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Investors hold Workday (WDAY) and Autodesk (ADSK) to capitalize on the same bet: companies already selling software subscriptions to businesses will also be the ones paid for AI. Workday sells that software for HR and finance, and Autodesk for design and construction. Both vendors are moving their AI tools toward usage-based pricing. The two companies reported earnings on August 27, 2026. So what did each company tell investors about that bet?
What Workday And Autodesk Said About AI In August
Workday highlighted fast-growing sales of its AI products. During the fiscal Q2 2027 call, management said the company had nearly $600 million in annual recurring revenue from its AI products, climbing more than 200% from a year earlier. Because many of those products are priced by usage, management said their revenue will not show up for months or a year. Workday only nudged up its fiscal 2027 subscription revenue guide, setting a new range of $9.94 billion to $9.95 billion.
Autodesk said its AI offerings will add gross profit dollars as they grow, though they will put a little compression on gross margin. The company delivered its biggest August news on revenue. Management raised the fiscal 2027 revenue forecast to $8.32 billion at the midpoint, up from a prior forecast of $8.19 billion, and said its usage-based Flex offering has been net accretive to the business. That updated guide now includes MaintainX, a business Autodesk finished buying on August 3. Autodesk also lowered its fiscal 2027 GAAP earnings per share guide to $8.31 at the midpoint, down from $8.35.
Workday’s news is AI revenue still to come, while Autodesk presented a larger revenue guide that incorporates an acquired business.
Autodesk Keeps More Per Sale, Workday Returns More Cash
Autodesk keeps more of each dollar it sells. The company recorded a gross margin of 91.2% over the twelve months to July 31, 2026, compared with 75.8% for Workday. Management expects MaintainX to drag on Autodesk’s operating margin in fiscal 2027.
Workday’s margin is widening, and the company is handing cash back. Its operating margin reached 12.0% over the twelve months to July 31, 2026, up from 8.6% a year earlier. In fiscal Q2 2027 alone, Workday bought back $1.3 billion of its own shares. The company has a buyback yield, buybacks measured against market value, of 10.5%, against the 3.1% yield for Autodesk.
Workday Versus Autodesk On Price, Growth And Margin
