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Autodesk

ADSK · Nasdaq

Operating income grew 34.9% on 16.1% revenue growth

Operating expenses fell to 62.2% of revenue from 65.8%, lifting operating margin to 29.3% from 25.2% as every major cost line lost share.

Q2 FY2027, the quarter to Jul 31, 2026 (Autodesk's fiscal 2027 ends in January 2027) · 10-Q filed Aug 28, 2026

Q2 FY2027 · revenue
$2.0B+25.3% on the year
Operating margin
29.3%
Net income
$492.0M
Free cash flow, quarter
$561.0M

Largest source of revenue: Architecture, Engineering, Construction and Operations, 50.3% of the total.

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Key insights · Q2 FY2027
  1. 01

    Operating income grew 34.9% on 16.1% revenue growth

    Operating expenses fell to 62.2% of revenue from 65.8%, lifting operating margin to 29.3% from 25.2% as every major cost line lost share.

    Why it matters

    Revenue rose to $2.05B from $1.76B. Operating expenses rose to $1,271M from $1,160M, but as a share of revenue they fell to 62.2% from 65.8%. Operating income rose 34.9% to $599M from $444M, so operating margin reached 29.3%, against 25.2% a year earlier.1

    The gain was broad. Marketing and sales gave up 1.6 points of revenue share, to 30.1%; research and development 0.75 points, to 22.7%; general and administrative 0.78 points, to 8.75%. Gross margin also edged up 0.42 points, to 91.4%. Restructuring was a $1M credit, against a $6M charge a year earlier.1

    Over the eight fiscal years shown, operating income went from a $25M loss in FY2019 to $1.58B in FY2026, 21.9% of that year's revenue of $7.21B. The filing says exchange rates added to reported revenue growth this quarter and worked against costs.1

    The filing expects cost of revenue, marketing and sales, research and development, and amortization of purchased intangibles to rise in the third quarter, partly from the MaintainX acquisition and continued investment in cloud, platform and AI, with general and administrative growing slower than revenue.1

    AnalysisAnalysis: this is one quarter, and part of the gain came from a restructuring credit and lower stock-based pay in selling. The margin carries forward only if revenue keeps outgrowing a cost base the company itself says is about to grow.

  2. 02

    A lower tax rate drove net income's 57.2% jump

    Pre-tax income rose 30.0%, but tax took 17.0% of it against 31.4% a year earlier, so net income rose 57.2% to $492M.

    Why it matters

    Pre-tax income rose 30.0% to $593M from $456M. The tax provision fell to $101M from $143M: 17.0% of pre-tax income, against 31.4% a year earlier. Net income rose 57.2% to $492M from $313M, and net margin reached 24.05%, up 6.29 points.1

    The filing ties the year-ago charge to a U.S. election on the timing of taxation of revenue, which reduced the benefit from the FDDEI regime and raised tax tied to NCTI. The company also anticipates that a pending IRS accounting method change, not yet recognized, will lower its tax provision.1

    Between the two lines, interest and other turned to a $6M expense from $12M of income, which the filing puts mainly down to losses on strategic investments. Diluted earnings per share rose to $2.33 from $1.46, helped slightly by diluted shares falling to 211M from 215M as repurchases continued.1

    AnalysisAnalysis: the operating line, up 34.9%, is the cleaner read of the business. Much of the gap between that and the 57.2% net income growth reflects an unusually heavy tax charge in the comparison quarter, not a change in how the company earns.

  3. 03

    The largest distributor's share halved as Autodesk sells direct

    TD Synnex fell to 8% of revenue from 16%, yet marketing and sales still shrank to 30.1% of revenue despite higher partner commissions.

