Adobe (ADBE) 2026财年第三季度业绩电话会：营收达67.6亿美元，上调业绩指引

Adobe（纳斯达克股票代码：ADBE）公布了创纪录的2026财年第三季度营收，并上调了全年营收和盈利目标。管理层强调了人工智能的快速应用、以免费增值模式为主导的用户获取策略，以及Adobe向智能体软件（agentic software）的转型。公司还宣布，Anil Chakravarthy将于12月1日接替Shantanu Narayen出任首席执行官（CEO）。

核心要点

• 2026财年第三季度营收达67.6亿美元，按报告数据同比增长13%，按固定汇率计算增长12%。通用会计准则（GAAP）每股收益（EPS）增长11%至4.62美元，非通用会计准则（Non-GAAP）每股收益增长15%至6.13美元。
• 期末年化可重复收入（ARR）总计为275亿美元，同比增长11.2%。以AI为主的期末ARR突破6.5亿美元，增幅超过150%。
• 商业专业人士与消费者订阅营收为19.1亿美元，按报告数据增长16%，按固定汇率计算增长15%。创意与营销专业人士订阅营收按报告数据增长13%，按固定汇率计算增长12%，达到46.5亿美元。
• Adobe的月活跃用户（MAU）总数突破10亿，同比增长超过20%。创意类免费增值MAU突破1亿，增长超过70%；Acrobat和Express的MAU突破9亿，增长超过25%。
• 管理层将2026财年业绩指引上调至：营收为265.76亿至266.26亿美元，Non-GAAP每股收益为24.45至24.50美元。
• Anil Chakravarthy将于12月1日出任总裁兼CEO并加入Adobe董事会。Shantanu Narayen将转任执行主席。

核心财务数据

业务与运营表现

商业专业人士与消费者

Adobe正将Acrobat从单纯的PDF工具扩展为由AI驱动的文档生产力平台。公司表示，每年通过Acrobat打开的PDF文件超过4000亿个，同时Acrobat AI Assistant的月活跃用户数（MAU）环比翻倍。

Acrobat的新功能包括Adobe Productivity Agent、互动报告、摘要幻灯片和音频格式。知识库（Knowledge Base）和分析器（Analyzer）旨在从海量文档集中提取结构化洞察。Adobe还在全球范围内面向高等教育用户推出了Student Spaces。

公司正在将Acrobat扩展应用至ChatGPT、Chrome、Claude、Microsoft Edge和WhatsApp。采用Acrobat AI功能的企业客户包括亚马逊（Amazon）、德国邮政敦豪集团（Deutsche Post DHL）、霍尼韦尔（Honeywell）、JISC、雷诺（Renault）以及美国能源部洛斯阿拉莫斯国家实验室（Los Alamos National Laboratory）。

创意、Firefly及AI使用情况

创意类免费增值MAU超过1亿，同比增长70%以上。管理层表示，更高的用户参与度和AI使用强度推动跨Firefly应用及点数包（credit packs）的Firefly期末ARR实现了40%的环比增长。

Adobe将其Creative Agent扩展至Photoshop和Premiere。Firefly新增了音乐、语音和音效的原生生成功能，以及创建脚本（Create Storyboard）和创建品牌套件（Create Brand Kit）等工具。管理层指出，视频生成以及核心Creative Cloud应用内的AI点数消耗是重要的使用驱动力。

Adobe已同意收购Topaz Labs，后者的AI增强技术预计将整合至Firefly、Firefly Services和Creative Cloud中。该交易预计将于第四季度完成，须获得监管部门批准并满足惯常的成交条件。

客户体验与营销

Adobe将CX Enterprise定位为跨客户互动、内容供应链和品牌可见性的智能体记录系统（agentic system of record）。全球有超过20,000家企业使用Adobe的产品，每年交付超过1万亿次客户体验。

Adobe Experience Manager及智能体Web应用、Adobe GenStudio，以及Adobe Experience Platform及应用的期末ARR同比增幅均超过20%。Adobe品牌可见性解决方案的付费客户数环比翻倍。

Adobe将Semrush的AI可见性情报与其内容优化功能相结合。由此推出的品牌可见性产品利用了近3亿个真实世界的AI搜索提示词，来分析包括ChatGPT、Google AI Mode、Microsoft Copilot和Perplexity AI在内各平台上的品牌曝光情况。

CX Enterprise Coworker自6月全面上市以来，已拥有超过1,700家客户和早期采用者。该智能体可协调分析、内容创作和客户旅程编排的业务工作流。

管理层业绩指引

管理层表示，业绩目标基于当前宏观经济状况的假设。

以256.6亿美元的期初余额为基准，Adobe维持了2026财年期末ARR账面业务同比增长10.2%的目标。受正常季节性因素、强劲的企业项目储备和新产品发布的推动，管理层预计第四季度净增ARR将超过第三季度。

风险与关注要点

• RPO增长8%，当前RPO增长9%，均慢于Adobe的总订阅营收增速。管理层表示，这一模式与ARR趋势和正常季节性规律相符，RPO通常在第四季度有所增加，随后在接下来的三个季度保持相对平稳。
• Adobe正优先考虑免费增值用户的获取和参与度，然后再进行转化。管理层坦承，推迟Creative Cloud的提价举措原本可以提供短期支撑，但扩大用户基础对未来增长更为关键。
• 一位分析师指出了净增ARR同比下降约36%-37%。管理层将这一表现归因于其在免费增值客户获取与ARR转化之间所作的刻意平衡。
• 管理层指出进入第四季度面临轻微的汇率逆风，但表示基础业务状况未发生改变。
• 对Topaz Labs的收购仍有待监管部门批准并满足惯常的成交条件。

分析师问答亮点

智能体软件战略

Anil Chakravarthy表示，Adobe的目标是在创意、生产力和客户体验领域引领智能体软件的发展。该战略涵盖对话式与传统界面、接入多种AI模型、智能模型路由、企业数据与上下文，以及与ChatGPT、Claude和Microsoft Copilot等外部平台的集成。

