Adobe Non-GAAP EPS of $5.50 beats by $0.10, revenue of $6.19B beats by $80M

Adobe press release (ADBE): FQ4 Non-GAAP EPS of $5.50 beats by $0.10.
Revenue of $6.19B (+10.3% Y/Y) beats by $80M.
Shares +4.32%.
Exceeds target for FY2025 Digital Media ending ARR and targets FY2026 Total Adobe ending ARR to grow over 10%
Delivers record operating cash flows of over $10 billion in FY2025

Financial Targets

We revalued ending ARR at the end of FY2025 which resulted in a $460 million increase to Total Adobe ARR, from $25.20 billion to $25.66 billion entering FY2026, primarily from foreign exchange rate changes. We now provide historical information on Total Adobe ARR going back to FY2023 in our investor data sheet.

These targets factor in expectation for current macroeconomic conditions and do not include any contributions from Semrush Holdings, Inc., subject to regulatory approvals and other customary closing conditions.

The following table summarizes Adobe’s FY2026 targets¹:

Total revenue	$25.90 billion to $26.10 billion
Business Professionals & Consumers subscription revenue	$7.35 billion to $7.40 billion
Creative & Marketing Professionals subscription revenue	$17.75 billion to $17.90 billion
Total Adobe ending ARR growth	10.2% year over year
Earnings per share	GAAP: $17.90 to $18.10	Non-GAAP: $23.30 to $23.50

Q1 EPS consensus of $5.67

Q1 Revenue consensus of $6.23B

FY EPS consensus is $23.30

FY Revenue consensus is $25.87B

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