Adobe's 10-K for fiscal 2025 organizes its strategy around two customer groups it calls Business Professionals & Consumers and Creative & Marketing Professionals. Its products include Acrobat, Adobe Express, Creative Cloud apps such as Photoshop and Premiere Pro, Firefly generative AI, GenStudio and Adobe Experience Platform. Subscription revenue was $22,904 million of its fiscal 2025 revenue of $23,769 million.

When does Adobe's fiscal year end?

Adobe's fiscal 2025 ended November 28, 2025, and fiscal 2024 ended November 29, 2024. Its third quarter of fiscal 2026 ended August 28, 2026.

How much revenue did Adobe make in fiscal 2025?

Revenue was $23,769 million in fiscal 2025, compared with $21,505 million in fiscal 2024, according to its 10-K. Subscription revenue was $22,904 million and net income was $7,130 million, or $16.70 per diluted share.

What were Adobe's latest quarterly results?

For the quarter ended August 28, 2026 the 10-Q reports total revenue of $6,760 million and net income of $1,827 million, or $4.62 per diluted share. In its September 10, 2026 release Adobe reported non-GAAP diluted EPS of $6.13 and Total Adobe ARR of $27.50 billion exiting the quarter.

What are Adobe's segments?

In fiscal 2025 Adobe reported three segments: Digital Media ($17,649 million of revenue), Digital Experience ($5,864 million) and Publishing and Advertising ($256 million). Effective in the first quarter of fiscal 2026 it combined them into a single operating and reportable segment, according to its 10-K.

What is Adobe's outlook for fiscal 2026?

In its September 10, 2026 release Adobe targeted fiscal 2026 total revenue of $26.576 billion to $26.626 billion, GAAP EPS of $18.12 to $18.17 and non-GAAP EPS of $24.45 to $24.50, and fourth-quarter revenue of $6.80 billion to $6.85 billion. These are the company's own projections, not reported results.

Did Adobe buy Semrush?

Yes. According to its 10-Q, Adobe completed the acquisition of Semrush Holdings, Inc., a brand visibility platform company, on April 28, 2026 for $1.87 billion, primarily in cash consideration.

Does Adobe buy back its own shares?

Yes. Repurchases of common stock were $11,281 million in fiscal 2025 and $6,821 million in the nine months ended August 28, 2026. In April 2026 its Board granted additional authority to repurchase up to $25 billion through April 30, 2030, of which $24.55 billion remained as of August 28, 2026 (10-Q).

Shantanu Narayen is Chair and Chief Executive Officer. Adobe's Board has appointed Anil Chakravarthy as President and Chief Executive Officer effective December 1, 2026, with Narayen becoming Executive Chair (Form 8-K). Steven Day has been interim Chief Financial Officer since Daniel Durn's departure effective June 15, 2026.

How many people work at Adobe?

Adobe employed 31,360 people as of November 28, 2025, according to its 10-K for fiscal 2025.

DalsnaFinance Account

Adobe Inc. $ADBE

Information Technology · Application Software · NASDAQ

Profile updated Oct 14, 2026

S&P 500 Nasdaq-100 Russell 1000 California

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$256.73

+9.64 (+3.90%)

As of Oct 21, 2026, 3:12 AM EDT

Price history

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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Jun 19, 2026, the first target we tracked for ADBE.

Key facts

52-week range (closes): $193.41 – $359.91 Lowest close Jun 25, 2026, highest Oct 28, 2025; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends: November Fiscal 2025 ended Nov 28, 2025, from SEC filings
In the S&P 500 since: May 5, 1997 · All S&P 500 changes
In the Nasdaq-100 since: before 2007 · All Nasdaq-100 changes
Analyst coverage: 21 open price targets from 14 firms: Citi, HSBC, Wells Fargo, Stifel, Bank of America, Barclays, CLSA, DA Davidson, Jefferies, JPMorgan, Mizuho, Morgan Stanley, RBC Capital Markets, UBS Approved targets tracked here; see the analyst section below

Adobe Inc. (ADBE) is trading up at $256.73 (+3.90%) on NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Information Technology sector.

Analyst price targets on ADBE

Current price targets from 14 firms average $271, median $276, ranging from $220 to $315 — the average is 6% above the current $257. Each is tracked to its date and scored the same way a member's call is.

