Adobe Inc. · ADBE · Next earnings

Adobe Inc. reports Wednesday, Dec 9, 2026

ADBE reports after market close with consensus EPS at $6.32 and revenue at $6.83B. Last quarter: Adobe Q2 FY26: Revenue Beats, Guidance Raised, but Freemium Pivot Pressures Near-Term ARR

Reports After market close80 days awayDate estimated Technology

What the street expects

Consensus for the coming report
Consensus EPS $6.32 Calendar consensus
Consensus revenue $6.83B Calendar consensus
Report date Dec 9, 2026 Wednesday, date estimated
Session After market close 80 days away

Where ADBE left off: FY2026 Q2

Full report

Adobe Q2 FY26: Revenue Beats, Guidance Raised, but Freemium Pivot Pressures Near-Term ARR

EPS surprise +2.4% Reported $5.96 vs $5.82
Revenue surprise +2.5% Reported $6.62B vs $6.45B
Stock move -6.8% Event window
Subsequent drift +8.2% Up to 20 sessions

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.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Short-term ARR headwind from deferring Creative Cloud pricing changes, with uncertain payback timing.
  • Management transition risk with CFO departure and ongoing CEO search.
  • Heavy reliance on successful conversion of freemium users to paid tiers to justify the acquisition-first strategy.
  • Intense competition from AI platform providers including OpenAI, Anthropic, Google, Microsoft, and Amazon.

Questions analysts left open

  • Continuity and execution during CFO transition and ongoing CEO search.
  • Impact and payback period of deferring Creative Cloud price optimizations.
  • Effectiveness and timeline of freemium-to-paid conversion funnel.
  • Competitive positioning versus major AI cloud providers entering creative and enterprise software.
  • Margin guidance and potential need for additional capex to support AI infrastructure.

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Recent ADBE quarters

All ADBE earnings
-6.8%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.