For more information on those risks, please review today's earnings release and Adobe's SEC filings. 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.
We achieved $6.62 billion in revenue in Q2, representing 11% year-over-year growth. GAAP earnings per share for the quarter was $4.25, representing 8% year-over-year growth, and non-GAAP earnings per share was $5.96, representing 18% year-over-year growth. We drove EPS growth through record top-line revenue and disciplined investments across the company. As it relates to creativity and productivity, there's an unprecedented demand across additional surfaces for the combination of content consumption and content creation.
Big picture, the immediate opportunity for Adobe is to accelerate new user acquisition and lifetime value through a freemium offering. We believe this traffic is better served through a customized, friction-free onboarding experience without immediate paywalls and will result in greater customer acquisition and deeper engagement over time. The new personalized journeys for creators drove approximately 50% increase in Firefly ARR quarter-over-quarter through Firefly apps and credit packs. While we focus on accelerating creator acquisition through the freemium Firefly funnel, we have made the decision to defer previously planned Creative Cloud second half line optimizations.
| Metric | Period | Current guidance |
|---|---|---|
| Total Adobe revenue | FY2026 | $26.5 billion to $26.6 billion (raised on strong first half performance and inclusion of Semrush) |
| Non-GAAP EPS | FY2026 | $24.35 to $24.45 (raised on year-to-date strength and Semrush) |
| GAAP EPS | FY2026 | $17.90 to $18.00 (reiterated, roughly in line) |
| Total Adobe ending ARR book of business growth | FY2026 | 10.2% (reiterated but now reflects Semrush addition offsetting the deferral of Creative Cloud line optimizations and accelerated freemium growth) |
| Total Adobe revenue | Q3 FY2026 | $6.67 billion to $6.72 billion (new quarterly guide) |
| Non-GAAP EPS | Q3 FY2026 | $6.05 to $6.10 (new quarterly guide) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +11% constant currency, +13% reported | record $6.62 billion driven by subscription bookings to revenue conversion and disciplined investment |
| Non-GAAP EPS | +18% | $5.96 on record top-line revenue and disciplined investments |
| GAAP EPS | +8% | $4.25, dampened by a $70 million goodwill impairment charge |
| Business professionals and consumers subscription revenue | +15% constant currency, +16% reported | $1.85 billion on double-digit ARR growth across all geographies and Acrobat AI Assistant ARR up approximately 3x |
| Creative and marketing professionals subscription revenue | +11% constant currency, +13% reported | $4.54 billion driven by CC Pro, generative credit consumption, and enterprise strength |
| Total Adobe ending ARR | +12.5% | $27.1 billion including approximately $480 million from Semrush |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Freemium acquisition strategy | balanced approach weighing direct-to-paid ARR against freemium onboarding | singular focus to go all-in on friction-free freemium funnels for Firefly, Express, and Acrobat, accepting short-term ARR cost for long-term MAU and lifetime value | — |
| Semrush acquisition | pending deal expected to close in first half FY26 | closed in April, added $480 million ARR, being integrated for a brand visibility solution to launch at Cannes Lions | — |
| Creative Cloud line optimizations | planned price increases for second half | deferred, not cancelled, to keep marketing message clear while pursuing freemium | — |
| Leadership transition | Shantanu Narayen transitioning to Board Chair with CEO search underway | CEO search progressing to have a successor in place for FY2027 planning, plus CFO Dan Durn departing with Steve Day as Interim CFO | — |