Last Updated: 21 April 2026
Adobe Inc. (NASDAQ: ADBE) is the San Jose-headquartered software company behind Photoshop, Illustrator, Acrobat, Premiere Pro, Creative Cloud, Document Cloud and the Experience Cloud marketing suite. It is one of the largest enterprise-software subscription businesses in the world, with fiscal 2025 revenue of $23.77bn and a total annualised recurring revenue (ARR) book of $25.20bn exiting November 2025. Today's report covers the quarter just reported (Q1 FY2026, released 12 March 2026), Adobe Summit held this week, the announced CEO transition, the regulatory settlement signed off 10 April, and every other material development. No analyst ratings, no price targets — primary sources only. For live pricing see our live charts, upcoming events on the economic calendar, and discussion on the ChartsView forum.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Adobe Inc. |
| Ticker / Exchange | ADBE / Nasdaq Global Select |
| Sector | Technology — Application Software / Digital Media & Marketing SaaS |
| Headquarters | 345 Park Avenue, San Jose, California |
| CEO & Chair | Shantanu Narayen (18-year tenure; announced 12 Mar 2026 he will transition to Executive Chair once a successor is in place) |
| Heir apparent | David Wadhwani, President, Digital Media (widely reported as the leading internal candidate) |
| Other executives | Anil Chakravarthy (President, Customer Experience Orchestration); Dan Durn (CFO); Scott Belsky (Chief Strategy Officer, former); Ely Greenfield (CTO, Digital Media) |
| Employees (28 Nov 2025 10-K) | 31,360 (split ~50% US / 50% international; FY25 attrition 9.9%) |
| Shares outstanding | ~410.5m (as of 9 Jan 2026, per 10-K cover page) |
| Market cap (mid-April 2026) | ~$91–99bn range |
| FY2025 revenue | $23.77bn (+11% YoY as reported and in constant currency) |
| FY2025 GAAP net income / diluted EPS | $7.13bn / $16.70 |
| FY2025 non-GAAP diluted EPS | $20.94 |
| FY2025 operating cash flow | $10.03bn |
| Total ARR exiting FY25 | $25.20bn (+11.5% YoY) |
| Digital Media ARR exiting FY25 | $19.20bn (+11.5% YoY) |
| Q1 FY26 revenue (reported 12 Mar 2026) | $6.40bn (+12% YoY) |
| Total ARR exiting Q1 FY26 | $26.06bn (+10.9% YoY) |
| Dividend | None (capital return via buybacks only) |
| Website | adobe.com / investor.adobe.com |
2. Bull Case vs Bear Case
Distilled from the full report below — factual only, no ratings.
Bull Case
- Subscription compounder: $25.20bn of ARR exiting FY25 growing 11.5%; Q1 FY26 ARR of $26.06bn. Subscription revenue is 95%+ of the total.
- AI monetisation is visible: AI-first ARR more than tripled year-on-year in Q1 FY26. Firefly subscription + credit pack ARR exceeded $250m exiting Q1, up 75% quarter-on-quarter. Acrobat AI Assistant ARR grew approximately 3x YoY.
- Cash flow machine: Record Q1 operating cash flow of $2.96bn; FY25 operating cash flow of $10.03bn; FY25 free cash flow of $9.85bn (+25% YoY).
- Massive capital return: FY25 repurchases of $20.3bn retired ~10% of the share count; new $25bn authorisation in place running to March 2028.
- Valuation compressed: Trailing P/E ~12–14x, EV/EBITDA ~10.5x — the lowest multiples on the stock in a decade; forward P/E on management's FY26 non-GAAP EPS guidance ~10–11x.
- Product breadth + partner model ecosystem: Firefly integrates third-party models from OpenAI, Google Gemini (including Gemini 3 / Nano Banana Pro), Black Forest Labs (FLUX.1 Kontext), Luma, Runway, Pika, Ideogram and Moonvalley inside Adobe's commercially-safe interface. Strategic NVIDIA partnership announced 16 March 2026.
- Regulatory overhang removed: DOJ/FTC "cancellation fees" case settled for $150m on 13 March 2026 (judge sign-off 10 April 2026) — material legal tail risk now quantified and paid.
Bear Case
- Generative-AI threatens the moat: Tools like Canva (reported 260m users) and Figma (dominant in UI/UX with estimated 80–90% share in that niche) have layered GenAI into core workflows, commoditising tasks that used to require Photoshop/Illustrator skill.
