2026 Reports — Adobe Inc.

Adobe grew fiscal Q1 2026 revenue 12% to $6.40 billion, but net income rose only 4% as the effective tax rate jumped from 17% to 22%, leaving an 11% EPS gain largely funded by a 6% smaller share count.

Adobe posted record fiscal Q2 2026 revenue of $6.62 billion, up 13%, but a $70 million goodwill impairment, a $30 million legal charge and a higher tax rate left net income flat, and organic ARR growth ex-Semrush slipped to about 10.5%.

Adobe beat its own Q3 FY2026 guidance with revenue up 12.9% to $6.76 billion and non-GAAP EPS up 15.4% to $6.13, but roughly 2 points of growth came from the Semrush acquisition, a 6.8% smaller share count supplied about half the EPS gain, and the forward gauges — 8.4% RPO growth and an unchanged 10.2% full-year ARR target — all point to deceleration.