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Adobe (ADBE) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Mar 25, 2026
Adobe (ADBE) reported revenue of $6.4B for the first quarter fiscal 2026 (Q1 FY26), +12% from a year earlier and +3% from the quarter before. Operating margin was 37.8%, net earnings $1.9B (29.5% of revenue).
Adobe, Q1 FY26: revenue $6.4B (+12% year over year), operating margin 37.8%, net earnings $1.9B, operating cash flow $3.0B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | +3% | +12% |
| Gross profit | $5.7B | +3% | +13% |
| Operating profit | $2.4B | +7% | +12% |
| Net earnings | $1.9B | +2% | +4% |
| Operating cash flow | $3.0B | -6% | +19% |
| Free cash flow | $2.9B | -7% | +19% |
What changed
Revenue was $6.4B in Q1 FY26, up 12% year over year and up 3% from the previous quarter. Subscription was the largest line at 97% of revenue. Subscription added $0.71B year over year (up 13%), 105% of the total change. Services and other declined 19%.
Gross margin was 89.6%, up 0.5 points from a year earlier. Operating profit was $2.4B, a 37.8% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, below the 38% margin then. Operating expenses grew 13% against revenue growth of 12%. The fastest-growing cost line was General & admin (+26%). Net earnings were $1.9B, up 4% year over year. The effective tax rate was 22.0%.
Operating cash flow was $3.0B (up 19% year over year), 157% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.51B of share-based compensation. Working capital and other items added $0.39B. Capital expenditures of $0.04B left free cash flow of $2.9B.
Questions
What was Adobe's revenue in the first quarter fiscal 2026?
Adobe (ADBE) reported revenue of $6.4B for the first quarter fiscal 2026 (Q1 FY26), +12% from a year earlier and +3% from the quarter before.
Was Adobe profitable in the first quarter fiscal 2026?
Operating profit was $2.4B (37.8% of revenue) and net earnings $1.9B.
Source: Adobe 10-Q on SEC EDGAR.