Adobe Inc

Latest Results (23.04.2026):

Adobe Inc — first quarter of fiscal 2026 (quarter ended Feb. 27, 2026): Adobe reported record Q1 results with total revenue of $6.40 billion (up 12% year‑over‑year) and strong subscription momentum, driven in part by AI initiatives; GAAP diluted EPS was $4.60 and non‑GAAP diluted EPS was $6.06.

Revenue and growth

Total revenue was $6.40 billion, +12% year‑over‑year (11% constant currency). Subscription revenue drove the performance, and Adobe reaffirmed FY2026 targets while providing Q2 FY2026 revenue guidance of $6.43–$6.48 billion.

Subscriptions, ARR and AI

Total Customer Group subscription revenue was $6.17 billion, +13% year‑over‑year (12% CC). Annualized Recurring Revenue (ARR) exiting the quarter was $26.06 billion, and Adobe said AI‑first ARR more than tripled year‑over‑year.

Profitability

GAAP operating income was $2.42 billion and GAAP net income $1.89 billion. On a non‑GAAP basis, operating income was $3.04 billion and net income $2.49 billion. GAAP diluted EPS was $4.60; non‑GAAP diluted EPS was $6.06. Q2 EPS guidance: GAAP $4.35–$4.40; non‑GAAP $5.80–$5.85.

Cash flow and balance sheet

Record Q1 cash flows from operations were $2.96 billion. Cash and cash equivalents were $6.33 billion at quarter end; Adobe repurchased ~8.1 million shares during the quarter.

RPO and current backlog

Remaining Performance Obligations (RPO) were $22.22 billion, with current RPO (cRPO) at 67%, indicating a sizable near‑term revenue backlog for subscriptions and services.

Customer segments

Business Professionals & Consumers subscription revenue was $1.78 billion (+16% y/y, 15% CC). Creative & Marketing Professionals subscription revenue was $4.39 billion (+12% y/y, 11% CC).

Corporate actions and outlook

Guidance excludes contributions from the pending Semrush acquisition. Adobe reaffirmed FY2026 targets and provided Q2 operating margin and tax assumptions tied to its non‑GAAP outlook.

Leadership

CEO Shantanu Narayen announced he will transition from the CEO role after a successor is appointed and will remain Chair of the Board; the Board named Frank Calderoni to chair the special committee overseeing the CEO succession process.