免费增值转化与AI变现

管理层表示，Adobe正在利用参与度、AI使用强度和其他信号来确定用户何时准备好转化为ARR。定价和变现模式可能会因客户群、使用场景和产品而异，包括打包点数、点数包、高级订阅层级、按席位计费和基于使用量的付费安排。

Firefly发展势头

管理层将Firefly ARR 40%的环比增长归因于免费增值漏斗的扩大和AI使用量的上升。视频生成被特别指出为强劲的贡献因素，同时Creative Cloud桌面应用内的点数消耗亦十分强劲。

第四季度增长假设

Adobe预计将受益于Acrobat和Express的新功能、在Adobe MAX之前发布的Creative Cloud和Firefly新版本，以及季节性强劲的企业销售期。管理层还提及客户体验、创意和生产力产品拥有强劲的项目储备。

CEO交接优先事项

Chakravarthy表示，在12月1日就任CEO之前，他的当务之急是执行Adobe第四季度和2026财年的战略举措、筹备Adobe MAX、与客户及员工沟通，并组建领导团队。

业绩电话会议完整实录

---

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and welcome to the Q3 FY 2026 Adobe Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Doug Clark, Vice President of Investor Relations. Please go ahead.

Douglas Clark

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO; Anil Chakravarthy, President of Customer Experience Orchestration; and Steve Day, Senior Vice President and Interim CFO. On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2026 financial results. You can find our press release as well as PDF of our prepared remarks, financial results on Adobe's Investor Relations website.

The information discussed on this call, including our financial targets and product plans, is as of today, September 10 and contains forward-looking statements that involve risks, uncertainty and assumptions. Actual results may differ materially from those set forth in these statements. For more information on those risks, please review today's earnings release and Adobe's SEC filings.

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates and non-GAAP growth rates, including constant currency rates. During this presentation, Adobe's executives will refer to revenue growth and constant currency rates, unless otherwise stated. Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website.

I will now turn the call over to Shantanu.

Shantanu Narayen

Thanks, Doug. Good afternoon, everyone, and thank you for joining us. Adobe reported a strong third quarter, achieving $6.76 billion in revenue, representing 12% year-over-year growth. GAAP earnings per share for the quarter was $4.62, representing 11% year-over-year growth, and non-GAAP earnings per share was $6.13, representing 15% year-over-year growth.

Over the decades, Adobe's evolving mission from changing the world through digital experiences to now empowering everyone to create has always focused on creating new market categories to serve an expanding set of customers. It has enabled us to build industry-leading platforms and products in the areas of creativity, productivity and customer experience, setting a high bar for innovation and category transformation. Adobe will leverage AI to increase the reach, value and impact we will deliver to customers to drive our next decade of growth.

AI enables us to democratize access to every creative discipline for everyone from the casual creator to the most seasoned creative professional. It enables us to meet the growing creativity and productivity needs of consumers and business professionals who are looking to stand out and communicate more effectively. With AI, Adobe uniquely empowers enterprises to deliver and orchestrate personalized customer experiences.

As I reflect on 29 years at Adobe, I'm most proud of the innovative products and platforms we've delivered to customers, including Acrobat and PDF, Adobe Experience Manager, Adobe Experience Platform, InDesign, Photoshop, and Premiere; and more recently, Express and Firefly. It's incredible that these innovations are now used by over 1 billion monthly active users across all businesses, a number that grew greater than 20% year-over-year in Q3, with the creative premium MAU crossing $100 million and growing greater than 70% year-over-year.

We created the Digital Marketing category and are the leading provider of Customer Experience Orchestration solutions, delivering over 1 trillion experiences per year for enterprise customers. We're just beginning to capitalize on the massive AI opportunity across creativity, productivity and customer experiences with AI-first ending ARR now exceeding $650 million and growing more than 150% year-over-year. During this time, Adobe's annual revenue has grown from less than $1 billion to over $26 billion.

I'm delighted that Anil Chakravarthy will become Adobe's next President and Chief Executive Officer and join the Board of Directors effective December 1. I would also like to thank David Wadhwani, for over a decade of partnership, leadership and passion for our creative community. I'm committed to working closely with Anil to ensure a smooth transition and support Adobe's ongoing growth and transformation as Executive Chair.

As an experienced transformation leader with strong values, integrity, deep knowledge of our business and passion for products to solve customer needs, Anil is the right person to chart Adobe's growth in this agentic era. He has a proven record of building and delivering category-defining products that serve a broad range of customers. And I have every confidence that Adobe's best days are ahead of us.

I'll now turn it over to Anil.

Anil Chakravarthy

Thank you, Shantanu. Hello, everyone. I'm deeply honored to lead Adobe at this pivotal moment. I'm excited by the opportunity to drive Adobe's growth and leadership across creativity, productivity and customer experiences in the area of agentic software. Adobe's proven track record of empowering individuals and organizations to express their ideas, tell their stories and make an impact continues to inspire us and fuel our commitment to customers.

Thanks to Shantanu's exceptional leadership in transforming Adobe's product portfolio and business model over the decades, we are well positioned to capitalize on the massive opportunities ahead. I look forward to working closely with our employees and Shantanu to continue serving our customers and transforming Adobe in the era of agentic AI.

Turning to Q3 results. Subscription revenue for Business Professionals and Consumers was $1.91 billion, growing 15% year-over-year. Our strategy for Business Professionals and Consumers is to deliver AI-powered applications that transform how users comprehend, create and share content. We are delivering new conversational and agentic interfaces in Adobe Reader, Acrobat and Express through an integrated freemium experience.

Our differentiation is grounded in a deep understanding of the PDF format and 3 decades of document expertise to transform Acrobat from the world's leading PDF tool into a comprehensive document productivity platform powered by AI. Today, people opened more than 400 billion PDFs with Acrobat every year to read, edit and create content. By integrating AI deeply into our products, we are helping customers realize the value of AI faster, more accurately, securely and cost efficiently. We are meeting users wherever they work and expanding our reach across the digital ecosystem by extending Acrobat's capabilities to major platforms, including ChatGPT, Chrome, Claude, Microsoft Edge and WhatsApp.

This approach to innovation positions Adobe to drive deeper user engagement, unlock new enterprise opportunities and sustain our leadership as the trusted platform for digital documents in the age of AI. Yesterday, we announced significant advances in Acrobat, powered by the Adobe Productivity Agent that help people and teams understand the information in their documents faster, create polished work more easily and access trusted knowledge at scale. Acrobat now turns complex documents into visually rich interactive reports and summary slides as well as audio formats like personal podcasts, enabling users to quickly absorb key insights.

New features like Knowledge Base and Analyzer empower teams to ask questions across massive document collections and surface structured insights from thousands of files. This unlocks the value of existing organizational knowledge, driving smarter, faster decision-making at scale, all with enterprise-grade governance, security, trust and compliance. With a focus on winning the next generation of business professionals, Student Spaces in Acrobat is now available globally, targeting the higher education market and empowering students to generate flashcards, quizzes and study guides to help them better understand and master their curriculum.

Additional Business Professional and Consumer highlights include: Business Professionals and Consumers MAU grew over 25% year-over-year to over 900 million; Acrobat AI Assistant MAU doubled quarter-over-quarter; strong enterprise adoption of Acrobat AI capabilities among ETLA customers; notable customer wins this quarter include Amazon, Deutsche Post DHL, Honeywell, JISC, Renault and The U.S. Department of Energy Los Alamos National Laboratory.

In Q3, subscription revenue for Creative and Marketing Professionals was $4.65 billion, growing 12% year-over-year. Our strategy for Creators and Creative Professionals is to empower everyone to bring their creative visions to life across any media type and surface. With Firefly, we are making creativity more accessible, intuitive and efficient for creators of every experience level. For Creative Professionals, we are delivering the most comprehensive AI-driven power and precision applications through Creative Cloud across every stage of the creative process.

Our differentiation is rooted in our deep domain expertise across media types, including imaging, design, video, photography, illustration, animation and 3D and complemented by our depth of intelligence across creative workflows. With Firefly and Creative Cloud, Adobe is reinventing creative software with agentic AI to deliver immediate personalized value, meeting users where they are with tools and agents that adapt their needs. Adobe remains committed to delivering intuitive, context-aware experiences that honor creative craft, accelerate creative velocity and ensure that the next generation of creators can thrive in an ever-changing world.

Adobe's strategy is to offer customers choice as well as intelligent routing to use the best models for their needs, fully integrated in Adobe applications, eliminating the friction of switching between workflows and platforms. The Adobe Creative Agent empowers customers by handling the orchestration and execution of complex, repetitive creative workflows. We expanded the Adobe Creative Agent to additional Creative Cloud flagship apps, including Photoshop and Premiere, extending conversational, agentic workflows deeper into our professional applications.

We also introduced several innovations in Photoshop, giving professionals more choice and control at every stage of the creative process. This includes a new AI-assisted editor, now in beta, offering customers the option of using a dedicated interface and natural language prompt bar alongside our generative tools powered by leading AI models.

Adobe Firefly is the all-in-one creative AI studio for the next generation of creators. In Q3, we added native generation of music, speech and sound effects, bringing commercially safe AI audio to creative workflows. We released new creative skills and tools like Create Storyboard and Create Brand Kit, purpose built for social creators and solopreneurs, along with additional enhancements that help make Firefly AI Assistant more personalized and context aware over time.

We announced our agreement to acquire Topaz Labs, which adds state-of-the-art AI enhancement models in Adobe Firefly, Firefly Services and Creative Cloud apps, providing creators, designers, video professionals, photographers and enterprises, the tools to achieve exceptional quality across every format and workflow. With over 1 million users, Topaz Labs and its Emmy Award-winning AI technology will be integrated across Adobe's Creative AI portfolio, enabling customers to enhance footage, restore and remaster archival content and blend AI generated and traditionally captured content into seamless final productions. We expect the transaction to close in Q4, subject to regulatory approvals and other customary closing conditions.

Firefly Enterprise, spanning Firefly Services, Adobe Firefly Foundry and Adobe Brand Intelligence helps the world's largest brands industrialized content production with brand-safe custom models. In July, we expanded Firefly Enterprise with Adobe Firefly Graph Enterprise Edition and Firefly Creative Production Enterprise Edition, giving businesses reusable, node-based creative workflows and mass-scale production capabilities, alongside a new Simulate feature in Adobe Brand Intelligence that predicts campaign performance before content goes live.

We announced that Disney Imagineering is integrating Firefly Foundry into its theme park design toolkit, bringing Disney stories, characters and experiences to life in parks, faster than ever. We are aggressively executing our global strategy to attract millions of next-generation creators to Adobe. In conjunction with Saudi Arabia's emphasis on digital literacy and AI, we expanded our partnership with the Ministry of Communications and Information Technology and HUMAIN to enable the nation's 27 million citizens and residents with Adobe Firefly and Express, while supporting the development of a new image generation model tuned to Saudi culture.

Additional Creators and Creative Professionals highlights include: creative freemium MAU now surpassing 100 million and growing over 70% year-over-year; intensity of AI usage continues with credit consumption accelerating quarter-on-quarter across Creative Cloud and the Firefly app; firefly ending ARR across Firefly app and Firefly credit packs grew 40% quarter-over-quarter; enterprise wins this quarter include Academy Sports, Disney, Jet2, Perficient, Premier League, Publicis, Tennis Australia and T-Mobile.

I'm excited to host Adobe MAX, the world's largest creativity conference in November in Miami Beach, where we will welcome more than 10,000 members of our global community and engage with hundreds of thousands more online. This year, we'll showcase breakthrough innovations across Creative Cloud, new capabilities in Firefly and connected workflows for Firefly Enterprise, all powered by agentic AI. MAX is always a celebration of the community's creativity and we look forward to sharing how Adobe magic is transforming creative workflows and unlocking new possibilities.

