Filing Flows › Adobe (ADBE) › Q3 FY26 › vs Q3 FY25
Adobe (ADBE) Q3 FY26 vs Q3 FY25 (year over year)
Adobe's revenue rose $772M (+13%) from $6.0B in Q3 FY25 to $6.8B in Q3 FY26. The biggest changes: Subscription +$791M (+14%); Services and other −$18.0M (-14%); Product −$1.0M (-1%). Gross margin 88.7% against 89.3% (-0.6 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Gross margin | 88.7% | 89.3% | -0.6 pts |
| Operating margin | 34.8% | 36.3% | -1.5 pts |
| Net margin | 27.0% | 29.6% | -2.6 pts |
| Free cash flow margin | 36.1% | 35.5% | +0.6 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Subscription | $6.6B | $5.8B | $791M | +14% |
| Services and other | $111M | $129M | −$18.0M | -14% |
| Product | $67.0M | $68.0M | −$1.0M | -1% |
| Revenue | $6.8B | $6.0B | $772M | +13% |
| Gross profit | $6.0B | $5.3B | $651M | +12% |
| Cost of revenue | $763M | $642M | $121M | +19% |
| Operating profit | $2.4B | $2.2B | $181M | +8% |
| Operating expenses | $3.6B | $3.2B | $470M | +15% |
| Pre-tax earnings | $2.4B | $2.2B | $170M | +8% |
| Sales & marketing | $1.8B | $1.6B | $188M | +11% |
| General & admin | $488M | $408M | $80.0M | +20% |
| Other operating costs | $1.3B | $1.1B | $202M | +18% |
| Net earnings | $1.8B | $1.8B | $55.0M | +3% |
| Income tax | $530M | $415M | $115M | +28% |
| Depreciation & amortization | $215M | $208M | $7.0M | +3% |
| Share-based compensation | $539M | $497M | $42.0M | +8% |
| Working capital & other | $58.0M | $279M | −$221M | -79% |
| Operating cash flow | $2.5B | $2.2B | $325M | +15% |
| Free cash flow (OCF − capex) | $2.4B | $2.1B | $312M | +15% |
| Capital expenditures | $85.0M | $72.0M | $13.0M | +18% |
Questions
How much did Adobe's revenue grow year over year in Q3 FY26?
Adobe's revenue rose $772M (+13%) from $6.0B in Q3 FY25 to $6.8B in Q3 FY26.
What drove Adobe's revenue change in Q3 FY26?
Subscription +$791M (+14%); Services and other −$18.0M (-14%); Product −$1.0M (-1%).