Filing Flows › Adobe (ADBE) › Q2 FY26 › vs Q2 FY25
Adobe (ADBE) Q2 FY26 vs Q2 FY25 (year over year)
Adobe's revenue rose $745M (+13%) from $5.9B in Q2 FY25 to $6.6B in Q2 FY26. The biggest changes: Subscription +$775M (+14%); Services and other −$31.0M (-22%); Product +$1.0M (+1%). Gross margin 89.2% against 89.1% (+0.1 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 89.2% | 89.1% | +0.1 pts |
| Operating margin | 33.8% | 35.9% | -2.1 pts |
| Net margin | 25.9% | 28.8% | -2.9 pts |
| Free cash flow margin | 31.8% | 36.5% | -4.7 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Subscription | $6.4B | $5.6B | $775M | +14% |
| Services and other | $113M | $144M | −$31.0M | -22% |
| Product | $89.0M | $88.0M | $1.0M | +1% |
| Revenue | $6.6B | $5.9B | $745M | +13% |
| Gross profit | $5.9B | $5.2B | $668M | +13% |
| Cost of revenue | $715M | $638M | $77.0M | +12% |
| Operating profit | $2.2B | $2.1B | $129M | +6% |
| Operating expenses | $3.7B | $3.1B | $539M | +17% |
| Pre-tax earnings | $2.2B | $2.1B | $137M | +7% |
| Sales & marketing | $1.9B | $1.6B | $258M | +16% |
| General & admin | $546M | $377M | $169M | +45% |
| Other operating costs | $1.2B | $1.1B | $112M | +10% |
| Net earnings | $1.7B | $1.7B | $21.0M | +1% |
| Income tax | $526M | $410M | $116M | +28% |
| Depreciation & amortization | $193M | $209M | −$16.0M | -8% |
| Share-based compensation | $534M | $481M | $53.0M | +11% |
| Working capital & other | $274M | $190M | $84.0M | +44% |
| Operating cash flow | $2.2B | $2.2B | −$26.0M | -1% |
| Free cash flow (OCF − capex) | $2.1B | $2.1B | −$37.0M | -2% |
| Capital expenditures | $58.0M | $47.0M | $11.0M | +23% |
Questions
How much did Adobe's revenue grow year over year in Q2 FY26?
Adobe's revenue rose $745M (+13%) from $5.9B in Q2 FY25 to $6.6B in Q2 FY26.
What drove Adobe's revenue change in Q2 FY26?
Subscription +$775M (+14%); Services and other −$31.0M (-22%); Product +$1.0M (+1%).