AdobeADBE

01Total Adobe ARR grew to $27.10 billion at the end of the second quarter of fiscal 2026, representing 12.5% growth Creative & Marketing Professionals customer group subscription revenue was $4.54 billion in the second quarter of fiscal 2026, up from $4.02 billion in the second quarter of fiscal 2025, representing 13% growth Business Professionals & Consumers customer group subscription revenue was $1.85 billion in the second quarter of fiscal 2026, up from $1.60 billion in the second quarter of fiscal 2025, representing 16% growth We primarily recognize subscription revenue ratably over the term of agreements with our customers, beginning with commencement of service

02Our solutions targeted toward the Creative & Marketing Professionals customer group consist of our customer experience orchestration offerings as well as Creative Cloud flagship apps such as Photoshop, Lightroom, Illustrator and Premiere Adobe's integrated solutions, such as GenStudio and Firefly Services, bridge the gap between content creation and marketing execution, enabling seamless collaboration and efficiency across the entire content lifecycle spanning content ideation, creation, production and activation For marketing professionals, we unify creative production and marketing execution with content supply chain solutions that deliver end-to-end customer experience orchestration solutions Adobe Experience Platform is a customer data platform that serves as a foundation in enterprises for digital customer engagement by unifying our comprehensive set of AI-powered apps and agents

03We are harnessing the power of AI across our solutions by bringing together our commercially safe first-party and leading partner AI models best suited for the job We offer an end-to-end, ideation-to-creation platform powered by our commercially safe Adobe Firefly models and an expansive partner model ecosystem, offering customers choice and flexibility Our AI platform offers customers brand safety, compliance, intellectual property protection, and reliability Increases in subscription revenue for the Creative & Marketing Professionals customer group were driven by strength in Creative Cloud Pro and other flagship apps

04Adobe converts subscription cash flows into aggressive share count reduction at a pace (~$9B annualized vs. ~$10B operating cash flow run-rate) that compounds per-share value for remaining holders. The $50B cumulative authorization signals management confidence that excess cash generation will persist, making the buyback a durable return lever rather than a one-time event.