Adobe (ADBE) 10-K risk factor changes: FY2025 vs FY2024

We may be unsuccessful at innovating in response to rapid technological or industry changes to meet customer needs, which could cause our [removed: operating] [added: business and financial] results to [removed: suffer.][added: suffer materially.]

We must continually introduce [removed: new,] [added: new] and enhance [removed: existing, products, services and] [added: existing] solutions to retain customers and attract new customers.

Developing new [removed: products, services and] solutions is complex, requires significant investment and operational costs and may not be profitable, and our investments in new technologies are speculative and may not yield the expected business or financial benefits.

The commercial success of new or enhanced [removed: products, services and] solutions depends on a number of factors, including timely and successful development; effective distribution and marketing; market acceptance; compatibility with existing and emerging standards, platforms, software delivery methods and technologies; accurately predicting and anticipating customer needs and expectations and the direction of technological change; identifying and innovating in the right technologies; and differentiation from other [removed: products, services and] solutions.

If we fail to anticipate or identify technological, [removed: creative] [added: creative, productivity] or marketing trends or fail to devote appropriate resources to adapt to such trends, our business could be harmed.

For example, [removed: generative] artificial intelligence [removed: technologies enable] [added: (“AI”), including generative and agentic, enables] users of all skill levels to create and provide new ways of marketing, creating [added: and editing] content and interacting with [removed: documents, which could significantly disrupt industries in which we operate and our existing products, services and solutions and our business may be harmed if we fail to invest or adapt.][added: documents.]

While we [removed: have released] [added: continue to release] new [removed: generative artificial intelligence products, such as Adobe Firefly,] [added: AI solutions] and [removed: are focused] [added: to focus] on enhancing the [removed: artificial intelligence (“AI”)] [added: AI] capabilities of our [removed: products] [added: solutions] and incorporating AI across existing [removed: products, services and] solutions, there can be no assurance that our new or enhanced [removed: products] [added: solutions] and AI innovations will be successful, adopted or monetizable or that we will innovate effectively to keep pace with the rapid evolution of AI across our [removed: offerings.][added: solutions.]

If we do not successfully innovate, adapt to rapid technological or industry changes and meet customer needs, our business and our financial results may be [added: materially] harmed.

Issues relating to the development and use of [removed: AI, including generative AI,] [added: AI] in our [removed: offerings] [added: solutions] may result in reputational harm, liability and adverse [added: business and] financial results.

Social, ethical and operational issues relating to the use of AI, including generative [added: AI and agentic] AI, in our [removed: offerings] [added: solutions] may result in reputational harm, liability and additional costs.

We are increasingly incorporating AI technologies, developed by us and by third parties, into many of our [removed: offerings.][added: solutions.]

If our AI development, deployment, content labeling or governance is ineffective or inadequate, it may result in incidents that impair the public acceptance of AI solutions or cause harm to individuals, customers or society, or result in our [removed: offerings] [added: solutions] not working as intended or producing unexpected outcomes.

[removed: For example,] [added: Additionally, obligations under] the EU AI Act [removed: was adopted in 2024] [added: have gone into effect] and will [added: continue to] be implemented in phases through 2030, and other jurisdictions [added: have passed or] are considering similarly focused legislation.

These regulations and the evolving AI regulatory environment may, among other impacts, result in inconsistencies among AI regulations and frameworks across jurisdictions, increase our compliance, governance and research and development costs, increase our exposure to [added: investigations, proceedings and] claims related to our AI models and increase liability related to the use of AI by our customers or users that are beyond our control.

[removed: While we have taken a responsible approach to the development and use of AI, such as in our Adobe Firefly offerings, there] [added: There] can be no guarantee that future AI regulations [added: or standards] will not adversely impact us or conflict with our approach to [removed: AI,] [added: AI development and use,] including affecting our ability to make our AI [removed: offerings] [added: solutions] available without costly changes, delaying or halting development of AI [removed: offerings,] [added: solutions,] requiring us to change our AI development practices, monetization strategies and/or indemnity protections and subjecting us to additional compliance requirements, regulatory action, competitive harm, reputational harm and/or legal liability.

[removed: To the extent] [added: Additionally, as] we [removed: rely on] [added: offer more] third-party AI models in our [removed: products, services and] solutions, we [removed: will] face risks inherent in how [removed: those] [added: third-party AI] models [added: used in our solutions] have been developed and deployed, including situations in which the third party may lack a proper license or consent for the training data used for their model.

Developing, testing and deploying AI systems [added: and third-party AI models] may [removed: also] [added: continue to] increase the cost of our [removed: offerings,] [added: solutions,] including due to the nature of the computing costs [added: involved in such systems.]

These costs could adversely impact our margins as we continue to make significant investments in AI development, add AI capabilities [added: and third-party AI models] to our [removed: offerings] [added: solutions] and scale our AI [removed: offerings] [added: solutions] without assurance that our customers and users will adopt them.

Further, as with any new [removed: offerings] [added: solutions] based on new [added: and rapidly evolving] technologies, consumer reception and monetization pathways are uncertain, our strategies may not be successful and our business and financial results could be adversely impacted.

[removed: New] AI [removed: offerings and technologies could] [added: solutions may continue to] modify workforce needs, result in negative [removed: publicity about AI] [added: publicity, reputational harm, liability] and [removed: decrease] [added: decreased] demand for our [removed: existing products, services and] solutions, all of which could adversely impact our business.

We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our [removed: operating] [added: business and financial] results could [added: materially] suffer.

The markets for our [removed: products, services and] solutions are rapidly evolving and intensely competitive.

Our [removed: numerous] competitors [removed: range in size from diversified global] [added: include] companies with significant sales and research and development resources, broad brand awareness, long operating histories or access to large customer [removed: bases to small companies whose specialized focuses may allow them to more easily and effectively deploy technical, marketing and financial resources.][added: bases.]

Our competitors may [removed: develop or acquire products, services or solutions that are similar to ours or that achieve greater or faster acceptance, may] undertake [added: faster and] more far-reaching and successful [removed: product] development efforts or marketing [removed: campaigns or] [added: campaigns,] may adopt more aggressive pricing [removed: policies.][added: policies or may more effectively appeal to customers.]

New industry standards, evolving distribution [added: and sales] models, limited barriers to entry, short product life cycles, customer price sensitivity, global [removed: market] [added: economic] conditions and the frequent entry of new [removed: products] [added: solutions] or competitors may increase downward pressure on pricing and gross margins and adversely affect our renewal, upsell and cross-sell rates as well as our ability to attract new customers.

In addition, we expect to face more competition as AI continues to advance and be integrated into the markets in which we [removed: compete.][added: compete and to change the software industry.]

Other companies [removed: have, or] [added: have] in the [removed: future] [added: past, and] may [removed: obtain, proprietary rights that would] [added: in the future] prevent, limit or interfere with our ability to [removed: make,] use [removed: or sell] [added: third-party models in] our [removed: AI offerings.][added: solutions.]

If we are not able to provide [removed: products, services and] solutions that compete effectively, we could experience reduced [removed: sales] [added: sales, which could materially] and [added: adversely impact] our business [removed: could be adversely affected.][added: and financial results.]

[removed: *[For] [added: *For] additional information regarding our competition and the risks arising out of the competitive environment in which we operate, see the section titled “Competition” contained in Part I, Item 1 of this [removed: report.](#i74cf9d38730645a2be94739e148c270a_25)*][added: report.*]

We have experienced, and may in the future experience, reputational [removed: harm] [added: harm, reduced customer demand and customer attrition] from, among other things, the introduction of new products, features, services, or terms that do not meet customer expectations; our position on or approach to new and evolving technologies, including AI; backlash from customers, the creative community, government entities or other stakeholders that disagree with our product offering decisions or public policy, [added: social,] ethical or political positions; significant litigation or regulatory [added: or government] actions that negatively reflect on our business practices; data security breaches or compliance failures; and public scrutiny or negative publicity, including being the target of media and social media campaigns, criticizing our actual or perceived actions or inactions, policies, terms, agreements, [added: dispute resolution requirements,] handling of user privacy, data practices or content.

[removed: Further, our] [added: Our] brands may be negatively affected by [added: the actual or perceived failure to meet our sustainability commitments or appropriately respond to climate concerns; and] uses of our [removed: products, services or] solutions, particularly our AI [removed: offerings,] [added: solutions,] in ways that are out of our control, such as to create or disseminate content that is deemed to be misleading, deceptive or intended to manipulate public opinion, or for illicit, objectionable or illegal ends, or by our failure to respond appropriately and in a timely manner to such uses.

[removed: Such uses may result in controversy or claims related to defamation, rights of publicity, illegal content, intellectual property infringement,] harmful content, misinformation and disinformation, harmful bias, misappropriation, data privacy, derivative uses of third-party AI and personal injury torts.

If we fail to appropriately respond to objectionable content created using our [removed: products, services or] solutions or shared on our platforms, our users may lose confidence in our brands.

We may not realize the anticipated benefits of [added: acquisitions,] investments or [removed: acquisitions,] [added: other strategic transactions,] and they may disrupt our business and [removed: divert management’s attention.][added: adversely affect our business and financial results.]

[removed: Investments] [added: Acquisitions, investments] and [removed: acquisitions] [added: other strategic transactions] involve numerous risks and uncertainties, the occurrence of which may have an adverse effect on our business.

- inability to achieve the [added: expected] financial and strategic [removed: goals of the investment] [added: benefits on a timely basis] or [removed: acquisition;][added: at all;]

- difficulty in effectively integrating [removed: the] operations, technologies, products, services, solutions, culture or [removed: personnel of the acquired business;][added: personnel;]

- challenges to completing or failure to complete an announced [removed: investment or acquisition] [added: transaction] related to the failure to obtain regulatory approval, or the need to satisfy certain conditions precedent to closing such transaction (such as divestitures, ownership or operational restrictions or other structural or behavioral remedies) that could limit the anticipated benefits of the transaction;

- delay in customer and distributor purchasing decisions due to uncertainty about the direction of our [removed: product and service offerings;][added: solutions;]

- incurring higher than anticipated costs to effectively integrate an acquired business, to bring an acquired company into compliance with applicable laws and regulations, additional compensation issued or assumed in connection with an acquisition, to divest products, services or solutions acquired in unsuccessful [removed: investments or acquisitions,] [added: acquisitions] to amortize costs for acquired intangible assets or because of our inability to take advantage of anticipated tax benefits;

Our numerous competitors include companies of various sizes and both public and private companies, including large, global companies and smaller companies with more specialized focuses, new entrants, and AI or cloud-native companies.

Our competitors may deploy technical, marketing and financial resources more easily and effectively.

Our competitors may develop or acquire additional products, services or solutions that are similar to ours or that achieve greater or faster acceptance.

Our competitors or other third parties may develop AI solutions more rapidly or successfully, including but not limited to different data training strategies or proprietary access to data and, as a result, other AI solutions may achieve greater and faster adoption.

For example, we face increasing competition from companies offering generative and agentic AI solutions, including but not limited to prompt-based and multi-modal creation and editing, document productivity and understanding, ad distribution and creation, and purpose-built AI agents.

For example, the U.S. AI regulatory framework remains in development and has been introduced at the federal level through executive orders and legislation has been introduced and enacted at the state level.

Some of our operations are subject to the EU AI Act and depending on how the EU AI Act is implemented and interpreted, we may have to adapt our business practices, contractual arrangements and services to comply with such obligations.

Non-compliant companies under the EU AI Act may be subject to administrative fines.

The use and availability of third-party AI models in our solutions could result in scrutiny and legal liability, including intellectual property infringement claims.

Such claims or scrutiny could cause reputational harm and loss of customers, and adversely impact our business and financial results.

Further, such uses of our solutions may result in controversy or claims related to defamation, rights of publicity, illegal content, intellectual property infringement,

We have acquired and may continue to acquire businesses, products, talent and technologies as part of our business strategy.

- in the case of foreign transactions, the impact of particular economic, tax, currency, political, legal and regulatory risks associated with specific countries;

- brand or reputational harm associated with our acquisitions, investments or other strategic transactions; and

Such a strain on our infrastructure capacity may subject us

Some of our solutions include third-party open-source software, which may contain security vulnerabilities that may be exploited, potentially compromising our solutions.

Increasing use of AI in our internal systems and solutions may create new attack methods.

Our solutions are incorporated into the supply chain of a large number of companies worldwide and, as a result, if our solutions experience a compromise, a large portion or, in some instances, all of our customers and their data for a given solution could be simultaneously affected.

The potential liability and associated consequences we could suffer as a result of such a large scale event could be significant, and materially and adversely impact our business.

There can be no assurance that we have the capability to detect all vulnerabilities or new attack methods and our internal security controls may not keep pace with quickly evolving threats.

systems.

- tax laws in the United States as well as other countries and jurisdictions;

Certain other countries in which we do business have also established specific legal requirements for cross-border transfers of personal information and data localization.

We may be subject to certain aspects of the EU’s Digital Services Act, which imposes additional legal requirements on certain types of digital service providers, including online platforms and content sharing sites.

Moreover, some of our customers are subject to the EU’s Digital Operational Resilience Act and similar UK regulatory requirements on operational resilience.

There may be certain aspects of the EU’s Data Act that could apply to certain types of cloud services providers and require them to facilitate data portability (e.g., switching between services), as well as certain requirements concerning cross border international transfers of, and governmental access to, non-personal information outside of the European Economic Area.

Further, the U.S. Department of Justice issued a rule entitled Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons, which placed additional restriction on certain data transactions involving countries of concern and covered individuals that may impact certain business activities, and has impacted the transfer of data in connection with certain transactions.

These changes may impact the duration of customer relationships and result in additional compliance and operational costs, which may adversely impact our business.

