Autodesk, Inc. Q1 FY2026 earnings call

• Autodesk delivered strong first quarter results with revenue and non-GAAP earnings per share topping guidance ranges. • Focus on strategic priorities in cloud, platform, and AI, and optimizing sales and marketing. • Board refresh with new appointments. • Q1 financials: total revenue growth, billings increase, RPO growth. • Operational highlights in AECO (e.g., large EBA deals), manufacturing (e.g., Waldner, GPJ, Grain Handler), AI in Fusion (e.g., auto constraint feature), education (e.g., Austin University), and community resilience initiatives (e.g., Foothill Catalogue Foundation).

Total revenue in the first quarter grew 15% as reported and 16% in constant currency. The contribution from the new transaction model to revenue was $78 million in Q1. Billings increased 29% as reported and 30% in constant currency. RPO of $7.2 billion and current RPO of $4.6 billion grew 21%. First quarter GAAP operating margin was 14% and non-GAAP operating margin was 37%.

• Billings guidance range increases to $7.16 billion to $7.31 billion. • Revenue guidance range increases to $6.925 billion to $6.995 billion. • Free cash flow guidance range increases to $2.1 billion to $2.2 billion. • Non-GAAP earnings per share guidance increased reflecting non-GAAP operating margin increase. • Underlying revenue growth guidance unchanged, but billings and free cash flow ranges adjusted for macroeconomic uncertainty and foreign exchange movements.

• Macroscopic uncertainty, geopolitical factors impacting customers. • Potential disruptions from channel consolidation and business model transitions. • Impact of ongoing restructuring and leadership changes on business operations.

Q: Could you talk about how customer conversations are evolving given macro uncertainty?

A: Customers flag uncertainty but net net, business momentum continues with construction backlog ticking up, increasing monthly active users, and bid activity.

Q: What are the benefits of channel consolidation?

A: Fewer transactionally focused partners, more solution-focused partners, leading to increased price realization and capturing down-market business.

Q: How is the go-to-market transition progressing?

A: Channel partners are adapting, with productivity expected to increase as they move beyond onboarding to renewal and new business growth.

Q: What's the outlook for AI deployments?

A: Continued rollout of AI features to drive productivity gains, with focus on specific repetitive processes in Fusion and AEC, and long-term opportunities for upsells and enhanced value.