Adobe (ADBE) Q1 2026 Earnings Preview: Analysts Expect $4.85 EPS, Up 13.3%

San Jose-based Adobe Inc. (ADBE), with a $120.8 billion market cap, is set to report fiscal Q1 2026 earnings soon. Analysts forecast an EPS of $4.85, marking a 13.3% increase from $4.28 in the same period last year. The company has consistently exceeded earnings expectations over the past four quarters. For fiscal 2026, analysts project EPS of $18.98, up 10.4% from $17.20 in fiscal 2025. EPS is expected to rise nearly 14% year-over-year to $21.63 in fiscal 2027. Despite these positive forecasts, ADBE shares have declined 31.5% over the past year, underperforming the S&P 500 Index ($SPX) and the State Street Technology Select Sector SPDR ETF (XLK). Following its strong Q4 2025 results on December 10, ADBE shares rose 2.1%. The quarter featured record revenue of $6.19 billion and adjusted EPS of $5.50. For 2026, Adobe projects over 10% ending ARR growth, revenue between $25.90 billion and $26.10 billion, and continued double-digit subscription growth. Analysts maintain a cautiously optimistic outlook, with a "Moderate Buy" rating. Of 37 analysts, 18 recommend "Strong Buy," two "Moderate Buy," 13 "Holds," and four "Strong Sells." The average price target of $436.21 suggests a potential 45.5% upside from current levels.