Autodesk Reports Strong Q2 Results

SAN FRANCISCO – Autodesk Inc. (NASDAQ: ADSK) reported better-than-expected second-quarter results and raised its full-year guidance, with shares rising as much as 5% on Friday.

The design software maker posted adjusted earnings per share of $2.15 for the quarter ended July 31, surpassing analyst estimates of $2.00. Revenue grew 12% YoY to $1.51 billion, exceeding the consensus forecast of $1.48 billion.

Autodesk raised its outlook for fiscal 2025, now projecting full-year adjusted EPS of $8.18 to $8.31, above the previous analyst consensus of $8.12. The company also boosted its revenue guidance to a range of $6.08 billion to $6.13 billion, topping expectations of $6.05 billion.

“Autodesk continues to generate strong and sustained momentum both in absolute terms and relative to peers,” said Andrew Anagnost, Autodesk president and CEO. “Our success is fueled by our ability to capitalize on the attractive long-term growth trends we’re seeing, including increases in global reconstruction and infrastructure.”

For the third quarter, Autodesk forecast adjusted EPS of $2.08 to $2.14 on revenue between $1.555 billion and $1.57 billion, both ahead of analyst projections.

The company reported broad-based growth across products and regions in its architecture, engineering, and construction (AEC) and manufacturing segments. Design revenue, its largest segment, increased 9% to $1.26 billion.

Autodesk’s net revenue retention rate remained within the 100% to 110% range. Free cash flow rose to $203 million from $128 million a year earlier.

Following the earnings release, analysts provided positive comments:

• Wolfe Research: “DSK reported strong F2Q25 results, beating across key metrics and raising FY25 across the board. ADSK is successfully navigating its agency model transition and seeing strong momentum despite macro challenges. We reiterate OP.”
• RBC Capital: “Autodesk reported strong results relative to expectations driven by broad-based geographic and product outperformance in AEC and manufacturing. Encouragingly, the early success of the North America transaction model rollout that began in June led to a pull forward of the Western Europe and Japan rollouts to September and November, respectively. FY/25 guidance was raised across the board with top-line outperformance driven partially by the additional tailwinds from the new transaction mode.”
• Stifel: “Autodesk is executing well despite the mixed macro, with top-line numbers set to mechanically go higher in coming years given the new transactional model, all while FCF mechanically rebuilds. We expect Autodesk to continue delivering organic operating margin expansion in coming years, with Autodesk focused on delivering GAAP margins that are among ‘the best in the industry.'”
• Deutsche Bank: “We view the quarter as more positive given the better F2Q results, execution in a challenging macro, and commentary on margins/shareholder returns.”
• BMO Capital: “Despite multiple factors working to distort Autodesk’s financials, FY2Q25 results were mostly solid amid mixed reporting recently from some peers. Confirmation that underlying margins excluding the business model transition will increase over the coming fiscal year, and a re-commitment to the FY26 FCF target of $2.05B, are supportive.”
• Morgan Stanley: “Q2 results reflected durability in demand & the 2H outlook while mgmt expressed confidence in organic margin expansion. Patience is required through model transition noise but upcoming catalyst path & discounted multiple frame an attractive risk/reward. Remain OW supported by a 3:1 bull/bear skew.”

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