Adobe Inc.
ADBEQ4 2023Estimated1% AI
AI Revenue %
1%
AI Fair Value
$448.4M
AI Revenue (Q)
$48.9M
Total Revenue (Q)
$4.9B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2023 (quarter ending Dec 1, 2023). The 10-K for FY2023 heavily emphasizes AI strategy: mentions Adobe Firefly, Adobe Express AI features, AI-powered Document Cloud, and Experience Cloud AI capabilities. Full-year FY2023 total revenue $19,409M. Q4 FY2023 revenue ~$5,048M (FY2023 $19,409M minus 9-month $14,361M). First full quarter with Firefly generally available. Firefly, Acrobat AI Assistant, and AI-enhanced Creative Cloud features are driving some incremental subscription adoption, but AI features remain bundled. No AI-specific revenue figure disclosed. Conservative estimate: ~1% of Q4 revenue (~$50M). The 10-K states products include 'Adobe Express, Adobe Firefly, Photoshop, Illustrator' indicating Firefly as a named product but revenue is not separated.
Analyzed by claude-opus-4-6
Quoted Figures
FY2023 total revenue $19,409M. Digital Media segment centered around 'Adobe Express, Adobe Firefly, Photoshop, Illustrator, Lightroom, Premiere Pro, Acrobat, Acrobat Sign and many more products'
10-K filed for fiscal year ending December 1, 2023, Item 1 Business
Nine months ended September 1, 2023 total revenue $14,361M (implying Q4 ~$5,048M)
10-Q for Q3 FY2023 and 10-K FY2023
AI Products Identified (Ring 1)
Adobe Firefly (image generation)Acrobat AI AssistantAdobe Express AI featuresAdobe SenseiExperience Cloud AI personalization
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Creative Cloud subscriptionsDocument Cloud subscriptionsExperience Cloud subscriptions
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix