Adobe (ADBE) official guidance

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

Our FY 2026 targets assume non-GAAP operating margin of approximately 45%, a GAAP tax rate of approximately 22.5%, and a non-GAAP tax rate of approximately 18%.

For Q4, we assume non-GAAP operating margin of approximately 44%, and GAAP tax rate of approximately 22%, and a non-GAAP tax rate of approximately 18%.

Our FY 2026 targets assume non-GAAP operating margin of approximately 45%, a GAAP tax rate of approximately 22.5%, and a non-GAAP tax rate of approximately 18%.

For Q4, we assume non-GAAP operating margin of approximately 44%, and GAAP tax rate of approximately 22%, and a non-GAAP tax rate of approximately 18%.

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

For Q4 FY 2026, we are targeting total Adobe revenue of $6.8 billion-$6.85 billion, business professionals and consumer subscription revenue of $1.93 billion-$1.95 billion, creative and marketing professional subscription revenue of $4.665 billion-$4.695 billion, GAAP EPS of $4.65-$4.70, and non-GAAP EPS of $6.30-$6.35.

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

For Q4 FY 2026, we are targeting total Adobe revenue of $6.8 billion-$6.85 billion, business professionals and consumer subscription revenue of $1.93 billion-$1.95 billion, creative and marketing professional subscription revenue of $4.665 billion-$4.695 billion, GAAP EPS of $4.65-$4.70, and non-GAAP EPS of $6.30-$6.35.

Our FY 2026 targets assume non-GAAP operating margin of approximately 45%, a GAAP tax rate of approximately 22.5%, and a non-GAAP tax rate of approximately 18%.

For Q4, we assume non-GAAP operating margin of approximately 44%, and GAAP tax rate of approximately 22%, and a non-GAAP tax rate of approximately 18%.

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

For Q4 FY 2026, we are targeting total Adobe revenue of $6.8 billion-$6.85 billion, business professionals and consumer subscription revenue of $1.93 billion-$1.95 billion, creative and marketing professional subscription revenue of $4.665 billion-$4.695 billion, GAAP EPS of $4.65-$4.70, and non-GAAP EPS of $6.30-$6.35.

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

For Q4 FY 2026, we are targeting total Adobe revenue of $6.8 billion-$6.85 billion, business professionals and consumer subscription revenue of $1.93 billion-$1.95 billion, creative and marketing professional subscription revenue of $4.665 billion-$4.695 billion, GAAP EPS of $4.65-$4.70, and non-GAAP EPS of $6.30-$6.35.

For FY 2026, we are targeting total Adobe revenue of $26.576 billion-$26.626 billion, business professional and consumers subscription revenue of $7.47 billion-$7.49 billion, creative and marketing professional subscription revenue $18.242 billion-$18.272 billion, total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY 2026 beginning book of business of $25.66 billion, GAAP EPS of $18.12-$18.17, and non-GAAP EPS of $24.45-$24.50.

For Q4 FY 2026, we are targeting total Adobe revenue of $6.8 billion-$6.85 billion, business professionals and consumer subscription revenue of $1.93 billion-$1.95 billion, creative and marketing professional subscription revenue of $4.665 billion-$4.695 billion, GAAP EPS of $4.65-$4.70, and non-GAAP EPS of $6.30-$6.35.

2Targets assume non-GAAP operating margin of ~45.0%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~400 million for FY2026.

1Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~22.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~389 million for fourth quarter FY2026.

| GAAP operating margin | | 35.0 | %

For Q3, we assume non-GAAP operating margin of approximately 44% and a GAAP tax rate of approximately 23% and a non-GAAP tax rate of approximately 18%.

For Q3, we assume non-GAAP operating margin of approximately 44% and a GAAP tax rate of approximately 23% and a non-GAAP tax rate of approximately 18%.

GAAP EPS of $4.40-$4.45, and non-GAAP EPS of $6.05-$6.10.

