Published
{
"ticker": "ADBE",
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"company": "Adobe Inc.",
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"schema_template": "standard technology/software: revenue and revenue mix, cost of revenue, gross profit, operating expenses, operating income, net income and per-share amounts; balance sheet centred on cash, investments, goodwill, deferred revenue and debt; cash flow centred on operating cash flow, capital expenditure, free cash flow and share repurchases. Adobe is a subscription software business with no inventory and minimal capital intensity, so a gross-margin and deferred-revenue frame fits it and an industrial capex/working-capital frame does not.",
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"units": "actual dollars (not millions); share counts in actual shares; per-share amounts and percentages as stated",
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"cash_paid_for_income_taxes_net_of_refunds": 1529000000,
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},
"revenue_by_geography": {
"total_americas": 11601000000,
"emea": 5400000000,
"apac": 2775000000
},
"subscription_revenue_by_customer_group": {
"creative_and_marketing_professionals": 13577000000,
"business_professionals_and_consumers": 5540000000,
"total_customer_group_subscription_revenue": 19117000000,
"other_subscription_revenue": 79000000
},
"fiscal_year": 2026,
"derived": {
"gross_margin_pct": 89.17,
"operating_margin_pct": 35.45,
"net_margin_pct": 27.45,
"subscription_revenue_pct_of_total": 97.07,
"free_cash_flow_margin_pct": 37.75,
"effective_tax_rate_pct": 22.65
}
},
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"label": "Nine months ended August 29, 2025",
"period_start": "2024-11-30",
"period_end": "2025-08-29",
"period_type": "nine months",
"quarters_covered": "Q1-Q3 FY2025",
"source_accession": "0000796343-26-000156",
"source_statement": "Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Cash Flows and the accompanying notes in the Q3 FY2026 Form 10-Q",
"income_statement": {
"subscription_revenue": 16915000000,
"product_revenue": 251000000,
"services_and_other_revenue": 409000000,
"total_revenue": 17575000000,
"cost_of_revenue_subscription": 1505000000,
"cost_of_revenue_product": 17000000,
"cost_of_revenue_services_and_other": 380000000,
"total_cost_of_revenue": 1902000000,
"gross_profit": 15673000000,
"research_and_development": 3196000000,
"sales_and_marketing": 4760000000,
"general_and_administrative": 1152000000,
"amortization_of_intangibles": 120000000,
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"total_non_operating_income_expense_net": 25000000,
"income_before_income_taxes": 6470000000,
"provision_for_income_taxes": 1196000000,
"net_income": 5274000000
},
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"basic_eps": 12.28,
"weighted_average_basic_shares": 429000000,
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"weighted_average_diluted_shares": 430000000
},
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"net_income": 5274000000,
"depreciation_amortization_and_accretion": 634000000,
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"net_cash_provided_by_operating_activities": 6871000000,
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"apac": 2486000000
},
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},
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"derived": {
"gross_margin_pct": 89.18,
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}
},
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"basis": "Fiscal 2025 as reported in the FY2025 Form 10-K (accession 0000796343-26-000003), plus the nine months ended August 28, 2026, less the nine months ended August 29, 2025, both as reported in the Q3 FY2026 Form 10-Q (accession 0000796343-26-000156). Adobe does not publish a trailing-twelve-month statement; these are roll-ups of the reported period figures.",
"income_statement": {
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"amortization_of_intangibles": 149000000,
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"operating_income": 9271000000,
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"other_income_expense_net": 214000000,
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"income_before_income_taxes": 9281000000,
"provision_for_income_taxes": 1997000000,
"net_income": 7284000000
},
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"stock_based_compensation": 2071000000,
"net_cash_provided_by_operating_activities": 10806000000,
"acquisitions_net_of_cash_acquired": -1560000000,
"purchases_of_property_and_equipment": -214000000,
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"repayment_of_debt": -250000000,
"net_cash_used_for_financing_activities": -9369000000,
"cash_paid_for_income_taxes_net_of_refunds": 2043000000,
"free_cash_flow": 10592000000
},
"per_share": {
"weighted_average_diluted_shares": 407000000,
"diluted_eps": 17.9
},
"derived": {
"gross_margin_pct": 89.25,
"operating_margin_pct": 35.7,
"net_margin_pct": 28.05,
"subscription_revenue_pct_of_total": 96.98,
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}
},
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{
"form": "10-K",
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"period_end": "2025-11-28",
"filed": "2026-01-15",
"accession": "0000796343-26-000003",
"used_for": "fiscal 2025, 2024 and 2023 income statements and cash flow statements; fiscal 2025 and 2024 balance sheets; reportable-segment and geographic revenue for all three years"
