Adobe Stock ADBE

Adobe Inc. · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q3 FY2026 (Jun to Aug 2026) · updated 2026-10-13 · checked 2026-10-14 · ISIN US00724F1012 · WKN 871981

Adobe stock (ADBE): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. Adobe stock (ADBE): listed on Nasdaq, index S&P 500, Nasdaq 100, WKN 871981. NadirAlpha has evaluated 46 original documents, cross-checked every figure automatically and linked each to its source; sources as of 09/2026. Revenue Q3 FY2026 (Jun to Aug 2026): USD 6.8 billion (+13% year on year). Latest reported (Q3 FY2026 (Jun to Aug 2026)): Remaining performance obligations, Remaining Performance Obligations, Total Adobe Annualized Recurring Revenue. Latest reading: Acquisition, Net cash to net debt, Guidance raised.

strategy: Acquisition Net cash to net debt Guidance raised

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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.

Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.

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Adobe Current Status

Where Adobe stands after the report for Q3 FY2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology

Assessment by NadirAlpha, as of Q3 FY2026 (Jun to Aug 2026).

Adobe reported record Q3 FY2026 revenue of 6,760 million, representing 13% year-over-year growth and 12% in constant currency ³⁰. GAAP diluted EPS was 4.62 and non-GAAP diluted EPS was 6.13 ³⁰. Total ARR exiting the quarter reached 27.50 billion, representing 11.2% year-over-year growth ³¹. Adobe raised its full-year FY2026 revenue and EPS targets and announced a definitive agreement to acquire Topaz Labs Inc. for approximately 340 million in cash ³⁰ ³¹.

Management commentary on the 2026-Q3 results (8-K-EX99.1, 2026-09-10):

“Adobe delivered record Q3 results, reflecting the strength of our AI innovation, expanding customer reach and leadership across creativity, productivity and customer experience. Reaching a landmark of more than one billion monthly active users is a defining moment for Adobe, and I have confidence that Anil will build on this momentum to drive Adobe's next chapter of growth and innovation in the AI era.” Shantanu Narayen, chair and CEO ³⁰

“Adobe delivered double-digit revenue and EPS growth in Q3 and we're raising full year revenue and EPS targets. We are expanding our user base through a freemium strategy and deepening engagement with agentic experiences to deliver long-term durable growth.” Steve Day, senior vice president and interim CFO ³⁰

Revenue · 2026-Q36,760$m+12.9 % vs. 2025-Q3

Net profit · 2026-Q31,827$m+3.1 % vs. 2025-Q3

EPS · 2026-Q34.62$+10.5 % vs. 2025-Q3

Revenue trend

Guidance

For FY2026, Adobe guides Revenue 26,576 to 26,626 $m (confirmed); EPS (GAAP) 18.12 to 24.5 $ (cut); EPS (non-GAAP) 24.35 to 24.45 $ (raised). ³⁰ For 2026-Q4, Adobe guides Revenue 6,800 to 6,850 $m (raised); EPS (GAAP) 4.65 to 6.35 $ (raised). ³⁰

Profitability

GAAP operating income for Q3 FY2026 was 2,354 million, while non-GAAP operating income was 2,974 million. Net income was 1,827 million, up 3% year over year ³¹. Record Q3 operating cash flows of 2,523 million generated free cash flow of 2,438 million after capital expenditures of 85 million ³⁰.

Leverage

Adobe ended Q3 FY2026 with 4,359 million in cash and cash equivalents and net debt of 407 million. The company held a net cash position of 953 million at the end of Q1 FY2026, before shifting to a net debt position following the Semrush acquisition in Q2, which was described as the primary driver of investing cash outflows for the nine-month period ³¹. Net debt was -117 million at the end of Q2 and increased to 407 million by the end of Q3.

Recurring

Total subscription revenue for Q3 FY2026 reached 6.58 billion, up 14% year over year ³¹. Total Adobe ARR grew to 27.50 billion at the end of Q3 FY2026, representing 11.2% year-over-year growth ³¹. For the nine months ended August 28, 2026, subscription revenue grew to 19.196 billion from 16.915 billion in the same prior-year period ³¹.

Management view

Adobe raised its full-year FY2026 revenue and EPS targets following Q3 results ³⁰. AI-first ARR grew more than 150% year over year, and the company reached a milestone of 1 billion monthly active users across its creativity and productivity solutions ³⁰. Adobe entered a definitive agreement to acquire Topaz Labs Inc., a privately-held AI company, for approximately 340 million in cash, with the transaction expected to close in Q4 FY2026 ³¹.

Change

Adobe repurchased approximately 9.5 million shares during Q3 FY2026 ³⁰, with cumulative stock repurchases for the nine months ended August 28, 2026 totaling 6.82 billion ³¹. GAAP operating income of 2,354 million was below non-GAAP operating income of 2,974 million, with the difference reflecting items excluded from the non-GAAP presentation.

Risks (current)

Company-specific risks include potential reputational harm and legal liability if Adobe's AI solutions are used to create misleading or illegal content ³¹, and uncertainty around realizing anticipated benefits from acquisitions or completing the announced Topaz Labs transaction ³¹. An FTC civil complaint regarding subscription cancellation practices was settled in March 2026 ³¹, and loss of key distribution partners could adversely affect revenue ³¹. Macro-level risks include adverse global economic conditions, trade disputes, foreign currency fluctuations, and evolving international regulations including the OECD global minimum tax framework and complex global data protection and AI laws ³¹.

New this reporting period

Adobe entered into a definitive agreement to acquire Topaz Labs Inc., a privately-held AI company, for approximately 340 million in cash, with the transaction expected to close in Q4 FY2026 ³¹.

Revenue mix: 97% recurring

Adobe Stock: Key Figures ($m)

Revenue, margin, earnings and EPS of Adobe per fiscal year, half-year and quarter in $m, as of Q3 FY2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($m) · annual basis, as reported

Net income ($m) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($m) · annual basis, as reported

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · annual basis, as reported

Debt ($m) · annual basis, as reported

Net Debt ($m) · annual basis, as reported

Capex ($m) · annual basis, as reported

FCF ($m) · annual basis, as reported

D&A ($m) · annual basis, as reported

Cash ($m) · quarterly basis, as reported

Debt ($m) · quarterly basis, as reported

Net Debt ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported

Adobe stock: key figures on annual basis, FY2023 to FY2025, in $m. Compiled by NadirAlpha from SEC filings.
Period	Calendar quarter	Revenue	Op. income	Op. income (adj.)	Net income	EPS ($)	EPS adj. ($)	OCF	Source
FY2025	Q4/2024–Q4/2025	23,769	8,706	10,986	7,130	16.70	20.94	10,031	²⁴
FY2024	Q4/2023–Q4/2024	21,505	6,741	8,918	5,560	12.36	18.42	8,056	¹⁶
FY2023	Q4/2022–Q4/2023	19,409	6,650	8,918	5,428	11.82	16.07	7,302	⁹

Quarters

Amounts in $m · EPS in $ per share · as reported

Adobe stock: key figures on quarterly basis, 2023-Q1 to 2026-Q3, in $m. Compiled by NadirAlpha from SEC filings.
Period	Calendar quarter	Published	Revenue	Op. income	Op. income (adj.)	Net income	EPS ($)	EPS adj. ($)	FCF	Cash	Net Debt	Source
2026-Q3*	Q2–Q3/2026	2026-09-10	6,760	2,354	2,974	1,827	4.62	6.13	2,438	4,359	407	¹³⁰
2026-Q2*	Q1–Q2/2026	2026-06-11	6,618	2,238	2,945	1,712	4.25	5.96	2,107	4,919	-117	¹²⁸
2026-Q1*	Q4/2025–Q1/2026	2026-03-12	6,398	2,418	3,035	1,889	4.60	6.06	2,921	6,332	-953	²⁶
2025-Q4*	Q3–Q4/2025	2025-12-10	6,194	2,261	2,824	1,856	4.45^~	5.50	3,126	5,431	779	¹²⁴
2025-Q3*	Q2–Q3/2025	2025-09-11	5,988	2,173	2,773	1,772	4.18	5.31	2,126	4,982	1,218	²²
2025-Q2*	Q1–Q2/2025	2025-06-12	5,873	2,109	2,674	1,691	3.94	5.06	2,144	4,931	1,235	²⁰
2025-Q1*	Q4/2024–Q1/2025	2025-03-12	5,714	2,163	2,715	1,811	4.14	5.08	2,456	6,758	-603	¹⁸
2024-Q4*	Q3–Q4/2024	2024-12-11	5,606	1,957	2,596	1,683	3.79^~	4.81	2,873	7,613	-3,484	¹⁶
2024-Q3*	Q2–Q3/2024	2024-09-12	5,408	1,992	2,515	1,684	3.76	4.65	1,964	7,193	-3,065	¹⁴
2024-Q2*	Q1–Q2/2024	2024-06-13	5,309	1,885	2,441	1,573	3.49	4.48	1,899	7,660	-3,533	¹²
2024-Q1*	Q4/2023–Q1/2024	2024-03-14	5,182	907	2,467	620	1.36	4.48	1,137	6,254	-4,116	¹⁰
2023-Q4*	Q3–Q4/2023	2023-12-13	5,048	1,743	2,343	1,483	3.23	4.27	1,550	7,141	-3,507	⁸
2023-Q3*	Q2–Q3/2023	2023-09-14	4,890	1,697	2,264	1,403	3.05	4.09	1,782	6,601	-2,968	⁶
2023-Q2*	Q1–Q2/2023	2023-06-15	4,816	1,624	2,180	1,295	2.82	3.91	2,018	5,456	-1,825	⁴
2023-Q1*	Q4/2022–Q1/2023	2023-03-15	4,655	1,586	2,131	1,247	2.71	3.80	1,592	4,072	-442	²

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

Columns not reported in this reporting cadence are hidden: EBITDA (adj.) (not reported in any source for these periods).

