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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsAdobe’s board authorizes the company to repurchase shares up to a specified limit, but that authorization does not require Adobe to spend the full amount. In the nine months ended August 28, 2026, Adobe reported paying $6.82 billion for 26.1 million shares delivered through open-market repurchases. Buybacks can reduce the share count and affect earnings per share, but they do not by themselves guarantee higher earnings, a rising stock price or a gain for every shareholder.
How Adobe’s buyback authorization works
A share-repurchase authorization sets a ceiling on the amount Adobe may spend; it is not a fixed schedule or promise to buy every authorized share. Adobe says it may repurchase common shares in the open market or use structured repurchase agreements with financial institutions.
In March 2024, Adobe’s board authorized up to $25 billion in repurchases through March 14, 2028. Adobe reported that it had used that authority in full during the nine months ended August 28, 2026. In April 2026, the board authorized a further $25 billion through April 30, 2030. As of August 28, 2026, $24.55 billion remained under that newer authorization.
Adobe said the 2026 program is intended to return value to stockholders, minimize dilution from share issuances and reduce the share count over time. Those are company objectives, not guaranteed results. In announcing the program, CFO Dan Durn described the authorization as “a direct expression of confidence” in Adobe’s cash flow and long-term value; that is management’s view, not an assurance of future performance.
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How many shares Adobe repurchased
For the nine months ended August 28, 2026, Adobe reported that 26.1 million shares were delivered through open-market repurchases for $6.82 billion. For the comparable nine-month period of 2025, Adobe reported 23.6 million shares delivered for $8.806 billion: 16.8 million through accelerated share repurchase agreements and 6.8 million through open-market repurchases. The amounts and methods refer to those specific reporting periods, not a forecast of future activity.
Adobe’s quarterly filing also breaks out activity across three monthly intervals in the quarter ended August 28, 2026:
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| Period | Shares repurchased | Average price per share |
|---|---|---|
| May 30–June 26, 2026 | 2.9 million | $221.95 |
| June 27–July 24, 2026 | 3.1 million | $219.90 |
| July 25–August 28, 2026 | 3.5 million | $260.01 |
| Total for the three intervals | 9.5 million | Not stated |
These are historical figures from Adobe’s filing, not current market prices or commitments about later repurchases. Adobe reported 389.2 million common shares issued and outstanding as of September 18, 2026.
How buybacks affect earnings per share and ownership
When Adobe buys shares from willing sellers and the shares are delivered, it records them as treasury stock. Adobe says that only shares physically delivered by the end of a reporting period are excluded from the weighted-average share count used to calculate net income per share. This matters because an announced repurchase or an agreement that has not yet resulted in delivered shares does not necessarily reduce the share count used for that period’s earnings-per-share calculation.
The arithmetic is simple: if total earnings stay the same while the weighted-average number of shares falls, earnings per share rises. That is a per-share effect, not proof that Adobe earned more overall. A lower share count also means remaining holders own a larger fraction of the company, but the economic benefit depends on the price Adobe paid, the company’s future performance and what it could otherwise have done with the cash.
For an individual shareholder, a buyback is not a guaranteed payment or a guaranteed increase in the value of their holding. Shareholders who sell receive the sale proceeds; those who keep their shares retain an interest in a company with fewer shares outstanding if the count falls. The impact on the stock price and on each holder’s wealth depends on factors beyond the repurchase itself.
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Open-market and structured repurchases
Adobe identifies open-market purchases and structured agreements with financial institutions as possible methods. Its filing reports the 2026 nine-month activity as open-market repurchases, while separately reporting accelerated share repurchase agreements and open-market purchases for the same nine-month period in 2025. These labels describe different execution methods; the figures above should not be treated as evidence that one method produces a better outcome for shareholders.
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Adobe’s filings and announcement
- Adobe Form 10-Q for the quarter ended August 28, 2026, filed September 22, 2026.
- Adobe’s April 21, 2026 announcement of its new $25 billion stock repurchase program.
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