Adobe Inc. is a global technology company dedicated to transforming the world through personalized digital experiences. The company specializes in software products and services that facilitate content creation, customer experience management, and advertising solutions . Adobe operates through three main segments: Digital Media, Digital Experience, and Publishing and Advertising, offering a range of tools and platforms for creative professionals and businesses .
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Digital Media - Offers products and services for content creation, publishing, and promotion, centered around Adobe Creative Cloud and Adobe Document Cloud. Key tools include Photoshop, Illustrator, Lightroom, Premiere Pro, and Acrobat .
- Adobe Creative Cloud - Provides a suite of applications for graphic design, video editing, web development, and photography.
- Adobe Document Cloud - Offers solutions for creating, editing, and managing PDF documents.
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Digital Experience - Provides an integrated platform through Adobe Experience Cloud, enabling businesses to manage customer experiences from analytics to commerce. Includes Adobe Experience Manager and Workfront .
- Adobe Experience Manager - A comprehensive content management solution for building websites, mobile apps, and forms.
- Workfront - A work management platform that helps teams collaborate and manage projects efficiently.
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Publishing and Advertising - Includes legacy products and services such as eLearning solutions, technical document publishing, and Adobe Advertising offerings .
- eLearning Solutions - Tools for creating and managing online learning content.
- Technical Document Publishing - Solutions for publishing complex documents and technical content.
- Adobe Advertising - Offers advertising solutions to optimize media spend and improve campaign performance.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Shantanu Narayen ExecutiveBoard | Chair and Chief Executive Officer | Lead Independent Director at Pfizer Inc. | Joined Adobe in 1998; CEO since 2007; instrumental in Adobe's transformation to cloud-based solutions. | View Report → |
Anil Chakravarthy Executive | President, Digital Experience | Board Member at Ansys, Inc. | Joined Adobe in 2020; leads Adobe's Digital Experience business and global field operations. | |
Daniel Durn Executive | Chief Financial Officer and EVP, Finance | Board Member at Marvell Technology, Inc. | Joined Adobe in 2021; oversees financial strategy, technology services, and operations. | |
David Wadhwani Executive | President, Digital Media | Board Member at Gem Software, Inc.; Trustee at StoryCorps and Fine Arts Museums of San Francisco | Rejoined Adobe in 2021; oversees Creative Cloud and Document Cloud businesses. | |
Gloria Chen Executive | Chief People Officer and Interim EVP, Legal | None | Joined Adobe in 1997; oversees employee experience and legal/government relations. | |
Jillian Forusz Executive | SVP, Chief Accounting Officer, and Controller | None | Joined Adobe in 2007; oversees accounting operations and compliance. | |
Lara Balazs Executive | Chief Marketing Officer and EVP, Global Marketing | Board Member at Frontdoor, Inc. | Joined Adobe in 2024; leads Adobe's global marketing strategy and brand initiatives. | |
Amy Banse Board | Director | Partner at Mosaic General Partnership; Board Member at Clorox, Lennar, and On Holding AG | Joined Adobe's board in 2012; provides expertise in media and marketing technology. | |
Brett Biggs Board | Director | Senior Advisor at Blackstone; Board Member at Yum! Brands and Procter & Gamble | Joined Adobe's board in 2022; former CFO of Walmart; financial expert. | |
Cristiano Amon Board | Director | President and CEO of Qualcomm; Vice Chair of U.S.-China Business Council | Joined Adobe's board in 2023; brings expertise in mobile, AI, and global operations. | |
David Ricks Board | Director | Chair and CEO of Eli Lilly | Joined Adobe's board in 2018; expertise in global operations, marketing, and financial management. | |
Dheeraj Pandey Board | Director | CEO of DevRev, Inc. | Joined Adobe's board in 2019; co-founder and former CEO of Nutanix; expertise in cloud computing and SaaS. | |
Kathleen Oberg Board | Director | CFO and EVP, Development at Marriott International | Joined Adobe's board in 2019; financial expert with extensive experience in global hospitality. | |
Laura Desmond Board | Director | CEO of Smartly.io; Board Member at DoubleVerify Holdings Inc. | Joined Adobe's board in 2012; expertise in global media and marketing technology. | |
Melanie Boulden Board | Director | Group President Prepared Foods at Tyson Foods | Joined Adobe's board in 2020; expertise in global brand marketing and growth strategies. | |
Spencer Neumann Board | Director | CFO of Netflix | Joined Adobe's board in 2022; financial expert with experience at Netflix, Activision Blizzard, and Disney. |
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In Q3, Document Cloud revenue grew 18% year-over-year with $163 million in net new ARR . Considering your plans to actively promote subscription plans over legacy perpetual plans that don't include generative AI capabilities, how do you expect this transition to affect your revenue growth and customer retention?
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You mentioned significant investments in AI model training and inferencing capacity while continuing to deliver world-class margins . How are these AI-related expenses impacting your operating margins, and what measures are you taking to maintain profitability amidst these increased costs?
