> **来源：[研报客](https://pc.yanbaoke.cn)** # Adobe (ADBE US) 1QFY26 Results and Analysis Summary ## Core Content and Key Highlights Adobe reported its 1QFY26 results, showing **total revenue growth of 12% YoY to US$6.40bn**, which is in line with Bloomberg consensus estimates. **Non-GAAP net income increased by 12% YoY to US$2.49bn**, also aligning with expectations. Despite the solid financial performance, the **total ARR growth decelerated to 10.9% YoY**, down from 11.5% in 1QFY25, primarily due to the **decline in the traditional Stock business** and **initiatives to grow freemium MAU**. The **CEO transition** added to short-term uncertainty. Adobe reaffirmed its **FY26 financial targets**, expecting **total revenue to grow by 9-10% YoY** and **ending ARR to increase by 10.2% YoY**. The **AI-first ARR more than tripled YoY**, driven by the **strong performance of Firefly and AI Assistant**. The **1QFY26 revenue growth for the Business professionals & consumers segment was 16% YoY to US$1.78bn**, mainly due to the **expansion of Acrobat AI Assistant**, **increased Acrobat and Express MAU**, and **upgrades to Acrobat Studio**. Adobe launched **Acrobat and Express for ChatGPT** in 1QFY26, which expanded user reach and engagement. The company also plans to integrate these products with **other AI platforms like Copilot, Claude, and Gemini**. ## Key Financial Metrics | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |---------------------------|----------|----------|----------|----------|----------| | Revenue (US$ mn) | 21,505 | 23,769 | 26,058 | 28,414 | 30,813 | | YoY growth (%) | 10.8 | 10.5 | 9.6 | 9.0 | 8.4 | | Adjusted net profit (US$ mn)| 8,281.0 | 8,941.0 | 9,408.2 | 10,583.1 | 11,801.6 | | EPS (Adjusted) (US$) | 18.53 | 20.98 | 23.35 | 26.26 | 29.28 | | P/S (x) | 5.1 | 4.7 | 4.2 | 3.9 | 3.6 | | P/E (x) | 21.7 | 16.1 | 15.0 | 13.2 | 11.7 | ## Valuation and Outlook Adobe is currently valued at **US$141.1bn** based on a **15x FY26E non-GAAP P/E ratio**, which is a **discount to the sector average of 22x**. The **target price was lowered to US$350.0** from **US$585.0**, reflecting **market concerns about competitive pressures from AI applications**. The **2QFY26 outlook** indicates **revenue growth of 9-10% YoY to US$6.43-6.48bn**, in line with the consensus but slightly slower than 1QFY26. Analysts are **cautiously optimistic** about Adobe's AI product momentum, but note that **it will take time for these products to offset the decline in traditional businesses** and **drive reacceleration in revenue growth**. The company **trades at 12x FY26E non-GAAP P/E**, offering a **safety margin and deep discount compared to peers**. The **analyst maintains a BUY rating** for Adobe, citing **strong AI momentum** and **potential for valuation recovery**. ## Share Performance and Ownership - **Market Cap**: US$110,609.8mn - **Average 3-month total return**: US$1,392.4mn - **52-week High/Low**: US$420.68/246.68 - **Total Issued Shares**: 410.0mn **Major Shareholders**: - **The Vanguard Group**: 10.2% - **BlackRock**: 9.3% ## Analyst Certification and Ratings - The **primary analyst** certifies that the views expressed **accurately reflect his/her personal views**. - The analyst **confirms no trading activity** within 30 days before the report and **no trading within 3 days after**. - **Ratings**: - **BUY**: Stock with potential return of over 15% over next 12 months - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark ## Disclosures - CMBIGM **does not provide individually tailored investment advice**. - The **value of investments is uncertain and may fluctuate**. - The report is **not an offer or solicitation to buy/sell securities**. - CMBIGM **is not a registered broker-dealer in the US** and is **not subject to U.S. research report regulations**. - The report is **intended solely for major US institutional investors** and may not be distributed to others without consent. ## Risk and Disclaimer - There are **risks involved in transacting in securities**. - **Past performance does not indicate future results**. - The **information is subject to change without notice**. - **CMBIGM may have conflicts of interest** and **does not assume responsibility** for the report's objectivity. ## Summary Adobe continues to show **strong AI momentum**, with **AI-first ARR more than tripling YoY**, but faces **challenges in traditional businesses** and **short-term uncertainty due to CEO transition**. Despite the **deceleration in ARR growth**, the company has **reaffirmed its FY26 financial targets**. The **target price has been reduced** to reflect market concerns about **AI competition** and **lowered valuation expectations**. The **analyst maintains a BUY rating**, citing **strong AI product performance** and **potential for valuation recovery**.