“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.”

In context

“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 approximately 20.5%, and a non-GAAP tax rate of approximately 18%. This non-GAAP tax rate is based on a three-year projection and may be adjusted for changes in the future. For Q1 FY '26, we're targeting total Adobe revenue of $6.25 to $6.3 billion, business professional and consumer subscription revenue of $1.74 to $1.76 billion, creative and marketing professional subscription revenue of $4.3 to $4.33 billion, GAAP EPS of $4.55 to $4.6, and non-GAAP EPS of $5.85 to $5.9. For Q1, we expe”