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- **Revenue Growth & Margin Expansion**: Q3 revenue up 18% YoY, non-GAAP operating margin at 38%, with full-year guidance raised to 37.5%. Free cash flow of $430M exceeded expectations.
- **AI-Driven Productivity**: Fusion's AutoConstrain feature achieved 60% acceptance rate, showcasing AI's ability to enhance design workflows. Autodesk Construction Cloud saw 700+ project migrations, driving AECO growth.
- **Direct Sales Surge**: Direct revenue via Autodesk Store grew 85% YoY, reflecting channel shift and emerging market demand.
- **FY27 Outlook**: Elevated macro uncertainty but sustained confidence in AECO and manufacturing growth, with Fusion and AI as key growth engines.

**【CEO Summary Section】**
- Delivered strong Q3 results with revenue and non-GAAP EPS exceeding guidance, driven by sustained execution across AECO (Architecture, Engineering, Construction, Operations) and manufacturing sectors.
- Emphasized strategic focus on AI integration, platform expansion, and convergence of design and make workflows. Highlighted AI-driven productivity gains in Fusion (e.g., AutoConstrain feature with 60% acceptance rate) and Autodesk Construction Cloud adoption (e.g., 700+ project migrations).
- Raised full-year guidance across revenue, billings, margins, and free cash flow, reflecting confidence in long-term growth drivers like infrastructure investment and AI monetization.

**【CFO Financial Commentary】**
- Total revenue grew 18% YoY (12% excluding new transaction model), with billings up 21% YoY (16% excluding new transaction model). GAAP operating margin improved to 25%, while non-GAAP margin reached 38% (vs. 36.8% last quarter).
- Free cash flow of $430M exceeded expectations, driven by billings timing and tax benefits. Raised full-year non-GAAP operating margin guidance to 37.5% (vs. 36.5% prior) and free cash flow to $2.26-2.29B.
- Noted near-term headwinds from new transaction model (e.g., margin drag in FY27) but reaffirmed long-term margin expansion goals.

**【Q&A Key Highlights】**
- **AI & Consumption Models**: CEO highlighted AI's role in task automation (e.g., AutoConstrain) and workflow automation (e.g., design-to-construction data flow). CFO noted potential margin headwinds from cloud/AI workloads but emphasized long-term value capture.
- **Channel Productivity**: CFO reported 85% YoY growth in direct revenue (via Autodesk Store), driven by channel shift and emerging market strength. Noted ongoing optimization of partner incentives to balance renewal and new business focus.
- **FY27 Outlook**: CFO cautioned against elevated macro uncertainty but expressed confidence in underlying momentum. CEO emphasized convergence trends (e.g., AECO customers seeking end-to-end digital solutions) and Fusion's growth as key growth drivers.
- **Margins & Capital Allocation**: CFO reiterated $1.3B buyback target (50% increase vs. FY25) and focus on disciplined capital allocation. CEO highlighted AI-driven gross margin improvements and free cash flow conversion efficiency.


Autodesk, Inc. (ADSK) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ADSK

ADSK fundamentals

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