Turning to Marketing Professionals. Our strategy is to deliver Adobe CX Enterprise, the agentic system of record for Customer Experience Orchestration, serving the entire customer life cycle from identifying and engaging prospects to driving conversion and developing lasting loyalty. Adobe CX Enterprise is focused on 3 critical solutions. It will be experienced platform and native apps for customer engagement, Adobe GenStudio for content supply chain, and Adobe Experience Manager and agentic web apps for brand visibility.

Over 20,000 global enterprises rely on Adobe, and we are helping them transform their customer experience for the era of agentic AI. Through Adobe CX Enterprise, we uniquely bring together creativity, marketing and agentic AI, simplifying and transforming how enterprises manage the customer life cycle. We deliver this value through proprietary CX intelligence, agentic orchestration, governed workflow execution, open ecosystem connectivity and enterprise grade-trust, all of which we have built over several years, providing our customers a practical path from the apps they use today to an end-to-end agentic AI system.

In Q3, we delivered the first unified brand visibility solution, bringing together Semrush AI visibility intelligence with Adobe's agentic content optimization capabilities, grounded in a deep understanding of business and brand context. Adobe brand visibility is a comprehensive solution for generative engine optimization that combines the industry-leading capabilities of Adobe LLM Optimizer with Semrush AI optimization. We are seeing tremendous customer interest in tapping our database of nearly 300 million real-world AI search prompts to understand how their brands are showing up across leading platforms such as ChatGPT, Google AI Mode, Microsoft Copilot and Perplexity AI.

At the Cannes Lions International Festival of Creativity in June, we introduced a major expansion of Adobe GenStudio to help brands meet customers wherever they are in the moment of purchase in a stream or in a scroll. GenStudio for Commerce Media Networks gives retailers a way to attract advertising partners with self-serve, on-brand creative built directly from product listings and category context. We also expanded Adobe Brand Intelligence capabilities, so marketing teams can preview how content will resonate with audiences before it ever goes live.

This is what an agentic content supply chain demands at the speed our customers need. We are seeing tremendous customer interest in CX Enterprise Coworker, the specialized AI agent in CX Enterprise that autonomously execute complex marketing and customer engagement workflows. CX Enterprise Coworker, which became generally available in June meets marketers where they are, embedding agentic intelligence directly into the engagement life cycle, offering choice and control while enabling teams to act faster, scale personalization and continuously optimize outcomes. CX Enterprise Coworker synthesizes insights from Adobe and third-party applications, while coordinating AI agents and workflows across analytics, content creation and journey orchestration. Early customer interest is strong with over 1,700 customers and early adopters of CX Enterprise Coworker.

Additional Marketing Professionals highlights included: ending ARR growth of over 20% year-over-year for each of AEM and agentic web apps, Adobe GenStudio and AEP and apps; continued strength in subscription services, driven by forward deployed engineering and strategic value realization engagements with customers. Q3 industry analyst recognition being named the top leader in 2 Forrester Waves, including customer data platforms for B2C and experience optimization solutions, as well as 2 IDC MarketScapes for Worldwide AI-Enabled Customer Data Platforms for B2B users and B2C users. Global enterprise customer wins in Q3 included Academy Sports, Alpine Racing, BNP Paribas, Humana, IKEA, Jet2, Marriott, MSC Cruises, Publicis, Royal Bank of Canada, Vanguard and Wells Fargo.

Looking ahead, Adobe is well positioned to be the global leader in agentic software for creativity, productivity and customer experience. We are building on tremendous assets, deep domain expertise, proven track record of product innovation, broad community of customers spanning individuals to small businesses to the largest enterprises in the world, diversified global routes to market, values-driven culture, highly motivated employees, a trusted and well-recognized brand and the financial strength to invest for the future. I am incredibly excited by the opportunity in front of us, and I look forward to sharing more updates.

I'll now pass it to Steve.

Steven Day

Thanks, Anil. Today, I will start by summarizing Adobe's performance in Q3 FY '26, highlighting growth drivers across our customer groups, and I'll finish with our financial targets. In Q3, Adobe achieved record revenue of $6.76 billion, growing 13% year-over-year as reported and 12% in constant currency. Diluted earnings per share were $4.62 on a GAAP basis and $6.13 on a non-GAAP basis.

Q3 financial highlights included: total Adobe ending ARR of $27.5 billion, growing 11.2% year-over-year; total customer group subscription revenue of $6.56 billion, growing 14% year-over-year or 13% in constant currency; RPO of $22.16 billion exiting the quarter growing 8% year-over-year and cRPO growing 9% year-over-year, both as reported and in constant currency; cash flows from operations were a Q3 record at $2.52 billion and ending cash and short-term investments exiting Q3 were $5.64 billion; and repurchasing approximately 9.5 million shares of our stock during the quarter. Exiting Q3, we have fully utilized our March 2024 authorization and have approximately $24.55 billion remaining under our April 2026 authorization.

Business Professionals and Consumers subscription revenue was $1.91 billion, increasing 16% year-over-year as reported or 15% in constant currency. Q3 growth drivers for Business Professionals and Consumers included: Double-digit ending ARR year-over-year growth across all geographies; Acrobat+ Express MAU surpassed 900 million, growing more than 25% year-over-year; Acrobat AI Assistant MAU doubled quarter-over-quarter; and strong performance in SMB across inside sales and the reseller channel.

