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Company research22 May 2025
Figma: Collaborative Design, Growth, and the Road After IPO
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Adobe
Adobe (ADBE) investor relations material
Adobe Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Sep, 2026
Executive summary
Achieved record Q3 FY26 revenue of $6.76 billion, up 13% year-over-year (12% in constant currency), driven by strong demand for subscription-based and AI-powered solutions.
GAAP EPS was $4.62 (up 11% YoY); non-GAAP EPS was $6.13 (up 15% YoY); net income reached $1.83 billion, up 3% YoY.
Announced CEO transition: Anil Chakravarthy to become CEO effective December 1, with Shantanu Narayen moving to Executive Chair.
AI and agentic software are central to growth, with AI-first ARR exceeding $650 million, up 150% YoY, and over 1 billion monthly active users.
Integrated all former business segments into a single operating segment to reflect unified selling and product innovation.
Financial highlights
Total ending ARR reached $27.5 billion, up 11.2% YoY.
Subscription revenue totaled $6.56 billion, up 14% YoY (13% in constant currency), representing 97% of total revenue.
RPO was $22.16 billion, up 8% YoY; CRPO up 9% YoY.
Cash flow from operations hit a Q3 record of $2.52 billion; cash and short-term investments at $5.64 billion.
Repurchased 9.5 million shares; $24.55 billion remains under April 2026 authorization.
Outlook and guidance
Q4 FY26 revenue targeted at $6.8–$6.85 billion; GAAP EPS $4.65–$4.70; non-GAAP EPS $6.30–$6.35.
FY26 revenue guidance raised to $26.576–$26.626 billion; GAAP EPS $18.12–$18.17; non-GAAP EPS $24.45–$24.50.
FY26 ending ARR growth expected at 10.2% YoY; non-GAAP operating margin expected at ~45%.
Management expects continued growth driven by AI-powered solutions and expansion across customer groups.
Macroeconomic uncertainties, including inflation, interest rates, and geopolitical risks, may impact future results.
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Latest events from Adobe
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- Management proposals passed; shareholder proposals on pay, diversity, digital rights, and climate risk failed.ADBEAGM 2026
- Q1 revenue up 12% to $6.40B, with strong AI-driven growth and robust cash flow.ADBEQ1 2026
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- AI-powered innovation and robust financials drive rapid growth and a $30B+ revenue target.ADBEAdobe Summit 2025
Next Adobe earnings date
Q4 20269 Dec, 2026
Adobe
Next Adobe earnings date
Q4 20269 Dec, 2026
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Frequently asked questions
From printing software to creative powerhouse
Adobe operates a software-as-a-service (SaaS) model, providing a range of software products and services to both businesses and individuals. The company's flagship products include Adobe Creative Cloud, which encompasses tools like Photoshop, Illustrator, and InDesign for content creation, and Adobe Experience Cloud, offering solutions for digital marketing, analytics, and customer experience management. Adobe primarily generates revenue through subscriptions, licensing, and services related to its software offerings.
Creative dominance
Adobe is widely recognized for its creative software suite, Creative Cloud, which has become the industry standard in fields like graphic design, photography, video editing, and digital art. Its tools are trusted and widely used by professionals worldwide. Adobe has built a comprehensive ecosystem that connects its various software solutions, which allows users to seamlessly move between different tools, facilitating efficient workflows and enhancing productivity.
Opportunities and challenges
The ongoing digital transformation presents opportunities for Adobe to further expand its digital media and marketing solutions. As more businesses prioritize digital experiences, there is potential for Adobe to leverage its expertise and offer comprehensive solutions for content creation, management, and personalized customer experiences.
As concerns over data privacy and security grow, Adobe faces the challenge of ensuring robust data protection measures. The company must navigate evolving regulations and invest in maintaining customer trust by safeguarding sensitive data.
Notable M&A activity
Adobe has engaged in strategic acquisitions several times to expand its capabilities and product offerings. Notable acquisitions include:
Magento: In 2018, Adobe acquired Magento, an e-commerce platform. This acquisition allowed Adobe to provide end-to-end solutions for digital commerce, integrating e-commerce capabilities with its existing digital experience offerings.
Allegorithmic: Adobe acquired Allegorithmic in 2019, a company specializing in 3D texturing and material creation tools. This acquisition added capabilities to Adobe's Creative Cloud suite, particularly benefiting professionals in the gaming, entertainment, and design industries.
Figma: Adobe acquired Figma in 2022, a cloud-based design and prototyping tool that revolutionizes the way professionals collaborate on user interface (UI) and user experience (UX) design. Its acquisition by Adobe would enhance the capabilities of Adobe's Creative Cloud suite, specifically targeting professionals in the gaming, entertainment, and design industries.
Three listed peers to Adobe are: Microsoft, Salesforce, and Autodesk.