HSBC $245 → $267 by Oct 2027 Hold Oct 18, 2026 via Yahoo Finance Australia · HSBC's track record
Wells Fargo $245 → $225 by Oct 2027 Underweight Oct 17, 2026 via Seeking Alpha · Wells Fargo's track record
HSBC $238 → $267 by Oct 2027 Hold Oct 13, 2026 via Investing.com · HSBC's track record
Wells Fargo $238 → $225 by Oct 2027 Underweight Oct 12, 2026 via Investing.com · Wells Fargo's track record
DA Davidson $238 → $290 by Oct 2027 Buy Oct 2, 2026 via ad-hoc-news.de · DA Davidson's track record
UBS $252 → $255 by Sep 2027 Neutral Sep 11, 2026 via Investing.com Canada · UBS's track record
Wells Fargo $252 → $270 by Sep 2027 Sep 11, 2026 via Investing.com · Wells Fargo's track record
JPMorgan $252 → $315 by Sep 2027 Overweight Sep 11, 2026 via Investing.com India · JPMorgan's track record
Stifel $255 → $225 by Sep 2027 Sep 9, 2026 via Investing.com Canada · Stifel's track record
Mizuho $257 → $260 by Sep 2027 Sep 8, 2026 via Investing.com India · Mizuho's track record
Citi $257 → $301 by Sep 2027 Neutral Sep 6, 2026 via Stocktwits · Citi's track record
Stifel $267 → $200 by Sep 2027 Hold Sep 4, 2026 via Investing.com Nigeria · Stifel's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Adobe Inc. revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Adobe Inc. annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Nov 2018	FY2019Nov 2019	FY2020Nov 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Nov 2024	FY2025Nov 2025
Income statement
Revenue	$5.85B	$7.30B	$9.03B	$11.2B	$12.9B	$15.8B	$17.6B	$19.4B	$21.5B	$23.8B
Growth (year over year)	+22.1%	+24.7%	+23.7%	+23.7%	+15.2%	+22.7%	+11.5%	+10.2%	+10.8%	+10.5%
Gross profit	$5.03B	$6.29B	$7.83B	$9.50B	$11.1B	$13.9B	$15.4B	$17.1B	$19.1B	$21.2B
Gross margin	86.0%	86.2%	86.8%	85.0%	86.6%	88.2%	87.7%	87.9%	89.0%	89.3%
Operating income	$1.49B	$2.17B	$2.84B	$3.27B	$4.24B	$5.80B	$6.10B	$6.65B	$6.74B	$8.71B
Operating margin	25.5%	29.7%	31.5%	29.3%	32.9%	36.8%	34.6%	34.3%	31.3%	36.6%
Net income	$1.17B	$1.69B	$2.59B	$2.95B	$5.26B	$4.82B	$4.76B	$5.43B	$5.56B	$7.13B
Net margin	20.0%	23.2%	28.7%	26.4%	40.9%	30.5%	27.0%	28.0%	25.9%	30.0%
EPS (diluted)	$2.32	$3.38	$5.20	$6.00	$10.83	$10.02	$10.10	$11.82	$12.36	$16.70
Balance sheet
Cash and equivalents	$1.01B	$2.31B	$1.64B	$2.65B	$4.48B	$3.84B	$4.24B	$7.14B	$7.61B	$5.43B
Total assets	$12.7B	$14.5B	$18.8B	$20.8B	$24.3B	$27.2B	$27.2B	$29.8B	$30.2B	$29.5B
Total liabilities	$5.27B	$6.08B	$9.41B	$10.2B	$11.0B	$12.4B	$13.1B	$13.3B	$16.1B	$17.9B
Long-term debt	$1.89B	$1.88B	$4.12B	$989.0M	$4.12B	$4.12B	$3.63B	$3.63B	$4.13B	$6.21B
Shareholders' equity	$7.42B	$8.46B	$9.36B	$10.5B	$13.3B	$14.8B	$14.1B	$16.5B	$14.1B	$11.6B
Cash flow
Operating cash flow	$2.20B	$2.91B	$4.03B	$4.42B	$5.73B	$7.23B	$7.84B	$7.30B	$8.06B	$10.0B
Capital expenditure	$203.8M	$178.1M	$267.0M	$395.0M	$419.0M	$348.0M	$442.0M	$360.0M	$183.0M	$179.0M
Free cash flow	$2.00B	$2.73B	$3.76B	$4.03B	$5.31B	$6.88B	$7.40B	$6.94B	$7.87B	$9.85B
Share buybacks	$1.07B	$1.10B	$2.05B	$2.75B	$3.05B	$3.95B	$6.55B	$4.40B	$9.50B	$11.3B

