# Adobe Inc. (ADBE)

> Source: Nexqual · https://nexqual.com/ADBE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Adobe Inc. (ADBE), nexqual.com/ADBE" · informational, not investment advice.

**Price:** USD 270.55 (+6.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 255.06 · day 256.7–272.1 · 52w 190.12–363.7 · market cap $105B · NMS

## Key facts
- Last four reported quarters (through Aug 28, 2026): revenue $26.0B, net income $7.28B (28.0% margin), free cash flow $10.6B (SEC filings).
- Valuation: P/E 14.5x (avg 37.1x at the last 3 fiscal year-ends), EV/EBITDA 10.6x, net debt $724M.
- 10 of 80 tracked superinvestors hold ADBE (13F, Q2 2026): 0 new, 6 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $50.2M; 5 not under a Rule 10b5-1 plan ($50.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1.9M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.85 on a 1–5 scale) (39 analysts), mean target USD 272.31 (range 195–373).
- Total return with dividends: 1Y -23.6% vs S&P 500 +14.9%; 5Y -58.0% vs S&P 500 +80.3%.
- Next earnings: 2026-12-09, EPS estimate USD 6.33, revenue estimate $6.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B | $26.0B |
| Gross profit | $13.9B | $15.4B | $17.1B | $19.1B | $21.2B | — |
| Operating income | $5.80B | $6.10B | $6.65B | $6.74B | $8.71B | $9.27B |
| Net income | $4.82B | $4.76B | $5.43B | $5.56B | $7.13B | $7.28B |
| EPS (diluted) | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 | — |
| Free cash flow | $6.88B | $7.40B | $6.94B | $7.87B | $9.85B | $10.6B |
| Gross margin | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% | — |
| Operating margin | 36.8% | 34.6% | 34.3% | 31.3% | 36.6% | 35.7% |
| Net margin | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% | 28.0% |
| Revenue growth | +22.7% | +11.5% | +10.2% | +10.8% | +10.5% | — |
| Cash + short-term investments | $5.80B | $6.10B | $7.84B | $7.89B | $6.59B | — |
| Total debt | $4.12B | $4.13B | $3.63B | $5.63B | $6.21B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 28, 2026)
P/E 14.5x · P/S 4.0x · EV/EBITDA 10.6x · EV/Sales 4.1x · P/FCF 9.9x · P/B 8.9x · FCF yield 10.06% · Earnings yield 6.92% · Buyback yield (TTM) 8.83% · Net debt $724M · EV $106B
P/E at fiscal year-ends: Nov 2025 19.2x, Nov 2024 41.7x, Dec 2023 50.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold ADBE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 2.57% | $3.5M | Added +6.7% |
| Samantha McLemore | Patient Capital Management | 2.46% | $74.0M | Added +21.5% |
| Bill Nygren | Oakmark Funds | 0.77% | $580M | Added +23.3% |
| Dodge & Cox Funds | Dodge & Cox | 0.33% | $639M | Added +24.8% |
| Jensen Investment Management |  | 0.17% | $6.9M | Reduced -0.8% |
| Christopher Davis | Davis Advisors | 0.06% | $13.9M | Added +50.4% |
| Lindsell Train |  | 0.05% | $1.4M | Unchanged |
| Polen Capital | Polen Capital Management | 0.01% | $1.6M | Reduced -36.1% |
| Richard Pzena | Pzena Investment Management | <0.01% | $224K | Added +8.3% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $404K | Reduced -2.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16…2026-09-17 | Narayen Shantanu | Chair and CEO | 125,000 | $31.3M | 34.3% | No | Too little history (no open-market trades in 2025) |
| 2026-07-29 | Forusz Jillian | SVP & CAO | 416 | $110K | 9.8% | No | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Forusz Jillian | SVP & CAO | 755 | $186K | 17.7% | No | Too little history (no open-market trades in 2023) |
| 2026-04-28 | Narayen Shantanu | Chair and CEO | 75,000 | $18.3M | 17.2% | No | Too little history (no open-market trades in 2025) |
| 2026-04-20 | Durn Daniel | EVP & CFO | 1,336 | $331K | 3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1.9M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-25 | Ricks David A | Director | 10,000 | $1.9M | 194.51 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Hold (mean 2.85 on a 1–5 scale), 39 analysts; mean target USD 272.31 (low 195, high 373).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | HSBC | Downgrade | Buy → Hold | $310 → $267 |
| 2026-10-12 | Wells Fargo | Downgrade | Overweight → Underweight | $270 → $225 |
| 2026-09-14 | DA Davidson | Target raised | Buy | $250 → $290 |
| 2026-09-11 | Citigroup | Target lowered | Neutral | $301 → $250 |
| 2026-09-11 | JP Morgan | Target lowered | Overweight | $340 → $315 |
| 2026-09-11 | Jefferies | Target lowered | Hold | $285 → $275 |
| 2026-09-11 | TD Cowen | Reiterated | Hold | $245 |
| 2026-09-11 | Evercore ISI Group | Target raised | In-Line | $225 → $250 |
| 2026-09-11 | Wells Fargo | Target raised | Overweight | $250 → $270 |
| 2026-09-11 | UBS | Target raised | Neutral | $225 → $255 |
| 2026-09-11 | RBC Capital | Reiterated | Outperform | $315 |
| 2026-09-11 | Citizens | Reiterated | Market Perform |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.6% | -58.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.7% | -15.9% |
| Volatility (annualized) | 41.8% | 39.8% |
| Max drawdown | -46.3% (Oct 2025→Jun 2026) | -71.7% (Nov 2021→Jun 2026) |

