Continuous earnings archive
Adobe (ADBE) Earnings Releases and Call Analysis
A quarter-by-quarter record focused on total ARR, AI-first ARR, Firefly, freemium adoption, RPO and operating margin. Release facts, call availability and transcript status are kept separate so missing evidence is never presented as analysis.
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Latest Quarter
The newest verified release and call statusQ2 FY2026 · Reported 2026-06-11
Adobe (ADBE) Q2 FY2026 Earnings: Record Revenue, AI ARR Above $500M and Raised Guidance
- Primary driver
- AI monetization is now measurable across several products.
- Main risk
- Near-term ARR and margin pressure before freemium conversion is proven.
- Next checkpoint
- Whether freemium user growth converts into durable paid ARR during FY2027.
04
Investment Thesis Tracker
Current evidence as of 2026-06-11Is Adobe generating measurable AI revenue?
AI-first ARR >$500M; Firefly ARR ~$300M.
Is AI revenue scaling quickly?
AI-first ARR grew about 3x year over year.
Is the user funnel expanding?
850M+ Acrobat/Express MAU and 90M+ Creative freemium MAU.
Can freemium convert into ARR?
Management expects more benefit during FY2027.
Is core Creative demand stable?
C&MP subscription revenue increased 13%.
Are margins under pressure?
GAAP and non-GAAP operating margins declined.
Does Semrush improve organic growth?
About $480M acquired ARR; integration is planned.
Is leadership continuity a risk?
A CFO transition is occurring during the strategy shift.
05
Sources and Methodology
Evidence boundaries for this archivePrimary-source first
Reported figures are linked to company releases, investor-relations materials or official webcasts. Third-party transcripts are labeled separately.
No fabricated transcript
If no verified transcript or Q&A is stored, the archive shows webcast-only or pending instead of reconstructing management language.
Comparable trend rules
A trend row appears only when the same disclosed metric is available in at least two quarters.