{"id":27,"date":"2026-01-03T12:50:25","date_gmt":"2026-01-03T12:50:25","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketriskus\/?p=27"},"modified":"2026-01-03T12:50:25","modified_gmt":"2026-01-03T12:50:25","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-adbe-adobe-inc-q4-fy2025-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketriskus\/27","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #ADBE | Adobe Inc. Q4 FY2025 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #ADBE | Adobe Inc. Q4 FY2025 Earnings Analysis\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/UnZQyGe4ZQg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">How AI and &#8216;Casual Creators&#8217; Fueled Adobe&#8217;s $10 Billion Cash Machine<\/span><\/h1>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"68\"><span class=\"ng-star-inserted\" data-start-index=\"68\">From the PDFs on our desktops to the professional tools that power the creative industry, Adobe is a fixture in the digital world. For decades, it has been a mature, globally recognized leader. So, how does a company of this scale not only maintain its position but also achieve record-breaking financial growth? In an era dominated by discussions of Artificial Intelligence, what are the real drivers behind its success?<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"489\"><span class=\"ng-star-inserted\" data-start-index=\"489\">This article distills the most impactful and surprising takeaways from Adobe&#8217;s latest fiscal year 2025 financial report. We&#8217;ll look beyond the top-line numbers to understand the key strategies powering its momentum, from the commercialization of AI to a significant shift in its customer base.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"782\"><b class=\"ng-star-inserted\" data-start-index=\"782\">AI Is Officially the Engine of Growth<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"819\"><span class=\"ng-star-inserted\" data-start-index=\"819\">Adobe&#8217;s leadership is unequivocal: the company\u2019s record-setting performance in fiscal year 2025 is directly tied to the successful and rapid adoption of its AI-driven tools. This isn&#8217;t just a side project; it&#8217;s central to the company&#8217;s strategy and financial results. CEO Shantanu Narayen emphasized this connection in the report:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1149\"><span class=\"ng-star-inserted\" data-start-index=\"1149\">&#8220;Adobe\u2019s record FY2025 results reflect our growing importance in the global AI ecosystem and the rapid adoption of our AI-driven tools.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1285\"><span class=\"ng-star-inserted\" data-start-index=\"1285\">This statement is significant because it provides concrete financial evidence of AI&#8217;s commercial impact, offering a clear return on investment that many tech giants are still struggling to demonstrate. For Adobe, AI has officially moved beyond industry hype and is now a tangible, primary driver of revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1592\"><b class=\"ng-star-inserted\" data-start-index=\"1592\">The &#8220;Casual Creator&#8221; Is Outpacing the Pro<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1633\"><span class=\"ng-star-inserted\" data-start-index=\"1633\">While Adobe built its empire on indispensable tools for &#8220;Creative &amp; Marketing Professionals,&#8221; a surprising trend has emerged from its latest financials. The company&#8217;s &#8220;Business Professionals &amp; Consumers&#8221; customer segment is now growing at a faster rate than its traditional professional core. The data reveals that subscription revenue from &#8220;Business Professionals &amp; Consumers&#8221; surged by 15% year-over-year to $6.50 billion, significantly outpacing the still-strong 11% growth (to $16.30 billion) from its traditional &#8220;Creative &amp; Marketing Professional&#8221; core. This pivot towards the consumer market suggests Adobe is future-proofing its growth, insulating itself from the more cyclical nature of enterprise and professional spending.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2366\"><b class=\"ng-star-inserted\" data-start-index=\"2366\">The Company Generates a Staggering Amount of Cash<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2415\"><span class=\"ng-star-inserted\" data-start-index=\"2415\">In fiscal year 2025, Adobe generated a record\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2461\">$10.03 billion in operating cash flows<\/b><span class=\"ng-star-inserted\" data-start-index=\"2499\">. In simple terms, this is the cash a company generates from its normal day-to-day business. It is a critical indicator of financial health, and generating over $10 billion in cash from operations in a single year isn&#8217;t just healthy\u2014it&#8217;s a sign of formidable efficiency and market power. This massive cash flow gives Adobe immense flexibility to invest in innovation, pursue acquisitions, and deliver returns to its shareholders.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2928\"><b class=\"ng-star-inserted\" data-start-index=\"2928\">Adobe Is Betting Billions on Itself<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2963\"><span class=\"ng-star-inserted\" data-start-index=\"2963\">The financial report reveals that Adobe repurchased approximately\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3029\">30.8 million of its own shares<\/b><span class=\"ng-star-inserted\" data-start-index=\"3059\">\u00a0during fiscal year 2025, with about 7.2 million of those shares bought back in the fourth quarter alone. A share buyback is a classic sign of management\u2019s confidence in the company\u2019s future value and a direct way to return capital to shareholders. This aggressive buyback strategy is fueled directly by the record-breaking $10.03 billion in operating cash the company now generates, allowing it to invest heavily in its own stock while still funding innovation.