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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesAdobe’s buyback authorization is permission to repurchase shares up to a ceiling—not proof that it has spent that amount. In its latest located filing, for the nine months ended August 28, 2026, Adobe said its March 2024 authorization for up to $25 billion was fully used. It also reported a separate April 2026 authorization for up to $25 billion through April 30, 2030, under which Adobe says it is not required to repurchase any shares.
Authorization and repurchases answer different questions
A board authorization sets the maximum amount a company may repurchase under a program. It is capacity, not a purchase order or a promise to spend the full amount. Actual repurchases are transactions; to understand what Adobe has done, read the activity and accounting disclosures for a specific reporting period.
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Adobe’s latest located Form 10-Q distinguishes two programs: the March 2024 authority, which was fully utilized during the nine months ended August 28, 2026, and a new authority approved in April 2026. The latter permits up to $25 billion in repurchases through April 30, 2030. Adobe says it has no obligation to repurchase any amount under that new program. Adobe’s Form 10-Q for the period ended August 28, 2026
Adobe’s authorizations and reported activity by date
| Date or period | What Adobe disclosed | How to read it |
|---|---|---|
| March 2024 | Board authorization for up to $25 billion through March 14, 2028. | A maximum permitted amount, not evidence that $25 billion had been spent. Adobe Form 10-Q |
| Fiscal 2025, ended November 28, 2025 | $11.28 billion in payments under repurchase arrangements; $5.90 billion remained under the March 2024 authority at fiscal year-end. | Payments over the fiscal year and remaining authorization at its end are different measures. The remaining figure is a historical balance, not the current balance. Adobe Form 10-K |
| April 2026 | A separate authorization for up to $25 billion through April 30, 2030. | A new authority, distinct from the March 2024 program. Adobe retains discretion over execution and has no obligation to repurchase under it. Adobe Form 10-Q |
| Six months ended May 29, 2026 | $4.59 billion in payments; $26.78 billion remained under Adobe’s authorities as of that date. | An interim snapshot before the later third-quarter filing—not a current remaining balance. Adobe Form 10-Q |
| Nine months ended August 28, 2026 | $6.82 billion in payments under stock-repurchase arrangements; the March 2024 authorization was fully utilized. | The payment figure covers the nine-month period; it does not by itself tell you how many shares were physically delivered in that period. Adobe Form 10-Q |
Why a payment and delivered shares may differ
Adobe says it can buy shares in the open market or use structured repurchase arrangements with third parties. Under its disclosed accounting, a prepayment is recorded as treasury stock when paid, but only shares physically delivered by period-end are excluded from the weighted-average share count used to calculate earnings per share. A cash payment therefore does not necessarily mean all associated shares had been delivered by the reporting date. Adobe Form 10-Q
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When reading a filing, keep these measures separate:
- Authorization: the board-approved ceiling for a program.
- Cash paid or prepaid: money Adobe reports paying under repurchase arrangements during a period.
- Shares initially delivered: shares received before an arrangement is fully settled, where applicable.
- Final shares delivered: the total shares delivered after settlement.
For share counts, use the relevant period’s repurchase tables and notes, which distinguish initial and final deliveries where applicable; do not infer delivery from the payment total alone.
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Why authorization balances change between filings
A remaining-authorization figure belongs to a particular program and a particular reporting date. For example, Adobe’s $5.90 billion remaining figure at November 28, 2025 applied to the March 2024 authority. Its $26.78 billion figure at May 29, 2026 covered the authorities outstanding at that later date, after the separate April 2026 authorization had been approved.
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Those dated figures should not be treated as contradictory or compared as though they describe one unchanged pool of capacity. Nor should a reader simply subtract a period’s payments from an earlier authorization balance: payment timing, settlement mechanics, and multiple active authorities affect the roll-forward. Use the filing’s own program-specific disclosures and footnotes.
Adobe retains discretion over the new program
Adobe says the timing, number, and value of shares bought under the April 2026 authorization will depend on its discretion and factors including market conditions, legal requirements, capital needs, and alternative uses of capital. The company expressly states that it has no obligation to repurchase any amount under the new program. The $25 billion ceiling is therefore not a forecast of spending or a schedule of future purchases. Adobe Form 10-Q
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the buyback figures do—and do not—show
Gross repurchases do not establish the net change in Adobe’s shares outstanding. Employee equity awards and other share issuances can affect the share count too. The figures above do not provide a fully reconciled, same-period net-share-count effect, so they should not be used to claim that repurchases reduced outstanding shares by an equal amount.
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The latest located period-specific update is Adobe’s Form 10-Q for the nine months ended August 28, 2026. Its figures describe that period and should not be presented as later activity. Read the filing
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