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Public story · 2026-09-11 · high
Q3 revenue was up 13% to $6.76 billion and total ARR was up 11.2% to $27.5 billion, but shares fell 2.4% as investors weighed slower bookings growth.
Why now: Adobe tied the CEO transition to its September 10 earnings release, giving investors one data point to judge before Chakravarthy takes over on December 1.
Adobe posted $6.76 billion in third-quarter revenue, up 13%, on September 10, the day it also named Anil Chakravarthy the next CEO. Shares fell anyway, down about 2.4% in regular trading and another 2.1% after hours, as investors weighed the leadership change against signs of slower bookings growth.
Shantanu Narayen moves to executive chair on December 1. Chakravarthy, who runs Adobe's Customer Experience Orchestration business, takes the CEO title that day.
Total annual recurring revenue is $27.50 billion, up 11.2%, according to Adobe's Form 8-K filing with the SEC. AI-first ARR is above $650 million, up more than 150%.
Bookings growth, not the leadership change, looks like what rattled investors. Remaining performance obligations were up 8%, trailing that 13% revenue growth. Adobe also said Creative Cloud's freemium base is up 70% to 100 million monthly users. It isn't pushing those users toward paid conversion yet, and it delayed planned Creative Cloud price increases.
Chakravarthy takes over with AI-first ARR growing fast off a small base while the core bookings number that predicts future revenue is decelerating.
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