What is the market's earnings forecast for Adobe next quarter?

What does Adobe do and what are its main business segments?

What is Adobe's gross profit margin?

What factors drove the changes in Adobe's revenue and profit?

What were the key takeaways from Adobe's earnings call?

What guidance did Adobe's management provide for the next earnings period?

Did Adobe beat or miss consensus estimates last quarter?

What is Adobe's latest dividend and current dividend yield?

- **Record FY25 Performance**: $23.77B revenue (+11% YoY), $20.94 non-GAAP EPS (+14% YoY) powered by AI.
- **AI-Driven Growth**: Firefly generative credit usage tripled QoQ, 50% Acrobat Studio upgrades in Q4.
- **Semrush Acquisition**: $1.9B deal to enhance brand visibility in AI search, closing H1 2026.
- **FY26 Ambitious Targets**: 10.2% ARR growth ($2.6B net new), highest guide ever, fueled by AI-first products.
- **Strong Cash Flow**: $10.03B operating cash flow, $12B share buybacks reducing shares 6% YoY.

**【CEO Summary Section】**
- Adobe achieved record FY25 revenue of $23.77B (+11% YoY) and non-GAAP EPS of $20.94 (+14% YoY), driven by AI integration across products.
- Firefly app now includes 25+ third-party models, with generative credit consumption growing 3x QoQ.
- Acrobat Studio adoption strong, with 50% of Q4 Acrobat renewals upgrading to this AI-enhanced offering.
- FY26 ARR growth target of 10.2% ($2.6B net new ARR), highest ever guide, reflecting confidence in AI-first products.

**【Digital Media Business Update】**
- Q4 Digital Media revenue $4.62B (+11% YoY), ending ARR $19.2B (+11.5% YoY).
- Firefly Image 5 model launched with 4MP resolution and prompt-based editing; Firefly app now integrates Adobe and 25+ partner models.
- Generative credit usage tripled QoQ, with 2x growth in Firefly subscriptions.
- Premiere Mobile launched with YouTube integration, targeting 200B daily video views.
- Express MAU grew 35% YoY, with 25,000+ new enterprise customers in Q4.

**【Digital Experience Business Update】**
- Q4 Digital Experience revenue $1.52B (+9% YoY), AEP & apps ARR +40% YoY.
- Adobe LLM Optimizer, Sites Optimizer, and Brand Concierge signed 50+ customers in Q4.
- Semrush acquisition ($1.9B) to enhance brand visibility in AI search; pending H1 2026 close.
- GenStudio ARR +25% YoY, with Firefly Services ARR doubling YoY.
- Adobe MAX 2025 saw 10,000 attendees and 820M video views, showcasing AI innovations.

**【CFO Financial Commentary】**
- FY25 GAAP EPS $16.70, non-GAAP EPS $20.94; Q4 non-GAAP EPS $5.50 (+14% YoY).
- FY25 operating cash flow $10.03B, share buybacks $12B reducing shares outstanding 6%.
- FY26 targets: revenue $25.9-26.1B, non-GAAP EPS $23.30-23.50.
- Q1 2026 guidance: revenue $6.25-6.3B, non-GAAP EPS $5.85-5.90.

**【Q&A Highlights】**
- Firefly Foundry signed 100+ enterprise deals in Q4, with a media company paying $7M for custom models.
- Semrush acquisition to provide end-to-end brand visibility across search, LLMs, and owned channels.
- Generative credit consumption growth validates AI monetization strategy; 75% of net new ARR from upsell/cross-sell.
- FY26 ARR growth driven by Business Pro & Consumer (+15% sub rev YoY) and Creative Pro (+11% sub rev YoY).

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