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Side-by-side financial comparison of Adobe Inc. (ADBE) and Arthur J. Gallagher & Co. (AJG). Click either name above to swap in a different company.
Adobe Inc. is the larger business by last-quarter revenue ($6.4B vs $3.6B, roughly 1.8× Arthur J. Gallagher & Co.). Adobe Inc. runs the higher net margin — 29.5% vs 4.2%, a 25.4% gap on every dollar of revenue. On growth, Arthur J. Gallagher & Co. posted the faster year-over-year revenue change (33.6% vs 12.0%). Adobe Inc. produced more free cash flow last quarter ($2.9B vs $713.4M). Over the past eight quarters, Adobe Inc.'s revenue compounded faster (9.8% CAGR vs 5.5%).
Adobe Inc., formerly Adobe Systems Incorporated, is an American multinational computer software company based in San Jose, California. It offers a wide range of programs from web design tools, photo manipulation, and vector creation to video and audio editing, mobile app development, print layout, and animation software.
Arthur J. Gallagher & Co. (Gallagher) is an American insurance brokerage and risk management services company based in Rolling Meadows, Illinois, a suburb of Chicago. The company provides insurance brokerage and risk management services, which primarily includes processing of workers compensation and automobile insurance claims via the company's adjusters.
ADBE vs AJG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.4B | $3.6B |
| Net Profit | $1.9B | $151.1M |
| Gross Margin | 89.6% | — |
| Operating Margin | 37.8% | 5.0% |
| Net Margin | 29.5% | 4.2% |
| Revenue YoY | 12.0% | 33.6% |
| Net Profit YoY | 4.3% | -41.5% |
| EPS (diluted) | $4.60 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $3.6B | ||
| Q3 25 | $6.0B | $3.4B | ||
| Q2 25 | $5.9B | $3.2B | ||
| Q1 25 | $5.7B | $3.7B | ||
| Q4 24 | $5.6B | $2.7B | ||
| Q3 24 | $5.4B | $2.8B | ||
| Q2 24 | $5.3B | $2.8B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $151.1M | ||
| Q3 25 | $1.8B | $272.7M | ||
| Q2 25 | $1.7B | $365.8M | ||
| Q1 25 | $1.8B | $704.4M | ||
| Q4 24 | $1.7B | $258.3M | ||
| Q3 24 | $1.7B | $312.6M | ||
| Q2 24 | $1.6B | $283.4M |
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | — | ||
| Q2 25 | 89.1% | — | ||
| Q1 25 | 89.1% | — | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | — | ||
| Q2 24 | 88.7% | — |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 5.0% | ||
| Q3 25 | 36.3% | 10.3% | ||
| Q2 25 | 35.9% | 14.6% | ||
| Q1 25 | 37.9% | 23.4% | ||
| Q4 24 | 34.9% | 12.3% | ||
| Q3 24 | 36.8% | 14.4% | ||
| Q2 24 | 35.5% | 13.2% |
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 4.2% | ||
| Q3 25 | 29.6% | 8.1% | ||
| Q2 25 | 28.8% | 11.4% | ||
| Q1 25 | 31.7% | 18.9% | ||
| Q4 24 | 30.0% | 9.5% | ||
| Q3 24 | 31.1% | 11.1% | ||
| Q2 24 | 29.6% | 10.2% |
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.58 | ||
| Q3 25 | $4.18 | $1.04 | ||
| Q2 25 | $3.94 | $1.40 | ||
| Q1 25 | $4.14 | $2.72 | ||
| Q4 24 | $3.75 | $1.10 | ||
| Q3 24 | $3.76 | $1.39 | ||
| Q2 24 | $3.49 | $1.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.9B | — |
| Total DebtLower is stronger | $5.4B | $12.9B |
| Stockholders' EquityBook value | $11.4B | $23.3B |
| Total Assets | $29.7B | $70.7B |
| Debt / EquityLower = less leverage | 0.47× | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $5.9B | — | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $12.9B | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | $23.0M | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $23.3B | ||
| Q3 25 | $11.8B | $23.2B | ||
| Q2 25 | $11.4B | $23.0B | ||
| Q1 25 | $13.1B | $22.3B | ||
| Q4 24 | $14.1B | $20.2B | ||
| Q3 24 | $14.5B | $12.2B | ||
| Q2 24 | $14.8B | $11.6B |
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $70.7B | ||
| Q3 25 | $28.8B | $79.1B | ||
| Q2 25 | $28.1B | $80.1B | ||
| Q1 25 | $30.0B | $74.1B | ||
| Q4 24 | $30.2B | $64.3B | ||
| Q3 24 | $29.8B | $57.2B | ||
| Q2 24 | $30.0B | $63.0B |
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 0.55× | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | 0.00× | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $753.0M |
| Free Cash FlowOCF − Capex | $2.9B | $713.4M |
| FCF MarginFCF / Revenue | 45.7% | 19.7% |
| Capex IntensityCapex / Revenue | 0.6% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.57× | 4.98× |
| TTM Free Cash FlowTrailing 4 quarters | $10.3B | $1.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $753.0M | ||
| Q3 25 | $2.2B | $731.3M | ||
| Q2 25 | $2.2B | $-426.1M | ||
| Q1 25 | $2.5B | $871.8M | ||
| Q4 24 | — | $739.3M | ||
| Q3 24 | $2.0B | $934.8M | ||
| Q2 24 | $1.9B | $119.5M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $713.4M | ||
| Q3 25 | $2.1B | $693.5M | ||
| Q2 25 | $2.1B | $-465.5M | ||
| Q1 25 | $2.5B | $843.6M | ||
| Q4 24 | — | $695.7M | ||
| Q3 24 | $2.0B | $898.0M | ||
| Q2 24 | $1.9B | $87.7M |
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 19.7% | ||
| Q3 25 | 35.5% | 20.6% | ||
| Q2 25 | 36.5% | -14.5% | ||
| Q1 25 | 43.0% | 22.6% | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | 36.3% | 32.0% | ||
| Q2 24 | 35.8% | 3.2% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 1.1% | ||
| Q3 25 | 1.2% | 1.1% | ||
| Q2 25 | 0.8% | 1.2% | ||
| Q1 25 | 0.5% | 0.8% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 1.1% | 1.3% | ||
| Q2 24 | 0.8% | 1.1% |
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 4.98× | ||
| Q3 25 | 1.24× | 2.68× | ||
| Q2 25 | 1.30× | -1.16× | ||
| Q1 25 | 1.37× | 1.24× | ||
| Q4 24 | — | 2.86× | ||
| Q3 24 | 1.20× | 2.99× | ||
| Q2 24 | 1.23× | 0.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
AJG
| Commissions | $2.1B | 57% |
| Broker Fees | $1.2B | 33% |
| Supplemental Revenue | $131.7M | 4% |
| Investment Performance | $121.8M | 3% |
| Contingent Revenue | $83.0M | 2% |