    Why it matters

    TD Synnex, the largest distributor, accounted for 8% of net revenue in the quarter, against 16% a year earlier. The filing explains: "We are increasingly transacting directly with customers due to the growth of our online store and sales with Solution Providers," and concludes the business is not substantially dependent on TD Synnex.1

    Marketing and sales rose 10.2% to $616M from $559M, primarily on sales commissions to Solution Providers and higher advertising, partly offset by lower employee-related costs and stock-based pay. As a share of revenue it still fell 1.6 points, to 30.1%.1

    AnalysisAnalysis: when Autodesk bills the customer and pays the partner a commission, the partner's cut stops reducing the price Autodesk records and appears as a selling cost instead. That lifts revenue and marketing expense together without any change in demand, and the filing does not size it. Such a gross-up tends to dilute margin, so the margin gain held despite it.

    AnalysisAnalysis: transacting directly gives Autodesk the customer relationship, the pricing and the usage data, which is what its plan to move single-product users into collections and cloud tools depends on. Partners keep local reach and are paid for it.

Sources

  1. 1.Autodesk 10-Q for the period to 2026-07-31 (the filing), Aug 28, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $2.2B in FY2008 to $7.2B in FY2026, the operating margin from 20.5% to 21.9%, over 18 years.

  • Revenue$7.2B
  • Operating income$1.6B
  • Operating margin21.9%
Period
Q2 FY2027
Revenue
$2.0B
Operating income
$599.0M
Operating margin
29.3%
Net income
$492.0M
Free cash flow
$561.0M
Business performance

Does the profit turn into cash?

Q2 FY2027: free cash flow of $561.0M against net income of $492.0M in the quarter.

  • Operating cash flow$2.5B
  • Capital expenditure$43.0M
  • Free cash flow$2.4B
  • Net income$1.1B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenue Recognition - Schedule of Contract Revenue (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
91.4%
Source10-Q, Derived from Gross profit and Total net revenue in the 10-Q filed 2026-08-28
Operating margin
29.3%
Source10-Q, Derived from Income from operations and Total net revenue in the 10-Q filed 2026-08-28
Net margin
24.0%
Source10-Q, Derived from Net income and Total net revenue in the 10-Q filed 2026-08-28
Free cash flow, quarter
$561.0M
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-28
Free cash flow margin, quarter
27.4%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-28
Cash conversion, quarter
1.17x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-28
Capital spending, quarter
0.7%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-28
Revenue growth
+25.3%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Architecture, Engineering, Construction and Operations$1.0B50.3%
AutoCAD and AutoCAD LT$500.0M24.4%
Manufacturing$385.0M18.8%
Media and Entertainment$92.0M4.5%
Other$40.0M2.0%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-28

Geographic markets

Europe, Middle East and Africa$804.0M39.3%
Asia Pacific$344.0M16.8%
Other Americas$171.0M8.4%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-28

ContractWithCustomerResearchDevelopmentChannel

Design$1.7B83.5%
Make$244.0M11.9%
Other$94.0M4.6%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-28

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ2 FY2027Of revenueSource
Total cost of revenue$176.0M8.6%Source10-Q, us-gaap:CostOfRevenue, as reported in the 10-Q filed 2026-08-28
Income from operations$599.0M29.3%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-28

