Autodesk delivered positive Q2 results, with the market responding strongly to better-than-expected revenue and non-GAAP earnings. Management pointed to robust demand in its architecture, engineering, construction, and manufacturing segments as key growth drivers. CEO Andrew Anagnost highlighted, “We saw strength in AECO where our customers are benefiting from sustained investment in data centers, infrastructure, and industrial buildings,” while also noting momentum from the Autodesk Store and improved billings linearity. The company credited its cloud platform, new transaction model, and disciplined cost management for margin expansion.
Is now the time to buy ADSK? Find out in our full research report (it’s free).
Autodesk (ADSK) Q2 CY2025 Highlights:
- Revenue: $1.76 billion vs analyst estimates of $1.72 billion (17.1% year-on-year growth, 2.3% beat)
- Adjusted EPS: $2.62 vs analyst estimates of $2.45 (7% beat)
- Adjusted Operating Income: $681 million vs analyst estimates of $649.7 million (38.6% margin, 4.8% beat)
- The company lifted its revenue guidance for the full year to $7.05 billion at the midpoint from $6.96 billion, a 1.3% increase
- Management raised its full-year Adjusted EPS guidance to $9.89 at the midpoint, a 2.9% increase
- Operating Margin: 25.2%, up from 22.8% in the same quarter last year
- Annual Recurring Revenue: $6.67 billion vs analyst estimates of $6.45 billion (17.5% year-on-year growth, 3.4% beat)
- Billings: $1.68 billion at quarter end, up 35.9% year on year
- Market Capitalization: $67.93 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Autodesk’s Q2 Earnings Call
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Saket Kalia (Barclays) asked about Autodesk’s appetite for large-scale M&A. CEO Andrew Anagnost explained that while organic investment is prioritized, acquisitions are mainly targeted, tech-focused, and intended to accelerate the roadmap, not transformative in scale.
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Adam Borg (Stifel) inquired about runway for Autodesk Construction Cloud (ACC) and international traction. Anagnost confirmed that momentum remains unchanged and broad-based, with strong performance across US and international markets.
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Elizabeth Porter (Morgan Stanley) questioned how tariff-related risks were incorporated into guidance. Management reiterated that customer conversations indicate adaptation to cost pressures, and cautious assumptions remain built into the outlook.
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Tyler Radke (Citi) asked about the evolution of the direct business and PLG initiatives. Anagnost described ongoing investment in the Autodesk Store and self-service capabilities, with new business shifting directly to Autodesk as planned.
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Koji Ikeda (Bank of America) probed what could unlock more construction budgets. Anagnost identified regulatory streamlining and industrialized construction techniques as longer-term enablers, while emphasizing current backlogs and productivity needs.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be watching (1) the pace of AI feature integration and customer adoption across Autodesk’s design and construction platforms, (2) continued progress on direct-to-customer sales and partner channel productivity, and (3) renewal rates within enterprise agreements, especially as the company laps tough comparisons from prior transaction model changes. Additional focus will be on updates from Autodesk University and Investor Day regarding long-term AI strategies.
Autodesk currently trades at $317.44, up from $288.77 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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