AdobeADBE

10-Q · 22 sep 2026 · for the period to 28 aug 2026

accession 0000796343-26-000156

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Total Adobe ARR grew to $27.10 billion at the end of the second quarter of fiscal 2026, representing 12.5% growthCreative & 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% growthBusiness 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% growthWe primarily recognize subscription revenue ratably over the term of agreements with our customers, beginning with commencement of service

service annuitygets paid again without selling again

holdsread 25 aug 2026

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 PremiereAdobe'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 activationFor marketing professionals, we unify creative production and marketing execution with content supply chain solutions that deliver end-to-end customer experience orchestration solutionsAdobe 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

switching costsis wired into how the customer already works

holdsread 25 aug 2026

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 jobWe 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 flexibilityOur AI platform offers customers brand safety, compliance, intellectual property protection, and reliabilityIncreases in subscription revenue for the Creative & Marketing Professionals customer group were driven by strength in Creative Cloud Pro and other flagship apps

data moatis wired into how the customer already works

holdsread 25 aug 2026

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.

capital disciplinea reason to hold, not a barrier

holdsread 25 aug 2026

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