Autodesk (ADSK) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 ended with billings, revenue, non-GAAP operating margin, EPS, and free cash flow all above the high end of guidance ranges, with Q4 FY26 billings up 33% to $2.80B and revenue up 19% to $1.96B.

• FY26 billings increased 30% to $7.77B, and revenue grew 18% to $7.21B, driven by strong AECO, construction, and emerging markets performance.

• Non-GAAP operating margin for Q4 and FY26 was 38%; free cash flow for Q4 was $972M (up 43%), and for FY26 was $2.41B (up 54%).

• Successfully completed the final phase of go-to-market optimization, enhancing resilience and unlocking new growth and margin opportunities.

• Returned $333M to shareholders in Q4 and $1.4B in FY26 via share repurchases.

Financial highlights

• Q4 FY26 GAAP EPS was $1.48; non-GAAP EPS was $2.85; FY26 GAAP EPS was $5.23; non-GAAP EPS was $10.43.

• Q4 GAAP and non-GAAP operating margins were 22% and 38%, respectively; FY26 margins matched these levels.

• Deferred revenue at Q4 FY26 was $4.69B (up 14%), unbilled deferred revenue $3.61B (up 28%).

• Q4 free cash flow was $972M, with full-year free cash flow at $2.41B.

• Share repurchases totaled $1.4B for the year, reducing shares outstanding by 2.1 million.

Outlook and guidance

• FY27 billings guidance: $8.48B–$8.58B; revenue: $8.1B–$8.17B; GAAP operating margin: 26%–28%; non-GAAP: 38.5%–39%.

• FY27 GAAP EPS guidance: $7.76–$8.39; non-GAAP EPS: $12.29–$12.56.

• Free cash flow guidance: $2.7B–$2.8B.

• Guidance reflects prudence for potential disruption from sales restructuring, especially in customer-facing roles.

• Net revenue retention rate expected to return to 100–110% in constant currency as new transaction model impact fades.