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3521\"><b class=\"ng-star-inserted\" data-start-index=\"3521\">Conclusion<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3531\"><span class=\"ng-star-inserted\" data-start-index=\"3531\">Adobe\u2019s record-breaking year reveals a company successfully navigating a major industry shift. Its growth is no longer just about owning the professional market; it&#8217;s about a potent combination of monetizing AI, expanding its user base to include everyday creators, and maintaining ironclad financial discipline. By embedding sophisticated technology into accessible tools, Adobe is proving that the next wave of growth lies in empowering the many, not just the few.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3997\"><span class=\"ng-star-inserted\" data-start-index=\"3997\">With its &#8220;casual creator&#8221; segment now its fastest-growing, is Adobe&#8217;s next decade defined not by mastering professional tools, but by making creativity accessible to all?<\/span><\/div>\n<div data-start-index=\"3997\"><\/div>\n<div data-start-index=\"3997\"><\/div>\n<div data-start-index=\"3997\">\n<div class=\"artifact-viewer-container\" role=\"region\" aria-modal=\"false\">\n<div class=\"artifact-content artifact-content-scrollable\">\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" style=\"color: #0000ff;\" data-start-index=\"0\">Briefing: Adobe Fiscal Year 2025 Financial Results and Outlook<\/span><\/h1>\n<h2 class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"62\"><span class=\"ng-star-inserted\" data-start-index=\"62\">Executive Summary<\/span><\/h2>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"79\"><span class=\"ng-star-inserted\" data-start-index=\"79\">Adobe has announced record financial results for its fourth quarter and fiscal year 2025, which concluded on November 28, 2025. The company achieved record full-year revenue of $23.77 billion, an 11% year-over-year increase, driven by what leadership describes as the growing importance of Adobe in the global AI ecosystem and strong demand for its AI-driven solutions. Fiscal year 2025 was also marked by record operating cash flows of over $10 billion and an 11.5% growth in total Annualized Recurring Revenue (ARR), which exited the year at $25.20 billion.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"638\"><span class=\"ng-star-inserted\" data-start-index=\"638\">Looking forward, Adobe has targeted double-digit ARR growth for fiscal year 2026, forecasting a 10.2% year-over-year increase. The company&#8217;s guidance for FY2026 projects total revenue between $25.90 billion and $26.10 billion. Accompanying these results, Adobe announced a strategic shift in its financial reporting for FY2026, which will focus on customer group subscription revenue and total company ending ARR growth.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1058\"><span class=\"ng-star-inserted\" data-start-index=\"1058\">Key Executive Commentary<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1082\"><span class=\"ng-star-inserted\" data-start-index=\"1082\">The company&#8217;s leadership attributed the strong performance directly to its strategic focus on artificial intelligence and innovation across its customer base.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1240\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1240\">Shantanu Narayen, Chair and CEO, Adobe:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1279\">\u00a0&#8220;Adobe\u2019s record FY2025 results reflect our growing importance in the global AI ecosystem and the rapid adoption of our AI-driven tools. By advancing our innovative generative and agentic platforms and expanding our customer base, we are excited to target double-digit ARR growth in FY2026.\u201d<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1570\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"1570\">Dan Durn, Executive Vice President and CFO, Adobe:<\/b><span class=\"ng-star-inserted\" data-start-index=\"1620\">\u00a0&#8220;Adobe delivered another outstanding year, fueled by strong global demand for our AI solutions across Business Professionals &amp; Consumers and Creative &amp; Marketing Professionals customer groups. Looking ahead to FY2026, we are confident in our ability to deliver industry-leading innovations, double-digit ARR growth and world class profitability.\u201d<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1967\"><span class=\"ng-star-inserted\" data-start-index=\"1967\">Fiscal Year 2025 Financial Performance<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2005\"><span class=\"ng-star-inserted\" data-start-index=\"2005\">Adobe reported an 11% year-over-year revenue growth for the full fiscal year, achieving record revenue and operating cash flow. The company also executed a significant share repurchase program.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"2198\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2198\"><span class=\"ng-star-inserted\" data-start-index=\"2198\">FY2025 Full-Year Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2221\"><span class=\"ng-star-inserted\" data-start-index=\"2221\">Value<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2226\"><b class=\"ng-star-inserted\" data-start-index=\"2226\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2239\"><span class=\"ng-star-inserted\" data-start-index=\"2239\">$23.77 billion (11% YoY growth)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2270\"><b class=\"ng-star-inserted\" data-start-index=\"2270\">GAAP Diluted EPS<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2286\"><span class=\"ng-star-inserted\" data-start-index=\"2286\">$16.70<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2292\"><b class=\"ng-star-inserted\" data-start-index=\"2292\">Non-GAAP Diluted EPS<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2312\"><span class=\"ng-star-inserted\" data-start-index=\"2312\">$20.94<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2318\"><b class=\"ng-star-inserted\" data-start-index=\"2318\">Operating Cash Flow<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2337\"><span class=\"ng-star-inserted\" data-start-index=\"2337\">$10.03 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2351\"><b class=\"ng-star-inserted\" data-start-index=\"2351\">Ending Total ARR<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2367\"><span class=\"ng-star-inserted\" data-start-index=\"2367\">$25.20 billion (11.5% YoY growth)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2400\"><b class=\"ng-star-inserted\" data-start-index=\"2400\">Shares Repurchased<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2418\"><span class=\"ng-star-inserted\" data-start-index=\"2418\">Approximately 30.8 million<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2444\"><b class=\"ng-star-inserted\" data-start-index=\"2444\">GAAP Operating Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2465\"><span class=\"ng-star-inserted\" data-start-index=\"2465\">$8.71 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2478\"><b class=\"ng-star-inserted\" data-start-index=\"2478\">Non-GAAP Operating Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2503\"><span class=\"ng-star-inserted\" data-start-index=\"2503\">$10.99 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2517\"><b class=\"ng-star-inserted\" data-start-index=\"2517\">GAAP Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2532\"><span class=\"ng-star-inserted\" data-start-index=\"2532\">$7.13 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2545\"><b class=\"ng-star-inserted\" data-start-index=\"2545\">Non-GAAP Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2564\"><span class=\"ng-star-inserted\" data-start-index=\"2564\">$8.94 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"2577\"><span class=\"ng-star-inserted\" data-start-index=\"2577\">Fourth Quarter (Q4) FY2025 Highlights<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2614\"><span class=\"ng-star-inserted\" data-start-index=\"2614\">The fourth quarter continued the trend of strong growth, with revenue increasing 10% year-over-year to a record $6.19 billion.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"2740\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2740\"><span class=\"ng-star-inserted\" data-start-index=\"2740\">Q4 FY2025 Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2756\"><span class=\"ng-star-inserted\" data-start-index=\"2756\">Value<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2761\"><b class=\"ng-star-inserted\" data-start-index=\"2761\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2774\"><span class=\"ng-star-inserted\" data-start-index=\"2774\">$6.19 billion (10% YoY growth)<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2804\"><b class=\"ng-star-inserted\" data-start-index=\"2804\">GAAP Diluted EPS<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2820\"><span class=\"ng-star-inserted\" data-start-index=\"2820\">$4.45<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2825\"><b class=\"ng-star-inserted\" data-start-index=\"2825\">Non-GAAP Diluted EPS<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2845\"><span class=\"ng-star-inserted\" data-start-index=\"2845\">$5.50<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2850\"><b class=\"ng-star-inserted\" data-start-index=\"2850\">Operating Cash Flow<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2869\"><span class=\"ng-star-inserted\" data-start-index=\"2869\">$3.16 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2882\"><b class=\"ng-star-inserted\" data-start-index=\"2882\">Remaining Performance Obligations (RPO)<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2921\"><span class=\"ng-star-inserted\" data-start-index=\"2921\">$22.52 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2935\"><b class=\"ng-star-inserted\" data-start-index=\"2935\">Shares Repurchased<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2953\"><span class=\"ng-star-inserted\" data-start-index=\"2953\">Approximately 7.2 million<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2978\"><b class=\"ng-star-inserted\" data-start-index=\"2978\">GAAP Operating Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2999\"><span class=\"ng-star-inserted\" data-start-index=\"2999\">$2.26 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3012\"><b class=\"ng-star-inserted\" data-start-index=\"3012\">Non-GAAP Operating Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3037\"><span class=\"ng-star-inserted\" data-start-index=\"3037\">$2.82 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3050\"><b class=\"ng-star-inserted\" data-start-index=\"3050\">GAAP Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3065\"><span class=\"ng-star-inserted\" data-start-index=\"3065\">$1.86 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3078\"><b class=\"ng-star-inserted\" data-start-index=\"3078\">Non-GAAP Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3097\"><span class=\"ng-star-inserted\" data-start-index=\"3097\">$2.29 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"3110\"><span class=\"ng-star-inserted\" data-start-index=\"3110\">Detailed Segment and Customer Group Performance<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3157\"><span class=\"ng-star-inserted\" data-start-index=\"3157\">Growth was observed across all major business segments and customer groups during fiscal year 2025.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3256\"><span class=\"ng-star-inserted\" data-start-index=\"3256\">FY2025 Business Segment Performance<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3291\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3291\">Digital Media:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3305\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3305\">Revenue:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3314\">$17.65 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3328\">\u00a0(11% YoY growth)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3345\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3345\">Ending ARR:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3357\">$19.20 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3371\">\u00a0(11.5% YoY growth)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3390\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3390\">Digital Experience:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3409\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3409\">Revenue:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3418\">$5.86 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3431\">\u00a0(9% YoY growth)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3447\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3447\">Subscription Revenue:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3469\">$5.41 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3482\">\u00a0(11% YoY growth)<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3499\"><span class=\"ng-star-inserted\" data-start-index=\"3499\">FY2025 Customer Group Performance (Subscription Revenue)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3555\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3555\">Total Customer Group Subscription Revenue:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3597\">\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3598\">$22.80 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3612\">\u00a0(12% YoY growth)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3629\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3629\">Business Professionals &amp; Consumers:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3664\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3664\">Revenue:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3673\">$6.50 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3686\">\u00a0(15% YoY growth)<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3703\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3703\">Creative &amp; Marketing Professionals:<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3738\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><span class=\"ng-star-inserted\" data-start-index=\"3738\">Revenue:\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3747\">$16.30 billion<\/b><span class=\"ng-star-inserted\" data-start-index=\"3761\">\u00a0(11% YoY growth)<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"3778\"><span class=\"ng-star-inserted\" data-start-index=\"3778\">Fiscal Year 2026 Financial Targets and Outlook<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3824\"><span class=\"ng-star-inserted\" data-start-index=\"3824\">Adobe provided financial targets for the full fiscal year 2026 and the first quarter of FY2026. These targets factor in current macroeconomic conditions and do not include any contributions from the potential acquisition of Semrush Holdings, Inc.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4070\"><span class=\"ng-star-inserted\" data-start-index=\"4070\">Full-Year FY2026 Targets<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"4094\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4094\"><span class=\"ng-star-inserted\" data-start-index=\"4094\">FY2026 Target Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4114\"><span class=\"ng-star-inserted\" data-start-index=\"4114\">Value \/ Range<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4127\"><b class=\"ng-star-inserted\" data-start-index=\"4127\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4140\"><span class=\"ng-star-inserted\" data-start-index=\"4140\">$25.90 billion to $26.10 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4172\"><b class=\"ng-star-inserted\" data-start-index=\"4172\">Business Professionals &amp; Consumers Subscription Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4227\"><span class=\"ng-star-inserted\" data-start-index=\"4227\">$7.35 billion to $7.40 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4257\"><b class=\"ng-star-inserted\" data-start-index=\"4257\">Creative &amp; Marketing Professionals Subscription Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4312\"><span class=\"ng-star-inserted\" data-start-index=\"4312\">$17.75 billion to $17.90 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4344\"><b class=\"ng-star-inserted\" data-start-index=\"4344\">Total Adobe Ending ARR Growth<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4373\"><span class=\"ng-star-inserted\" data-start-index=\"4373\">10.2% year-over-year<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4393\"><b class=\"ng-star-inserted\" data-start-index=\"4393\">GAAP Earnings Per Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4416\"><span class=\"ng-star-inserted\" data-start-index=\"4416\">$17.90 to $18.10<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4432\"><b class=\"ng-star-inserted\" data-start-index=\"4432\">Non-GAAP Earnings Per Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4459\"><span class=\"ng-star-inserted\" data-start-index=\"4459\">$23.30 to $23.50<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4475\"><span class=\"ng-star-inserted\" data-start-index=\"4475\">First Quarter (Q1) FY2026 Targets<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"4508\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4508\"><span class=\"ng-star-inserted\" data-start-index=\"4508\">Q1 FY2026 Target Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4531\"><span class=\"ng-star-inserted\" data-start-index=\"4531\">Value \/ Range<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4544\"><b class=\"ng-star-inserted\" data-start-index=\"4544\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4557\"><span class=\"ng-star-inserted\" data-start-index=\"4557\">$6.25 billion to $6.30 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4587\"><b class=\"ng-star-inserted\" data-start-index=\"4587\">Business Professionals &amp; Consumers Subscription Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4642\"><span class=\"ng-star-inserted\" data-start-index=\"4642\">$1.74 billion to $1.76 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4672\"><b class=\"ng-star-inserted\" data-start-index=\"4672\">Creative &amp; Marketing Professionals Subscription Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4727\"><span class=\"ng-star-inserted\" data-start-index=\"4727\">$4.30 billion to $4.33 billion<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4757\"><b class=\"ng-star-inserted\" data-start-index=\"4757\">GAAP Earnings Per Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4780\"><span class=\"ng-star-inserted\" data-start-index=\"4780\">$4.55 to $4.60<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4794\"><b class=\"ng-star-inserted\" data-start-index=\"4794\">Non-GAAP Earnings Per Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4821\"><span class=\"ng-star-inserted\" data-start-index=\"4821\">$5.85 to $5.90<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"4835\"><span class=\"ng-star-inserted\" data-start-index=\"4835\">Strategic Reporting Updates<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4862\"><span class=\"ng-star-inserted\" data-start-index=\"4862\">Beginning in FY2026, Adobe will implement changes to its financial reporting and guidance.