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With the introduction of Firefly-powered features across products like Photoshop, Illustrator, and Adobe Express targeting a wide range of users , how are you addressing the challenge of serving such a diverse customer base without diluting the focus on your core professional users?
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In the Digital Experience segment, you achieved 12% year-over-year growth in subscription revenue , yet enterprises are seeking to maximize ROI on their marketing investments amidst macroeconomic conditions . Are you observing any signs of budget constraints among your enterprise customers, and how are you ensuring sustained growth in this segment?
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Given that total API calls for Firefly Services tripled quarter-over-quarter due to strong demand , what challenges do you anticipate in scaling these services, and how do you plan to manage infrastructure costs while ensuring service reliability and performance?
Research analysts who have asked questions during ADOBE earnings calls.
Aleksandr Zukin
Wolfe Research
3 questions for ADBE
Brent Thill
Jefferies
3 questions for ADBE
Jay Vleeschhouwer
Griffin Securities, Inc.
3 questions for ADBE
Keith Weiss
Morgan Stanley
3 questions for ADBE
Mark Murphy
JPMorgan Chase & Co.
3 questions for ADBE
Saket Kalia
Barclays Capital
3 questions for ADBE
Keith Bachman
BMO Capital Markets
2 questions for ADBE
Tyler Radke
Citigroup Inc.
2 questions for ADBE
Alex Zukin
Wolfe Research LLC
1 question for ADBE
Bradley Sills
Bank of America
1 question for ADBE
Brent Bracelin
Piper Sandler Companies
1 question for ADBE
Kash Rangan
Goldman Sachs
1 question for ADBE
Kasthuri Rangan
Goldman Sachs
1 question for ADBE
Kirk Materne
Evercore ISI
1 question for ADBE
Mark Moerdler
Bernstein Research
1 question for ADBE
Michael Turrin
Wells Fargo
1 question for ADBE
S. Kirk Materne
Evercore ISI
1 question for ADBE
Recent press releases and 8-K filings for ADBE.
- Adobe reported record revenue of $5.99 billion (10% YoY); GAAP EPS of $4.18 and non-GAAP EPS of $5.31 (+14% YoY)
- Digital Media revenue reached $4.46 billion (+11% YoY) with ending ARR of $18.59 billion (+11.7% YoY); Digital Experience revenue was $1.48 billion (+9% YoY), including $1.37 billion in subscription revenue (+11% YoY)
- Adobe’s AI-influenced ARR surpassed $5 billion, and AI-first products (Firefly, Acrobat AI Assistant, Gen Studio for Performance Marketing) exceeded the $250 million ARR target a quarter early; key Gen Studio components now exceed $1 billion ARR, growing >25% YoY
- Raised FY25 guidance: total revenue of $23.65 billion–$23.70 billion, GAAP EPS of $16.53–$16.58, and non-GAAP EPS of $20.80–$20.85
- Raised fiscal 2025 revenue guidance to $23.65 billion–$23.7 billion, driven by robust AI demand
- Q3 FY2025 revenue of $5.99 billion (+11% YoY) and adjusted EPS of $5.31, both exceeding expectations
- AI monetization milestone: AI-influenced ARR >$5 billion and AI-first ARR >$250 million, highlighting growing AI revenue streams
- Subscription growth: digital media revenue up 12% to $4.46 billion; digital experience revenue up 11% to $1.37 billion
- Adobe delivered Q3 FY25 revenue of $5.99 billion (+10% YoY CC), GAAP EPS of $4.18 and non-GAAP EPS of $5.31 (+14% YoY).
- Digital Media segment revenue grew to $4.46 billion (+11% YoY) with ending ARR at $18.59 billion (+11.7% YoY); Digital Experience revenue was $1.48 billion (+9% YoY) with subscription revenue of $1.37 billion (+11% YoY).
- AI initiatives gained momentum: AI-influenced ARR surpassed $5 billion (up from $3.5 billion at FY24 exit), and AI-first products like Firefly, Acrobat AI Assistant, and Gen Studio for Performance Marketing met year-end ARR targets.
- Adobe raised FY25 guidance to $23.65–23.70 billion in revenue; GAAP EPS of $16.53–16.58 and non-GAAP EPS of $20.80–20.85.
- Q3 cash flow from operations hit a record $2.20 billion, and Adobe initiated a $2.5 billion share repurchase, with $8.40 billion remaining under its authorization.
- Adobe delivered $5.99 billion in Q3 revenue, up 11% year-over-year (10% in constant currency), with GAAP EPS of $4.18 (+11% YoY) and non-GAAP EPS of $5.31 (+14% YoY).
- Digital Media revenue was $4.46 billion (+11% YoY) with ending ARR of $18.59 billion (+11.7% YoY), while Digital Experience revenue reached $1.48 billion (+9% YoY) and subscription revenue $1.37 billion (+11% YoY).
