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Source document· December 10, 2025

Adobe (ADBE) Q4 2025 Earnings Call Transcript

View original at nasdaq.com
“Q4 revenue -- $6.2 billion, an increase of 10% year over year as reported and in constant currency.”
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  • AI-influenced ARR now exceeds 1/3 of total book of business

    80% confidence
  • Media/entertainment customer with $10M ARR on core creative products purchased $7M ARR Firefly Foundry solution after 6-month engagement with models trained in 2-3 months delivering efficiency gains

    80% confidence
  • Generative AI traffic to US retail sites increased 760% year-to-date during 2025 holiday season according to Adobe Digital Index

    80% confidence
  • Acrobat AI Assistant usage increased 4x year-over-year

    80% confidence
  • Semrush acquisition expected to have negligible non-GAAP EPS impact in FY1 and be accretive thereafter

    80% confidence
  • Adobe achieved record revenue of $23.77B and non-GAAP EPS of $20.94 in FY2025 with FY2026 total Adobe ARR growth target of over 10%

    80% confidence
  • FY2026 guidance represents highest beginning-of-year guide for total net new ARR ever

    80% confidence
  • Adobe and Semrush will deliver a solution to enable marketers to shape how their brands appear across own channels, LLMs, traditional search, and the wider web

    80% confidence
  • Adobe Experience Platform processes 35 trillion segment evaluations and 70B+ profile activations daily

    80% confidence
  • Approximately 50% of Q4 commercial ETLA renewals upgraded to Acrobat Studio

    80% confidence
  • $460M positive ARR revaluation at fiscal year-end attributed primarily to FX rate changes, increasing starting ARR for fiscal 2026 to $25.66B

    80% confidence
  • Credit consumption increased 3x quarter over quarter and drove 2x quarter over quarter growth in first-time subscriptions of Firefly

    80% confidence

Data points we hold from this source

Adobe Inc. · revenue1.41 billion_USD
Adobe Inc. · revenue4.6 billion_USD
Adobe Inc. · customer count over 10M150 customers
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What we're seeing
Q4 2026 Oncology Data Season and Biotech Capital Allocation: ESMO Readouts, Ivonescimab PDUFA, and Diverging Corporate Moves
Late-2026 biotech is driven by a dense catalyst calendar. ESMO 2026 delivers data from ivonescimab, Enhertu, R-DXd and bemarituzumab, and the FDA has set a 14 Nov PDUFA date for the ivonescimab BLA. Capital allocation is diverging. Krystal Biotech authorized a $400M buyback while lowering FY2026 spend guidance and pushing milestones into 2027. Spago is moving to delist from Nasdaq First North. The facts are clinical and corporate events, not AI or fintech, so the finance angle is limited to capital markets (buybacks, guidance, delistings, regulatory timelines).
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EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
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Where sources disagree
Ford Motor Company
Both facts give cash for Ford Motor Company at the same point in time (2025-12-31; FY 2025 year-end and Q4 2025 year-end are the same date). Both are labelled USD, but the values are 23,356,000,000 and 23.356, which cannot both be true in USD. The two numbers agree once the second is read as billions (23.356 bn = 23,356,000,000), so the economic content is consistent and the conflict is a unit/scale error in the Q4 2025 record. The period is not the reason for the conflict: a Q4 and an FY figure at the same year-end date should match.
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Adobe (ADBE) Q4 2025 Earnings Call Transcript — Source | Via News | ViaNews EU