การเติบโตของ AI ของ Adobe ขึ้นเป็นประเด็นสำคัญหลังจากการปรับขึ้นประมาณการ

This quarter made one thing clear.
Adobe’s (ADBE) AI story now has real revenue behind it.
For months, investors debated whether generative AI would expand the business or simply add costs with minimal returns.
That debate is starting to shift with the company’s first report of AI-first ARR.
Adobe is down roughly 37% this year, which is a sharp pullback for the company that has long been one of software’s most consistent winners.
Now, investors are asking whether this is the start of a second-growth leg or just early traction that isn’t big enough to matter yet.
Valuation snapshot
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Market Cap: $97.4 billion
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Enterprise Value: $97.1 billion
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Share Price: ~$320
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Analysts’ Avg Target Price: $328.19 (~3% implied upside)
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2-Year Annual Expected EPS Growth: 12.2%
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Forward P/E Ratio: 10.0x
Stats from TIKR.com.
AI revenue is starting to show up
AI is now generating real revenue with the announcement of $125 million in ARR for the first quarter across Creative Cloud, Express, and adjacent workflows.
But in the context of the business, it’s still small.
Adobe’s Digital Media segment generates more than $17 billion in ARR, which means AI is contributing less than 1% of the total today.
Even if first-quarter results were annualized, AI would still be contributing less than 5% of ARR. AI can become a big opportunity for the company, but the impact is still early.
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So far, the core business is still holding up, with Digital Media seeing segment revenue growth of 12% and net new ARR of $432 million. That helps ease concerns that AI competitors are already pressuring retention or seat growth.
Management pointed to solid retention, upsell, and paid conversion trends across Creative Cloud and Document Cloud, suggesting the installed base remains resilient even as competition builds.
CEO departure adds new uncertainty
Leadership uncertainty is also entering the story.
Adobe said longtime CEO Shantanu Narayen will step down once a successor is named, a move that comes as the company navigates AI disruption.
In his message to employees, Shantanu Narayen framed the decision as a natural handoff after nearly two decades leading the company, saying he plans to “transition from my role as CEO of Adobe after over 18 years in the job.”
The timing looks strategic as Adobe is entering a new phase shaped by AI, new workflows, and changing competition.
Narayen emphasized that “the next era of creativity is being written right now,” suggesting the company wants new leadership in place to guide that next chapter.
“Investors will likely focus on whether incoming leadership maintains a balance between disciplined execution and aggressive AI investment,” Emarketer analyst Grace Harmon said.
That adds another layer to the debate, as investors now have to weigh not just AI monetization, but whether new leadership can execute on it.
Guidance raise meets growing skepticism
Adobe increased its full-year outlook, now expecting FY2026 revenue of $26.1 billion to $25.9 billion and non-GAAP EPS of $23.30 to $23.50.
The raise suggests that, at least so far, the company is managing to drive growth while maintaining margin discipline.
But the reaction from analysts shows the debate is far from settled.
Barclays recently downgraded the stock to Equal Weight and cut its price target to $275, pointing to weaker-than-expected net new ARR and pressure on pricing as freemium AI tools like Firefly and Express expand usage but weigh on average revenue per user.
Oppenheimer, while maintaining a more neutral stance, said the business remains stable but flagged concerns around pricing power, competitive pressure, and uncertainty tied to the upcoming CEO transition.
Several firms, including Citi, Jefferies, and UBS, have lowered price targets in recent months as software multiples compress and expectations around AI are reset. Goldman Sachs initiated coverage with a Sell rating, citing pressure on high-end users and limited exposure to lower-priced tiers, where demand is growing faster.
Other analysts have flagged slowing Digital Media growth and tougher competition in creative tools, suggesting near-term catalysts may remain limited.
What could drive Adobe higher
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AI-first products scale beyond the $125M ARR base into a meaningful revenue layer
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Firefly and premium AI features support pricing power in Creative Cloud
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Express and AI tools convert more free users into paid subscribers
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Digital Media net new ARR holds steady, easing slowdown concerns
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FY2026 guidance proves Adobe can invest in AI while maintaining margins
What could go wrong for Adobe
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AI revenue remains too small to offset competition from Canva and AI-native tools
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Product and infrastructure costs weigh on margins
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Small business demand weakens, slowing seat growth
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AI features cannibalize higher-value subscriptions instead of lifting ARPU
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Investor patience fades if AI monetization ramps too slowly
Key takeaway for investors
Adobe is starting to show that AI can contribute to growth, but the market is still debating whether that contribution will be large enough to sustain margins and reaccelerate the business.
What matters now:
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How fast AI ARR grows (proves monetization is real)
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Whether Express converts free users into paying customers (key to scaling AI revenue)
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Whether Creative Cloud and Document Cloud stay resilient (protects the core business)
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This story was originally published by TheStreet on Mar 28, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.