Adobe Inc

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.