Analyst Consensus ?
ConsensusHold62 ratings
Bullish3150.0%
Neutral2641.9%
Bearish58.1%
Adobe Inc. · ADBE · FY2026 Q2 · Calendar Q2 2026
Adobe Q2 FY26: Revenue Beats, Guidance Raised, but Freemium Pivot Pressures Near-Term ARR
Adobe delivered a solid Q2 with revenue and EPS beats and raised full-year guidance, but the initial market reaction was negative (-6.8% vs. a flat benchmark) as management deferred Creative Cloud price optimizations in favor of a freemium acquisition strategy, introducing near-term ARR uncertainty. The stock subsequently drifted +8.2% higher, suggesting investors warmed to the long-term AI and freemium thesis as the quarter's execution and raised guidance offset transition concerns.
Reported After market closeNASDAQTechnology
$99.05B market cap
90quality score
Company context
Snapshot as of publicationAdobe Inc. stands as a prominent global software provider, delivering a diverse range of solutions. Its operations are structured into three primary business divisions: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment empowers individuals, teams, and enterprises to generate, disseminate, and amplify various forms of content through its array of products and services, including the cloud-native Document Cloud platform. Central to this segment is Creative Cloud, its subscription-based flagship, granting access to a comprehensive suite of creative tools. This division caters to a diverse range of users, from professional content creators and marketers to educators, communicators, and general consumers.…
Earnings scorecard
Reported versus consensus
Reported EPS
$5.96
Consensus $6
EPS surprise
+2.4%
Reported versus consensus
Reported revenue
$6.62B
Consensus $6.45B
Revenue surprise
+2.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$249.18Current
$190Low
$414.96Average
$730High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Jul 21, 2026 |
| HSBC | Buy | Hold | Upgrade | Jul 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 12, 2026 |
| Stifel | Hold | Buy | Downgrade | Jun 12, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jun 12, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 12, 2026 |
| Keybanc | Underweight | Underweight | Maintain | Jun 12, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 12, 2026 |
| Jefferies | Hold | Hold | Maintain | Jun 12, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Jun 12, 2026 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Jun 12, 2026 |
| DA Davidson | Buy | Buy | Maintain | Jun 12, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Jun 12, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 12, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jun 12, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 12, 2026 |
| Baird | Neutral | Neutral | Maintain | Jun 12, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jun 11, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jun 11, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 11, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 11, 2026 |
| William Blair | Market Perform | Outperform | Downgrade | Mar 26, 2026 |
| Argus Research | Hold | Buy | Downgrade | Mar 16, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 13, 2026 |
| JMP Securities | Market Perform | Market Perform | Maintain | Sep 12, 2025 |
| Redburn Atlantic | Sell | Neutral | Downgrade | Jul 2, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jun 13, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Mar 20, 2025 |
| Deutsche Bank | Hold | Buy | Downgrade | Jan 8, 2025 |
| Melius Research | Hold | Buy | Downgrade | Jun 10, 2024 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Jan 18, 2024 |
| KGI Securities | Outperform | Neutral | Upgrade | Dec 4, 2023 |
| Erste Group | Buy | Hold | Upgrade | Mar 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 17, 2023 |
| Edward Jones | Hold | Buy | Downgrade | Sep 19, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Sep 16, 2022 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Nov 22, 2021 |
| Wedbush | Neutral | Neutral | Maintain | Feb 3, 2021 |
| DZ Bank | Buy | Hold | Upgrade | Sep 17, 2020 |
| CFRA | Buy | Buy | Maintain | Mar 17, 2020 |
| Cleveland Research | Buy | Neutral | Upgrade | Jan 27, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Dec 13, 2019 |
| PiperJaffray | Overweight | Overweight | Maintain | Dec 13, 2019 |
| Nomura | Buy | Buy | Maintain | Dec 13, 2019 |
| Canaccord Genuity | Buy | Buy | Maintain | Dec 13, 2019 |
| Citi | Buy | Buy | Maintain | Sep 18, 2019 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Jun 20, 2019 |
| Bank of America | Buy | Buy | Maintain | Jun 19, 2019 |
| Pivotal Research | Buy | Hold | Upgrade | Jan 7, 2019 |
| Argus | Buy | Buy | Maintain | Sep 17, 2018 |
| Wunderlich Securities | Buy | Hold | Upgrade | Mar 17, 2017 |
| Wunderlich | Buy | Hold | Upgrade | Mar 17, 2017 |
| Pacific Crest | Overweight | Overweight | Maintain | Sep 21, 2016 |
| Dougherty & Co. | Buy | Buy | Maintain | Apr 4, 2016 |
| Dougherty | Buy | Buy | Maintain | Apr 4, 2016 |
| Susquehanna | Positive | Positive | Maintain | Oct 7, 2015 |
| CIBC | Buy | Buy | Maintain | Sep 17, 2014 |
| FBR Capital | Market Perform | Market Perform | Maintain | Jun 18, 2014 |
| Argus Capital | Buy | Hold | Upgrade | Dec 17, 2013 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Dec 14, 2012 |
| Janney Capital | Neutral | Buy | Downgrade | Dec 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $249.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Adam Wood | $240 | $234.74 | -3.7% | Jul 21, 2026 |
| CLSA | Analyst unavailable | $300 | $237.25 | +20.4% | Jul 20, 2026 |
| HSBC | Stephen Bersey | $308 | $210.98 | +23.6% | Jul 2, 2026 |
| BMO Capital | Analyst unavailable | $230 | $218.8 | -7.7% | Jun 12, 2026 |
| Piper Sandler | Analyst unavailable | $240 | $218.8 | -3.7% | Jun 12, 2026 |
| D.A. Davidson | Gil Luria | $250 | $218.8 | +0.3% | Jun 12, 2026 |
| Goldman Sachs | Gabriela Borges | $190 | $218.8 | -23.7% | Jun 12, 2026 |
| Bernstein | Analyst unavailable | $379 | $218.8 | +52.1% | Jun 12, 2026 |
| UBS | Keith Weiss | $365 | $218.8 | +46.5% | Jun 12, 2026 |
| Robert W. Baird | Analyst unavailable | $230 | $218.8 | -7.7% | Jun 12, 2026 |
| Mizuho Securities | Gregg Moskowitz | $245 | $218.8 | -1.7% | Jun 12, 2026 |
| KeyBanc | Jackson Ader | $195 | $218.8 | -21.7% | Jun 12, 2026 |
| Wells Fargo | Analyst unavailable | $250 | $218.8 | +0.3% | Jun 12, 2026 |
| UBS | Karl Keirstead | $225 | $218.8 | -9.7% | Jun 12, 2026 |
| Barclays | Saket Kalia | $250 | $218.8 | +0.3% | Jun 12, 2026 |
| Evercore ISI | Analyst unavailable | $225 | $218.8 | -9.7% | Jun 12, 2026 |
| Jefferies | Analyst unavailable | $230 | $218.8 | -7.7% | Jun 12, 2026 |
| Stifel Nicolaus | Parker Lane | $200 | $218.8 | -19.7% | Jun 12, 2026 |
