Autodesk Outlook Is Conservative But Macro Environment Is Still A Wildcard: Analyst

Core Viewpoint - Autodesk reported strong first-quarter results, exceeding analyst expectations in earnings and revenue, which has led to positive re-ratings from Wall Street analysts [1][8]. Financial Performance - Quarterly earnings were $2.29 per share, surpassing the consensus estimate of $2.15 [1]. - Quarterly revenue reached $1.63 billion, beating the Street estimate of $1.61 billion and showing a year-over-year increase from $1.42 billion [1][4]. - The company raised its fiscal 2026 adjusted EPS guidance to a range of $9.50-$9.73, compared to the previous range of $9.34-$9.67 and the estimate of $9.52 [3]. Future Guidance - For the second quarter, Autodesk expects adjusted EPS of $2.44-$2.48, exceeding the analyst estimate of $2.34, and revenue of $1.72 billion-$1.73 billion, above the $1.7 billion estimate [2]. - The fiscal 2026 revenue guidance was raised to $6.92 billion-$7 billion from $6.89 billion-$6.96 billion, compared to the estimate of $6.93 billion [3]. Operational Metrics - The operating margin for the first quarter was reported at 37%, with an adjusted margin of 39%, both ahead of the Street's expectation of 35.6% [4]. - Full-year normalized constant currency revenue growth guidance remains at 8%-9%, despite a slight reduction in the normalized constant currency billings growth outlook to 16%-18% [5][6]. Analyst Sentiment - Analysts from Keybanc and Stifel have maintained positive ratings on Autodesk, with price targets raised to $350 from $323 and $310, respectively [11]. - Analysts noted that despite macroeconomic uncertainties, Autodesk's fundamentals remain strong, with solid linearity and significant deal closures [9][10].