Adobe 8-K
PositiveEarningsCEO/CFO changeGuidance raisedImpairment / charge
AI-first ARR tripled Y/Y as AI demand drove growth, prompting higher FY2026 revenue and non-GAAP EPS targets.
Filed 2026-06-11 16:08 ET
- 2.02 Results of Operations
- 5.02 Officer/director change
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2026 results with Q3 and raised FY2026 guidance, plus a CFO transition. Record revenue grew 13% Y/Y, driven by AI-related demand across customer groups; Adobe raised its FY2026 revenue and non-GAAP EPS targets. CFO Daniel Durn is leaving on 6/15/2026 to pursue a new professional opportunity; Steven Day will become interim CFO that day.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Revenue | $6.62B, +13% Y/Y | $13.0B, +12% Y/Y |
| Gross margin | 89.2%, vs 89.1% | 89.4%, vs 89.1% |
| Operating income, GAAP | $2.24B, +6% Y/Y | $4.66B, +9% Y/Y |
| Operating income, non-GAAP | $2.95B, +10% Y/Y | — |
| Net income, GAAP | $1.71B, +1% Y/Y | $3.60B, +3% Y/Y |
| Net income, non-GAAP | $2.40B, +11% Y/Y | — |
| Diluted EPS, GAAP | $4.25, +8% Y/Y | $8.86, +10% Y/Y |
| Diluted EPS, non-GAAP | $5.96, +18% Y/Y | — |
| Operating cash flow | $2.17B, -1% Y/Y | — |
- Subscription revenue was $6.39B, +14% Y/Y; Business Professionals & Consumers subscription revenue rose 16% to $1.85B, and Creative & Marketing Professionals rose 13% to $4.54B. AI-first ARR tripled Y/Y to more than $500M.
- A $70M non-cash goodwill impairment reduced GAAP diluted EPS by $0.17.
- Adobe repurchased ≈8.5M shares for $2.11B, vs $3.50B a year earlier; diluted weighted-average shares were 402M, vs 429M. Quarter-end cash was $4.92B, vs $5.43B at 11/28/2025; balance-sheet debt carrying value was $6.65B, vs $6.21B.
Guidance
FY2026 targets incorporate Semrush and assume current macroeconomic conditions. Adobe said Q2 performance prompted the increases to its full-year revenue and non-GAAP EPS targets.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | Q3 FY2026 | $6.67B-$6.72B | — | — |
| Business Professionals & Consumers subscription revenue | Q3 FY2026 | $1.87B-$1.89B | — | — |
| Creative & Marketing Professionals subscription revenue | Q3 FY2026 | $4.61B-$4.64B | — | — |
| Diluted EPS, GAAP | Q3 FY2026 | $4.40-$4.45 | — | — |
| Diluted EPS, non-GAAP | Q3 FY2026 | $6.05-$6.10 | — | — |
| Operating margin, non-GAAP | Q3 FY2026 | ≈44.0% | — | — |
| Effective tax rate, GAAP | Q3 FY2026 | ≈23.0% | — | — |
| Effective tax rate, non-GAAP | Q3 FY2026 | ≈18.0% | — | — |
| Diluted share count | Q3 FY2026 | ≈395M | — | — |
| Total revenue | FY2026 | $26.50B-$26.60B | — | Raised |
| Business Professionals & Consumers subscription revenue | FY2026 | $7.44B-$7.48B | — | — |
| Creative & Marketing Professionals subscription revenue | FY2026 | $18.21B-$18.27B | — | — |
| Total Adobe ending ARR growth | FY2026 | 10.2% Y/Y | — | — |
| Diluted EPS, GAAP | FY2026 | $17.90-$18.00 | — | — |
| Diluted EPS, non-GAAP | FY2026 | $24.35-$24.45 | — | Raised |
| Operating margin, non-GAAP | FY2026 | ≈45.0% | — | — |
| Effective tax rate, GAAP | FY2026 | ≈22.5% | — | — |
| Effective tax rate, non-GAAP | FY2026 | ≈18.0% | — | — |
| Diluted share count | FY2026 | ≈399M | — | — |
Investor Takeaways
- Watch Q3 revenue and GAAP and non-GAAP EPS against the guided ranges.
- FY2026 revenue and non-GAAP EPS delivery will test whether the Q2 performance supports the raised targets.
The summary is written by an AI model reading the filing.
Model 005 · prompt 8bef31e277 · 2026-10-14 16:47:27Z