Latest analysis · ADBE Q3 FY2026 · September 11, 2026
Q3 FY2026 | Revenue and EPS beat guidance. Net income grew just 3%, and the acquired-revenue bridge became harder to follow.
Read the report preview →| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | June 11, 2026 | 4/12 | 3 high, 4 medium, 2 low flags | 3 | 1 | Call sheet → |
| Q1'26 | March 12, 2026 | 7/12 | 4 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q4'25 | 2025-12-10 | 6/12 | 1 high, 2 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q3'25 | 2025-09-11 | 10/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Missed | Traditional stock business decline being managed Completely dropped discussion of stock business after Q1's 'steeper decline than expected' |
| Q2'26 | Delivered | Adobe Summit major announcements for CXO Launched CX Enterprise and CX Enterprise coworker with 150 enterprises in early adoption |
| Q2'26 | Delivered | Firefly Enterprise momentum continuing Firefly ARR grew to ~$300M though growth rate decelerated from 75% to 50% QoQ |
| Q2'26 | Pending | CEO transition with new leader to set strategy for fiscal 27 Timeline accelerated with goal to have new CEO 'in place' suggesting Q3/Q4 appointment |
| Q2'26 | Delivered | Semrush acquisition expected to close in Q2 Closed as promised in April |
| Q2'26 | Pending | Continue to expect total Adobe ARR growth of 10.2% for FY '26 Maintained target but now includes Semrush, suggesting organic growth miss offset by M&A |
| Q1'26 | Delivered | Firefly Services enterprise adoption acceleration Over 100 new deals in Q4, 3x QoQ growth confirmed |
| Q1'26 | Delivered | Continue to see generative credit consumption growth 45% QoQ growth, though decelerated from 3x pace |
| Q1'26 | Exceeded | Strong customer reception for Acrobat Studio Nearly 50% of commercial ETLAs upgraded in Q4, ahead of expectations |
| Q1'26 | Delivered | AI-influenced ARR would exceed one-third of book Confirmed exceeded one-third in Q4, now integrated AI throughout |
| Q1'26 | Exceeded | Total Adobe ending ARR growth of over 10% for FY25 Achieved 11.5% growth vs >10% target |
| Q1'26 | Exceeded | FY25 Digital Media ARR growth target of 11.3% Delivered 11.5% growth, beating by 20 bps |
| Q4'25 | Delivered | Firefly Services consumption acceleration Confirmed acceleration but switched to less specific metrics. |
| Q4'25 | Missed | AEP and Apps ending ARR growing greater than 40% YoY Decelerated to 'over 30%' - significant slowdown in highest-growth DX product. |
| Q4'25 | Delivered | Continued growth of Acrobat Web MAU MAU increased over 30% YoY, maintaining momentum. |
| Q4'25 | Delivered | Strong adoption of Creative Cloud Pro offering Confirmed continued migration, but language less enthusiastic than Q3. |
| Q4'25 | Exceeded | Digital Media ending ARR book of business growth of 11.3% Delivered 11.5%, beat by 20bps. |
| Q4'25 | Exceeded | AI-first ending ARR target of over $250 million Hit target in Q4 vs year-end timeline. Actually delivered ahead of schedule. |
| Q3'25 | Delivered | Firefly app global rollout Firefly app subscription plans now globally available with strong adoption metrics |
| Q3'25 | Delivered | GenStudio momentum in enterprise GenStudio components now exceed $1B ARR growing 25%+ |
| Q3'25 | Delivered | Strong adoption of Creative Cloud Pro offering Management specifically called out strong adoption of CC Pro with Firefly integration |
| Q3'25 | Delivered | Continue to raise targets based on momentum Raised full year revenue and EPS targets again this quarter |
| Q3'25 | Pending | Digital Media ending ARR growth of 11% for FY25 Now targeting 11.3% growth, slight raise from prior guidance |
| Q3'25 | Exceeded | AI book of business tracking ahead of $250 million ending ARR target by end of fiscal 2025 They hit this target a quarter early, showing stronger AI monetization execution |
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