- Share-price and multiple de-rating: ADBE set a 52-week low of $224.13 on 10 April 2026 and sits ~46% below its May 2025 high of $422.95. The stock fell 7.6% on 16 March 2026 after the CEO-transition announcement.
- Growth decelerating into mid-teens range: FY26 management guidance of 9–10% revenue growth vs 11% in FY25. Total ARR growth target of 10.2% — first year under 11% since the pandemic.
- CEO transition risk: Narayen's 18-year tenure ends with a successor "to be appointed" — uncertainty until a clean handover is announced.
- Figma walk-away still costs: Paid $1bn breakup fee in Dec 2023 after EU/CMA regulatory opposition; Figma has since continued to take design-workflow share.
- Enterprise pricing scrutiny: DOJ settlement forces clearer disclosure of early-termination fees and easier cancellation — marginal drag on renewal economics.
- Concentrated AI-infrastructure cost base: NVIDIA partnership signals ongoing GPU spend; generative credits model is still being tuned for unit economics.
3. What Does Adobe Actually Do?
Adobe operates two reporting segments plus a small legacy Publishing line:
| Segment | FY2025 revenue | % of total | YoY growth | What it is |
|---|---|---|---|---|
| Digital Media | $17.65bn | 74.3% | +11% | Creative Cloud (Photoshop, Illustrator, Premiere Pro, Lightroom, After Effects, InDesign, Acrobat, Adobe Express, Firefly standalone app) sold by subscription to consumers, creative professionals and enterprises. Document Cloud sits inside this segment. |
| Digital Experience | $5.86bn | 24.6% | +9% | Experience Cloud — enterprise marketing/analytics/commerce suite: Analytics, Target, Campaign, Journey Optimizer, Experience Manager, Workfront, Marketo, GenStudio. |
| Publishing & Advertising | ~$0.26bn | ~1.1% | Flat / declining | Legacy print/publishing tools and e-learning remnants. Immaterial. |
Adobe is essentially a pure-play SaaS business. Subscription revenue was ~95% of the Q1 FY26 total ($6.17bn of the $6.40bn); product licences and services make up the rest. Inside Digital Media management has started to report a new cut that splits Business Professionals & Consumers (Acrobat, Express, Business Professional Creative Cloud, Firefly — $1.78bn subscription revenue in Q1 FY26, +16% YoY) from Creative & Marketing Professionals (traditional Creative Cloud + Experience Cloud enterprise — $4.39bn in Q1 FY26, +12% YoY).
4. The Business Model
How they make money. Adobe charges subscriptions — monthly or annual — for named-user access to its desktop, mobile and web applications. Pricing ranges from free (Acrobat Reader, Adobe Express free tier, limited Firefly web access) through ~$22.99/month for single-app Creative Cloud to $89.99/month for Creative Cloud All Apps, with meaningful premia for Firefly generative credits, Acrobat AI Assistant ($4.99+/month add-on) and enterprise ETLAs. Digital Experience is sold as multi-year enterprise commitments.
Unit economics. FY25 non-GAAP operating margin ~46%; FY26 guided to ~45.0%. Non-GAAP tax rate ~18%. Gross margin stays around 89–90%. Free cash flow margin ~41% ($9.85bn FCF on $23.77bn revenue in FY25).
Moat. (1) File-format lock-in — PDF, PSD, AI, PRPROJ are de-facto industry standards; (2) creative pro skill investment ("Photoshop" is a verb in the same way "Google" is, although GenAI is narrowing that gap); (3) enterprise data integration across the Experience Cloud stack; (4) commercially safe training data for Firefly (licensed Adobe Stock plus public-domain content) — a differentiator for regulated enterprise buyers.
Subsidy / regulatory credit dependency. Not material. Adobe is not reliant on tax credits, government grants or regulatory credits for earnings. The regulatory exposure runs the other way — fines and enforcement (see FTC/DOJ settlement in section 10).
