a vision of every project becoming a complete data-rich digital twin, one of the world's largest retailers selected Autodesk...
  • During the second quarter, Autodesk sustained its program of reducing multiyear discounts established over the last few years, including…
  • The overall impact to new subscription growth was once again within the range of Autodesk's expectations, while the linearity of...
  • The new transaction model provided a tailwind of roughly 2 percentage points to revenue growth in the second...

Faded since Q1 2026

  • Fading Operations is highly complementary to the Design and Make category, reflecting growing customer demand and more continuous data-driven…
  • Fading Autodesk shared in a separate announcement that it has entered into a definitive agreement to acquire MaintainX, a leading...
  • Fading With the ongoing reduction in the level of multiyear discounting, Autodesk expects the shift from multiyear to annual contracts will...
  • Fading Building services contractor, signed a multiyear enterprise agreement for Forma Build to consolidate fragmented systems across complex data…

Latest announcements

Official filings, newest first.

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