Adobe posts record $6.62B in Q2 revenue, raises outlook

Adobe Posts Record Q2 Results, Raises Full-Year Forecast as CFO Transition Looms

Adobe reported record fiscal second-quarter revenue of $6.62 billion on Thursday, beating Wall Street expectations and marking a 13% increase from the year-ago period, as the company raised its full-year financial targets and announced a leadership change in its finance organization.tradingkey

The results, released after the market close on June 11, exceeded consensus analyst estimates of roughly $6.46 billion in revenue and $5.83 in non-GAAP earnings per share. Adobe reported non-GAAP EPS of $5.96 for the quarter ended May 29, 2026, citing strong demand for its AI-powered creative and enterprise tools.perplexity

Raised Guidance and Q3 Outlook

Adobe raised its full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of the quarter, projecting third-quarter revenue in the range of $6.67 billion to $6.72 billion. The company had previously guided for full-year 2026 revenue of $25.9 billion to $26.1 billion and EPS of $23.30 to $23.50 when it issued its initial fiscal year outlook in December 2025. The upward revision reflects continued momentum in subscription revenue across Adobe’s customer segments, which grew 13% in the prior quarter.fortune

The beat marks a sixth consecutive quarter in which Adobe has topped earnings estimates, a streak that began in fiscal 2025. Still, the stock has struggled to respond positively on earnings days, averaging a 5% decline in recent quarters despite consistent outperformance.247wallst

CFO Transition Adds to Leadership Overhaul

Alongside the earnings, Adobe announced a CFO transition, adding to a period of executive change at the company. CFO Dan Durn, who joined Adobe from Applied Materials in October 2021, has overseen the company’s finance, technology, security and operations functions. The announcement comes months after CEO Shantanu Narayen said in March that he would step down once a successor is named, remaining as chair of the board.adobe

A special committee led by lead independent director Frank Calderoni is conducting the CEO search, with both internal and external candidates under consideration. The dual leadership transitions place Adobe at a crossroads as it works to demonstrate that its generative AI strategy — anchored by its Firefly models and AI-driven features across Creative Cloud and Experience Platform — can sustain growth against mounting competition from rivals including Canva and OpenAI.fortune

AI Strategy Under Scrutiny

Adobe enters its next chapter with a mixed narrative. The company’s AI-first annualized recurring revenue more than tripled year over year in Q1 FY2026, and total ARR reached $26.06 billion. In April, the board approved a $25 billion share repurchase program, signaling confidence in Adobe’s cash generation. The company also completed its acquisition of Semrush Holdings in April, bolstering its enterprise customer experience platform.financialcontent

Yet Adobe’s stock has fallen sharply in 2026, down roughly 37% year-to-date heading into the report amid broader concerns about AI-driven disruption to the traditional software-as-a-service model. Whether the earnings beat and raised outlook can reverse that trajectory may depend on details from the company’s investor call and the clarity it provides on its leadership transition.247wallst