Adobe's AI-First ARR Passes $650M, Up 150%, While Narayen Hands the CEO Job to Anil Chakravarthy and the Stock Falls
Adobe Form 8-K (corroborated by Investing.com earnings slides and transcript coverage)·high signal
Adobe's Q3 FY2026 (September 10) showed $6.76B revenue (+13%), total ARR of $27.50B (+11.2%) and AI-first ARR above $650M, up more than 150%. Shantanu Narayen becomes executive chair on December 1 and Anil Chakravarthy, head of the Customer Experience Orchestration business, takes over as CEO. Shares fell about 2.4% in regular trading and another 2.1% after hours. Investors pointed to creative freemium MAU up 70% to 100M with conversion deliberately deprioritized, delayed Creative Cloud price actions, and RPO growth of 8% trailing revenue growth of 13%.