ADBE Q2 Earnings Call Centers on Freemium AI Push, Raised Outlook

Adobe's Q2 fiscal 2026 earnings call signaled a broader pivot toward a freemium AI-driven model, aiming to grow the user base rather than focusing solely on near-term ARR optimization. The company beat expectations with non-GAAP EPS of $5.96 and revenue of $6.62 billion, and raised its full-year guidance to $26.5–$26.6 billion in revenue and $24.35–$24.45 in non-GAAP EPS. Management highlighted AI-enabled growth vectors across the Business Professionals and Consumers segment, with Acrobat and Express MAU surpassing 850 million, and freemium MAU for Creative and Marketing Professionals rising from 50 million to more than 90 million. Traffic to adobe.com grew over 40% year over year, and Firefly, Express and Acrobat AI Assistant supported stronger engagement and monetization. The CFO noted fiscal 2026 ARR growth guidance of about 10.2%, including Semrush, while deferring some Creative Cloud optimizations to prioritize freemium MAU expansion, signaling a deliberate trade-off between near-term ARR timing and broader AI-era adoption.