5. Financial Health
| USD $m (FY ends late Nov) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 15,785 | 17,606 | 19,409 | 21,505 | 23,770 |
| YoY growth | 23% | 11.5% | 10.2% | 10.8% | 10.5% |
| GAAP net income | 4,822 | 4,756 | 5,428 | 5,560 | 7,130 |
| GAAP diluted EPS | 10.02 | 10.10 | 11.82 | 12.36 | 16.70 |
| Non-GAAP diluted EPS | 12.48 | 13.71 | 16.07 | 18.42 | 20.94 |
| Operating cash flow | 7,230 | 7,838 | 7,302 | 8,056 | 10,034 |
| Free cash flow (approx) | ~6,900 | ~7,300 | ~6,900 | ~7,870 | 9,852 |
| Cash & ST investments | ~5,850 | ~6,097 | ~7,852 | ~7,890 | ~5,400 |
| Long-term debt | 4,123 | 3,633 | 3,634 | 5,633 | ~6,200 |
| Shares outstanding (m, diluted) | 481 | 471 | 459 | 450 | ~410 |
FY2025 is the most recently reported fiscal year (ended 28 November 2025). 10-K filed in January 2026. Shares outstanding figure at period end: ~410.5m per 10-K cover page dated 9 January 2026. FY2025 share count decline reflects $20.3bn of repurchases completed during the year — effectively ~10% of the float retired.
Q1 FY26 scorecard (reported 12 March 2026):
| Metric | Q1 FY26 | YoY |
|---|---|---|
| Revenue | $6.40bn | +12% (11% cc) |
| Digital Media subscription revenue (incl. Bus Pros + Creative/Marketing Pros) | $6.17bn | +13% |
| Business Professionals & Consumers subscription revenue | $1.78bn | +16% |
| Creative & Marketing Professionals subscription revenue | $4.39bn | +12% (+11% cc) |
| Total ARR | $26.06bn | +10.9% |
| GAAP diluted EPS | $4.60 | — |
| Non-GAAP diluted EPS | $6.06 | — |
| Operating cash flow (record) | $2.96bn | — |
| AI-first ARR | Tripled YoY | >200% |
| Firefly app + credit pack + Firefly Enterprise ending ARR | >$250m | +75% QoQ |
| Acrobat AI Assistant ARR | Not disclosed in $ | ~3x YoY |
6. Valuation & Market Data
Raw figures only — no commentary on cheap / expensive.
| Metric | Value | Source / Date |
|---|---|---|
| Share price | ~$240–245 (recent range) | 17 Apr 2026 close: $244.45 |
| Market capitalisation | ~$91–99bn | 13–17 Apr 2026 |
| Enterprise value (approx) | ~$92bn (cash $5.4bn minus debt $6.2bn ≈ net debt $0.8bn) | Derived from FY25 10-K balance sheet |
| Trailing P/E (GAAP) | ~13.1x (range 12.7–14.3 across providers) | StockAnalysis / Fullratio, Apr 2026 |
| Forward P/E (non-GAAP, FY26 guide mid) | ~10.4x ($244 / $23.40) | Company FY26 guidance |
| P/S (TTM) | ~4.0x | $95bn mkt cap / $23.8bn FY25 rev |
| EV/EBITDA | ~10.5x | GuruFocus / Fullratio, Apr 2026 |
| Price-to-FCF | ~9.5–10x | $95bn / $9.85bn FY25 FCF |
| 52-week high | $422.95 (21 May 2025) | Exchange data |
| 52-week low | $224.13 (10 Apr 2026) | Exchange data |
| Drawdown from 52w high | ~46% | Derived |
| Shares outstanding (10-K cover, 9 Jan 2026) | 410.5m | Adobe 10-K FY25 |
| Short interest | ~12.20m shares | Most recent settlement |
| Short interest % of float | ~3.0% | Derived |
| Days to cover | ~2.0 days | Avg 6.11m daily vol |
| Dividend | None | Company policy |
| FY25 repurchases | $20.3bn (~10% of shares retired) | FY25 results |
| Remaining buyback capacity | Majority of $25bn authorisation to March 2028 | Board authorisation Mar 2024 |
7. What Are They Building / What's Coming?
Firefly AI Assistant (announced 15 April 2026). Adobe unveiled Firefly AI Assistant powered by its first-party "creative agent". It acts as a single conversational interface across Creative Cloud — users describe a goal in natural language and the agent orchestrates multi-step workflows across Firefly, Photoshop, Premiere, Lightroom, Express, Illustrator and more. Stock rose ~1.8% on the announcement.
