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Autodesk delivered a standout Q2 FY2026, with revenue surging 18.4% YoY to $1.93B and net income more than tripling to $491M, driven by strong subscription growth and significant operating leverage.
营业收入
$1.93B
同比 ++18.43%
每股收益（基本）
$2.33
同比 ++228.17%
毛利率
91.0%
同比 ++0.75%
营业利润
$541M
同比 ++132.19%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Autodesk (ADSK) Q1 FY2027 营收 $1.93B，同比增长 18.4%。 净利润 $491M，同比增长 223.0%，稀释每股收益 $2.32。 毛利率 91.0%。
Total revenue grew 18.4% YoY to $1.93B in Q2 FY2026, up from $1.63B in the prior-year period. This growth reflects Autodesk's continued transition to a subscription-based model, which provides recurring, predictable revenue streams across its design and construction software portfolio.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income surged 132.2% YoY to $541M, with operating margin expanding approximately 13.7 percentage points to 28.0%. This significant leverage demonstrates that revenue growth is substantially outpacing cost growth, as cost of revenue rose only 9.4% while gross profit grew 19.4%.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Net income jumped 223.0% YoY to $491M, while diluted EPS rose 231.4% to $2.32 from $0.70 in the prior-year quarter. This outsized earnings growth relative to revenue growth reflects both improved operational efficiency and the benefits of operating leverage at scale.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow increased to $893M from $564M in the prior-year period, a 58.3% increase, reflecting strong cash conversion from the growing subscription base. Cash and equivalents rose 47.1% YoY to $2.67B, significantly strengthening the company's liquidity position.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
R&D expense grew a modest 6.9% YoY to $421M, well below the 18.4% revenue growth rate, indicating disciplined cost management while still investing in product innovation. This dynamic is a key contributor to the substantial margin expansion observed in the quarter.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Autodesk's current ratio stands at approximately 0.83, meaning current liabilities of $5.24B exceed current assets of $4.37B. This is partly structural due to deferred revenue from subscriptions being classified as a current liability, but it nonetheless signals that the company relies on ongoing cash generation to meet near-term obligations. Any disruption to cash flows could create liquidity stress.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Long-term debt rose 8.7% YoY to $2.5B, increasing the company's financial leverage. While Autodesk's strong cash generation partially offsets this risk, rising interest rates or a deterioration in operating performance could make debt servicing more burdensome. The debt-to-equity dynamic warrants monitoring given the $3.19B stockholders' equity base.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Autodesk repurchased $448M in shares during the quarter, up 26.6% YoY, while simultaneously carrying current liabilities that exceed current assets. Aggressive capital return programs in the context of a sub-1.0 current ratio could limit financial flexibility if business conditions deteriorate unexpectedly.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Autodesk's business model is heavily dependent on subscription renewals and new subscription additions. Any slowdown in customer retention, pricing pressure, or competitive disruption in the AEC (architecture, engineering, and construction) or manufacturing software markets could disproportionately impact recurring revenue and the high gross margins (approximately 91%) that underpin profitability.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Investing cash flow fell 50.0% YoY to just $29M, suggesting significantly reduced investment in acquisitions or capital expenditures. While this may reflect disciplined capital allocation, it could also indicate fewer growth investment opportunities, potentially limiting long-term expansion if organic growth moderates.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Q1 FY2027 实际 EPS $2.99，分析师一致预期 $2.90，超预期 +3.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.93B | $1.63B | +18.43% |
营业成本 | $175M | $160M | +9.38% |
毛利润 | $1.76B | $1.47B | +19.42% |
营业利润 | $541M | $233M | +132.19% |
净利润 | $491M | $152M | +223.03% |
每股收益（基本） | $2.33 | $0.71 | +228.17% |
每股收益（稀释） | $2.32 | $0.70 | +231.43% |
研发费用 | $421M | $394M | +6.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.93B | $10.59B | +12.73% |
流动资产 | $4.37B | $3.21B | +36.05% |
流动负债 | $5.24B | $4.92B | +6.53% |
股东权益 | $3.19B | $2.62B | +21.86% |
现金及等价物 | $2.67B | $1.82B | +47.08% |
长期债务 | $2.5B | $2.3B | +8.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $893M | $564M | +58.33% |
投资活动现金流 | $29M | $58M | -50.00% |
筹资活动现金流 | $-498M | $-415M | -20.00% |
股票回购 | $448M | $354M | +26.55% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 91.0% | 90.2% | +0.75% |
营业利润率 | 28.0% | 14.3% | +13.70% |
净利率 | 25.4% | — | — |
净资产收益率 | 15.4% | — | — |
总资产收益率 | 4.1% | — | — |
流动比率 | $0.835 | — | — |
Autodesk had an exceptional Q2 FY2026, with revenue of $1.93B (+18.4% YoY) and net income of $491M — more than triple the $152M reported in Q2 FY2025. Diluted EPS came in at $2.32, up 231.4% from $0.70 in the prior-year period.
Autodesk's 18.4% revenue growth to $1.93B was primarily driven by its subscription-based software model, which generates recurring revenue from its design, engineering, and construction software products. The company's cost of revenue grew only 9.4%, well below revenue growth, indicating strong operating leverage and efficient scaling of the subscription business.
Autodesk's financial health appears strong overall, with cash and equivalents of $2.67B (+47.1% YoY) and operating cash flow of $893M. However, the current ratio of 0.83 — where current liabilities of $5.24B exceed current assets of $4.37B — is worth noting, though this is largely structural due to deferred subscription revenue classified as a current liability.
Based on the financial data, key risks include Autodesk's reliance on subscription renewals for its high-margin revenue base, long-term debt of $2.5B, and a current ratio below 1.0 that reflects more current liabilities than current assets. The company also spent $448M on share buybacks while carrying these elevated liabilities, which could limit financial flexibility in a downturn.
Autodesk's operating margin expanded dramatically to approximately 28.0% in Q2 FY2026, up from 14.3% in Q2 FY2025 — a gain of nearly 14 percentage points. Net margin also improved significantly to approximately 25.4%, and gross margin held near 91%, reflecting the highly scalable nature of Autodesk's software subscription business.