{"schemaVersion":1,"research":true,"symbol":"adbe","name":"Adobe","topic":"moat","path":"/stock/adbe/moat","status":"stale","version":6,"updatedAt":"2026-10-18T21:09:32.763Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Adobe has a narrow switching-cost advantage supported by integrated enterprise workflows, customer data and customized solutions embedded in its applications, and generally non-cancellable subscriptions. Continued subscription growth and substantial contracted revenue support a current advantage. Realized pricing power remains unestablished because the passages do not separate price from volume, mix or acquisitions. Increasing AI competition, limited entry barriers and recent operating-margin compression constrain confidence in durability.","advantages":[{"mechanism":"switching_costs","claim":"Replacing Adobe can require rebuilding integrated workflows, customer-data connections and customized solutions. Generally non-cancellable subscriptions add friction during committed terms. Operating growth and contracted revenue support the commercial relevance of these arrangements, although migration costs and renewal rates are not quantified.","durability":"Existing integrations and customer-specific configurations support persistence beyond individual purchases. Contractual protection is shorter: subscription terms typically range from 1 to 36 months. The evidence supports a current narrow advantage, without establishing exceptional long-term durability.","risks":"Generative and agentic AI competitors could simplify replacement workflows or reduce reliance on Adobe applications. Customer price sensitivity and limited entry barriers constrain pricing. Remaining performance obligations declined from $22.52 billion at fiscal 2025 year-end to $22.16 billion in August 2026, while subscription revenue continued growing; this is a monitoring signal rather than proof of customer losses.","invalidation":"The thesis would fail if customers demonstrably migrated embedded data and workflows with little disruption, or if persistent renewal deterioration and contracting recurring demand showed that integrations no longer supported customer dependency. Sustained concessions accompanied by customer departures would also undermine the economic value of switching friction.","competitors":["Figma"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: customer first-party data, stored assets and customized solutions","excerpt":"We also work with our customers to help them manage, gain insights from and unlock the power of their first-party data and assets, and build customized models and solutions using such data and assets stored in our applications, systems, and through connections to other business applications."},{"id":"e2","sourceId":"filing-1","location":"Business: integrated creative and marketing workflows","excerpt":"Adobe’s integrated solutions, such as GenStudio and Firefly Services, bridge the gap between content creation and marketing execution, enabling seamless collaboration and efficiency across these roles."},{"id":"e3","sourceId":"filing-1","location":"Revenue recognition: subscription cancellation terms and exceptions","excerpt":"Although our subscription contracts are generally non-cancellable, a limited number of customers have the right to cancel their contracts by providing prior written notice to us of their intent to cancel the remainder of the contract term and consumers have a period of time to terminate certain agreements without penalty."},{"id":"e4","sourceId":"filing-2","location":"Risk factors: typical subscription agreement duration","excerpt":"We generally recognize revenue from our subscription solutions ratably over the terms of their subscription agreements, which typically range from 1 to 36 months."},{"id":"e5","sourceId":"filing-2","location":"Unaudited condensed consolidated statements of income: quarterly and nine-month operating results","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended August 28, 2026 August 29, 2025 August 28, 2026 August 29, 2025 Revenue: Subscription $ 6,582 $ 5,791 $ 19,196 $ 16,915 Product 67 68 246 251 Services and other 111 129 334 409 Total revenue 6,760 5,988 19,776 17,575 Cost of revenue: Subscription 633 510 1,759 1,505 Product 5 5 16 17 Services and other 125 127 367 380 Total cost of revenue 763 642 2,142 1,902 Gross profit 5,997 5,346 17,634 15,673 Operating expenses: Research and development 1,288 1,088 3,596 3,196 Sales and marketing 1,827 1,639 5,419 4,760 General