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Adobe Inc. (ADBE) perpetual futures
ADBE perpetual futures on 18 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ADBEUSDT.
Adobe Inc. provides global software solutions across Digital Media, Digital Experience, and Publishing and Advertising, including Creative Cloud and Document Cloud.
$240.79+1.7%NASDAQ open
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TradingView symbol NASDAQ:ADBE
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Trading data
Perpetual market activity
18/19 live markets
Trading data
Perpetual market activity
Venues
18
Live markets
18/19
24h volume
$7MCoverage: 17/18 marketsExchange-reported volume: $8.3M
Open interest
$4.5MCoverage: 15/18 markets
Best liquidity
$998.8K
Ourbit
Tightest spread
+0.4 bps
Bitunix
Highest volume
$3.8M
Deepcoin
Settlement mix
USDT · 16/19
Perp/spot vol.
0.01x
Spot volume $855M
OI / float
0.00%
Float $93.5B
Spot performance
1D+0.40%
5D-0.19%
1M+0.96%
6M+1.05%
YTD-31.84%
1Y-28.50%
Venue matrix
19 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | ADBE/USDT | Trading | $240.79 | 0.0% APR 0.000% every 8h | +2.1 bps | - | $800.3K | $2.6M | USDT | - | |
 KuCoin | Trade | ADBE/USDT | Trading | $240.76 | 0.0% APR 0.000% every 8h | +28.2 bps | $4.3K | $449.9K | $145.2K | USDT | 20x | |
 XT.com | Trade | ADBE/USDT | Trading | $240.64 | 0.0% APR 0.000% every 8h | +20.4 bps | $244.1K | $350.4K | - | USDT | 20x | |
 LBank | Trade | ADBE/USDT | Trading | $240.75 | 0.0% APR 0.000% every 8h | +2.1 bps | $383.1K | $194.1K | $25.9K | USDT | 50x | |
 MEXC | Trade | ADBE/USDT | Trading | $240.81 | 0.0% APR 0.000% every 8h | +7.9 bps | $91.1K | $103.6K | $159K | USDT | 50x | |
 Bitget | Trade | ADBE/USDT | Trading | $240.88 | 0.0% APR 0.000% every 8h | +9.1 bps | $111.5K | $100.3K | $441.8K | USDT | 20x | |
 Bitunix | Trade | ADBE/USDT | Trading | $240.65 | -3.0% APR -0.00270% every 8h | +0.4 bps | $485.1K | $95.8K | $58.8K | USDT | 20x | |
 OKX | Trade | ADBE/USDT | Trading | $240.96 | 0.0% APR 0.000% every 8h | +6.7 bps | $10.5K | $88.8K | $355.3K | USDT | 20x | |
 Gate.io | Trade | ADBE/USDT | Trading | $240.69 | 0.0% APR 0.000% every 8h | +13.7 bps | $54.1K | $81.8K | $154.1K | USDT | 20x | |
 Bybit | Trade | ADBE/USDT | Trading | $241.04 | 0.0% APR 0.000% every 8h | +20.0 bps | $39.7K | $60.7K | $341.7K | USDT | 25x | |
 HTX | Trade | ADBE/USDT | Trading | $240.99 | 0.0% APR 0.000% every 8h | +73.7 bps | $25K | $43.4K | $7.2K | USDT | - | |
 BloFin | Trade | ADBE/USDT | Trading | $240.79 | +2.0% APR +0.00185% every 8h | +4.6 bps | - | $16.2K | $59.5K | USDT | 20x | |
 Aster | Trade | ADBEUSDT | Trading | $240.87 | 0.0% APR 0.000% every 8h | +10.0 bps | $20.8K | $4K | $8.6K | USDT | - | |
 Crypto.com Exchange | Trade | ADBE/USD | Trading | $240.92 | -0.3% APR -0.00003% every 1h | +19.1 bps | $3.8K | $1.4K | $2.2K | USD | 50x | |
 Extended | Trade | ADBE/USD | Trading | $240.74 | +4.4% APR +0.00050% every 1h | +12.9 bps | - | $0 | $8.4K | USD | 10x | |
 Ondo Perps | Trade | ADBE/USD | Watchlist | - | - | - | - | - | - | USDC | 10x | |
 Deepcoin | Trade | ADBE/USDT | Trading | $240.78 | -11.0% APR -0.010% every 8h | +2.1 bps | $71K | $3.8M | - | USDT | 25x | |
 BingX | Trade | ADBE-USDT | Trading | $240.73 | +5.5% APR +0.00500% every 8h | +2.5 bps | $490K | $750.8K | - | USDT | - | |
 Ourbit | Trade | ADBE/USDT | Trading | $240.79 | 0.0% APR 0.000% every 8h | +2.1 bps | $998.8K | $1.3M⚠ | $140.9K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| ADBEonOndo GM | $240.34 | -0.19% | $1.1M | $840k | Ethereum · BNB Smart Chain (BEP20) · Solana |
| ADBEBbStocks | $240.40 | -0.16% | $197k | $968k | BNB Smart Chain (BEP20) |
