Adobe completed its acquisition of Semrush in April 2026 for $1.87 billion, adding a brand visibility platform to its portfolio and broadening its marketing software capabilities. The Q2 FY2026 filing shows subscription revenue rising markedly year-over-year to $6.4 billion, supported by high customer retention and recurring revenue strength. Adobe operates as a unified business segment focused on integrated cloud software delivery with significant investments in R&D to maintain innovation and competitive moat. Legal risks from prior DOJ litigation have been settled, reducing near-term uncertainty while competition intensifies in AI-enabled marketing and creative SaaS sectors. Liquidity remains robust with $4.9 billion cash and manageable net debt post-acquisition.