GAAP EPS of $4.40-$4.45, and non-GAAP EPS of $6.05-$6.10.

For Q3, we assume non-GAAP operating margin of approximately 44% and a GAAP tax rate of approximately 23% and a non-GAAP tax rate of approximately 18%.

Business professionals and consumer subscription revenue of $1.87 billion-$1.89 billion.

Creative and marketing professional subscription revenue of $4.61 billion-$4.64 billion.

For Q3 FY 2026, we are targeting total Adobe revenue of $6.67 billion-$6.72 billion.

1Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~23.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~395 million for third quarter FY2026.

| GAAP operating margin | | 34.0 | % |

For Q2, we expect non-GAAP operating margin of approximately 44.5% and non-GAAP tax rate of approximately 18%.

GAAP EPS of $4.35-$4.40.

non-GAAP EPS of $5.80-$5.85.

For Q2, we expect non-GAAP operating margin of approximately 44.5% and non-GAAP tax rate of approximately 18%.

For Q2, fiscal 2026, we're targeting total Adobe revenue of $6.43 billion-$6.48 billion, business professionals and consumers subscription revenue of $1.80 billion-$1.82 billion.

Creative and marketing professional subscription revenue of $4.41 billion-$4.44 billion.

For Q2, fiscal 2026, we're targeting total Adobe revenue of $6.43 billion-$6.48 billion, business professionals and consumers subscription revenue of $1.80 billion-$1.82 billion.

1Targets assume non-GAAP operating margin of ~44.5%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~402 million for second quarter FY2026.

| GAAP effective income tax rate | | 22.5 | % |

| GAAP operating margin | | 35.0 | % |

For Q1, we expect non-GAAP operating margin of approximately 47.0%, a GAAP tax rate of approximately 21.5%, and a non-GAAP tax rate of approximately 18%.

For Q1, we expect non-GAAP operating margin of approximately 47.0%, a GAAP tax rate of approximately 21.5%, and a non-GAAP tax rate of approximately 18%.

For Q1, FY26, we're targeting total Adobe revenue of $6.25-$6.3 billion, business professional and consumer subscription revenue of $1.74-$1.76 billion, creative and marketing professional subscription revenue of $4.3-$4.33 billion, GAAP EPS of $4.55-$4.60, and non-GAAP EPS of $5.85-$5.90.

For Q1, FY26, we're targeting total Adobe revenue of $6.25-$6.3 billion, business professional and consumer subscription revenue of $1.74-$1.76 billion, creative and marketing professional subscription revenue of $4.3-$4.33 billion, GAAP EPS of $4.55-$4.60, and non-GAAP EPS of $5.85-$5.90.

For Q1, we expect non-GAAP operating margin of approximately 47.0%, a GAAP tax rate of approximately 21.5%, and a non-GAAP tax rate of approximately 18%.

For Q1, FY26, we're targeting total Adobe revenue of $6.25-$6.3 billion, business professional and consumer subscription revenue of $1.74-$1.76 billion, creative and marketing professional subscription revenue of $4.3-$4.33 billion, GAAP EPS of $4.55-$4.60, and non-GAAP EPS of $5.85-$5.90.

For Q1, FY26, we're targeting total Adobe revenue of $6.25-$6.3 billion, business professional and consumer subscription revenue of $1.74-$1.76 billion, creative and marketing professional subscription revenue of $4.3-$4.33 billion, GAAP EPS of $4.55-$4.60, and non-GAAP EPS of $5.85-$5.90.

For Q1, FY26, we're targeting total Adobe revenue of $6.25-$6.3 billion, business professional and consumer subscription revenue of $1.74-$1.76 billion, creative and marketing professional subscription revenue of $4.3-$4.33 billion, GAAP EPS of $4.55-$4.60, and non-GAAP EPS of $5.85-$5.90.

2Targets assume non-GAAP operating margin of ~47.0%, GAAP tax rate of ~21.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~411 million for first quarter FY2026.

| GAAP operating margin | | 38.0 | % |