ADBE · NasdaqGS
Software - Application · United States
Snapshot 2026-09-20 · Latest financial period 2026-08-28 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-12-09 (provider estimate, not issuer-confirmed).
Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content. This segment serves photographers, video editors, graphic and experience designers, game developers, content creators, students, marketers, business owners, knowledge workers, and consumers. The Digital Experience segment provides an integrated platform; and products, services, and solutions that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers e-learning, technical document publishing, web conferencing, document and forms platform, web application development, printing, and Adobe Advertising solutions. It also provides consulting, training, customer management, technical support, and learning services. The company offers its solutions to enterprise customers, and businesses and consumers; and licenses its products to end-user customers through app stores and website at adobe.com. It markets and distributes its products through distributors, retailers, software developers, mobile app stores, systems integrators, independent software vendors, value-added resellers, and original equipment and hardware manufacturers. The company also provides an online visibility management and content marketing software-as-a-service platform. The company has a strategic alliance with HUMAIN for the development of generative AI models and AI-powered applications. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.
Company websiteQ3 FY2026
Published 2026-09-10
Short takes Q3 FY2026
ADBE Stock: Adobe Q3 FY2026 — What Do Owners Keep? #Shorts
Watch Short on YouTube
Q3 FY2026 REPORT HIGHLIGHTS
AI reach, contracted growth, recurring compensation and the cash economics behind Adobe’s earnings.
AI-first ARR grows more than 150%, but the current dollar base and paid-user conversion are undisclosed.
Revenue grows faster than both GAAP and adjusted operating income.
$544M of the $620M operating adjustment is stock-based and deferred compensation.
Trailing FCF less SBC reaches $8.521B, with repurchase discipline still important.
Three routes yield $262.68–$314.94; the $300 anchor requires a $225 entry at the stated uncertainty.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | ADBEAdobe Inc.Snapshot 2026-09-20Financial period: 2026-08-28 |
|---|---|
| Market capMarket value, converted to USD | US$98.95B |
| Forward P/EProvider forward earnings estimate | 8.99x |
| EV / EBITDAEnterprise value / trailing EBITDA | 10.19x |
| Revenue growthLatest quarter vs prior-year quarter | 12.9% |
| Operating marginLatest reported quarter | 34.8% |
| Free cash flow yieldTrailing cash flow / market cap | 9.2% |
| Net debt / EBITDANet debt / trailing EBITDA | 0.12x |
| Debt / equityTotal debt / positive book equity | 0.57x |
| Trailing P/ETrailing twelve-month earnings | 13.89x |
| Price / bookPrice / positive book equity per share | 8.36x |
| EV / salesEnterprise value / trailing revenue | 3.83x |
| Earnings growthLatest quarter vs prior-year quarter | 10.5% |
| Gross marginTrailing twelve months | 89.3% |
| Net marginTrailing twelve months | 28.0% |
| Return on equityProvider trailing return; positive equity only | 61.9% |
| Free cash flow marginTrailing free cash flow / revenue | 35.2% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 0.77x |
| BetaProvider historical market sensitivity | 1.42 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 FY2026
AI reach, contracted growth, recurring compensation and the cash economics behind Adobe’s earnings.
Research published September 10, 2026 · Download original report
Read Research PacketPresentation · 2026-09-10 · YouTube
Short takes Q3 FY2026
ADBE Stock: Adobe Q3 FY2026 — What Do Owners Keep? #Shorts
Watch Short on YouTube
Presentation · 2026-06-11 · YouTube
Presentation · 2026-06-02 · YouTube
Presentation · 2026-04-15 · YouTube
Presentation · 2026-04-15 · YouTube
ADBE Q1 2026 earnings analysis · No verified episode link yet.
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