Adobe Balance Sheet & Cash Flow ($m)

NadirAlpha places cash, debt, operating cash flow and investments of Adobe side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $m · as reported

Adobe stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in $m. Compiled by NadirAlpha from SEC filings.
Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
FY2025	Q4/2024–Q4/2025	2025-12-10	5,431	6,210	779	818	10,031	179	9,852	²⁴
FY2024	Q4/2023–Q4/2024	2024-12-11	7,613	4,129	-3,484	857	8,056	183	7,873	¹⁶
FY2023	Q4/2022–Q4/2023	2023-09-27	7,141	3,634	-3,507	872	7,302	360	6,942	⁷

Quarters

Amounts in $m · as reported

Adobe stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q3, in $m. Compiled by NadirAlpha from SEC filings.
Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
2026-Q3	Q2–Q3/2026	2026-09-10	4,359	4,766	407	215	2,523	85	2,438	¹³⁰
2026-Q2	Q1–Q2/2026	2026-06-11	4,919	4,802	-117	193	2,165	58	2,107	¹²⁸
2026-Q1	Q4/2025–Q1/2026	2026-03-12	6,332	5,379	-953	174	2,958	37	2,921	²⁶
2025-Q4	Q3–Q4/2025	2025-12-10	5,431	6,210	779	184	3,160	34	3,126	¹²⁴
2025-Q3	Q2–Q3/2025	2025-09-11	4,982	6,200	1,218	208	2,198	72	2,126	²²
2025-Q2	Q1–Q2/2025	2025-06-12	4,931	6,166	1,235	209	2,191	47	2,144	²⁰
2025-Q1	Q4/2024–Q1/2025	2025-03-12	6,758	6,155	-603	217	2,482	26	2,456	¹⁸
2024-Q4	Q3–Q4/2024	2024-12-11	7,613	4,129	-3,484	218	2,921	48	2,873	¹⁶
2024-Q3	Q2–Q3/2024	2024-09-12	7,193	4,128	-3,065	213	2,021	57	1,964	¹⁴
2024-Q2	Q1–Q2/2024	2024-06-13	7,660	4,127	-3,533	214	1,940	41	1,899	¹²
2024-Q1	Q4/2023–Q1/2024	2024-03-14	6,254	2,138	-4,116	212	1,174	37	1,137	¹⁰
2023-Q4	Q3–Q4/2023	2023-12-13	7,141	3,634	-3,507	222	1,597	47	1,550	⁸
2023-Q3	Q2–Q3/2023	2023-09-14	6,601	3,633	-2,968	218	1,873	91	1,782	⁶
2023-Q2	Q1–Q2/2023	2023-06-15	5,456	3,631	-1,825	220	2,139	121	2,018	⁴
2023-Q1	Q4/2022–Q1/2023	2023-03-15	4,072	3,630	-442	212	1,693	101	1,592	²

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Adobe Guidance Tracking (latest per metric/period · 43/97)

All forecasts (guidance) of the Adobe management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology

Actuals: revenue in $m · EPS in $ per share

Direction: confirmedcutinitiatedraised Verdict: beatin linemisspending

Adobe: guidance and actuals per metric and period, 97 entries. Compiled by NadirAlpha from SEC filings.
For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2026	2026-09-10	Revenue	26,576–26,626	–			³⁰
FY2026	2026-09-10	EPS (GAAP)	18.12–24.5	–			³⁰
FY2026	2026-06-11	EPS (non-GAAP)	24.35–24.45	–			²⁸
FY2026	2025-12-10	Total Adobe ending ARR growth	10.2%	–			²⁴
FY2026	2025-12-10	Business Professionals & Consumers subscription revenue	7,350–7,400	–			²⁴
FY2026	2025-12-10	Creative & Marketing Professionals subscription revenue	17,750–17,900	–			²⁴
2026-Q4	2026-09-10	Revenue	6,800–6,850	–			³⁰
2026-Q4	2026-09-10	EPS (GAAP)	4.65–6.35	–			³⁰
2026-Q3	2026-06-11	Revenue	6,670–6,720	6,760			²⁸
2026-Q3	2026-06-11	EPS (non-GAAP)	6.05–6.1	6.13			²⁸
2026-Q2	2026-03-12	Revenue	6,430–6,480	6,618			²⁶
2026-Q2	2026-03-12	EPS (GAAP)	4.35–5.85	4.25			²⁶
2026-Q2	2026-03-12	Business Professionals & Consumers subscription revenue	1,800–1,820	–	–		²⁶
2026-Q2	2026-03-12	Creative & Marketing Professionals subscription revenue	4,410–4,440	–	–		²⁶
2026-Q1	2025-12-10	Revenue	6,250–6,300	6,398			²⁴
2026-Q1	2025-12-10	EPS (GAAP)	4.55–4.6	4.6			²⁴
2026-Q1	2025-12-10	Business Professionals & Consumers subscription revenue	1,740–1,760	–	–		²⁴
2026-Q1	2025-12-10	Creative & Marketing Professionals subscription revenue	4,300–4,330	–	–		²⁴
FY2025	2025-09-11	Revenue	23,650–23,700	23,769			²²
FY2025	2025-09-11	EPS (GAAP)	16.53–16.58	16.7			²²
FY2025	2025-09-11	EPS (non-GAAP)	20.8–20.85	20.94			²²
FY2025	2025-09-11	Digital Media segment revenue	17,560–17,590	–	–		²²
FY2025	2025-09-11	Digital Media ending ARR growth	11.3%	–	–		²²
FY2025	2025-09-11	Digital Experience segment revenue	5,840–5,860	–	–		²²
FY2025	2025-09-11	Digital Experience subscription revenue	5,390–5,410	–	–		²²
2025-Q4	2025-09-11	Revenue	6,075–6,125	6,194			²²
2025-Q4	2025-09-11	EPS (GAAP)	4.27–4.32	–	–		²²
2025-Q4	2025-09-11	EPS (non-GAAP)	5.35–5.4	5.5			²²
2025-Q4	2025-09-11	Digital Media segment revenue	4,530–4,560	–	–		²²
2025-Q4	2025-09-11	Digital Experience segment revenue	1,495–1,515	–	–		²²
2025-Q4	2025-09-11	Digital Experience subscription revenue	1,395–1,410	–	–		²²
2025-Q3	2025-06-12	Revenue	5,875–5,925	5,988			²⁰
2025-Q3	2025-06-12	EPS (GAAP)	4–5.2	4.18			²⁰
2025-Q2	2025-03-12	Revenue	5,770–5,820	5,873			¹⁸
2025-Q2	2025-03-12	EPS (GAAP)	3.8–5	3.94			¹⁸
2025-Q2	2025-03-12	Digital Media segment revenue	4,270–4,300	–	–		¹⁸
2025-Q2	2025-03-12	Digital Experience segment revenue	1,430–1,450	–	–		¹⁸
2025-Q2	2025-03-12	Digital Experience subscription revenue	1,315–1,325	–	–		¹⁸
2025-Q1	2024-12-11	Revenue	5,630–5,680	5,714			¹⁶
2025-Q1	2024-12-11	EPS (GAAP)	3.85–5	4.14			¹⁶
2025-Q1	2024-12-11	Digital Media segment revenue	4,170–4,200	–	–		¹⁶
2025-Q1	2024-12-11	Digital Experience segment revenue	1,380–1,400	–	–		¹⁶
2025-Q1	2024-12-11	Digital Experience subscription revenue	1,270–1,290	–	–		¹⁶
FY2024	2024-06-13	Revenue	21,400–21,500	21,505			¹²
FY2024	2024-06-13	EPS (GAAP)	11.8–12	12.36			¹²
FY2024	2024-06-13	EPS (non-GAAP)	18–18.2	18.42			¹²
FY2024	2024-06-13	Digital Media net new ARR	~1,950	–	–		¹²
FY2024	2024-06-13	Digital Media segment revenue	15,800–15,850	–	–		¹²
FY2024	2024-06-13	Digital Experience segment revenue	5,325–5,375	–	–		¹²
FY2024	2024-06-13	Digital Experience subscription revenue	4,775–4,825	–	–		¹²
2024-Q4	2024-09-12	Revenue	5,500–5,550	5,606			¹⁴
2024-Q4	2024-09-12	EPS (GAAP)	3.58–3.63	–	–		¹⁴
2024-Q4	2024-09-12	EPS (non-GAAP)	4.63–4.68	4.81			¹⁴
2024-Q4	2024-09-12	Digital Media net new ARR	~550	–	–		¹⁴
2024-Q4	2024-09-12	Digital Media segment revenue	4,090–4,120	–	–		¹⁴
2024-Q4	2024-09-12	Digital Experience segment revenue	1,360–1,380	–	–		¹⁴
2024-Q4	2024-09-12	Digital Experience subscription revenue	1,230–1,250	–	–		¹⁴
2024-Q3	2024-06-13	Revenue	5,330–5,380	5,408			¹²
2024-Q3	2024-06-13	EPS (GAAP)	3.45–3.5	3.76			¹²
2024-Q3	2024-06-13	EPS (non-GAAP)	4.5–4.55	4.65			¹²
2024-Q3	2024-06-13	Digital Media net new ARR	~460	–	–		¹²
2024-Q3	2024-06-13	Digital Media segment revenue	3,950–3,980	–	–		¹²
2024-Q3	2024-06-13	Digital Experience segment revenue	1,325–1,345	–	–		¹²
2024-Q3	2024-06-13	Digital Experience subscription revenue	1,200–1,220	–	–		¹²
2024-Q2	2024-03-14	Revenue	5,250–5,300	5,309			¹⁰
2024-Q2	2024-03-14	EPS (GAAP)	3.35–3.4	3.49			¹⁰
2024-Q2	2024-03-14	EPS (non-GAAP)	4.35–4.4	4.48			¹⁰
2024-Q2	2024-03-14	Digital Media segment revenue	3,870–3,900	–	–		¹⁰
2024-Q2	2024-03-14	Digital Experience segment revenue	1,310–1,330	–	–		¹⁰
2024-Q2	2024-03-14	Digital Experience subscription revenue	1,165–1,185	–	–		¹⁰
2024-Q2	2024-03-14	Digital Media net new ARR	~440	–	–		¹⁰
2024-Q1	2023-12-13	Revenue	5,100–5,150	5,182			⁸
2024-Q1	2023-12-13	EPS (non-GAAP)	4.35–4.4	4.48			⁸
2024-Q1	2023-12-13	Digital Media net new ARR	~410	–	–		⁸
2024-Q1	2023-12-13	Digital Media segment revenue	3,770–3,800	–	–		⁸
2024-Q1	2023-12-13	Digital Experience segment revenue	1,270–1,290	–	–		⁸
2024-Q1	2023-12-13	Digital Experience subscription revenue	1,140–1,160	–	–		⁸
FY2023	2023-06-15	Revenue	19,250–19,350	19,409			⁴
FY2023	2023-06-15	EPS (GAAP)	11.15–15.75	11.82			⁴
FY2023	2023-06-15	Digital Media net new ARR	~1,750	–	–		⁴
FY2023	2023-03-15	EPS (non-GAAP)	15.3–15.6	16.07			²
2023-Q4	2023-09-14	Revenue	4,975–5,025	5,048			⁶
2023-Q4	2023-09-14	EPS (GAAP)	3.1–3.15	3.23		–	⁶
2023-Q4	2023-09-14	Digital Media net new ARR	~520	–	–		⁶
2023-Q4	2023-09-14	Digital Media segment revenue	3,670–3,700	–	–		⁶
2023-Q4	2023-09-14	Digital Experience segment revenue	1,250–1,270	–	–		⁶
2023-Q4	2023-09-14	Digital Experience subscription revenue	1,110–1,130	–	–		⁶
2023-Q3	2023-06-15	Revenue	4,830–4,870	4,890			⁴
2023-Q3	2023-06-15	EPS (GAAP)	2.82–4	3.05			⁴
2023-Q3	2023-06-15	Digital Media net new ARR	~410	–	–		⁴
2023-Q2	2023-03-15	Revenue	4,750–4,780	4,816			²
2023-Q2	2023-03-15	EPS (GAAP)	2.65–2.7	2.82			²
2023-Q2	2023-03-15	EPS (non-GAAP)	3.75–3.8	3.91			²
2023-Q2	2023-03-15	Digital Media net new ARR	~420	–	–		²
2023-Q2	2023-03-15	Digital Media segment revenue	3,450–3,470	–	–		²
2023-Q2	2023-03-15	Digital Experience segment revenue	1,210–1,230	–	–		²
2023-Q2	2023-03-15	Digital Experience subscription revenue	1,060–1,080	–	–		²