Additionally, we are subject to complex regulatory requirements and executive orders, including those related to procurement; export controls; employment; security; and other evolving government-specific contractual requirements.

We have made, and may

- changes to our key performance metrics;

involved in such systems.

Further, our future success depends on our continued ability to effectively appeal to businesses and consumers.

Our competitors or other third parties may incorporate AI into their offerings more successfully and efficiently than we do and achieve greater and faster adoption, which could impair our ability to compete effectively and adversely affect our business and financial results.

Further, we expect AI offerings to be highly competitive and rapidly evolving.

For example, we face increasing competition from companies offering generative AI capabilities, including text-to-image, text-to-video and multi-modal offerings that compete directly with our creative offerings.

violate our terms of service.

experience service interruptions.

- tax laws (including U.S. taxes on foreign subsidiaries);

For our enterprise customers, the

Since the sales cycles for our enterprise offerings are multi-phased and complex, it is often unpredictable when a given sales cycle will close.

indemnification commitments with our customers, including contractual provisions under various license arrangements and service agreements.

Several other countries, including but not limited to the United States, China, Australia, New Zealand, Brazil, Kingdom of Saudi Arabia, Hong Kong and Japan, have also established specific legal requirements for cross-border transfers of personal information and certain countries have also established specific legal requirements for data localization (such as where personal data must remain stored in the country).

to material cybersecurity incidents and the reasonably likely impact of such an incident on Form 8-K.

Accordingly, amounts reported as annualized recurring revenue, a performance metric which we measure at currency rates that are set at the beginning of each fiscal year and held constant throughout the year, may vary from actual revenue recognized in accordance with generally accepted accounting principles in the United States.

Laws, regulations and policies relating to environmental, social, and governance are expanding globally.

We may be subject to additional climate-related regulations and reporting requirements in the future, as well as changing market dynamics and stakeholder expectations regarding climate change and our environmental impacts.

Compliance with such regulations, investments in our environmental, social and governance commitments, may involve significant costs and negatively impact our business, financial condition and results of operations.

Additionally, we may experience reputational harm from our actual or perceived failure to meet our environmental, social and governance commitments.

The occurrence of an epidemic or a pandemic, such as the COVID-19 pandemic, has had, and may in the future, have an adverse effect on our operating results.

The extent to which epidemics and pandemics impact our financial condition or results of operations will depend on many factors outside of our control and whether there is a material impact on the businesses or productivity of our customers, employees, suppliers and other partners.

A global pandemic may also intensify the other risks described in this Part I, Item 1A of this report.

Discussion regarding our financial condition and results of operations for fiscal [removed: 2023] [added: 2024] as compared to fiscal [removed: 2022] [added: 2023] is included in Item 7 of our Annual Report on Form 10-K for the fiscal year ended [removed: December 1, 2023,] [added: November 29, 2024,] filed with the SEC on January [removed: 17, 2024.*][added: 13, 2025.*]

Our contracts with customers may include [added: promises to transfer] multiple [removed: goods] [added: products] and services.

Determining whether [removed: the software licenses] [added: products] and [removed: the cloud] services are distinct [removed: from each other, and therefore] performance obligations to be accounted for [removed: separately,] [added: separately] or [removed: not distinct from each other, and therefore] [added: combined as] part of a single performance [removed: obligation,] [added: obligation] may require significant [removed: judgment.][added: judgment, primarily for our solutions that include both on-premise and/or on-device software licenses and cloud services.]

[added: To the extent that the final] determination of any of these examinations is different from the amounts recorded, such differences will affect the provision for income taxes and the effective tax rate in the period in which such determination is made.

*[See Note 1 of [removed: our](#i74cf9d38730645a2be94739e148c270a_136) [Notes](#i74cf9d38730645a2be94739e148c270a_136)] [added: our](#i655e09196b284344b85b1234dead7079_136) [Notes](#i655e09196b284344b85b1234dead7079_136)] [to Consolidated Financial Statements for information regarding recent accounting pronouncements that are of significance or potential significance to [removed: us.](#i74cf9d38730645a2be94739e148c270a_136)*][added: us.](#i655e09196b284344b85b1234dead7079_136)*]

For our fiscal [removed: 2024,] [added: 2025,] we experienced strong demand across our Digital Media and Digital Experience offerings, driven by [removed: our innovative] [added: transformative and customer-focused] product [removed: roadmap.][added: innovation.]

As we execute on our long-term growth initiatives, with [removed: focus] [added: emphasis] on delivering [removed: product innovation and driving adoption] [added: value through AI-powered] and [removed: usage] [added: highly differentiated solutions to meet the needs] of our [removed: AI-powered solutions,] [added: diverse and expanding customer base,] we have continued to experience growth in software-based subscription revenue across our portfolio of offerings.

[removed: *Digital Media*][added: | Digital Media | | | | | | $ | 17,649 | | | | | $ | 15,864 | | | | | $ | 14,216 | | | | | 11 % | | % | | | | | | |]

[removed: In addition,] Adobe Express is our web and mobile app designed to enable a broad spectrum of users, including novice content [removed: creators, communicators] [added: creators] and [removed: creative professionals,] [added: communicators,] to create, edit and customize content quickly and easily with [removed: content-first,] [added: content first,] task-based solutions.

Overall, our strategy [removed: with Creative Cloud] is designed to [removed: enable us to] increase our revenue with existing users, continue to attract new customers, and grow our recurring and predictable revenue stream that is recognized ratably.

[added: During fiscal 2025,] Annualized Recurring Revenue (“ARR”) [removed: is currently] [added: was] the key performance metric our management [removed: uses] [added: used] to assess the health and trajectory of our overall Digital Media segment.

We adjust our reported ARR on an annual [removed: basis] [added: basis, primarily] to reflect any exchange rate changes.

Revaluing our ending ARR for fiscal [removed: 2024] [added: 2025] using currency rates determined at the beginning of fiscal [removed: 2025,] [added: 2026,] our [removed: Digital Media] [added: Total Adobe] ARR at the end of fiscal [removed: 2024] [added: 2025] would be [removed: $17.22 billion] [added: $25.66 billion,] or approximately [removed: $117] [added: $460] million [removed: lower] [added: higher] than the ARR reported above.

[removed: Creative] [added: Digital Experience] revenue [added: was $5.86 billion] in fiscal [removed: 2024 was $12.68 billion,] [added: 2025,] up from [removed: $11.52] [added: $5.37] billion in fiscal [removed: 2023,] [added: 2024,] representing [removed: 10%] [added: 9%] year-over-year growth.

[removed: Document Cloud] [added: Subscription] revenue [added: grew to $5.41 billion] in fiscal [removed: 2024 was $3.18 billion,] [added: 2025,] up from [removed: $2.70] [added: $4.86] billion in fiscal [removed: 2023,] [added: 2024,] representing [removed: 18%] [added: 11%] year-over-year growth.

[removed: Total] Digital Media segment revenue grew to [removed: $15.86] [added: $17.65] billion in fiscal [removed: 2024,] [added: 2025,] up from [removed: $14.22] [added: $15.86] billion in fiscal [removed: 2023,] [added: 2024,] representing [removed: 12%] [added: 11%] year-over-year growth.

[removed: *Digital Experience*][added: | Digital Experience | | | | | | 5,864 | | | | | | 5,366 | | | | | | 4,893 | | | | | | 9 % | | % | | | | | | |]

[removed: The Adobe] [added: Our Digital] Experience [removed: Cloud] apps and services are designed to [removed: manage] [added: accelerate] customer [removed: journeys, enable personalized experiences] [added: experience orchestration] at scale and [removed: deliver] [added: supply] intelligence for businesses of any size in any industry.

Our differentiation and competitive advantage are strengthened by our ability to use the Adobe Experience Platform to integrate our comprehensive set of solutions and our ability to embed AI into our product portfolio, such as with our [removed: new] Adobe Experience Platform AI Assistant, a generative AI-powered conversational interface designed to help customers automate workflows and generate new audiences and journeys.

[removed: These] [added: Our] customers often are involved in workflows that integrate [removed: other] [added: multiple] Adobe [removed: products, such as our Digital Media offerings.][added: products across both segments.]

[added: By combining the creativity of our Digital Media business] with the science of our Digital Experience business, such as with our Adobe GenStudio [removed: solution,] [added: solutions,] we help our customers to more efficiently and effectively make, manage, measure and monetize their content across every channel with an end-to-end [removed: workflow and feedback loop.][added: workflow.]

*[See the section titled “Risk Factors” in Part I, Item 1A of this report for further discussion of the possible impact of these macroeconomic issues on our [removed: business.](#i74cf9d38730645a2be94739e148c270a_49)*][added: business.](#i655e09196b284344b85b1234dead7079_49)*]

*Financial Performance Summary for Fiscal [removed: 2024*][added: 2025*]

[removed: -] [added: Revenue from] Digital [removed: Experience revenue of $5.37] [added: Media increased $1.79] billion [added: and revenue from Digital Experience increased $498 million] during fiscal [removed: 2024 increased by $473 million, or 10%, from $4.89 billion in] [added: 2025 as compared to] fiscal [removed: 2023.][added: 2024.]

- [removed: Cost of revenue] [added: Operating expenses] of [removed: $2.36] [added: $12.51] billion during fiscal [removed: 2024] [added: 2025] remained relatively flat compared to fiscal [removed: 2023.][added: 2024.]

- Remaining performance obligations of [removed: $19.96] [added: $22.52] billion as of November [removed: 29, 2024] [added: 28, 2025] increased by [removed: $2.75 billion, or 16%,] [added: 13%] from [removed: $17.22] [added: $19.96] billion as of [removed: December 1, 2023.][added: November 29, 2024.]

| *(dollars in millions)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | % Change [removed: 2024-2023] [added: 2025-2024] | | | | | | | | |

| Subscription | | | | | | $ | [removed: 20,521] [added: 22,904] | | | | | $ | [removed: 18,284] [added: 20,521] | | | | | $ | [removed: 16,388] [added: 18,284] | | | | | 12 [added: %] | | % | | | | | | |

| Percentage of total revenue | | | | | | [removed: 95] [added: 96 %] | | % | | | | [removed: 94] [added: 95 %] | | % | | | | [removed: 93] [added: 94 %] | | % | | | | | | | | | | | | |

| Product | | | | | | [removed: 386] [added: 325] | | | | | | [removed: 460] [added: 386] | | | | | | [removed: 532] [added: 460] | | | | | | [removed: (16)] [added: (16)%] | | % | | | | | | |

| Percentage of total revenue | | | | | | 2 [added: %] | | % | | | | 2 [added: %] | | % | | | | [removed: 3] [added: 2 %] | | % | | | | | | | | | | | | |

| Services and other | | | | | | [removed: 598] [added: 540] | | | | | | [removed: 665] [added: 598] | | | | | | [removed: 686] [added: 665] | | | | | | [removed: (10)] [added: (10)%] | | % | | | | | | |

| Percentage of total revenue | | | | | | [removed: 3] [added: 2 %] | | % | | | | [removed: 4] [added: 3 %] | | % | | | | 4 [added: %] | | % | | | | | | | | | | | | |

| Total revenue | | | | | | $ | [removed: 21,505] [added: 23,769] | | | | | $ | [removed: 19,409] [added: 21,505] | | | | | $ | [removed: 17,606] [added: 19,409] | | | | | 11 [added: %] | | % | | | | | | |

Our subscription revenue is comprised primarily of fees we charge for our subscription and hosted service offerings, and [removed: related support, including Creative Cloud and certain of our Adobe Experience Cloud and Document Cloud] [added: also includes subscription-based consulting] services.

Subscription revenue by reportable segment for fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022 is] [added: 2023 were] as follows:

| Digital Media | | | | | | $ | [removed: 15,547] [added: 17,389] | | | | | $ | [removed: 13,838] [added: 15,547] | | | | | $ | [removed: 12,385] [added: 13,838] | | | | | 12 [added: %] | | % | | | | | | |

| Digital Experience | | | | | | [removed: 4,864] [added: 5,409] | | | | | | [removed: 4,331] [added: 4,864] | | | | | | [removed: 3,880] [added: 4,331] | | | | | | [removed: 12] [added: 11 %] | | % | | | | | | |

| Publishing and Advertising | | | | | | [removed: 110] [added: 106] | | | | | | [removed: 115] [added: 110] | | | | | | [removed: 123] [added: 115] | | | | | | [removed: (4)] [added: (4)%] | | % | | | | | | |

| Total subscription revenue | | | | | | $ | [removed: 20,521] [added: 22,904] | | | | | $ | [removed: 18,284] [added: 20,521] | | | | | $ | [removed: 16,388] [added: 18,284] | | | | | 12 [added: %] | | % | | | | | | |

We have concluded that certain subscription offerings, which include both on-premise/on-device software licenses and cloud services, represent a single, highly integrated performance obligation.

This conclusion reflects the high degree of integration, interdependency and interrelation between the software and the cloud services, such that customers receive the intended benefit only when these components operate together.

The nature of our promise to customers is to deliver a complete end-to-end solution, and the intended functionality and workflow efficiencies cannot be obtained from either the software or the cloud services on a standalone basis.

Accordingly, revenue for these offerings is recognized ratably over the subscription period during which the cloud services are provided.

Overview of Fiscal 2025

Our Digital Media products, services and solutions help users create, design and publish rich content and 3D experiences, and improve productivity by transforming how they view, share and collaborate on documents and content.

These offerings include our Creative Cloud flagship applications (“apps”) such as Adobe Photoshop, Adobe Illustrator, Adobe Lightroom, Adobe Premiere Pro and Adobe After Effects; as well as Adobe Acrobat, Adobe Express, Adobe Firefly and many more products, which are available across surfaces and platforms as desktop tools, web and mobile apps and cloud-based services.

Our Adobe Acrobat offerings fuel document productivity, enabling users to create, collaborate, review, approve, sign and track documents at home, in the office and across devices.

AI innovation is deeply infused into our Digital Media solutions, including through Adobe Firefly-powered generative AI features available across our Creative Cloud flagship apps, and through Acrobat AI Assistant, a generative AI-powered conversational interface designed to enhance document experiences.

In August 2025, we released Acrobat Studio, which brings together Adobe Acrobat, Adobe Express and AI agents to further unite productivity and creativity, empowering users to quickly derive insights from their documents and create visually compelling content.

Our Digital Media customers include business professionals, consumers, creative professionals, creators and marketing professionals.

Digital Media ARR was calculated as the sum of the annual value of Digital Media subscriptions and services and the annual value of Digital Media Enterprise Term License Agreements.

Digital Media ARR grew to $19.20 billion at the end of fiscal 2025, representing 11.5% year-over-year growth.

Digital Experience is comprised of solutions to deliver actionable data, with products such as Adobe Analytics and Adobe Real-Time Customer Data Platform; optimize personalized content delivery, with products such as Adobe Experience Manager, Adobe Commerce and Adobe GenStudio for Performance Marketing; and manage customer journeys, with products such as Adobe Marketo Engage and Adobe Campaign.

Our Digital Experience customers include marketing professionals such as brand managers, channel marketers and campaign strategists.

*Customer-Focused Strategy*

Spanning both our Digital Media and Digital Experience segments, we drove continued business success through audience-specific product innovation and go-to-market strategy focused on the following two customer groups:

- Business Professionals & Consumers desire web and mobile apps with easy-to-use AI capabilities, and are increasingly benefiting from using Adobe Acrobat and Adobe Express.

Revenue associated with the Business Professionals & Consumers customer group consists of Adobe Acrobat offerings and Adobe Express, all of which are part of Digital Media.

- Creative & Marketing Professionals require agile and comprehensive solutions to create high volumes of compelling content, infused with commercially safe AI capabilities; and are benefiting from investments in powerful, integrated workflows through offerings such as Adobe Firefly and Adobe GenStudio.

Revenue associated with the Creative & Marketing Professionals customer group consists of Digital Experience offerings as well as Creative Cloud flagship apps such as Photoshop, Lightroom and Illustrator within Digital Media.

Due to the nature of certain offerings which contain cross-product integrations or benefits, revenue attributable to certain product entitlements may be recognized in either customer group.

By viewing the business through this lens, we can more effectively execute our long-term growth strategies.

Our success will be achieved through continued acquisition and retention of our customer base by delivering valuable new features and technologies to customers with our latest releases, including generative AI capabilities to enhance creativity, productivity and marketing, and expanding availability of our offerings across an increasing number of surfaces.

As part of our customer-focused strategy, we utilize a data-driven operating model and tailored go-to-market motion to raise awareness of our products and drive customer acquisition, engagement and retention.

The key performance metric used by management to evaluate progress against our customer-focused strategy is Total Adobe ARR, which represents the annual value of subscription contracts in the Creative & Marketing Professionals and Business Professionals & Consumers customer groups.

Prior year ARR balances are also revalued at the new currency rates for comparative purposes.

Total Adobe ARR grew to $25.20 billion exiting fiscal 2025, representing 11.5% year-over-year growth.

- Total Adobe ARR of approximately $25.20 billion as of November 28, 2025 increased by 11.5% from $22.61 billion as of November 29, 2024 revalued using currency rates determined at the beginning of fiscal 2025.

- Digital Media ARR of approximately $19.20 billion as of November 28, 2025 increased by 11.5% from $17.22 billion as of November 29, 2024 revalued using currency rates determined at the beginning of fiscal 2025.

- Digital Media revenue of $17.65 billion during fiscal 2025 increased by $1.79 billion, or 11%, compared to fiscal 2024.

- Digital Experience revenue of $5.86 billion during fiscal 2025 increased by $498 million, or 9%, compared to fiscal 2024.

- Cost of revenue of $2.55 billion during fiscal 2025 increased by $193 million, or 8%, compared to fiscal 2024.

- Net income of $7.13 billion during fiscal 2025 increased by $1.57 billion, or 28%, compared to fiscal 2024.

- Cash flows from operations of $10.03 billion during fiscal 2025 increased by $1.98 billion, or 25%, compared to fiscal 2024.

Our maintenance and support offerings, which entitle customers,

Our customers span creative professionals, including graphic designers, photographers, videographers, illustrators and 3D artists; creators, including social media influencers and solopreneurs; business professionals, including social media teams, small business owners and knowledge workers; and consumers.

| Total revenue | | | | | | $ | 23,769 | | | | | $ | 21,505 | | | | | $ | 19,409 | | | | | 11 % | | % | | | | | | |

The increases in total revenue were due to subscription revenue growth across our Digital Media and Digital Experience offerings.

| *(dollars in millions)* | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | % Change 2025-2024 | | | | | | | | |

For example, some of our offerings include both on-premise and/or on-device software licenses and cloud services.

We have concluded that the on-premise/on-device software licenses and cloud services provided in our Creative Cloud and Document Cloud subscription offerings are not distinct from each other such that revenue from each offering should be recognized ratably over the subscription period for which the cloud services are provided.

In reaching this conclusion, we considered the nature of our promise to Creative Cloud and Document Cloud customers, which is to provide a complete end-to-end creative design or document workflow solution that operates seamlessly across multiple devices and teams.

We fulfill this promise by providing access to a solution that integrates cloud-based and on-premise/on-device features that, together through their integration, provide functionalities, utility and workflow efficiencies that could not be obtained from either the on-premise/on-device software or cloud services on their own.

Cloud-based features that are integral to our Creative Cloud and Document Cloud offerings and that work together with the on-premise/on-device software include, but are not limited to: Creative Cloud Libraries, which enable customers to access their work, settings, preferences and other assets seamlessly across desktop and mobile devices and collaborate across teams in real time; shared reviews which enable simultaneous editing and commenting of digital assets across desktop, mobile and web; automatic cloud rendering of a design which enables it to be worked on in multiple mediums; and Sensei, Adobe’s cloud-hosted artificial intelligence and machine learning framework, which enables features such as automated photo-editing, photograph content-awareness, natural language processing, optical character recognition and automated document tagging.

To the extent that the final

Overview of 2024

In our Digital Media segment, we are a market leader with Creative Cloud, our subscription-based offering which provides desktop tools, mobile applications (“apps”) and cloud-based services for designing, creating and publishing rich content and immersive 3D experiences.

Creative Cloud offers Adobe Acrobat Pro, our comprehensive PDF solution, integral to creative workflows and used by creators worldwide as part of our Creative Cloud All Apps subscription and on a standalone basis.

Creative Cloud also includes Adobe Firefly, a group of creative generative AI models designed to generate high quality images and text effects.

Adobe Firefly-powered generative AI features are also available across Creative Cloud apps including Adobe Photoshop and Adobe Express.

Creative Cloud delivers value with deep, cross-product integration, frequent product updates and feature enhancements, cloud-enabled services including storage and syncing of files across users’ devices, machine learning and artificial intelligence, access to marketplace, social and community-based features with our Adobe Stock and Behance services, app creation capabilities, tools which assist with enterprise deployments and team collaboration, and affordable pricing for cost-sensitive customers.

We offer Creative Cloud for individuals, students, teams and enterprises.

We expect Creative Cloud will drive sustained long-term revenue growth through a continued expansion of our customer base by attracting new users with new features and products like Adobe Express and Adobe Firefly that make creative tools accessible to first-time creators and communicators, and delivering new features and technologies to existing customers with our latest releases such as generative AI capabilities.

We have also built out a marketplace for Creative Cloud subscribers to enable the delivery and purchase of stock content in our Adobe Stock service.

We continue to implement strategies that are designed to accelerate awareness, consideration and purchase of subscriptions to our Creative Cloud offerings.

These strategies include increasing the value Creative Cloud users receive, such as offering new and enhanced desktop, web and mobile apps, as well as targeted promotions and offers that attract past customers and potential users to experience and ultimately subscribe to Creative Cloud.

Because of the shift towards Creative Cloud subscriptions and Enterprise Term License Agreements (“ETLAs”), revenue from perpetual licensing of our Creative products has been immaterial to our business.

We are also a market leader with our Document Cloud offerings built around our Adobe Acrobat family of products, with a set of integrated mobile apps and cloud-based document services which enable users to create, collaborate, review, approve, sign and track documents regardless of platform or application source type.

Document Cloud, which enhances the way people manage critical documents at home, in the office and across devices, includes subscriptions to Adobe Acrobat Pro and Standard, Adobe Acrobat Sign and Adobe Scan.

Certain Adobe Acrobat products are also offered as perpetual licenses which are immaterial to our business.

In April 2024, we introduced Acrobat AI Assistant, a generative AI-powered product designed to deliver insights and enhance productivity through interactive document experiences, which is available as an add-on subscription to our Adobe Acrobat Pro and Standard and Adobe Acrobat Reader products.

As part of our Creative Cloud and Document Cloud strategies, we utilize a data-driven operating model (“DDOM”) and our Adobe Experience Cloud solutions to raise awareness of our products, drive new customer acquisition, engagement and retention, and optimize customer journeys, which continue to contribute strong product-led growth in the business.

ARR should be viewed independently of revenue, deferred revenue and remaining performance obligations as ARR is a performance metric and is not intended to be combined with any of these items.

We calculate ARR as follows:

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Creative ARR | | | Annual Value of Creative Cloud Subscriptions and Services + Annual Creative ETLA Contract Value | | | | | |

| Document Cloud ARR | | | Annual Value of Document Cloud Subscriptions and Services + Annual Document Cloud ETLA Contract Value | | | | | |

| Digital Media ARR | | | Creative ARR + Document Cloud ARR | | | | | |

Creative ARR exiting fiscal 2024 was $13.85 billion, up from $12.49 billion at the end of fiscal 2023.

Document Cloud ARR exiting fiscal 2024 was $3.48 billion, up from $2.84 billion at the end of fiscal 2023.

Total Digital Media ARR grew to $17.33 billion at the end of fiscal 2024, up from $15.33 billion at the end of fiscal 2023.

We are a market leader in the fast-growing category addressed by our Digital Experience segment.

Adobe Experience Cloud delivers solutions for our customers across the following strategic growth pillars:

- *Data insights and audiences*.

Our products deliver actionable data to our customers in real time to enable highly tailored and adaptive experiences across platforms through Adobe Analytics, Adobe Customer Journey Analytics, Adobe Product Analytics, Adobe Mix Modeler, and Adobe Real-time Customer Data Platform.

- *Content, commerce and workflows*.

Our products help our customers manage, deliver, personalize, and optimize content delivery through Adobe Experience Manager; build multi-channel commerce experiences for B2B and B2C customers with Adobe Commerce; strategically plan, manage, collaborate and execute on workflows for marketing campaigns and other projects at speed and scale with our enterprise work management App, Adobe Workfront; and leverage self-serve capabilities to deliver on-brand content powered by generative AI in Adobe GenStudio for Performance Marketing.

- *Customer journeys*.

Our significant foreign currency revenue exposures for fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] were as follows:

| *(in millions)* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Euro | | | € | [removed: 3,149] [added: 3,430] | | | | | € | [removed: 2,842] [added: 3,149] | | | | | € | [removed: 2,487] [added: 2,842] | |

| Japanese Yen | | | ¥ | [removed: 144,800] [added: 163,826] | | | | | ¥ | [removed: 129,127] [added: 144,800] | | | | | ¥ | [removed: 118,456] [added: 129,127] | |

| British Pounds | | | £ | [removed: 887] [added: 942] | | | | | £ | [removed: 818] [added: 887] | | | | | £ | [removed: 737] [added: 818] | |

| Australian Dollars | | | $ | [removed: 1,064] [added: 1,136] | | | | | $ | [removed: 973] [added: 1,064] | | | | | $ | [removed: 876] [added: 973] | |

As of November [removed: 29, 2024,] [added: 28, 2025,] the [removed: total] [added: gross] notional amounts of all outstanding foreign exchange contracts [removed: were $5.89] [added: totaled $6.54] billion, which included the notional equivalent of [removed: $2.73] [added: $3.27] billion in Euros, [removed: $791] [added: $884] million in Japanese Yen, [removed: $714] [added: $741] million in British Pounds, [removed: $609] [added: $668] million in Indian Rupees, [removed: $585] [added: $543] million in Australian Dollars, [removed: $386] [added: $391] million in Canadian dollars and [removed: $76] [added: $39] million in other foreign currencies.

As of November [removed: 29, 2024,] [added: 28, 2025,] all contracts were set to expire at various dates through September [removed: 2026.][added: 2027.]

A sensitivity analysis was performed on all of our foreign exchange derivatives as of November [removed: 29, 2024.][added: 28, 2025.]

A 10% increase in the value of the U.S. Dollar and a corresponding decrease in the value of the hedged foreign currency asset would lead to an increase in the fair value of our financial hedging instruments by [removed: $434] [added: $456] million.

A 10% decrease in the value of the U.S. Dollar would lead to a decrease in the fair value of these financial instruments by [removed: $434] [added: $456] million.

As of November [removed: 29, 2024] [added: 28, 2025] and [removed: December 1, 2023,] [added: November 29, 2024,] this long-term investment exposure totaled an absolute notional equivalent of [removed: $1.19] [added: $1.32] billion and [removed: $1.03] [added: $1.19] billion, respectively.

