Adobe will appoint Anil Chakravarthy as president and CEO on December 1, replacing Shantanu Narayen, who will become executive chair after 18 years as CEO. The transition comes as Adobe prepares to report fiscal third-quarter results on September 10, with consensus estimates for adjusted earnings per share of $6.08 and company revenue guidance of $6.67 billion to $6.72 billion. Shares closed at $266.51 after falling 6.73% on Friday, extending their year-to-date decline to roughly 24%. Investors are focused on whether Adobe can convert rapid growth in AI users and annual recurring revenue into incremental sales. AI-first ARR exceeded $500 million in the previous quarter and Firefly ARR approached $300 million, but Adobe has warned that expanding free-tier access and delaying Creative Cloud price increases could weigh on near-term ARR growth. Analyst sentiment is cautious, with one Buy, six Holds and two Sells among the latest nine ratings and an average price target of $262.71. CFO Daniel Durn’s departure and the CEO transition add to the scrutiny, while Adobe maintains a fiscal 2026 revenue outlook of $20.5 billion to $20.6 billion and adjusted EPS guidance of $24.35 to $24.45.