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4952\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4952\">New Focus:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4962\">\u00a0Reporting will now emphasize customer group subscription revenue and total company ending ARR year-over-year growth, alongside total Adobe revenue and EPS.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5118\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5118\">Supplemental Disclosures:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5143\">\u00a0Subscription revenue for the Digital Media and Digital Experience segments will continue to be reported as supplemental information.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5276\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5276\">ARR Revaluation:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5292\">\u00a0At the end of FY2025, ending ARR was revalued, resulting in a $460 million increase primarily from foreign exchange rate changes. This adjusts the Total Adobe ARR entering FY2026 from $25.20 billion to $25.66 billion.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"5510\"><span class=\"ng-star-inserted\" data-start-index=\"5510\">Context on Non-GAAP Financial Measures<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5548\"><span class=\"ng-star-inserted\" data-start-index=\"5548\">Adobe utilizes non-GAAP financial measures to supplement its GAAP results. The company states that these measures provide meaningful supplemental information regarding operational performance and are used by management for internal planning, forecasting, and decision-making. This approach is intended to offer investors greater transparency and allow for better evaluation of operating results in the same manner as management.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5976\"><span class=\"ng-star-inserted\" data-start-index=\"5976\">The primary items excluded from Adobe&#8217;s non-GAAP measures and their rationales are:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6059\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6059\">Stock-based and deferred compensation expenses:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6106\">\u00a0Excluded because they are typically non-cash expenses not used to assess the core profitability of business operations.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6226\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6226\">Amortization of intangibles:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6254\">\u00a0Excluded as a non-cash expense from acquisitions to provide clearer insight into operational performance.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6360\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6360\">Acquisition-related expenses:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6389\">\u00a0Excluded due to their inconsistency in amount and timing, allowing for a more meaningful evaluation of core business profitability.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6521\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6521\">Investment gains and losses:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6549\">\u00a0Excluded because they are considered unrelated to ongoing business and operating results.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6639\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6639\">Accrued loss contingencies for significant litigation:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6693\">\u00a0Excluded when related to significant events that are not part of ongoing business operations.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6787\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6787\">Lease-related asset impairments and other charges:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6837\">\u00a0Excluded as they relate to significant facilities optimization efforts and are not part of ongoing business results.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6954\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6954\">Income tax adjustments:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6977\">\u00a0A fixed long-term projected non-GAAP tax rate is applied to exclude significant, non-recurring, and period-specific income tax effects, helping to assess core profitability.<\/span><\/div>\n<\/div>\n<div class=\"artifact-footer\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>How AI and &#8216;Casual Creators&#8217; Fueled Adobe&#8217;s $10 Billion Cash Machine From the PDFs on our desktops to the professional tools that power the creative industry, Adobe is a fixture in the digital world. For decades, it has been a&#8230; <\/p>\n","protected":false},"author":1,"featured_media":29,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[7],"class_list":["post-27","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earningsanalysis","tag-adbe"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/27","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/comments?post=27"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/27\/revisions"}],"predecessor-version":[{"id":30,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/27\/revisions\/30"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media\/29"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media?parent=27"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/categories?post=27"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/tags?post=27"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}