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Recurring revenue as a share of net revenue
97.0%
As of Jul 31, 2026
View source
Recurring revenue as a percentage of net revenue was 97% and 98% for the three months ended July 31, 2026 and 2025, respectively, and 97% for both the six months ended July 31, 2026 and 2025.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Aug 28, 2026
Share of net revenue through the largest distributor (TD Synnex)
8.0%
As of Jul 31, 2026
View source
Total revenue from TD Synnex accounted for 8% of Autodesk's total net revenue during both the three and six months ended July 31, 2026.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 10-Q filed Aug 28, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement23 lines, as presented in the 10-Q
LineQ2 FY2027A year earlierChangeOf revenueSource
Net revenue:
Total net revenue$2.05B$1.76B+16%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-28
Cost of subscription revenue$1.95B$1.67B+17%95.4%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:SubscriptionAndCirculationMember], as reported in the 10-Q filed 2026-08-28
Other$94.0M$96.0M-2.1%4.6%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductAndServiceOtherMember], as reported in the 10-Q filed 2026-08-28
Cost of revenue:
Cost of subscription revenue$130.0M$114.0M+14%6.4%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:SubscriptionAndCirculationMember], as reported in the 10-Q filed 2026-08-28
Other$22.0M$22.0M0.0%1.1%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ProductAndServiceOtherMember], as reported in the 10-Q filed 2026-08-28
Amortization of developed technologies$24.0M$23.0M+4.3%1.2%Source10-Q, us-gaap:CostOfGoodsAndServicesSoldAmortization, as reported in the 10-Q filed 2026-08-28
Total cost of revenue$176.0M$159.0M+11%8.6%Source10-Q, us-gaap:CostOfRevenue, as reported in the 10-Q filed 2026-08-28
Income Statement
Gross profit$1.87B$1.60B+17%91.4%Source10-Q, us-gaap:GrossProfit, as reported in the 10-Q filed 2026-08-28
Operating expenses:
Marketing and sales$616.0M$559.0M+10%30.1%Source10-Q, us-gaap:SellingAndMarketingExpense, as reported in the 10-Q filed 2026-08-28
Research and development$464.0M$413.0M+12%22.7%Source10-Q, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-Q filed 2026-08-28
General and administrative$179.0M$168.0M+6.5%8.7%Source10-Q, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-08-28
Amortization of purchased intangibles$13.0M$14.0M-7.1%0.6%Source10-Q, us-gaap:AmortizationOfIntangibleAssets, as reported in the 10-Q filed 2026-08-28
Restructuring, other exit costs, and facility reductions-$1.0M$6.0M0.0%Source10-Q, us-gaap:RestructuringCosts, as reported in the 10-Q filed 2026-08-28
Total operating expenses$1.27B$1.16B+9.6%62.1%Source10-Q, us-gaap:OperatingExpenses, as reported in the 10-Q filed 2026-08-28
Income Statement
Income from operations$599.0M$444.0M+35%29.3%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-28
Interest and other income (expense), net-$6.0M$12.0M0.3%Source10-Q, us-gaap:InterestIncomeExpenseNonoperatingNet, as reported in the 10-Q filed 2026-08-28
Income before income taxes$593.0M$456.0M+30%29.0%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-08-28
Provision for income taxes (shown as a deduction)($101.0M)$143.0M-29%4.9%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-08-28
Net income$492.0M$313.0M+57%24.0%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-28
Basic net income per share (in usd per share)$2$1+59%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-08-28
Diluted net income per share (in usd per share)$2$1+60%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-08-28
Weighted average shares used in computing basic net income per share (in shares)210,000,000213,000,000-1.4%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-08-28
Weighted average shares used in computing diluted net income per share (in shares)211,000,000215,000,000-1.9%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-08-28
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2027A year earlierChangeSource
Operating activities:
Net income$492.0M$313.0M+57%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-28
Statement of Cash Flows
Cash and cash equivalents at end of period$4.10B$2.00B+105%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-28
Balance sheet33 lines, as presented in the 10-Q
LineQ2 FY2027A year earlierChangeSource
Current assets:
Cash and cash equivalents$4.10BSource10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-28
Marketable securities$57.0MSource10-Q, us-gaap:MarketableSecuritiesCurrent, as reported in the 10-Q filed 2026-08-28
Accounts receivable, net$684.0MSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-08-28
Prepaid expenses and other current assets$831.0MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-08-28
Total current assets$5.67BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-08-28
Assets
Long-term marketable securities$202.0MSource10-Q, us-gaap:MarketableSecuritiesNoncurrent, as reported in the 10-Q filed 2026-08-28
Computer equipment, software, furniture and leasehold improvements, net$124.0MSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-08-28
Operating lease right-of-use assets$145.0MSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-08-28
Intangible assets, net$423.0MSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-08-28
Goodwill$4.33BSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-08-28
Deferred income taxes, net$808.0MSource10-Q, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 10-Q filed 2026-08-28
Long-term other assets$1.28BSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-08-28
Total assets$12.98BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-08-28
Current liabilities:
Accounts payable$457.0MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-08-28
Accrued compensation$354.0MSource10-Q, us-gaap:EmployeeRelatedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-28
Accrued income taxes$63.0MSource10-Q, us-gaap:AccruedIncomeTaxesCurrent, as reported in the 10-Q filed 2026-08-28
Deferred revenue$4.04BSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-08-28
Short-term debt, net$994.0MSource10-Q, us-gaap:ShortTermBorrowings, as reported in the 10-Q filed 2026-08-28
Current portion of long-term notes payable, net$499.0MSource10-Q, us-gaap:NotesPayableCurrent, as reported in the 10-Q filed 2026-08-28
Operating lease liabilities$52.0MSource10-Q, us-gaap:OperatingLeaseLiabilityCurrent, as reported in the 10-Q filed 2026-08-28
Other accrued liabilities$173.0MSource10-Q, us-gaap:OtherAccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-28
Total current liabilities$6.63BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-08-28
Liabilities and stockholders’ equity
Long-term deferred revenue$222.0MSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-28
Long-term operating lease liabilities$175.0MSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-28
Long-term income taxes payable$203.0MSource10-Q, us-gaap:AccruedIncomeTaxesNoncurrent, as reported in the 10-Q filed 2026-08-28
Long-term deferred income taxes$53.0MSource10-Q, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-Q filed 2026-08-28
Long-term notes payable, net$1.99BSource10-Q, us-gaap:LongTermNotesPayable, as reported in the 10-Q filed 2026-08-28
Long-term other liabilities$334.0MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-28
Stockholders’ equity:
Common stock and additional paid-in capital$4.85BSource10-Q, us-gaap:CommonStocksIncludingAdditionalPaidInCapital, as reported in the 10-Q filed 2026-08-28
Accumulated other comprehensive loss-$233.0MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-08-28
Accumulated deficit-$1.23BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-08-28
Total stockholders’ equity$3.38B$2.72B+25%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-08-28
Liabilities and stockholders’ equity
Total liabilities and stockholders’ equity$12.98BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-08-28

