Latest revenue
$6.40B
as of 2026-02-27
Latest net income
$1.89B
as of 2026-02-27
Net margin
29.5%
as of 2026-02-27
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $98.93B
- Enterprise value
- $98.83B
- P/E (trailing)
- 13.9×
- Forward P/E
- —
- P/B
- 8.65×
- Dividend yield
- 0.0%
- 52-wk high
- $421.48
- 52-wk low
- $224.13
- Beta
- —
- Shares out
- 404.2M
5-year trend
What this company does
Adobe makes the software that creative professionals, marketers, and businesses use to design, edit, and manage digital content, including Photoshop, Illustrator, Acrobat, and the Experience Cloud marketing suite. Subscriptions to its Creative Cloud, Document Cloud, and Experience Cloud platforms generate nearly all revenue, totaling $6.2 billion of $6.4 billion in the latest quarter. Revenue grew 12% year-over-year as Adobe pushes generative AI features like Firefly into its core products while aggressively buying back stock, repurchasing $2.5 billion in shares this quarter alone.
Generated from ADBE's filing dated 2026-01-15
Key risks
- Aggressive buybacks outpacing FCF: $2.5B repurchased in Q1 vs $2.96B operating cash flow, shrinking equity to $11.4B from $14.1B YoY.
- Rising cost structure compressing leverage: S&M up 14% and G&A up 26% YoY, outpacing 12% revenue growth and signaling AI competitive spend.
- Tax rate jumped to 22.0% from 17.0% YoY, cutting ~$110M from net income; effective rate volatility could pressure future EPS.
Generated from ADBE's filing dated 2026-01-15
Profitability
Gross margin
89.3%
0.3%Operating margin
36.6%
16.8%Net margin
30.0%
16.0%Return on equity
61.3%
55.6%Return on assets
24.2%
31.4%Leverage
Debt / equity
1.54×
34.5%Long-term debt / equity
0.53×
82.5%Debt / assets
60.6%
13.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-02-27 | $6.40B | +12.0% | $1.89B | +4.3% | 29.5% |
Q4 2025 2025-11-28 | $6.19B | +10.5% | $1.86B | +10.3% | 30.0% |
Q3 2025 2025-08-29 | $5.99B | +10.7% | $1.77B | +5.2% | 29.6% |
Q2 2025 2025-05-30 | $5.87B | +10.6% | $1.69B | +7.5% | 28.8% |
Q1 2025 2025-02-28 | $5.71B | +10.3% | $1.81B | +192.1% | 31.7% |
Q4 2024 2024-11-29 | $5.61B | — | $1.68B | — | 30.0% |
Q3 2024 2024-08-30 | $5.41B | +10.6% | $1.68B | +20.0% | 31.1% |
Q2 2024 2024-05-31 | $5.31B | +10.2% | $1.57B | +21.5% | 29.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Prepackaged Software · SIC 7372
Your notes
Keep private notes on ADBE — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$19.3M
Net activity
−$19.3M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ADBE
Institutional value
$26.14B
Total shares held
110.5M
Distinct holders
720
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 26.7M | $6.49B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 10.0M | $2.42B | — | New |
| 3 | Invesco Ltd. | 5.6M | $1.35B | — | New |
| 4 | Bank of New York Mellon Corp | 5.2M | $1.27B | — | New |
| 5 | PRIMECAP MANAGEMENT CO/CA/ | 4.7M | $1.15B | — | New |
| 6 | DEUTSCHE BANK AG\ | 3.4M | $826.7M | — | New |
| 7 | Legal & General Group Plc | 3.2M | $765.8M | — | New |
| 8 | VANGUARD FIDUCIARY TRUST CO | 2.4M | $575.7M | — | New |
| 9 | UBS Group AG | 2.2M | $525.7M | — | New |
| 10 | DIMENSIONAL FUND ADVISORS LP | 1.9M | $452.0M | — | New |
| 11 | HSBC HOLDINGS PLC | 1.7M | $420.1M | — | New |
| 12 | BNP PARIBAS FINANCIAL MARKETS | 1.6M | $384.7M | — | New |
| 13 | Nuveen, LLC | 1.4M | $342.8M | — | New |
| 14 | Swiss National Bank | 1.2M | $298.6M | — | New |
| 15 | National Pension Service | 1.2M | $281.8M | — | New |
| 16 | California Public Employees Retirement System | 1.1M | $266.8M | — | New |
| 17 | Russell Investments Group, Ltd. | 1.1M | $263.3M | — | New |
| 18 | DIAMOND HILL CAPITAL MANAGEMENT INC | 1.1M | $260.5M | — | New |
| 19 | Sumitomo Mitsui Trust Group, Inc. | 1.1M | $260.1M | — | New |
| 20 | Cantillon Capital Management LLC | 1.0M | $247.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Subscription revenue grew 13% but S&M expense jumped 14% and G&A 26%; where is the operating leverage from Firefly and GenStudio monetization?
- 2
With $6.2B debt now partially current and only $6.9B cash/investments after $2.5B quarterly buybacks, will you slow repurchases or refinance at higher rates?
- 3
Deferred revenue rose just $370M sequentially despite price increases; what does current RPO and net-new ARR say about Creative Cloud seat saturation?
Refreshed when ADBE files a new report · last from 2026-01-15