“For FY '26, we're targeting total Adobe revenue of $25.9 to $26.1 billion.”

In context

“mrush Holdings for an equity value of approximately $1.9 billion in an all-cash transaction. We expect the transaction to close in 2026, subject to regulatory approvals and other customary closing conditions. We expect the non-GAAP EPS impact of the acquisition to be negligible in the first year post-close and accretive thereafter. Let me now turn to our financial targets, which assume current macroeconomic conditions. Our targets do not include any contribution from SEMRush. As is customary, we revalued ending ARR at the end of FY '25, which resulted in a $460 million increase to total Adobe ARR, from $25.2 billion to $25.66 billion entering FY '26, primarily from FX rate changes. We've now provided historical information on total Adobe ARR going back to FY '23 in our investor datasheet. For FY '26, we're targeting total Adobe revenue of $25.9 to $26.1 billion. Business professionals and consumer subscription revenue of $7.35 to $7.4 billion. Creative and marketing professional subscription revenue of $17.75 to $17.9 billion. Total Adobe ending ARR book of business growth of 10.2% year over year. GAAP EPS of $17.9 to $18.10. And non-GAAP EPS of $23.3 to $23.50. This total Adobe ARR book of business growth of 10.2% translates to approximately $2.6 billion of growth, which would be our highest beginning of year guide for total net new ARR. This target is based on the strength exiting FY '25, and continued momentum across all three audiences: business professionals and consumers, creators and creative professionals, and marketing professionals. Our FY 2026 targets anticipate non-GAAP operating margin of approximately 45%, a GAAP tax rate of approxi”