Adobe Inc.

Company facts

Industry

Services-Prepackaged Software

Headquarters

San Jose, California

Most recent report

8-K, filed Sep 8, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 796343

Fiscal year ends

November

Filer status

Large accelerated filer

What to read: May 2026 10-Q

SECSift found 3 of 11 sections worth reading, with 5 positive, 8 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Core financials with acquisition, impairment, and litigation details.
  Notable

  • Semrush purchase for $1.87B added $1.25B goodwill and $582M identifiable intangibles.
  • Board authorized additional $25B in buybacks through April 2030; $26.78B total remaining.
  • Issued $500M of commercial paper at 3.76% average rate; the $3B program had $0 prior quarter.

• Management's Discussion (Item 2)

  Full MD&A with results, new buyback, goodwill impairment, legal charge, and tax law change.
  Positive

  • ARR grew 12.5% to $27.10B, including ~$480M from Semrush, driven by Creative Cloud Pro and Acrobat.
  • Total revenue up 13% to $6.62B, led by subscription revenue growth of 14%.
  • Subscription revenue up 14% to $6.42B, driven by Creative & Marketing Pros (13%) and Business & Consumers (16%).
  • Cash flows from operations up 10% to $5.12B, on strong collections and deferred revenue.
  • RPO up 13% to $22.27B, signaling future revenue growth.
  Notable

  • Cost of revenue up 12% to $715M, largely from hosting and data center costs (16% increase).
  • Net income flat at $1.71B despite 13% revenue growth, as expenses and one-time charges absorbed gains.
  • Commercial paper outstanding of $494M, a new source of short-term borrowing (was zero in Q1).
  • $1.35B of senior notes reclassified as current debt, due Feb and Apr 2027; company intends to refinance.
  Negative

  • Operating expenses up 17% to $3.67B, due to goodwill impairment, legal loss contingency, and higher compensation.
  • Goodwill impairment recorded for Publishing & Advertising unit, indicating that unit's value declined.
  • Loss contingency from a legal settlement and other matters added to G&A expenses.

• Risk Factors (Item 1A)

  Goodwill impairment recorded, CP usage increased, offshore employees 52%.
  Notable

  • Offshore employee share rose to 52% from 49%, indicating continued international hiring.
  Negative

  • Goodwill impairment charge recorded in Q2 2026 for Publishing & Advertising unit.
  • Commercial paper borrowings went from $0 to $500 million, a new liquidity draw.

What changed: May 2026 vs. Feb 2026

About 5% of ADBE's May 2026 10-Q is new information. 23 paragraphs were added, 140 changed, and 22 removed. Below are the most important lines SECSift identified.

• Item 1 71
• Item 2 61
• Item 1A 7
• Item 4 2
• Item 3 1