ADSK

Autodesk delivered a strong Q3 FY2026 with revenue of $2.01 billion (18% reported growth, 12% underlying) and non-GAAP EPS of $3.12, beating both consensus expectations and the company's own guidance ranges. The beat was driven by better-than-expected billings linearity, strength in the Autodesk store, and upfront revenue collections, all of which outpaced the conservative macro assumptions baked into guidance. Management raised full-year billings guidance to $7.465, $7.525 billion, revenue to $7.15, $7.165 billion, non-GAAP operating margin to 37.5% (40.5% underlying), and free cash flow to $2.26, $2.29 billion, signaling confidence in sustained execution despite acknowledged macro uncertainty. The company is navigating a critical inflection: the new transaction model, which contributed $124 million to Q3 revenue and $135 million to billings, is now largely operationalized, with channel friction easing and partner engagement normalizing. Underlying growth of 12% in constant currency (excluding the new transaction model) represents a modest acceleration from prior quarters and reflects broad-based momentum across AECO (driven by data center, infrastructure, and industrial building investment), manufacturing (Fusion gaining traction with mid-market customers), and emerging geographies. Non-GAAP operating margin expanded