[added: In the event the underlying forecasted transaction does not occur, or] it [added: becomes probable that it] will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to revenue or operating expenses, as applicable.

For the fiscal year ended November [removed: 29, 2024,] [added: 28, 2025,] there were no net gains or losses recognized in revenue or operating expenses relating to hedges of forecasted transactions that did not occur.

At November [removed: 29, 2024,] [added: 28, 2025,] the outstanding balance sheet hedging derivatives had maturities of 180 days or less.

*[See [removed: Note 6 of] [added: Not](#i655e09196b284344b85b1234dead7079_154)[e](#i655e09196b284344b85b1234dead7079_154) 5 [o](#i655e09196b284344b85b1234dead7079_154)[f] our Notes to Consolidated Financial Statements for information regarding our derivative financial [removed: instruments.](#i74cf9d38730645a2be94739e148c270a_154)*][added: instruments.](#i655e09196b284344b85b1234dead7079_154)*]

At November [removed: 29, 2024,] [added: 28, 2025,] we had debt securities classified as short-term investments of [removed: $273 million.][added: $1.16 billion.]

A sensitivity analysis was performed on our short-term investment portfolio as of November [removed: 29, 2024,] [added: 28, 2025,] based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve.

A 150 basis point increase in interest rates would lead to a [removed: $1] [added: $4] million decrease in the market value of our short-term investments.

Conversely, a 150 basis point decrease in interest rates would lead to a [removed: $1] [added: $4] million increase in the market value of our short-term investments.

[removed: As of November 29, 2024, we had $5.65 billion] [added: The remainder] of [added: our outstanding] senior notes [removed: outstanding which] bear interest at fixed rates, and therefore do not subject us to financial statement risk associated with changes in interest rates.

As of November [removed: 29, 2024,] [added: 28, 2025,] the total carrying amount of our senior notes was [removed: $5.63] [added: $6.21] billion and the related fair value based on observable market prices in less active markets was [removed: $5.51] [added: $6.18] billion.

*[See Note 17 of our Notes to Consolidated Financial Statements for information regarding our senior [removed: notes.](#i74cf9d38730645a2be94739e148c270a_193)*][added: notes.](#i655e09196b284344b85b1234dead7079_193)*]

| Canadian Dollars | | | $ | 743 | | | | | $ | 669 | | | | | $ | 599 | |

As of November 28, 2025, we had $6.15 billion of senior notes outstanding.

We have entered into interest rate swaps related to certain of our senior notes that effectively convert the fixed interest rates to floating interest rates based on the Secured Overnight Financing Rate Overnight Index Swap Rate plus a fixed number of basis points through their respective par call dates.

Accordingly, our exposure to fluctuations in market interest rates is on the hedged fixed-rate debt of $2.70 billion.

An immediate hypothetical 50 basis point increase or decrease in market interest rates would lead to a $71 million change in the fair value of our hedged fixed-rate debt.

In the event the underlying forecasted transaction does not occur, or it becomes probable that

For over four decades, [removed: Adobe’s] [added: our] innovations have transformed how [removed: individuals, teams, businesses, enterprises, institutions, and governments] [added: people everywhere] engage [removed: and interact] across all types of media.

[removed: *Opportunity*][added: STRATEGY & OPPORTUNITY]

[removed: *Strategy*][added: AI Strategy]

[added: Publishing and Advertising.] Our Publishing and Advertising [removed: segment contains] [added: offerings contain] legacy [removed: products and services that address diverse market opportunities] [added: solutions] including eLearning solutions, technical document publishing, web conferencing, document and forms platform, web App development, high-end printing [added: through Adobe PostScript] and [added: Adobe PDF standards and] our Adobe Advertising offerings.

The markets for our [removed: products and services] [added: solutions] are characterized by [added: rapid technological innovation,] new industry standards, evolving distribution [added: and sales] models, [removed: rapid technological innovation, frequent] [added: limited barriers to entry, short] product [removed: introductions] [added: lifecycles, customer price sensitivity, global economic conditions] and [removed: short][added: the frequent entry of new solutions or competitors.]

See the section titled [“Risk Factors” contained in [removed: Part](#i74cf9d38730645a2be94739e148c270a_49) I[,] [added: Part](#i655e09196b284344b85b1234dead7079_49) [I](#i655e09196b284344b85b1234dead7079_49)[,] Item [removed: 1A](#i74cf9d38730645a2be94739e148c270a_49)] [added: 1A](#i655e09196b284344b85b1234dead7079_49)] of this report for additional information regarding risks related to competition.

PRINCIPAL [removed: PRODUCTS, SERVICES AND] SOLUTIONS

[removed: Adobe] [added: *Adobe] Creative [removed: Cloud][added: Cloud Pro*]

Adobe Creative Cloud [added: Pro] is a cloud-based subscription to [removed: a collection] [added: an ecosystem] of [removed: Apps] [added: apps] that enables creative professionals and enthusiasts alike to express themselves and collaborate with [removed: Apps] [added: apps] and services for photography, design, video, social media, and more that connect across surfaces, platforms and geographies.

Creative Cloud [removed: paid plans include] [added: Pro includes] the Adobe Firefly web [removed: App,] [added: app,] the premium version of Adobe Express, and AI-powered features natively integrated throughout Adobe Photoshop, Adobe Illustrator and Adobe Premiere Pro.

All [removed: Apps] [added: apps] listed below and many more are available through subscriptions to Creative Cloud [added: Pro] (except Substance 3D Apps, which are sold separately through the Adobe Substance 3D Collection plan), and many of our [removed: Apps] [added: apps] are also available as standalone subscriptions on Adobe.com.

*Adobe Photoshop and [removed: Adobe] Lightroom*

In addition to individual subscriptions to Photoshop and Lightroom, we offer a Photography [removed: Plan, which is a more limited cloud-based offering than Creative Cloud, targeted at] [added: Plan for] photographers and photo enthusiasts and includes Photoshop, Lightroom and Lightroom Classic.

*Adobe [removed: Illustrator and Adobe Fresco*][added: Illustrator*]

Adobe Illustrator is our industry-standard vector graphics [removed: App for desktop and iPad] [added: app] used worldwide by designers of all types who want to create digital graphics and illustrations for all kinds of media—print, web, interactive, video and mobile—from web and mobile graphics to product packaging to book illustrations and billboards.

After Effects works together seamlessly with other Adobe [removed: Apps such as Adobe Premiere Pro, Adobe Photoshop, Adobe Illustrator and Adobe Audition,] [added: solutions] as well as third party software and hardware partners.

Users can easily design high-impact design elements, engaging videos and images, resumes, PDFs, animation and content ready for [removed: Instagram, TikTok and other] social [added: media] channels and platforms.

*Adobe [removed: Firefly, Adobe] Firefly [removed: Services and] Custom Models*

In addition, with [removed: Adobe Firefly for Enterprise,] certain [added: of our enterprise and teams solutions,] businesses are eligible to obtain an intellectual property indemnification for [removed: AI-generated] [added: AI] content generated by most [removed: Firefly-][added: Firefly-powered workflows.]

Firefly [removed: Services] [added: Services, available for enterprises,] provides enterprises with APIs, tools and services for content generation, editing and assembly, to automate the production of content while maintaining quality and control.

[removed: The Firefly generative AI model is] [added: They are] trained on data Adobe has the rights to use.

Every asset [removed: created using] [added: generated with] Firefly includes Content Credentials, a digital “nutrition label”, to indicate that generative AI was used, bringing more trust and transparency to digital content.

[removed: Adobe Stock is built into our Creative Cloud Apps,] including Adobe Photoshop, Adobe [removed: Illustrator, Adobe InDesign] [added: Illustrator] and Adobe Express, enabling users to search, browse and add assets to their Creative Cloud Libraries and instantly access them across all connected surfaces.

Adobe Substance 3D is an ecosystem of [removed: desktop Apps,] [added: apps,] including Substance 3D Stager, Substance 3D Painter, Substance 3D Sampler, Substance 3D [removed: Designer] [added: Assets] and Substance 3D Modeler.

Our customers can build and assemble 3D scenes with Stager, use tools in Painter to texture 3D [removed: assets, from advanced brushes to Smart Materials that automatically adapt to your model] [added: assets] and use Sampler to digitize and enrich assets.

The Acrobat Pro [removed: plan, available through both our Creative Cloud and Document Cloud businesses,] [added: plan] offers additional advanced PDF features.

Acrobat AI Assistant, our generative AI-powered conversational engine, gives [removed: our] users the power to work more productively with their [removed: documents with its ability to summarize] [added: PDFs by summarizing] and [removed: answer] [added: answering] questions about documents, [removed: provide] [added: providing] intelligent citations and quickly [removed: generate] [added: generating] and [removed: format] [added: formatting] content for sharing.

Acrobat AI Assistant is [added: available in Acrobat Studio and] offered as an add-on to Acrobat Pro, Acrobat Standard and Acrobat Reader.

[removed: At the heart of] Adobe [removed: Document Cloud] [added: Acrobat] is [removed: Adobe Acrobat,] our comprehensive PDF solution with a full set of tools to convert, edit, share and sign PDFs across various surfaces and platforms.

[removed: Adobe] [added: *Adobe] Experience [removed: Platform][added: Platform*]

Adobe Experience Platform is a purpose-built platform for customer experience [removed: management] [added: orchestration] that helps businesses collect, connect and activate their known and unknown customer data from every interaction across sources and channels in real time to create unified customer profiles.

Our customers can leverage Adobe Experience Platform to activate AI-driven insights across [removed: all] [added: apps such as] Adobe [removed: Experience Cloud Apps in near real time.][added: Real-Time Customer Data Platform, Adobe Customer Journey Analytics and Adobe Journey Optimizer.]

*Adobe [added: Analytics and Adobe Customer Journey] Analytics*

Real-Time Customer Data Platform utilizes an open and extensible architecture that [added: allows integration with a variety of data sources and activation touchpoints and provides continuous data refreshes to keep their customer profiles updated in near real time.]

Adobe Experience Manager Sites provides a [removed: marketer and developer-friendly] content management [added: and optimization] system built on a scalable, cloud-native foundation to create and deploy personalized experiences across [removed: every channel.][added: web, mobile and apps.]

[removed: Based on an open-source ecosystem with thousands of third-party extensions, Adobe Commerce extends beyond the online] shopping cart to shoppable experiences, with actionable data analysis and automated back-end workflows, native integrations with other Adobe [removed: products, such as Adobe Analytics, Adobe Target and Adobe Experience Manager,] [added: solutions,] and the capability to be scalable and extensible.

Adobe Workfront provides a unified work management [removed: App] [added: app] to enable teams to work more efficiently, with tools to strategize, plan, execute, review and deliver [removed: on] complex workflows.

*Adobe [removed: GenStudio for Performance Marketing*][added: GenStudio*]

Adobe [added: solutions offered within Adobe] GenStudio [added: include Adobe Experience Manager Assets, Adobe Workfront, Firefly Services and Adobe GenStudio] for Performance [removed: Marketing is] [added: Marketing,] a generative AI-first [removed: product within Adobe GenStudio] [added: solution] that enables marketing teams to use generative AI to quickly [removed: create on-brand advertisements and emails to] [added: create,] deliver [removed: relevant] and [removed: personalized] [added: optimize on-brand digital] experiences to their customers, while allowing brand and creative teams to retain oversight and strategic direction with brand guardrails.

We market our [removed: products, services and] solutions directly to enterprise customers through our sales force and local field offices and directly to businesses and consumers.

Adobe’s mission is to empower everyone to create.

We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences.

Adobe’s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel.

Our focus revolves around serving our customer audiences: business professionals, consumers, creators, creative professionals and marketing professionals.

The massive opportunity and evolving role of creativity across roles and industries have driven Adobe’s growth over the past four decades and are expected to continue to drive our growth going forward as we evolve our solutions and routes to market to anticipate the growing needs of our customers.

In the artificial intelligence (“AI”) era, we are harnessing the power of AI across our solutions by bringing together our commercially safe first-party and leading partner AI models best suited for the job; deploying conversational and agentic capabilities across offerings; ensuring ubiquity on all surfaces; delivering trusted and secure solutions; and expanding our global presence.

Adobe’s value proposition is to empower creative expression across multiple media types and channels, at scale, in a collaborative and secure environment, with an end-to-end integrated platform spanning ideation, creation, production and activation.

We power the entire content workflow with Adobe’s AI platform, which offers customers brand safety, compliance, intellectual property protection, and reliability.

Adobe’s strategy is to empower our customer audiences—business professionals, consumers, creators, creative professionals and marketing professionals—to be more creative, productive and successful.

Underpinning our customer-focused solutions is our AI strategy and Adobe’s AI platform.

As a technology leader that unleashes creativity, productivity and customer experience orchestration, we deliver end-to-end professional creative and marketing solutions.

We support our customers to transform the way they connect with their customers and bring creativity and marketing together in new and powerful ways through a connected ecosystem of tools, agents and workflows.

We are scaling differentiated digital and enterprise routes to market and automated workflows to expand our brand value and global reach.

Customer Groups Strategy

We drive our strategy through customer-specific product innovation and go-to-market motions focused on two customer groups: Business Professionals & Consumers and Creative & Marketing Professionals.

We continue to focus on several key

growth drivers among our customer groups.

This includes expanding relationships and engagement with existing customers, driving new customer adoption, delivering value-driven and innovative solutions in new categories across desktop, web and mobile, and increasing our geographic reach.

We continue to scale our digital and enterprise routes to market as well as our extensive partner ecosystem to expand our addressable market and deliver on our strategy.

*Business Professionals & Consumers*

Creativity and productivity are merging and changing how everyone communicates digitally.

Business professionals and consumers seek intuitive, all-in-one solutions that seamlessly integrate creativity and productivity across web and mobile.

