Adobe
Subscription software for creative production, document workflows, and enterprise marketing.
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Profile
Sells Creative Cloud and Firefly tools, Acrobat and Express document-productivity software, and enterprise marketing platforms spanning content, data, campaigns, commerce, and brand visibility. Recurring subscriptions generate nearly all revenue, and the portfolio is managed as one reportable segment.
Builds creative, document, and marketing software for individuals, teams, and enterprises. Creative Cloud combines Photoshop, Illustrator, Premiere Pro, and other production tools, with Firefly models integrated across workflows. Acrobat and Express cover PDF productivity, e-signatures, collaboration, and streamlined content creation. Experience Platform, Experience Manager, Commerce, Journey Optimizer, Marketo Engage, GenStudio, Workfront, and Semrush support customer data, content operations, campaign execution, commerce, and brand visibility.
Connects creation, document workflows, and marketing activation across desktop, web, mobile, and enterprise systems, while selling largely through recurring subscriptions. The portfolio is managed as one reportable segment following a recent reporting change. Sales span the Americas, EMEA, and Asia-Pacific, with the Americas largest; cloud delivery depends on company-operated infrastructure and third-party hosting, content-delivery, AI, and platform providers.
Company facts
Categories
Key statistics
Year to date −12.5% · Average volume (30d) 4.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | Morgan Stanley | Downgrade | Overweight | Underweight | $425 | $240 |
| Jul 21, 2026 | UBS | Downgrade | Buy | Equal-Weight | ||
| Jul 20, 2026 | CLSA | Initiate | Outperform | $300 | ||
| Jul 2, 2026 | Goldman Sachs | Downgrade | Sell | Neutral | ||
| Jul 2, 2026 | TD Securities | Upgrade | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 11, 2026Q2 FY26 | $5.82 | $5.96 | +2.4% | $6.45B | $6.62B | +2.5% | −6.76% |
| Mar 12, 2026Q1 FY26 | $5.87 | $6.06 | +3.2% | $6.28B | $6.40B | +1.9% | −7.58% |
| Jan 15, 2026Q4 FY25 | $5.40 | $4.45 | −17.6% | $6.11B | $6.19B | +1.4% | −2.62% |
| Dec 10, 2025Q4 FY25 | $5.40 | $5.50 | +1.9% | $6.11B | $6.19B | +1.4% | +2.13% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.71B | $5.87B | $5.99B | $6.19B | $6.40B | $6.62B | |
| Gross profit | $5.09B | $5.24B | $5.35B | $5.51B | $5.70B | $5.90B | |
| Operating income | $2.16B | $2.11B | $2.17B | $2.26B | $2.42B | $2.24B | |
| Net income | $1.81B | $1.69B | $1.77B | $1.86B | $1.89B | $1.71B | |
| Diluted EPS | $4.13 | $3.95 | $4.18 | $4.45 | $4.60 | $4.25 | |
| Gross margin | 89.1% | 89.1% | 89.3% | 88.9% | 89.1% | 89.2% | |
| Operating margin | 37.9% | 35.9% | 36.3% | 36.5% | 37.8% | 33.8% |
Fiscal years (4-quarter sums)FY21 $15.79B · FY22 $17.61B · FY23 $19.41B · FY24 $21.51B · FY25 $23.77B
Revenue by product · Q4 FY25
Revenue by geography · Q2 FY26
Balance sheet, May 29, 2026Cash & short-term investments $5.63B · Total debt $7.07B · Total assets $29.93B · Shareholders' equity $11.52B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 397.50M · Float 396.23M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 41.16M | 10.35% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 26.41M | 6.64% | 13F | Aug 13, 2026 |
| State Street Corp | 20.52M | 5.16% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 14.65M | 3.69% | 13F | Aug 14, 2026 |
| Geode Capital Management, LLC | 11.62M | 2.92% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 29, 2026 | Jillian Forusz | officer: SVP & CAO | −416 | $264.33 |
| Jun 25, 2026 | David A. Ricks | director | +10,000 | $194.51 |
| Apr 30, 2026 | Jillian Forusz | officer: SVP & CAO | −755 | $246.25 |
| Apr 28, 2026 | Shantanu Narayen | director, officer: Chair and CEO | −75,000 | $243.54 |
| Apr 20, 2026 | Daniel Durn | officer: EVP & CFO | −1,336 | $248.02 |
Peers
- Microsoft
Broad-front rival: creative AI, document workflows, and enterprise marketing.
- Salesforce
Head-to-head in enterprise marketing automation, CDP, and digital commerce.
- Figma
Collaborative design rival; IPO'd NYSE July 2025 after Adobe's failed $20B bid.
- Docusign
The #1 e-signature incumbent competing directly with Acrobat Sign.
- Oracle
Enterprise CX rival via Eloqua (B2B) and Responsys (B2C) marketing clouds.
- SAP (ADR)
Enterprise marketing rival via SAP Engagement Cloud and Commerce Cloud.
- Shopify
Dominant commerce platform rival eroding Adobe Commerce (Magento) market share.
- Autodesk
Overlaps in 3D design, motion graphics, and creative professional tools.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Adobe | $291.46 | −0.04% | $115.88B | 16.7 | 11.3 | 4.6 | +12.7% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| Figma | $28.82 | +0.06% | $14.05B | — | 104.4 | 11.0 | +62.2% |
| Docusign | $64.08 | +0.11% | $12.22B | 41.6 | 13.8 | 3.7 | +8.7% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Shopify | $152.40 | −0.33% | $198.41B | 102.6 | 72.8 | 15.0 | +32.0% |
| Autodesk | $260.19 | −0.22% | $55.04B | 33.8 | 19.7 | 7.1 | +16.1% |
| Median | 28.6 | 21.8 | 6.8 | +16.9% |