Adobe Inc.

Q3 results: strong top-line and EPS; margins/cash generation on track - Revenue $6.76B, +12% YoY (reported) / +13% (conference speaker phrasing). - GAAP EPS $4.62 (+11% YoY); non-GAAP EPS $6.13 (+15% YoY). - Ending ARR $27.5B, +11.2% YoY; customer-group subscription revenue $6.56B, +14% YoY (or +13% in constant currency). - Record operating cash flow $2.52B; cash & short-term investments $5.64B. - Buyback: repurchased ~9.5M shares in the quarter; remaining authorization ~$24.55B under the April 2026 authorization (March 2024 authorization fully utilized).

Q3 business highlights: AI-driven engagement + continued enterprise traction across all 3 customer segments - Business Professionals & Consumers: subscription revenue $1.91B, +15% YoY (constant currency: +15% mentioned); Acrobat Plus/Express MAU >900M, +25% YoY; Acrobat AI assistant MAU doubled QoQ; “strong SMB performance.” - Creative & Marketing Professionals: subscription revenue $4.65B, +12% YoY; Creative Freemium MAU >100M, +70% YoY; Firefly ending ARR (apps + credit packs) +40% QoQ (key inflection signal). - Experience/Marketing (enterprise): AEM + Agentic Web Apps ARR +20% YoY (or >20%), Adobe Gen Studio and AEP growth >20% YoY; brand visibility solution seeing customer traction and paid customers doubling QoQ. - Customer/partner examples cited across segments (high-level): major enterprises including Amazon, Deutsche Post DHL, Honeywell, T-Mobile, Disney-related efforts, Premier League, Royal Bank of Canada, Wells Fargo, among others.

Forward outlook (forecasts): Q4 and full-year targets raised; guided on “current macro conditions” - Q4 FY26 targets: - Total revenue $6.80B–$6.85B. - BP&C subscription revenue $1.93B–$1.95B. - CMP subscription revenue $4.665B–$4.695B. - GAAP EPS $4.65–$4.70; non-GAAP EPS $6.30–$6.35. - Operating margin assumptions: non-GAAP op margin ~44%; tax GAAP ~2%, non-GAAP ~18%. - FY26 targets (raised): - Total revenue $26.576B–$26.626B. - BP&C subscription $7.47B–$7.49B. - CMP subscription $18.242B–$18.272B. - GAAP EPS $18.12–$18.17; non-GAAP EPS $24.45–$24.50. - Margin/tax assumptions: non-GAAP op margin ~45%, GAAP tax ~22.5%, non-GAAP tax ~18%. - CEO/exec framing: confidence comes from performance to date, agentic product innovations, and seasonality; also noted Q4 seasonality and pipeline strength.