Q2 25 EPS
$5.06
BEAT +1.74%
Est. $4.97
Q2 25 Revenue
$5.87B
BEAT +1.29%
Est. $5.80B
vs S&P Since Q2 25
-59.2%
TRAILING MARKET
ADBE -38.5% vs S&P +20.7%
Market Reaction
Did ADBE Beat Earnings? Q2 2025 Results
Adobe delivered a clean beat across the board in Q2 fiscal 2025, reporting non-GAAP EPS of $5.06 against a consensus of $4.97, a 1.74% beat, while revenue of $5.87 billion edged past estimates by 1.29% and grew 10.6% year over year. The primary engin… Read more Adobe delivered a clean beat across the board in Q2 fiscal 2025, reporting non-GAAP EPS of $5.06 against a consensus of $4.97, a 1.74% beat, while revenue of $5.87 billion edged past estimates by 1.29% and grew 10.6% year over year. The primary engine behind the quarter was Digital Media, where $4.35 billion in segment revenue and $18.09 billion in exiting Annualized Recurring Revenue, up 12.1% year over year, reinforced the durability of Adobe's subscription model. Business Professionals and Consumers emerged as the fastest-growing customer cohort, with subscription revenue climbing 15% year over year, underscoring how Adobe is expanding well beyond its traditional creative professional base. Despite the strong print, some investors reacted cautiously, reflecting lingering concerns about competitive pressures in the AI landscape. Management responded by raising its full-year revenue target to $23.50–$23.60 billion and non-GAAP EPS guidance to $20.50–$20.70, while Q3 guidance of $5.88–$5.93 billion signals continued confidence in the back half.
Key Takeaways
- • Record revenue driven by 11% year-over-year growth as reported and in constant currency
- • Digital Media ARR reached $18.09 billion, growing 12.1% year-over-year
- • Business Professionals and Consumers subscription revenue grew 15% year-over-year
- • Creative and Marketing Professionals subscription revenue grew 10% (11% in constant currency)
- • Digital Experience subscription revenue grew 11% year-over-year
- • AI innovation transforming industries and enabling unprecedented levels of creativity
ADBE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ADBE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strategy to deliver ground-breaking innovation for Business Professionals and Consumers, and Creative and Marketing Professionals is delighting customers and we are pleased to raise Adobe's FY25 revenue target.”
— Shantanu Narayen, Q2 2025 Earnings Press Release
ADBE Earnings Trends
ADBE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADBE EPS Trend
Earnings per share: estimate vs actual
ADBE Revenue Trend
Quarterly revenue: estimate vs actual
ADBE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $6.06 | — | $6.40B | +1.93% |
| Q4 25 BEAT FY | $4.28 | $5.50 | +28.50% | $6.19B | — |
| FY Full Year | $20.80 | $20.94 | +0.67% | $23.77B | +0.33% |
| Q3 25 BEAT | $5.18 | $5.31 | +2.48% | $5.99B | +1.34% |
| Q2 25 BEAT | $4.97 | $5.06 | +1.74% | $5.87B | +1.29% |
| Q1 25 BEAT | $4.97 | $5.08 | +2.17% | $5.71B | +0.93% |