Freemium Pivot: Scaling MAUs/Adoption at the Cost of NT ARR; CFO Departs

研报英文原文证据摘录

Freemium Pivot: Scaling MAUs/Adoption at the Cost of NT ARR; CFO Departs

5%. FY26E Rev (mil) US$26,022.4 US$26,549.6

FY27E Rev (mil) US$28,056.2 US$28,629.1

FY26E EPS US$23.40 US$24.40

• CFO Dan Durn to Depart. Alongside 2Q earnings, Adobe announced that CFO Dan FY27E EPS US$26.51 US$27.17

Durn is leaving ADBE on June 15, 2026 to serve as Marvell's CFO. Steve Day (20+

52-Week High / Low US$416.39 / US$218.09

year ADBE veteran) will serve as Interim CFO following Mr. Durn's departure. We see Shares Out (mil) 402.4

heightened NT execution risk as the company works to fill the roles of CEO and CFO. Market Cap. (mil) US$88,045.1

Avg Daily Vol (000) 5,575

• ADBE Continues to Prioritize Usage and Adoption Over Monetization. AI-first ARR Book Value/Share 0.00

tripled y/y to $500M+. MAUs of Acrobat and Express grew ~20% for the third consecutive Net Cash Per Share NA

quarter, and now sits at 850M (vs. 700M one year ago). Firefly ending ARR (across Debt to Total Capital 0.0%

Firefly App, credit packs, and Firefly Enterprise) is approaching $300M (vs. $250M+ last Div Yield 0.00%

quarter). Adoption and MAUs trends were solid as Creative freemium MAUs reached Fiscal Year End Nov

90M in 2Q (vs. 80M in 1Q) on +70% y/y growth. 2Q total ARR came in at $27.1B on Price Performance - 1 Year

12.5% y/y growth, including $480M from the Semrush acquisition.

USD

• Guidance Updated to Incl. Semrush + Freemium Pivot. CMP revenue guidance for

the year was raised $415M after a $115M beat ($40M Semrush contribution) in F2Q, 400

factoring in a ~$280M contribution from Semrush. BPC FY26 guidance was raised $85M. 350

The ARR growth guide was maintained at 10.2% y/y for FY26, but implies a lowered 2H

when factoring in the $480M contribution from the Semrush acquisition. Management 300