For more information on those risks, please review today's earnings release and Adobe's SEC filings. Our reported results include GAAP growth rates and non-GAAP growth rates, including constant currency rates. During this presentation, Adobe's executives will refer to constant currency growth rates unless otherwise stated. Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website.
We achieved record revenue of $23.77 billion and non-GAAP EPS of $20.94, which represents outstanding financial performance. In Q4, globally, we drove record bookings of deals greater than $1 million and achieved over 25% year-over-year growth in the number of customers with $10 million plus in ARR. This is the foundation for our FY26 total Adobe ARR growth target of over 10%, and we're focused on accelerating this momentum beyond FY26. Digital media achieved revenue of $4.62 billion in Q4 and full-year revenue of $17.65 billion, both of which grew 11% year-over-year.
Accelerating generative credit consumption in Creative Cloud, Firefly, and Express by individuals and enterprises, which grew approximately 3X quarter-over-quarter. Overall, we delivered strong business results and record digital media net new ARR in Q4 and are excited about the opportunity in FY26. Digital Experience had a strong close to the year, achieving revenue of $1.52 billion for the quarter and a record $5.86 billion in revenue in FY25. Subscription revenue in the quarter was $1.41 billion, representing 11% year-over-year growth.
| Metric | Period | Current guidance |
|---|---|---|
| Total Adobe revenue | FY2026 | $25.9 billion to $26.1 billion (new full-year guide, excludes Semrush) |
| Non-GAAP EPS | FY2026 | $23.30 to $23.50 (new full-year guide) |
| Total Adobe ending ARR book of business growth | FY2026 | 10.2% (approximately $2.6 billion of net new ARR) (new target, described as highest beginning-of-year net new ARR guide) |
| Total Adobe revenue | Q1 FY2026 | $6.25 billion to $6.3 billion (new quarterly guide) |
| Non-GAAP EPS | Q1 FY2026 | $5.85 to $5.90 (new quarterly guide) |
| Metric | YoY | Note |
|---|---|---|
| FY25 total revenue | +11% | record $23.77 billion on strong AI solution demand across customer groups |
| FY25 non-GAAP EPS | +14% | $20.94 on disciplined execution and buybacks |
| Q4 revenue | +10% | $6.19 billion |
| Q4 GAAP EPS | +17% | $4.45 |
| Digital Media ending ARR | +11.5% | $19.2 billion, exceeding prior 11.3% target, over 75% from subscriptions and cross-sell and upsell |
| Business professionals and consumers subscription revenue (Q4) | +14% constant currency, +15% reported | $1.72 billion on MAU growth and Acrobat Studio upgrades |
| Creative and marketing professionals subscription revenue (Q4) | +10% constant currency, +11% reported | $4.25 billion driven by CC Pro, Photoshop, and Lightroom |
| AEP and apps ending ARR | +30% | enterprise adoption of customer engagement platform |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Firefly Foundry and custom models | announced at Adobe MAX | strong enterprise interest, with an example media customer stepping up from $10 million creative ARR to about $7 million additional for Firefly Services and Foundry | — |
| Semrush acquisition | not previously in plans | announced intent to acquire for approximately $1.9 billion all-cash to expand brand visibility across LLMs and search, expected to close first half FY26 | — |
| Freemium proliferation then monetization | user acquisition focus | MAU up over 15% and credit consumption up 3x quarter-over-quarter, described as an inflection in leading indicators starting to convert | — |
| Generative AI models | own Firefly models | Firefly expanded to over 25 partner models plus new Firefly Image 5, with MCP endpoints atomizing Photoshop, Express, and Acrobat into ChatGPT and Copilot | — |
| Agentic web and brand visibility | traditional search optimization | generative AI traffic up 760% in the 2025 holiday season, driving LLM Optimizer, Sites Optimizer, and Brand Concierge | — |