▸ show older periods (+82)

Adobe Stock: Price & Chart

Price history of Adobe stock (ADBE) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Adobe Event Timeline

What happened at Adobe since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology

Overview: one dot per event · click jumps to the period

2026 · 12 events

Acquisition 2026-09-22
Definitive agreement to acquire Topaz Labs Inc., a privately-held AI company, for approximately $340 million, expected to close in Q4 FY2026 ³¹

revenue 2026-09-10
Record Q3 revenue of USD 6,760 million, representing 13% year-over-year growth (12% in constant currency) ³⁰

Guidance raised 2026-09-10
Full year FY2026 revenue and EPS targets raised ³⁰

Net cash to net debt 2026-09-10
Net debt position flipped (-117.0 to +USD 407.0 million vs 2026-Q2). ¹³⁰

“Adobe delivered record revenue of $6.62 billion in Q2 reflecting strong AI-driven demand across our customer groups and we are raising our full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of that performance. We are inspired to bring the magic of our new AI products to consumers, business professionals, creators, and marketers to deliver on our mission to Empower Everyone to Create.” Shantanu Narayen, Chair and CEO ²⁸

Acquisition 2026-06-15
Completed acquisition of Semrush Holdings for $1.87 billion on April 28, 2026, adding search engine optimization and generative engine optimization solutions to Adobe Experience Manager ²⁹

Guidance raised 2026-06-11
FY2026 total revenue targets raised to $26.50 to $26.60 billion and non-GAAP EPS targets raised to $24.35 to $24.45 ²⁸

Strategic pivot 2026-06-11
CFO Dan Durn departing June 15, 2026; Steve Day, SVP of Corporate Finance, to serve as interim CFO ²⁸

“Adobe delivered record Q1 results with AI-first ARR more than tripling year over year and subscription revenue growing 13 percent. Our mission to empower everyone to create represents an even larger opportunity as content powers all experiences in the AI era.” Shantanu Narayen, Chair and CEO ²⁶

“Adobe's record FY2025 results reflect our growing importance in the global AI ecosystem and the rapid adoption of our AI-driven tools. By advancing our innovative generative and agentic platforms and expanding our customer base, we are excited to target double-digit ARR growth in FY2026.” Shantanu Narayen, chair and CEO ²⁴

Revenue accelerating 2026-03-25
Revenue increased 12% year-over-year to USD 6,398 million ²⁷

Strategic pivot 2026-03-12
CEO Shantanu Narayen announced leadership transition after 18 years, remaining as Chair ²⁶

Net debt to net cash 2026-03-12
Net debt position flipped (+779.0 to -USD 953.0 million vs 2025-Q4). ²⁶

Acquisition 2026-03-12
Definitive agreement to acquire Semrush Holdings for approximately $1.9 billion in cash, expected to close in Q2 FY2026 ²⁶

Guidance initiated 2025-12-10
FY2026 total Adobe ending ARR growth targeted at 10.2% year-over-year ²⁴

2025 · 16 events

Acquisition 2026-01-15
Definitive agreement to acquire Semrush Holdings, Inc. for approximately $1.9 billion in cash, expected to close in the first half of fiscal 2026 ²⁵

“Adobe is the leader in the AI creative applications category with AI-influenced ARR surpassing $5 billion and AI-first ARR already exceeding our $250 million year-end target. Given our customer strategy, AI product innovation and strong go-to-market execution, we're pleased to once again raise our FY25 total revenue and EPS targets.” Shantanu Narayen, Chair and CEO ²²

revenue 2025-09-11
Record Q3 revenue of USD 5,988 million, 11% year-over-year growth; RPO surpassed $20 billion, accelerating to 13% year-over-year growth ²²

Guidance raised 2025-09-11
FY2025 total revenue and EPS targets raised for the second time in fiscal 2025 ²²

New market 2025-09-11
AI-influenced ARR surpassed $5 billion; AI-first ARR exceeded the $250 million fiscal-year-end target ahead of schedule ²²

“Our strategy to deliver ground-breaking innovation for Business Professionals and Consumers, and Creative and Marketing Professionals is delighting customers and we are pleased to raise Adobe's FY25 revenue target. Adobe's AI innovation is transforming industries enabling individuals and enterprises to achieve unprecedented levels of creativity.” Shantanu Narayen, chair and CEO ²⁰

Net cash to net debt 2025-06-25
Net position moved from net cash to net debt as stock repurchase arrangements totaling $6.75 billion in H1 FY2025 exceeded operating and financing inflows ²¹

revenue 2025-06-12
Record Q2 revenue of USD 5,873 million, 11% year-over-year growth; Digital Media ARR reached $18.09 billion, 12.1% year-over-year growth ²⁰

Guidance raised 2025-06-12
FY2025 revenue and EPS targets raised based on strong first-half performance ²⁰

“Adobe's success over the next decade will be driven by customer-focused innovation and new offerings for creators, marketing professionals, business professionals and consumers. Adobe is well-positioned to capitalize on the acceleration of the creative economy driven by AI and we are reaffirming our FY2025 financial targets.” Shantanu Narayen, Chair and CEO ¹⁸

“Adobe delivered record FY24 revenue, demonstrating strong demand and the mission-critical role Creative Cloud, Document Cloud and Experience Cloud play in fueling the AI economy. Our highly differentiated technology platforms, rapid pace of innovation, diversified go-to-market and the integration of our clouds position us for a great year ahead.” Shantanu Narayen, Chair and CEO ¹⁶

revenue 2025-03-12
Record Q1 revenue of USD 5,714 million, 10% year-over-year growth (11% in constant currency); Digital Media ARR reached $17.63 billion ¹⁸

Operating income doubled 2025-03-12
Operating income more than doubled YoY (907.0 to USD 2,163.0 million, +138%). ¹⁸

Net income doubled 2025-03-12
Net income more than doubled YoY (620.0 to USD 1,811.0 million, +192%). ¹⁸

Cash flow inflection 2025-03-12
Operating cash flow reached USD 2,482.0 million vs USD 1,174.0 million in 2024-Q1 (×2.1). ¹⁸

Guidance confirmed 2025-03-12
FY2025 financial targets reaffirmed, guiding total revenue of $23.30 billion to $23.55 billion ¹⁸

New market 2025-03-12
AI-first standalone and add-on innovations exited Q1 with over $125 million ending ARR ¹⁸

Margin expanding 2025-01-13
Digital Media gross margin improved to 96% in fiscal 2024 from 95% in fiscal 2023 ¹⁷

earnings 2024-12-11
Non-GAAP operating income of USD 8,918 million increased from $8.92 billion in fiscal 2023; non-GAAP diluted EPS of 18.42 ¹⁶

revenue 2024-12-11
Full-year revenue record USD 21,505 million, 11% year-over-year growth; Digital Media net new ARR exceeded $2.0 billion; Digital Experience revenue exceeded $5.3 billion ¹⁶

2024 · 13 events

earnings 2024-12-11
Record Q4 operating cash flows of USD 2,921 million ¹⁶

revenue 2024-12-11
Record Remaining Performance Obligations of $19.96 billion, 16% year-over-year growth ¹⁶

Guidance initiated 2024-12-11
FY2025 guidance initiated: revenue $23.30 billion to $23.55 billion; non-GAAP diluted EPS $20.20 to $20.50 ¹⁶

“Adobe's record Q3 performance is a testament to our relentless innovation and commitment to delivering value to our customers. With groundbreaking advancements in AI across Creative Cloud, Document Cloud and Experience Cloud, we are empowering millions of users worldwide.” Shantanu Narayen, Chair and CEO ¹⁴

Operational disruption 2025-01-13
DOJ filed civil complaint on June 17, 2024 alleging violations of ROSCA and FTC Act regarding subscription disclosure and cancellation practices; motion to dismiss filed October 7, 2024 ¹⁷

revenue 2024-09-12
Record Digital Media net new ARR of $504 million; Digital Media ARR reached $16.76 billion; Document Cloud revenue grew 18% year-over-year to $807 million ¹⁴

Guidance initiated 2024-09-12
Q4 fiscal 2024 guidance initiated: revenue expected between $5.50 billion and $5.55 billion ¹⁴

“Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud. Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users.” Shantanu Narayen, Chair and CEO ¹²

New market 2024-06-26
Acrobat AI Assistant launched in April 2024 as generative AI-powered add-on subscription to Adobe Acrobat and Adobe Acrobat Reader ¹³

revenue 2024-06-13
Record Q2 revenue of USD 5,309 million, 10% year-over-year growth (11% in constant currency); Document Cloud revenue grew 19% year-over-year to $782 million ¹² ¹³

Guidance raised 2024-06-13
Annual targets raised for Digital Media net new ARR, Digital Experience subscription revenue, and EPS ¹²

“Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud and Experience Cloud. We've done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio.” Shantanu Narayen, Chair and CEO ¹⁰

earnings 2024-03-27
Net income decreased 50.3% to USD 620 million, primarily due to $1 billion Figma acquisition termination fee paid in Q1 fiscal 2024; excluding this one-time charge, the underlying business remained profitable ¹¹

Strategic pivot 2024-03-27
Figma merger agreement terminated in December 2023; $1 billion termination fee paid in Q1; $3.5 billion term loan credit agreement subsequently terminated ¹¹

revenue 2024-03-14
Record Q1 revenue of USD 5,182 million, representing 11% year-over-year growth (12% in constant currency) ¹⁰

Net income halved 2024-03-14
Net income more than halved YoY (1,247.0 to USD 620.0 million, -50%). ¹⁰

2023 · 11 events

“Adobe drove record revenue of $19.41 billion in FY23 and 17 percent year-over-year EPS growth, with strong momentum across Creative Cloud, Document Cloud and Experience Cloud. Adobe's strategy, category leadership, ground-breaking innovation, exceptional talent and global customer base position us well for 2024 and beyond.” Shantanu Narayen, Chair and CEO ⁸

Strategic pivot 2024-01-17
Mutual termination of $20 billion Figma acquisition agreement; $1 billion termination fee paid; associated $3.5 billion term loan terminated ⁹

Revenue accelerating 2023-12-13
First $5 billion revenue quarter at USD 5,048 million, 12% year-over-year growth; record full-year revenue USD 19,409 million at 10% growth ⁸

Guidance initiated 2023-12-13
FY2024 total revenue guidance of $21.30 billion to $21.50 billion initiated ⁸

“We are unleashing a new era of AI-enhanced creativity around the world with innovations across our product portfolio. The recent launches of Firefly, Express, Creative Cloud and GenStudio make Adobe magic available to millions of users.” Shantanu Narayen, Chair and CEO ⁶

Revenue accelerating 2023-09-14
Record Q3 revenue of USD 4,890 million, 10% year-over-year growth or 13% in constant currency ⁶

Strategic pivot 2023-09-14
Launched Firefly generative AI models and GenStudio with AI-powered features integrated across Creative Cloud and Express ⁶

“Adobe achieved record Q2 revenue demonstrating strong demand across Creative Cloud, Document Cloud and Experience Cloud. Adobe's ground-breaking innovation positions us to lead the new era of generative AI given our rich datasets, foundation models and ubiquitous product interfaces.” Shantanu Narayen, Chair and Chief Executive Officer ⁴

Revenue accelerating 2023-06-15
Record Q2 revenue of USD 4,816 million, 10% year-over-year growth or 13% in constant currency ⁴

Guidance raised 2023-06-15
Annual targets for revenue, earnings per share, and Digital Media net new ARR raised ⁴

Net cash build 2023-06-15
Net cash position expanded to USD 1,825.0 million from USD 442.0 million in 2023-Q1 (+313%, derived from reported financial debt minus cash). ¹¹²

“Adobe drove record Q1 revenue and we are raising our annual targets based on the tremendous market opportunity and continued confidence in our execution. Creative Cloud, Document Cloud and Experience Cloud are mission-critical in fueling the global digital economy.” Shantanu Narayen, Chairman and CEO ²

Acquisition 2023-03-29
$3.5 billion delayed draw term loan entered in January 2023 to partially fund pending ~$20 billion Figma acquisition ³

revenue 2023-03-15
Record Q1 revenue of USD 4,655 million, 9% year-over-year growth or 13% in constant currency ²

Guidance raised 2023-03-15
Annual Digital Media net new ARR target raised to approximately $1.70 billion; FY2023 EPS targets updated ²

Adobe Business Model

What Adobe does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology

Adobe Inc. develops and sells software products and cloud-based services across three reportable segments: Digital Media, Digital Experience, and Publishing and Advertising. Digital Media, the largest segment, includes Creative Cloud, a subscription platform providing tools such as Photoshop, Illustrator, Premiere Pro, and Acrobat, and Document Cloud, centered on PDF workflows and electronic signatures. Digital Experience provides enterprise marketing technology, analytics, content management, and commerce solutions under the Adobe Experience Cloud brand, while the smaller Publishing and Advertising segment covers legacy and niche products. The large majority of Adobe's revenue is generated through recurring subscription arrangements, with enterprise customers additionally served through professional services engagements.

Adobe Stock: Share-Price Drivers

What determines the business trajectory of Adobe according to management, summarised from the reports up to Q3 FY2026. NadirAlpha methodology

AI-led product innovation across the Creative and Document portfolios (Adobe Firefly, Acrobat AI Assistant, Acrobat Studio) feeding subscription revenue growth
Subscription revenue is the core of the model and management continues to roll Firefly-powered generative AI into Digital Media apps and ship AI-first standalone and add-on innovations; group revenue rose to USD 6,760 million in 2026-Q3 (¹³⁰, ¹⁹, ²³, ²⁵)

Creative & Marketing Professionals subscription revenue
Creative & Marketing Professionals revenue stated up 13% and the segment's subscription revenue stated up 13%, indicating continued traction in Creative Cloud (³¹, ³⁰)

Business Professionals & Consumers subscription revenue
Business Professionals & Consumers revenue stated up 16% and its subscription revenue stated up 16%, the faster-growing customer group (³¹, ³⁰)

Total Customer Group subscription revenue
Total Customer Group subscription revenue stated up 14%, confirming broad subscription momentum (³⁰)

Generative AI products (Adobe Firefly, GenStudio, Express)
Firefly launched 2023 and still appears through 2025-Q3; GenStudio for Performance Marketing and Firefly-powered features continue to roll out across Creative Cloud, Document Cloud and Experience Cloud, signalling expanding adoption (²³, ¹⁹, ¹⁷, ⁹)

Document Cloud / Acrobat AI (Acrobat AI Assistant, Acrobat Studio)
Document Cloud revenue stated up 18% in FY2024; Acrobat AI Assistant launched April 2024 and Acrobat Studio released August 2025, broadening the Document franchise (¹⁷, ¹⁹, ²⁵)

Profitability and cash generation
Operating income reached USD 2,354 million and adjusted operating income USD 2,974 million in 2026-Q3, with free cash flow of USD 2,438 million; profitability flag is positive (¹³⁰)

M&A pipeline (Semrush, Topaz Labs)
Semrush acquisition announced 2025-11-18 expected Q2 2026 and Topaz Labs acquisition announced 2026-06-24 expected Q4 2026, both still pending close (³¹)

Sector trend: Demand in the digital media and digital experience software sector is being pulled by generative AI adoption inside subscription suites, with management rolling AI features across Creative, Document and Experience Cloud (¹⁹, ¹⁷). Segment margins remain high, with Digital Media stated at 96% and Digital Experience at 70% in FY2025, and the group's growth flag is accelerating (²⁵).

Adobe Revenue by Type (as of 2026-Q3 · USDm · 14/17)

Where the revenue of Adobe comes from: segments and product types with share, growth and margin, as of Q3 FY2026, older structures remain in the expandable part. NadirAlpha methodology

Adobe: revenue by segment, as of 2026-Q3, in USDm. Compiled by NadirAlpha from SEC filings.
Segment	Since	Revenue	Growth	Margin	Source
Period 2026-Q3 (9M?)
Creative & Marketing Professionals	2025-Q3	13,577	13%	–	³¹
Business Professionals & Consumers	2025-Q3	5,540	16%	–	³¹
Period 2026-Q3 (9M)
Americas	2024-Q3	11,601	–	–	³¹
EMEA	2024-Q3	5,400	–	–	³¹
APAC	2024-Q3	2,775	–	–	³¹
Period 2026-Q3 (3M)
Total Customer Group subscription revenue	2026-Q3	6,560	14%	–	³⁰
Creative & Marketing Professionals subscription revenue	2026-Q3	4,650	13%	–	³⁰
Business Professionals & Consumers subscription revenue	2026-Q3	1,910	16%	–	³⁰
Period FY2025 (12M?)
Digital Media	2022-Q1	15,864	–	96%	²⁵
Digital Experience	2022-Q1	5,366	–	70%	²⁵
Period FY2025 (12M)
Publishing and Advertising	2022-Q1	275	–	68%	²⁵
Period 2025-Q3 (3M)
Digital Experience subscription	2023-Q3	1,370	11%	–	²²
Period 2025-Q2 (6M)
Creative and Marketing Professionals Group	2025-Q2	4,020	10%	–	²⁰
Business Professionals and Consumers Group	2025-Q2	1,600	15%	–	²⁰
Period FY2024 (12M?)
Creative	2023-Q1	12,680	10%	–	¹⁶
Document Cloud	2023-Q1	3,182	18%	–	¹⁷
Period FY2024 (12M)
Creative Cloud	2024-Q3	12,682	10%	–	¹⁷

▸ More segments (older taxonomy / earlier periods) (+2)

Adobe Products & announcements (6/21 active+recent)

Product announcements of Adobe from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology

Status: LaunchedPlannedDiscontinued

Adobe: product announcements from the filings, 21 entries. Compiled by NadirAlpha from SEC filings.
Product/Line	Since	Status	Source
2025
Acrobat Studio release	2025-08		²⁵
Chief Legal Officer position creation	2025-05		²⁵
Adobe Firefly-powered generative AI features in Digital Media apps	2025-03		¹⁹
AI-first standalone and add-on innovations	2025-02		¹⁸
2023
GenStudio (2x)	2023-09		²¹
Firefly (3×)	2023-09		²³
2024
AI advancements across Creative Cloud, Document Cloud and Experience Cloud	2024-09		¹⁴
Acrobat AI Assistant (2x)	2024-04		¹⁹
Adobe GenStudio for Performance Marketing	2024		¹⁷
2023
Express	2023-09		⁶
Creative Cloud	2023-09		⁶
Commercial paper program	2023-09		⁷
Structured stock repurchase agreements (2×)	2023-03	(2023-06)	⁵
Text-Based Editing in Premiere Pro	2023		⁹
Text to Image and Text Effects in Adobe Express	2023		⁹
Photoshop on the web	2023		⁹
Generative Recolor in Illustrator	2023		⁹
Generative Fill and Generative Expand in Photoshop	2023		⁹
Frame.io integration with Premiere Pro and After Effects	2023		⁹
Adobe Firefly generative AI models (2×)	2023		¹³
Adobe Firefly for Enterprise with IP indemnification	2023		⁹

▸ More products & announcements (older) (+6)

Adobe Transactions & Events (7)

7 transactions and events of Adobe from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 3Partnerships/contracts · 1older: 3 (in the table)

Acquisitions by Adobe

Adobe: Acquisitions, 4 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2026
Topaz Labs Inc. acquisition	2026-06	Completed	³¹
2025
Semrush acquisition	2025-11	Completed	³¹
2021
Frame.io Acquisition	2021-10	Completed	⁹
2020
Workfront Acquisition	2020-12	Completed	⁹

Divestitures and exits by Adobe

Adobe: Divestitures / exits, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2022
Figma Merger	2022-09	Divested	¹⁷

Partnerships and contracts of Adobe

Adobe: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2024
$2.3 billion minimum purchase obligations through long-term supplier commitments	2024-06	Agreement	¹³

Terminated or withdrawn

Adobe: Terminated / withdrawn, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stake	Date	Type	Source
2024
Adobe Figma acquisition	2024-03	Terminated (2024-05)	¹¹

Adobe Risks (93 since the annual report of 2026-01-15, 242 tracked in total)

NadirAlpha lists 93 active risks of Adobe from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology

Category: FinancialCustomersMacroLegalreputationalCyberRegulatoryTechnologyPeopleCompetitionSupply chainGeopoliticsMarket

