“We expect non-GAAP operating margin of approximately 46% and a non-GAAP tax rate of approximately 18.5%.”

In context

“ion, and is reflected in our investor data. We expect an approximate $200 million headwind to FY2025 revenue as a result of the effect of foreign exchange, and a smaller impact of the continued move to subscriptions from perpetual offerings. Factored into our financial targets is an ongoing strategy to introduce new tiered subscription offerings and add-ons. For FY2025, we're targeting total Adobe revenue of $23.30 to $23.55 billion. Digital Media segment revenue of $17.25 to $17.40 billion. Digital media ending ARR book of business growth of 11.0% year-over-year. Digital Experience segment revenue of $5.80 to $5.90 billion, Digital Experience subscription revenue of $5.375 to $5.425 billion. GAAP earnings per share of $15.80 to $16.10. And non-GAAP earnings per share of $20.20 to $20.50. We expect non-GAAP operating margin of approximately 46% and a non-GAAP tax rate of approximately 18.5%. For Q1, fiscal 2025, we're targeting total Adobe revenue of $5.63 to $5.68 billion. Digital media segment revenue of $4.17 to $4.20 billion, digital experience segment revenue of $1.38 to $1.40 billion, Digital Experience subscription revenue of $1.27 to $1.29 billion. GAAP earnings per share of $3.85 to $3.90. And non-GAAP earnings per share of $4.95 to $5.00. For Q1, we expect non-GAAP operating margin of approximately 47% and non-GAAP tax rate of approximately 18.5%. In summary, I'm proud of our outstanding performance, which combines robust product leadership, velocity of innovation, and financial discipline, positioning us to achieve strong revenue and EPS growth in the year ahead. Shantanu, back to you. Shantanu Narayen: Thanks, Dan. This quarter, Adobe was once again recognized for”