Investor Research

ADBE · US

ADBE.US: FY26 Q3 $6.76B — $27.5B ARR & Dec CEO handoff

Adobe Q3 FY26 revenue $6.76B (+13%), ending ARR $27.50B, GAAP EPS $4.62 / non-GAAP $6.13, OCF $2.52B. FY revenue $26.576–26.626B. Anil Chakravarthy becomes president & CEO on 2026-12-01; Narayen to executive chair.

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Snapshot

Price (approx.)
USD 355
Mkt cap (approx.)
USD 141.0B
Revenue (approx.)
USD 27.0B
Ending ARR (Q3)
USD 27.5B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Adobe FY26 Q3 revenue $6.76B (+13% / +12% cc), ending ARR $27.50B, GAAP EPS $4.62 / non-GAAP $6.13, OCF $2.52B. FY revenue raised to $26.576–26.626B, ending ARR +10.2%. Anil Chakravarthy becomes president & CEO on 2026-12-01; Shantanu Narayen moves to executive chair; Steve Day is interim CFO. Subscription fortress in a CEO transition; tape is AI-first ARR vs freemium.

Business

Model: Creative/Document/Experience subscriptions. Flagships: CC Pro; Acrobat; Experience/GenStudio; Firefly. Edge: pro-workflow lock-in. Strategy: AI-first ARR (>$500M) + freemium. Entity: Adobe Inc.; Figma deal failed — do not model it.

Value chain

Downstream creative productivity. Upstream: cloud/GPU inference; downstream: creators and enterprise marketers. Moderate concentration. Risks: gen-AI peers, freemium ARPU dilution.

Valuation

Price context ~$355 / mkt ~$141B. Multiple already compressed vs theme peak; market prices ~10% ARR and buybacks.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 355ADBE · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Adobe Q2/Q3 FY26 IR prints only; earlier quarters omitted — no interpolation. · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

High-FCF software; large ongoing buybacks. Strong OCF. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评高 FCF 软件Q3 OCF $2.52B；持续大额回购
经营现金流$2.52B（Q3）来源 Adobe 2026-09-10 Business Wire
有息债 vs 现金见 10-Q本 PR 未列净债；强调回购 950 万股
流动性充裕RPO $22.16B；cRPO 67%
审计意见以最新 10-K 为准本 PR 未重述
As of 2026-09-25

Operations

Subscription $6.39B (+14%); Creative & Marketing $4.54B. GAAP EPS $4.25 (incl. $0.17 goodwill impairment).

Key financial points

Key financial points
ItemValueYoYNote
Q3 营收$6.76B+13%截至 2026-08-28；cc +12%
Ending ARR$27.50B—AI-first ARR +150% YoY
订阅$6.56B+14%B&C $1.91B / C&M $4.65B
GAAP / nGAAP EPS$4.62 / $6.13—NI $1.83B / $2.42B
OCF$2.52BQ3 纪录回购约 950 万股
FY 指引$26.576–26.626B上修ARR +10.2%；Q4 $6.80–6.85B
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Adobe (self)Creative+DX~88% GMFranchiseAI competition
MicrosoftDesign+OfficeBundleDistributionCreative depth
FigmaCollab designHighProduct velocityScale
Canva (priv)Prosumern/aEase of usePrivate
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长 / CEO（至 11/30）Shantanu Narayen长期2026-12-01 改为执行董事长
总裁兼 CEO（自 12/01）Anil Chakravarthy2026-12-01CX 与全球销售总裁接任
CFOSteve Day（临时）2026新闻稿职衔：SVP and interim CFO
As of 2026-09-25

Stability: Shantanu Narayen long-tenured Chair/CEO; no material 24m change.

Outlook

Track H2 ARR, Firefly freemium, Semrush integration, buybacks.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
需求/指引不及预期 高 生成式竞争、免费化伤 ARPU、企业 IT 预算、估值、并购整合。
竞争加剧 中 同业扩产或降价挤压份额与毛利
供应链约束 中 关键零部件或产能瓶颈
估值与流动性 中 主题退潮或解禁带来回撤
政策与合规 低 出口管制、监管或审计关注

Tracking list

Verify on next earnings:

  1. FY26 $26.50–26.60B revenue and +10.2% ending ARR
  2. Firefly ARR ~$300M vs freemium drag on H2 ARR
  3. Semrush contribution and GenStudio / AEP growth
  4. Buyback pace vs multiple compression
  5. Creative Cloud share vs generative competitors

References

  1. Adobe Q2 FY2026 results — https://www.adobe.com/investor-relations.html
  2. SEC EDGAR ADBE — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000796343
  3. Creative Cloud / Firefly product updates

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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