Adobe: risk factors as reported, 93 since the last annual report, 242 tracked. Compiled by NadirAlpha from SEC filings.
Risk	Category	Last reported
Adobe: first mention in 10-Q quarterly report of 2026-09-22 (2026-Q3), source ³¹
May not realize anticipated benefits of acquisitions or be unable to complete announced transactions		=
Loss of key distributors or changes to third-party distribution platforms could harm revenue		=
Global adverse economic conditions, wars, trade disputes and sanctions could harm business		=
FTC civil complaint settled March 2026 regarding subscription cancellation practices		=
Uses of AI solutions to create misleading or illegal content may result in reputational harm and liability		=
Solutions incorporated into customer supply chains creates potential for large-scale security impact		=
Subject to fluctuations in foreign currency exchange rates affecting financial results		=
Complex and evolving global laws on data protection, AI, trade and employment		=
Subject to OECD global minimum tax framework and evolving international tax regulations		=
Reliance on third-party cloud infrastructure and service providers creates operational risk		=
Adobe: first mention in 10-Q quarterly report of 2025-06-25 (2025-Q2), source ²¹
Subject to various legal proceedings, antitrust claims, IP disputes and regulatory investigations		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-Q quarterly report of 2024-09-25 (2024-Q3), source ¹⁵
Service interruptions or data center failures could impair solution availability and damage reputation		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-Q quarterly report of 2024-06-26 (2024-Q2), source ¹³
Multiple shareholder derivative actions pending based on securities litigation allegations		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-K annual report of 2024-01-17 (FY2023), source ⁹
Cybersecurity incidents or unauthorized access to customer data could expose to significant liability		2026-Q3 2026-09-22 ³¹
Difficulty protecting intellectual property rights and source code from unauthorized use		2026-Q3 2026-09-22 ³¹
Securities class action In Re Adobe Inc. Securities Litigation regarding Figma competition statements		2026-Q3 2026-09-22 ³¹
May fail to innovate effectively to keep pace with rapid evolution of AI across solutions		2026-Q3 2026-09-22 ³¹
Evolving AI regulations including EU AI Act may increase compliance costs and limit ability to offer solutions		2026-Q3 2026-09-22 ³¹
Inflation, interest rates, recessions and economic uncertainty could reduce customer spending		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-Q quarterly report of 2023-06-28 (2023-Q2), source ⁵
Competition for highly skilled personnel in AI and cybersecurity may increase compensation costs		2026-Q3 2026-09-22 ³¹
Expanding data privacy laws including GDPR and state US laws increase compliance obligations		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 8-K-EX99.1 earnings release of 2023-06-15 (2023-Q2), source ⁴
Foreign currency exchange rate fluctuations due to global operations may adversely affect results		2026-Q3 2026-09-22 ³¹
Subject to intellectual property disputes and litigation; may be costly and disruptive		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-Q quarterly report of 2023-03-29 (2023-Q1), source ³
Numerous competitors including large global companies and AI-native startups may compete more effectively		2026-Q3 2026-09-22 ³¹
Debt service requirements and covenants may limit financial flexibility		2026-Q3 2026-09-22 ³¹
Complex procurement requirements and audits for government business create compliance risks		2026-Q3 2026-09-22 ³¹
Adobe: first mention in 10-Q quarterly report of 2026-06-15 (2026-Q2), source ²⁹
Reliance on third-party service providers for critical infrastructure		=
Rapid technological changes require continuous innovation and resource investment		=
Adobe: first mention in 8-K-EX99.1 earnings release of 2026-06-11 (2026-Q2), source ²⁸
Service interruptions or failures in information technology systems; security incidents		=
Adobe: first mention in 10-Q quarterly report of 2026-03-25 (2026-Q1), source ²⁷
Reached settlement agreement on March 12, 2026 with DOJ regarding ROSCA and FTC Act violations related to subscription cancellation practices.		=
Cybersecurity incidents and data breaches could result in reputational harm, liability and loss of customers.		=
Foreign currency exchange rate fluctuations may adversely affect financial results and performance metrics.		=
Declining subscription renewal rates may not be immediately reflected in quarterly revenue results.		=
Reliance on third-party service providers and distributors creates risks if providers become unavailable.		=
Catastrophic events and climate-related disruptions to data centers in Bay Area and Salt Lake Valley could harm business.		=
Global geopolitical tensions, trade disputes and economic downturns may reduce customer spending and demand.		=
Subject to increased litigation, regulatory inquiries and investigations related to antitrust, privacy and product liability.		=
Complex global data protection laws including GDPR and state privacy laws increase compliance obligations.		=
Adobe: first mention in 10-K annual report of 2026-01-15 (FY2025), source ²⁵
Solutions collect and process third-party customer data; compromise could affect large customer base simultaneously; liability exposure significant.		=
FTC/DOJ civil complaint regarding subscription disclosure and cancellation practices under ROSCA; motion to dismiss denied May 2, 2025; discovery ongoing with potential significant monetary costs		=
Third-party AI models in solutions pose intellectual property infringement risks; training data licensing challenges; potential customer loss from regulatory scrutiny or legal liability.		=
Unknown impacts of current and future trade regulations on global operations		2026-Q2 2026-06-15 ²⁹
Significant unconditional purchase obligations for third-party hosting and data center services; $6.82 billion total commitments through fiscal 2030 and beyond		=
Extended and complex enterprise sales cycles vulnerable to macroeconomic downturns; customer spending scrutiny and purchase decision delays.		=
Exposure to evolving macroeconomic environment including inflationary pressures, interest rates, currency fluctuations and geopolitical risks		=
Subject to US export controls, economic sanctions, embargoes, and anti-corruption laws; multinational operations increase compliance complexity and cost.		=
Rapid technological change requires continuous innovation; failure to anticipate trends or adapt to AI evolution could materially harm business and financial results.		=
Intensifying competition in rapidly evolving software markets; competitors may develop AI solutions more rapidly; price pressure from new entrants and AI-native companies.		=
Adobe: first mention in 10-Q quarterly report of 2025-09-24 (2025-Q3), source ²³
FTC investigation regarding subscription cancellation practices settled March 2026; DOJ civil complaint filed June 2024		2026-Q2 2026-06-15 ²⁹
Subject to intellectual property disputes including patent assertion entities; may require licensing on unfavorable terms		=
Reliance on third-party distributors, cloud providers, and service providers; disruption or termination could interrupt services and increase costs.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 10-Q quarterly report of 2025-06-25 (2025-Q2), source ²¹
Five shareholder derivative actions filed alleging breach of fiduciary duty based on Figma matter; four currently stayed		=
Securities class action alleging false statements regarding Figma competition; motion to dismiss granted March 2025		=
DOJ civil complaint filed June 2024 alleging Adobe violated ROSCA regarding subscription cancellation disclosures; discovery ongoing		=
Expanding global privacy and data protection laws increase compliance obligations		2026-Q2 2026-06-15 ²⁹
EU AI Act and evolving global AI regulations may increase compliance costs and limit AI solution availability.		2026-Q1 2026-03-25 ²⁷
Rapid AI evolution and competition from companies offering generative and agentic solutions may impact market position.		2026-Q1 2026-03-25 ²⁷
Adobe: first mention in 10-Q quarterly report of 2025-03-26 (2025-Q1), source ¹⁹
Litigation, regulatory inquiries, investigations and other actions; loss contingency related to settlement of litigation and legal matters		2026-Q2 2026-06-11 ²⁸
Government procurement processes and regulations introduce risks specific to government contracts.		=
Damage to brand reputation from product decisions, AI uses, data breaches or negative publicity could harm business.		=
Adobe: first mention in 10-K annual report of 2025-01-13 (FY2024), source ¹⁷
Subject to examination by multiple domestic and foreign tax authorities; 2021 earliest fiscal year open for major jurisdictions; reasonably possible unrecognized tax benefits decrease up to $40 million within 12 months		FY2025 2026-01-15 ²⁵
Exposed to interest rate fluctuations; entered into interest rate swaps to manage exposure on senior notes		FY2025 2026-01-15 ²⁵
Global trade tensions, tariffs, and economic sanctions increase operational costs and create market access barriers.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 10-Q quarterly report of 2024-09-25 (2024-Q3), source ¹⁵
Multiple shareholder derivative actions pending in Delaware District Court and California Superior Court based on similar Figma-related allegations		2026-Q2 2026-06-15 ²⁹
Global data protection laws expanding and conflicting; EU GDPR, Digital Services Act, Digital Operational Resilience Act, CCPA, CPRA, CDPA, VCDPA impose increasing compliance costs and liability exposure.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 10-Q quarterly report of 2024-06-26 (2024-Q2), source ¹³
Subject to fluctuations in foreign currency exchange rates across multiple geographic regions		2026-Q2 2026-06-15 ²⁹
Security incidents and data breaches could harm reputation and business		2026-Q2 2026-06-15 ²⁹
Adobe: first mention in 10-Q quarterly report of 2024-03-27 (2024-Q1), source ¹¹
Subject to various legal proceedings including class actions and regulatory inquiries		2026-Q2 2026-06-15 ²⁹
Securities class action In Re Adobe Inc. Securities Litigation dismissed on March 27, 2025; plaintiff appealing court orders denied November 7, 2025.		2026-Q1 2026-03-25 ²⁷
Multiple consolidated shareholder derivative actions alleging breach of fiduciary duty and securities violations; presently stayed; underlying facts largely overlap with Securities Action		FY2025 2026-01-15 ²⁵
Reputational harm risks from AI-generated misinformation, unlawful uses of solutions, sustainability commitment failures, or negative media campaigns.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 8-K-EX99.1 earnings release of 2024-03-14 (2024-Q1), source ¹⁰
AI development and use may result in reputational harm, liability and adverse results		2026-Q2 2026-06-15 ²⁹
Subject to global inflationary pressures, interest rates, currency fluctuations, economic slowdowns and geopolitical risks.		2026-Q1 2026-03-25 ²⁷
Dependence on specialized senior management and technical talent; competition for AI and cybersecurity expertise; hybrid work model complicates retention.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 10-K annual report of 2024-01-17 (FY2023), source ⁹
DOJ civil complaint filed June 2024 regarding subscription cancellation practices under ROSCA; defense or resolution could involve significant monetary costs		2025-Q1 2025-03-26 ¹⁹
Service interruptions or security incidents		2026-Q1 2026-03-12 ²⁶
Adobe: first mention in 10-Q quarterly report of 2023-09-27 (2023-Q3), source ⁷
Senior notes contain change-of-control provisions requiring potential repurchase at 101% of principal amount		2026-Q2 2026-06-15 ²⁹
Multinational operations subject to varied economic and geopolitical risks		2026-Q2 2026-06-15 ²⁹
Intensely competitive markets with numerous competitors may result in pricing pressure and reduced margins.		2026-Q1 2026-03-25 ²⁷
Adobe: first mention in 8-K-EX99.1 earnings release of 2023-09-14 (2023-Q3), source ⁶
Global adverse economic conditions and inflation impact demand and operations		2026-Q2 2026-06-15 ²⁹
Adobe: first mention in 10-Q quarterly report of 2023-06-28 (2023-Q2), source ⁵
Compliance with global laws and regulations including privacy		2026-Q1 2026-03-12 ²⁶
Restrictions on cross-border data transfers; European data transfer mechanisms (SCCs, EU-US DPF) subject to legal challenge; certain countries implementing data localization requirements.		FY2025 2026-01-15 ²⁵
Adobe: first mention in 8-K-EX99.1 earnings release of 2023-06-15 (2023-Q2), source ⁴
Failure to compete effectively in market		2026-Q2 2026-06-11 ²⁸
Adobe: first mention in 10-Q quarterly report of 2023-03-29 (2023-Q1), source ³
Third-party IP disputes and patent assertions could require royalty arrangements, injunctions, or significant liability costs; challenges protecting source code from unauthorized disclosure.		FY2025 2026-01-15 ²⁵
Decline in subscription renewals could adversely affect future revenue		2026-Q2 2026-06-15 ²⁹
Goodwill or intangible asset impairment may require significant charges to earnings if valuations decline.		2026-Q1 2026-03-25 ²⁷
Changes in tax laws and interpretations across multiple jurisdictions may adversely affect effective tax rates.		2026-Q1 2026-03-25 ²⁷
Subject to claims and litigation regarding validity or alleged infringement of third-party patent and IP rights		2025-Q2 2025-06-25 ²¹
Adobe: first mention in 8-K-EX99.1 earnings release of 2023-03-15 (2023-Q1), source ²
Third-party patent disputes and IP infringement claims could restrict operations		2026-Q2 2026-06-15 ²⁹
Acquisition of Semrush Holdings involves risks of integration failure, regulatory delays and higher than anticipated costs.		2026-Q1 2026-03-25 ²⁷
Foreign currency exchange rate fluctuations affect financial results		2026-Q2 2026-06-15 ²⁹
Complex sales cycles and customer retention risks		2026-Q1 2026-03-12 ²⁶
Failure to innovate effectively and meet customer needs		2026-Q1 2026-03-12 ²⁶

