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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Zukin | Wolfe Research | 12 questions · 8% challenging |
| Keith Weiss | Morgan Stanley | 8 questions · 13% challenging |
| Michael Turrin | Wells Fargo | 8 questions · 0% challenging |
| Brent Thill | Jefferies | 6 questions · 17% challenging |
| Saket Kalia | Barclays | 6 questions · 0% challenging |
| Kirk Materne | Evercore ISI | 5 questions · 0% challenging |
| Brad Zelnick | Deutsche Bank | 5 questions · 0% challenging |
| Jay Vleeschhouwer | Griffin Securities | 5 questions · 20% challenging |
| Mark Murphy | JPMorgan | 5 questions · 0% challenging |
| Tyler Radke | Citigroup | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 analyst | 12 questions · 8% challenging |
| Jefferies | 2 analysts | 8 questions · 13% challenging |
| Wells Fargo | 1 analyst | 8 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 13% challenging |
| Barclays | 1 analyst | 6 questions · 0% challenging |
| JPMorgan | 2 analysts | 6 questions · 0% challenging |
| Evercore ISI | 1 analyst | 5 questions · 0% challenging |
| Griffin Securities | 1 analyst | 5 questions · 20% challenging |
Adobe posted record Q2 FY2026 revenue of $6.62 billion, up 11% year over year, and raised its full-year revenue and non-GAAP EPS targets, lifting the non-GAAP EPS range to $24.35 to $24.45. GAAP EPS was $4.25, up 8% and held back by a $70 million non-cash goodwill impairment ($0.17 per share) in the Publishing and Advertising unit, while non-GAAP EPS rose 18% to $5.96. The defining development was a strategic pivot to push freemium monthly active users across Acrobat, Express and Firefly while deferring planned Creative Cloud price-line optimizations, a deliberate trade management said lowers second-half ARR growth even as Firefly ARR grew approximately 50% sequentially and AI-first ARR tripled to greater than $500 million. The newly closed SEMrush acquisition added about $480 million of ARR and anchors a forthcoming brand-visibility offering, holding total ARR growth guidance at 10.2%. Analysts pressed on freemium payback economics and a concurrent CFO departure and CEO search, leaving a financially strong quarter shadowed by questions about the forward ARR trajectory.
Cloud & AI | Revenue Growth | Competitive Dynamics | Subscriber Growth | Pricing | Demand | Innovation & R&D | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 2 | 5 | 4 | 1 | 1 | 1 |
| 2025Q1 | 6 | 5 | 2 | 1 | 2 | 2 | ||
| 2025Q2 | 4 | 4 | 4 | 1 | 3 | 1 | 1 | |
| 2025Q3 | 11 | 4 | 2 | 1 | 1 | 1 | 3 | |
| 2025Q4 | 5 | 3 | 2 | 1 | 2 | 2 | 1 | |
| 2026Q1 | 3 | 6 | 3 | 2 | 1 | 1 | ||
| 2026Q2 | 1 | 2 | 3 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 6 | 4 | 11 | 5 | 3 | 1 |
| Revenue Growth | 4 | 5 | 4 | 4 | 3 | 6 | 2 |
| Competitive Dynamics | 2 | 2 | 4 | 2 | 2 | 3 | 3 |
| Subscriber Growth | 5 | 1 | 1 | 1 | 1 | 2 | 3 |
| Pricing | 4 | 3 | 1 | 2 | 1 | ||
| Demand | 1 | 2 | 1 | 2 | 1 | 2 | |
| Innovation & R&D | 1 | 2 | 1 | 3 | |||
| Guidance Reliability | 1 | 1 | 1 | 1 | 1 |
What ADBE and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Adobe's Journey Agent is a clear example. A composite multimodal AI agent that unifies Adobe's marketing suite and orchestrates end-to-end customer journeys for their global B2C user base with MongoDB as the agent's long-term memory and reasoning layer.”
Adobe built its Journey Agent on MongoDB, using Atlas Search and Vector Search for sub-100ms hybrid retrieval, a signal that Adobe is deploying production agentic AI across its marketing suite.
“Leading global agencies Dentsu, Havas, Omnicom, Publicis, Stagwell, and WPP are standardizing on Adobe, combining our AI powered capabilities with their unique IP and industry expertise, to co develop innovative differentiated solutions for joint clients.”
Leading global marketing agencies are standardizing on Adobe's AI-powered platform to co-develop solutions for joint clients.
“with Google specifically, we also partner on how we can jointly go to media and entertainment.”
Adobe partners with Google on jointly pursuing media and entertainment opportunities in addition to cloud usage.
