ADBE: Q2/26 First Glance; Mixed quarter as organic ARR guidance lowered

研报英文原文证据摘录

ADBE: Q2/26 First Glance; Mixed quarter as organic ARR guidance lowered

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Matthew Swanson (Analyst)

Matthew Hedberg (Head of Global TIMT

Research)

Dan Bergstrom (Analyst)

Simran Biswal (AVP)

Michael Richards (AVP)

June 11, 2026

Adobe Inc.

Q2/26 First Glance; Mixed quarter as organic ARR guidance lowered

NASDAQ: ADBE | USD 233.38 | Outperform | Price Target USD 350.00

Sentiment: Negative

Our view:

Adobe delivered a solid quarter as AI-first ARR tripled to over $500M while raising FY/26 estimates for both total revenue and EPS.

On the executive front, the search for a CEO continues as management hopes to have the "next CEO in place to put their stamp

on planning for FY27 and beyond". Where we did see a change was CFO Dan Durn leaving Adobe effective June 15, to join Marvell

Technology as their new CFO. Total ARR was $27.1B or growth of 12.5% but included $480M from SemRush making organic ARR

growth close to 10.5%, a 40 bps deceleration q/q and 130 bps deceleration y/y. Revenue outperformed in the quarter growing

13% and 11% CC vs. 10% consensus growth including $40M in revenue contribution from SemRush. RPO and cRPO both grew

faster than revenue at 12% CC. Total ARR guidance was maintained at 10.2% which now includes $480M in ARR for SemRush off-

set by a "strategic choice" to accelerate MAU freemium growth and defer previously planned Creative Cloud line optimizations

which is a near-term term headwind to ARR growth in the 2H. We will look for more details on the moving parts in guidance on

the company's earnings call at 5 EST. The stock is currently down 5% AMC.

Q2/26 results:

Q2/26

Actuals vs. RBCe vs. Street ($M)

Actual RBCe Street Δ RBC Δ Street Prior guidance

Revenue 6,620.0 6,455.0 6,454.0 2.6% 2.6% $6430-6480M