Adobe Summit 2026 (week of 20 April 2026, Las Vegas). Major enterprise-side reveal:
- Adobe CX Enterprise — an end-to-end agentic AI system that manages the full customer lifecycle (acquisition, engagement, conversion, loyalty).
- CX Enterprise Coworker — productised agentic workflows for marketing/CX teams.
- GenStudio — expanded "agentic content supply chain" covering planning, creation, activation, delivery, reporting and insights, with new brand-intelligence features.
- Stock rose ~2% in premarket on 20 April 2026 on the announcement.
NVIDIA strategic partnership (announced 16 March 2026). Multi-year collaboration to accelerate AI-powered creation, production and personalisation — including the next generation of Firefly foundational models and agentic workflows on NVIDIA infrastructure.
Firefly partner-model ecosystem (live). Firefly's Prompt-to-Edit and Generative Fill capabilities are offered both with Adobe's own Firefly Image Model 5 and third-party foundation models including:
- Google Gemini 2.5 Flash Image (Nano Banana) and Gemini 3 / Nano Banana Pro (integrated Nov 2025 and later)
- OpenAI image/text models
- Black Forest Labs FLUX.1 Kontext
- Runway, Pika, Luma, Ideogram, Moonvalley (video)
The differentiator Adobe pitches to enterprise buyers is that Firefly provides a single commercially-safe interface that can ingest brand assets, enforce rights management, and swap between these models. Firefly's own subscription + credit pack ending ARR exceeded $250m in Q1 FY26, up 75% QoQ.
Acrobat AI Assistant. Document-Cloud AI add-on priced from $4.99/month. Acrobat AI Assistant ARR tripled YoY in Q1 FY26. Natural-language PDF editing is planned as a 2026 update.
Firefly Foundry + custom Firefly models. Expansion announced 19 March 2026: lets creators and brands train reusable models on their own images in character, illustration and photographic styles — a direct response to Canva/Figma enterprise deals that allow bring-your-own-style training.
Adobe Express. Mobile-first competitor to Canva; free tier expanded; core focus of Business Professionals & Consumers subscription growth of +16% YoY in Q1 FY26.
8. Competitive Landscape
| Company | Ticker / Status | Primary overlap | Notes |
|---|---|---|---|
| Canva | Private (widely reported to be preparing 2026 IPO) | Adobe Express / small-business Creative Cloud | Reported ~260m users. Acquired Serif's Affinity creative suite (2024); relaunched as free all-in-one creative app. Aggressive GenAI layering (Magic Write, Magic Design). |
| Figma | Private (IPO filed 2025) | UI/UX design, collaborative product design | The tool Adobe tried to buy for $20bn in 2022–23. ~80–90% share in UI/UX by some estimates. Real-time collaboration is its moat. |
| Microsoft (Designer, Copilot) | MSFT | Express / Acrobat AI | Ships Designer free inside M365; Copilot competes with Acrobat AI Assistant in document workflows. |
| Runway | Private | Firefly Video | Leading text-to-video model (Gen-3/Gen-4). Ironically also integrated as a partner model inside Firefly. |
| Midjourney | Private | Firefly Image | Prosumer image generation; strong aesthetic brand. |
| Stability AI | Private | Firefly Image open-weight alternative | Open-weights models (Stable Diffusion family) used by smaller shops to bypass paid Firefly credits. |
| OpenAI | Private | Partner + competitor (via ChatGPT image/Sora) | Integrated into Firefly; ChatGPT's image gen + Sora 2 compete directly. |
| Salesforce / Oracle / HubSpot | CRM / ORCL / HUBS | Digital Experience | Compete in marketing cloud, journey orchestration, CDP. |
Market position. Adobe remains the default for professional creative production. Figma dominates UI/UX design (roughly 80–90% share in that niche by third-party survey data). Canva has taken the mid-market / SMB creative market while pushing into enterprise via Affinity. In GenAI image/video, Firefly is one of several major stacks — Adobe's response has been to become a meta-aggregator rather than compete purely on model quality.
Adobe strengths: file-format entrenchment (PDF, PSD, AI, PRPROJ); enterprise relationships with Fortune 500 marketing/CX teams; commercially safe training data; deep desktop tooling; massive free cash flow for R&D and buybacks.
Adobe weaknesses: desktop-first DNA slower than web-native Figma/Canva; skill-based moat eroded by GenAI; pricing perceived as high vs free Canva and Microsoft Designer; enterprise CX segment smaller than Salesforce/Oracle.
9. Leadership and Ownership
Key executives.
- Shantanu Narayen — Chair and CEO since 2007. Announced on 12 March 2026 that he will transition to Executive Chair once a successor is appointed. Joined Adobe in 1998.
- David Wadhwani — President, Digital Media. Widely reported internal frontrunner for CEO. Led the (failed) Figma acquisition; now public face of Adobe's AI strategy.
- Anil Chakravarthy — President, Customer Experience Orchestration. Runs the Digital Experience segment; other internal CEO contender.
- Dan Durn — CFO since January 2022 (ex-Applied Materials).
- Ely Greenfield — CTO, Digital Media.
Insider transactions (last ~6 months, Form 4 filings).
| Date | Insider | Role | Action | Shares | Approx value | 10b5-1? |
|---|---|---|---|---|---|---|
| 15 Apr 2026 | Laura Desmond | Director | RSU vest / exercise (reported) | 900 | ~$220k (at ~$244) | RSU vest — routine |
| 15 Apr 2026 | Cristiano Amon | Director | RSU grant | 1,367 | ~$334k | Scheduled grant |
| 15 Apr 2026 | Dheeraj Pandey | Director | RSU grant | Grant | Reported | Scheduled grant |
| Up to 23 Mar 2026 | Shantanu Narayen | Chair & CEO | Sell (aggregated 2026 YTD) | ~112,190 | Approx $30–40m | Yes (10b5-1) |
| 25 Sep 2024 | Shantanu Narayen | Chair & CEO | Sell | 25,000 | ~$13m | Yes |
No discretionary insider buying has been disclosed over the period. Most CEO-level dispositions have been under pre-existing 10b5-1 plans. Narayen's most recent reported Adobe holding was 357,967 shares (~$89m at the September 2024 reference price; current market value materially lower given the price decline).
Institutional ownership. Institutions own ~84% of the float. Largest disclosed holders:
- Vanguard Group — ~41.3m shares (~10.2%)
- BlackRock — ~25.3m–32.9m shares across vehicles (~6–8%)
- State Street — mid-single-digit %
- Geode Capital, Morgan Stanley, Norges Bank, Arrowstreet Capital, BNY Mellon, Invesco, UBS — remaining top-10
10. Risks and Challenges
Regulatory / legal — quantified.
| Item | Status | Financial impact disclosed |
|---|---|---|
| US DOJ / FTC action on concealed early-termination fees and difficult cancellations (Case filed Jun 2024) | Settled 13 Mar 2026; court sign-off 10 Apr 2026 | $150m total ($75m cash penalty + $75m in free services); injunctive relief requiring clear ETF disclosure and easy cancellation |
| Adobe/Figma termination (Dec 2023) | Completed | $1.0bn cash break fee paid to Figma in Dec 2023 |
| EU DMA / digital-services regime | Ongoing monitoring | No specific fine disclosed |
| China exposure | Included in Asia Pacific | Not separately broken out but is a smaller share of total than US/EMEA |
Other risks.
- Generative-AI disruption of the core moat — the single biggest strategic risk. The tasks that Photoshop/Illustrator fluency used to gate are increasingly accessible in Canva/Figma/Microsoft Designer via prompt. Adobe's counter-strategy is to own the agentic orchestration layer (Firefly AI Assistant) — but execution is unproven.
- Subscription saturation — FY26 ARR growth guidance of 10.2% vs 11.5% in FY25. Management is pushing AI add-ons to re-accelerate per-user spend.
- Enterprise pricing pressure — ETLA renewals face scrutiny as buyers consolidate software vendors; Canva and Microsoft are increasingly credible enterprise alternatives for content.
- CEO transition — 12 March announcement introduces execution uncertainty until a successor is named and onboarded.
- Macro / enterprise IT spend — Experience Cloud is concentrated in marketing budgets, which are cyclical.
- AI capex / unit economics — generative credits consume GPU compute; if token costs fall slower than prices, Firefly gross margin could compress.
- Share price momentum — near a 52-week low on 10 April 2026; sentiment fragile.
11. Recent Developments
Last 48 hours (19–21 April 2026).