| RBC Capital | Analyst unavailable | $285 | $247.77 | +14.4% | Jun 8, 2026 |
| Stifel Nicolaus | Parker Lane | $350 | $251.44 | +40.5% | Jun 8, 2026 |
| RBC Capital | Matthew Swanson | $350 | $254.66 | +40.5% | Jun 5, 2026 |
| Piper Sandler | Billy Fitzsimmons | $280 | $265.64 | +12.4% | Jun 4, 2026 |
| Mizuho Securities | Analyst unavailable | $270 | $245.44 | +8.4% | Apr 27, 2026 |
| UBS | Karl Keirstead | $260 | $249.12 | +4.3% | Apr 17, 2026 |
| Summit Redstone Partners | Analyst unavailable | $350 | $250.99 | +40.5% | Apr 17, 2026 |
| BMO Capital | Keith Bachmann | $285 | $254.01 | +14.4% | Mar 13, 2026 |
| UBS | Karl Keirstead | $290 | $254.06 | +16.4% | Mar 13, 2026 |
| KeyBanc | Jackson Ader | $235 | $254.25 | -5.7% | Mar 13, 2026 |
| Bernstein | Mark Moerdler | $447 | $253.77 | +79.4% | Mar 13, 2026 |
| D.A. Davidson | Gil Luria | $300 | $253.56 | +20.4% | Mar 13, 2026 |
| Goldman Sachs | Gabriela Borges | $220 | $254.18 | -11.7% | Mar 13, 2026 |
| Mizuho Securities | Gregg Moskowitz | $315 | $269.78 | +26.4% | Mar 13, 2026 |
| Jefferies | Analyst unavailable | $290 | $258.61 | +16.4% | Feb 23, 2026 |
| HSBC | Analyst unavailable | $302 | $262.5 | +21.2% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $330 | $293.38 | +32.4% | Feb 2, 2026 |
| UBS | Analyst unavailable | $340 | $305.3 | +36.4% | Jan 26, 2026 |
| Robert W. Baird | Analyst unavailable | $350 | $304.32 | +40.5% | Jan 14, 2026 |
| Goldman Sachs | Analyst unavailable | $290 | $333.95 | +16.4% | Jan 12, 2026 |
| BMO Capital | Analyst unavailable | $375 | $339.04 | +50.5% | Jan 9, 2026 |
| Jefferies | Analyst unavailable | $400 | $333.3 | +60.5% | Jan 5, 2026 |
| BMO Capital | Keith Bachmann | $400 | $356.5 | +60.5% | Dec 15, 2025 |
| KeyBanc | Jackson Ader | $310 | $356.5 | +24.4% | Dec 15, 2025 |
| UBS | Analyst unavailable | $487 | $356.5 | +95.4% | Dec 14, 2025 |
| UBS | Karl Keirstead | $375 | $345.23 | +50.5% | Dec 11, 2025 |
| Morgan Stanley | Keith Weiss | $425 | $343.13 | +70.6% | Dec 11, 2025 |
| Oppenheimer | Brian Schwartz | $430 | $350.16 | +72.6% | Dec 11, 2025 |
| Wolfe Research | Alex Zukin | $440 | $343.13 | +76.6% | Dec 11, 2025 |
| Stifel Nicolaus | Analyst unavailable | $450 | $339.12 | +80.6% | Dec 9, 2025 |
| Barclays | Saket Kalia | $415 | $328.73 | +66.5% | Dec 5, 2025 |
| D.A. Davidson | Analyst unavailable | $500 | $318.64 | +100.7% | Nov 20, 2025 |
| Mizuho Securities | Gregg Moskowitz | $390 | $318.87 | +56.5% | Nov 20, 2025 |
| Wells Fargo | Analyst unavailable | $420 | $318.11 | +68.6% | Nov 20, 2025 |
| BMO Capital | Keith Bachmann | $405 | $341.89 | +62.5% | Oct 29, 2025 |
| Barclays | Saket Kalia | $465 | $359.91 | +86.6% | Oct 29, 2025 |
| Morgan Stanley | Keith Weiss | $450 | $350.5 | +80.6% | Sep 24, 2025 |
| Oppenheimer | Brian Schwartz | $460 | $354 | +84.6% | Sep 9, 2025 |
| RBC Capital | Matthew Swanson | $430 | $358.66 | +72.6% | Sep 8, 2025 |
| Mizuho Securities | Gregg Moskowitz | $460 | $358.66 | +84.6% | Sep 8, 2025 |
| Barclays | Analyst unavailable | $460 | $348.97 | +84.6% | Sep 5, 2025 |
| Redburn Partners | Omar Sheikh | $280 | $356.7 | +12.4% | Sep 1, 2025 |
| UBS | Analyst unavailable | $400 | $353.96 | +60.5% | Aug 29, 2025 |
| Piper Sandler | Brent Bracelin | $500 | $351.96 | +100.7% | Apr 23, 2025 |
| RBC Capital | Matthew Swanson | $480 | $350.91 | +92.6% | Apr 14, 2025 |
| Summit Redstone Partners | Analyst unavailable | $410 | $387.89 | +64.5% | Mar 19, 2025 |
