Q1 26 EPS
$6.06
Q1 26 Revenue
$6.40B
BEAT +1.93%
Est. $6.28B
vs S&P Since Q1 26
-16.5%
TRAILING MARKET
ADBE -7.7% vs S&P +8.8%
Market Reaction
Did ADBE Beat Earnings? Q1 2026 Results
Adobe delivered a strong start to fiscal 2026, posting record Q1 results that extended its streak to four consecutive quarters of beating consensus EPS estimates. Non-GAAP diluted EPS came in at $6.06, clearing the $5.87 consensus estimate by 3.18%, … Read more Adobe delivered a strong start to fiscal 2026, posting record Q1 results that extended its streak to four consecutive quarters of beating consensus EPS estimates. Non-GAAP diluted EPS came in at $6.06, clearing the $5.87 consensus estimate by 3.18%, while revenue of $6.40 billion topped expectations by 1.93% and grew 12.0% year over year, driven in large part by subscription momentum that saw AI-first annualized recurring revenue more than triple compared to the year-ago period. Total ARR exited the quarter at $26.06 billion, with subscription revenue climbing 13% to $6.20 billion, underscoring the durability of Adobe's recurring model even as investors had been watching closely for signs of AI monetization. The quarter also brought a significant leadership announcement, with CEO Shantanu Narayen set to transition out of the role after 18 years. Looking ahead, Adobe is guiding Q2 revenue of $6.43 billion to $6.48 billion and non-GAAP EPS of $5.80 to $5.85, while reaffirming its full-year FY2026 targets.
Key Takeaways
- • AI-first ARR more than tripling year over year
- • Total subscription revenue growth of 13% year over year
- • Business Professionals & Consumers subscription revenue growing 16% year over year
- • Creative & Marketing Professionals subscription revenue growing 12% year over year
- • RPO growth of 13% year over year to $22.22 billion
ADBE Forward Guidance & Outlook
For Q2 FY2026, Adobe targets total revenue of $6.43 billion to $6.48 billion, Business Professionals & Consumers subscription revenue of $1.80 billion to $1.82 billion, Creative & Marketing Professionals subscription revenue of $4.41 billion to $4.44 billion, GAAP EPS of $4.35 to $4.40, and non-GAAP EPS of $5.80 to $5.85. Q2 targets assume non-GAAP operating margin of ~44.5%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0%, and diluted share count of ~402 million. Adobe is also reaffirming its previously issued full-year FY2026 targets. Targets do not include contributions from the pending acquisition of Semrush Holdings, Inc.
ADBE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ADBE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Adobe delivered record Q1 results with AI-first ARR more than tripling year over year and subscription revenue growing 13 percent.”
— Shantanu Narayen, Q1 2026 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% |