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.
Keith Weiss
Morgan Stanley
6 questions for ADBE
Saket Kalia
Barclays Capital
6 questions for ADBE
Mark Murphy
JPMorgan Chase & Co.
5 questions for ADBE
Tyler Radke
Citigroup Inc.
5 questions for ADBE
Alex Zukin
Wolfe Research LLC
4 questions for ADBE
Michael Turrin
Wells Fargo
4 questions for ADBE
Aleksandr Zukin
Wolfe Research
3 questions for ADBE
Brad Zelnick
Credit Suisse
3 questions for ADBE
Brent Thill
Jefferies
3 questions for ADBE
Jay Vleeschhouwer
Griffin Securities, Inc.
3 questions for ADBE
John Jansworder
Jefferies LLC
3 questions for ADBE
Bradley Sills
Bank of America
2 questions for ADBE
Brad Sills
Bank of America
2 questions for ADBE
Keith Bachman
BMO Capital Markets
2 questions for ADBE
Mark Moerdler
Bernstein Research
2 questions 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
S. Kirk Materne
Evercore ISI
1 question for ADBE
Recent press releases and 8-K filings for ADBE.
- Adobe reaffirmed Q4 FY2025 total revenue guidance of $6.075 billion to $6.125 billion and full-year revenue of $23.65 billion to $23.70 billion.
- Digital Media segment revenue is targeted at $4.53 billion to $4.56 billion in Q4 and $17.56 billion to $17.59 billion for FY2025; Digital Experience revenue at $1.495 billion to $1.515 billion in Q4 and $5.84 billion to $5.86 billion for FY2025.
- The company highlighted AI innovations including Acrobat AI Assistant, Express AI Assistant (public beta), and Firefly enhancements such as the Image and Video editor, plus integrations with ChatGPT and Copilot.
- AI-influenced Annualized Recurring Revenue surpassed $5 billion exiting Q3 FY25, up from over $3.5 billion exiting FY24, underscoring the impact of Adobe’s AI strategy.
- At Adobe MAX 2025, CEO Shantanu Narayen reaffirmed Q4 and FY25 targets citing strong performance through the first three quarters.
- Adobe released Firefly Image Model 5 and expanded its AI platform with Firefly custom models and Firefly Foundry for enterprise-grade model training.
- The company showcased GenStudio as an end-to-end content creation and activation platform tailored to marketing professionals.
- Adobe emphasized support for third-party AI models, integrating offerings from Google, OpenAI, Luma and others into a unified creative workflow.
- CFO Dan Durn highlighted AI-influenced revenue surpassing $5 billion and maintained a 46%+ non-GAAP operating margin, introducing new reporting on customer-group ARR.
- Management reaffirmed Q4 and FY25 targets following strong performance through Q3 and continued momentum into Q4.
- Announced Firefly Image Model 5 for enhanced precision and semantic editing, plus integration of third-party AI models (Google, OpenAI, Luma, Runway, Black Forest Labs) via a single-stop shop, and introduced Firefly custom models and Foundry services for enterprise-branded AI workflows.
- Unveiled Acrobat Studio enhancements, including PDF Spaces for collaborative knowledge hubs and expanded Acrobat AI Assistant integrations with Express for conversational PDF editing and content generation.
- Highlighted enterprise AI and marketing platform updates: GenStudio for end-to-end content supply chain, Adobe LLM Optimizer, Sites Optimizer, and Agent Orchestrator now generally available to drive brand visibility and personalized customer engagement across LLM and web channels.
- Adobe reaffirmed Q4 and FY2025 targets, citing strong performance in the first three quarters.
- Announced AI-powered innovations: Acrobat Studio with PDF Spaces and conversational PDF interface, Firefly Image Model 5, Firefly Foundry custom model service, and GenStudio for end-to-end content automation.
- Launched Firefly as a standalone subscription and Creative Cloud Pro, integrating third-party AI models (e.g., Veo, Flux, Runway) directly into design workflows.
- Highlighted AI-influenced revenue exceeding $5 billion, targeting 100% AI-influenced ARR, and tracking growth via MAO, user engagement, and subscription ARR.
