Adobe’s stock buyback program lets the company use cash to repurchase its own shares, either on the open market or through structured agreements with financial institutions. Its April 2026 authorization permits up to $25 billion in repurchases through April 30, 2030, but it does not require Adobe to spend that amount on a fixed schedule. For the nine months ended August 28, 2026, Adobe reported paying $6.82 billion for 26.1 million shares delivered through open-market repurchases.
How Adobe’s buyback authorization works
A board authorization sets a ceiling on how much Adobe may spend on repurchases; it is not a promise to buy shares immediately or use the entire amount. Adobe can buy common shares in the open market or use structured repurchase agreements with financial institutions, as described in its September 2026 Form 10-Q.
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In March 2024, Adobe’s board authorized up to $25 billion through March 14, 2028. Adobe reported that it used that authority in full during the nine months ended August 28, 2026. In April 2026, the board authorized a new $25 billion program through April 30, 2030. As of August 28, 2026, $24.55 billion remained available under that newer authorization.
Adobe said the program is intended to return value to stockholders, minimize dilution from share issuances and reduce the share count over time. These are the company’s stated objectives, not guaranteed outcomes. In its April 21, 2026 announcement, CFO Dan Durn described the authorization as an expression of confidence in Adobe’s cash flow and long-term value. That is management’s view; the announcement also notes that future repurchases and cash flows are forward-looking and actual results may differ.
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What Adobe repurchased in its latest reported periods
Adobe’s Form 10-Q reports the following activity. The nine-month figures compare the periods ended August 28, 2026 and August 29, 2025; the monthly intervals are those disclosed for the quarter ended August 28, 2026.
| Reporting period | Shares delivered or repurchased | Amount or average price | Method |
|---|---|---|---|
| Nine months ended August 28, 2026 | 26.1 million shares delivered | $6.82 billion paid | Open-market repurchases |
| Nine months ended August 29, 2025 | 23.6 million shares delivered | $8.806 billion paid | 16.8 million through accelerated share repurchase agreements and 6.8 million through open-market repurchases |
| May 30–June 26, 2026 | 2.9 million shares | $221.95 average per share | Repurchases under the announced plan |
| June 27–July 24, 2026 | 3.1 million shares | $219.90 average per share | Repurchases under the announced plan |
| July 25–August 28, 2026 | 3.5 million shares | $260.01 average per share | Repurchases under the announced plan |
The three monthly intervals total 9.5 million shares repurchased under the plan. Adobe reported 389.2 million common shares issued and outstanding as of September 18, 2026. These figures describe specified past reporting periods and dates, not a live share count or a forecast of future purchases.
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How buybacks affect shareholders
They use company cash to buy shares from sellers
When Adobe buys shares and they are delivered to the company, it accounts for them as treasury stock. The selling shareholder receives cash; shareholders who continue to hold shares own a larger percentage of the company if the number of shares outstanding falls. Whether that is beneficial depends in part on the price Adobe pays, the company’s future results and what Adobe could otherwise have done with the cash.
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They can change earnings per share without changing total earnings
Adobe states that only shares physically delivered by period end are excluded from the weighted-average share count used to calculate net income per share. If total earnings stayed constant while that weighted-average share count fell, earnings per share (EPS) would rise mechanically. That arithmetic does not mean the company earned more in total; a change in EPS alone is not proof of improved operating performance.
They do not guarantee a higher share price or a gain for every holder
A lower share count does not by itself establish that Adobe’s stock price rose or that every shareholder became wealthier. The effect for a continuing investor depends on the repurchase price and Adobe’s subsequent performance, among other factors. Adobe describes capital return, dilution management and share-count reduction as goals, but the authorization does not guarantee those results.
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What to keep in mind when reading buyback figures
- Check the date and period. The $6.82 billion figure covers nine months ended August 28, 2026; it is not a quarterly run rate or a commitment for the next period.
- Distinguish authorization from activity. The $24.55 billion remaining figure is unused capacity under the April 2026 program as of August 28, 2026, not cash already spent or a scheduled purchase.
- Separate methods. Adobe reported open-market purchases for the 2026 nine-month period. Its 2025 comparison separately identifies shares delivered through accelerated repurchase agreements and open-market purchases; the methods and reported periods should not be treated as interchangeable.
- Focus on delivered shares for share-count effects. Adobe’s stated EPS accounting treatment excludes shares from the weighted-average count only when they have physically been delivered by period end.
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