They require tools to digest and gain insights from vast amounts of information and data.

They value ease of use, enabled by freemium models that provide accessible entry points to powerful tools that span document consumption and content creation.

AI-powered features and conversational interfaces are increasingly replacing traditional templates, offering dynamic and personalized workflows that enhance efficiency.

For Business Professionals & Consumers, we are democratizing productivity and creativity with AI-driven, quick and easy applications (“apps”) that enable users to be creative and productive whether consuming or generating content across multiple media types and channels.

With Acrobat Studio, which brings together Adobe Acrobat and Express to deliver more product value, we are evolving Acrobat from a leading document productivity app to an integrated destination for people to get insights faster, create standout content and collaborate more seamlessly.

Our Acrobat solutions, from our freemium Acrobat Reader to Acrobat AI Assistant to our AI-powered productivity and creativity destination, Acrobat Studio, facilitate frictionless onboarding and scaled reach in serving the billions of potential users in this customer group.

*Creative & Marketing Professionals*

Creators and creative professionals need AI-driven solutions that provide power and precision from ideation and creation to production and delivery.

They want a powerful destination for creative expression and access to leading AI models.

They require seamless collaboration capabilities, powerful ideation tools, conversational and agentic AI solutions and flexible access to web, mobile, and desktop applications to meet the growing demand for high-quality, personalized content in a fast-paced digital economy.

As AI fundamentally transforms content production, distribution and monetization, our solutions accelerate creative expression for creators and creative professionals and enable anyone to create by using the AI functionality infused in our flagship creative applications as well as our AI-first solutions.

We offer an end-to-end, ideation-to-creation platform powered by our commercially safe Firefly models and an expansive partner model ecosystem, offering customers choice and flexibility without the friction of switching between workflows and platforms.

Marketing professionals require AI-driven solutions that enable them to create, manage and optimize personalized digital experiences at scale and to enhance brand visibility across the content supply chain.

They need agility, self-service capabilities, and integrated workflows to collaborate effectively with creative teams and agencies and meet the increasing demand for compelling content.

For marketing professionals, we unify creative production and marketing execution with comprehensive content supply chain solutions that deliver end-to-end customer experience orchestration solutions, automate workflows and personalize experiences and engagement at scale across channels.

Centered around Adobe Experience Platform and apps and Adobe GenStudio, our offerings streamline the content supply chain and deliver agile, self-service capabilities and integrated workflows to collaborate effectively and efficiently produce high volumes of on-brand, personalized content to strengthen brand visibility.

Our competitive differentiation comes from the increased value we provide customers by integrating the Adobe Experience Platform with our comprehensive set of solutions and embedding AI into our portfolio of solutions, such as Adobe Experience Platform AI Assistant.

Adobe Experience Platform is a customer data platform that serves as a foundation in enterprises for digital customer engagement and brings together AI-powered apps and agents to efficiently drive engagement and loyalty.

OVERVIEW

Adobe is a global technology company with a mission to change the world through personalized digital experiences.

Our products, services and solutions are used around the world to imagine, create, manage, deliver, measure, optimize and engage with content across surfaces and fuel digital experiences.

We have a diverse user base that includes consumers, communicators, creative professionals, developers, students, small and medium businesses and enterprises.

We are also empowering creators by putting the power of artificial intelligence (“AI”) in their hands, and doing so in ways we believe are responsible.

Our products and services help unleash creativity, accelerate document productivity and power businesses in a digital world.

OFFERINGS

We deliver a wide range of products, services and solutions to empower our customers and users to imagine and express ideas, create content and bring any digital experience to life.

We focus our strategic investments in two areas of growth:

Digital Media. We provide products, services and solutions that enable individuals, teams, businesses, enterprises, institutions, and governments to create, publish and promote their content anywhere, and accelerate their productivity by transforming how they view, share, engage with and collaborate on documents and content creation.

Our Digital Media segment is centered around Adobe Creative Cloud and Adobe Document Cloud, which include Adobe Photoshop, Adobe Illustrator, Adobe Lightroom, Adobe Premiere Pro, Adobe Acrobat, Adobe Acrobat Sign, Adobe Express, Adobe Firefly and many more products, offering a variety of tools for creative professionals (like photographers, graphic designers, video editors and game developers), communicators and other consumers.

This is the core of what we have delivered to customers and users for decades, and we have continually evolved and expanded our Digital Media business model to provide our customers and users with a range of flexible solutions to help them reach their full creative potential.

Digital Experience. We provide an integrated platform and set of products, services and solutions through Adobe Experience Cloud that enable businesses to create, manage, execute, measure, monetize and optimize customer experiences.

Our customers include marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers and executives across the C-suite.

The foundation of our offering is Adobe Experience Platform, which provides businesses with an open and extensible system for customer experience management that transforms customer data into robust customer profiles that update in real time and uses insights to deliver personalized digital experiences across various channels.

We offer a comprehensive suite of products, services and solutions to our customers in our Digital Media business and Digital Experience business.

With Adobe GenStudio, our cross-cloud, end-to-end solution that packages offerings across Digital Experience and Digital Media, enterprises can automate, optimize and accelerate their content supply chains for

marketing campaigns and personalized customer experiences.

We believe we are well positioned to deliver value in both the Digital Media and Digital Experience strategic areas where our mission to change the world through personalized digital experiences has never been more relevant as people seek new ways to create, collaborate and communicate and businesses continue to invest in digital transformation.

Our business is organized into three reportable segments:

- Digital Media;

- Digital Experience; and

- Publishing and Advertising.

These segments provide Adobe’s senior management with a comprehensive financial view of our key businesses.

Our segments are aligned around our two strategic growth opportunities further described below, and our legacy products, services and solutions are contained within the third segment, Publishing and Advertising.

MARKET OVERVIEW

This overview provides an explanation of our markets and a discussion of strategic opportunities in fiscal 2025 and beyond for each of our segments.

*See the section titled [“Results of Operations” in Part II, Item 7 titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”](#i74cf9d38730645a2be94739e148c270a_85) and [Note 2 of our Notes to Consolidated Financial Statement](#i74cf9d38730645a2be94739e148c270a_139)[s](#i74cf9d38730645a2be94739e148c270a_139) of this report for further segment information.*

Digital Media

In today’s digital world, content and digital documents are fueling the global economy, and productivity, design and creativity have never been more relevant, providing a significant market opportunity for Adobe in digital media.

Everyone has a story to tell and needs products and services at their fingertips to tell those stories on an ever-increasing number of canvases.

AI- and generative AI-powered technologies are increasing this opportunity by growing the demand for and production of content.

This shift is changing how creative professionals work by accelerating their processes, increasing their productivity, and allowing them to explore and create in new fields, while empowering new creators by dramatically lowering barriers to creativity.

At the same time, creativity is increasingly a team effort that is redefining productivity, making quick and easy collaboration even more critical to every company’s success.

Adobe is driving innovation to shape these trends, democratize creativity, empower individuals to create wherever inspiration strikes and enable more effective collaboration between creators and stakeholders.

The flagship of our Digital Media business is Adobe Creative Cloud, a subscription service that allows subscribers to use our creative products and applications (“Apps”) integrated with cloud-delivered services across various surfaces and platforms.

We believe in creativity for all, and Creative Cloud addresses the needs of all content creators, from creative professionals, such as artists, designers, developers, students, and administrators, to knowledge workers, marketers, educators, enthusiasts, communicators, and consumers.

Our customers rely on our products for content creation, photo editing, design, video and animation production, mobile App and gaming development, and more.

Our customers can choose between products optimized for different platforms and capabilities, from the speed and ease of use offered by Adobe Express, our AI-first, task-based web and mobile App, to the greater power and precision of our flagship Creative Cloud Apps.

We believe we have significant opportunities to grow our Digital Media business by advancing every creative category across all surfaces; expanding content-first, task-based creativity with Adobe Express; enabling seamless collaboration across all stakeholders; inspiring the creative community through sharing and monetization; and expanding the user base of our tools through the infusion of AI into our products, services and solutions to enable users of any skill level to easily and efficiently create content.

The material set forth in the section titled “Legal Proceedings” in [Note 16 of our Notes to Consolidated Financial [removed: Statements](#i74cf9d38730645a2be94739e148c270a_190)] [added: Statements](#i655e09196b284344b85b1234dead7079_190)] is incorporated herein by reference.

For the fiscal year ended November [removed: 29, 2024][added: 28, 2025]

Commission File Number: [removed: 0-15175][added: 000-15175]

The aggregate market value of the registrant’s common stock, $0.0001 par value per share, held by non-affiliates of the registrant on May [removed: 31, 2024,] [added: 30, 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: $164.65] [added: $144.94] billion (based on the closing sales price of the registrant’s common stock on that date).

[removed: This] [added: The] determination of affiliate status [added: for this calculation] is not necessarily a conclusive determination for other purposes.

As of January [removed: 3, 2025, 435.3] [added: 9, 2026, 410.5] million shares of the registrant’s common stock, $0.0001 par value per share, were issued and outstanding.

Portions of the Proxy Statement for the registrant’s [removed: 2025] [added: 2026] Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the end of the fiscal year ended November [removed: 29, 2024,] [added: 28, 2025,] are incorporated by reference in Part III hereof.

| Item 1. | | | [removed: [Business](#i74cf9d38730645a2be94739e148c270a_13)] [added: [Business](#i655e09196b284344b85b1234dead7079_13)] | | | [removed: [3](#i74cf9d38730645a2be94739e148c270a_13)] [added: [3](#i655e09196b284344b85b1234dead7079_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i74cf9d38730645a2be94739e148c270a_49)] [added: Factors](#i655e09196b284344b85b1234dead7079_49)] | | | [removed: [23](#i74cf9d38730645a2be94739e148c270a_49)] [added: [17](#i655e09196b284344b85b1234dead7079_49)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i74cf9d38730645a2be94739e148c270a_52)] [added: Comments](#i655e09196b284344b85b1234dead7079_52)] | | | [removed: [34](#i74cf9d38730645a2be94739e148c270a_52)] [added: [29](#i655e09196b284344b85b1234dead7079_52)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i74cf9d38730645a2be94739e148c270a_55)] [added: [Cybersecurity](#i655e09196b284344b85b1234dead7079_55)] | | | [removed: [35](#i74cf9d38730645a2be94739e148c270a_55)] [added: [29](#i655e09196b284344b85b1234dead7079_55)] | | |

| Item 2. | | | [removed: [Properties](#i74cf9d38730645a2be94739e148c270a_58)] [added: [Properties](#i655e09196b284344b85b1234dead7079_58)] | | | [removed: [36](#i74cf9d38730645a2be94739e148c270a_58)] [added: [30](#i655e09196b284344b85b1234dead7079_58)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i74cf9d38730645a2be94739e148c270a_61)] [added: Proceedings](#i655e09196b284344b85b1234dead7079_61)] | | | [removed: [36](#i74cf9d38730645a2be94739e148c270a_61)] [added: [30](#i655e09196b284344b85b1234dead7079_61)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i74cf9d38730645a2be94739e148c270a_64)] [added: Disclosures](#i655e09196b284344b85b1234dead7079_64)] | | | [removed: [36](#i74cf9d38730645a2be94739e148c270a_64)] [added: [30](#i655e09196b284344b85b1234dead7079_64)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases [removed: of](#i74cf9d38730645a2be94739e148c270a_70) [](#i74cf9d38730645a2be94739e148c270a_70)[Equity Securities](#i74cf9d38730645a2be94739e148c270a_70)] [added: of Equity Securities](#i655e09196b284344b85b1234dead7079_70)] | | | [removed: [37](#i74cf9d38730645a2be94739e148c270a_70)] [added: [31](#i655e09196b284344b85b1234dead7079_70)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i74cf9d38730645a2be94739e148c270a_73)] [added: [\[Reserved\]](#i655e09196b284344b85b1234dead7079_73)] | | | [removed: [37](#i74cf9d38730645a2be94739e148c270a_73)] [added: [31](#i655e09196b284344b85b1234dead7079_73)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i74cf9d38730645a2be94739e148c270a_76)] [added: Operations](#i655e09196b284344b85b1234dead7079_76)] | | | [removed: [38](#i74cf9d38730645a2be94739e148c270a_76)] [added: [32](#i655e09196b284344b85b1234dead7079_76)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i74cf9d38730645a2be94739e148c270a_112)] [added: Risk](#i655e09196b284344b85b1234dead7079_112)] | | | [removed: [51](#i74cf9d38730645a2be94739e148c270a_112)] [added: [44](#i655e09196b284344b85b1234dead7079_112)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i74cf9d38730645a2be94739e148c270a_115)] [added: Data](#i655e09196b284344b85b1234dead7079_115)] | | | [removed: [53](#i74cf9d38730645a2be94739e148c270a_115)] [added: [46](#i655e09196b284344b85b1234dead7079_115)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i74cf9d38730645a2be94739e148c270a_208)] [added: Disclosure](#i655e09196b284344b85b1234dead7079_214)] | | | [removed: [93](#i74cf9d38730645a2be94739e148c270a_208)] [added: [87](#i655e09196b284344b85b1234dead7079_214)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i74cf9d38730645a2be94739e148c270a_211)] [added: Procedures](#i655e09196b284344b85b1234dead7079_217)] | | | [removed: [93](#i74cf9d38730645a2be94739e148c270a_211)] [added: [87](#i655e09196b284344b85b1234dead7079_217)] | | |