| ADBEXxStocks | $240.41 | -0.16% | $48k | $540k | Ethereum |
| ADBERobinhood | – | – | – | $15k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 15 of 18 venues absorb $10k · Typical cost: +14.0 bps – +48.7 bps
Cheapest execution: Bitunix · +7.4 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: Extended
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
ADBETightest spread
ADBEHighest volume
ADBEFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-12-09
Revenue est. $6.83B · Updated 3h ago
Dividend
$0.01
2005-03-24
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid240.34
Ask240.42
Volume509,100
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202624.48$26.6B+12%23
FY 202727.57$29.1B+9%24
FY 202830.55$31.2B+7%15
FY 202929.45$30.6B-2%11
FY 203034.84$37.4B+22%6
Q1 20276.78$7.1B+11%18
Source: FMP · Consensus
Company events
62026-12-09EarningsActual - / Estimate 6.33-
2026-09-10Earnings · After market closeActual 6.13 / Estimate 6.08Beat
2026-06-11EarningsActual 5.96 / Estimate 5.82Beat
2026-03-12EarningsActual 6.06 / Estimate 5.87Beat
2025-12-10EarningsActual 5.50 / Estimate 5.40Beat
2025-09-11EarningsActual 5.31 / Estimate 5.18Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualAmericasGeographic$14.1B
EMEAGeographic$6.3B
AsiaGeographic$3.4B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $260.61 |
| 12-month target range (low – high) | $190 – $379 |
| Ratings in the provider's consensus | 64 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 4 | 5 | 24 | 6 | 1 |
| Oct 2026 | 4 | 7 | 24 | 5 | 1 |
| Sep 2026 | 4 | 8 | 23 | 4 | 1 |
| Aug 2026 | 4 | 8 | 23 | 4 | 1 |
| Jul 2026 | 4 | 10 | 25 | 4 | 1 |
| Jun 2026 | 3 | 12 | 25 | 4 | 0 |
| May 2026 | 3 | 13 | 20 | 4 | 0 |
| Apr 2026 | 3 | 14 | 19 | 4 | 0 |
| Mar 2026 | 4 | 17 | 18 | 4 | 0 |
| Feb 2026 | 4 | 17 | 15 | 4 | 0 |
| Jan 2026 | 5 | 20 | 14 | 5 | 0 |
| Dec 2025 | 5 | 21 | 12 | 4 | 0 |
Ownership
Institutional · 2026-Q3Free float99.8%388.5M shares
Shares outstanding389.2M shares
Institutional31.1%1,482 investors
Investor count change-657
Reference market activity
ADBE-PERPDay range (Nov 12)$233.51$240.63
52 week$190.12$362.71
Spot volume3.6M
Average volume-
Price performance
111D+0.4%
5D-0.2%
1M+1.0%
3M-11.8%
6M+1.0%
YTD-31.8%
1Y-28.5%
3Y-59.6%
5Y-63.8%
10Y+132.9%
MAX+112,984.3%
Insider activity
FY2026 Q3Acquisitions38 transactions165,347 shares
Dispositions79 transactions169,688 shares
Purchases0Ratio 0.48
Sales13
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Adobe CMO Balazs Lara converted 2,537 restricted stock units into 2,537 common shares and had 1,257 shares withheld for taxes at $251.67.
Adobe officer Anil Chakravarthy converted 3,023 restricted stock units into 3,023 common shares on 2026-10-15 (M-Exempt). He also had 1,496 shares withheld for taxes at $251.67 (F-InKind).
Adobe officer Gloria Chen exercised options on 3,244 common shares and had 1,225 shares withheld for taxes at $251.67, leaving 51,046 shares owned.
Filings
57 · Latest SEC filings2026-10-194Insider transaction report (Form 4)
Adobe CMO Balazs Lara converted 2,537 restricted stock units into 2,537 common shares and had 1,257 shares withheld for taxes at $251.67.
2026-10-194Insider transaction report (Form 4)
Adobe officer Forusz Jillian converted 1,823 restricted stock units into 1,823 common shares (M-Exempt) and had 901 shares withheld for taxes at $251.67 (F-InKind) across five tranches on 2026-10-15.
2026-10-194Insider transaction report (Form 4)
Adobe officer Anil Chakravarthy converted 3,023 restricted stock units into 3,023 common shares on 2026-10-15 (M-Exempt). He also had 1,496 shares withheld for taxes at $251.67 (F-InKind).
