“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%.”

In context

“ed 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 previously planned Creative Cloud line optimizations. We believe this is the right long term strategy to expand our customer base and strengthen the foundation for durable growth. For Q3 FY 26, we are targeting total Adobe revenue of $6.67 billion to $6.72 billion Business professionals and consumer subscription revenue of $1.87 billion to $1.89 billion Creative and marketing professional subscription revenue of $4.61 billion to $4.64 billion GAAP EPS of $4.4 to $4.45 and non GAAP EPS of $6.05 to $6.10 For Q3, we assume non GAAP operating of approximately 44% and a GAAP tax rate of approximately 23% and a n”