Autodesk (ADSK) Q2 FY2027: 29.3% Operating Margin, 10% Billings Growth, $3.53B MaintainX Deal
Autodesk's operating margin reached 29.3% in the quarter ended July 31, 2026, up from 25.2% a year earlier and 22.8% two years earlier — two consecutive years of expansion across three comparable quarters. That part is real operating leverage: revenue grew 16.1% to $2,046 million while every operating expense line fell as a share of revenue. But billings, which the company reported rising 10% to $1.85 billion, grew six points slower than revenue, and deferred revenue drained $434 million over the half — the cash the income statement is now recognizing was largely collected earlier. The 57.2% jump in net income is a separate story again, because roughly half of it came from the effective tax rate falling from 31.4% to 17.0%. And the $4,098 million cash balance that closed the quarter was never really there — three days later, on August 3, 2026, Autodesk paid approximately $3.53 billion, net of cash acquired, for MaintainX.
1. Condensed Consolidated Balance Sheet
1-1. Principal asset movements
| Item | Jan 31, 2026 ($M) | Jul 31, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 2,249 | 4,098 | +82.2% |
| Marketable securities (short-term) | 348 | 57 | −83.6% |
| Long-term marketable securities | 376 | 202 | −46.3% |
| Accounts receivable, net | 1,439 | 684 | −52.5% |
| Prepaid expenses and other current assets | 906 | 831 | −8.3% |
| Computer equipment and leasehold improvements, net | 121 | 124 | +2.5% |
| Intangible assets, net | 467 | 423 | −9.4% |
| Goodwill | 4,295 | 4,331 | +0.8% |
| Total assets | 12,467 | 12,983 | +4.1% |
Source: Condensed Consolidated Balance Sheets, Autodesk Form 10-Q for the quarter ended July 31, 2026.
The cash build is the item to read carefully. Cash and equivalents rose $1,849 million, but $1,000 million of that is borrowed money — Autodesk established a commercial paper program in July 2026 (maximum face amount $2 billion) and had $1 billion outstanding at face value at July 31 (carrying value $994 million) at a weighted-average rate of 4.17%. The company also liquidated securities, with short and long-term marketable securities together falling from $724 million to $259 million. Of the $4,357 million total cash and securities on hand, then, the incremental build came about three-quarters from borrowing and portfolio sales rather than from retained trading profits — this was a war chest staged for a specific acquisition, not a cushion accumulated from operations.
