Adobe (ADBE) released its FY2026 Q2 financial results on June 11. Revenue was $6.62 billion and non-GAAP EPS was $5.96, but Adobe’s stock fell 5.5% after hours. Chief Financial Officer Dan Durn announced his departure on June 15, taking on the role of CFO at Marvell Technology, intensifying market concerns that software stocks could be replaced by AI.
Confirmed Financial Results for Q2 FY2026
According to Adobe’s official earnings press release (for the quarter ended May 29, 2026):
Total revenue: $6.62 billion (up 13% year over year; up 11% year over year on a constant-currency basis)
Non-GAAP EPS: $5.96 (above analysts’ consensus of $5.82)
GAAP EPS: $4.25 (including $0.17 per share non-cash goodwill impairment)
Non-GAAP net profit: $2.4 billion; GAAP net profit: $1.71 billion
Customer subscription revenue: $6.39 billion (up 14% year over year)
AI-driven ARR: surpassed $500 million, up triple year over year
Total ARR: $27.1 billion (including about $480 million from Semrush)
Operating cash flow: $2.17 billion
Share repurchases this quarter: about 8.5 million shares
Updated Full-Year FY2026 Guidance: Both Metrics Beat Wall Street Consensus
Adobe raised its FY2026 full-year targets: total revenue of $26.5 billion to $26.6 billion (Wall Street consensus: $26.1 billion); non-GAAP EPS of $24.35 to $24.45 (prior consensus: $23.54); GAAP EPS of $17.90 to $18.00; and total ARR growth of 10.2%.
Official FY2026 Q3 guidance: total revenue of $6.67 billion to $6.72 billion; non-GAAP EPS of $6.05 to $6.10; GAAP EPS of $4.40 to $4.45.
CFO Dan Durn Confirms Departure on June 15: Steve Dey Takes Over as Interim CFO
Adobe’s official announcement confirmed that Executive Vice President and CFO Dan Durn will leave on June 15, 2026, to become CFO of Marvell Technology. Senior Vice President Steve Dey (with 20 years of financial leadership experience at Adobe) will serve as interim CFO starting June 15, reporting directly to CEO Narayen. Barron’s also noted that Narayen had previously announced plans to retire; his tenure as Adobe CEO has lasted 18 years, and Adobe’s official press release did not address this.
Oppenheimer analyst Brian Schwartz said Adobe’s earnings structure is worsening. Third Bridge analyst Dylan Koehler confirmed in his report that the key issue is whether Adobe can position itself as an “AI-driven enterprise creativity orchestration layer.”
FAQ
Why did Adobe’s stock drop 5.5% after the Q2 results, despite beating expectations?
Based on confirmations from Barron’s and Dow Jones market data, two main factors weighed on the stock price together: CFO Dan Durn’s announcement that he would leave on June 15 to join Marvell, intensifying market concerns about software stocks being replaced by AI; and Adobe’s longer-term market backdrop under pressure (8 of the past 10 earnings reports were followed by a stock price decline).
What is Steve Dey’s background as interim CFO?
According to Adobe’s official statement, Steve Dey is Senior Vice President and CFO of Adobe’s Customer Experience orchestration business unit, with 20 years of financial leadership experience at Adobe. He will serve as interim CFO starting June 15, 2026, reporting directly to CEO Shantanu Narayen.
What does Adobe’s AI-driven ARR exceeding $500 million mean?
AI-driven ARR surpassing $500 million and growing triple year over year is a metric Adobe confirmed in its official press release as progress in AI commercialization. In the earnings report, CEO Narayen said this reflects “strong customer demand for artificial intelligence.” This metric is directly tied to the commercialization progress of Adobe’s AI agent platform, CX Enterprise.