},
{
"form": "10-Q",
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"period_end": "2026-08-28",
"filed": "2026-09-22",
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"used_for": "the third quarters of fiscal 2026 and fiscal 2025, the nine months ended August 28, 2026 and August 29, 2025, and the August 28, 2026 balance sheet"
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"used_for": "the discrete three-month cash flow statement for the third quarters of fiscal 2026 and fiscal 2025, which the Form 10-Q does not present, and the company's non-GAAP operating income, net income and diluted earnings per share for the third quarter"
}
],
"units_notes_seen": {
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"Q3 FY2026 10-Q Condensed Consolidated Statements of Cash Flows": "(In millions) (Unaudited)",
"Q3 FY2026 10-Q Condensed Consolidated Statements of Stockholders' Equity": "(In millions) (Unaudited)",
"Q3 FY2026 10-Q revenue disaggregation and segment tables": "(in millions)",
"Q3 FY2026 10-Q management's discussion revenue tables": "(dollars in millions)",
"Q3 FY2026 earnings release Condensed Consolidated Statements of Cash Flows": "(In millions; unaudited)",
"Q3 FY2026 earnings release GAAP to non-GAAP reconciliation": "(In millions, except per share data)"
},
"notes": [
"Adobe's fiscal year is a 52- or 53-week year ending on the Friday closest to November 30. Fiscal 2025, 2024 and 2023 were each 52-week years, and the company states its next 53-week year will be fiscal 2027 (FY2025 10-K, accession 0000796343-26-000003). Period start dates here are the day after the prior period's end, so each fiscal year spans 364 days and each quarter 91 days.",
"Figures are stated in actual U.S. dollars, converted from the \"in millions\" presentation of the filings; share counts are likewise converted from the \"in millions\" presentation and are therefore precise only to the nearest million shares, as the filings print them.",
"Cash flow lines are carried with the sign the filings print, so outflows such as purchases of property and equipment, repurchases of common stock and repayments of debt are negative. Free cash flow is operating cash flow less purchases of property and equipment, and is a derived figure: none of these filings publishes a free cash flow line.",
"The Q3 FY2026 Form 10-Q (accession 0000796343-26-000156) presents its cash flow statement for the nine months only. The discrete three-month cash flow figures for the third quarters of fiscal 2026 and fiscal 2025 are taken from the condensed three-month cash flow statement in Exhibit 99.1 to the Form 8-K dated September 10, 2026 (accession 0000796343-26-000147); each quarter records that accession in cash_flow_source_accession. That statement groups several lines more coarsely than the 10-Q's, so the quarters carry fewer cash flow line items than the nine-month block.",
"The FY2025 10-K presents balance sheets as of November 28, 2025 and November 29, 2024 only, so FY2023 carries no balance sheet. Neither filing presents a balance sheet as of August 29, 2025, so the year-ago quarter carries an income statement and cash flow only. Total debt is the sum of the current and long-term debt captions, and total deferred revenue the sum of the current and long-term deferred revenue captions.",
"Segment reporting changed during the period covered. In the first quarter of fiscal 2026 Adobe combined its former Digital Media, Digital Experience and Publishing and Advertising segments into a single operating and reportable segment, reflecting unified selling motions and integrated product innovation. The annual periods therefore carry the three-segment revenue and gross profit split as reported in the FY2025 10-K, while the fiscal 2026 quarters carry the subscription revenue split by customer group -- Creative & Marketing Professionals and Business Professionals & Consumers -- that the 10-Q reports in its place. Consolidated revenue, income and cash flow were not restated by this change.",
"The trailing-twelve-month block is derived: fiscal 2025 as reported, plus the nine months ended August 28, 2026, less the nine months ended August 29, 2025. Its weighted average diluted share count of approximately 407 million is rolled up the same way from the share counts the filings print in whole millions, and its diluted earnings per share of $17.90 is trailing net income over that count. Adding the four constituent quarters' reported diluted earnings per share gives $17.91.",
"Adobe paid no dividends in any period reported here; no dividend line appears in any of these cash flow statements. The company returns cash through share repurchases, which totalled $11.28 billion in fiscal 2025 and $6.82 billion in the first nine months of fiscal 2026.",
"Non-GAAP operating income, net income and diluted earnings per share are shown for the third quarters of fiscal 2026 and fiscal 2025 exactly as the company reconciled them in its earnings release (accession 0000796343-26-000147). They exclude stock-based and deferred compensation expense, amortization of intangibles, acquisition-related expenses, investment gains and losses and related income tax adjustments, and are not a substitute for the GAAP figures alongside them.",
"Adobe reports in U.S. dollars, is not an American Depositary Receipt issuer, and has had no stock split in the period these filings cover, so no currency, depositary-ratio or split adjustment was applied to any figure."
