Core Insights - Adobe Inc. reported fourth-quarter earnings of $5.50 per share, exceeding the analyst estimate of $5.39, with quarterly revenue of $6.19 billion, surpassing the Street estimate of $6.11 billion, and up from $5.61 billion in the same period last year [1] - The company anticipates fiscal 2026 GAAP EPS to be between $17.90 and $18.10, compared to the analyst estimate of $16.56 [1] Group 1 - CEO Shantanu Narayen highlighted Adobe's growing role in the global AI ecosystem and the rapid adoption of AI-driven tools, targeting double-digit ARR growth in FY2026 [2] - Following the earnings announcement, Adobe shares increased by 3.7%, trading at $355.93 [2] Group 2 - Wolfe Research analyst Alex Zukin maintained an Outperform rating on Adobe but lowered the price target from $450 to $440 [3] - Morgan Stanley analyst Keith Weiss kept an Equal-Weight rating while reducing the price target from $450 to $425 [3] - TD Cowen analyst J. Derrick Wood maintained a Hold rating and cut the price target from $420 to $400 [3]

James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market ...

James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market ...

A stock that has not been a horse. It's been a horse's >> What a segue, >> but it's turning. You should have gone for it.>> It's turning. It is cable. But sometimes you leave things to the imagination.Everybody knows what you mean. Anyway, >> another great report. Another great report.>> What stock are you talking about. Adobe. >> If this if this stock had a different ticker symbol, any other ticker symbol under the sun, it would be up 8% today.>> You have no idea how much of a win this is. I'm not I'm not ...

A stock that has not been a horse. It's been a horse's >> What a segue, >> but it's turning. You should have gone for it.>> It's turning. It is cable. But sometimes you leave things to the imagination.Everybody knows what you mean. Anyway, >> another great report. Another great report.>> What stock are you talking about. Adobe. >> If this if this stock had a different ticker symbol, any other ticker symbol under the sun, it would be up 8% today.>> You have no idea how much of a win this is. I'm not I'm not ...

Core Insights - Adobe reported fourth-quarter fiscal 2025 non-GAAP earnings of $5.50 per share, exceeding the Zacks Consensus Estimate by 2.04% and reflecting a year-over-year increase of 14.3% [1][10] - Total revenues reached $6.194 billion, surpassing the consensus mark by 1.5% and showing a year-over-year growth of 10.5% [2][10] - Annualized recurring revenues (ARR) at the end of Q4 fiscal 2025 were $25.66 billion, indicating an 11.5% growth from the previous year [2] Revenue Breakdown - Subscription revenues accounted for $5.989 billion, representing 96.7% of total revenues and an 11.6% year-over-year increase [4] - Product revenues totaled $74 million, down 8.6% year over year, while services and other revenues were $131 million, down 18.1% year over year [4] - Digital Media segment revenues were $4.62 billion, up 11% year over year, with an ARR of $19.2 billion [5] - Digital Experience revenues increased to $1.52 billion, a 9% year-over-year rise, with subscription revenues of $1.41 billion growing 11% [6] Customer Metrics - Total customers with ARR exceeding $10 million grew by 25% year over year to over 150 [2] - Customer Group subscription revenues were $5.96 billion, reflecting a 12% year-over-year increase [7] Operating Performance - GAAP gross margin for Q4 was 90.4%, expanding by 10 basis points year over year [8] - Operating expenses rose to $2.78 billion, up 12.6% year over year, with the adjusted operating margin contracting to 45.6% [8] Financial Position - As of November 28, 2025, cash and short-term investments stood at $6.6 billion, up from $5.94 billion [9] - Long-term debt remained unchanged at $6.2 billion [9] Future Guidance - For Q1 fiscal 2026, Adobe expects total revenues between $6.25 billion and $6.30 billion [12] - Fiscal 2026 non-GAAP earnings are projected to be between $23.30 and $23.50 per share [14]

奥本海默将Adobe的目标价从460美元下调至430美元，仍维持"跑赢大盘"评级。(格隆汇) ...

Core Insights - Adobe's stock rose by 2.8%, reaching $352.71 following the announcement of its Q4 FY2025 earnings, which showed a record revenue of $6.19 billion, a 10% year-over-year increase, surpassing analyst expectations of $6.11 billion [1] - The adjusted earnings per share were reported at $5.50, exceeding the forecast of $5.39 [1] Revenue Breakdown - The Digital Media segment experienced an 11% year-over-year revenue growth, totaling $4.62 billion, with an annual recurring revenue (ARR) of $19.2 billion [1] - The Digital Experience segment saw a 9% year-over-year revenue increase, amounting to $1.52 billion [1] Strategic Developments - OpenAI is integrating more third-party applications into ChatGPT, allowing users to directly access Adobe's creative tools, including Photoshop, Adobe Express, and Acrobat within the chat interface [1]

Core Insights - The investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy is centered around identifying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insider buying is observed at lower prices [1] - Fundamental analysis is employed to assess the health of companies, including leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is utilized to determine optimal entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions ranges from 3 to 24 months [1] - A thorough screening process is conducted to filter through thousands of stocks, primarily in the US, with occasional investments in less stable markets [1] - Professional background checks are performed on insiders who purchase shares following sell-offs, adding an additional layer of due diligence [1] Analytical Approach - The use of fundamental analysis focuses on company health, leverage, and financial ratios [1] - Technical analysis involves drawing trend lines and identifying support and resistance levels to optimize trading decisions [1] - The investor expresses a strong preference for straightforward communication, avoiding jargon and unnecessary complexity in investment discussions [1]

Core Insights - The individual investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy emphasizes buying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are purchasing shares at lower prices [1] - Fundamental analysis is utilized to assess the health of companies, their leverage, and to compare financial ratios with sector and industry averages [1] - Technical analysis is employed to optimize entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions typically ranges from 3 to 24 months [1] - A professional background check is conducted on each insider who purchased shares after a recent sell-off, indicating a thorough due diligence process [1] - The investor expresses a preference for stocks in the US but is open to owning shares in less stable markets, referred to as "banana republics" [1]