Filing Flows › Adobe (ADBE) › Q2 FY26 › vs Q1 FY26
Adobe (ADBE) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Adobe's revenue rose $220M (+3%) from $6.4B in Q1 FY26 to $6.6B in Q2 FY26. The biggest changes: Subscription +$218M (+4%); Services and other +$3.0M (+3%); Product −$1.0M (-1%). Gross margin 89.2% against 89.6% (-0.4 pts).
Adobe, Q2 FY26: revenue $6.6B (+13% year over year), operating margin 33.8%, net earnings $1.7B, operating cash flow $2.2B. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 89.2% | 89.6% | -0.4 pts |
| Operating margin | 33.8% | 37.8% | -4.0 pts |
| Net margin | 25.9% | 29.5% | -3.7 pts |
| Free cash flow margin | 31.8% | 45.7% | -13.8 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Subscription | $6.4B | $6.2B | $218M | +4% |
| Services and other | $113M | $110M | $3.0M | +3% |
| Product | $89.0M | $90.0M | −$1.0M | -1% |
| Revenue | $6.6B | $6.4B | $220M | +3% |
| Gross profit | $5.9B | $5.7B | $169M | +3% |
| Cost of revenue | $715M | $664M | $51.0M | +8% |
| Operating profit | $2.2B | $2.4B | −$180M | -7% |
| Operating expenses | $3.7B | $3.3B | $349M | +11% |
| Pre-tax earnings | $2.2B | $2.4B | −$184M | -8% |
| Sales & marketing | $1.9B | $1.7B | $176M | +10% |
| General & admin | $546M | $463M | $83.0M | +18% |
| Other operating costs | $1.2B | $1.1B | $90.0M | +8% |
| Net earnings | $1.7B | $1.9B | −$177M | -9% |
| Income tax | $526M | $533M | −$7.0M | -1% |
| Depreciation & amortization | $193M | $174M | $19.0M | +11% |
| Share-based compensation | $534M | $509M | $25.0M | +5% |
| Working capital & other | $274M | −$386M | $660M | — |
| Operating cash flow | $2.2B | $3.0B | −$793M | -27% |
| Free cash flow (OCF − capex) | $2.1B | $2.9B | −$814M | -28% |
| Capital expenditures | $58.0M | $37.0M | $21.0M | +57% |
Questions
How much did Adobe's revenue grow quarter over quarter in Q2 FY26?
Adobe's revenue rose $220M (+3%) from $6.4B in Q1 FY26 to $6.6B in Q2 FY26.
What drove Adobe's revenue change in Q2 FY26?
Subscription +$218M (+4%); Services and other +$3.0M (+3%); Product −$1.0M (-1%).