Adobe Inc.

Strong Q3 results (growth + cash + shareholder returns) - Revenue: $6.76B, up 12% YoY (reported) / 12% in constant currency. - EPS: GAAP $4.62 (+11% YoY); non-GAAP $6.13 (+15% YoY). - Ending ARR: $27.5B, up 11.2% YoY; RPO: $22.16B, up 8% YoY; CRPO: +9% YoY. - Cash flow: $2.52B from operations in Q3; ending cash & short-term investments $5.64B. - Capital return: repurchased ~9.5M shares during the quarter.

Guidance: solid Q4 and raised full-year targets - Q4 FY26 guidance - Total revenue: $6.8B–$6.85B - Business professionals & consumers subs: $1.93B–$1.95B - Creative & marketing subs: $4.665B–$4.695B - GAAP EPS: $4.65–$4.70; non-GAAP EPS: $6.30–$6.35 - Full-year FY26 guidance (raised) - Total revenue: $26.576B–$26.626B - BP&C subs: $7.47B–$7.49B - Creative & Marketing subs: $18.242B–$18.272B - GAAP EPS: $18.12–$18.17; non-GAAP EPS: $24.45–$24.50 - Ending ARR growth assumed ~10.2% YoY (from $25.66B beginning book). - Margin/tax assumptions: non-GAAP operating margin ~44% in Q4 and ~45% for FY; GAAP tax rate ~22.5% for FY; non-GAAP tax rate ~18%.

Agentic AI is framed as the long-term strategy across all segments (big opportunity thesis) - Management argues the industry will transition from standard SaaS to “agentic software” (like SaaS transition historically). - “End state” described as: - Product architecture that supports multiple interfaces (conversational, classic UI) and model routing. - Model flexibility (use the best model for the task). - Enterprise-grade use of data/context to reduce hallucinations and improve predictability. - Value realization so customers see ROI across complex AI+software workflows. - Execution examples highlighted: Acrobat/Reader/Express productivity agent work, Creative Agent in flagship apps, and CX Enterprise CoWorker for marketing/customer workflows.