Adobe Inc.

Adobe primarily sells subscriptions, meaning a large portion of its revenue is recurring and relatively predictable. In fiscal year 2025, 96 percent of revenue came from subscription revenue, i.e., subscription and hosted service offerings.

Adobe is a software company with platforms for creative work, document processes, marketing, data, commerce, and personalized digital customer experiences. Well-known products include Photoshop, Illustrator, Premiere Pro, Acrobat, Adobe Express, Firefly, and the Experience Cloud products.

Adobe possesses a genuine competitive advantage over its rivals and is characterized by strong free cash flow generation.

Adobe's moat lies in its brand, product standards, file formats, user habits, network effects within the creative ecosystem, enterprise contracts, and integration into professional workflows. For many users, Photoshop, Illustrator, Acrobat, and Premiere are not interchangeable products but the industry standard.