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Adobe (ADBE) investor relations material
Adobe Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved record FY2025 revenue of $23.77B, up 11% year-over-year, with non-GAAP EPS of $20.94 and GAAP EPS of $16.70, driven by strong global demand for AI-powered solutions and expansion across all customer groups.
Digital Media and Digital Experience segments delivered double-digit growth, fueled by AI innovation, new product launches, and increased user engagement.
AI-influenced offerings now account for over one-third of total ARR, with significant growth in AI-influenced ARR and user engagement.
Announced intent to acquire Semrush for $1.9B to enhance brand visibility, marketing, and generative engine optimization capabilities.
Major product launches and partnerships included Firefly, Acrobat AI Assistant, Brand Concierge, and integrations with AWS, Azure, Google Gemini, and OpenAI.
Financial highlights
FY2025 revenue: $23.77B (+11% YoY); Q4 revenue: $6.19B (+10% YoY); FY2025 GAAP EPS: $16.70 (+24–35% YoY); non-GAAP EPS: $20.94 (+14% YoY); Q4 non-GAAP EPS: $5.50 (+14% YoY).
Operating cash flow exceeded $10B for FY2025; Q4 operating cash flow was $3.16B.
Repurchased 30.8M shares in FY2025, nearly $12B in buybacks, reducing shares outstanding by over 6%.
Digital Media FY2025 revenue: $17.65B (+11% YoY); Digital Experience FY2025 revenue: $5.86B (+9% YoY); Digital Media ending ARR: $19.2B (+11.5% YoY); total RPO at year-end: $22.52B (+13% YoY).
Q4 GAAP net income: $1.86B; non-GAAP net income: $2.29B; FY2025 GAAP net income: $7.13B; non-GAAP net income: $8.94B.
Outlook and guidance
FY2026 revenue target: $25.90B–$26.10B; ARR growth target: 10.2% (~$2.6B net new ARR); non-GAAP operating margin: ~45%.
FY2026 GAAP EPS: $17.90–$18.10; non-GAAP EPS: $23.30–$23.50; Q1 FY2026 revenue: $6.25B–$6.30B; Q1 non-GAAP EPS: $5.85–$5.90.
Guidance excludes Semrush contribution; acquisition expected to close in 1H FY2026.
FY2026 GAAP tax rate target: ~20.5%; non-GAAP tax rate: ~18%; diluted share count: ~403M.
Announced reporting and guidance changes for FY2026, focusing on customer group subscription revenue and total company ending ARR growth.
Quantify FY2025 Total AI-Influenced ARR
Why shift FY2026 reporting to customer groups
How does ARR revaluation affect FY2026 growth
Generative Credits: future ARR impact?
Semrush acquisition: AI search relevance impact?
Drivers for sustained ARR growth beyond FY26?
Monetization of AI on third-party platforms?
Semrush acquisition's FY26 financial impact?
When will AI accelerate total Adobe ARR growth?
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Frequently asked questions
From printing software to creative powerhouse
Adobe operates a software-as-a-service (SaaS) model, providing a range of software products and services to both businesses and individuals. The company's flagship products include Adobe Creative Cloud, which encompasses tools like Photoshop, Illustrator, and InDesign for content creation, and Adobe Experience Cloud, offering solutions for digital marketing, analytics, and customer experience management. Adobe primarily generates revenue through subscriptions, licensing, and services related to its software offerings.
Creative dominance
Adobe is widely recognized for its creative software suite, Creative Cloud, which has become the industry standard in fields like graphic design, photography, video editing, and digital art. Its tools are trusted and widely used by professionals worldwide. Adobe has built a comprehensive ecosystem that connects its various software solutions, which allows users to seamlessly move between different tools, facilitating efficient workflows and enhancing productivity.
Opportunities and challenges
The ongoing digital transformation presents opportunities for Adobe to further expand its digital media and marketing solutions. As more businesses prioritize digital experiences, there is potential for Adobe to leverage its expertise and offer comprehensive solutions for content creation, management, and personalized customer experiences.
As concerns over data privacy and security grow, Adobe faces the challenge of ensuring robust data protection measures. The company must navigate evolving regulations and invest in maintaining customer trust by safeguarding sensitive data.
Notable M&A activity
Adobe has engaged in strategic acquisitions several times to expand its capabilities and product offerings. Notable acquisitions include:
Magento: In 2018, Adobe acquired Magento, an e-commerce platform. This acquisition allowed Adobe to provide end-to-end solutions for digital commerce, integrating e-commerce capabilities with its existing digital experience offerings.
Allegorithmic: Adobe acquired Allegorithmic in 2019, a company specializing in 3D texturing and material creation tools. This acquisition added capabilities to Adobe's Creative Cloud suite, particularly benefiting professionals in the gaming, entertainment, and design industries.
Figma: Adobe acquired Figma in 2022, a cloud-based design and prototyping tool that revolutionizes the way professionals collaborate on user interface (UI) and user experience (UX) design. Its acquisition by Adobe would enhance the capabilities of Adobe's Creative Cloud suite, specifically targeting professionals in the gaming, entertainment, and design industries.
Three listed peers to Adobe are: Microsoft, Salesforce, and Autodesk.
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