Creative and Marketing Professionals subscription revenue was $4.65 billion, increasing 13% year-over-year or 12% in constant currency. Q3 growth drivers for Creative and Marketing Professionals included: Continued strength in Creative Cloud across our teams and enterprise offerings; creative freemium MAU, which includes Firefly Express and web and mobile versions of Premiere, Photoshop and Lightroom, crossed 100 million, growing over 70% year-over-year; Firefly ending ARR across Firefly apps and Firefly credit packs grew 40% quarter-over-quarter; customer growth in Firefly Enterprise with accelerating usage quarter-over-quarter; ending ARR growth of greater than 20% year-over-year for each of Adobe Experience Manager and agentic web apps, Adobe GenStudio and Adobe Experience Platform and apps; doubled the number of paid customers quarter-on-quarter for brand visibility solutions, helping brands optimize visibility across traditional and generative search; and continued strength in retention across the enterprise customer base.

Now let me turn to our financial targets, which assume current macroeconomic conditions. For Q4 FY '26, we are targeting total Adobe revenue of $6.8 billion to $6.85 billion; Business Professionals and Consumer subscription revenue of $1.93 billion to $1.95 billion; Creative and Marketing Professionals subscription revenue of $4.665 billion to $4.695 billion; GAAP EPS of $4.65 to $4.70; and non-GAAP EPS of $6.30 to $6.35. For Q4, we assumed non-GAAP operating margin of approximately 44% and GAAP tax rate of approximately 22% and a non-GAAP tax rate of approximately 18%. Given strong year-to-date performance, we are raising full year revenue and EPS targets.

For FY '26, we are targeting total Adobe revenue of $26.576 billion to $26.626 billion; Business Professionals and Consumers subscription revenue of $7.47 billion to $7.49 billion; Creative and Marketing Professionals subscription revenue of $18.242 billion to $18.272 billion; total Adobe ending ARR book of business growth of 10.2% year-over-year compared to our FY '26 beginning book of business of $25.66 billion; GAAP EPS of $18.12 to $18.17; and non-GAAP EPS of $24.45 to $24.50. Our FY '26 targets assume non-GAAP operating margin of approximately 45%, a GAAP tax rate of approximately 22.5% and a non-GAAP tax rate of approximately 18%.

We are encouraged by the progress we are making against our strategy. We are expanding our user base and deepening engagement with existing customers through agentic experiences. With focused execution and disciplined investments, we are driving long-term durable growth.

Now I'll turn it back to Shantanu.

Shantanu Narayen

Thanks, Steve. I want to express my deep appreciation to all our employees, customers, partners and investors for the support that they've provided to Adobe during my tenure. Thank you. We will now take your questions.

Operator

[Operator Instructions] The first question comes from Matt Swanson with RBC Capital Markets.

分析师问答

Matthew Swanson

Anil, in your early comments in the prepared remarks as well as the press releases since the announcement, it feels like agentic has been a very pervasive theme across all of this. Could you just talk about how big of a factor this is going to be in your strategy going forward? And just kind of expand a little bit on what that long-term path looks like for agentic and what the end state could end up being?

Anil Chakravarthy

Thanks, Matt. Yes, as we -- as I talked about in my remarks, I see immense opportunity for Adobe to be the leader in the agentic software for creativity, productivity and customer experience. Just like we've been the leader in SaaS for those categories. Overall, across the industry, I do believe that every SaaS company will be going through the transformation to agentic software just like the software companies went from on-prem to SaaS many years ago and Adobe executed very successfully.

So when I talk to customers across our categories, what I hear is when they look for agentic software, what they mean by that is they're looking for one product architecture, the product architecture evolving so that people can use an interface of their choice, whether it's conversational or a traditional interface that could be ChatGPT or Claude or Copilot, along with the functionality they get from Adobe. And we are making that possible, as you've seen in our announcements across creativity, across productivity as well as the CX announcement like Adobe marketing agent. We're making that possible through other interfaces as well as our own, like we are doing with our apps as well.

Second, they're looking for model flexibility. They're looking to make sure that they can have access to the best models available. And we, as the provider of the agentic software are matching the best model available to the best task and making it easy for users. And that's something that we are doing extremely well. There will be creativity agent we talked about and there will be productivity agent as well. And then they're looking to make sure that the apps are using their enterprise data and context so that there's no hallucination that they get usable results and they get predictability out of the use of AI.

And that's something that we are doing really well with, for example, the CX Enterprise Coworker we talked about because that's built on top of the Adobe Experience platform where we serve over trillion experiences every year. And then they are looking for value. They're looking to make sure that the provider of agentic software is helping them realize the full value of this software, bringing it all together across all of the complexity of AI and software. And that's what we're doing with the growth we're seeing across our forward deployed engineering and our value realization teams.

So that's how I see it evolving, and I think we see -- I see a massive opportunity for us, to be the leader -- the agentic software leader in creativity, productivity and customer experience.

Operator

And the next question comes from Saket Kalia with Barclays.

Saket Kalia

Congrats Anil, Shantanu. I just want to tip my cap to you on 29 years of leadership at Adobe. Anil, maybe the question here is for you. I think one of the questions that was asked when the announcement was made on your CEO transition, was whether your background in digital experience is a statement on where the Board thinks about the future of Adobe's growth opportunity. I just wanted to give you an opportunity to respond to that and tell us how you think about that?

Shantanu Narayen

I'll let him add, Saket, but let me just say a couple of things on behalf of the Board. I mean the first is I'm really thrilled that we were able to have somebody internal who understood the company. We had 2 great internal candidates. So that was, I think, important for the Board. Certainly, Anil is going to own the entire company strategy and put his stamp on it. But I think it's important to remember that when we were looking for the next leader that it was somebody who would embrace everything that the company had in terms of the opportunity. And then figure out how they wanted to transform it moving forward.

But with that as sort of context, I'll let Anil add specifically as it relates to the enterprise. And maybe the one last thing I'll say is I think we both agree, Anil and I that as it relates to how software will be sold, the individuals and making sure that we delight individuals is going to be even more important moving forward. Anil?

Anil Chakravarthy

Well, thanks, Saket. Appreciate it. The first thing I was going to say is, look, I joined in January 2020. And by the end of that year, Shantanu asked me to take on actually our enterprise feed operations across the company. And in that, starting from that, me, our team, we represented all of Adobe with our customers. So when you look at an example that we showed, like Disney, for example, they think of us as one Adobe. And that's been important. And I have had the opportunity to really represent all of Adobe across creativity, productivity and customer experience with all of our enterprise customers.