▸ More active risks (+78)

= last mention identical with the first mention (same source)

Adobe Reported KPIs (as disclosed) (462)

The story KPIs of Adobe that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Adobe: reported KPIs as disclosed, 462 entries. Compiled by NadirAlpha from SEC filings.
KPI	Value / change	Source
Adobe, published 2026-09-22, period 2026-Q3
stock repurchases YTD	6.82 billion	³¹
senior notes outstanding	6.15 billion	³¹
senior notes carrying value	6.12 billion	³¹
revolving credit facility	1.5 billion	³¹
remaining repurchase authority	24.55 billion	³¹
maximum interest commitment	941 million	³¹
current portion senior notes	1.35 billion	³¹
commercial paper outstanding	248 million	³¹
Total customer group subscription revenue (Q3)	6.56 billion	³¹
Total Adobe Annualized Recurring Revenue	27.50 billion	³¹
Remaining performance obligations	22.16 billion	³¹
Remaining Performance Obligations	22.16 billion	³¹
Creative & Marketing Professionals subscription revenue	4.65 billion	³¹
Business Professionals & Consumers subscription revenue	1.91 billion	³¹
Adobe, published 2026-09-10, period 2026-Q3
Total Adobe Annualized Recurring Revenue	27.50 billion	³⁰
Share repurchases	9.5 million shares	³⁰
Remaining Performance Obligations	22.16 billion	³⁰
Monthly active users	1 billion	³⁰
Current Remaining Performance Obligations	67%	³⁰
Adobe AI-first ARR growth	more than 150% year over year	³⁰
Adobe, published 2026-06-15, period 2026-Q2
subscription revenue	6.39 billion	²⁹
stock repurchase total remaining	$26.78 billion	²⁹
stock repurchase payments	$4.59 billion	²⁹
stock repurchase authority March	$25 billion	²⁹
stock repurchase authority April	$25 billion	²⁹
senior notes outstanding	$6.15 billion	²⁹
revolving credit agreement	$1.5 billion	²⁹
remaining performance obligations	22.27 billion	²⁹
maximum interest commitment	$974 million	²⁹
deferred revenue	7.25 billion	²⁹
current portion senior notes	$1.35 billion	²⁹
contract assets	178	²⁹
commercial paper outstanding	$494 million	²⁹
capitalized contract acquisition costs	782	²⁹
additional credit commitment	$500 million	²⁹
ARR	27.10 billion	²⁹
Adobe, published 2026-06-11, period 2026-Q2
Total Adobe ending ARR growth	10.2% year over year	²⁸
Total ARR	$27.10 billion	²⁸
Remaining Performance Obligations (RPO)	$22.27 billion	²⁸
Current Remaining Performance Obligations (cRPO)	67%	²⁸
AI-first ARR	exceeds $500 million	²⁸
Adobe, published 2026-03-25, period 2026-Q1
stock repurchase authority total	25 billion	²⁷
stock repurchase authority remaining	3.89 billion	²⁷
senior notes outstanding	6.15 billion	²⁷
senior notes carrying value	6.23 billion	²⁷
revolving credit facility available	1.5 billion	²⁷
current debt carrying value	849 million	²⁷
commercial paper program capacity	3 billion	²⁷
cash used in financing activities	-2.54 billion	²⁷
cash from investing activities	474 million	²⁷
Total subscription revenue	$6.20 billion	²⁷
Total revenue	$6.40 billion	²⁷
Total debt outstanding at par	6,150	²⁷
Total Adobe ARR (prior year)	$23.50 billion	²⁷
Total Adobe ARR	$26.06 billion	²⁷
Short-term investments	558	²⁷
Remaining performance obligations	$22.22 billion	²⁷
Remaining Performance Obligations	22,220	²⁷
Deferred revenue	7,370	²⁷
Creative & Marketing Professionals subscription revenue	$4.39 billion	²⁷
Cash and cash equivalents	6,332	²⁷
Business Professionals & Consumers subscription revenue	$1.78 billion	²⁷
ARR growth YoY	10.9%	²⁷
Adobe, published 2026-03-12, period 2026-Q1
Total subscription revenue	6,198	²⁶
Total Customer Group subscription revenue	6,17 billion	²⁶
Total ARR	26.06 billion	²⁶
Remaining Performance Obligations	22.22 billion	²⁶
Current Remaining Performance Obligations	67%	²⁶
AI-first ARR	more than triples year over year	²⁶
Adobe, published 2026-01-15, period FY2025
Unrecognized tax benefits balance	693 million	²⁵
remaining performance obligations	22.52 billion	²⁵
Refundable customer deposits	80 million	²⁵
Operating lease expense	92 million	²⁵
Net deferred tax assets	2,155 million	²⁵
Income before income taxes	8,734 million	²⁵
deferred revenue	7.03 billion	²⁵
contract assets	241 million	²⁵
capitalized contract acquisition costs	721 million	²⁵
Allowance for doubtful accounts	13 million	²⁵
Total revenue	$23.769 billion	²⁵
Total Adobe ARR	$25.20 billion	²⁵
Subscription revenue	$22.904 billion	²⁵
Short-term investments	$1.164 billion	²⁵
Senior notes outstanding	$6.15 billion	²⁵
Remaining performance obligations	$22.52 billion	²⁵
Operating income	$8.706 billion	²⁵
Net income	$7.130 billion	²⁵
Net cash from operations	$10.031 billion	²⁵
Gross profit	$21.218 billion	²⁵
Digital Media revenue	$17.65 billion	²⁵
Digital Media ARR	$19.20 billion	²⁵
Digital Experience revenue	$5.86 billion	²⁵
Cost of revenue	$2.551 billion	²⁵
Cash and equivalents	$5.431 billion	²⁵
Adobe, published 2025-12-10, period FY2025
Total Customer Group subscription revenue	$22.80 billion	²⁴
Total Adobe Annualized Recurring Revenue	$25.20 billion	²⁴
Remaining Performance Obligations	$22.52 billion	²⁴
Digital Media ARR	$19.20 billion	²⁴
Current Remaining Performance Obligations	65%	²⁴
Adobe, published 2025-09-24, period 2025-Q3
Total deferred revenue	6.53 billion	²³
Short-term investments	958	²³
Remaining performance obligations	20.44 billion	²³
Remaining Performance Obligations	$20.44 billion	²³
Digital Media ARR growth YoY	11.7%	²³
Digital Media ARR	$18.59 billion	²³
Cash and cash equivalents	4,982	²³
Adobe, published 2025-09-11, period 2025-Q3
cRPO	67%	²²
RPO	$20.44 billion	²²
Digital Media ARR growth	11.7%	²²
Creative and Marketing Professionals Group subscription revenue	$4.12 billion	²²
Business Professionals and Consumers Group subscription revenue	$1.65 billion	²²
ARR	$18.59 billion	²²
AI-influenced ARR	$5 billion	²²
AI-first ARR	$250 million	²²
Adobe, published 2025-06-25, period 2025-Q2
stock repurchase authority total	25 billion	²¹
stock repurchase authority remaining	10.90 billion	²¹
senior notes outstanding	6.15 billion	²¹
revolving credit agreement	1.5 billion	²¹
remaining performance obligations	19,690	²¹
Maximum commitment interest payments	1.20 billion	²¹
Long-term supplier commitments increase	1.3 billion	²¹
deferred revenue	6,334	²¹
Commercial paper program	3 billion	²¹
Carrying value senior notes	6.17 billion	²¹
Available borrowing capacity	1.5 billion	²¹
Digital Media ARR YoY growth	12.1%	²¹
Digital Media ARR	$18.09 billion	²¹
Adobe, published 2025-06-12, period 2025-Q2
Remaining Performance Obligations (RPO)	19.69 billion	²⁰
Digital Media ARR growth	12.1 percent year-over-year	²⁰
Current Remaining Performance Obligations (cRPO)	67 percent	²⁰
ARR	18.09 billion	²⁰
Adobe, published 2025-03-26, period 2025-Q1
Working capital	$1.692 billion	¹⁹
Total subscription revenue	$5.483 billion	¹⁹
Total stockholders equity Nov	14105	¹⁹
Total stockholders equity Feb	13095	¹⁹
Total revenue	5714	¹⁹
Total revenue	5182	¹⁹
Total revenue	$5.714 billion	¹⁹
Total liabilities Nov	16125	¹⁹
Total liabilities Feb	16860	¹⁹
Total debt outstanding at par	$6.150 billion	¹⁹
Total current liabilities Nov	10521	¹⁹
Total current liabilities Feb	9163	¹⁹
Total current assets Nov	11232	¹⁹
Total current assets Feb	10855	¹⁹
Total assets Nov	30230	¹⁹
Total assets Feb	29955	¹⁹
Subscription revenue % of total	96%	¹⁹
Subscription revenue	5483	¹⁹
Subscription revenue	4916	¹⁹
Stockholders' equity	$13.095 billion	¹⁹
Short-term investments	$677 million	¹⁹
Short-term investments Nov	273	¹⁹
Short-term investments Feb	677	¹⁹
Services and other revenue	136	¹⁹
Services and other revenue	147	¹⁹
Retained earnings Nov	38470	¹⁹
Retained earnings Feb	40186	¹⁹
Remaining performance obligations	$19.69 billion	¹⁹
Publishing and Advertising revenue	73	¹⁹
Publishing and Advertising revenue	77	¹⁹
Publishing Advertising subscription revenue	27	¹⁹
Publishing Advertising subscription revenue	27	¹⁹
Product revenue	95	¹⁹
Product revenue	119	¹⁹
Operating income	2163	¹⁹
Operating income	907	¹⁹
Operating cash flow	2482	¹⁹
Operating cash flow	1174	¹⁹
Operating cash flow	$2.482 billion	¹⁹
Net income	1811	¹⁹
Net income	620	¹⁹
Gross profit	5092	¹⁹
Gross profit	4592	¹⁹
EMEA revenue	1502	¹⁹
EMEA revenue	1319	¹⁹
Digital Media subscription revenue	4159	¹⁹
Digital Media subscription revenue	3725	¹⁹
Digital Media revenue	4227	¹⁹
Digital Media revenue	3816	¹⁹
Digital Media revenue	$4.23 billion	¹⁹
Digital Media ARR prior year	$15.66 billion	¹⁹
Digital Media ARR	$17.63 billion	¹⁹
Digital Experience subscription revenue	1297	¹⁹
Digital Experience subscription revenue	1164	¹⁹
Digital Experience revenue	1414	¹⁹
Digital Experience revenue	1289	¹⁹
Digital Experience revenue	$1.41 billion	¹⁹
Cash and cash equivalents Nov	7613	¹⁹
Cash and cash equivalents Feb	6758	¹⁹
Cash and cash equivalents	$6.758 billion	¹⁹
Carrying value of long-term debt	$6.155 billion	¹⁹
Americas revenue	3405	¹⁹
Americas revenue	3110	¹⁹
APAC revenue	807	¹⁹
APAC revenue	753	¹⁹
Adobe, published 2025-03-12, period 2025-Q1
Share repurchases	7.0 million shares	¹⁸
Remaining Performance Obligations (RPO)	$19.69 billion	¹⁸
Operating cash flows	$2.48 billion	¹⁸
Digital Media ARR	$17.63 billion	¹⁸
Digital Media ARR year-over-year growth	12.6%	¹⁸
Current Remaining Performance Obligations (cRPO)	67%	¹⁸
Creative and Marketing Professionals Group subscription revenue growth	10%	¹⁸
Creative and Marketing Professionals Group subscription revenue	$3.92 billion	¹⁸
Business Professionals and Consumers Group subscription revenue growth	15%	¹⁸
Business Professionals and Consumers Group subscription revenue	$1.53 billion	¹⁸
AI-first innovations ending ARR	$125 million	¹⁸
Adobe, published 2025-01-13, period FY2024
working capital	$ 711	¹⁷
working capital	$ 2,833	¹⁷
total revenue	$ 21,505	¹⁷
total revenue	$ 19,409	¹⁷
total revenue	$ 17,606	¹⁷
total debt	5,628	¹⁷
total debt	3,634	¹⁷
total assets	$ 30,230	¹⁷
total assets	$ 29,779	¹⁷
subscription revenue	$ 20,521	¹⁷
subscription revenue	$ 18,284	¹⁷
subscription revenue	$ 16,388	¹⁷
stockholders equity	$ 14,105	¹⁷