About this data

Source
Autodesk 10-Q, accession 0000769397-26-000061, filed Aug 28, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Autodesk's model up, and what could bend it

Competitive edge

  • Recurring revenue of 97% at a 91.4% gross margin

    Nearly all revenue renews and cost of revenue was 8.6% of it, so most of each added subscription dollar reaches gross profit.

    The detail

    Recurring revenue was 97% of net revenue, against 98% a year earlier. Cost of revenue was $176M, 8.6% of revenue of $2.05B. Its largest part, cost of subscription revenue, rose to $130M from $114M, mainly on cloud hosting, per the filing.1

    Subscription revenue is recognized over each contract, so "most of the revenue we report in each quarter is the result of subscriptions entered into during previous quarters." Net revenue retention, on a constant currency basis, was near the top end of the company's stated range.1

    AnalysisAnalysis: the advantage holds because customers' drawings, models and project histories live in Autodesk's formats and tools, so leaving means re-tooling work in progress, not just switching vendors.

  • The buildings business now brings in half of revenue

    AECO grew 17.2% to $1.03B, 50.3% of revenue, which the filing credits to AEC Collections, Forma and Revit, while standalone AutoCAD lost share.

    The detail

    Architecture, Engineering, Construction and Operations grew 17.2% to $1.03B and gained 0.49 points of share, to 50.3%. Manufacturing grew 15.3% to $385M, credited to MFG Collections, Fusion and enterprise agreements. AutoCAD and AutoCAD LT grew 13.6% to $500M and lost 0.52 points, to 24.4%.1

    By product type, Make, the cloud subscriptions such as Autodesk Build, Forma and Fusion, brought in $244M, 11.9% of revenue, against Design at $1.71B, 83.5%.1

    AnalysisAnalysis: collections bundle the tools for a whole workflow, and cloud products carry design data into construction and manufacturing. Each step raises revenue per customer and ties more of the customer's work to Autodesk, which is why share moving toward AECO matters more than the growth rate alone.