And I see that opportunity exactly as Shantanu said, across the 3 product categories and across the entire range of customers from individuals to the hundreds of thousands of small businesses that we have to the 20,000-plus enterprise customers, I see massive opportunity across all of our base.

Saket Kalia

Great to hear. Congrats to both of you.

Operator

And the next question comes from Jay Vleeschhouwer with Griffin Securities.

Jay Vleeschhouwer

Let me follow up a bit on Saket's question. When you look at over the next number of years, what do you think are Adobe's most consequential strategic, technical, financial or competitive challenges or executables? And that's a very broad question, but I would very much like to get your thinking on that. And then a quick one for Steve. I'm a little concerned about your RPO number. The single-digit growth year-over-year was the first single-digit growth since fiscal '23 -- early fiscal '23 and down sequentially. Was there anything unusual about the consumption of RPO coming out of Q2? Or maybe just talk about some of the details there.

Anil Chakravarthy

Well, thank you, Jay. First, looking across our categories, if you look at, for example, our Business Professionals and Consumers, we're obviously building on a lot of assets. We just crossed over 1 billion in monthly active users. We have the decades of domain expertise in PDF. And so we are building on a lot of different assets that we have built over time. And so when you look at the future, obviously, the focus now is on how do we bring all of those assets and build the new capabilities required for the world of agentic software. And we see the same thing playing across all 3 of our major category areas, whether it's the productivity area that I just talked about in the creative world, for example, bringing together the power of these new models, and making sure we deliver the value of AI to the user as fast as we can, securely, accurately and cost efficiently, making that -- that's what our users and customers are looking for. And so being able to bring all of that together is really where our focus is across all of our categories.

Shantanu Narayen

Yes, Jay. And as it relates to the RPO, you're right, yes, RPO grew 8% year-on-year, the CRPO 9%, and that reflects the continued execution against our strategic initiatives. The growth is consistent with our ARR trends, I would say. It does reflect our focus to accelerate new user acquisitions through the freemium business model. But if you take a step back and look at these trends over the course of a typical year, both RPO and CRPO step-up in our fourth quarter and then remain fairly flat over the next 3 quarters. And this year is no different to prior years in that shape.

Operator

And we'll go to Samik Chatterjee with JPMorgan.

Brian Hyska

This is Brian Hyska for Samik. Your Q4 guidance implies only modest sequential revenue growth in Creative and Marketing Professionals. Could you walk us through the assumptions driving that outlook?

Anil Chakravarthy

On Q4, I think if you start turning to Q4, if you look at -- let me go unpack that Q4 for you. First of all, I wanted to say that we reiterated our full year guide of 10.2% growth for the full year in terms of ending ARR. Now if I unpack that across different audiences. So in terms of our -- the Business Professionals and Consumers, we are excited by the innovation that we just announced yesterday in Acrobat and Express, and that is going to give us a tailwind for our growth in Q4 and that will ultimately obviously translate into revenue going into future quarters.

With Firefly and Creative Cloud, we have incredible innovation, breakthrough releases planned in the run-up to MAX, whether it's with creators or with creative professionals. And so we will -- we're going to see -- that gives us confidence for our creative professionals and the creative professionals and creators category. And then in customer experience, we'll have the -- we're starting with a strong pipeline, and we're going to -- we'll get the benefit of seasonality, as I mentioned, and the innovations we made. So that's what gives us the confidence for Q4. And if -- I don't know if you wanted to add on to that, Steve, in terms of the specific revenue comment.

Steven Day

Yes. I mean, I think in terms of the revenue guide that we've put out there, I think you'll see that it's a raise that we've put forward for the Q4, rolling that through against the first 3 quarters of the year and pressed that against the June guide that we put out. It's a raise across the CMP subs, BP&C subs as well as the overall company raising around $50 million at the midpoint. So yes, we take our guide seriously, and we're pleased to put forth a raise in this quarter.

Operator

And our next question will come from Brad Zelnick with Deutsche Bank.

Brad Zelnick

Great. And I'll echo my congrats to Shantanu on an epic run and Anil on the exciting journey ahead. For my question, Anil, it's great to hear Firefly and credit pack ARR continues to grow well, and that credit consumption is accelerating. Can you talk about what's driving the acceleration there? Is there a broad usage or certain types of generations that are really behind it? And how do you think that evolves from here?

Anil Chakravarthy

Yes. I think if -- just going back to what we talked about in how we're driving our freemium strategy for growth. We're first focused on making sure that we are acquiring new users. And then as we talked about that, that has performed very well. We talked about it on the June earnings call. And creative freemium MAU we saw has grown to over $100 million, growing over 70% year-over-year. So that's bringing people into the funnel. That's when we still focus on increasing their intensity of AI usage and increasing their engagement with the products. And that's -- that engagement is what is starting to translate into ARR, right, with the Firefly ending ARR, the apps and the credit packs showing the 40% quarter-over-quarter growth. It's really that intensity of usage that's leading to that growth.

Shantanu Narayen

The other thing maybe I'll add is, I mean, as it relates to specifically what's driving it, if you look at the amount of innovation that's going into Firefly, it's magical. And video, in particular, you're seeing a lot of usage of video. And so that certainly helps across that. And within Creative Cloud as well. I know we talk a lot about the AI first revenue. If you think about the AI influence revenue and what's being driven by Creative Cloud, all of the core desktop applications, the credit consumption there also is very robust, which just reflects how fundamental AI has become to the usage of those products. So those are 2 other things I would add.

Operator

And we'll go to Alex Zukin with Wolfe Research.

Ivan Radojicic

This is Ivan on the line for Alex. First of all, Anil, congrats on the role and Shantanu, of course, on the amazing ground. Maybe going back to the last quarter, when you guys guided, you called out that you expect headwinds from doubling down on premium strategy and then deferring the pricing initiatives. So to the extent you can, can you provide a little more color in terms of how much of the headwind came from each of these 2? And then as a quick follow-up, like are there any updated thoughts in terms of when those deferred Creative Cloud pricing optimizations will resume?

