Earnings Call
Jun 11, 2026
Q2 FY2026
EPS Estimate
5.82
EPS Actual
5.96
Post-Earnings Close
$204.02
Earnings Reaction
-6.8%
Adobe's Q2 FY2026 results came in ahead of expectations on both revenue and earnings, but the headline beat was quickly overshadowed by a strategic pivot that management framed as a generational opportunity, and that investors will need to assess carefully. Revenue of $6.62 billion grew 11% in constant currency and 13% as reported, clearing the $6.46 billion consensus, while non-GAAP EPS of $5.96 beat the $5.83 estimate. The quarter also included approximately $40 million in subscription revenue and $480 million in ARR from the closed SEMrush acquisition, so organic performance was solid but the inorganic contribution is worth isolating.
Report generated on Jun 12, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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