and administrative 488 408 1,497 1,152 Amortization of intangibles 40 38 112 120 Total operating expenses 3,643 3,173 10,624 9,228 Operating income 2,354 2,173 7,010 6,445 Non-operating income (expense): Interest expense (66) (67) (194) (197) Investment gains (losses), net 21 23 44 31 Other income (expense), net 48 58 157 191 Total non-operating income (expense), net 3 14 7 25 Income before income taxes 2,357 2,187 7,017 6,470 Provision for income taxes 530 415 1,589 1,196 Net income $ 1,827 $ 1,772 $ 5,428 $ 5,274 Basic net income per share $ 4.63 $ 4.18 $ 13.48 $ 12.28 Shares used to compute basic net income per share 395 423 403 429 Diluted net income per share $ 4.62 $ 4.18 $ 13.47 $ 12.26 Shares used to compute diluted net income per share 395 424 403 430 See accompanying notes to condensed consolidated financial statements."},{"id":"e6","sourceId":"filing-2","location":"Revenue recognition: August 2026 remaining performance obligations","excerpt":"As of August 28, 2026, remaining performance obligations were approximately $22.16 billion."},{"id":"e7","sourceId":"filing-1","location":"Management discussion: fiscal 2025 remaining performance obligations and annual growth","excerpt":"•Remaining performance obligations of $22.52 billion as of November 28, 2025 increased by 13% from $19.96 billion as of November 29, 2024."},{"id":"e8","sourceId":"filing-2","location":"Risk factors: entry barriers, price sensitivity and possible pricing pressure","excerpt":"New industry standards, evolving distribution and sales models, limited barriers to entry, short product life cycles, customer price sensitivity, global economic conditions and the frequent entry of new solutions or competitors may increase downward pressure on pricing and gross margins and adversely affect our renewal, upsell and cross-sell rates as well as our ability to attract new customers."},{"id":"e9","sourceId":"filing-2","location":"Risk factors: increasing generative and agentic AI competition","excerpt":"We face increasing competition from companies offering generative and agentic AI 38 Table of Contents solutions, including but not limited to prompt-based and multi-modal creation and editing, document productivity and understanding, ad distribution and creation, and purpose-built AI agents and AI-enabled workflows, some of which are embedded within or operating across third-party AI platforms or domain-specific solutions."},{"id":"e10","sourceId":"filing-2","location":"Risk factors: possible drivers of renewal-rate changes","excerpt":"Our renewal rates may decline or fluctuate as a result of a number of factors, including our customers’ level of satisfaction, our ability to continue enhancing features and functionality, reliability of our solutions, prices of ours and competitors’ solutions, the actual or perceived information security of our systems and services, decreases in the size of our customer base, changes as a result of regulatory or legal requirements, changes in the composition of our customer base and reductions in our customers’ spending levels or declines in customer activity."},{"id":"e11","sourceId":"filing-2","location":"Legal proceedings: allegations concerning competition from Figma","excerpt":"The complaint, which was amended on February 23, 2024, alleges that certain public statements made by Adobe during the Class Period related to competition from Figma and the adequacy of Adobe’s existing offerings to counter harms Adobe may have faced due to Figma’s growing market position were materially false and misleading."},{"id":"e12","sourceId":"filing-2","location":"Risk factors: realized increases in contractual obligations and changes in business practices","excerpt":"The laws, regulations and codes above may impact our innovation and business drivers in developing new and emerging technologies (for example, AI and machine learning) and may impact demand for our solutions and has resulted in more onerous obligations in our contracts and changes to our business practices, and may require us to bear additional burdensome contractual obligations and make additional changes to our business practices in the future."},{"id":"e13","sourceId":"filing-1","location":"Management discussion: fiscal 2025 operating cash flow","excerpt":"•Cash flows from operations of $10.03 billion during fiscal 2025 increased by $1.98 billion, or 25%, compared to fiscal 2024."},{"id":"e14","sourceId":"filing-1","location":"Management discussion: prior-year cash-flow effect of acquisition termination fee","excerpt":"Fiscal 2024 cash flows from operations were adversely impacted by payment of the $1 billion Figma termination fee."},{"id":"e15","sourceId":"filing-1","location":"Liquidity and capital resources: fiscal 2025 repurchase payments","excerpt":"During fiscal 2025, we entered into stock repurchase arrangements with large financial institutions and made payments totaling $11.28 billion to repurchase shares."},{"id":"e16","sourceId":"filing-2","location":"Unaudited stockholders' equity statement: repurchases, share reissuance and stock compensation","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) (Unaudited) Nine Months Ended August 28, 2026 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at November 28, 2025 601 $ — $ 15,361 $ 45,354 $ (245) (188) $ (48,847) $ 11,623 Net income — — — 5,428 — — — 5,428 Other comprehensive income (loss), net of taxes — — — — 42 — — 42 Re-issuance of treasury stock under stock compensation plans — — 37 (188) — 4 107 (44) Repurchases of common stock — — — — — (26) (6,880) (6,880) Replacement awards related to acquisition — — 12 — — — — 12 Stock-based compensation — — 1,582 — — — — 1,582 Value of shares in deferred compensation plan — — — — — — 1 1 Balances at August 28, 2026 601 $ — $ 16,992 $ 50,594 $ (203) (210) $ (55,619) $ 11,764 Nine Months Ended August 29, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at November 29, 2024 601 $ — $ 13,419 $ 38,470 $ (201) (160) $ (37,583) $ 14,105 Net income — — — 5,274 — — — 5,274 Other comprehensive income (loss), net of taxes — — — — (140) — — (140) Re-issuance of treasury stock under stock compensation plans — — 96 (228) — 3 99 (33) Repurchases of common stock — — — — — (24) (8,889) (8,889) Stock-based compensation — — 1,453 — — — — 1,453 Balances at August 29, 2025 601 $ — $ 14,968 $ 43,516 $ (341) (181) $ (46,373) $ 11,770 See accompanying notes to condensed consolidated financial statements."},{"id":"e17","sourceId":"filing-1","location":"Contractual obligations: non-cancellable hosting and data-center purchase commitments","excerpt":"As of November 28, 2025, the value of our non-cancellable unconditional purchase obligations was $6.82 billion, primarily relating to contracts with vendors for third-party hosting and data center services."},{"id":"e18","sourceId":"filing-3","location":"Executive compensation: certified executive payouts under the completed relative TSR component","excerpt":"Executive Compensation | 2026 Proxy Statement 47 Table of Contents The following table shows the target and actual shares earned by each of our NEOs for the Relative TSR Goal for calendar years 2023 to 2025 under the 2023 PSP as certified by the Committee: 2023 Performance Share Program - Relative TSR Shares Earned For Calendar Years 2023 to 2025 Name(1) Actual Payout (%) Target Number of Shares(2) (#) Actual Number of Shares Earned (#) Shantanu Narayen 45 % 41,062 18,477 Daniel Durn 45 % 9,053 4,073 Anil Chakravarthy 45 % 14,195 6,387 David Wadhwani 45 % 14,195 6,387 ________________________ (1)Ms."},{"id":"e19","sourceId":"filing-2","location":"Stock-based compensation: certified payout of the completed 2023 performance share program","excerpt":"Shares released during the nine months ended August 28, 2026 resulted from overall payout at 83% of target for the 2023 Performance Share Program, as certified by the ECC in the first quarter of fiscal 2026."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation: CEO equity acceleration upon change of control","excerpt":"Narayen’s Retention Agreement provides that all outstanding equity awards (provided that, for performance shares, vesting is solely to the extent shares are credited at the change of control) accelerate in vesting in full upon a COC, regardless of whether his employment is terminated."},{"id":"e21","sourceId":"filing-3","location":"Corporate governance highlights: voting rights, independent oversight and ownership policies","excerpt":"•Strong Board independence (10 of 11 director nominees are independent) •Independent lead director and all committee members are independent •Majority vote standard plus resignation policy for uncontested director elections •All directors stand for election annually •Single class of stock with equal voting rights •Bylaws provide for proxy access for stockholders •Stockholder right to call a special meeting •Above-market stock ownership requirements for executive officers and directors •Simple majority vote standard for charter/bylaw amendments •All current Audit Committee members are audit committee financial experts under SEC rules •Any independent director may call for a meeting in executive session •Regular Board and committee evaluations facilitated by an independent third party •No Director may serve on more than four public company boards (including the Board) without first obtaining specific approval from the Board •Prohibition on transactions involving pledging, hedging or short sales of Adobe equity Our management team also provides regular updates to the Board and its committees on topics including those related to risk management, cybersecurity, regulatory updates and various environmental, social and governance (“ESG”) matters including climate actions, AI ethics and responsible innovation, and ESG disclosures and performance objectives."},{"id":"e22","sourceId":"filing-3","location":"Board leadership structure: combined CEO and chair","excerpt":"Based on these considerations, the Board has determined that, at this time, our Chief Executive Officer (“CEO”), Shantanu Narayen, is the director best qualified to serve in the role of Chair."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation: fiscal 2025 results against incentive targets","excerpt":"Financial Performance Result: For fiscal year 2025, we achieved revenue of $23.77 billion, and diluted EPS of $16.70 on a GAAP basis and $20.94 on a non-GAAP basis, exceeding both targets for 100% payout."},{"id":"e24","sourceId":"filing-7","location":"Earnings release: reported monthly active user milestone","excerpt":"• Achieves major milestone of 1 billion monthly active users (MAU) across creativity and productivity solutions"},{"id":"e25","sourceId":"filing-9","location":"Second-quarter financial highlights: ARR including acquired Semrush contribution","excerpt":"•Total Adobe Annualized Recurring Revenue (“ARR”) exiting the quarter was $27.10 billion, including approximately $480 million from Semrush."},{"id":"e26","sourceId":"filing-8","location":"CEO succession announcement: appointment effective December 1, 2026","excerpt":"SAN JOSE, Calif.--(BUSINESS WIRE)--Adobe (Nasdaq: ADBE) — Adobe's Board of Directors today announced that Anil Chakravarthy, president of Adobe’s Customer Experience Orchestration business and worldwide field operations, will become Adobe’s next president and chief executive officer and join the Board of Directors effective December 1, 2026."},{"id":"e27","sourceId":"filing-9","location":"Earnings release: interim CFO appointment effective June 15, 2026","excerpt":"Steve Day, SVP of Corporate Finance and CFO of Adobe’s Customer Experience Orchestration Business Unit, will serve as interim Chief Financial Officer, effective June 15, 2026."},{"id":"e28","sourceId":"filing-5","location":"Business strategy: intended migration to higher-value offerings through pricing","excerpt":"We also continue to employ a pricing strategy, as appropriate, to migrate our customers to higher-value offerings as well as attract past customers and potential users to try out our products and ultimately subscribe."},{"id":"completion-7ad1df2b6095-e1","sourceId":"filing-10","location":"Creative Cloud Pro individual-plan pricing changes: increased price charged; regional exclusions apply.","excerpt":"charged the increased price for Creative Cloud Pro"},{"id":"completion-7ad1df2b6095-e2","sourceId":"filing-10","location":"Creative Cloud Pro individual-plan pricing changes: applicable subscription renewal timing.","excerpt":"your subscription renewal date on or after June 17, 2025"}],"changes":["Retain the previous narrow verdict; the supplied evidence continues to support switching friction without proving durable pricing power.","Add explicit pricing and management assessments, including demonstrated performance-sensitive payouts and governance limitations.","Clarify that the RPO decline compares August 2026 with fiscal 2025 year-end, rather than establishing a year-over-year contraction or renewal deterioration.","Recognize reported engagement and acquisition contributions without treating total users or acquired ARR as proof of organic retention."],"limitations":["The sources retain dateKind=filed. Filing dates are distinct from the operating periods and effective dates described in the passages.","Product integration and differentiation descriptions are issuer assertions. Contract terms and reported operating results provide stronger corroboration, but do not quantify migration costs.","Figma is explicitly identified as a competitor in litigation allegations; the allegations do not establish misconduct or realized competitive losses. Broader competition disclosures name categories rather than companies.","No realized price, discount, customer-level revenue bridge or renewal-rate series is supplied. Pricing strategy is not evidence of achieved pricing outcomes.","Reported monthly active users include a broad creativity and productivity audience and do not establish paid retention, monetization or network effects.","Proxy passages establish compensation arrangements and governance practices, but do not supply complete executive beneficial ownership amounts or demonstrate compliance with every ownership requirement.","The proposed equity-plan share increase is not treated as approved. The announced CEO appointment becomes effective December 1, 2026, after the assessment date.","The evidence does not establish a separate network-effect, cost, efficient-scale or intangible-asset moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Stored customer data, customized solutions and integrated workflows create identifiable replacement friction. Generally non-cancellable contracts and substantial contracted revenue corroborate a current advantage. Migration costs remain unmeasured.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":2,"rationale":"Customer-specific integrations support persistence, but typical 1-to-36-month subscription terms provide finite protection. AI competition and limited entry barriers prevent a strong long-term durability assessment.","evidenceIds":["e1","e4","e8","e9"]},{"criterion":"customer_dependency","grade":3,"rationale":"Customer data and customized solutions embedded in Adobe systems support meaningful workflow dependency. Subscription revenue growth corroborates continuing demand indirectly; it does not isolate existing-customer renewals.","evidenceIds":["e1","e2","e5"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Subscription revenue continued growing despite increasing AI competition. Lower RPO versus fiscal year-end and operating-margin compression temper that resilience. Disclosed competitive risks are not treated as realized customer losses.","evidenceIds":["e5","e6","e7","e8","e9"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Adobe discloses increased Creative Cloud Pro individual-plan charges at applicable subscription renewals on or after June 17, 2025, demonstrating an implemented pricing increase. Evidence is limited to this plan and eligible regions; the passages do not establish the increase's magnitude, customer acceptance or contribution to aggregate revenue growth.","evidenceIds":["completion-7ad1df2b6095-e1","completion-7ad1df2b6095-e2"]},{"criterion":"retention","grade":2,"rationale":"Embedded workflows, committed subscriptions, growing subscription revenue and substantial RPO support repeat-demand persistence indirectly. No renewal or cohort retention rates are provided, and neither aggregate growth nor total monthly users isolates retained paying customers.","evidenceIds":["e1","e3","e5","e6","e24"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month gross margin remained approximately 89.2%, while operating margin declined from approximately 36.7% to 35.4%. Quarterly gross and operating margins also declined, although operating income grew. This is mixed resilience and does not independently prove pricing power.","evidenceIds":["e5"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Generally non-cancellable agreements protect committed consideration, subject to cancellation exceptions. Fixed subscription periods do not establish unilateral repricing rights, and regulation has already produced more onerous contractual obligations. Evidence supports mixed freedom over commercial terms.","evidenceIds":["e3","e4","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2025 operating cash flow of $10.03 billion and subsequent net share reductions show cash generation and effective dilution offset. Repurchase payments of $11.28 billion in fiscal 2025, material supplier commitments and the realized $1 billion acquisition termination fee temper discipline. Repurchases alone do not establish attractive investment returns.","evidenceIds":["e13","e14","e15","e16","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Certified executive TSR-component payouts of 45% and the completed program's overall 83% payout demonstrate that underperformance actually reduced awards. Equity exposure and ownership policies strengthen alignment. CEO change-of-control acceleration is a material exception, and complete personal ownership amounts are unavailable.","evidenceIds":["e18","e19","e20","e21"]},{"criterion":"execution","grade":3,"rationale":"Fiscal 2025 results exceeded disclosed incentive targets, and 2026 subscription revenue and operating income continued growing. These are demonstrated operating outcomes, with product execution assessed indirectly. Margin compression and acquisition contributions limit attribution; the incoming CEO's future performance remains untested.","evidenceIds":["e23","e5","e25","e26","e27"]},{"criterion":"governance","grade":2,"rationale":"Disclosed independent oversight, equal voting rights, annual elections and shareholder rights provide substantive safeguards. The combined CEO-chair role and CEO equity acceleration upon change of control weaken checks and accountability. Announced succession does not yet demonstrate improved governance outcomes.","evidenceIds":["e21","e22","e20","e26"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"d0d07a6e53088c8dce7bf6168c545c673bd3c3cad10dbb5a9da82d047edf9906","updatedAt":"2026-10-18T21:09:32.763Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm","publishedAt":"2026-01-15","sha256":"9278e4702b8dcd59e02e8d12d969f1f3dbeef72a22d559527d5a498e9b001a53","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000156/adbe-20260828.htm","publishedAt":"2026-09-22","sha256":"19b1ce42d88a9f212ac0a4de4147862cbf545fe465ff41406ce6a39104d9e34a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000043/adbe-20260227.htm","publishedAt":"2026-02-27","sha256":"e03300f1d5be06aea00cd9d50204571ccc854f329aa48333ec528be89ce5b1a7","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbe-20241129.htm","publishedAt":"2025-01-13","sha256":"ff68779f3a099ef8263bdacd02cb584af818d9f6a88f7bb063d759ad3ab95a33","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbe-20231201.htm","publishedAt":"2024-01-17","sha256":"b948efcdb713ef168809cdc7ace9f4b49f25473fcab972e57042f6dbd797a922","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000112/adbe-20260529.htm","publishedAt":"2026-06-15","sha256":"a7fbb4aae84b4c772555dcc3e32005231d98391227eda0d876291082d86b9ff9","dateKind":"filed"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000147/adbeex991q326.htm","publishedAt":"2026-09-10","sha256":"f25222564b777d22d8406a3839190e3493ba16774de0c50b7b7dbb8912aef36d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000144/adbeex9918-k9826.htm","publishedAt":"2026-09-08","sha256":"f2c0758672d6707d7b5fe692024a3847ef20f277e12010225d3ca0d4d96f2061","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000109/adbeex991q226.htm","publishedAt":"2026-06-11","sha256":"6b54998c905d62958461ff89281a20bad0894b6465855ed189092afbbc823414","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-10","url":"https://helpx.adobe.com/account/individual/subscriptions-and-plans/plan-types-and-eligibility/changes-to-individual-plan.html","publishedAt":"2026-10-18","dateKind":"retrieved","sha256":"f8f94bd1b3e469fbc1435f4ed9d3211698637468ab2d8879e178c4883bd758fc","captureFormat":"reviewed-excerpt","label":"Adobe Creative Cloud Pro individual-plan pricing changes; regional exclusions and renewal timing apply","citationPolicy":"numeric-lines-1"}],"model":"gpt-6.1-sol","providerId":"codex:d078006209192c9a80548ed7a1b6c6615e96d023eb88e88ded576a53a62d7944","usage":{"input_tokens":37708,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":317,"reasoning_output_tokens":128}},"signals":[{"period":"2021","end":"2021-12-03","values":{"gross_margin":88.18498574596136,"operating_margin":36.75641431738993,"roic":35.05476734945725,"fcf_margin":43.59835286664555,"sbc_revenue":6.772252138105797},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-02","values":{"gross_margin":87.70305577643985,"operating_margin":34.635919572872886,"roic":33.851648013027976,"fcf_margin":42.008406225150516,"sbc_revenue":8.179029876178575},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-01","values":{"gross_margin":87.8716059559998,"operating_margin":34.262455561852754,"roic":40.13642372224517,"fcf_margin":35.76691225720027,"sbc_revenue":8.851563707558348},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-11-29","values":{"gross_margin":89.035108114392,"operating_margin":31.346198558474775,"roic":45.76492316613114,"fcf_margin":36.61009067658684,"sbc_revenue":8.523599162985352},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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