Shantanu Narayen

Yes. I think the 2 things we said and then I'll have Anil add. I mean, the 2 things that we said that were really important for us was, one, within the company, let's make sure we have an absolutely singular focus and align the company on what was important. And I always like to say, I like to be impatient for something, and we are incredibly impatient to drive a whole bunch of users, which is what you saw in the MAU. I mean, the MAU growth and how we're inspecting MAU and driving MAU growth, we believe is going to be fundamental to the future growth of the company. And so the 2 things that we had said at that point was let's get a singular focus.

The other thing I would say is that we're actually in an incredibly fortunate position now. If you look at the segmentation of our products, we certainly have tremendous value that we deliver depending on which segment of the population is using it. I think to your point, within the Creative Cloud, we can continue to always find ways to deliver more value. But I really think the company has performed really well in the singular focus of let's deliver a lot of innovation around Firefly and the platform for Firefly, let's make sure we focus on MAU.

And so that was really the driver of it. If you look at BP&C, we had good growth on BP&C. And so this is within the creative establishing Firefly, I would say. And I'm actually really happy that we didn't focus on the pricing actions because that -- while it may have provided some short-term relief would not be as critical as continuing to drive new user adoption. So that's how I'd answer that question.

Operator

And our next question will come from Kirk Materne with Evercore ISI.

Vinod Srinivasaraghavan

This is Vinod on for Kirk. So net new ARR was down 36%, 37% year-over-year. And I just wanted to get a sense of some of the drivers. Is it really more about seat volume softness, lapping pricing? Or is it really just the freemium funnel that you've talked about and you're doing intentionally that's kind of impacting that?

Anil Chakravarthy

Yes. I mean, just as we -- as Shantanu just described and we talked about in June, it's -- our strategy is to drive both and balance across acquiring these new customers as well as growing ARR. So one of the things we've obviously done is, for example, taking a portion of our traffic to make sure that we are sending them to the right place so we can acquire customers for -- through the freemium funnel. And then we engage them and then the increased the density of their use. And obviously, at the right time, we will calibrate where we convert them in ARR. So that's the approach we've taken to make sure that we're really tapping into this large base of next-generation creators that we can bring into Adobe family, and that's what is driving the performance that you see.

Vinod Srinivasaraghavan

Okay. And did you guys quantify the Semrush contribution this quarter?

Steven Day

Yes. I mean, I think when we gave you a view of that in the call last quarter, the rough size of how much Semrush is adding to the book of business.

Shantanu Narayen

I think you really have to think about it as directionally what we've done with Semrush is to really integrate that into our combined offerings. And so I think you understood what the book of business was, we did it. But I think moving forward, the real selling motion is all around how do we combine SEO and GEO with all of our web content management as well as those solutions. So I think increasingly, and Anil can certainly add, the sales motion is all around the combined new offerings as it relates to what we are doing around brand visibility, what we're doing around content supply because those are the ones, and I think we talked about how all of those are growing north of 20%, the must wins. And so that's how we are going to market with those solutions.

Anil Chakravarthy

Yes, exactly. I think the real focus is bringing the -- we've already brought it together as we announced at the Cannes Lions Conference of what Semrush had in their AI optimization technology with what Adobe already had. That's what we released at Adobe brand visibility, has had a great reception from customers. In fact, as Steve pointed out, doubled the number of paying customers and Adobe brand visibility quarter-over-quarter. So we're seeing terrific customer interest there.

Operator

And we'll take a question from Billy Fitzsimmons with Piper Sandler.

William Fitzsimmons

I guess one question we get a lot is you kind of meet customers where they are with -- or how they want to consume in terms of how you monetize AI across either Creative Cloud, Acrobat or enterprise products, and that's through bundled credits, credit packs, premium tiers, per seat pricing. There's also usage-based contracts. Over time, which pricing model do you expect to become the primary driver of AI revenue?

Anil Chakravarthy

Yes. Our first focus exactly is to make sure that we get -- we are bringing in as many customers as we can into our funnel and into the Adobe family. And that's what you're seeing with the premium strategy and all the focus on customer acquisition. After that, it really depends on what exactly they're doing. What are they trying to get done? What is their skill level, what they're doing in the context of. And so that can vary based on whether they are individuals or enterprise customers and so on. So it really then starts to focus on what they're actually doing with it.

And so we are happy to work with, say, for example, something like Microsoft Copilot in the enterprise to ChatGPT for consumers and so on and making sure that they are getting value and driving up that intensity of usage and the engagement. And then beyond that, depending on the product area, it will -- once we have the value, we can map it to the monetization that Shantanu talked about, which helps us with better segmentation, understanding what the segments are. And how they're getting value. And so we have a wide variety of ways, as you pointed out, to monetize that. And we're going to be applying that both based on the context of the customer and the context of what they're doing.

William Fitzsimmons

And then a quick follow-up, if I can get in. On the Topaz Labs deal, what's your strategic gap does Topaz help fill in the product portfolio that maybe couldn't have been addressed with internal development or partnerships? And understanding the deal hasn't closed yet, how should we just think about how those Topaz capabilities could be folded into existing solutions?

Anil Chakravarthy

Yes. Topaz really was the state of the broad state-of-the-art technology for us in terms of AI enhancements across imaging, video. So we have actually -- a number of our customers have been using our technology along with Topaz. And so we had a lot of great feedback on them from our customers. So we believe that they'll bring a great natural adjacency and fit right into what we have with Creative Cloud, with Firefly, with Firefly Enterprise. And so we see -- we're excited about closing that in Q4. That's what we are anticipating. And I think it will fit right in into what we're doing, and we're excited to talk more about it at MAX coming up soon.

Operator

And we'll take a question from Brent Thill with Jefferies.