RevenueNet incomeNet margin (right axis, %)

Adobe Inc. quarterly financial statements
	Q4 FY24^†Nov 2024	Q1 FY25Feb 2025	Q2 FY25May 2025	Q3 FY25Aug 2025	Q4 FY25^†Nov 2025	Q1 FY26Feb 2026	Q2 FY26May 2026	Q3 FY26Aug 2026
Income statement
Revenue	$5.61B	$5.71B	$5.87B	$5.99B	$6.19B	$6.40B	$6.62B	$6.76B
Growth (year over year)	+11.1%	+10.3%	+10.6%	+10.7%	+10.5%	+12.0%	+12.7%	+12.9%
Gross profit	$4.99B	$5.09B	$5.24B	$5.35B	$5.54B	$5.73B	$5.90B	$6.00B
Gross margin	89.0%	89.1%	89.1%	89.3%	89.5%	89.6%	89.2%	88.7%
Operating income	$1.96B	$2.16B	$2.11B	$2.17B	$2.26B	$2.42B	$2.24B	$2.35B
Operating margin	34.9%	37.9%	35.9%	36.3%	36.5%	37.8%	33.8%	34.8%
Net income	$1.68B	$1.81B	$1.69B	$1.77B	$1.86B	$1.89B	$1.71B	$1.83B
Net margin	30.0%	31.7%	28.8%	29.6%	30.0%	29.5%	25.9%	27.0%
EPS (diluted)	$3.75	$4.14	$3.94	$4.18	$4.44	$4.60	$4.25	$4.62
Balance sheet
Cash and equivalents	$7.61B	$6.76B	$4.93B	$4.98B	$5.43B	$6.33B	$4.92B	$4.36B
Total assets	$30.2B	$30.0B	$28.1B	$28.8B	$29.5B	$29.7B	$29.9B	$30.0B
Total liabilities	$16.1B	$16.9B	$16.7B	$17.0B	$17.9B	$18.3B	$18.4B	$18.2B
Long-term debt	$4.13B	$6.16B	$6.17B	$6.20B	$6.21B	$5.38B	$4.80B	$4.77B
Shareholders' equity	$14.1B	$13.1B	$11.4B	$11.8B	$11.6B	$11.4B	$11.5B	$11.8B
Cash flow
Operating cash flow	$2.92B	$2.48B	$2.19B	$2.20B	$3.16B	$2.96B	$2.17B	$2.52B
Capital expenditure	$48.0M	$26.0M	$47.0M	$72.0M	$34.0M	$37.0M	$58.0M	$85.0M
Free cash flow	$2.87B	$2.46B	$2.14B	$2.13B	$3.13B	$2.92B	$2.11B	$2.44B
Share buybacks	$2.50B	$3.25B	$3.50B	$2.06B	$2.47B	$2.48B	$2.11B	$2.23B

From Adobe Inc.'s 10-K and 10-Q filings with the SEC; its fiscal year ends in November. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Adobe Inc. vs the Information Technology sector and the S&P 500

Adobe Inc.'s latest reported figures next to the median of the other 75 S&P 500 Information Technology companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Adobe Inc. compared with the median Information Technology company and the median S&P 500 company
Measure	Adobe Inc.	Information Technology (75 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	+10.5%	+13.8%	+7.0%
Net margin, latest fiscal year	30.0%	16.5%	12.9%
Share price change, 1 year	−28.2%	+15.0%	+6.9%

Adobe Inc.: fiscal year ended November 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 21, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Adobe Inc. included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 21, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, 1-year price change 67/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.

About Adobe Inc.

Adobe Inc., formerly Adobe Systems Incorporated, is an American multinational computer software company based in San Jose, California. It offers a wide range of programs from web design tools, photo manipulation, and vector creation to video and audio editing, mobile app development, print layout and animation software.

Source: Wikipedia — Adobe Inc.

