Autodesk (ADSK) Q3 2026 earnings summary

Executive summary

• Q3 revenue grew 18% year-over-year to $1.85 billion, with billings, non-GAAP EPS, and operating margins exceeding guidance and strong performance in AECO, infrastructure, and manufacturing segments.

• Non-GAAP EPS was $2.67, up $0.50 year-over-year; GAAP EPS was $1.60, up $0.33; net income for the quarter was $343 million.

• Strategic focus on cloud-based platforms, AI integration, and business model transformation is driving resilience and growth.

• Full-year guidance was raised across all key metrics, reflecting strong execution and business momentum.

• Recurring revenue accounted for 97% of total net revenue, with net revenue retention rate above 110% in constant currency.

Financial highlights

• Q3 billings increased 21% year-over-year to $1.86 billion; revenue up 18% to $1.85 billion.

• GAAP operating margin was 25%, up 3 percentage points; non-GAAP operating margin reached 38%, up 1 point.

• Free cash flow for Q3 was $430 million, up 116% year-over-year, benefiting from earlier billings and lower cash tax payments.

• Americas revenue grew 16% to $820 million; EMEA up 23% to $715 million; APAC up 12% to $318 million.

• Year-to-date, 3.7 million shares repurchased for $1.07 billion; Q3 buybacks totaled $361 million.

Outlook and guidance

• Raised full-year billings guidance to $7.465–$7.525 billion and revenue guidance to $7.15–$7.17 billion.

• Non-GAAP operating margin guidance increased to ~37.5%; free cash flow guidance raised to $2.26–$2.29 billion.

• Q4 FY26 revenue expected at $1.90–$1.92 billion; GAAP EPS $1.40–$1.57; non-GAAP EPS $2.59–$2.67.

• Macro environment remains broadly stable but with elevated uncertainty; risk factored into guidance.

• Net revenue retention rate projected above 110% in constant currency.