2026-10-194Insider transaction report (Form 4)
Adobe CEO Shantanu Narayen converted 8,300 restricted stock units into 8,300 common shares on Oct 15; 4,113 of those shares were withheld for taxes at $251.67.
2026-10-194Insider transaction report (Form 4)
Adobe officer Day Steven converted 2,100 restricted stock units into 2,100 common shares (5 exemption-code exercises) and had 1,038 shares withheld for taxes at $251.67.
2026-10-194Insider transaction report (Form 4)
Adobe officer Adele Louise Pentland converted 1,308 restricted stock units into 1,308 common shares and had 648 shares withheld for taxes at $251.67.
2026-10-194Insider transaction report (Form 4)
Adobe officer Gloria Chen exercised options on 3,244 common shares and had 1,225 shares withheld for taxes at $251.67, leaving 51,046 shares owned.
2026-09-184Insider transaction report (Form 4)
Adobe CEO Shantanu Narayen sold 125,000 common shares over 12 open-market transactions on Sept 16-17, 2026, at prices from $246.09 to $253.64, leaving him 238,724 shares.
2026-09-174Insider transaction report (Form 4)
Adobe officer Jillian Forusz reported converting 3,085 restricted stock units into 3,085 common shares (M-Exempt), and 1,528 common shares were withheld for taxes at $257.76 (F-InKind).
2026-09-174Insider transaction report (Form 4)
Adobe officer Adele Louise Pentland converted 1,949 restricted stock units into 1,949 common shares, then 966 shares were withheld for taxes at $257.76.
2026-09-174Insider transaction report (Form 4)
Adobe officer Steven Day converted 1,741 restricted stock units into 1,741 common shares and had 862 shares withheld for tax at $257.76. He owned 5,508 shares after.
2026-08-174Insider transaction report (Form 4)
Interim CFO Steven Day converted 58 RSUs into common stock and had 28 shares withheld for taxes.
2026-07-314Insider transaction report (Form 4)
Adobe SVP & CAO Jillian Forusz sold 416 shares of common stock at $264.33 on 2026-07-29, leaving 3,824 shares owned afterward.
2026-07-174Insider transaction report (Form 4)
Adobe CEO Shantanu Narayen converted 8,298 restricted stock units into 8,298 common shares on 2026-07-15, and 4,112 of those shares were withheld at $224.56 each to cover taxes. He reported holding about 360,648 shares afterward.
2026-07-174Insider transaction report (Form 4)
Adobe CMO Balazs Lara was granted 31,662 RSUs, converted 2,538 RSUs into 2,538 common shares, and had 1,257 shares withheld for taxes at $224.56 each.
2026-07-174Insider transaction report (Form 4)
Adobe officer Adele Louise Pentland received an award of 31,662 restricted stock units and converted 1,308 RSUs into 1,308 common shares; 648 shares were withheld for taxes at $224.56.
2026-07-174Insider transaction report (Form 4)
On 2026-07-15, Gloria Chen converted 3,245 RSUs into common shares, with 1,607 shares withheld for taxes at $224.56. She also received an award of 31,662 RSUs.
2026-07-174Insider transaction report (Form 4)
David Wadhwani, President at Adobe, converted 3,024 RSUs into 3,024 common shares, and 1,498 shares were withheld for taxes at $224.56 per share.
2026-07-174Insider transaction report (Form 4)
Adobe SVP & CAO Jillian Forusz was granted 18,093 RSUs, converted 692 RSUs into 692 common shares, and had 276 shares withheld for taxes at $224.56 per share.
2026-07-174Insider transaction report (Form 4)
Anil Chakravarthy converted 3,024 RSUs into 3,024 Adobe common shares; 1,498 shares were then withheld to cover taxes at $224.56 each, leaving 60,751 shares owned afterward.
2026-07-174Insider transaction report (Form 4)
Steven Day, Adobe's Interim CFO, received an award of 22,616 restricted stock units. Separately, 690 RSUs converted into 690 common shares, and 340 shares were withheld to cover taxes at $224.56 each.
2026-06-264Insider transaction report (Form 4)
David A. Ricks, a director, purchased 10,000 shares of Adobe common stock on the open market at $194.513 per share, bringing his ownership to 17,655 shares.
2026-06-173Initial insider ownership statement (Form 3)
Adobe officer Steven Day filed an initial Form 3 on 2026-06-17 reporting holdings only, with 0 shares transacted. He held 4,619 common shares and 10 restricted stock unit tranches totaling 20,250 units, the largest being 6,281.
2026-06-174Insider transaction report (Form 4)
Interim CFO Steven Day converted 546 RSUs into 546 Adobe common shares; 270 shares were then withheld to cover taxes at $206.36 each.
2026-06-164Insider transaction report (Form 4)
Adobe's Chief Legal Officer Adele Pentland converted 7,800 RSUs into 7,800 common shares, then had 3,676 shares withheld to cover taxes at $206.36 per share.