Headquarters: San Jose, California From SEC filings, Oct 2026

Company profile

Adobe Inc. is a Delaware corporation with its address at 345 Park Avenue, San Jose, California, and its common stock trades on Nasdaq as ADBE (10-K cover page). Its annual report for fiscal 2025 (Form 10-K) states that "Adobe's mission is to empower everyone to create." Its fiscal 2025 ended November 28, 2025. The 10-K organizes its strategy and principal solutions around two customer groups, Business Professionals & Consumers and Creative & Marketing Professionals, with products that include Acrobat, Adobe Express, Creative Cloud, Photoshop, Firefly, GenStudio and Adobe Experience Platform. For fiscal 2025 it reported three segments, Digital Media, Digital Experience and Publishing and Advertising; the 10-K says that effective in the first quarter of fiscal 2026 these are combined into a single operating and reportable segment. Adobe employed 31,360 people as of November 28, 2025 (10-K).

For fiscal 2025 the consolidated statements of income report revenue of $23,769 million, of which subscription revenue was $22,904 million, operating income of $8,706 million and net income of $7,130 million, or $16.70 per diluted share, against revenue of $21,505 million and net income of $5,560 million in fiscal 2024, when operating expenses included an acquisition termination fee of $1,000 million. Net cash provided by operating activities was $10,031 million and repurchases of common stock were $11,281 million in fiscal 2025. The 10-K reports remaining performance obligations of $22.52 billion as of November 28, 2025, against $19.96 billion a year earlier, and says Digital Media ARR (annualized recurring revenue, a company metric) grew to $19.20 billion at the end of fiscal 2025.

For the third quarter of fiscal 2026 (the quarter ended August 28, 2026) the Form 10-Q reports total revenue of $6,760 million, against $5,988 million a year earlier, and net income of $1,827 million, against $1,772 million; diluted net income per share was $4.62. For the nine months, revenue was $19,776 million. In its September 10, 2026 release Adobe reported non-GAAP diluted EPS of $6.13 for the quarter, Total Adobe ARR of $27.50 billion exiting the quarter and remaining performance obligations of $22.16 billion. It targeted fiscal 2026 total revenue of $26.576 billion to $26.626 billion and GAAP EPS of $18.12 to $18.17 (company projections). Annual revenue rows below run to fiscal 2025, the latest year covered by a filed 10-K.

On April 28, 2026 Adobe completed the acquisition of Semrush Holdings, Inc., which the 10-Q describes as a publicly held brand visibility platform company, for $1.87 billion, primarily in cash consideration. In April 2026 its Board granted additional authority to repurchase up to $25 billion of common stock through April 30, 2030, and $24.55 billion remained under that authority as of August 28, 2026 (10-Q).

Shantanu Narayen was appointed Chief Executive Officer effective December 2007 and named Chair of the Board in January 2017, according to the 10-K for fiscal 2025. On September 2, 2026 the Board appointed Anil Chakravarthy, President of the Customer Experience Orchestration business, as President and Chief Executive Officer and a director effective December 1, 2026, with Narayen becoming Executive Chair (Form 8-K). Daniel Durn resigned as Chief Financial Officer effective June 15, 2026, and Steven Day was appointed interim Chief Financial Officer (Form 8-K).

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰

$23,769 million³

Revenue, fiscal 2025 (year ended November 28, 2025)

$22,904 million³

Subscription revenue, fiscal 2025

$8,706 million³

Operating income, fiscal 2025

$7,130 million³

Net income, fiscal 2025

$16.70³

Diluted net income per share, fiscal 2025

$10,031 million⁴

Net cash provided by operating activities, fiscal 2025

$11,281 million⁴

Repurchases of common stock, fiscal 2025

$5,431 million¹¹

Cash and cash equivalents, November 28, 2025

$29,496 million¹¹

Total assets, November 28, 2025

$6,210 million¹¹

Long-term debt, November 28, 2025

$11,623 million¹¹

Total stockholders' equity, November 28, 2025

$22.52 billion¹

Remaining performance obligations, November 28, 2025 (10-K)

$19.20 billion¹

Digital Media ARR, end of fiscal 2025 (company metric, as reported in the 10-K)

31,360¹

Employees, November 28, 2025

$6,760 million⁶

Total revenue, quarter ended August 28, 2026 (10-Q)

$1,827 million⁶

Net income, quarter ended August 28, 2026 (10-Q)