| Item 9B. | | | [Other [removed: Information](#i74cf9d38730645a2be94739e148c270a_214)] [added: Information](#i655e09196b284344b85b1234dead7079_220)] | | | [removed: [93](#i74cf9d38730645a2be94739e148c270a_214)] [added: [87](#i655e09196b284344b85b1234dead7079_220)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#i74cf9d38730645a2be94739e148c270a_217)] [added: Inspections](#i655e09196b284344b85b1234dead7079_223)] | | | [removed: [93](#i74cf9d38730645a2be94739e148c270a_217)] [added: [87](#i655e09196b284344b85b1234dead7079_223)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i74cf9d38730645a2be94739e148c270a_223)] [added: Governance](#i655e09196b284344b85b1234dead7079_229)] | | | [removed: [94](#i74cf9d38730645a2be94739e148c270a_223)] [added: [88](#i655e09196b284344b85b1234dead7079_229)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i74cf9d38730645a2be94739e148c270a_226)] [added: Compensation](#i655e09196b284344b85b1234dead7079_232)] | | | [removed: [94](#i74cf9d38730645a2be94739e148c270a_226)] [added: [88](#i655e09196b284344b85b1234dead7079_232)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i74cf9d38730645a2be94739e148c270a_229)] [added: Matters](#i655e09196b284344b85b1234dead7079_235)] | | | [removed: [94](#i74cf9d38730645a2be94739e148c270a_229)] [added: [88](#i655e09196b284344b85b1234dead7079_235)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i74cf9d38730645a2be94739e148c270a_232)] [added: Independence](#i655e09196b284344b85b1234dead7079_238)] | | | [removed: [94](#i74cf9d38730645a2be94739e148c270a_232)] [added: [88](#i655e09196b284344b85b1234dead7079_238)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i74cf9d38730645a2be94739e148c270a_235)] [added: Services](#i655e09196b284344b85b1234dead7079_241)] | | | [removed: [94](#i74cf9d38730645a2be94739e148c270a_235)] [added: [88](#i655e09196b284344b85b1234dead7079_241)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i74cf9d38730645a2be94739e148c270a_241)] [added: Schedules](#i655e09196b284344b85b1234dead7079_247)] | | | [removed: [95](#i74cf9d38730645a2be94739e148c270a_241)] [added: [89](#i655e09196b284344b85b1234dead7079_247)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i74cf9d38730645a2be94739e148c270a_247)] [added: Summary](#i655e09196b284344b85b1234dead7079_253)] | | | [removed: [97](#i74cf9d38730645a2be94739e148c270a_247)] [added: [91](#i655e09196b284344b85b1234dead7079_253)] | | |

*In addition to historical information, this Annual Report on Form 10-K contains “forward-looking statements” within the meaning of applicable securities laws, including statements related to our product development plans and new or enhanced offerings; our business, [added: strategy,] artificial intelligence [added: (“AI”)] and innovation momentum; our [removed: strategy,] market [added: and AI] opportunity and future growth; market [added: and AI] trends; [removed: current] macroeconomic conditions; fluctuations in foreign currency exchange rates; strategic investments; [removed: industry positioning; and] customer [removed: acquisition] [added: success] and [removed: retention.][added: groups; and industry positioning.]

The risks described herein and in Adobe’s other filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Quarterly Reports on Form 10-Q to be filed in fiscal [removed: 2025,] [added: 2026,] should be carefully reviewed.

Undue reliance should not be placed on the [added: forward-looking] financial information set forth in this report, which reflects estimates based on information available as of the date of this report.

| [Signatures](#i655e09196b284344b85b1234dead7079_256) | | | | | | [92](#i655e09196b284344b85b1234dead7079_256) | | |

| | | | | | | | | |

“Adobe,” “Acrobat,” “Photoshop,” “Adobe Firefly,” “Adobe GenStudio” and other trademarks of ours appearing in this report are our property.

All other trademarks are the property of their respective owners.

Shares of the registrant’s common stock held by each officer and director and each person who owns 5% or more of the outstanding common stock of the registrant have been excluded in that such persons may be deemed to be affiliates.

| [Signatures](#i74cf9d38730645a2be94739e148c270a_250) | | | | | | [98](#i74cf9d38730645a2be94739e148c270a_250) | | |

| [Summary of Trademarks](#i74cf9d38730645a2be94739e148c270a_253) | | | | | | [100](#i74cf9d38730645a2be94739e148c270a_253) | | |

We maintain an information security incident response plan designed to monitor, analyze, address, escalate and report cybersecurity incidents, and escalate certain cybersecurity incidents to members of management depending on the [removed: circumstances, including our Chief Security Officer (“CSO”), Chief Cybersecurity Legal and Privacy Officer (“CCPO”), Chief Financial Officer, Chief People Officer, President of Digital Media, President of Digital Experience, General Counsel and Chief Executive Officer.][added: circumstances.]

For a description of the risks from cybersecurity threats that may materially affect us, see the risks described in the section titled [“Risk Factors” contained in [removed: Part](#i74cf9d38730645a2be94739e148c270a_49) [I](#i74cf9d38730645a2be94739e148c270a_49)[,] [added: Part I,] Item [removed: IA](#i74cf9d38730645a2be94739e148c270a_49)] [added: IA](#i655e09196b284344b85b1234dead7079_49)] of this report, including under the headings “Security incidents, improper access to or disclosure of our customers’ data or other cybersecurity incidents may harm our reputation and materially and adversely affect our business.”

Our Board of Directors (the “Board”) addresses cybersecurity [removed: risk management] [added: risks] as part of its general oversight function.

[removed: In this regard, the] [added: Our] Audit Committee [removed: reviews] [added: of the Board (the “Audit Committee”) oversees enterprise risks, including cybersecurity risks,] and [removed: discusses with management] the adequacy and effectiveness of our information security, technology and [removed: privacy] policies and [removed: the] [added: our] internal controls regarding these areas.

We [removed: also] have a Cyber Disclosure Committee, comprised of [removed: cross-functional leaders including finance, risk, operations and investor relations and led by the CSO] [added: our CSO, cyber legal professionals] and [removed: CCPO,] [added: other cross-functional leaders,] that meets [added: regularly] to assess [removed: certain incidents] and [removed: makes] [added: make] determinations regarding [removed: materiality.][added: certain cybersecurity incidents, and have an escalation process to inform management and the Audit Committee when appropriate.]

Additionally, our CSO [removed: and CCPO identify] [added: identifies] certain cybersecurity risks that are reviewed as part of the enterprise risk management framework and [added: periodically] presented to the Board and the Audit [removed: Committee on an annual basis.][added: Committee.]

Our cybersecurity risk assessment and management processes are implemented and maintained by [removed: certain management members,] [added: management,] including our CSO and [removed: CCPO,] [added: our cyber legal professionals,] whom each has extensive cybersecurity experience in their respective areas of responsibility and expertise.

Our CSO [removed: and CCPO are] [added: is] supported by a [removed: cybersecurity] team [removed: comprised] of cybersecurity, information security, information technology, operations and legal executives and professionals.

The Audit Committee receives regular cybersecurity updates from our Chief Security Officer (“CSO”), in conjunction with senior cyber legal and other professionals, and reports those updates to the Board.

The updates address topics such as cybersecurity risks and the prevention, detection, mitigation and remediation of cybersecurity incidents.

Our CSO, who reports to the Chief Financial Officer, has primary responsibility for the strategy, engineering and operations of cybersecurity across Adobe in partnership with our executive-level product leaders and our cyber legal professionals, who report to the Chief Legal Officer, and have primary responsibility for the legal aspects of cybersecurity across Adobe.

The Audit Committee of the Board (the “Audit Committee”) has oversight of enterprise risks, including risks related to cybersecurity.

Our Audit Committee receives regular cybersecurity updates about general cybersecurity risks from our CSO and updates about the prevention, detection, mitigation and remediation of cybersecurity incidents from our CSO and CCPO.

Cybersecurity updates presented to the Audit Committee are reported to the Board by the Audit Committee Chair.

Our CSO, who reports to the Chief Financial Officer, has primary responsibility for hiring appropriate information security personnel and managing workloads of information security personnel, engaging and overseeing third-party cybersecurity consultants, approving budgets and cybersecurity processes, preparing for incident response, reviewing security assessments and other security-related reports, communicating key priorities to relevant personnel, including the security incident response team, assessing and managing Adobe’s overall cybersecurity strategy, standards, risk management (in consultation with the cybersecurity risk steering committee) and processes.

Our CCPO, who reports to the General Counsel, has primary responsibility for the legal aspects of the cybersecurity program, including assessing and providing advice on our cybersecurity strategy, standards, risk management, policies, processes and legal obligations.

The largest properties we occupy outside of the United States are our Bangalore, India and Noida, India offices which are approximately 0.7 million and [removed: 0.5] [added: 0.7] million square feet, respectively.

*[See [removed: Note 18 of] [added: Note](#i655e09196b284344b85b1234dead7079_199) 7 [of] our Notes to Consolidated Financial Statements for further information regarding our lease [removed: obligations.](#i74cf9d38730645a2be94739e148c270a_196)*][added: obligations.](#i655e09196b284344b85b1234dead7079_199)*]

According to the records of our transfer agent, there were [removed: 856] [added: 801] holders of record of our common stock on January [removed: 3, 2025.][added: 9, 2026.]

Below is a summary of stock repurchases for the three months ended November [removed: 29, 2024.][added: 28, 2025.]

*[See Note 14 of our Notes to Consolidated Financial Statements for information regarding our stock repurchase [removed: programs.](#i74cf9d38730645a2be94739e148c270a_184)*][added: programs.](#i655e09196b284344b85b1234dead7079_184)*]

| August 30—September 26, 2025 | | | | | | 2.1 | | | | | | $ | 353.68 | | | | | 2.1 | | | | | | $ | 8,088 | | | | |

| September 27—October 24, 2025 | | | | | | 2.3 | | | | | | $ | 345.96 | | | | | 2.3 | | | | | | $ | 7,307 | | | | |

| October 25—November 28, 2025 | | | | | | 2.8 | | | | | | $ | 332.31 | | | | | 2.8 | | | | | | $ | 6,369 | | | | |

| Total | | | | | | 7.2 | | | | | | | | | | | | 7.2 | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Beginning repurchase authority | | | | | | | | | | | | | | | | | | | | | | | | $ | 20,150 | | | | |

| August 31—September 27, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Accelerated share repurchases (2),(3) | | | | | | 4.6 | | | | | | $ | — | | | | | 4.6 | | | | | | $ | (2,500) | | (3) | | |

| September 28—October 25, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Shares repurchased | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | — | | | | |

| October 26—November 29, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 4.6 | | | | | | | | | | | | 4.6 | | | | | | $ | 17,650 | | | | |

(2)In June 2024, we entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution whereupon we provided them with a prepayment of $2.5 billion and received an initial delivery of shares at contract inception representing a portion of the prepayment.

Upon final settlement of this ASR in September 2024, we received an incremental delivery of 1.0 million shares of our common stock.

Under this ASR, we repurchased a total of 4.6 million shares at an average price of $546.30.

(3)In September 2024, we entered into an ASR with a large financial institution whereupon we provided them with a prepayment of $2.5 billion and received an initial delivery of 3.6 million shares of our common stock at contract inception, representing a portion of the prepayment.

Subsequent to November 29, 2024, this ASR was settled which resulted in total repurchases of 5.0 million shares at an average price of $501.37.

| [Consolidated Balance [removed: Sheets](#i74cf9d38730645a2be94739e148c270a_118)] [added: Sheets](#i655e09196b284344b85b1234dead7079_118)] | | | [removed: [54](#i74cf9d38730645a2be94739e148c270a_118)] [added: [47](#i655e09196b284344b85b1234dead7079_118)] | | |

| [Consolidated Statements of [removed: Income](#i74cf9d38730645a2be94739e148c270a_121)] [added: Income](#i655e09196b284344b85b1234dead7079_121)] | | | [removed: [55](#i74cf9d38730645a2be94739e148c270a_121)] [added: [48](#i655e09196b284344b85b1234dead7079_121)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i74cf9d38730645a2be94739e148c270a_124)] [added: Income](#i655e09196b284344b85b1234dead7079_124)] | | | [removed: [56](#i74cf9d38730645a2be94739e148c270a_124)] [added: [49](#i655e09196b284344b85b1234dead7079_124)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#i74cf9d38730645a2be94739e148c270a_127)] [added: Equity](#i655e09196b284344b85b1234dead7079_127)] | | | [removed: [57](#i74cf9d38730645a2be94739e148c270a_127)] [added: [50](#i655e09196b284344b85b1234dead7079_127)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i74cf9d38730645a2be94739e148c270a_130)] [added: Flows](#i655e09196b284344b85b1234dead7079_130)] | | | [removed: [58](#i74cf9d38730645a2be94739e148c270a_130)] [added: [51](#i655e09196b284344b85b1234dead7079_130)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i74cf9d38730645a2be94739e148c270a_133)] [added: Statements](#i655e09196b284344b85b1234dead7079_133)] | | | [removed: [59](#i74cf9d38730645a2be94739e148c270a_133)] [added: [52](#i655e09196b284344b85b1234dead7079_133)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i74cf9d38730645a2be94739e148c270a_205)] [added: Firm](#i655e09196b284344b85b1234dead7079_211)] (KPMG [removed: LLP[,](#i74cf9d38730645a2be94739e148c270a_205)] [added: LLP[,](#i655e09196b284344b85b1234dead7079_211)] Santa Clara, [removed: California[,](#i74cf9d38730645a2be94739e148c270a_205)] [added: California[,](#i655e09196b284344b85b1234dead7079_211)] PCAOB ID 185) | | | [removed: [91](#i74cf9d38730645a2be94739e148c270a_205)] [added: [85](#i655e09196b284344b85b1234dead7079_211)] | | |

