Adobe 8-K
PositiveEarningsCEO/CFO changeNew guidance
CEO succession search begins; Shantanu Narayen will hand off the role once a successor is appointed and remain Board chair.
Filed 2026-03-12 16:09 ET
- 2.02 Results of Operations
- 5.02 Officer/director change
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q1 FY2026 results with Q2 targets and a CEO succession announcement. Revenue rose 12% Y/Y, while AI-first ARR more than tripled. Shantanu Narayen plans to transition as CEO after a successor is appointed; he will remain CEO until then and continue as Board chair. Adobe has begun an internal and external search, led by a special committee chaired by Lead Independent Director Frank Calderoni.
Key Figures
| Metric | Q1 2026 |
|---|---|
| Revenue | $6.40B, +12% Y/Y |
| Gross margin | 89.6%, vs 89.1% |
| Operating income, GAAP | $2.42B, +12% Y/Y |
| Operating income, non-GAAP | $3.04B, +12% Y/Y |
| Net income, GAAP | $1.89B, +4% Y/Y |
| Net income, non-GAAP | $2.49B, +12% Y/Y |
| Diluted EPS, GAAP | $4.60, +11% Y/Y |
| Diluted EPS, non-GAAP | $6.06, +19% Y/Y |
| Operating cash flow | $2.96B, +19% Y/Y |
| Total Adobe ARR | $26.06B |
- Customer Group subscription revenue was $6.17B, +13% Y/Y; RPO was $22.22B and cRPO was 67%. Adobe said AI-first ARR more than tripled Y/Y.
- Adobe repurchased approximately 8.1M shares for $2.48B; diluted weighted-average shares fell to 411M from 438M. Cash was $6.33B at quarter-end, and total debt was $6.23B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | Q2 2026 | $6.43B-$6.48B | — | — |
| Business Professionals & Consumers subscription revenue | Q2 2026 | $1.80B-$1.82B | — | — |
| Creative & Marketing Professionals subscription revenue | Q2 2026 | $4.41B-$4.44B | — | — |
| Diluted EPS, GAAP | Q2 2026 | $4.35-$4.40 | — | — |
| Diluted EPS, non-GAAP | Q2 2026 | $5.80-$5.85 | — | — |
| Operating margin, GAAP | Q2 2026 | 35.0% | — | — |
| Operating margin, non-GAAP | Q2 2026 | 44.5% | — | — |
| Effective tax rate, GAAP | Q2 2026 | 22.5% | — | — |
| Effective tax rate, non-GAAP | Q2 2026 | 18.0% | — | — |
| Diluted share count | Q2 2026 | 402M | — | — |
FY2026 targets reaffirmed; figures not restated.
Investor Takeaways
- Watch for the successor announcement and the timing of Narayen’s CEO transition.
- Compare Q2 results with the revenue, subscription revenue and EPS target ranges.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277 · 2026-10-14 16:48:37Z