  • Customers pay ahead, so cash outruns reported profit

    Free cash flow was $561M, 27.4% of revenue, and operating cash flow was 1.17 times net income, on capital spending of 0.68% of revenue.

    The detail

    Free cash flow was $561M in the quarter, against $451M a year earlier. Capital spending was $14M, 0.68% of revenue. In FY2026, free cash flow was $2.41B, 33.4% of revenue of $7.21B and 214% of net income of $1.12B.1

    The annual history shows the cost of changing billing terms: free cash flow fell to $1.28B in FY2024 from $2.03B even as revenue rose to $5.50B from $5.01B. The filing links the shift to annual billing of multi-year contracts to the timing of billings and collections over several years, an effect it expects to continue this year.1

    AnalysisAnalysis: subscribers pay annually or upfront and revenue follows over the term, so the customer base finances operations. The caveat is that billing changes move cash between years without changing the business, so cash and revenue can part ways for a while.

What to watch

  • A quarter of revenue still rides on AutoCAD

    AutoCAD and AutoCAD LT brought in $500M, 24.4% of revenue, and grew 13.6% against 16.1% for the whole, so the migration plan carries weight.

    The detail

    The filing says a substantial portion of revenue comes from AutoCAD-based products and collections. The growth plan depends on moving those users into collections and cloud products, and the filing concedes that at times flagship sales "have decreased without a corresponding increase in Industry Collections or cloud-based functionality revenue."1

    AnalysisAnalysis: this quarter the shift moved the company's way, with AutoCAD losing 0.52 points of share and AECO gaining 0.49. The risk is a quarter in which AutoCAD seats fall without that offset.

  • Renewal trouble would reach revenue late and profit fast

    Revenue is recognized over each contract, so weak renewals surface quarters later, and with largely fixed operating costs a shortfall reaches profit quickly.

    The detail

    Customers are not obligated to renew, upgrade or expand, and the filing says renewal rates can fall with pricing, competition, satisfaction or weaker spending. A drop in new or renewed subscriptions in one quarter shows up mainly in later quarters. Operating expenses are relatively fixed in the short term, so a revenue shortfall has an immediate effect on profitability.1

    AnalysisAnalysis: with operating expenses at 62.2% of revenue and largely set in advance, the income statement is the slow signal. The quicker reads are remaining performance obligations, deferred revenue and net revenue retention, which the filing reports beside revenue.

  • MaintainX adds costs the 29.3% margin did not carry

    The acquisition closed after the quarter, funded with a term loan, commercial paper and cash, and the filing expects several cost lines to rise with it.

    The detail

    MaintainX, a maintenance and asset operations platform, was acquired after the quarter ended, financed through a new short-term term loan, commercial paper and cash on hand. The filing expects cost of revenue, marketing and sales, and amortization of purchased intangibles, $13M this quarter, to rise largely because of it.1

    The risk factors name integration difficulty, failure to realize expected synergies and higher than anticipated costs, and the strategy section says acquisitions may in certain instances negatively impact operating margins.1

    AnalysisAnalysis: this quarter's margin was earned without the acquired business's costs or the new borrowing's interest. It carries forward only if MaintainX grows into its cost base while the combined company services the debt.

Sources

  1. 1.Autodesk 10-Q for the period to 2026-07-31 (the filing), Aug 28, 2026, read Nov 2, 2026
Go deeper

Autodesk, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Autodesk's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What the 29.3% operating margin depends on after MaintainX

    Which cost lines the acquisition and its financing reach first, and which signals in the filing would show the margin gain holding or fading.

  • Reading a business where revenue trails the deals

    Why the income statement is the slow signal at Autodesk, and which balances and retention measures move first when renewals change.

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Questions to start with
  • How could MaintainX's costs affect the 4.1-point rise in Autodesk's operating margin?
  • Why did Autodesk's tax take fall to 17.0% of pre-tax income from 31.4% a year earlier?
  • What does TD Synnex falling to 8% of Autodesk's revenue from 16% change for its revenue and costs?

Business Lens describes Autodesk from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.