stockholders equity	$ 16,518	¹⁷
stock repurchases fiscal	$ 9.5	¹⁷
stock repurchase authority March	$ 25	¹⁷
short-term investments	$ 273	¹⁷
short-term investments	$ 701	¹⁷
services and other revenue	598	¹⁷
services and other revenue	665	¹⁷
services and other revenue	686	¹⁷
senior notes outstanding	$ 5.65	¹⁷
revolving credit agreement	$ 1.5	¹⁷
product revenue	386	¹⁷
product revenue	460	¹⁷
product revenue	532	¹⁷
operating lease obligations	$ 463	¹⁷
operating income	6,741	¹⁷
operating income	6,650	¹⁷
operating income	6,098	¹⁷
operating cash flow	$ 8,056	¹⁷
operating cash flow	$ 7,302	¹⁷
operating cash flow	$ 7,838	¹⁷
non-cancellable purchase obligations	$ 5.79	¹⁷
net income	$ 5,560	¹⁷
net income	$ 5,428	¹⁷
net income	$ 4,756	¹⁷
long-term investment exposures	$ 1.19	¹⁷
investing cash flow	149	¹⁷
investing cash flow	776	¹⁷
investing cash flow	-570	¹⁷
gross profit	19,147	¹⁷
gross profit	17,055	¹⁷
gross profit	15,441	¹⁷
foreign exchange contracts notional	$ 5.89	¹⁷
financing cash flow	-7,724	¹⁷
financing cash flow	-5,182	¹⁷
financing cash flow	-6,825	¹⁷
Commercial paper program	$ 3	¹⁷
cash and cash equivalents	$ 7,613	¹⁷
cash and cash equivalents	$ 7,141	¹⁷
Valuation allowance increase fiscal	321	¹⁷
Valuation allowance November 29	725	¹⁷
Valuation allowance December 1	405	¹⁷
Unrecognized tax benefits November 29	683	¹⁷
Unrecognized tax benefits December 1	501	¹⁷
Treasury lock notional	1	¹⁷
State tax credit carryforwards	308	¹⁷
State net operating loss carryforwards	408	¹⁷
Revenue recognized from prior deferred	5.87	¹⁷
Remaining performance obligations November 29	19.96	¹⁷
Refundable customer deposits	83	¹⁷
Refund liabilities November 29	141	¹⁷
Refund liabilities December 1	111	¹⁷
RPO expected recognized next	67	¹⁷
Non-cancellable non-refundable committed funds percentage	4	¹⁷
Net derivative losses expected	1	¹⁷
Net derivative losses Treasury lock	3	¹⁷
Net derivative gains expected	64	¹⁷
Net deferred tax assets November 29	1,626	¹⁷
Net deferred tax assets December 1	1,176	¹⁷
Long-term capitalized costs November 29	464	¹⁷
Long-term capitalized costs December 1	422	¹⁷
Foreign currency forward contracts notional November 29	381	¹⁷
Foreign currency forward contracts notional December 1	998	¹⁷
Figma termination fee	1	¹⁷
Federal tax credit carryforwards	93	¹⁷
Federal and state capital loss carryforwards	1.15	¹⁷
Fair value senior notes November 29	5.51	¹⁷
Document Cloud ARR	3.48 billion	¹⁷
Digital Media ARR	17.33 billion	¹⁷
Depreciation and amortization fiscal	239	¹⁷
Depreciation and amortization fiscal	235	¹⁷
Depreciation and amortization fiscal	189	¹⁷
Deferred tax liabilities November 29	414	¹⁷
Deferred tax liabilities December 1	536	¹⁷
Deferred tax assets November 29	2,040	¹⁷
Deferred tax assets December 1	1,712	¹⁷
Deferred revenue November 29	6.26	¹⁷
Deferred revenue December 1	5.95	¹⁷
Creative ARR	13.85 billion	¹⁷
Contract assets November 29	248	¹⁷
Contract assets December 1	141	¹⁷
Cash flow hedge notional November 29	5.51	¹⁷
Cash flow hedge notional December 1	2.83	¹⁷
Capitalized contract acquisition costs November 29	717	¹⁷
Capitalized contract acquisition costs December 1	656	¹⁷
Amortized capitalized costs fiscal	272	¹⁷
Amortized capitalized costs fiscal	254	¹⁷
Amortized capitalized costs fiscal	238	¹⁷
Amortization in cost of sales fiscal	167	¹⁷
Amortization in cost of sales fiscal	207	¹⁷
Amortization in cost of sales fiscal	236	¹⁷
Allowance for doubtful accounts November 29	14	¹⁷
Allowance for doubtful accounts December 1	16	¹⁷
Advertising expenses fiscal	1.04	¹⁷
Advertising expenses fiscal	970	¹⁷
Advertising expenses fiscal	1.04	¹⁷
Adobe, published 2024-12-11, period FY2024
RPO	$19.96 billion	¹⁶
FY2024 Digital Media net new ARR	$2.00 billion	¹⁶
FY2024 Digital Media ARR	$17.22 billion	¹⁶
Document Cloud ARR	$3.48 billion	¹⁶
Digital Media net new ARR	$578 million	¹⁶
Digital Media ARR	$17.33 billion	¹⁶
Creative ARR	$13.85 billion	¹⁶
Adobe, published 2024-09-25, period 2024-Q3
senior notes outstanding	$5.65 billion	¹⁵
revolving credit facility	$1.5 billion	¹⁵
maximum interest commitment	$855 million	¹⁵
Long-term supplier commitments increase	$2.3 billion	¹⁵
current debt carrying value	$1.50 billion	¹⁵
Commercial paper program	$3 billion	¹⁵
Working capital	1,072	¹⁵
Total debt outstanding at par	5,650	¹⁵
Stockholders equity	14,545	¹⁵
Short-term investments	322	¹⁵
Remaining performance obligations	18.14 billion	¹⁵
Remaining performance obligations	18.14 billion	¹⁵
Deferred revenue	5.91 billion	¹⁵
Cash and cash equivalents	7,193	¹⁵
Capitalized contract acquisition costs	717 million	¹⁵
ARR Document Cloud	3.31 billion	¹⁵
ARR Digital Media	16.76 billion	¹⁵
ARR Creative	13.45 billion	¹⁵
Adobe, published 2024-09-12, period 2024-Q3
RPO year-over-year growth	15 percent	¹⁴
RPO exiting quarter	$18.14 billion	¹⁴
Document Cloud ARR	$3.31 billion	¹⁴
Digital Media net new ARR	$504 million	¹⁴
Digital Media ARR	$16.76 billion	¹⁴
Creative ARR	$13.45 billion	¹⁴
Adobe, published 2024-06-26, period 2024-Q2
senior notes outstanding	$5.65 billion	¹³
Revolving credit available	$1.5 billion	¹³
current debt carrying value	$1.50 billion	¹³
commercial paper program capacity	$3 billion	¹³
Remaining performance obligations	17.86 billion	¹³
Remaining Performance Obligations	17.86 billion	¹³
Document Cloud ARR	3.15 billion	¹³
Digital Media ARR	16.25 billion	¹³
Deferred revenue	5.69 billion	¹³
Creative ARR	13.11 billion	¹³
Adobe, published 2024-06-13, period 2024-Q2
Share repurchases	4.6 million shares	¹²
RPO	17.86 billion	¹²
Net new Digital Media ARR	487 million	¹²
Document Cloud ARR	3.15 billion	¹²
Digital Media ARR	16.25 billion	¹²
Creative ARR	13.11 billion	¹²
Adobe, published 2024-03-27, period 2024-Q1
Total shares repurchased	3.1 million	¹¹
Shares repurchased structured agreement	0.6 million	¹¹
senior notes outstanding	$3.65 billion	¹¹
revolving credit agreement	$1.5 billion	¹¹
Repurchase authority December	$15 billion	¹¹
Remaining repurchase authority March	$22.65 billion	¹¹
remaining performance obligations	17.58 billion	¹¹
maximum interest payments duration	$276 million	¹¹
long term supplier commitments	$2.3 billion	¹¹
Figma termination fee	$1 billion	¹¹
deferred revenue	6.11 billion	¹¹
current debt	$1.50 billion	¹¹
Commercial paper program	$3 billion	¹¹
average price paid structured agreement	$626.68	¹¹
ASR total repurchases December	3.5 million	¹¹
ASR prepayment March	$2.5 billion	¹¹
ASR prepayment December	$2 billion	¹¹
ASR initial shares delivered March	3.6 million	¹¹
ASR initial shares delivered December	2.5 million	¹¹
ASR average price paid December	$578.11	¹¹
Document Cloud ARR	2.98 billion	¹¹
Digital Media ARR	15.76 billion	¹¹
Creative ARR	12.78 billion	¹¹
Adobe, published 2024-03-14, period 2024-Q1
Remaining Performance Obligations (RPO)	17.58 billion	¹⁰
Net new Digital Media ARR	432 million	¹⁰
Document Cloud ARR	2.98 billion	¹⁰
Digital Media ARR	15.76 billion	¹⁰
Creative ARR	12.78 billion	¹⁰
Adobe, published 2024-01-17, period FY2023
remaining performance obligations	17.22 billion	⁹
deferred revenue	5.95 billion	⁹
contract assets	141 million	⁹
capitalized contract acquisition costs	656 million	⁹
Working capital	2,833	⁹
Stockholders' equity	16,518	⁹
Short-term investments	701	⁹
Document Cloud ARR	2.81 billion	⁹
Digital Media ARR - currency adjusted	15.33 billion	⁹
Digital Media ARR	15.17 billion	⁹
Creative ARR	12.37 billion	⁹
Cash and cash equivalents	7,141	⁹
Adobe, published 2023-12-13, period 2023-Q4
Remaining Performance Obligations (RPO)	$17.22 billion	⁸
Net new Digital Media ARR	$569 million	⁸
Document Cloud ARR	$2.81 billion	⁸
Digital Media ARR (Full Year)	$1.91 billion	⁸
Creative ARR	$12.37 billion	⁸
ARR	$15.17 billion	⁸
Adobe, published 2023-09-27, period 2023-Q3
remaining performance obligations	$15.72 billion	⁷
refund liabilities	$99	⁷
deferred revenue balance	$5.48	⁷
contract assets	$131	⁷
capitalized contract acquisition costs	$673	⁷
Remaining performance obligations	15.72 billion	⁷
Document Cloud ARR	2.63 billion	⁷
Digital Media ARR	14.60 billion	⁷
Creative ARR	11.97 billion	⁷
Adobe, published 2023-09-14, period 2023-Q3
Remaining Performance Obligations	$15.72 billion	⁶
Document Cloud ARR	$2.63 billion	⁶
Digital Media net new ARR	$464 million	⁶
Digital Media ARR	$14.60 billion	⁶
Creative ARR	$11.97 billion	⁶
Adobe, published 2023-06-28, period 2023-Q2
term loan credit agreement	$3.5 billion	⁵
senior notes outstanding	$3.65 billion	⁵
senior notes carrying value	$3.63 billion	⁵
revolving credit agreement	$1.5 billion	⁵
remaining performance obligations	15.22 billion	⁵
refund liabilities	85	⁵
Maximum commitment interest payments	$366 million	⁵
deferred revenue	5.38 billion	⁵
deferred federal estimated tax payments	$500 million	⁵
contract assets	119	⁵
capitalized contract acquisition costs	668	⁵
available revolving credit	$1.5 billion	⁵
Remaining performance obligations	15.22 billion	⁵
Document Cloud ARR	2.50 billion	⁵
Digital Media ARR	14.14 billion	⁵
Creative ARR	11.64 billion	⁵
Adobe, published 2023-06-15, period 2023-Q2
Remaining Performance Obligations (RPO)	15.22 billion	⁴
Document Cloud ARR	2.50 billion	⁴
Digital Media net new ARR	470 million	⁴
Digital Media ARR	14.14 billion	⁴
Creative ARR	11.64 billion	⁴
Adobe, published 2023-03-29, period 2023-Q1
term loan availability	3.5 billion	³
senior notes outstanding	3.65 billion	³
revolving credit facility	1.5 billion	³
remaining performance obligations	15,210	³
deferred revenue	5,480	³
capitalized contract acquisition costs	656	³
Working capital	905	³
Stockholders' equity	14,206	³
Short-term investments	1,581	³
Document Cloud ARR	2.39 billion	³
Digital Media ARR	13.67 billion	³
Creative ARR	11.28 billion	³
Cash and cash equivalents	4,072	³
Adobe, published 2023-03-15, period 2023-Q1
Remaining Performance Obligations (RPO)	$15.21 billion	²
Net new ARR (Digital Media)	$410 million	²
Cash flows from operations	1.69 billion	²
ARR (Document Cloud)	$2.39 billion	²
ARR (Digital Media)	$13.67 billion	²
ARR (Creative)	$11.28 billion	²

