Filing Flows › Adobe (ADBE) › Q3 FY26 › vs Q2 FY26
Adobe (ADBE) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Adobe's revenue rose $142M (+2%) from $6.6B in Q2 FY26 to $6.8B in Q3 FY26. The biggest changes: Subscription +$166M (+3%); Product −$22.0M (-25%); Services and other −$2.0M (-2%). Gross margin 88.7% against 89.2% (-0.5 pts).
Adobe, Q3 FY26: revenue $6.8B (+13% year over year), operating margin 34.8%, net earnings $1.8B, operating cash flow $2.5B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 88.7% | 89.2% | -0.5 pts |
| Operating margin | 34.8% | 33.8% | +1.0 pts |
| Net margin | 27.0% | 25.9% | +1.2 pts |
| Free cash flow margin | 36.1% | 31.8% | +4.2 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Subscription | $6.6B | $6.4B | $166M | +3% |
| Services and other | $111M | $113M | −$2.0M | -2% |
| Product | $67.0M | $89.0M | −$22.0M | -25% |
| Revenue | $6.8B | $6.6B | $142M | +2% |
| Gross profit | $6.0B | $5.9B | $94.0M | +2% |
| Cost of revenue | $763M | $715M | $48.0M | +7% |
| Operating profit | $2.4B | $2.2B | $116M | +5% |
| Operating expenses | $3.6B | $3.7B | −$22.0M | -0.6% |
| Pre-tax earnings | $2.4B | $2.2B | $119M | +5% |
| Sales & marketing | $1.8B | $1.9B | −$57.0M | -3% |
| General & admin | $488M | $546M | −$58.0M | -11% |
| Other operating costs | $1.3B | $1.2B | $93.0M | +8% |
| Net earnings | $1.8B | $1.7B | $115M | +7% |
| Income tax | $530M | $526M | $4.0M | +0.8% |
| Depreciation & amortization | $215M | $193M | $22.0M | +11% |
| Share-based compensation | $539M | $534M | $5.0M | +0.9% |
| Working capital & other | $58.0M | $274M | −$216M | -79% |
| Operating cash flow | $2.5B | $2.2B | $358M | +17% |
| Free cash flow (OCF − capex) | $2.4B | $2.1B | $331M | +16% |
| Capital expenditures | $85.0M | $58.0M | $27.0M | +47% |
Questions
How much did Adobe's revenue grow quarter over quarter in Q3 FY26?
Adobe's revenue rose $142M (+2%) from $6.6B in Q2 FY26 to $6.8B in Q3 FY26.
What drove Adobe's revenue change in Q3 FY26?
Subscription +$166M (+3%); Product −$22.0M (-25%); Services and other −$2.0M (-2%).