“For Q4, we expect non-GAAP operating margin of approximately 45.5% and a non-GAAP tax rate of approximately 18.5%.”

In context

“ns in the quarter was a Q3 record of $2.20 billion and ending cash and short-term investment position exiting Q3 and was $5.94 billion. In Q3, we entered into a share repurchase agreement totaling $2.50 billion, and we currently have $8.40 billion remaining of our $25 billion authorization granted in March 2024. Let me now turn to our financial targets, which assume current macroeconomic conditions. In Q4, FY '25, we are targeting. Total Adobe revenue of $6.075 million to $6.125 billion, Digital Media segment revenue of $4.53 billion to $4.56 billion, Digital Experience segment revenue of $1.495 billion to $1.515 billion. Digital Experience subscription revenue of $1.395 billion to $1.410 billion. GAAP Earnings per share of $4.27 to $4.32 and non-GAAP earnings per share of $5.35 to $5.40. For Q4, we expect non-GAAP operating margin of approximately 45.5% and a non-GAAP tax rate of approximately 18.5%. Based on our momentum, we are pleased to raise our media ending ARR growth target, and given our Q4 targets, we are raising the full year total revenue and GAAP and non-GAAP EPS targets. For FY '25, we are now targeting total Adobe revenue of $23.65 billion to $23.70 billion. Digital Media segment revenue of $17.56 billion to $17.59 billion. Digital Media ending ARR book of business growth of 11.3% year-over-year. Digital Experience segment revenue of $5.84 billion to $5.86 billion. Digital Experience subscription revenue of $5.39 billion to $5.41 billion. GAAP earnings per share of $16.53 to $16.58 and non-GAAP earnings per share of $20.80 to $20.85. In summary, Adobe's Q3 performance demonstrates strong execution in an AI-first world. Our focus on product leadership and customer-centric”