$4.62⁶

Diluted net income per share, quarter ended August 28, 2026 (10-Q)

$19,776 million⁶

Total revenue, nine months ended August 28, 2026 (10-Q)

$7,646 million¹²

Net cash provided by operating activities, nine months ended August 28, 2026 (10-Q)

$6,821 million¹²

Repurchases of common stock, nine months ended August 28, 2026 (10-Q)

$4,359 million¹³

Cash and cash equivalents, August 28, 2026 (10-Q)

$22,160 million¹⁴

Remaining performance obligations, August 28, 2026 (10-Q)

389.2 million¹⁵

Shares of common stock outstanding, September 18, 2026 (10-Q cover)

$6.13⁷

Non-GAAP diluted EPS, quarter ended August 28, 2026 (non-GAAP, as reported by Adobe)

$27.50 billion⁷

Total Adobe ARR exiting the quarter ended August 28, 2026 (company metric, as reported by Adobe)

$6.80 billion to $6.85 billion⁷

Fourth quarter fiscal 2026 total revenue target (company projection, as of September 10, 2026)

$26.576 billion to $26.626 billion⁷

Fiscal 2026 total revenue target (company projection, as of September 10, 2026)

$18.12 to $18.17⁷

Fiscal 2026 GAAP EPS target (company projection, as of September 10, 2026)

$24.45 to $24.50⁷

Fiscal 2026 non-GAAP EPS target (company projection, as of September 10, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$15,785 million¹⁶	Form 10-K for fiscal year 2021 (year ended December 3, 2021), total revenue, in millions as filed	Jan 21, 2022
2022	$17,606 million¹⁷	Form 10-K for fiscal year 2022 (year ended December 2, 2022), total revenue, in millions as filed	Jan 17, 2023
2023	$19,409 million¹⁸	Form 10-K for fiscal year 2023 (year ended December 1, 2023), revenue, in millions as filed	Jan 17, 2024
2024	$21,505 million¹⁹	Form 10-K for fiscal year 2024 (year ended November 29, 2024), revenue, in millions as filed	Jan 13, 2025
2025	$23,769 million³	Form 10-K for fiscal year 2025 (year ended November 28, 2025), revenue, in millions as filed	Jan 15, 2026

Products

Business Professionals & Consumers

Name	Released	What it is
Acrobat Studio	—	An all-in-one platform for productivity and creation that brings together Acrobat, Adobe Express and AI agents, including PDF Spaces, according to the 10-K for fiscal 2025.¹
Adobe Acrobat	—	Adobe's PDF solution with tools to convert, edit, share and sign PDFs, along with collaboration and workflow features (10-K for fiscal 2025).¹
Adobe Acrobat Reader	—	Free software for viewing, annotating and printing PDF documents (10-K for fiscal 2025).¹
Adobe Express	—	An all-in-one AI content creation app for users of any level, used to create video, marketing and social content and documents such as resumes and PDFs, according to the 10-K for fiscal 2025.¹

