Creative software (Photoshop/Premiere + Firefly AI) + PDF (Acrobat) + digital-experience marketing
AI exposure 9% — derived from reported segment revenue, not asserted.
Software Stack → Enterprise & Business Software · figures rebased to FQ2 FY2026, reported 2026-06-11
Creative Cloud (Photoshop/Illustrator/Premiere + Firefly AI) + Document Cloud (Acrobat/PDF) leads 2 businesses in this sub-tier that together are 100% of revenue, so Enterprise & Business Software is effectively the whole company rather than one leg of it.
Adobe ($6.62B Q2 FY2026, +13% YoY — a record). RESTRUCTURED: from Q1 FY2026 Adobe reports a SINGLE operating and reportable segment, having combined Digital Media, Digital Experience and Publishing & Advertising, citing its shift to unified selling motions and integrated product innovation; prior periods were recast. So the former 73/27 Digital Media versus Digital Experience split is no longer reported and cannot be carried forward without inventing it. Creative Cloud, Document Cloud, Experience Cloud and Firefly all now sit in one line.
Moat. Creative Cloud is the professional standard and Acrobat/PDF is a format Adobe owns; $27.1B total ARR (+12.5% YoY) and $22.27B RPO (+13%) sit behind it. AI is now monetized rather than promised — AI-first ARR crossed $500M in Q2 FY2026, tripled YoY, with Firefly's commercially-safe, indemnified training data a barrier AI-native rivals do not carry.
Bottleneck / pricing power. Pricing power is real but being spent defensively — 47.4% non-GAAP operating margin and ~41% FCF margin, yet management deferred Creative Cloud price increases and is steering users toward free tiers, and organic ARR growth is ~8.3% stripping out Semrush. Enterprise and document workflows hold; the prosumer tier is where Canva, Figma and AI-native tools are taking the price.
Role in the AI stack. The creative + document software layer — AI is moat + threat.
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