2026-06-164Insider transaction report (Form 4)
Adobe SVP & CAO Jillian Forusz converted 461 RSUs into 461 common shares, then had 158 shares withheld for taxes at $206.36 each.
2026-05-014Insider transaction report (Form 4)
Adobe SVP & CAO Jillian Forusz sold 755 shares of common stock at $246.245 per share, leaving 3,521 shares owned afterward.
2026-04-304Insider transaction report (Form 4)
Adobe Chair and CEO Shantanu Narayen sold 75,000 common shares in three open-market transactions at prices ranging from $243.19 to $244.78, leaving 359,538 shares owned afterward.
2026-04-224Insider transaction report (Form 4)
Adobe EVP & CFO Daniel Durn sold 1,336 shares of common stock at $248.02 on 2026-04-20, leaving 42,833 shares owned afterward.
2026-04-174Insider transaction report (Form 4)
Director Daniel Rosensweig converted 900 RSUs into 900 common shares and received a new award of 1,367 RSUs.
2026-04-174Insider transaction report (Form 4)
Adobe director David A. Ricks converted 900 RSUs into 900 common shares and separately received a new award of 1,367 RSUs as compensation.
2026-04-174Insider transaction report (Form 4)
Frank Calderoni converted 900 RSUs into 900 common shares and received a new award of 1,367 RSUs as compensation. No shares were purchased or sold on the open market.
2026-04-174Insider transaction report (Form 4)
President David Wadhwani converted 3,022 RSUs into 3,022 Adobe common shares; 1,496 shares were then withheld to cover taxes at $244.66 per share.
2026-04-174Insider transaction report (Form 4)
Adele Louise Pentland, Adobe's Chief Legal Officer & EVP, converted 1,308 RSUs into 1,308 common shares, then had 444 shares withheld to cover taxes at $244.66/share.
2026-04-174Insider transaction report (Form 4)
Adobe CEO Shantanu Narayen converted 8,299 RSUs into 8,299 common shares; 4,113 of those shares were withheld to cover taxes at $244.66 each.
2026-04-174Insider transaction report (Form 4)
Jillian Forusz converted 689 RSUs into 689 Adobe common shares, had 236 shares withheld for taxes at $244.66 each, and received a new award of 3,894 RSUs.
2026-04-174Insider transaction report (Form 4)
Adobe EVP Gloria Chen converted 3,243 RSUs into 3,243 common shares; 1,606 of those shares were then withheld to cover taxes at $244.66 each.
2026-04-174Insider transaction report (Form 4)
Director Dheeraj Pandey converted 900 RSUs into 900 common shares, and separately received a new grant of 1,367 RSUs as compensation.
2026-04-174Insider transaction report (Form 4)
Daniel Durn (EVP & CFO) converted 4,558 RSUs into 4,558 Adobe common shares, and 2,384 shares were withheld for taxes at $244.66 per share.
2026-04-174Insider transaction report (Form 4)
Director Spencer Adam Neumann converted 900 RSUs into 900 common shares and was awarded 1,367 new RSUs at Adobe.
2026-04-174Insider transaction report (Form 4)
Director Laura Desmond converted 900 RSUs into 900 common shares, and separately received a new grant of 1,367 RSUs.
2026-04-174Insider transaction report (Form 4)
Director Cristiano R. Amon converted 900 RSUs into 900 common shares, and separately received a grant of 1,367 new RSUs.
2026-04-174Insider transaction report (Form 4)
Director Amy Banse converted 900 RSUs into 900 common shares and received a new award of 1,367 RSUs.
2026-04-174Insider transaction report (Form 4)
Director Melanie Boulden converted 900 RSUs into 900 common shares and was granted 1,367 new RSUs as compensation.
2026-04-174Insider transaction report (Form 4)
Kathleen Oberg converted 900 RSUs into 900 Adobe common shares and was awarded 1,367 new RSUs as compensation. No shares were purchased or sold on the open market.
Transcripts
Earnings callsFY2026 Q22026-06-11
Earnings calls
AI summary
positiveAdobe achieved record Q2 revenue of $6.62B with 11% YoY growth and non-GAAP EPS of $5.96 (+18% YoY), driven by strong subscription bookings conversion. The company is strategically deferring Creative Cloud price increases and accelerating freemium expansion across Acrobat, Express, and Firefly to capture hundreds of millions of new users, accepting near-term ARR pressure for long-term customer acquisition and lifetime value. Adobe raised full-year revenue guidance to $20.5-20.6B and non-GAAP EPS to $24.35-24.45, now including $480M ARR from the SEMrush acquisition.
