Adobe Inc. stock research
FY2026 Q2
Adobe (ADBE) Gross Margin & Quarterly History
Explore Adobe Inc. (ADBE) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended May 29, 2026 · FY2026 Q2
Revenue and gross profit rose versus both the prior quarter and the year-ago period. Gross margin narrowed slightly from the prior quarter but improved compared to the same quarter last year.
- Cost of revenue increased alongside revenue, with the sequential change in cost outpacing revenue growth, leading to a slightly lower gross margin. Year over year, the margin improved as gross profit grew faster than cost of revenue.
- Compared to the prior quarter, gross margin decreased from a higher level. Compared to the same quarter last year, gross margin increased from a lower level.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
89.2%
Gross profit
$5.9B
Revenue
$6.6B
Cost of revenue
$715.0M
Quarter-over-quarter change
-0.4 pts
Year-over-year change
+0.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 3, 2023 | $4.7B | $4.1B | $568.0M | 87.8% |
| Jun 2, 2023 | $4.8B | $4.2B | $572.0M | 88.1% |
| Sep 1, 2023 | $4.9B | $4.3B | $580.0M | 88.1% |
| Dec 1, 2023 | $5.0B | $4.4B | $634.0M | 87.4% |
| Mar 1, 2024 | $5.2B | $4.6B | $590.0M | 88.6% |
| May 31, 2024 | $5.3B | $4.7B | $598.0M | 88.7% |
| Aug 30, 2024 | $5.4B | $4.9B | $554.0M | 89.8% |
| Nov 29, 2024 | $5.6B | $5.0B | $616.0M | 89.0% |
| Feb 28, 2025 | $5.7B | $5.1B | $622.0M | 89.1% |
| May 30, 2025 | $5.9B | $5.2B | $638.0M | 89.1% |
| Aug 29, 2025 | $6.0B | $5.3B | $642.0M | 89.3% |
| Nov 28, 2025 | $6.2B | $5.5B | $649.0M | 89.5% |
| Feb 27, 2026 | $6.4B | $5.7B | $664.0M | 89.6% |
| May 29, 2026 | $6.6B | $5.9B | $715.0M | 89.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 27, 2026
-0.4 pts
Year-over-year change
May 30, 2025
+0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Cost of revenue increased alongside revenue, with the sequential change in cost outpacing revenue growth, leading to a slightly lower gross margin. Year over year, the margin improved as gross profit grew faster than cost of revenue.
Compared to the prior quarter, gross margin decreased from a higher level. Compared to the same quarter last year, gross margin increased from a lower level.
Monitor the relationship between revenue growth and cost of revenue growth in upcoming quarters.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Adobe Inc. (ADBE) | 89.2% |
| Salesforce, Inc. (CRM) | 76.9% |
| Microsoft Corporation (MSFT) | 67.6% |