- AI-influenced ARR surpassed $5 billion, and AI-first product ARR (including Firefly, Acrobat AI Assistant, Gen Studio) exceeded the $250 million target a quarter early.
- Adobe raised its FY25 revenue and EPS targets, guiding Q4 revenue of $6.075–6.125 billion and non-GAAP EPS of $5.35–5.40.
- The company repurchased $2.5 billion of shares in Q3, leaving $8.4 billion available under its $25 billion authorization.
- Adobe delivered $5.99 billion in Q3 revenue, up 11% year-over-year, with GAAP EPS of $4.18 and non-GAAP EPS of $5.31, up 11% and 14% respectively.
- Digital Media revenue was $4.46 billion (+11% y/y) with ending ARR of $18.59 billion (+11.7% y/y) ; Digital Experience revenue reached $1.48 billion (+9% y/y) and subscription revenue was $1.37 billion (+11% y/y).
- AI-driven offerings remain a growth driver: AI-influenced ARR surpassed $5 billion (from $3.5 billion at FY24 exit) , and ARR from new AI-first products has already exceeded the $250 million year-end target.
- Adobe raised its FY25 outlook to $23.65–23.70 billion in revenue and $20.80–20.85 non-GAAP EPS; Q4 FY25 revenue is guided to $6.075–6.125 billion with non-GAAP EPS of $5.35–5.40.
- The company initiated a $2.5 billion share repurchase agreement in Q3, leaving $8.4 billion available under its $25 billion authorization.
- Adobe reported Q3 FY2025 revenue of $5.99 billion (11% Y/Y; 10% constant currency) with GAAP EPS of $4.18 and non-GAAP EPS of $5.31 (+11% and +14% Y/Y, respectively).
- Digital Media revenue reached $4.46 billion (+12% Y/Y; 11% constant currency) with ending ARR of $18.59 billion (+11.7% Y/Y), while Digital Experience revenue was $1.48 billion (+9% Y/Y) and subscription revenue was $1.37 billion (+11% Y/Y).
- Generated a record $2.20 billion in operating cash flow, repurchased 8 million shares, and exited with remaining performance obligations of $20.44 billion.
- AI-influenced ARR surpassed $5 billion, and ARR from new AI-first products (Firefly, Acrobat AI Assistant, GenStudio) has already exceeded $250 million.
- Q4 FY2025 guidance targets $6.075–6.125 billion in revenue, GAAP EPS of $4.27–4.32, and non-GAAP EPS of $5.35–5.40.
- Record Q3 FY25 revenue of $5.99 billion, up 11% year-over-year, with GAAP EPS of $4.18 and non-GAAP EPS of $5.31.
- Digital Media revenue was $4.46 billion (+12% YoY) and Annualized Recurring Revenue (ARR) reached $18.59 billion (+11.7% YoY).
- Digital Experience revenue totaled $1.48 billion, up 9% YoY, with subscription revenue growing 11% YoY.
- Raised Q4 FY25 guidance: revenue of $6.075 billion to $6.125 billion, GAAP EPS of $4.27–4.32, and non-GAAP EPS of $5.35–5.40.
- Revenue of $249.6 million, up 41% YoY, marking a record quarter.
- GAAP operating income was $2.1 million (1% margin), and non-GAAP operating income was $11.5 million (5% margin).
- Net income was $28.2 million; net cash from operations was $62.5 million (25% margin) and adjusted free cash flow was $60.6 million (24% margin); cash and marketable securities totaled $1.6 billion at quarter-end.
- Third quarter revenue is expected between $263.0 million and $265.0 million (33% growth at midpoint), and full-year 2025 revenue guidance is $1.021 billion – $1.025 billion (37% growth at midpoint).
- Launched four new products—including Figma Make for AI-powered prototyping and Figma Sites for live websites—to expand its platform.
- Rothschild & Co Redburn analyst Omar Sheikh downgraded Adobe to sell, cutting the price target from $420 to $280 over AI-driven competitive threats.
- Shares dropped 4.59% to $374.11, extending a 15% YTD decline while the broader market gained.
- The analyst forecasts fully editable multi-layered content by 2026 and conversational user interfaces by 2027, highlighting risks to Adobe’s pricing power.
- Adobe’s in-house generative AI tool, Firefly, currently lags offerings from OpenAI and Google, raising investor concerns.
- Adobe launched a standalone Firefly mobile app for iOS and Android, offering AI tools such as Generative Fill, Generative Expand, text-to-image/video, and image-to-video features.
- The app integrates Adobe’s Firefly models alongside third-party AI models—including OpenAI, Google, Runway, and Luma AI—providing creators greater flexibility.
- All creations sync automatically with Adobe Creative Cloud, and Firefly Boards now support collaborative video generation and remixing in public beta.
- Users have generated over 24 billion assets with Firefly tools, driving a 30% quarter-over-quarter increase in new subscribers.
- Generated assets include embedded Content Credentials metadata to identify the model used and address intellectual property concerns.