Adobe Inc.

Q4 FY2024 (quarter ending Nov 29, 2024). Full-year FY2024 total revenue $21,505M. Q4 FY2024 revenue ~$5,606M ($21,505M - $15,899M 9-month). Full-year Digital Media $15,864M, Digital Experience $5,366M, Publishing & Advertising $275M. The FY2024 10-K prominently features AI throughout: 'In the artificial intelligence (AI) era, we are harnessing the power of AI across our solutions.' Firefly Services for enterprise, Custom Models, Firefly Video Model, GenStudio launched. Subscription cost of revenue increased 13% YoY with 'hosting services and data center costs' including 'AI inferencing costs' specifically called out. Full-year subscription cost was $2,027M (FY2025) vs $1,799M (FY2024), with AI inferencing explicitly cited. This suggests growing AI usage but the revenue side is entirely bundled. Increased estimate to 3% reflecting maturing AI product portfolio, wider Firefly adoption, and growing Acrobat AI Assistant penetration. Math: ~$5,606M x 3% = ~$168M.