Autodesk reported a strong Q3 FY2026, delivering revenue of $1.853 billion, up 18% year over year (YoY) and 12% in constant currency excluding the revenue impact from the new transaction model. Billings rose 21% YoY (20% in constant currency) with the new transaction model contributing roughly $135 million to billings in the quarter. RPO stood at $7.4 billion, with current RPO at $4.8 billion, both up 20% YoY. Non‑GAAP operating margin expanded to ~38%, while GAAP operating margin rose to ~25%, reflecting operating leverage and disciplined cost control, offset by margin headwinds from the new model. Free cash flow was $430 million for the quarter. Autodesk maintained an optimistic full-year guidance stance, raising billings to $7.465–$7.525 billion, revenue to $7.15–$7.165 billion, and non‑GAAP operating margin to ~40.5% on an underlying basis (≈37.5% including model impact). Free cash flow guidance is $2.26–$2.29 billion, with ~1.3 billion in stock buybacks planned. The company highlighted continued momentum in AECO (data centers, infrastructure, industrial) and accelerating convergence across design–make workflows via cloud, AI, and industry clouds. Management signaled that the tailwinds from the new transaction model and multiyear-to-annual billings are expected to moderate in fiscal 2027, with margins to normalize nonlinearly as those transitions mature. The AI/automation roadmap (Auto Constraint, workflow automations, Fusion-Flex, MCP/APIs) is central to Autodesk’s medium‑ to long‑term growth, profitability, and monetization strategy.