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Adobe (ADBE) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Jun 15, 2026
Adobe (ADBE) reported revenue of $6.6B for the second quarter fiscal 2026 (Q2 FY26), +13% from a year earlier and +3% from the quarter before. Operating margin was 33.8%, net earnings $1.7B (25.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6B | +3% | +13% |
| Gross profit | $5.9B | +3% | +13% |
| Operating profit | $2.2B | -7% | +6% |
| Net earnings | $1.7B | -9% | +1% |
| Operating cash flow | $2.2B | -27% | -1% |
| Free cash flow | $2.1B | -28% | -2% |
What changed
Revenue was $6.6B in Q2 FY26, up 13% year over year and up 3% from the previous quarter. Subscription was the largest line at 97% of revenue. Subscription added $0.78B year over year (up 14%), 104% of the total change. Services and other declined 22%.
Gross margin was 89.2%, up 0.1 points from Q2 FY25. Operating profit was $2.2B, a 33.8% margin (down 2.1 points year over year). Of the extra revenue versus Q2 FY25, 17% reached operating profit, below the 36% margin then. Operating expenses grew 17% against revenue growth of 13%. The fastest-growing cost line was General & admin (+45%). Net earnings were $1.7B, up 1% year over year. The effective tax rate was 23.5%.
Operating cash flow was $2.2B (down 1% year over year), 126% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.53B of share-based compensation. Working capital and other items used $0.27B. Capital expenditures of $0.06B left free cash flow of $2.1B.
Questions
What was Adobe's revenue in the second quarter fiscal 2026?
Adobe (ADBE) reported revenue of $6.6B for the second quarter fiscal 2026 (Q2 FY26), +13% from a year earlier and +3% from the quarter before.
Was Adobe profitable in the second quarter fiscal 2026?
Operating profit was $2.2B (33.8% of revenue) and net earnings $1.7B.
Source: Adobe 10-Q on SEC EDGAR.