Adobe earnings: guidance and what to watch
Adobe's next results are due on December 9, 2026. Watch whether Adobe turns AI features into paid adoption without weakening margins.
What has Adobe guided for fiscal 2026?
Adobe expects full-year revenue of $26,576–$26,626 million. Its fourth-quarter target is $6,800–$6,850 million. The split between Business Professionals & Consumers and Creative & Marketing Professionals helps separate demand for everyday documents from demand for creative and marketing tools.
GAAP is the standard accounting result. Adobe expects fiscal 2026 diluted earnings per share of $18.12–$18.17 under GAAP and $24.45–$24.50 on an adjusted basis, which removes selected costs. The adjustment includes $5.42 per share for stock-based and deferred compensation. Shares preserve cash when used as pay, but dilute existing owners, so adjusted earnings are not the same as cash available to spend.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total revenue | FY2026 | 26,576 | 26,626 | Sep 10, 2026 |
| Business Professionals & Consumers subscription revenue | FY2026 | 7,470 | 7,490 | Sep 10, 2026 |
| Creative & Marketing Professionals subscription revenue | FY2026 | 18,242 | 18,272 | Sep 10, 2026 |
| Total Adobe ending ARR growth | FY2026 | 10.2% | 10.2% | Sep 10, 2026 |
| GAAP diluted net income per share | FY2026 | 18.12 | 18.17 | Sep 10, 2026 |
| Non-GAAP diluted net income per share | FY2026 | 24.45 | 24.50 | Sep 10, 2026 |
| Total revenue | Q4 FY2026 | 6,800 | 6,850 | Sep 10, 2026 |
| Business Professionals & Consumers subscription revenue | Q4 FY2026 | 1,930 | 1,950 | Sep 10, 2026 |
| Creative & Marketing Professionals subscription revenue | Q4 FY2026 | 4,665 | 4,695 | Sep 10, 2026 |
| GAAP diluted net income per share | Q4 FY2026 | 4.65 | 4.70 | Sep 10, 2026 |
| Non-GAAP diluted net income per share | Q4 FY2026 | 6.30 | 6.35 | Sep 10, 2026 |
What this means. The higher non-generally accepted accounting principles earnings per share excludes certain costs, so it is not the company’s full accounting profit per share.
What do Adobe's last eight quarters show?
Q3 FY2026 combined faster revenue growth and strong cash generation with weaker margins and smaller recurring additions.
Profit grew more slowly. Gross margin fell to 88.7% from 89.3%. Operating income rose 8.3% to $2,354 million, producing a 34.8% operating margin against about 36.3% a year earlier.
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,760 | 6,618 | 6,398 | 6,194 | 5,988 | 5,873 | 5,714 | 5,606 |
| Gross margin | 88.7% | 89.2% | 89.6% | 89.5% | 89.3% | 89.1% | 89.1% | 89.0% |
| Operating income | 2,354 | 2,238 | 2,418 | 2,261 | 2,173 | 2,109 | 2,163 | 1,957 |
| Net income | 1,827 | 1,712 | 1,889 | 1,856 | 1,772 | 1,691 | 1,811 | 1,683 |
| EPS, diluted | 4.62 | 4.25 | 4.60 | 4.45 | 4.18 | 3.94 | 4.14 | 3.79 |
What this means. Free cash flow may look too high because the table subtracts only equipment purchases, not purchases of investments, software rights, or other assets.
What should I watch in Adobe's next results?
Adobe MAX, scheduled for November 10–12, 2026, is the next clear product test. Investors should look for released AI features with clear access and pricing, not only demonstrations. Topaz and the wider AI programme must make customers’ work easier, then turn that usefulness into paid adoption.