Adobe (ADBE)

Creative software (Photoshop/Premiere + Firefly AI) + PDF (Acrobat) + digital-experience marketing

AI exposure 9% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to Q3 FY2026, reported 2026-09-10

The two customer groups Adobe discloses — Creative & Marketing Professionals and Business Professionals & Consumers — plus product and services are 3 businesses in this sub-tier that together are 100% of revenue after the Q3 FY2026 rebase, so Enterprise & Business Software is effectively the whole company rather than one leg of it.

Reported segments

Creative & Marketing Professionals — 68.8% of revenue
Business Professionals & Consumers — 28.3% of revenue
Product, services and other — 3% of revenue

Adobe ($6,760M Q3 FY2026, +13% YoY). A single reportable segment since Q1 FY2026, so the Atlas models the two customer groups Adobe discloses rather than one undecomposable line: Creative & Marketing Professionals 68.8% ($4.65B of subscription revenue, +13%) = primary B5 Enterprise & Business Software — Creative Cloud, Firefly, GenStudio and Experience Cloud, now including Semrush, acquired April 28, 2026 for $1.9B; Business Professionals & Consumers 28.3% ($1.91B, +16% — Acrobat and Express, the faster-growing group); product, services and other 3.0%. All three sit in the same sub-tier, so…

How the 9% is built

Creative & Marketing Professionals — 68.8% of revenue × 9% AI-driven (estimate). Firefly, GenStudio and generative features in Creative Cloud and Experience Cloud are monetised inside the subscription; AI-first ARR was over $500M at the last disclosure, a small share of the group's revenue
Business Professionals & Consumers — 28.3% of revenue × 10% AI-driven (estimate). Acrobat AI Assistant and Express generative tools feed the freemium funnel toward a billion users, and this group grew faster at 16%
Product, services and other — 3% of revenue × 3% AI-driven (estimate). Perpetual product and consulting, largely independent of AI

Investment read

Moat. Creative Cloud is the professional standard and Acrobat runs on a format Adobe owns; $27.50B of ARR and $22.16B of RPO sit behind them. Firefly's commercially safe, indemnified training data is a barrier AI-native rivals do not carry, and AI-first ARR grew more than 150% — the AI products are being monetised inside the franchise rather than attacking it from outside.

Bottleneck / pricing power. Pricing power is real but being spent defensively. Non-GAAP operating margin fell to 44.0% from 46.3% and gross margin to 88.7% from 89.3%, while management defers Creative Cloud price increases and steers users toward free tiers to widen the funnel. Enterprise and document workflows hold price; the prosumer tier is where Canva, Figma and AI-native tools are taking it.

Role in the AI stack. The creative-standard and document-format layer — AI is a disruption risk and a monetisation opportunity at once.

Connected companies

Amazon (AMZN) — ADBE is supplied by: AWS compute underpins Creative/Experience Cloud + Firefly
Salesforce (CRM) — ADBE competes with: digital experience / marketing cloud — Adobe vs Salesforce
Alphabet (GOOGL) — ADBE is supplied by: Named as a supplier in ADBE's value chain: provides cloud infrastructure underpinning Adobe Experience Platform
Twilio (TWLO) — ADBE is supplied by: Named as a supplier in ADBE's value chain: email delivery infrastructure used within Adobe Campaign and Marketo

Others in Enterprise & Business Software

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