“whether it is Amazon, Microsoft, or Google, We are huge, you know, users of their cloud services.”
Adobe frames Amazon, Microsoft and Google as major cloud-service suppliers whose spend underpins their partnerships with Adobe.
“Firefly continues to support third party models now with Kling 3.0 and Kling 3.0 Omni.”
Adobe Firefly added support for Kling's third-party generative video models, extending its multi-model platform.
“we announced native integrations with major enterprise AI platforms including Microsoft Copilot, Anthropic, OpenAI, Google Gemini.”
Adobe announced native integrations of its CX capabilities with major enterprise AI platforms, a distribution positive for those model providers.
“Our announced NVIDIA partnership will bring accelerated computing to Adobe Firefly Foundry for faster, higher performing custom models across image, video, audio, vector, and 3D plus a cloud-native 3D digital twin built on Omniverse and OpenUSD.”
Adobe's NVIDIA partnership brings accelerated computing to Firefly Foundry for faster custom AI models plus an Omniverse-based 3D digital twin.
“we closed the acquisition of SEMRush, leading provider of search engine optimization and generative engine optimization solutions.”
Adobe closed its acquisition of SEMRush, adding roughly $480 million ARR and SEO/GEO capabilities to its customer experience orchestration offering.
On September 2, 2026, Adobe's Board appointed Anil Chakravarthy, current President of the Customer Experience Orchestration Business, as President and CEO and a board member, effective December 1, 2026. Shantanu Narayen will retire as CEO and assume the role of Executive Chair. Separately, David Wadhwani will step down as President, Creativity & Productivity Business, effective September 27, 2026, remaining as a senior advisor.
What each event means for ADBE’s sentiment score is part of Tellvest Pro.
Calendar quarter Q2 2026Earnings call Jun 11, 2026
FY2026 Q2 in brief
Adobe posted record Q2 FY2026 revenue of $6.62 billion, up 11% year over year, and raised its full-year revenue and non-GAAP EPS targets, lifting the non-GAAP EPS range to $24.35 to $24.45.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Adobe Inc. (ADBE), FY2026 Q2: 9/10. Scores: Adobe Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ADBE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.61B | +11.1% | $3.80 | +17.6% | 89.0% | 34.9% | 30.0% | $2.87B |
| FY2025 Q1 | $5.71B | +10.3% | $4.13 | +203.7% | 89.1% | 37.9% | 31.7% | $2.46B |
| FY2025 Q2 | $5.87B | +10.6% | $3.95 | +13.2% | 89.1% | 35.9% | 28.8% | $2.14B |
| FY2025 Q3 | $5.99B | +10.7% | $4.18 | +11.2% | 89.3% | 36.3% | 29.6% | $2.13B |
| FY2025 Q4 | $6.19B | +10.5% | $4.45 | +17.1% | 88.9% | 36.5% | 30.0% | $3.13B |
| FY2026 Q1 | $6.40B | +12.0% | $4.60 | +11.4% | 89.1% | 37.8% | 29.5% | $2.92B |
| FY2026 Q2Selected | $6.62B | +12.7% | $4.25 | +7.6% | 89.2% | 33.8% | 25.9% | $2.45B |
| FY2026 Q3 | $6.76B | +12.9% | $4.62 | +10.5% | 88.7% | 34.8% | 27.0% | $2.44B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +12.7% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ADBE Adobe Inc. | 9 | +12.7% | |
| AKAM Akamai Technologies | 4 | +5.4% | |
| CPAY Corpay | 8 | +21.5% | |
| CRWD CrowdStrike | 10 | +25.6% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 9 | +112.3% | |
| FFIV F5, Inc. | 9 | +10.8% | |
| FTNT Fortinet | 10 | +25.6% | |
| GDDY GoDaddy | 7 | +6.6% | |
| GEN Gen Digital | 8 | +6.3% | |
| IOT Samsara Inc. | 10 | +30.5% | |
| MDB MongoDB, Inc. | 9 | +25.3% | |
| MSFT Microsoft Corporation | 8 | +17.8% | |
| NET Cloudflare, Inc. | 9 | +35.9% | |
| ORCL Oracle Corporation | 9 | +20.6% | |
| PANW Palo Alto Networks | 9 | +31.1% | |
| PATH UiPath Inc. | 9 | +17.3% | |
| PLTR Palantir Technologies | 10 | +92.8% | |
| SNPS Synopsys | 7 | +41.9% | |
| TWLO Twilio Inc. | 10 | +22.0% | |
| VRSN Verisign | 7 | +6.0% | |
| XYZ Block, Inc. | 10 | +9.3% | |
| ZS Zscaler | 9 | +25.4% |