| | | | November [added: 28, 2025 | | | | | | November] 29, 2024 | | | | | | December 1, 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 7,613] [added: 5,431] | | | | | $ | [removed: 7,141] [added: 7,613] | |

| Short-term investments | | | [removed: 273] [added: 1,164] | | | | | | [removed: 701] [added: 273] | | |

| Trade receivables, net of allowances for doubtful accounts of [removed: $14] [added: $13] and of [removed: $16,] [added: $14,] respectively | | | [removed: 2,072] [added: 2,344] | | | | | | [removed: 2,224] [added: 2,072] | | |

| Prepaid expenses and other current assets | | | [removed: 1,274] [added: 1,224] | | | | | | [removed: 1,018] [added: 1,274] | | |

| Total current assets | | | [removed: 11,232] [added: 10,163] | | | | | | [removed: 11,084] [added: 11,232] | | |

| Property and equipment, net | | | [removed: 1,936] [added: 1,873] | | | | | | [removed: 2,030] [added: 1,936] | | |

| Operating lease right-of-use assets, net | | | [removed: 281] [added: 312] | | | | | | [removed: 358] [added: 281] | | |

| Goodwill | | | [removed: 12,788] [added: 12,857] | | | | | | [removed: 12,805] [added: 12,788] | | |

| Other intangibles, net | | | [removed: 782] [added: 495] | | | | | | [removed: 1,088] [added: 782] | | |

| Deferred income taxes | | | [removed: 1,657] [added: 2,186] | | | | | | [removed: 1,191] [added: 1,657] | | |

| Other assets | | | [removed: 1,554] [added: 1,610] | | | | | | [removed: 1,223] [added: 1,554] | | |

| Total assets | | | $ | [removed: 30,230] [added: 29,496] | | | | | $ | [removed: 29,779] [added: 30,230] | |

| Trade payables | | | $ | [removed: 361] [added: 417] | | | | | $ | [removed: 314] [added: 361] | |

| Debt | | | [removed: 1,499] [added: —] | | | | | | [removed: —] [added: 1,499] | | |

| Deferred revenue | | | [removed: 6,131] [added: 6,905] | | | | | | [removed: 5,837] [added: 6,131] | | |

| Income taxes payable | | | [removed: 119] [added: 153] | | | | | | [removed: 85] [added: 119] | | |

| Operating lease liabilities | | | [removed: 75] [added: 77] | | | | | | [removed: 73] [added: 75] | | |

| Total current liabilities | | | [removed: 10,521] [added: 10,200] | | | | | | [removed: 8,251] [added: 10,521] | | |

| Debt | | | [removed: 4,129] [added: 6,210] | | | | | | [removed: 3,634] [added: 4,129] | | |

| Deferred revenue | | | [removed: 128] [added: 125] | | | | | | [removed: 113] [added: 128] | | |

| Income taxes payable | | | [removed: 548] [added: 469] | | | | | | [removed: 514] [added: 548] | | |

| Operating lease liabilities | | | [removed: 353] [added: 361] | | | | | | [removed: 373] [added: 353] | | |

| Other liabilities | | | [removed: 446] [added: 508] | | | | | | [removed: 376] [added: 446] | | |

| Total liabilities | | | [removed: 16,125] [added: 17,873] | | | | | | [removed: 13,261] [added: 16,125] | | |

| Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued; [removed: 441] [added: 413] and [removed: 455] [added: 441] shares outstanding, respectively | | | — | | | | | | — | | |

| Additional paid-in capital | | | [removed: 13,419] [added: 15,361] | | | | | | [removed: 11,586] [added: 13,419] | | |

| Retained earnings | | | [removed: 38,470] [added: 45,354] | | | | | | [removed: 33,346] [added: 38,470] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (201)] [added: (245)] | | | | | | [removed: (285)] [added: (201)] | | |

| Treasury stock, at cost [removed: (160] [added: (188] and [removed: 146] [added: 160] shares, respectively) | | | [removed: (37,583)] [added: (48,847)] | | | | | | [removed: (28,129)] [added: (37,583)] | | |

| Total stockholders’ equity | | | [removed: 14,105] [added: 11,623] | | | | | | [removed: 16,518] [added: 14,105] | | |

| Total liabilities and stockholders’ equity | | | $ | [removed: 30,230] [added: 29,496] | | | | | $ | [removed: 29,779] [added: 30,230] | |

| | | | November [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: December 1, 2023] [added: November 29, 2024] | | | | | | December [removed: 2, 2022] [added: 1, 2023] | | |

| | | | November 28, 2025 | | | | | | November 29, 2024 | | |

| Accrued expenses and other current liabilities | | | 2,648 | | | | | | 2,336 | | |

| Net income | | | $ | 7,130 | | | | | $ | 5,560 | | | | | $ | 5,428 | |

| Balances at November 28, 2025 | | | | | | 601 | | | | | | $ | — | | | | | $ | 15,361 | | | | | $ | 45,354 | | | | | $ | (245) | | | | | (188) | | | | | | $ | (48,847) | | | | | $ | 11,623 | |

| | | | November 28, 2025 | | | | | | November 29, 2024 | | | | | | December 1, 2023 | | |

| Net income | | | $ | 7,130 | | | | | $ | 5,560 | | | | | $ | 5,428 | |

| Other investing activities, net | | | 3 | | | | | | 2 | | | | | | 1 | | |

Adobe’s mission is to empower everyone to create.

We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences.

Adobe’s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel.

Our next 53-week year will be fiscal year 2027.

We have concluded that certain subscription offerings, which include both on-premise/on-device software licenses and cloud services, represent a single, highly integrated performance obligation.

This conclusion reflects the high degree of integration, interdependency and interrelation between the software and the cloud services, such that customers receive the intended benefit only when these components operate together.

The nature of our promise to customers is to deliver a complete end-to-end solution, and the intended functionality and workflow efficiencies cannot be obtained from either the software or the cloud services on a standalone basis.

Accordingly, revenue for these offerings is recognized ratably over the subscription period during which the cloud services are provided.

geography.

If the future undiscounted cash flows are less than the carrying

Recently Adopted Accounting Guidance

Beginning with our annual reporting for fiscal 2025, we adopted the updated standard on a retrospective basis.

The adoption of this standard did not have a material impact on our Consolidated Financial Statements and related disclosures.

*[See Note 2 for further information regarding our reportable segments](#i655e09196b284344b85b1234dead7079_139).*

There have been no other new accounting pronouncements made effective during fiscal 2025 that have significance, or potential significance, to our Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software, which modernizes the accounting for internal-use software and clarifies capitalization criteria.

Segment revenue and gross margin information is primarily reviewed by comparing actual results to prior period results.

Our CODM does not review individual significant costs within segment cost of revenue to assess performance, and also does not review operating expense or asset information on a segment by segment basis.

Our customers span creative professionals, including graphic designers, photographers, videographers, illustrators and 3D artists; creators, including social media influencers and solopreneurs; business professionals, including social media teams, small business owners and knowledge workers; and consumers.

| Revenue | | | $ | 17,649 | | | | | $ | 5,864 | | | | | $ | 256 | | | | | $ | 23,769 | |

| Cost of revenue | | | 841 | | | | | | 1,625 | | | | | | 85 | | | | | | 2,551 | | |

| Gross profit | | | $ | 16,808 | | | | | $ | 4,239 | | | | | $ | 171 | | | | | $ | 21,218 | |

*See the [Consolidated Statements of Income](#i655e09196b284344b85b1234dead7079_121) for a reconciliation of consolidated gross profit to consolidated income before income taxes.*

| Creative & Marketing Professionals | | | | | | $ | 16,303 | | | | | $ | 14,749 | | | | | $ | 13,425 | |

| Business Professionals & Consumers | | | | | | 6,495 | | | | | | 5,662 | | | | | | 4,744 | | |

| Total Digital Media and Digital Experience subscription revenue | | | | | | $ | 22,798 | | | | | $ | 20,411 | | | | | $ | 18,169 | |

The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, such as invoicing at the

Consolidated Balance Sheets.

| Cash | | | $ | 711 | | | | | $ | — | | | | | $ | — | | | | | $ | 711 | |

| Total | | | | | | | | | $ | 1,164 | |

| Corporate debt securities | | | $ | 928 | | | | | $ | — | | | | | $ | 928 | | | | | $ | — | |

| Corporate debt securities | | | 914 | | | | | | — | | | | | | 914 | | | | | | — | | |

| Interest rate swap derivatives | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |

| Accrued expenses | | | 2,336 | | | | | | 1,942 | | |

| | | | | | | | | | | | | | | | | | |

| Balances at December 3, 2021 | | | | | | 601 | | | | | | $ | — | | | | | $ | 8,428 | | | | | $ | 23,905 | | | | | $ | (137) | | | | | (126) | | | | | | $ | (17,399) | | | | | $ | 14,797 | |

| Proceeds from sales of long-term investments and other assets | | | 2 | | | | | | 1 | | | | | | — | | |

Adobe is a global technology company with a mission to change the world through personalized digital experiences.

Our products, services and solutions are used around the world to imagine, create, manage, deliver, measure, optimize and engage with content across surfaces and fuel digital experiences.

We have a diverse user base that includes consumers, communicators, creative professionals, developers, students, small and medium businesses and enterprises.

We are also empowering creators by putting the power of artificial intelligence (“AI”) in their hands, and doing so in ways we believe are responsible.

Our products and services help unleash creativity, accelerate document productivity and power businesses in a digital world.

For example, some of our offerings include both on-premise and/or on-device software licenses and cloud services.

We have concluded that the on-premise/on-device software licenses and cloud services provided in our Creative Cloud and Document Cloud subscription offerings are not distinct from each other such that revenue from each offering should be recognized ratably over the subscription period for which the cloud services are provided.

In reaching this conclusion, we considered the nature of our

promise to Creative Cloud and Document Cloud customers, which is to provide a complete end-to-end creative design or document workflow solution that operates seamlessly across multiple devices and teams.

We fulfill this promise by providing access to a solution that integrates cloud-based and on-premise/on-device features that, together through their integration, provide functionalities, utility and workflow efficiencies that could not be obtained from either the on-premise/on-device software or cloud services on their own.

Cloud-based features that are integral to our Creative Cloud and Document Cloud offerings and that work together with the on-premise/on-device software include, but are not limited to: Creative Cloud Libraries, which enable customers to access their work, settings, preferences and other assets seamlessly across desktop and mobile devices and collaborate across teams in real time; shared reviews which enable simultaneous editing and commenting of digital assets across desktop, mobile and web; automatic cloud rendering of a design which enables it to be worked on in multiple mediums; and Sensei, Adobe’s cloud-hosted artificial intelligence and machine learning framework, which enables features such as automated photo-editing, photograph content-awareness, natural language processing, optical character recognition and automated document tagging.

In addition, with the exception of goodwill, we do not identify or allocate our assets by the reportable segments.

Our customers include creative professionals, including photographers, video editors, graphic and experience designers and game developers; communicators, including content creators, students, marketers and knowledge workers; and consumers.

| | | | | | | | | | | | | | | | | | | | | | | | |

| Fiscal 2022 | | | | | | | | | | | | | | | | | | | | | | | |

| Revenue | | | $ | 12,842 | | | | | $ | 4,422 | | | | | $ | 342 | | | | | $ | 17,606 | |

| Cost of revenue | | | 561 | | | | | | 1,502 | | | | | | 102 | | | | | | 2,165 | | |

| Gross profit | | | $ | 12,281 | | | | | $ | 2,920 | | | | | $ | 240 | | | | | $ | 15,441 | |

| Creative Cloud | | | | | | $ | 12,682 | | | | | $ | 11,517 | | | | | $ | 10,459 | |

| Document Cloud | | | | | | 3,182 | | | | | | 2,699 | | | | | | 2,383 | | |

| Total Digital Media revenue | | | | | | $ | 15,864 | | | | | $ | 14,216 | | | | | $ | 12,842 | |

*Figma*

On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approximately half cash and half stock.

On December 17, 2023, we entered into a mutual termination agreement with Figma to terminate the proposed merger.

In accordance with the terms of the termination agreement, we paid Figma a termination fee of $1 billion.

The termination fee was recorded in operating expenses in our Consolidated Statements of Income during fiscal 2024, and was not tax-deductible for financial statement purposes.

| Cash | | | $ | 618 | | | | | $ | — | | | | | $ | — | | | | | $ | 618 | |

| Asset-backed securities | | | 15 | | | | | | — | | | | | | — | | | | | | 15 | | |

| Total | | | | | | | | | $ | 273 | |

| Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | |

| Asset-backed securities | | | 15 | | | | | | — | | | | | | 15 | | | | | | — | | |

| Total assets | | | $ | 7,482 | | | | | $ | 6,729 | | | | | $ | 753 | | | | | $ | — | |

| Balances at December 2, 2022 | | | $ | 3,889 | | | | | $ | 8,500 | | | | | $ | 398 | | | | | $ | 12,787 | |

| 2025 | | | | | | $ | 309 | |

ACCRUED EXPENSES

| Accrued compensation and benefits | | | $ | 646 | | | | | $ | 535 | |

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of November [removed: 29, 2024.][added: 28, 2025.]

Based on their evaluation as of November [removed: 29, 2024,] [added: 28, 2025,] our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective at the reasonable assurance level to ensure that the information required to be disclosed by us in this Annual Report on Form 10-K was (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Our management assessed the effectiveness of our internal control over financial reporting as of November [removed: 29, 2024.][added: 28, 2025.]

Our management has concluded that, as of November [removed: 29, 2024,] [added: 28, 2025,] our internal control over financial reporting is effective based on these criteria.

