Adobe (ADBE)

Hold Recap: Q2 FY26

Beat, Raise, and a White Flag on the Old Scoreboard: Freemium Pivot Cuts Organic ARR to ~8%, the CFO Exits Mid-CEO-Search — Downgrading to Hold

Outperform Recap: Q1 FY26

Record Q1 Print Eclipsed by Narayen CEO Transition: AI-First ARR Triples, 850M MAU, but Stock -7.5% on Reaffirmed Guide + Leadership Uncertainty

Outperform Recap: Q4 FY25

Record Q4 Print, FY26 ARR Guide Tempers Enthusiasm: Outperform Maintained on Adobe MAX Optionality + Semrush + Multi-Year AI Trajectory

Outperform Recap: Q3 FY25

Q3 Delivers the Q2 Wish List: AI-Influenced ARR Quantified at $5B+, DM ARR Growth Raised, Net New ARR Turning Point

Hold Recap: Q2 FY25

Beat-and-Raise Print, Sell-Off Reaction: AI ARR Disclosure Frustrates a Market Looking for a Number