Adobe — 2026Q3 財報

“Adobe achieved record revenue of $6.76 billion in its third quarter of FY2026, which represents 13% year-over-year growth, or 12% in constant currency. Diluted earnings per share was $4.62 on a GAAP basis and $6.13 on a non-GAAP basis.”

Record quarterly revenue of $6.76 billion, up 13% year over year (12% in constant currency), with diluted EPS of $4.62 on a GAAP basis and $6.13 non-GAAP — the figure the beat was scored against.

“Adobe AI-first ARR grew more than 150% year over year”

Adobe led the release with an AI metric rather than a revenue one: AI-first ARR grew more than 150% year over year. It is the company's own headline claim, given as a growth rate with no base disclosed in the release body.

“Total Adobe Annualized Recurring Revenue (“ARR”) exiting the quarter was $27.50 billion.”

Total company ARR exiting the quarter was $27.50 billion — the recurring base against which the AI-first cohort is still a small, fast-growing slice.

“Exiting the quarter, Remaining Performance Obligations (“RPO”) were $22.16 billion, and Current Remaining Performance Obligations (“cRPO”) were 67%.”

The contracted backlog is the softer half of the print: remaining performance obligations of $22.16 billion, with current RPO 67% of that book — a level, not a growth rate, is all the release gives.

““Adobe delivered double-digit revenue and EPS growth in Q3 and we're raising full year revenue and EPS targets,” said Steve Day, senior vice president and interim CFO, Adobe. “We are expanding our user base through a freemium strategy and deepening engagement with agentic experiences to deliver long-term durable growth.””

Interim CFO Steve Day paired the raised full-year revenue and EPS targets with the freemium strategy in the same breath — widening the user base, not monetizing it harder, is how the release frames durable growth.

“I'm delighted that Anil Chakravarthy will become Adobe's next President and Chief Executive Officer and join the Board of Directors effective December 1.”

Narayen used the prepared remarks to hand over: Anil Chakravarthy becomes president and CEO and joins the board effective December 1, with Narayen staying on as executive chair.

“Yes, RPO grew 8% year-over-year, the cRPO 9%, and that reflects the continued execution against our strategic initiatives. The growth is consistent with our ARR trends, I would say. It does reflect our focus to accelerate new user acquisition through the freemium business model.”

Pressed by Griffin Securities on the weakest line in the print, Steve Day confirmed RPO grew 8% and cRPO 9% year over year and attributed the deceleration to the freemium acquisition model rather than to demand.

“We talked about it on the June earnings call, and creative freemium MAU we saw has grown to over 100 million, growing over 70% year-over-year. So, that's bringing people into the funnel. That's when we still focus on increasing their intensity of AI usage and increasing their engagement with the products. And that engagement is what is starting to translate into ARR, Brad, with the Firefly ending ARR, the apps and the credit packs showing the 40% quarter-over-quarter growth. It's really that intensity of usage that's leading to that growth.”

Chakravarthy laid out the funnel the company is trading ARR for: creative freemium MAU above 100 million and growing more than 70% year over year, converting into Firefly ending ARR up 40% quarter over quarter as usage intensity rises.

“And I'm actually really happy that we didn't focus on the pricing actions, because that while it may have provided some short-term relief, would not be as critical as continuing to drive new user adoption.”

Asked when the deferred Creative Cloud pricing optimizations resume, Narayen defended leaving them on the shelf — an unusually direct statement that Adobe chose user count over near-term revenue.

“It's a raise across C&P subs, BP&C subs, as well as the overall company, raising around $50 million at the midpoint.”

Day sized the guidance raise itself: about $50 million at the midpoint, spread across both subscription lines and the company total.