Creative & Marketing Professionals

Name	Released	What it is
Adobe Creative Cloud Pro	—	A cloud-based subscription to an ecosystem of apps for creative professionals, with cloud storage, the Adobe Firefly web app and AI-powered features natively integrated (10-K for fiscal 2025).¹
Adobe Photoshop and Lightroom	—	Photoshop is Adobe's digital imaging and design app; Lightroom is its cloud-based photo app for editing, organizing, storing and sharing photos (10-K for fiscal 2025).¹
Adobe Illustrator	—	An industry-standard vector graphics app used by designers of all types to create graphics and illustrations for print, web, video and mobile (10-K for fiscal 2025).¹
Adobe Premiere Pro	—	A nonlinear video editing app used by filmmakers, TV editors, YouTubers and videographers (10-K for fiscal 2025).¹
Adobe After Effects	—	A motion graphics and visual effects app for animation and compositing (10-K for fiscal 2025).¹
Adobe Substance 3D Collection	—	An ecosystem of 3D apps, including Substance 3D Stager and Substance 3D Painter, for building scenes, texturing assets and modeling (10-K for fiscal 2025).¹
Adobe Stock	—	A library of curated, royalty-free photos, video, templates, audio and 3D assets for designers and businesses (10-K for fiscal 2025).¹
Adobe Firefly App	—	An AI-powered creative space for content ideation, creation and production, with access to Adobe's Firefly models and partner models (10-K for fiscal 2025).¹
Adobe Firefly Custom Models	—	Models that enable content creation that is on-brand or in an artist's own style, trained on that brand's or artist's content (10-K for fiscal 2025).¹
Adobe Firefly Foundry	—	Lets enterprises create customized Firefly generative AI models based on their own intellectual property and brand styles (10-K for fiscal 2025).¹
Adobe Firefly Services	—	APIs, tools and services for enterprises to automate content generation, editing and assembly (10-K for fiscal 2025).¹
Adobe GenStudio	—	An end-to-end content supply chain solution for ideation, creation, production, delivery and analytics of enterprise content (10-K for fiscal 2025).¹
Adobe Experience Platform	—	A purpose-built platform for customer experience orchestration that collects and activates customer data in real time and builds unified customer profiles (10-K for fiscal 2025).¹
Adobe Agent Orchestrator	—	The technology underpinning Adobe's agentic framework, supporting AI agents that carry out multi-step tasks and automate workflows (10-K for fiscal 2025).¹
Adobe Brand Concierge	—	An AI-powered solution that helps enterprises configure and manage AI agents for conversational customer experiences (10-K for fiscal 2025).¹
Adobe Analytics and Adobe Customer Journey Analytics	—	Analytics tools that turn customer interaction data into insights and give a holistic view of the business, including cross-channel journey analysis (10-K for fiscal 2025).¹
Adobe Real-Time Customer Data Platform	—	An app service that delivers real-time personalization using customers' first-party data (10-K for fiscal 2025).¹
Adobe Experience Manager	—	Combines digital asset management with a content management system, along with digital forms (10-K for fiscal 2025).¹
Adobe LLM Optimizer	—	A generative engine optimization solution intended to improve brand visibility in AI-powered search and discovery (10-K for fiscal 2025).¹
Adobe Commerce	—	A customizable, end-to-end e-commerce platform for B2B, B2C and direct-to-consumer commerce (10-K for fiscal 2025).¹
Adobe Journey Optimizer	—	An app built on Adobe Experience Platform for orchestrating personalized, omnichannel customer journeys (10-K for fiscal 2025).¹
Adobe Marketo Engage	—	A customer experience management solution for B2B, cross-channel campaigns, covering planning, lead management and measurement (10-K for fiscal 2025).¹
Adobe Workfront	—	A unified work management app for planning, executing and reviewing team workflows (10-K for fiscal 2025).¹

Segments and products

Digital Media: One of Adobe's three reportable segments in fiscal 2025. Revenue as filed was $17,649 million in fiscal 2025, $15,864 million in 2024 and $14,216 million in 2023; gross profit was $16,808 million in fiscal 2025 (10-K, revenue by segment).²⁰
Digital Experience: Revenue as filed was $5,864 million in fiscal 2025, $5,366 million in 2024 and $4,893 million in 2023; gross profit was $4,239 million in fiscal 2025 (10-K, revenue by segment).²⁰
Publishing and Advertising: Revenue as filed was $256 million in fiscal 2025, $275 million in 2024 and $300 million in 2023; gross profit was $171 million in fiscal 2025 (10-K, revenue by segment).²⁰
Subscription revenue by customer group, fiscal 2025: Subscription revenue of Digital Media and Digital Experience was $22,798 million in fiscal 2025: Creative & Marketing Professionals $16,303 million and Business Professionals & Consumers $6,495 million (10-K, revenue disaggregation).²¹
Revenue by geography, fiscal 2025: Americas $14,120 million, of which the United States $12,529 million; EMEA $6,289 million; APAC $3,360 million (10-K, revenue by geography).²²
Single segment from fiscal 2026: The 10-Q for the quarter ended August 28, 2026 reports one operating segment and one reportable segment, following the combination of the prior segments effective in the first quarter of fiscal 2026 that the 10-K for fiscal 2025 described.²³
Customer group subscription revenue, fiscal 2026: For the quarter ended August 28, 2026 the 10-Q reports subscription revenue of $4,651 million for Creative & Marketing Professionals and $1,905 million for Business Professionals & Consumers, against $4,117 million and $1,648 million a year earlier. For the nine months the figures were $13,577 million and $5,540 million, against $12,058 million and $4,777 million.²⁴