Key takeaways
- Record Q2 revenue of $6.62B (+11% YoY); non-GAAP EPS $5.96 (+18% YoY); raised full-year guidance reflecting strong first-half performance
- Strategic shift to aggressive freemium acquisition across Acrobat (850M+ MAU), Express (90M+ Creative freemium MAU), and Firefly (ARR grew ~50% QoQ) to capture broader audiences despite near-term ARR headwinds
- Deferring Creative Cloud price optimizations to maintain singular focus on AI creativity opportunity; FY2026 total ARR growth target of 10.2% reflects both SEMrush addition and freemium acceleration
- Enterprise AI strengths: AI-first ARR grew 3x YoY to $500M+; GenStudio ARR grew 25% YoY; AEP and agentic capabilities show 80%+ adoption among enterprise customers
Financial highlights
- Q2 revenue $6.62B, +13% YoY reported / +11% constant currency; GAAP EPS $4.25 (+8% YoY); non-GAAP EPS $5.96 (+18% YoY)
- Total ending ARR $27.1B (+12.5% YoY including ~$480M from SEMrush); RPO $22.27B (+13% YoY or +12% constant currency)
- BP&C subscription revenue $1.85B (+15% constant currency); C&P subscription revenue $4.54B (+11% constant currency)
- Operating cash flow $2.17B in Q2; ending cash and short-term investments $5.63B; $27B remaining in share repurchase authorization
Guidance
- FY2026 total revenue $20.5-20.6B; GAAP EPS $17.9-18.0; non-GAAP EPS $24.35-24.45; total ARR growth 10.2% YoY
- Q3 FY2026 revenue $6.67-6.72B; GAAP EPS $4.4-4.45; non-GAAP EPS $6.05-6.10
- Assumes ~45% non-GAAP operating margin (FY) and ~44% (Q3); ~22.5% GAAP tax rate and ~18% non-GAAP tax rate
- Creative Cloud price line optimizations deferred to H2; expecting Q3 traffic pattern changes with more enterprise strength weighted to Q4
Q&A themes
- Freemium acceleration timing driven by product success signals: 40% traffic growth YoY, high MAU engagement, and early Firefly ARR growth (50% QoQ) indicate now is time to aggressively capture market
- Long-term monetization confidence supported by Acrobat Reader model precedent; freemium users convert at higher lifetime value than direct-to-paid; AI agent monetization through credit consumption model mirrors existing playbook
- Partnership strategy balances co-opetition: Adobe embedding creative agents in ChatGPT, Claude, Copilot, and Gemini while maintaining cloud relationships with Microsoft, Google, Amazon; focus on creativity differentiation vs. competitor coding focus
- M&A appetite remains despite freemium pivot: $25B repurchase authorization shows confidence; pursuing tuck-in technology acquisitions as companies lack sustainable monetization; SEMrush integration unlocks brand visibility solution combining search intelligence with AEM
Risks
- Strategic pivot creates material near-term ARR headwinds; ~$500M ARR impact from freemium acceleration and deferred Creative Cloud optimizations; payback period and conversion economics dependent on execution of freemium funnels and product engagement retention
- CEO transition underway while CFO transition in progress (interim CFO Steven Day appointed); leadership continuity risk during market transformation period, though management emphasized seasoned finance team
- Competitive AI landscape: major tech companies (Google, Microsoft, OpenAI) developing competing creative/productivity tools; reliance on third-party LLM models and cloud infrastructure exposes Adobe to pricing/capability changes from partners
FY2026 Q12026-03-12
Earnings calls
AI summary
positiveAdobe achieved $6.4B in Q1 revenue with 11% constant currency growth, non-GAAP EPS of $6.06 (+19% YoY), and reaffirmed FY26 targets despite near-term ARR dampening from freemium user acquisition. AI-first applications tripled year-over-year with Firefly ending ARR exceeding $250M, while enterprise solutions (AEP, GenStudio) grew over 30%. CEO Shantanu Narayen announced his transition, with successor search expected to take several months.
