Adobe reported quarterly revenue of $5.41 billion for its third quarter of fiscal 2024, up 11% year over year. The quarter ended August 30, 2024; Adobe announced the results on September 12. The figure is for one quarter, not a full year, and is a historical result—not Adobe’s latest earnings report. Adobe’s announcement and earnings release also reported 11% revenue growth on a constant-currency basis.
Adobe Q3 FY2024 results at a glance
The following figures cover the fiscal quarter ended August 30, 2024. GAAP and non-GAAP results are different accounting presentations and should not be treated as interchangeable.
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| Measure | Q3 FY2024 result |
|---|---|
| Quarterly revenue | $5.41 billion; up 11% year over year as reported and in constant currency |
| GAAP net income | $1.68 billion |
| GAAP diluted earnings per share | $3.76 |
| Non-GAAP diluted earnings per share | $4.65 |
| GAAP operating income | $1.99 billion |
| Non-GAAP operating income | $2.52 billion |
| Operating cash flow | $2.02 billion |
| Remaining performance obligations (RPO) | $18.14 billion; up 15% year over year |
Adobe’s non-GAAP measures adjust for items described in its earnings materials. The $4.65 diluted EPS figure is non-GAAP; the GAAP figure was $3.76. See the earnings release for the company’s presentation and reconciliations.
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Which Adobe businesses contributed to revenue?
Adobe reported results across two principal segments. Digital Media—Creative Cloud and Document Cloud—accounted for about three-quarters of total quarterly revenue, based on its reported $4.00 billion in revenue divided by Adobe’s $5.41 billion total. Digital Experience was smaller but also grew.
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| Business | Q3 FY2024 revenue | Year-over-year growth |
|---|---|---|
| Digital Media | $4.00 billion | 11% reported; 12% constant currency |
| Digital Experience | $1.35 billion | 10% reported and constant currency |
| Creative | $3.19 billion | 10% reported; 11% constant currency |
| Document Cloud | $807 million | 18% reported and constant currency |
Segment and product-area figures are from Adobe’s earnings release and Q3 FY2024 Form 10-Q. Digital Experience subscription revenue was $1.23 billion, up 12% year over year.
Creative Cloud remained the largest product area
Creative revenue was $3.19 billion, with Creative annual recurring revenue (ARR) of $13.45 billion. The Creative category includes products such as Photoshop, Illustrator, Premiere Pro, Lightroom and InDesign, but Adobe did not disclose revenue for each application separately. The segment total therefore should not be read as an app-by-app breakdown.
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Document Cloud grew faster from a smaller base
Document Cloud revenue reached $807 million, up 18% year over year, and its ARR was $3.31 billion. Adobe reported $163 million in net new Document Cloud ARR. The faster growth rate is notable, but Creative remained much larger in revenue: $3.19 billion compared with Document Cloud’s $807 million.
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How AI figured into Adobe’s results
Adobe presented AI as part of its product strategy across Creative Cloud, Document Cloud and Experience Cloud. Firefly generative AI was being integrated into creative products. Acrobat AI Assistant, launched in April 2024, added generative-AI features for interacting with documents; Adobe said it contributed to new Acrobat subscription demand and monetization.
The results do not assign a specific amount of quarterly revenue to generative AI or establish that AI alone caused the company’s 11% revenue growth. Adobe expected to discuss additional products and features at Adobe MAX in October 2024; that expectation was forward-looking commentary at the time of the Q3 report, not a Q3 result.
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What ARR and RPO say—and what they do not
- Revenue is the amount Adobe recognized during the quarter under accounting rules.
- ARR is Adobe’s annualized recurring-revenue metric for Digital Media subscriptions and certain contract values. Digital Media ARR ended the quarter at $16.76 billion, including $13.45 billion for Creative and $3.31 billion for Document Cloud. Adobe reported $504 million in net new Digital Media ARR.
- RPO represents contracted revenue yet to be recognized under applicable accounting rules. Adobe reported $18.14 billion in RPO, up 15% year over year.
ARR is not quarterly revenue, bookings or cash collected during the quarter, and Adobe cautions that it should be considered independently from revenue, deferred revenue and RPO. These measures provide different views of the subscription business; they should not be added together. Definitions and further detail appear in Adobe’s Form 10-Q.
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Cash generation and share repurchases
Adobe generated $2.02 billion in operating cash flow during Q3 FY2024 and repurchased approximately 5.2 million shares during the quarter, according to its earnings release. Separately, Adobe’s Form 10-Q notes that cash flow for the first nine months of fiscal 2024 was affected by the $1 billion Figma termination fee paid earlier in the fiscal year. That earlier payment is fiscal-year cash-flow context, not Q3 revenue.
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How to read the headline
The 11% increase describes year-over-year growth in quarterly revenue, not annual revenue or growth shared uniformly by every business. Digital Media grew 11% as reported, Digital Experience 10%, Creative 10%, and Document Cloud 18%. The quarter showed continued scale in Creative, faster growth in Document Cloud, and substantial recurring-revenue indicators, while Adobe’s disclosures did not isolate AI’s contribution to total sales.
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