Adobe
ConvictionModerate
Subscription SaaS; recurring revenue (~$27.1B ARR exiting Q2 FY2026) across Digital Media (Creative Cloud + Document Cloud) and Digital Experience (marketing/analytics cloud); seat-based + consumption/credit-based AI add-ons.
Revenue
$23.77BFY2025, ended Nov 28, 2025); guided ~$26.5-26.6B for FY2026Rev growth
+11% YoY FY2025as reported and constant currency); +13% YoY in Q2 FY2026Gross margin
~89%non-GAAP; Adobe's software gross margin is structurally high-80sOp margin
~36.6% GAAP / ~46.2% non-GAAPFY2025: $8.71B GAAP / $10.99B non-GAAP op income on $23.77BCapex intensity
Low~1% of revenue (asset-light software; no large data-center capex vs hyperscalersMarket cap
~$87BNASDAQ: ADBE, ~$220/share early July 2026; down sharply YoY, well below 52-wk high of $386.60The read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence