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Adobe (ADBE) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 22, 2026 · Adobe (ADBE) Q3 FY26 earnings results →

Q3 FY26 Revenue up 13% year over year to $6.8B · 27¢ of every $1 of revenue kept as net profit · operating margin 34.8%

Adobe made $6.8B in Q3 FY26 (+13% Y/Y): Subscription $6.6B, Services and other $111M, Product $67.0M. Operating margin 34.8%, net earnings $1.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 22, 2026.

Revenue$6.8B
Year over year+13%
Operating margin34.8%
Net earnings$1.8B
Operating cash flow$2.5B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Adobe Q3 FY26 revenue breakdown: Sankey diagram of revenue (Subscription, Services and other, Product), costs, profit and cash flow
Adobe Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $6.8B in Q3 FY26, up 13% year over year and up 2% from the previous quarter. Subscription was the largest line at 97% of revenue. Subscription added $0.79B year over year (up 14%), 102% of the total change. Services and other declined 14%.

Gross margin was 88.7%, down 0.6 points from Q3 FY25. Operating profit was $2.4B, a 34.8% margin (down 1.5 points year over year). Of the extra revenue versus Q3 FY25, 23% reached operating profit, below the 36% margin then. Operating expenses grew 15% against revenue growth of 13%. The fastest-growing cost line was General & admin (+20%). Net earnings were $1.8B, up 3% year over year. The effective tax rate was 22.5%.

Operating cash flow was $2.5B (up 15% year over year), 138% of net earnings. Non-cash charges added back $0.21B of depreciation and amortization and $0.54B of share-based compensation. Capital expenditures of $0.09B left free cash flow of $2.4B.

Quarterly history

Adobe revenue by quarterAdobe revenue by quarter$5.6BQ4 FY24$5.9BQ2 FY25$6.0BQ3 FY25$6.2BQ4 FY25$6.4BQ1 FY26$6.6BQ2 FY26$6.8BQ3 FY26
Adobe net earnings by quarterAdobe net earnings by quarter$1.7BQ4 FY24$1.7BQ2 FY25$1.8BQ3 FY25$1.9BQ4 FY25$1.9BQ1 FY26$1.7BQ2 FY26$1.8BQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 22, 2026$6.8B+13%34.8%$1.8B$2.5B
Q2 FY2610-QJun 15, 2026$6.6B+13%33.8%$1.7B$2.2B
Q1 FY2610-QMar 25, 2026$6.4B+12%37.8%$1.9B$3.0B
Q4 FY2510-KJan 15, 2026$6.2B+10%36.5%$1.9B$3.2B
Q3 FY2510-QSep 24, 2025$6.0B+11%36.3%$1.8B$2.2B
Q2 FY2510-QJun 25, 2025$5.9B+11%35.9%$1.7B$2.2B
Q4 FY2410-KJan 13, 2025$5.6B+11%34.9%$1.7B$2.9B

Charts

Adobe: revenue growth, year over year and quarter over quarterAdobe: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q4 FY24+11%+5%Q2 FY25+11%+2%Q3 FY25+10%+3%Q4 FY25+12%+3%Q1 FY26+13%+3%Q2 FY26+13%+2%Q3 FY26
Latest (Q3 FY26): Y/Y +13%, Q/Q +2%.
Adobe: where the cash came from (+) and went (−), TTM to Q3 FY26Adobe: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$10.8BBuybacks−$9.3BAcquisitions−$1.6BCash drawn (+) / kept (−)$623MTaxes on employees’ shares−$400MOther investing−$280MShares issued$262MNet borrowing (+) / repaid (−)$243MCapital spending−$214MOther financing−$179MExchange rates−$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Adobe: profit against cash, quarter by quarterAdobe: profit against cash, quarter by quarterNet incomeOperating cash flow$1.7B$2.9BQ4 FY24$1.8B$2.5BQ1 FY25$1.7B$2.2BQ2 FY25$1.8B$2.2BQ3 FY25$1.9B$3.2BQ4 FY25$1.9B$3.0BQ1 FY26$1.7B$2.2BQ2 FY26$1.8B$2.5BQ3 FY26
Latest (Q3 FY26): Net income $1.8B, Operating cash flow $2.5B.
Adobe: diluted shares by fiscal yearAdobe: diluted shares by fiscal year486MFY20481MFY21471MFY22459MFY23450MFY24427MFY25
-12.0% since FY20: buybacks shrank the count.
Adobe in its industry: growth against margin (192 companies, SIC 7372)Adobe in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYADBE (+13%, 35%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI revenue: clouds & software money flowAI revenue: clouds & software · AI software & data

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Adobe

Adobe is a global technology company with a mission to change the world through personalized digital experiences. For over four decades, Adobe’s innovations have transformed how individuals, teams, businesses, enterprises, institutions, and governments engage and interact across all types of media. Our products, services and solutions are used around the world to imagine, create, manage, deliver, measure, optimize and engage with content across surfaces and fuel digital experiences. We have a diverse user base that includes consumers, communicators, creative professionals, developers, students, small and medium businesses and enterprises. We are also empowering creators by putting the power of artificial intelligence (“AI”) in their hands, and doing so in ways we believe are responsible.

In its own words, from its annual report, filed Jan 13, 2025.

Adobe against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +19%. Operating margin: 34.8% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
ADBE AdobeQ3 FY26$6.8B+13%34.8%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%
CRWV CoreWeaveQ2 2026$2.6B+112%-1.9%

Source: Adobe 10-Q on SEC EDGAR · CIK 796343 · Services-Prepackaged Software

Guidance and outlook

Adobe Revenue: guidance against what was reportedAdobe Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24$21.5BQ4 FY24$5.6BQ2 FY25$5.9BFY25$23.8BFY26Q2 FY26$6.6BQ3 FY26$6.8BQ4 FY26
Met or beat 6 of 6 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Adobe: what its forward-looking statements are about (10-Q filed 2026-09-22)Adobe: what its forward-looking statements are about (10-Q filed 2026-09-22)Demand7Other3Tax2Legal & regulation1Deals1Financing1
15 statements; tone +0.13 (−1 all cautious, +1 all confident); 2 hedged.
Adobe: outlook statements against the filing beforeAdobe: outlook statements against the filing beforeNew1Updated1Confident3Cautious1

13F: who owns ADBE and who is buying

Largest holders of ADBE (13F)Largest holders of ADBE (13F)Vanguard Group$14.4BBlackRock$8.4BVanguard Capital Management LLC$5.4BState Street$4.2BInvesco$3.0BGeode Capital Management, LLC$2.4BVanguard Portfolio Management LLC$1.9BArrowstreet Capital, Limited Part…$1.4BMorgan Stanley$1.1BPrimecap Management$1.1B
Funds' net buying of ADBE by quarter (13F)Funds' net buying of ADBE by quarter (13F)−$2.1B2024-09−$1.7B2024-12−$1.8B2025-03$1.1B2025-06−$3.1B2025-09$2.4B2025-12−$3.3B2026-03−$253M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ADBE

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Adobe（奥多比，ADBE）财报

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