Adobe Inc. (ADBE)

Executive Summary

This report updates T&T Capital Management’s April 2026 research on Adobe following the company’s fiscal second-quarter 2026 results, reported after the close on June 11, 2026. The quarter itself was excellent: record revenue of $6.62 billion (up 13%, beating the ~$6.46 billion consensus), non-GAAP EPS of $5.96 (up 18%, versus ~$5.82 expected), AI-first ARR that tripled year over year to more than $500 million, and RAISED full-year guidance — revenue to $26.50-$26.60 billion and non-GAAP EPS to $24.35-$24.45.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers