Adobe Inc.
ADBEQ4 2025Estimated4% AI
AI Revenue %
4%
AI Fair Value
$2.1B
AI Revenue (Q)
$247.8M
Total Revenue (Q)
$6.2B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2025 (quarter ending Nov 28, 2025). Full-year FY2025 total revenue $23,769M. Q4 revenue ~$6,194M ($23,769M - $17,575M). Full-year: Digital Media $17,649M (+11% YoY), Digital Experience $5,864M (+9% YoY), Publishing & Advertising $256M. Full-year subscription: Digital Media $17,389M, Digital Experience $5,409M. Creative & Marketing Professionals $16,303M (+11%), Business Professionals & Consumers $6,495M (+15%). FY2025 subscription cost of revenue $2,027M vs $1,799M (+13%), with increase specifically attributed to 'hosting services and data center costs' including 'AI inferencing costs.' The 10-K describes Adobe's strategy as 'In the artificial intelligence (AI) era, we are harnessing the power of AI across our solutions.' Firefly models, GenStudio, AI agents, and agentic capabilities are central to the narrative. However, zero AI-specific revenue figures are disclosed. All AI features remain bundled into existing subscription products. Conservative estimate: 4% of Q4 revenue (~$248M). The growing AI inferencing costs suggest meaningful AI usage but revenue attribution is impossible from filings alone.
Analyzed by claude-opus-4-6
Quoted Figures
FY2025 total revenue $23,769M. Digital Media $17,649M (+11%), Digital Experience $5,864M (+9%). Subscription: Creative & Marketing Professionals $16,303M (+11%), Business Professionals & Consumers $6,495M (+15%)
10-K filed for fiscal year ending November 28, 2025, MD&A and Segment Information
Cost of subscription revenue increased 13% due to: Hosting services and data center costs 8% (including AI inferencing costs), Loss contingency reversal 2%, Compensation costs 2%
10-K filed for fiscal year ending November 28, 2025, MD&A Cost of Revenue
Adobe's mission is to empower everyone to create...In the artificial intelligence (AI) era, we are harnessing the power of AI across our solutions
10-K filed for fiscal year ending November 28, 2025, Item 1 Business Overview
AI Products Identified (Ring 1)
Adobe Firefly (image, video, vector generation)Firefly ServicesFirefly Custom ModelsAcrobat AI AssistantAcrobat StudioGenStudio for Performance MarketingExperience Platform AI AssistantAI agents and agentic capabilitiesAdobe Express AI
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