| UBS | Analyst unavailable | $495 | $377.84 | +98.7% | Mar 13, 2025 |
| BMO Capital | Analyst unavailable | $515 | $449.4 | +106.7% | Mar 7, 2025 |
| Wells Fargo | Analyst unavailable | $600 | $449.4 | +140.8% | Mar 7, 2025 |
| Wells Fargo | Michael Turrin | $650 | $422.63 | +160.9% | Jan 7, 2025 |
| UBS | Karl Keirstead | $475 | $429.44 | +90.6% | Jan 3, 2025 |
| Argus Research | Joseph Bonner | $675 | $532.58 | +170.9% | Sep 16, 2024 |
| Loop Capital Markets | Jackson Ader | $450 | $531.38 | +80.6% | Sep 13, 2024 |
| RBC Capital | Alex Zukin | $610 | $586.55 | +144.8% | Sep 13, 2024 |
| Bernstein | Mark Moerdler | $644 | $586.55 | +158.4% | Sep 13, 2024 |
| Wolfe Research | Alex Zukin | $685 | $586.55 | +174.9% | Sep 13, 2024 |
| Citigroup | Tyler Radke | $616 | $586.55 | +147.2% | Sep 13, 2024 |
| HSBC | Stephen Bersey | $536 | $586.55 | +115.1% | Sep 13, 2024 |
| UBS | Karl Keirstead | $600 | $584.45 | +140.8% | Sep 12, 2024 |
| Citigroup | Tyler Radke | $621 | $574.62 | +149.2% | Sep 10, 2024 |
| Stifel Nicolaus | Parker Lane | $650 | $567.93 | +160.9% | Sep 6, 2024 |
| CMB International Securities | Saiyi He | $645 | $560.01 | +158.8% | Jul 2, 2024 |
| Bernstein | Mark Moerdler | $660 | $513.33 | +164.9% | Jun 17, 2024 |
| Bank of America Securities | Brad Sills | $640 | $525.03 | +156.8% | Jun 14, 2024 |
| BMO Capital | Keith Bachmann | $580 | $525.33 | +132.8% | Jun 14, 2024 |
| Wells Fargo | Michael Turrin | $700 | $458.74 | +180.9% | Jun 14, 2024 |
| Robert W. Baird | Rob Oliver | $545 | $524.7 | +118.7% | Jun 14, 2024 |
| Barclays | Saket Kalia | $650 | $525.31 | +160.9% | Jun 14, 2024 |
| KeyBanc | Jackson Ader | $450 | $525.67 | +80.6% | Jun 14, 2024 |
| Citigroup | Tyler Radke | $529 | $459.24 | +112.3% | Jun 13, 2024 |
| Morgan Stanley | Keith Weiss | $660 | $465.43 | +164.9% | Jun 10, 2024 |
| Mizuho Securities | Gregg Moskowitz | $640 | $458.13 | +156.8% | Jun 7, 2024 |
| Deutsche Bank | Brad Zelnick | $650 | $458.13 | +160.9% | Jun 7, 2024 |
| Oppenheimer | Brian Schwartz | $580 | $455.8 | +132.8% | Jun 6, 2024 |
| D.A. Davidson | Gil Luria | $685 | $482.88 | +174.9% | May 17, 2024 |
| DNB Markets | Mark Murphy | $570 | $503.44 | +128.8% | Mar 27, 2024 |
| Goldman Sachs | Kash Rangan | $640 | $490.86 | +156.8% | Mar 15, 2024 |
| HSBC | Stephen Bersey | $511 | $492.46 | +105.1% | Mar 15, 2024 |
| CFRA | Angelo Zino | $630 | $492.46 | +152.8% | Mar 15, 2024 |
| BMO Capital | Keith Bachmann | $610 | $492.46 | +144.8% | Mar 15, 2024 |
| Wells Fargo | Michael Turrin | $675 | $492.46 | +170.9% | Mar 15, 2024 |
| Melius Research | Ben Reitzes | $685 | $492.46 | +174.9% | Mar 15, 2024 |
| Robert W. Baird | Rob Oliver | $525 | $492.46 | +110.7% | Mar 15, 2024 |
| RBC Capital | Matthew Swanson | $630 | $492.46 | +152.8% | Mar 15, 2024 |
| UBS | Karl Keirstead | $540 | $492.46 | +116.7% | Mar 15, 2024 |
| Piper Sandler | Brent Bracelin | $700 | $492.46 | +180.9% | Mar 15, 2024 |
| Piper Sandler | Brent Bracelin | $705 | $574.17 | +182.9% | Mar 13, 2024 |
| Stifel Nicolaus | Parker Lane | $625 | $583.43 | +150.8% | Dec 14, 2023 |
| Piper Sandler | Brent Bracelin | $650 | $624.26 | +160.9% | Dec 14, 2023 |
| Wolfe Research | Alex Zukin | $650 | $629.72 | +160.9% | Dec 12, 2023 |
| KGI Securities | Freddy Chen | $730 | $604.56 | +193.0% | Dec 4, 2023 |
| Loop Capital Markets | Keith Bachman | $670 | $597.22 | +168.9% | Nov 10, 2023 |
| Oppenheimer | Brian Schwartz | $660 | $512.48 | +164.9% | Oct 26, 2023 |
| Piper Sandler | Brent Bracelin | $650 | $528.89 | +160.9% | Sep 15, 2023 |
| Barclays | Saket Kalia | $620 | $549.2 | +148.8% | Sep 14, 2023 |
| Loop Capital Markets | Brad Sills | $575 | $502.96 | +130.8% | Jun 16, 2023 |
| Morgan Stanley | Keith Weiss | $470 | $479.53 | +88.6% | Jun 15, 2023 |
| Piper Sandler | Brent Bracelin | $415 | $352.16 | +66.5% | Mar 16, 2023 |
| BMO Capital | Keith Bachman | $395 | $333.33 | +58.5% | Mar 15, 2023 |
| Citigroup | Analyst unavailable | $355 | $338.54 | +42.5% | Dec 19, 2022 |
| BMO Capital | Analyst unavailable | $390 | $343.5 | +56.5% | Dec 16, 2022 |
| Deutsche Bank | Analyst unavailable | $430 | $346.42 | +72.6% | Dec 16, 2022 |
| Piper Sandler | Analyst unavailable | $380 | $328.71 | +52.5% | Dec 16, 2022 |
| RBC Capital | Matthew Swanson | $395 | $336.53 | +58.5% | Dec 12, 2022 |
| Citigroup | Analyst unavailable | $337 | $335.93 | +35.2% | Dec 12, 2022 |
| New Street | Dylan Tokar | $200 | $334.3 | -19.7% | Nov 27, 2022 |
| Credit Suisse | Phil Winslow | $325 | $299.83 | +30.4% | Oct 19, 2022 |
| Wolfe Research | Alex Zukin | $340 | $309.13 | +36.4% | Sep 16, 2022 |
| Bank of America Securities | Bradley Sills | $350 | $299.5 | +40.5% | Sep 16, 2022 |
| RBC Capital | Matthew Swanson | $425 | $299.5 | +70.6% | Sep 16, 2022 |
| Stifel Nicolaus | J. Parker Lane | $375 | $309.13 | +50.5% | Sep 16, 2022 |
| Evercore ISI | Kirk Materne | $350 | $299.5 | +40.5% | Sep 16, 2022 |
| Citigroup | Tyler Radke | $388 | $309.13 | +55.7% | Sep 15, 2022 |
| Jefferies | Brent Thill | $475 | $309.13 | +90.6% | Sep 15, 2022 |
| New Street | Market Perform | $435 | $379.25 | +74.6% | Sep 13, 2022 |
| Mizuho Securities | Gregg Moskowitz | $440 | $393.89 | +76.6% | Sep 12, 2022 |
| Jefferies | Brent Thill | $475 | $368.14 | +90.6% | Sep 5, 2022 |
| Oppenheimer | Brian Schwartz | $400 | $365.08 | +60.5% | Jun 17, 2022 |
| Stifel Nicolaus | J. Parker Lane | $500 | $365.08 | +100.7% | Jun 17, 2022 |
| Jefferies | Brent Thill | $500 | $365.08 | +100.7% | Jun 17, 2022 |
| Robert W. Baird | Robert Oliver | $450 | $365.08 | +80.6% | Jun 17, 2022 |
| Bank of America Securities | Bradley Sills | $450 | $365.08 | +80.6% | Jun 17, 2022 |
| Wells Fargo | Michael Turrin | $425 | $365.08 | +70.6% | Jun 17, 2022 |
| Evercore ISI | Kirk Materne | $475 | $365.08 | +90.6% | Jun 17, 2022 |
| Stifel Nicolaus | J. Parker Lane | $500 | $365.08 | +100.7% | Jun 17, 2022 |
| RBC Capital | Matthew Hedberg | $500 | $372.42 | +100.7% | Jun 14, 2022 |
| Citigroup | Tyler Radke | $425 | $370.82 | +70.6% | Jun 14, 2022 |
| BMO Capital | Keith Bachman | $450 | $370.82 | +80.6% | Jun 14, 2022 |
| RBC Capital | Matthew Swanson | $500 | $370.82 | +100.7% | Jun 14, 2022 |
| Morgan Stanley | Keith Weiss | $591 | $371.65 | +137.2% | Jun 13, 2022 |
| Mizuho Securities | Gregg Moskowitz | $530 | $396.13 | +112.7% | Jun 10, 2022 |
| Cowen & Co. | Derrick Wood | $550 | $426.42 | +120.7% | Jun 9, 2022 |
| Jefferies | Brent Thill | $550 | $406.76 | +120.7% | May 24, 2022 |
| Argus Research | Joseph Bonner | $575 | $458.19 | +130.8% | Apr 2, 2022 |
| BMO Capital | Keith Bachman | $535 | $422.9 | +114.7% | Mar 23, 2022 |
| Robert W. Baird | Robert Oliver | $550 | $422.9 | +120.7% | Mar 23, 2022 |
| Jefferies | Brent Thill | $570 | $422.9 | +128.8% | Mar 23, 2022 |
| Piper Sandler | Brent Bracelin | $545 | $422.9 | +118.7% | Mar 23, 2022 |
| Goldman Sachs | Kash Rangan | $605 | $422.9 | +142.8% | Mar 23, 2022 |
| Griffin | Jay Vleeschhouwer | $640 | $422.9 | +156.8% | Mar 23, 2022 |
| Evercore ISI | Kirk Materne | $650 | $422.9 | +160.9% | Mar 23, 2022 |
| Stifel Nicolaus | J. Parker Lane | $600 | $422.9 | +140.8% | Mar 23, 2022 |
| Bank of America Securities | Bradley Sills | $560 | $422.9 | +124.7% | Mar 23, 2022 |
| J.P. Morgan | Sterling Auty | $540 | $466.45 | +116.7% | Mar 22, 2022 |
| Wells Fargo | Michael Turrin | $625 | $466.45 | +150.8% | Mar 22, 2022 |
| RBC Capital | Matthew Swanson | $600 | $453.59 | +140.8% | Mar 21, 2022 |
| Morgan Stanley | Keith Weiss | $652 | $453.33 | +161.7% | Mar 20, 2022 |
| Citigroup | Tyler Radke | $455 | $453.33 | +82.6% | Mar 18, 2022 |
| Mizuho Securities | Gregg Moskowitz | $600 | $416.38 | +140.8% | Mar 12, 2022 |
| UBS | Karl Keirstead | $460 | $429.45 | +84.6% | Feb 23, 2022 |
| Deutsche Bank | Brad Zelnick | $660 | $518.16 | +164.9% | Jan 29, 2022 |
| Piper Sandler | Brent Bracelin | $600 | $520.6 | +140.8% | Jan 14, 2022 |
| UBS | Karl Keirstead | $575 | $514.43 | +130.8% | Jan 5, 2022 |
| Atlantic Equities | Dimitri Kallianiotis | $630 | $549.77 | +152.8% | Dec 20, 2021 |
| Stifel Nicolaus | Parker Lane | $700 | $556.64 | +180.9% | Dec 17, 2021 |
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What changed
Q2 FY26 revenue of $6.62B beat consensus by 2.5% (11% YoY growth) and non-GAAP EPS of $5.96 beat by 2.4%. Adobe raised FY26 revenue guidance to $20.5-$20.6B and non-GAAP EPS to $24.35-$24.45. The SEMrush acquisition closed, adding approximately $480M in ARR. Management announced AI-first agents (Productivity Agent, Creative Agent) with integrations across ChatGPT, Claude, Copilot, and Gemini. Firefly MAUs grew 70% YoY, and Acrobat/Express surpassed 850M MAUs.
Guidance delta
Adobe raised its full-year FY26 revenue guidance to $20.5-$20.6B and non-GAAP EPS to $24.35-$24.45. Management is deferring Creative Cloud price line-optimizations to prioritize freemium user acquisition, creating a short-term ARR headwind that the company expects to offset through expanded top-of-funnel growth and AI-driven conversion over time.
Key takeaways
- Revenue of $6.62B beat estimates by 2.5% with 11% YoY growth; non-GAAP EPS of $5.96 beat by 2.4%.
- FY26 guidance raised to $20.5-$20.6B revenue and $24.35-$24.45 non-GAAP EPS.
- SEMrush acquisition closed, adding ~$480M ARR and expanding Adobe's CX and brand-visibility offerings.
- Freemium strategy acceleration: Acrobat/Express MAUs exceed 850M, Creative Freemium exceeds 90M, Firefly MAUs up 70% YoY.
- New AI-first agents launched across third-party platforms including ChatGPT, Claude, Copilot, and Gemini.
Management priorities
- Scale the freemium acquisition model across Acrobat, Express, and Firefly.
- Roll out Adobe CX Enterprise and CX Enterprise Coworker broadly.
- Deepen SEMrush integration for brand-visibility solutions.
- Expand AI agents across third-party platforms (ChatGPT, Claude, Copilot, Gemini).
- Re-evaluate Creative Cloud pricing later in the year after freemium growth matures.
- Continue strategic M&A and tuck-in opportunities in AI and content technology.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-06-11T23:19:28.927685+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T04:30:16.527112+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T04:30:16.524320+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.