There were no changes in our internal control over financial reporting during the quarter ended November [removed: 29, 2024] [added: 28, 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

On January 9, 2025, Brett Biggs notified the Board of Directors of the Company (the “Board”) that he has decided not to stand for re-election at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”) but will serve out his term as a director until the Annual Meeting.

The Board expresses its gratitude for Mr. Biggs, and his decision was not due to any disagreement with the Company or any refusal to stand for re-election.

Trading Arrangements

The [removed: 2025] [added: 2026] Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year to which this report relates.

For [added: biographical] information with respect to our executive officers, [see the section titled “Executive [removed: Officers”](#i74cf9d38730645a2be94739e148c270a_46)] [added: Officers”](#i655e09196b284344b85b1234dead7079_46)] in [Part I, Item [removed: 1](#i74cf9d38730645a2be94739e148c270a_46)] [added: 1](#i655e09196b284344b85b1234dead7079_46)] of this report.

The information required by this Item 10 of Form 10-K (other than the information set forth below) will be included under the captions “Director Nominees for Election for a One-Year Term Expiring in 2027”, “Proposal 1 – Election of Directors”, “Corporate Governance Guidelines & Codes of Business Conduct and Ethics”, and “Committees of the Board” in our 2026 Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for Adobe’s 2026 Annual Meeting of Stockholders (“2026 Proxy Statement”) and is incorporated herein by reference.

The information required by this Item 10 of Form 10-K that is found in our 2025 Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for Adobe’s 2025 Annual Meeting of Stockholders (“2025 Proxy Statement”) is incorporated herein by reference to our 2025 Proxy Statement.

The information required by this Item 11 of Form 10-K will be included under the captions “Executive Compensation”, “Corporate Governance”, and “Report of the Audit Committee” in our 2026 Proxy Statement and is incorporated herein by reference.

The information required by this Item 11 of Form 10-K is incorporated herein by reference to our 2025 Proxy Statement.

The information required by this Item 12 of Form 10-K will be included under the captions “Security Ownership of Certain Beneficial Owners and Management” and “Equity Compensation Plan Information” in our 2026 Proxy Statement and is incorporated herein by reference.

The information required by this Item 12 of Form 10-K is incorporated herein by reference to our 2025 Proxy Statement.

The information required by this Item 13 of Form 10-K will be included under the captions “Certain Relationships and Related Persons Transactions” and “Director Independence” in our 2026 Proxy Statement and is incorporated herein by reference.

The information required by this Item 13 of Form 10-K is incorporated herein by reference to our 2025 Proxy Statement.

The information required by this Item 14 of Form 10-K [added: will be included under the caption “Principal Accounting Fees and Services” in our 2026 Proxy Statement and] is incorporated herein by [removed: reference to our 2025 Proxy Statement.][added: reference.]

[See Index to Consolidated Financial Statements in Part II, Item [removed: 8](#i74cf9d38730645a2be94739e148c270a_115)] [added: 8](#i655e09196b284344b85b1234dead7079_115)] of this Form 10-K.

| 3.3 | | | | | | [Amended and Restated [removed: Bylaws](https://www.sec.gov/Archives/edgar/data/0000796343/000079634322000027/adbeex31amendedandrestated.htm)] [added: Bylaws](https://www.sec.gov/Archives/edgar/data/0000796343/000162828025019665/ex318-k42425.htm)] | | | | | | 8-K | | | | | | [removed: 1/18/22] [added: 4/24/25] | | | | | | 3.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 4.2] [added: 4.1] | | | | | | [Form of Indenture dated as of January 25, 2010 by and between Adobe and Wells Fargo Bank, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/796343/000079634316000263/adbeex41.htm) | | | | | | S-3 | | | | | | 2/26/16 | | | | | | 4.1 | | | | | | 333-209764 | | | | | | | | |

| [removed: 4.3] [added: 4.2] | | | | | | [Forms of Global Note for Adobe Inc.’s 1.700% Notes due 2023, 1.900% Notes due 2025, 2.150% Notes due 2027, and 2.300% Notes due 2030, together with an Officer’s Certificate setting forth the terms of the Notes](https://www.sec.gov/Archives/edgar/data/796343/000110465920009759/tm206424d1_ex4-1.htm) | | | | | | 8-K | | | | | | 2/3/20 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 4.4] [added: 4.3] | | | | | | [Form of Global Note for Adobe’s 3.250% Notes due 2025, together with Form of Officer’s Certificate setting forth the terms of the Note](https://www.sec.gov/Archives/edgar/data/796343/000110465915004448/a15-1977_4ex4d1.htm) | | | | | | 8-K | | | | | | 1/26/15 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 4.5] [added: 4.4] | | | | | | [Forms of Global Note for Adobe Inc.](https://www.sec.gov/Archives/edgar/data/0000796343/000119312524087244/d771427dex41.htm)’[s 4.850% Notes due 2027, 4.800% Notes due 2029, and 4.950% Notes due 2034, together with an Officer’s Certificate setting forth the terms of the Notes](https://www.sec.gov/Archives/edgar/data/0000796343/000119312524087244/d771427dex41.htm) | | | | | | 8-K | | | | | | 4/4/24 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 4.6] [added: 4.7] | | | | | | [Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex45fy23.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex47fy25.htm)] | | | | | | 10-K | | | | | | [removed: 1/17/24] | | | | | | [removed: 4.5] | | | | | | [removed: 000-15175] | | | | | | [added: X] | | |

| 10.2A | | | | | | [2019 Equity Incentive Plan, as [removed: amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634324000086/adbeex10141924.htm)] [added: amended*](https://www.sec.gov/Archives/edgar/data/0000796343/000162828025019665/ex1018-k42425.htm)] | | | | | | 8-K | | | | | | [removed: 4/19/24] [added: 4/24/25] | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| 10.2B | | | | | | [removed: [2022] [added: [2023] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[,] [added: Program](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex103-13025.htm)[,] as amended and [removed: restated*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex103-13025.htm)[*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex103-13025.htm)] | | | | | | 8-K | | | | | | [removed: 1/26/23] [added: 1/30/25] | | | | | | [removed: 10.4] [added: 10.3] | | | | | | 000-15175 | | | | | | | | |

| 10.2C | | | | | | [Form of [removed: 2022] [added: 2023] Performance Share Award Grant Notice and Award Agreement pursuant to [removed: 2022] [added: 2023] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1038-k12722.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1038-k12722.htm)] [added: Program*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)] | | | | | | 8-K | | | | | | [removed: 1/27/22] [added: 1/26/23] | | | | | | 10.3 | | | | | | 000-15175 | | | | | | | | |

| 10.2D | | | | | | [removed: [2023] [added: [2024] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex104-13025.htm)[, as amended and restated](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex104-13025.htm)[*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex104-13025.htm)] | | | | | | 8-K | | | | | | [removed: 1/26/23] [added: 1/30/25] | | | | | | [removed: 10.2] [added: 10.4] | | | | | | 000-15175 | | | | | | | | |

| 10.2E | | | | | | [Form of [removed: 2023] [added: 2024] Performance Share Award Grant Notice and Award Agreement pursuant to [removed: 2023] [added: 2024] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10312624.htm)*] | | | | | | 8-K | | | | | | [removed: 1/26/23] [added: 1/26/24] | | | | | | 10.3 | | | | | | 000-15175 | | | | | | | | |

| 10.2F | | | | | | [removed: [2024] [added: [2](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex101-13025.htm)[025] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10212624.htm)*] [added: Program*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex101-13025.htm)] | | | | | | 8-K | | | | | | [removed: 1/26/24] [added: 1/30/25] | | | | | | [removed: 10.2] [added: 10.1] | | | | | | 000-15175 | | | | | | | | |

| 10.2G | | | | | | [Form of [removed: 2024] [added: 2025] Performance Share Award Grant Notice and Award Agreement pursuant to [removed: 2024] [added: 2025] Performance Share [removed: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10312624.htm)*] [added: Program](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex102-13025.htm)[*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000036/adbeex102-13025.htm)] | | | | | | 8-K | | | | | | [removed: 1/26/24] [added: 1/30/25] | | | | | | [removed: 10.3] [added: 10.2] | | | | | | 000-15175 | | | | | | | | |

| 10.2H | | | | | | [Form of Restricted Stock Unit Grant Notice and Award Agreement pursuant to 2019 Equity Incentive Plan, as [removed: amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102hfy24.htm)] [added: amended*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000004/adbeex102hfy24.htm)] | | | | | | [added: 10-K] | | | | | | [added: 1/13/25] | | | | | | [added: 10.2H] | | | | | | [added: 000-15175] | | | | | | [removed: X] | | |

| 10.2I | | | | | | [Form of Non-Employee Director Grant Restricted Stock Unit Grant Notice and Award Agreement pursuant to 2019 Equity Incentive Plan, as [removed: amended](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102ify24.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102ify24.htm)] [added: amended*](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000004/adbeex102ify24.htm)] | | | | | | [added: 10-K] | | | | | | [added: 1/13/25] | | | | | | [added: 10.2I] | | | | | | [added: 000-15175] | | | | | | [removed: X] | | |

| 10.5A | | | | | | [Adobe Deferred Compensation Plan, [removed: as](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm) [a](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)[mended and](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm) [r](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)[estated*](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)] [added: as amended and restated*](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)] | | | | | | 10-K | | | | | | 1/20/15 | | | | | | 10.19 | | | | | | 000-15175 | | | | | | | | |

| 10.5B | | | | | | [Amendment No. One to Adobe Deferred [removed: Compensation](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm) [Plan](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)[,] [added: Compensation Plan,] as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)] [added: restated*](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)] | | | | | | 10-K | | | | | | 1/21/20 | | | | | | 10.6B | | | | | | 000-15175 | | | | | | | | |

| 10.8 | | | | | | [removed: [202](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm)[4](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm)] [added: [202](https://www.sec.gov/Archives/edgar/data/796343/000079634325000036/adbeex105-13025.htm)[5](https://www.sec.gov/Archives/edgar/data/796343/000079634325000036/adbeex105-13025.htm)] [Executive Annual Incentive [removed: Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000036/adbeex105-13025.htm)] | | | | | | 8-K | | | | | | [removed: 1/26/24] [added: 1/30/25] | | | | | | [removed: 10.4] [added: 10.5] | | | | | | 000-15175 | | | | | | | | |

| 10.9 | | | | | | [removed: [2023] [added: [2025] and [removed: 2024] [added: 2026] Non-Employee Director Compensation [removed: Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm)*] [added: Policy](https://www.sec.gov/Archives/edgar/data/0000796343/000079634325000004/adbeex1010fy24.htm)*] | | | | | | 10-K | | | | | | [removed: 1/17/23] [added: 1/13/25] | | | | | | [removed: 10.11] [added: 10.1] | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.11] [added: 10.10] | | | | | | [Form of Commercial Paper Dealer Agreement between the Company, as issuer, and the applicable Dealer party thereto.](https://www.sec.gov/Archives/edgar/data/796343/000079634323000198/adbeex101q323.htm) | | | | | | 8-K | | | | | | 9/14/23 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.12] [added: 10.11] | | | | | | [Termination Agreement, dated as of December 17, 2023, by and among Adobe Inc., Saratoga Merger Sub I, Inc., Saratoga Merger Sub II, LLC and Figma, Inc.](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm) | | | | | | 8-K | | | | | | 12/18/23 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| 19.1 | | | | | | [removed: [A](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm)[dobe] [added: [Adobe] Inc. Insider Trading [removed: Po](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm)[licy](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex191fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 21.1 | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex211fy24.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex211fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting Firm, KPMG [removed: LLP](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex231fy24.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex231fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (set forth on the signature page to this Annual Report on Form [removed: 10-K)](#i74cf9d38730645a2be94739e148c270a_250)] [added: 10-K)](#i655e09196b284344b85b1234dead7079_256)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Chief Executive Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex311fy24.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex311fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Chief Financial Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex312fy24.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex312fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | | | | [Certification of Chief Executive Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of [removed: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex321fy24.htm)] [added: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex321fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | | | | [Certification of Chief Financial Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of [removed: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex322fy24.htm)] [added: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex322fy25.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 4.5 | | | | | | [Indenture, dated January 17, 2025, between Adobe Inc. and Computershare Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/796343/000119312525008409/d856773dex41.htm) | | | | | | 8-K | | | | | | 1/17/25 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| 4.6 | | | | | | [Forms of Global Note for Adobe Inc.’s 4.750% Notes due 2028, 4.950% Notes due 2030, and 5.300% Notes due 2035, together with an Officer’s Certificate setting forth the terms of the Notes](https://www.sec.gov/Archives/edgar/data/0000796343/000119312525008409/d856773dex42.htm) | | | | | | 8-K | | | | | | 1/17/25 | | | | | | 4.2 | | | | | | 000-15175 | | | | | | | | |

| 4.1 | | | | | | [Specimen Common Stock Certificate](https://www.sec.gov/Archives/edgar/data/796343/000079634319000019/adbeex41fy18.htm) | | | | | | 10-K | | | | | | 1/25/19 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| 10.10 | | | | | | [202](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[5](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) [and 202](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[6](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) [Non-Employee Director Compensation Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

Date: January [removed: 13, 2025][added: 15, 2026]

| /s/ SHANTANU NARAYEN | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ DANIEL DURN | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ JILLIAN FORUSZ | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ FRANK CALDERONI | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ CRISTIANO AMON | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ AMY BANSE | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ MELANIE BOULDEN | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ LAURA DESMOND | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ SPENCER NEUMANN | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ KATHLEEN OBERG | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ DHEERAJ PANDEY | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ DAVID RICKS | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |

| /s/ DAN ROSENSWEIG | | | | | | | | | | | | January [removed: 13, 2025] [added: 15, 2026] | | |