Key takeaways
- Creative freemium MAU reached 80M (+50% YoY); total Adobe MAU surpassed 850M with 17% YoY growth, establishing foundation for future monetization
- AI-first product ARR tripled YoY; Firefly ending ARR exceeded $250M; generative credit consumption grew 45% QoQ with video generation up 8x and audio doubling YoY
- Enterprise momentum strong: GenStudio and AEP apps ending ARR each grew over 30% YoY; customers with ARR over $10M grew greater than 20% YoY
- Traditional stock business declined by approximately $450M (faster than expected), offset by AI offerings growth and higher-value modalities in creative workflows
- CEO transition announced: Shantanu Narayen to remain as CEO during successor search expected to span several months; Board seeking product-focused leader to capitalize on AI opportunity
Financial highlights
- Q1 revenue $6.40B, +12% reported / +11% constant currency; GAAP EPS $4.60 (+11% YoY), non-GAAP EPS $6.06 (+19% YoY)
- Total Adobe ending ARR $26.06B (+10.9% YoY); RPO $22.22B (+13% YoY / +12% constant currency); cRPO +12% reported / +11% constant currency
- Business Professionals & Consumers subscription revenue $1.78B (+16% reported / +15% constant currency); Creative & Marketing Professionals subscription revenue $4.39B (+12% reported / +11% constant currency)
- Q1 operating cash flow $2.96B (Q1 record); GAAP operating margin 37.8%, non-GAAP operating margin 47.4%; repurchased 8.1M shares; $3.89B remaining in $25B authorization
Guidance
- Q2 FY2026 total Adobe revenue guidance $6.43B-$6.48B; Business Professionals & Consumers subscription $1.80B-$1.82B; Creative & Marketing Professionals subscription $4.41B-$4.44B
- Q2 GAAP EPS guidance $4.35-$4.40; non-GAAP EPS guidance $5.80-$5.85; non-GAAP operating margin ~44.5%; non-GAAP tax rate ~18%
- FY26 targets reaffirmed including total Adobe ARR growth of 10.2% (implying double-digit ending ARR growth for remaining 3 quarters)
- Semrush acquisition expected to close Q2 subject to regulatory approvals; contribution not included in guidance
Q&A themes
- ARR dampening from freemium strategy is intentional phase-shift, not decline: MAU growth and credit consumption are leading indicators for future monetization; historical Acrobat freemium model demonstrates long-term value creation
- CEO successor search criteria: Board seeking product-focused leader with growth agenda, deep understanding of AI opportunity in creativity and marketing, and ability to lead massively scaled business
- Partnership strategy with AI models and ad platforms (Google, Amazon, Meta, OpenAI, Anthropic) is additive and non-exclusive; Adobe provides customer access and workflow integration for complementary relationships
- Token/credit usage metrics track AI efficiency and value; company maintains spending discipline on newer initiatives (Firefly, Express) while maintaining 47%+ operating margins through data-driven ROI measurement
Risks
- Traditional stock business declined faster than anticipated (approximately $450M), creating near-term ARR headwind that must be offset by freemium monetization and AI credit consumption
- CEO transition introduces leadership uncertainty during critical AI transformation period; succession process expected to span several months
- Freemium strategy intentionally dampens near-term ARR growth; monetization confidence relies on historical Acrobat model performance but newer products (Firefly, Express) represent unproven revenue streams at scale
FY2025 Q42025-12-10
Earnings calls
AI summary
positiveAdobe achieved record FY2025 revenue of $23.77 billion (11% YoY growth) and non-GAAP EPS of $20.94, driven by significant adoption of AI-influenced and AI-first products. Total Adobe ending ARR reached $25.66 billion with 11.5% growth, exceeding targets. For FY2026, Adobe targets total revenue of $25.9-$26.1 billion and total Adobe ARR growth of 10.2%, representing approximately $2.6 billion in net new ARR, the highest beginning-of-year guide.
Key takeaways
- FY2025 record revenue of $23.77 billion (11% YoY) and non-GAAP EPS of $20.94 (35% YoY growth), with total Adobe ARR of $25.66 billion (11.5% growth)
- Generative credit consumption increased 3x quarter-over-quarter across Creative Cloud, Firefly, and Express, indicating strong monetization momentum
- Over 75% of digital media net new ARR driven by subscriptions, cross-sell, and upsell; mobile ARR grew greater than 30% YoY; total customers with $10M+ ARR grew 25% YoY to over 150
- Digital media MAU surpassed 750 million (20% YoY growth); creative freemium MAU grew over 35% YoY to 70 million; Acrobat and Reader usage of AI features grew over 4x YoY
- Announced intent to acquire SEMRush for approximately $1.9 billion to strengthen brand visibility and LLM search capabilities; expected close in 2026
Financial highlights
- FY2025: Record revenue $23.77B (+11% YoY), non-GAAP EPS $20.94 (+35% YoY), operating cash flow $10.03B, record RPO $22.52B (+13% YoY)