▸ Earlier KPIs (+447)

Adobe Development

A condensed summary of Adobe per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology

FY2026: Adobe

Adobe posted revenue of USD 6,398 million, USD 6,618 million, and USD 6,760 million in the first three quarters of fiscal 2026, with year-over-year growth of 12% in Q1 ²⁷ and 13% in both Q2 and Q3 ²⁸ ³⁰. Subscription revenue was the primary growth driver, growing 13% in Q1 ²⁷ and 14% in Q3 ³¹, with total Adobe ARR reaching $27.50 billion at the end of Q3 ³¹. In Q2, Adobe completed the acquisition of Semrush Holdings for $1.87 billion ²⁹, and in Q3 it announced the pending acquisition of Topaz Labs for approximately $340 million, expected to close in Q4 FY2026 ³¹. AI-first ARR grew more than 150% year over year by Q3 ³⁰, and full-year FY2026 revenue and EPS targets were raised following both Q2 and Q3 results ²⁸ ³⁰.

FY2025: Adobe

Adobe Inc. reported full-year revenue of USD 23,769 million in fiscal 2025, representing 11% year-over-year growth, driven by subscription revenue of $22,904 million ²⁵. Net income rose 28% to USD 7,130 million, partly reflecting the absence of the $1.0 billion Figma acquisition termination fee recorded in fiscal 2024 ²⁵. Operating cash flows increased 25% to USD 10,031 million ²⁵. Total Adobe Annualized Recurring Revenue reached $25.20 billion, up 11.5% year-over-year, and remaining performance obligations grew 13% to $22.52 billion at fiscal year-end ²⁵. In November 2025, Adobe entered into a definitive agreement to acquire Semrush Holdings, Inc. for approximately $1.9 billion in cash, expected to close in the first half of fiscal 2026 ²⁵.

FY2024: Adobe

Adobe reported record full-year revenue of USD 21,505 million in fiscal 2024, reflecting 11% year-over-year growth driven by gains across the Digital Media and Digital Experience segments ¹⁶ ¹⁷. Subscription revenue reached $20.5 billion, representing 95% of total revenue, with Creative Cloud growing 10% and Document Cloud growing 18% during the year ¹⁷. Full-year net income of USD 5,560 million increased 2% despite a $1 billion Figma acquisition termination fee incurred in Q1 following the mutual termination of the proposed merger ¹⁷. Non-GAAP operating income of USD 8,918 million was higher than the $8.92 billion reported in fiscal 2023, and cash flows from operations of USD 8,056 million increased 10% year-over-year ¹⁶ ¹⁷. Adobe launched generative AI products including Acrobat AI Assistant and Adobe GenStudio for Performance Marketing during the year and exited fiscal 2024 with Remaining Performance Obligations of $19.96 billion, 16% higher year-over-year ¹⁶ ¹⁷.

FY2023: Adobe

Adobe delivered full-year revenue of USD 19,409 million in fiscal 2023, representing 10 percent year-over-year growth or 13 percent in constant currency ⁸. The Digital Media segment grew 11 percent to $14.22 billion and the Digital Experience segment increased 11 percent to $4.89 billion, with subscription revenue accounting for 94 percent of total revenue ⁹. Full-year net income reached USD 5,428 million and non-GAAP diluted earnings per share grew 17 percent year-over-year to 16.07 ⁸. Operating cash flow for the year was USD 7,302 million ⁸. A planned $20 billion acquisition of Figma, pending regulatory approval throughout the year, was mutually terminated in December 2023 with Adobe paying a $1 billion termination fee ⁹.

Glossary

Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
*: derived, the formula is in the hover
≈: calculated, approximation
~: uncertain; the value stays visible, verdicts do not use it
°: repaired by a targeted query against the document, or curated with documentary evidence
EBIT: EBIT as a fallback: the income statement carries no operating line
basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

46 sources on Adobe since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology

46 documents · 2016 to 2026 · SEC EDGAR (USA)

Sources for Adobe stock: 46 original documents, 2016 to 2026. Compiled by NadirAlpha.
#	Document type	Published
#1	10-K annual report	2023-01-17
#2 / #102	8-K-EX99.1 earnings release	2023-03-15
#3	10-Q quarterly report	2023-03-29
#4 / #104	8-K-EX99.1 earnings release	2023-06-15
#5	10-Q quarterly report	2023-06-28
#6 / #106	8-K-EX99.1 earnings release	2023-09-14
#7	10-Q quarterly report	2023-09-27
#8 / #108	8-K-EX99.1 earnings release	2023-12-13
#9	10-K annual report	2024-01-17
#10 / #110	8-K-EX99.1 earnings release	2024-03-14
#11	10-Q quarterly report	2024-03-27
#12 / #112	8-K-EX99.1 earnings release	2024-06-13
#13	10-Q quarterly report	2024-06-26
#14 / #114	8-K-EX99.1 earnings release	2024-09-12
#15	10-Q quarterly report	2024-09-25
#16 / #116	8-K-EX99.1 earnings release	2024-12-11
#17	10-K annual report	2025-01-13
#18 / #118	8-K-EX99.1 earnings release	2025-03-12
#19	10-Q quarterly report	2025-03-26
#20 / #120	8-K-EX99.1 earnings release	2025-06-12
#21	10-Q quarterly report	2025-06-25
#22 / #122	8-K-EX99.1 earnings release	2025-09-11
#23	10-Q quarterly report	2025-09-24
#24 / #124	8-K-EX99.1 earnings release	2025-12-10
#25	10-K annual report	2026-01-15
#26 / #126	8-K-EX99.1 earnings release	2026-03-12
#27	10-Q quarterly report	2026-03-25
#28 / #128	8-K-EX99.1 earnings release	2026-06-11
#29	10-Q quarterly report	2026-06-15
#30 / #130	8-K-EX99.1 earnings release	2026-09-10
#31	10-Q quarterly report	2026-09-22

▸ More rows (+16)

Older sources (+15)

Older sources for Adobe, 15 documents
#	Document type	Published
#202	10-K annual report	2016-03-30
#201	10-Q quarterly report	2016-06-29
#204	10-K annual report	2017-01-20
#206	10-K annual report	2017-01-20
#203	10-Q quarterly report	2017-06-28
#208	10-K annual report	2018-01-22
#205	10-Q quarterly report	2018-06-27
#212	10-K annual report	2019-01-25
#207	10-Q quarterly report	2019-06-26
#209	10-Q quarterly report	2020-03-25
#210	10-Q quarterly report	2020-06-24
#211	10-Q quarterly report	2020-09-23
#213	10-Q quarterly report	2021-03-31
#214	10-Q quarterly report	2021-06-30
#215	10-Q quarterly report	2021-09-29

Adobe Stock FAQ

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Which additional key figures does Adobe report?

As reported for Q3 FY2026 (Jun to Aug 2026): Remaining performance obligations, Remaining Performance Obligations, Total Adobe Annualized Recurring Revenue, Current Remaining Performance Obligations, Creative & Marketing Professionals subscription revenue, Business Professionals & Consumers subscription revenue. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Total Customer Group subscription revenue, Creative & Marketing Professionals subscription revenue, Business Professionals & Consumers subscription revenue, Creative & Marketing Professionals.

Where can I find the official investor relations documents of Adobe?

NadirAlpha links all 46 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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Adobe Stock ADBE

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Terminated or withdrawn

Adobe Risks (93 since the annual report of 2026-01-15, 242 tracked in total)

Adobe Reported KPIs (as disclosed) (462)

Adobe Development

Glossary

Sources: quarterly reports, annual reports and investor relations documents

Adobe Stock FAQ

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