Is Adobe Stock Ready For Slower Subscription Growth?

Adobe (ADBE) stock has lost 31% over the past twelve months, significantly underperforming the S&P 500 and its 17.0% return. Investors appear to be worried about slower subscription growth, and the concern is justified. Weaker new subscription sales were a main topic of the question-and-answer session during the company's September 10 call for fiscal Q3 2026. Slower growth could compress the multiple investors are willing to pay for Adobe's earnings. So how close is Adobe to a real slowdown.