- Digital Media FY2025: Revenue $17.65B (+11% YoY), ending ARR $19.2B (+11.5% YoY), Q4 revenue $4.62B, record net new ARR
- Digital Experience FY2025: Revenue $5.86B (+9% YoY), subscription revenue $5.41B (+11% YoY); AEP and apps ending ARR grew over 30% YoY; GenStudio solution ending ARR grew over 25% YoY
- Q4 FY2025: Total revenue $6.19B (+10% YoY), non-GAAP EPS $5.5 (+17% YoY), operating cash flow record $3.16B, added $2.08B to RPO
Guidance
- FY2026: Total revenue $25.9-$26.1B, total Adobe ARR growth 10.2% YoY (representing approximately $2.6B net new ARR), non-GAAP EPS $23.3-$23.5
- FY2026: Business professionals and consumers subscription revenue $7.35-$7.4B; Creative and marketing professionals subscription revenue $17.75-$17.9B; Non-GAAP operating margin approximately 45%
- Q1 FY2026: Total revenue $6.25-$6.3B, non-GAAP EPS $5.85-$5.9, non-GAAP operating margin approximately 47%
- SEMRush acquisition expected to be negligible EPS impact year one post-close and accretive thereafter; targets exclude SEMRush contribution
Q&A themes
- Firefly Foundry showing strong customer interest with media and entertainment companies training on franchises; example customer increasing ARR engagement by approximately $7M through Firefly services and Foundry combined
- GenStudio content supply chain solving for 10-20% of marketing budgets spent on content creation/production; helping reduce costs while creating more agile content for digital channels
- SEMRush acquisition enables unified solution for brand visibility across own media, earned media through LLMs, and search engines; addressess marketers' top-of-mind needs for brand positioning in LLMs
- Generative credit consumption driven by four multipliers: number of apps with capabilities, number of media types supported, number of use cases integrated, and number of models available; video consumption seeing particularly strong inflection
Risks
- FY2026 ARR growth guidance of 10.2% represents deceleration from FY2025's 11.5% growth, though absolute net new ARR of $2.6B is highest beginning-of-year guide
- SEMRush acquisition subject to regulatory approvals and customary closing conditions; transaction targeted for 2026 close with uncertainty on timing
- Competition in AI model space and creative software markets; company's ability to maintain pricing power and seat growth amid competitive dynamics not fully clarified
FY2025 Q32025-09-11
Earnings calls
AI summary
positiveAdobe exceeded Q3 targets with record revenue and raised full-year guidance, demonstrating strong monetization of AI-infused and AI-first products across all customer segments. AI-influenced ARR surpassed $5 billion, with new AI-first products already achieving the end-of-year $250 million+ ARR target one quarter early. The company is seeing broad-based strength across Creative Cloud Pro, Firefly, Acrobat AI Assistant, and GenStudio solutions.
Key takeaways
- Q3 record revenue of $5.99B (+10% YoY constant currency); non-GAAP EPS of $5.31 (+14% YoY)
- AI-influenced ARR exceeded $5B; AI-first product ARR surpassed $250M target ahead of schedule
- Digital Media ARR grew 11.7% YoY to $18.59B; Digital Experience subscription revenue grew 11% YoY
- Strong adoption metrics: Firefly App MAU +30% QoQ, Acrobat AI Assistant units +40% QoQ, Express business additions +4x YoY
- GenStudio solution (Workfront, Frame, AEM Assets, Firefly Services, GenStudio for performance marketing) exceeded $1B ARR growing 25% YoY
Financial highlights
- Q3 revenue: $5.99B (+10% YoY constant currency); GAAP EPS $4.18, non-GAAP EPS $5.31 (+14% YoY)
- Digital Media revenue: $4.46B (+11% constant currency); Digital Experience revenue: $1.48B (+9% constant currency)
- Cash flow from operations: $2.20B (Q3 record); Remaining performance obligations: $20.44B (+13% YoY or +12% constant currency)
- AI-influenced ARR: $5B+; AI-first products ARR already exceeded full-year target of $250M+
Guidance
- Q4 FY2025 total revenue: $6.075B-$6.125B; Digital Media revenue: $4.53B-$4.56B; Digital Experience revenue: $1.495B-$1.515B
- Q4 non-GAAP EPS: $5.35-$5.40; GAAP EPS: $4.27-$4.32; non-GAAP operating margin ~45.5%
- FY2025 total revenue raised to $23.65B-$23.70B (from prior guidance); Digital Media ending ARR growth target raised to 11.3% YoY
- FY2025 non-GAAP EPS raised to $20.80-$20.85; GAAP EPS raised to $16.53-$16.58
Q&A themes
- AI model integration strategy: Adobe differentiates through integrating third-party models (Google Gemini/Nano Banana, OpenAI, Flux, Runway, etc.) into Creative Cloud applications alongside Firefly, providing choice and workflow integration that competitors cannot easily replicate
- Advertising platform competition: Larger enterprises use Adobe for multi-channel campaign creation, attribution and analytics rather than single-channel creation; SMBs may use platform-native tools but enterprise value proposition remains strong
