“For FY 2026, we are targeting total Adobe revenue of $20.5 billion to $20.6 billion”

In context

“toshop, and Lightroom, crossed 90 million, growing over 70% year over year. Continued strong generative credit consumption driven by video and audio, Firefly ending ARR, including Firefly apps and credit plans and enterprise Firefly offerings approaching $300 million with the intent to drive more traffic to Firefly freemium in H2. Ending ARR across GenStudio, AEP, and apps and AEM and Agentic Web growing over 20% year over year enterprise customers with over $10 million in ARR growing more than 20% year over year and continued strength in retention across the enterprise customer base. Let me now turn to our financial targets. Which include SEMrush, and assume current macroeconomic conditions. Given strong year to date performance, we are raising full year revenue and non GAAP EPS targets. For FY 2026, we are targeting total Adobe revenue of $20.5 billion to $20.6 billion Business Professionals and Consumer subscription revenue of $7.44 billion to $7.48 billion Creative and Marketing Professional subscription revenue of $18.21 billion to $18.27 billion which now includes approximately $280 million from SEMRush. Total Adobe ending ARR book of business growth of 10.2% year over year compared to our FY 2026 beginning book of business of $25.6 billion. GAAP EPS of $17.9 to $18 and non GAAP EPS of $24.35 to $24.45 Our FY 2026 targets assume a non GAAP operating margin of approximately 45% a GAAP tax rate of approximately 22.5%, and a non GAAP tax rate of approximately 18%. FY 2026 total Adobe ARR growth target of 10.2% now reflects both the addition of the SEMRush book of business as well as the strategic choice to accelerate MAU premium growth and defer previo”