- Adobe and Google Cloud expanded their strategic partnership to integrate Google’s advanced AI models (Gemini, Veo, Imagen) into Adobe creative and business apps such as Firefly, Photoshop, Adobe Express, Premiere, and GenStudio.
- The collaboration enables enterprise customers to use Adobe Firefly Foundry on Google Cloud’s Vertex AI to build custom AI models with proprietary data, while ensuring data privacy.
- Adobe has surpassed $250 million in AI-first annual recurring revenue ahead of schedule, showcasing its progress in monetizing AI capabilities.
- Coordinated commercial initiatives will be launched to drive adoption of these integrated AI tools among business customers and creative professionals; the expansion was announced on October 28, 2025 at Adobe MAX.
- Adobe and Google Cloud have entered a strategic partnership to integrate Google’s advanced AI models—including Gemini, Veo and Imagen—into Adobe apps such as Firefly, Photoshop, Express and Premiere, as well as GenStudio, to enhance content creation capabilities.
- Adobe’s enterprise customers will be able to customize Google’s AI models on Google Cloud’s Vertex AI platform via Adobe Firefly Foundry, using proprietary data to generate on-brand content at scale.
- The two companies will pursue a joint go-to-market strategy and continue collaborating as innovation partners to expand access to AI-powered creative tools worldwide.
- At Adobe MAX, Adobe rolled out new AI capabilities and top industry models across its flagship Creative Cloud apps—Photoshop, Lightroom, Premiere and Illustrator—to help creative professionals save time and boost precision.
- A new AI Assistant in Photoshop on the web uses agentic AI to automate sequences of repetitive tasks, offer personalized recommendations and allow seamless switching between conversational prompts and manual controls.
- Firefly Boards gains AI-powered image upscaling and prompt generation for faster collaborative ideation, complemented by Firefly Creative Production for batch editing thousands of images at once.
- The release also delivers one-click compositing and masking tools plus performance upgrades across Creative Cloud to meet rising demand for high-quality creative content.
- Adobe launched new AI-powered multimedia tools in Firefly, including Generate Soundtrack for fully licensed audio tracks and Generate Speech for crystal-clear voiceovers, alongside a timeline-based video editor in private beta.
- Firefly Image Model 5 enters public beta, delivering native 4MP photorealistic image generation and prompt-based editing capabilities.
- The platform now integrates top partner models—ElevenLabs, Google, Topaz Labs, OpenAI—and previews Project Moonlight, a conversational AI assistant across Adobe apps.
- Firefly Creative Production and Custom Models move into private beta next month, enabling batch image editing at scale and personalized model creation.
- At Adobe MAX 2025, Adobe unveiled AI-powered innovations across Firefly, Creative Cloud, Express and GenStudio—introducing new tools for end-to-end video, audio and image creation to streamline the creative process.
- Adobe now integrates the industry’s top AI models, including Firefly Image Model 5 (public beta), partner models from Google, OpenAI, Runway, ElevenLabs and Topaz Labs, plus Firefly Custom Models for personalized styles.
- New conversational AI assistants powered by agentic AI were launched in Express, Firefly and Photoshop, enabling creators to generate and refine content through natural-language prompts.
- Adobe enhanced its enterprise offering with GenStudio updates and the Firefly Foundry program—allowing businesses to build branded AI models and integrate workflows with Amazon Ads, Google Marketing Platform, LinkedIn and TikTok.
- Reported total revenue of $91.7 million (+11% YoY) and subscription revenue of $76.0 million (+13% YoY) in Q3 2025.
- Expanded gross margin by approximately 300 bps to 69%, with non-GAAP gross margin at 71%.
- Delivered non-GAAP operating income of $14.1 million (vs. $8.4 million), adjusted EBITDA of $15.0 million, and non-GAAP net income of $10.4 million.
- Generated $11.4 million of net cash from operations and $11.5 million of free cash flow.
- Agreed to be acquired by Thoma Bravo for $1.4 billion ($23.25 per share), a 53.2% premium; expected to close in Q4 2025.