- LLM optimization opportunity: LLM traffic grew 4,700% YoY; Adobe LLM Optimizer helps brands optimize visibility in generative search; already being piloted internally at adobe.com with plans for general availability later in Q4
- AI adoption impact on seats vs. consumption: Both seat expansion and consumption/automation growing in enterprises; Creative Cloud Pro migration strong; Firefly Services consumption grew 32% QoQ; retention improving with increased AI usage
Risks
- Competitive intensity from advertising platforms (Google, Meta) integrating generative AI directly into ad platforms; risk to SMB customer segment, though enterprise stickiness appears strong
- Intellectual property and commercial safety concerns around AI model usage; Adobe emphasizes commercially safe models but IP litigation risks remain in AI space
- Guidance assumes current macroeconomic conditions; macroeconomic uncertainty could impact customer adoption and spending, particularly in mid-market and SMB segments
FY2025 Q22025-06-12
Earnings calls
FY2025 Q12025-03-12
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Disney, Adobe to co-develop custom AI models tailored for media giant
- Adobe Expects Record U.S. Holiday Online Shopping This Year
- US holiday online sales to grow 6.7% as discounts attract shoppers, Adobe Analytics forecasts
- Adobe Hits 1 Billion Monthly Active Users, Raises Full-Year Outlook
- Adobe beats third-quarter revenue estimates
- Adobe Names Anil Chakravarthy as Chief Executive Amid AI Transformation
- Adobe to offer free access to AI tools in Saudi Arabia in $4 billion deal
Company data
Company intelligence
Updated: Nov 13, 2026, 02:14 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Shantanu Narayen
- Employees
- 31,360
- IPO date
- Aug 13, 1986
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei7.31
Piotroski scorei7/9
Overall ratingiA-
Owner earningsi$2.53B$6.40 per share
ESG risk ratingiB+Industry rank: 21/321
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 2/5
- Price to earningsi
- 3/5
- Price to booki
- 1/5
Company press releases
CORRECTING and REPLACING Adobe: U.S. Holiday Shopping Season to Hit Record $275.1 Billion Online, Rising 6.7% YoYBusiness WireAdobe and NVIDIA Expand Collaboration to Speed Agentic CreationBusiness WireAdobe and the National Hockey League Partner to Deliver AI-Powered Fan Experiences GloballyBusiness WireAdobe: U.S. Holiday Shopping Season to Hit Record $275.1 Billion Online, Rising 6.7% YoYBusiness WireMaster your Classes and Prep for What's Next with Student Spaces in AcrobatGlobeNewsWireAdobe Reports Record Q3 ResultsBusiness Wire
Congressional disclosures
Senate
Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 21, 2026John BoozmanSale (Full) · $1,001 - $15,000Disclosed: Mar 6, 2026John BoozmanSale · $1,001 - $15,000Disclosed: Mar 6, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Mar 2, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Feb 4, 2026
House
Market cap history
$94.22B-11.8%Aug 2026 – Nov 2026
Latest: $94.22B · 2026-11-12High: $115.65B · 2026-08-31Low: $91.25B · 2026-09-28
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.13% | 12.6M |
| VOO | 0.14% | 10.4M |
| QQQ | 0.41% | 8.3M |
| FXAIX | 0.18% | 6.5M |
| IVV | 0.14% | 5.3M |
| XUU.TO | 0.13% | 5.3M |
| SPY | 0.14% | 4.9M |
| VSCA.S | 0.13% | 3.8M |
| VTV | 0.36% | 3.8M |
| VPMAX | 0.73% | 3.4M |
| VCPA.S | 0.07% | 3.1M |
| XLK | 0.56% | 2.9M |
Analyst track record
How the analysts covering ADBE have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 182 | 649 |
| Analysts | 44 | 55 |
| Buy / hold / sell | 71 / 89 / 22 | 436 / 176 / 37 |
| Upgrades / downgrades / initiations | 1 / 19 / 3 | 7 / 27 / 7 |
| Price targets hit / missed | 28 / 136 (17%) | 28 / 568 (5%) |
| Avg. return after a rating (TipRanks) | -20.9% | -47.7% |
| Best / worst call | +27.2% / -63.9% | +27.2% / -67.3% |
After buy calls on this stock: median 21-day move -4.3% vs S&P 500 -3.5% (n = 483)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Brian SchwartzOppenheimer13% hit rate on this stock · 16 targets measuredHoldno targetJun 12, 2026
- Keith BachmanBMO Capital11% hit rate on this stock · 18 targets measuredHoldtarget $270Sep 10, 2026
- Matthew SwansonRBC Capital8% hit rate on this stock · 25 targets measuredBuytarget $315Nov 10, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Michael TurrinWells FargoNov 11, 2026 | SellMaintained | $225↗ | article ↗ |
| Nov 11, 2026 | Tyler RadkeCitiNov 11, 2026 | SellMaintained | –↗ | article ↗ |
| Nov 11, 2026 | Tal LianiBank of America SecuritiesNov 11, 2026 | SellReiterated | $220 | |
| Nov 11, 2026 | Billy FitzsimmonsPiper SandlerNov 11, 2026 | HoldMaintained | $250↗ | article ↗ |
| Nov 11, 2026 | J. Parker LaneStifel NicolausNov 11, 2026 | HoldMaintained | $225↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 182 ratings
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