Analysts Forecast Adobe Q1 Revenue of $6.28B as Firefly Challenges Figma
Figma’s Q4 non-GAAP operating profit fell 22% to $44 million, driving its premium 9.46X P/S valuation into question as Adobe’s Firefly and Google Cloud partnership accelerate competition. Meanwhile, analysts project Adobe’s fiscal Q1 revenue at $6.275 billion with EPS of $5.87 and Digital Media ARR near $19.44 billion.
1. Competitive Pressure from Adobe’s Firefly
Figma’s non-GAAP operating profit declined 22% year-over-year to $44 million in Q4 2025, while its forward P/S multiple sits at 9.46X versus the software industry’s 4.03X. Adobe’s Firefly generative AI suite, bolstered by a recent Google Cloud partnership, is capturing design and collaboration workflows, intensifying the battle for enterprise and developer adoption.
2. Q1 Fiscal 2026 Earnings Preview
Analysts expect Adobe to report fiscal Q1 revenue of $6.275 billion and EPS of $5.87 when it releases results on March 12, 2026. Digital Media ARR is forecast to reach $19.44 billion, reflecting continued strength in subscription tools, while Digital Experience revenue is seen near $1.54 billion, supporting Adobe’s recurring-revenue model.