## Peers (Software - Application)
DDOG (Datadog, Inc.) USD 257.75 -5.62% · CDNS (Cadence Design Systems, Inc.) USD 309.65 -5.04% · INTU (Intuit Inc.) USD 354.9 +5.75% · SNOW (Snowflake Inc.) USD 313.96 -2.72% · ADP (Automatic Data Processing, Inc.) USD 307.94 +4.56% · UBER (Uber Technologies, Inc.) USD 69.07 +2.14%

## More
Full page: https://nexqual.com/ADBE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ADBE in their own reports (relationship from ADBE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Axonex AI Group Ltd (AXNX) | 20-F 2026-08-14 | "The design proposals are first presented to our customers in the form of a two-dimensional drawing executed by software, namely Adobe and AutoCAD, for their consideration." |
| supplier | NEWS CORP (NWSA) | 10-K 2026-08-07 | "(1)Includes visits via websites and mobile apps from individual consumers and enterprise customers based on Adobe Analytics for the 12 months ended June 30, 2026." |
| competitor | OPEN TEXT CORP (OTEX) | 10-K 2026-08-06 | "We compete with large enterprise technology providers, including International Business Machines Corporation (IBM), Microsoft Corporation (Microsoft), Oracle Corporation (Oracle) and ServiceNow, Inc. …" |
| supplier | HDFC BANK LTD (HDB) | 20-F 2026-07-29 | "We offer these services to customers through multiple distribution channels: internet banking, mobile banking, phone banking, Sprinkler, Mycards and Adobe." |
| competitor | Digital Turbine, Inc. (APPS) | 10-K 2026-05-26 | "•We compete with other DSP providers, some of which are smaller, privately held companies, while others are large, well-established companies such as the Trade Desk, or divisions of large companies, s…" |
| partner | MARCHEX INC (MCHX) | 10-K 2026-03-26 | "We have integration partnerships with Adobe, Google, Salesforce, Customer Relationship Management software providers, and other third-party channel partners." |
| competitor | Braze, Inc. (BRZE) | 10-K 2026-03-25 | "We face competition from software companies that offer marketing solutions, such as Adobe, Salesforce, Iterable, and Klaviyo." |
| supplier | Mountain Lake Acquisition Corp. II (MLAA) | 10-K 2026-03-20 | "has invested in and advised on venture exits to a large number of sophisticated acquirers including sales to Adobe, Amazon, Apple, Comcast," |
| partner | Sprinklr, Inc. (CXM) | 10-K 2026-03-19 | "We work with agencies and partners across nine different partner categories, including System Integrators, Transformational partners and Resellers, which includes partners such as Microsoft, Accenture…" |
| competitor | DOCUSIGN, INC. (DOCU) | 10-K 2026-03-18 | "Our primary global competitor for eSignature is currently Adobe, which offers an electronic signature solution known as Adobe Acrobat Sign." |
| partner | Getty Images Holdings, Inc. (GETY) | 10-K 2026-03-16 | "•In addition to our websites, customers and partners can access and integrate our content, metadata, and search capabilities into their workflows via our APIs, such as through Canva, and through a ran…" |
| partner | Stagwell Inc (STGW) | 10-K 2026-03-13 | "We believe Stagwell is at the forefront of innovating these technologies within our industry, collaborating with companies such as Adobe on AI solutions, and incubating original and proprietary techno…" |
| partner | PEARSON PLC (PSO) | 20-F 2026-03-13 | "Through portfolio and Certiport assessment capabilities — to expand into adjacent markets such as Certiport, we also forged meaningful enterprise partnerships, engaging students workforce training wit…" |
| competitor | PIXELWORKS, INC (PXLW) | 10-K 2026-03-12 | "These competitive solutions could come from several sources, including companies that provide solutions for other post-processing needs (such as Dolby Laboratories, Inc., Epic Games, Inc., Unity Techn…" |
| partner | BOX INC (BOX) | 10-K 2026-03-09 | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks,…" |

## Revenue by product line (quarter ended 2026-08-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $6.58B | 97.4% | +13.7% |
| Services and other | $111.0M | 1.6% | -14.0% |
| Product | $67.0M | 1.0% | -1.5% |
| Total revenue | $6.76B | 100% | — |

## Revenue by region (quarter ended 2026-08-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $3.97B | 58.8% | +11.8% |
| EMEA | $1.85B | 27.4% | +16.8% |
| APAC | $934.0M | 13.8% | +10.3% |
| Total revenue | $6.76B | 100% | — |

## Company outlook (8-K filed 2026-09-10)

- "These amounts could differ from actual reported amounts stated in Adobe's Quarterly Report on Form 10-Q for our fiscal quarter ended Aug. 28, 2026, which Adobe expects to file in Sept. 2026."
- "Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $6.33 | $6.32 | +0.2% | $6.83B | 29 |
| Next quarter (ends 2027-02-28) | $6.75 | $6.73 | +0.2% | $7.04B | 26 |
| Current fiscal year (ends 2026-11-30) | $24.48 | $24.33 | +0.6% | $26.61B | 35 |
| Next fiscal year (ends 2027-11-30) | $27.51 | $27.38 | +0.5% | $29.04B | 37 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-09): ±15.0%; earnings reaction alone ±7.3%; last 8 reports averaged ±7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 49.2% | ±5.9% |
| 2026-11-06 | 14 | 47.8% | ±7.8% |
| 2026-11-13 | 21 | 45.9% | ±9.1% |
| 2026-11-20 | 28 | 44.3% | ±10.0% |
| 2026-11-27 | 35 | 42.1% | ±10.6% |
| 2026-12-04 | 42 | 41.8% | ±11.5% |
| 2026-12-18 | 56 | 47.5% | ±15.0% |
| 2027-01-15 | 84 | 44.7% | ±17.3% |