],
"uncertainties": [
"The trailing-twelve-month weighted average diluted share count (approximately 407 million) and the resulting diluted earnings per share of $17.90 are derived from share counts the filings print rounded to whole millions, so both are approximate. Summing the four constituent quarters' reported diluted earnings per share gives $17.91 instead.",
"The discrete three-month cash flow figures for the third quarter of fiscal 2025 come from the comparative column of an earnings release furnished in September 2026, not from a fiscal 2025 filing. They are consistent with the nine-month figures in the same 10-Q but are unaudited and were never presented as a standalone quarter in a periodic report.",
"Shares outstanding (391 million at August 28, 2026; 413 million and 441 million at the fiscal 2025 and 2024 year ends) are read from the balance-sheet common stock caption, which states them in whole millions.",
"No complete set of financial statements for the fourth quarter of fiscal 2025 or for the first and second quarters of fiscal 2026 is presented in the filings drawn on here, so those quarters are not carried as periods. A few second-quarter fiscal 2026 income and per-share amounts appear only as a comparative column in the GAAP to non-GAAP reconciliation in the third-quarter fiscal 2026 earnings release (accession 0000796343-26-000147), and are not carried here. The company's earlier reports cover those quarters.",
"Revenue by geography for the quarterly and nine-month periods is presented by the company as Americas, EMEA and APAC without a separate United States figure; the United States line is available only for the fiscal years, from the FY2025 10-K."
],
"headline": {
"period": "Q3 FY2026",
"period_end_words": "August 28, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 6760000000,
"text": "$6.76 billion",
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"abs": "$6.76 billion",
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{
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{
"label": "Diluted EPS",
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"exact": "$4.62",
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},
{
"label": "Subscription revenue",
"format": "usd",
"value": 6582000000,
"text": "$6.58 billion",
"exact": "$6,582,000,000",
"compact": "$6.58B",
"abs": "$6.58 billion",
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"prior": "$5.79 billion",
"priorabs": "$5.79 billion",
"yoy": "up 13.7%",
"source": {
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"index": 0,
"period_label": "Q3 FY2026",
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{
"label": "Operating income",
"format": "usd",
"value": 2354000000,
"text": "$2.35 billion",
"exact": "$2,354,000,000",
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"abs": "$2.35 billion",
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"prior": "$2.17 billion",
"priorabs": "$2.17 billion",
"yoy": "up 8.3%",
"source": {
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"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-08-28",
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],
"summary": "Adobe reported $6.76 billion in revenue for Q3 FY2026, the quarter ended August 28, 2026, up 12.9% from a year earlier, with subscriptions supplying $6.58 billion of the total. Net income was $1.83 billion, up 3.1%, growth far behind the top line: third-party hosting and data center costs that include AI inferencing and heavier research and development spending grew faster than revenue, holding operating income to $2.35 billion, up 8.3%, and a higher effective tax rate took more of what was left. Diluted earnings per share of $4.62 rose more than profit did, up 10.5%, because Adobe's diluted share count fell on continued stock repurchases.",
"qa": [
{
"q": "How much revenue did Adobe report in Q3 FY2026?",
"a": "Adobe reported $6.76 billion in revenue for Q3 FY2026, the quarter ended August 28, 2026. That is up 12.9% from $5.99 billion in the same quarter a year earlier, and subscription revenue of $6.58 billion accounted for nearly all of it."
},
{
"q": "What was Adobe's net income and earnings per share in Q3 FY2026?",
"a": "Adobe earned $1.83 billion in Q3 FY2026, up 3.1% from $1.77 billion a year earlier, on diluted earnings per share of $4.62 against $4.18. Per-share earnings rose faster than net income because Adobe's diluted share count fell on continued stock repurchases."
},
{
"q": "Why did Adobe's profit grow more slowly than revenue in Q3 FY2026?",
"a": "Adobe's revenue was up 12.9% in Q3 FY2026 while net income was up 3.1%, and operating income of $2.35 billion was up 8.3%. Third-party hosting and data center costs that include AI inferencing, higher research and development spending and increased general and administrative costs all grew faster than revenue, and a higher effective tax rate took more of what was left."
},
{
"q": "How much of Adobe's revenue comes from subscriptions?",
"a": "Subscription revenue was $6.58 billion of Adobe's $6.76 billion in total revenue for Q3 FY2026, up 13.7% from a year earlier. Adobe recognizes subscription revenue ratably over agreement terms that typically run one to 36 months, so a change in demand shows up in reported revenue only gradually."
}
]
},
"company_details": {
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"Incorporation": "Delaware",
"SIC": "7372",
"Office": "Technology",
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},
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}