- 20 April 2026 (Adobe Summit, Las Vegas): Unveiled Adobe CX Enterprise (end-to-end agentic CX platform) and CX Enterprise Coworker. Expanded GenStudio with an "agentic content supply chain" plus new brand-intelligence features. Stock rose ~2% in premarket.
- 20 April 2026: Adobe hosting investor session at Adobe Summit (per Business Wire 14 April 2026).
- 19 April 2026: Pre-Summit press cycle emphasising Adobe's AI-agent positioning ahead of peers.
Earlier April 2026.
- 15 April 2026: Adobe unveiled Firefly AI Assistant — conversational multi-app agent across Creative Cloud. Stock rose ~1.8%. Adobe simultaneously announced a partnership with Anthropic.
- 15 April 2026: Director RSU grants/vestings (Laura Desmond, Cristiano Amon, Dheeraj Pandey) reported on Form 4 — routine.
- 10 April 2026: US District Judge Noël Wise approved Adobe's $150m DOJ/FTC settlement. ADBE set 52-week low of $224.13 the same day.
March 2026.
- 23 March 2026: Aggregate CEO dispositions 2026-YTD reach ~112,190 shares under 10b5-1 plans.
- 19 March 2026: Firefly expanded custom models (Firefly Foundry) — lets creators train reusable models in their own style (character, illustration, photographic).
- 16 March 2026: Stock fell 7.6% as market digested CEO-transition + Q1 results.
- 16 March 2026: Adobe–NVIDIA strategic partnership announced — next-gen Firefly models and agentic workflows.
- 13 March 2026: DOJ settlement announced — $150m to resolve concealed-ETF / cancellation-practice allegations.
- 12 March 2026: Q1 FY26 results. Revenue $6.40bn (+12% YoY). Total ARR $26.06bn. Non-GAAP EPS $6.06. Record Q1 OCF $2.96bn. AI-first ARR tripled YoY; Firefly ARR +75% QoQ to >$250m; Acrobat AI Assistant ARR ~3x YoY. CEO Shantanu Narayen announced transition to Executive Chair upon successor appointment.
December 2025 – February 2026.
- Feb 2026: Adobe Firefly repositioned as an all-in-one creative AI studio with unlimited generations on paid tiers.
- 10 December 2025: FY25 Q4 results — FY25 revenue $23.77bn (+11%), GAAP net income $7.13bn, GAAP EPS $16.70, non-GAAP EPS $20.94, operating cash flow $10.03bn, free cash flow $9.85bn (+25%). Digital Media ARR $19.20bn (+11.5%), Total ARR $25.20bn (+11.5%). FY25 share repurchases $20.3bn (~10% of float retired). FY26 guidance: revenue $25.9–26.1bn, non-GAAP EPS $23.30–23.50, total ARR growth 10.2%.
- 20 November 2025: Google Gemini 3 / Nano Banana Pro integrated into Firefly and Photoshop.
12. Key Dates Coming Up
- 11 June 2026: Q2 FY26 earnings. Company guidance: revenue $6.43–6.48bn; Business Professionals & Consumers subscription revenue $1.80–1.82bn; Creative & Marketing Professionals subscription revenue $4.41–4.44bn; GAAP EPS $4.35–4.40; non-GAAP EPS $5.80–5.85; non-GAAP operating margin ~44.5%; non-GAAP tax rate ~18%.
- FY26 full-year guidance (reiterated March 2026): revenue $25.9–26.1bn; non-GAAP EPS $23.30–23.50; GAAP EPS $17.90–18.10; total ARR growth 10.2% (~$2.6bn); non-GAAP operating margin ~45.0%.
- September 2026 (expected): Q3 FY26 earnings.
- 10–12 November 2026: Adobe MAX 2026 — The Creativity Conference — Miami Beach Convention Center (in-person + online 10–11 Nov). Typical venue for major Firefly and Creative Cloud model releases.
- December 2026 (expected): FY26 Q4 + full-year results; typical timing for new FY27 guidance and any refreshed buyback authorisation.
- By end-2026 (expected): CEO successor announcement — Narayen transition to Executive Chair takes effect once appointed.
- March 2028: Current $25bn share-repurchase authorisation expiry.
- Ongoing: Rolling 10b5-1 dispositions by CEO and named executives.
This research is provided for informational purposes only and does not constitute investment advice. All data is sourced from company filings, official communications, and public market data as of 21 April 2026. See our live charts and blog for more.