Adobe Inc
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+ FollowMarket Cap$98.11B
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Earnings Call Q3 2026
September 10, 2026 - AI Summary
Q3 FY26 results were strong (growth + profitability): Revenue $6.76B (+12% YoY, +12% constant currency); GAAP EPS $4.62 (+11% YoY); non-GAAP EPS $6.13 (+15% YoY). Record operating cash flow $2.52B, ending cash/investments $5.64B. Share repurchases: ~9.5M shares during the quarter. Total Adobe ending ARR $27.5B (+11.2% YoY) and total subscription revenue $6.56B (+14% YoY / +13% constant currency).
Key operating momentum: ARR/RPO, and customer-group growth drivers: RPO $22.16B (+8% YoY) and CRPO +9% YoY (management emphasized steady execution and typical seasonality pattern). Business Professionals & Consumers subscription revenue $1.91B (+15% constant currency / +16% as described by finance) with Acrobat+Express MAU >900M (+25% YoY) and Acrobat AI assistant MAU doubled QoQ; Creative & Marketing Professionals subscription revenue $4.65B (+12% constant currency / +13% YoY as discussed) with Creative freemium MAU >100M (+70% YoY) and Firefly ending ARR across apps/credit packs +40% QoQ; enterprise usage expanding, including brand visibility.
Guidance: Q4 upside modest, full-year raised (but no dividend; buybacks continued):
- Q4 FY26 outlook: Revenue $6.80B–$6.85B; Business Professionals & Consumers $1.93B–$1.95B; Creative & Marketing Professionals $4.665B–$4.695B. GAAP EPS $4.65–$4.70 and non-GAAP EPS $6.30–$6.35. (Assumes ~44% non-GAAP op margin, GAAP tax ~2%, non-GAAP tax ~18%.)
- FY26 outlook raised: Total revenue $26.576B–$26.626B; BP&C subscription $7.47B–$7.49B; Creative & Marketing $18.242B–$18.272B. FY26 GAAP EPS $18.12–$18.17, non-GAAP EPS $24.45–$24.50; ending ARR book-of-business growth 10.2% YoY (from $25.66B beginning). Management framed the raise as reflecting strong YTD execution.
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$421.97
69.9% upside
Current Fair Value
69.9% upsideUndervalued by 69.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $98.11 Billion |
|---|---|
| Enterprise Value | $101.30 Billion |
| Earnings per Share | $16.73 |
| Beta | 1.42 |
| Outstanding Shares | 395,000,000 |
Return
| Return on Equity | 61.92% |
|---|---|
| Return on Assets | 24.30% |
| Return on Invested Capital | 51.81% |
Valuation & Multiples
| P/E Ratio | 13.94 |
|---|---|
| PEG | 449.13 |
| Price to Sales | 3.82 |
| Price to Book Ratio | 8.56 |
| Enterprise Value to Revenue | 3.9 |
| Enterprise Value to EBIT | 10.81 |
| Enterprise Value to Net Income | 13 |
| Total Debt to Enterprise | 0.07 |
| Debt to Equity | 0.64 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 10, 2026
EPS Estimate
$6.08
Consensus analyst estimateRevenue Estimate
$6.69 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 9, 2026
EPS Estimate
$6.32
Consensus analyst estimateRevenue Estimate
$6.83 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.36, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3557▼ 66.69% |
|---|---|
| Total Calls | 89,674▼ 99.57% |
| Total Puts | 31,900▼ 99.85% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.06%▼ 78.59% |
|---|---|
| Total Invested | $4.78B▼ 93.07% |
| Investors Holding | 807▼ 1325.00% |
About Adobe Inc
31,360 employees
CEO: Shantanu Narayen
Adobe Inc., a company headquartered in San Jose, California, with a workforce exceeding 22,600 full-time employees, specializes in delivering advanced digital marketing and media solutions. The firm provides a comprehensive suite of prod...