“For Q2, we expect non-GAAP operating margin of approximately 44.5% and non-GAAP tax rate of approximately 18%.”

In context

“for our CXO solutions, coupled with new MAU growth for Firefly and Express and increasing AI usage and monetization to gain momentum as we move through the year. We continue to expect total Adobe ARR growth of 10.2% for FY '26. Let me now turn to our financial targets, which assume current macroeconomic conditions and do not include the contribution of Semrush, which we continue to expect to close in Q2, subject to regulatory approvals and closing conditions. For Q2 fiscal 2026, we're targeting total Adobe revenue of $6.43 billion to $6.48 billion, Business Professionals & Consumers subscription revenue of $1.80 billion to $1.82 billion, Creative & Marketing Professionals subscription revenue of $4.41 billion to $4.44 billion, GAAP EPS of $4.35 to $4.40 and non-GAAP EPS of $5.80 to $5.85. For Q2, we expect non-GAAP operating margin of approximately 44.5% and non-GAAP tax rate of approximately 18%. In addition, we are reaffirming our FY '26 targets. Adobe remains focused on executing our growth strategy in a period of profound technological change. As customer behavior evolves, the strength of our platforms and the rapid pace of our AI-driven innovation and creativity, productivity and customer experience orchestration workflows, position us to drive profitable growth and seize the opportunities ahead. Shantanu, back to you. Shantanu Narayen: Thanks, Dan. Q1 represented a strong start to the year, both for our existing platforms where we've been innovative with AI as well as the new strategic initiatives that will drive future growth. Adobe remains steadfast in its commitment to innovation and delivering value to our customers, partners and shareholders. We're confident that our cus”