Risks

Technological change and AI: Adobe says it may be unsuccessful at innovating in response to rapid technological or industry changes to meet customer needs, and that issues relating to the development and use of AI in its solutions may result in reputational harm or liability (10-K, Item 1A).¹
Competition: The 10-K says Adobe participates in rapidly evolving and intensely competitive markets, and that if it does not compete effectively its results could be harmed (10-K, Item 1A).¹
Subscriptions and renewals: Subscription revenue was $22,904 million of revenue of $23,769 million in fiscal 2025, and the 10-K says a change in subscriptions or renewals in a reporting period could cause its financial results to suffer (10-K, Item 1A).¹
Security incidents and service interruptions: Adobe lists the risk of security incidents, improper access to or disclosure of customers' data and other cybersecurity incidents, and of service interruptions or failures of its own or third parties' information technology systems (10-K, Item 1A).¹
Acquisitions: The 10-K says Adobe may not realize the anticipated benefits of acquisitions, investments or other strategic transactions (10-K, Item 1A).¹
International operations, currency and debt: Adobe lists risks from operating as a multinational corporation and from global adverse economic conditions, from fluctuations in foreign currency exchange rates that it may not be able to hedge effectively, and from its existing and future debt obligations (10-K, Item 1A).¹

Frequently asked questions

What does Adobe do?: Adobe's 10-K for fiscal 2025 organizes its strategy around two customer groups it calls Business Professionals & Consumers and Creative & Marketing Professionals. Its products include Acrobat, Adobe Express, Creative Cloud apps such as Photoshop and Premiere Pro, Firefly generative AI, GenStudio and Adobe Experience Platform. Subscription revenue was $22,904 million of its fiscal 2025 revenue of $23,769 million.
When does Adobe's fiscal year end?: Adobe's fiscal 2025 ended November 28, 2025, and fiscal 2024 ended November 29, 2024. Its third quarter of fiscal 2026 ended August 28, 2026.
How much revenue did Adobe make in fiscal 2025?: Revenue was $23,769 million in fiscal 2025, compared with $21,505 million in fiscal 2024, according to its 10-K. Subscription revenue was $22,904 million and net income was $7,130 million, or $16.70 per diluted share.
What were Adobe's latest quarterly results?: For the quarter ended August 28, 2026 the 10-Q reports total revenue of $6,760 million and net income of $1,827 million, or $4.62 per diluted share. In its September 10, 2026 release Adobe reported non-GAAP diluted EPS of $6.13 and Total Adobe ARR of $27.50 billion exiting the quarter.
What are Adobe's segments?: In fiscal 2025 Adobe reported three segments: Digital Media ($17,649 million of revenue), Digital Experience ($5,864 million) and Publishing and Advertising ($256 million). Effective in the first quarter of fiscal 2026 it combined them into a single operating and reportable segment, according to its 10-K.
What is Adobe's outlook for fiscal 2026?: In its September 10, 2026 release Adobe targeted fiscal 2026 total revenue of $26.576 billion to $26.626 billion, GAAP EPS of $18.12 to $18.17 and non-GAAP EPS of $24.45 to $24.50, and fourth-quarter revenue of $6.80 billion to $6.85 billion. These are the company's own projections, not reported results.
Did Adobe buy Semrush?: Yes. According to its 10-Q, Adobe completed the acquisition of Semrush Holdings, Inc., a brand visibility platform company, on April 28, 2026 for $1.87 billion, primarily in cash consideration.
Does Adobe buy back its own shares?: Yes. Repurchases of common stock were $11,281 million in fiscal 2025 and $6,821 million in the nine months ended August 28, 2026. In April 2026 its Board granted additional authority to repurchase up to $25 billion through April 30, 2030, of which $24.55 billion remained as of August 28, 2026 (10-Q).
Who runs Adobe?: Shantanu Narayen is Chair and Chief Executive Officer. Adobe's Board has appointed Anil Chakravarthy as President and Chief Executive Officer effective December 1, 2026, with Narayen becoming Executive Chair (Form 8-K). Steven Day has been interim Chief Financial Officer since Daniel Durn's departure effective June 15, 2026.
How many people work at Adobe?: Adobe employed 31,360 people as of November 28, 2025, according to its 10-K for fiscal 2025.