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How Adobe (ADBE) makes money

Adobe (ADBE) made $6.8B of revenue in the third quarter fiscal 2026 (Q3 FY26), +13% from a year earlier. Subscription brought in $6.6B (97%); Services and other brought in $111M (2%); Product brought in $67.0M (1%). Of every dollar of revenue, 89¢ was left as gross profit, 35¢ was left as operating profit, 27¢ was left as net earnings.

Drawing the Sankey…

Adobe revenue by segment, Q3 FY26Adobe revenue by segment, Q3 FY26Subscription$6.6BServices and other$111MProduct$67.0M
Adobe: revenue by line, Q4 FY24 to Q3 FY26Adobe: revenue by line, Q4 FY24 to Q3 FY26SubscriptionServices and otherProductSubscription: $6.6B latest$6.6BServices and other: $111M latestProduct: $67.0M latestQ4 FY24Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
The mix barely moved between Q4 FY24 and Q3 FY26.
Adobe revenue by quarterAdobe revenue by quarter$5.6BQ4 FY24$5.9BQ2 FY25$6.0BQ3 FY25$6.2BQ4 FY25$6.4BQ1 FY26$6.6BQ2 FY26$6.8BQ3 FY26
Adobe: where each dollar of revenue goesAdobe: where each dollar of revenue goesCost of revenue11¢Gross profit89¢Operating expenses54¢Operating profit35¢Income tax8¢Net earnings27¢Operating cash flow37¢Free cash flow36¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Subscription$6.6B97.4%+3%+14%
Services and other$111M1.6%-2%-14%
Product$67.0M1.0%-25%-1%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$6.8B100.0%
Cost of revenue$763M11.3%
Gross profit$6.0B88.7%
Operating expenses$3.6B53.9%
Operating profit$2.4B34.8%
Income tax$530M7.8%
Net earnings$1.8B27.0%
Operating cash flow$2.5B37.3%
Free cash flow$2.4B36.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$6.8B+13%
Q2 FY26$6.6B+13%
Q1 FY26$6.4B+12%
Q4 FY25$6.2B+10%
Q3 FY25$6.0B+11%
Q2 FY25$5.9B+11%
Q4 FY24$5.6B+11%

From Adobe's 10-Q filed Sep 22, 2026 (on EDGAR).

Questions

How does Adobe make money?

Adobe (ADBE) made $6.8B of revenue in the third quarter fiscal 2026 (Q3 FY26), +13% from a year earlier. Subscription brought in $6.6B (97%); Services and other brought in $111M (2%); Product brought in $67.0M (1%). Of every dollar of revenue, 89¢ was left as gross profit, 35¢ was left as operating profit, 27¢ was left as net earnings.

What is Adobe's biggest business?

Subscription: $6.6B in the third quarter fiscal 2026, 97% of revenue, +14% from a year earlier.

What is Adobe's profit margin?

Net earnings were $1.8B, 27.0% of revenue, in the third quarter fiscal 2026; the operating margin was 34.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.