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ADOBE INC. 8-K Report, Financial Results (Dec 10, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed December 10, 2025
Period End
December 10, 2025
Security
ADBE
In the record · 2016–202610-K1110-Q338-K104

ADBE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 104 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’20Feb ’20
  2. Leadership change8-K · Jan ’23Jan ’23
  3. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed December 10, 2025. Cited figures are marked; the original filing is the authoritative source.

Adobe reported record fourth-quarter and full-year fiscal 2025 results for the period ended November 28, 2025.

Q4 revenue was $6.19 billiona, up 10% year over year as reported and in constant currency, and full-year revenue reached $23.77 billion, up 11%. Non-GAAP diluted EPS was $5.50 for Q4 and $20.94 for the year, while GAAP diluted EPS was $4.45 and $16.70, respectively. Total Adobe ending ARR exited the year at $25.20 billion (11.5% growth), and operating cash flow exceeded $10 billion for the year, a record.

Management is guiding to FY2026 total revenue of $25.90 to $26.10 billionb and non-GAAP EPS of $23.30 to $23.50, and is targeting double-digit ending ARR growth of 10.2%. The quarter also brought several notable changes. Adobe revalued ending ARR at year-end, adding $460 million (mostly from FX) and restating the entering FY2026 base to $25.66 billion.

Beginning in FY2026, reporting and guidance will shift to focus on customer group subscription revenue and total company ending ARR growth, with total revenue and EPS also guided. The FY2026 targets exclude any contribution from the pending Semrush Holdings acquisition, which remains subject to regulatory approvals and closing conditions. Share repurchases remained active, with about 7.2 million shares bought back in Q4 and 30.8 million for the year.

For investors, the key points are strong top-line and cash generation, with a clear gap between GAAP and non-GAAP earnings largely driven by stock-based compensation (about $1.97 billionc for FY2025). Q4 GAAP operating margin was roughly 36.5%, and FY2026 guidance implies a GAAP operating margin of 36.0% against a non-GAAP margin of 45.0%.

The GAAP-to-non-GAAP gap in EPS guidance is wide, so investors should weigh the GAAP figures alongside the adjusted ones. The shift in reporting metrics also means investors will need to adjust their models to the new framework.

02—Key points

Key Highlights

  1. Q4 FY2025 revenue of $6.19B, up 10% YoY as reported and in constant currency; Digital Media revenue grew 11% to $4.62B.
  2. FY2025 revenue of $23.77B (up 11%); non-GAAP diluted EPS of $20.94 versus GAAP $16.70.
  3. Total Adobe ending ARR of $25.20B at year-end (up 11.5%), restated to $25.66B entering FY2026 after a $460M FX-driven revaluation.
  4. Record FY2025 operating cash flow of $10.03B; Q4 operating cash flow was a record $3.16B.
  5. FY2026 guidance: total revenue of $25.90B–$26.10B, non-GAAP EPS of $23.30–$23.50, and 10.2% ending ARR growth, excluding any Semrush contribution.
  6. Reporting changes starting FY2026: focus shifts to customer group subscription revenue and total ending ARR growth, with guidance on total revenue and EPS.
  7. Capital returns remained active, with 30.8M shares repurchased in FY2025 and about 7.2M in Q4; RPO reached $22.52B with cRPO at 65%.

03—Questions

Frequently Asked Questions

  1. How did Adobe perform in fiscal 2025?

    Adobe reported FY2025 revenue of $23.77 billion, up 11% as reported and in constant currency. GAAP net income was $7.13 billion, or $16.70 per diluted share, while non-GAAP EPS was $20.94. Total Adobe ARR ended the year at $25.20 billion, up 11.5%.

  2. What is Adobe guiding for fiscal 2026?

    For FY2026, Adobe targets total revenue of $25.90B to $26.10B, GAAP EPS of $17.90 to $18.10, and non-GAAP EPS of $23.30 to $23.50. It assumes a non-GAAP operating margin of about 45%, and targets 10.2% year-over-year growth in total ending ARR. These targets exclude any contribution from the pending Semrush acquisition.

  3. Why is there such a large gap between GAAP and non-GAAP earnings?

    The main adjustment is stock-based and deferred compensation, which totaled $1.97 billion for FY2025 and is excluded from non-GAAP results. Amortization of intangibles and income tax adjustments also contribute. Adobe argues these items are non-cash or unrelated to core operations, but investors should still review the GAAP figures alongside the adjusted ones.

  4. What changed in how Adobe reports its results?

    Beginning in FY2026, Adobe will focus its reporting and guidance on customer group subscription revenue and total company ending ARR growth. It will also guide on total revenue and EPS. Digital Media and Digital Experience subscription revenue will continue to be reported as supplemental disclosures. Adobe also revalued year-end ARR, raising the FY2026 starting base by $460 million, largely from foreign exchange changes.

  5. Is the Semrush acquisition included in Adobe's outlook?

    No. Adobe's FY2026 financial targets explicitly do not include any contribution from Semrush Holdings, Inc. The deal remains subject to regulatory approvals and other customary closing conditions.

04—Continue

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