Brent Thill

Anil, congrats on the role and Shantanu, has been great being part of the story and watching it for as long as we have and the success you've had. Anil, just as you think about -- I know it's going to take time to formulate probably your strategies and your top priorities. But maybe if you have a couple of top priorities as you make this transition, how would you just characterize the 2 most important things for you over the next year?

Anil Chakravarthy

Thanks, Brent. Appreciate it. It's great that I have until December 1, work closely with Shantanu for the transition. First focus is obviously on Q4. We remain focused on executing our FY '26 strategic initiatives and closing out the year strong, that's going to be critical. MAX is a big deal for us. We have had tremendous innovation in the company, really breakout innovations across what we're doing with for creators, what we're doing with credit professionals and then for the enterprise in terms of workflow and automation for the entire creative process. So we are really looking forward, and this will be my first MAX, and I'm looking forward to hosting that. And then I'm spending a lot of time with our community, with customers, with our Adobe employees and building the leadership team and putting all of that in place. So it's going to be a busy fall. So I'm really looking forward to making all of that happen between now and the new year.

Operator

And we'll take the next question from Tyler Radke with Citi.

Unknown Analyst

This is [ Andrew Girard ] on for Tyler. And echoing again, all the congrats to Anil and Shantanu. It's good to see the kind of one point sequential uptick in Creative and Marketing Professional growth and constant currency here. Anil, I was just hoping to kind of like understand your perspective on creative positioning, where you believe the kind of largest opportunities lie there? And kind of any new strategy you're bringing into creative as you take on the helm here?

Anil Chakravarthy

Yes. First of all, in terms of creativity, we believe that the market is larger than ever in terms of people across the -- whether they are individuals or whether they're in small businesses or enterprises around the world, where they're really using creativity to express themselves and their ideas. And it's getting more and more important for people to just stand out using creativity. So we think the market is extremely large.

I think in terms of my own personal view, I do believe that there is real opportunity as the world goes from this world of SaaS to agentic software with all the new innovation around AI, with all the innovation around models, I think there's opportunity across all of these categories. So one of the things that I believe in it is that the innovation that we have already done, we are going to showcase at MAX. And the innovation you're going to see from us over the next year will really show how what we are doing really brings together everything that has -- the AI has and brings the power of AI across all of our customer segments and across all the categories.

Unknown Analyst

Okay. Yes, that's great. And just another quick one on kind of the revenue guidance and see that kind of the guidance raised on the full year was slightly short of kind of the beat in Q3. So I just want to kind of understand any dynamics in Q4 that are in the model now that might have been incremental to kind of what you all saw last quarter, kind of a maybe greater amount of prudence or greater expected pressures stemming from the premium push? Any changes in macro, anything like that?

Steven Day

Yes, yes, yes. Yes, nothing changing in the business at all. So as you said, we pushed through the beat that we saw in Q3, but there is a slight FX headwind that we're having coming into Q4, and so it's just netting that off. So otherwise, we feel pretty good about sort of the full year guide, as we said or the implied guide based on this Q4 guide and sort of demonstrating a slight raise on the year. So other than that FX, nothing from a business perspective.

Operator

And we have a question from Michael Turrin with Wells Fargo Securities.

Michael Turrin

Shantanu, our congrats as well. For Anil, I know it's early, but just relative to last quarter, it seems you're seeing the user growth on the freemium side. I'd be curious just to hear more on how you plan to evaluate trade-offs there. And contemplate when you attempt to capture more of the value via price versus letting the freemium strategy continue to run from here?

Anil Chakravarthy

Yes. Thanks, Michael. So in terms of looking at the entire funnel, Obviously, that's one of the things that we have over a decade of experience with what we call the data-driven operating model, as you know. And we are optimizing that for freemium as we attract this next generation of creators and business professionals. So the goal is, of course, to prove value first. And once they get value, we get a lot of signals about the engagement, about the intensity of AI usage, about whether they're ready to move to -- for us to convert them into ARR. And so we are constantly calibrating that. Well, what is the best conversion point, what kind of paywall tuning, for example, would we do? So there's a number of things that we could do. And obviously, we've done that now for well over a decade. And we're going to continue optimizing that across our customer segments that Shantanu referenced.

Michael Turrin

And just as a small follow-up. I know you're holding on to the ARR guide, but if we could just revisit the uptick and just any seasonal assumptions from a net new perspective. Just maybe remind us what you're expecting and how to think about the uptick in implied net new ARR for 4Q relative to what we saw in 3Q.

Steven Day

Yes, I mean, if you remember back on the Q2 call that we gave some shape towards the second half ARR guide when we reiterated the 10.2%, and we said that Q4 will be larger than the Q3 number, and that's exactly how it's playing out. So Q4 is our seasonally strong quarter, a very strong enterprise quarter for us. So those things are still in effect. We're very pleased with the performance of the businesses so far, we expect to see good contributions across each of the segments that Anil has referenced and deliver that 10.2% guide.

Shantanu Narayen

Maybe if I were to give a little bit more color on that. I mean, the way I would look at that is, again, on the creative side, just making sure we focus on the combination of MAU and ARR, on the BP&C side, we would expect our traditionally strong Q4. There's a lot of great new innovation that we've delivered. That's a business that continues to perform. And so making sure that we monetize all of the BP&C is an expectation in Q4.

And perhaps the most important is the traditional enterprise finish that we have with a big pipeline as it relates to both the CXO business as well as what the worldwide field operation is selling into both the creativity as well as the productivity segments within the enterprise. So that factors into how I think we are guiding Q4 and how you should think about it. Traditional strong good pipeline, great innovation in BP&C driving and continued focus on driving both revenue, but more importantly, now as it relates to the creative segment. So that's how I would think about it.

Given that's the last question, I was really pleased to see so many questions about the go forward. And we look forward to sharing more updates. Thank you for joining us.

Operator

Well, thank you. And that does conclude today's conference. We do thank you for your participation, and have an excellent day.