ADBE: FQ2 Teardown – Tough Time to Reboot

研报英文原文证据摘录

ADBE: FQ2 Teardown – Tough Time to Reboot

E 6.75 E 7.00 E 7.11 E 27.64 E

AI-first ARR growing ~3x y/y to >$500M. Ending Firefly ARR nears $300M ($250M in Prior 6.67 E 6.49 E 6.49 E 6.74 E 26.39 E

FQ1), with Firefly apps and credit packs driving 50% q/q increase. On balance, increased Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

strategic focus on freemium Acrobat and Firefly customers and deferred Creative line-

item optimization lower 2H ARR growth expects. Additionally, Acrobat AI Assistant paid Michael Turrin, CFA

MAUs grew 150% y/y, driving BP&C MAU to >850M, up 20% y/y. CXO AI-first ARR was Equity Analyst | Wells Fargo Securities, LLC

also up 4x y/y, with 7 integrated offerings with Semrush TBA later this month. Michael.Turrin@wellsfargo.com | 628-629-7565

Austin Williams

Additional incrementals: 1) FY GAAP EPS was guided down ~30bps from a one- Associate Equity Analyst | Wells Fargo Securities, LLC

time impairment charge of $70M or $0.17 per share and from slight dilution from Austin.R.Williams@wellsfargo.com | 628-629-7572

Semrush contribution; 2) Stock biz continues to decline with no material change from Camden Levy

previously mentioned secular headwinds, already baked into guide; 3) 80%+ AEP and AEM Associate Equity Analyst | Wells Fargo Securities, LLC Camden.Levy@wellsfargo.com | 415-834-4725

customers are using agentic capabilities built into products; 4) we expect CEO transition

Rachel Changwill take place ahead of FY27 planning cycle & ahead of naming next CFO.

Associate Equity Analyst | Wells Fargo Securities, LLC

Rachel.Chang@wellsfargo.com | 212-214-3315

Estimates Largely Unchanged: FY26 revs to/from $26.5B/26.0B, Total ARR to/from