ADBE

어도비
ADOBE INC. · CIK 796343
ADBE 리스크 변화 알림 받기
이번 보고서
2026.02 분기보고서
10-Q · 기간 말 2026. 2. 27. · 제출 2026. 3. 25.
비교 기준
2025 연차보고서
10-K · 기간 말 2025. 11. 28.
SEC 원문 ↗
0
새 리스크 항목
1
신규 문단
8
수정 문단
2
삭제
+1%
분량 변화
AI 한국어 요약

한 줄 요약

AI 경쟁 리스크 문단을 다시 써서, AI가 Adobe 제품이 쓰이는 방식과 사용 정도 자체를 바꿀 수 있다는 위협을 더 직접적으로 적었습니다.

주목할 변화

  • 강화AI가 제품 사용 방식 자체를 바꿀 위험기존에는 AI가 "소프트웨어 산업을 바꾼다"는 수준이었습니다. 이번에는 디지털 작업의 수행·자동화 방식과 Adobe 솔루션에 대한 접근·사용 방식까지 바뀐다고 적었습니다. 원문: "transforming how digital work is performed or automated and how, and the extent to which, our solutions are accessed and used".
  • 신규외부 AI 플랫폼에 내장된 경쟁 솔루션경쟁 대상에 "AI-enabled workflows"가 추가됐습니다. 이 중 일부가 제3자 AI 플랫폼이나 특정 분야 전용 솔루션 안에서 작동한다는 점도 새로 명시했습니다. 원문: "embedded within or operating across third-party AI platforms or domain-specific solutions".
  • 강화자체 AI 사업에 대한 외부 방해 위험다른 기업이 방해할 수 있는 대상이 넓어졌습니다. 기존에는 제3자 모델 사용만 언급했는데, 이번에는 Adobe가 자체 AI를 만들고 쓰고 파는 것까지 포함합니다. 원문: "or make, use or sell our own AI solutions".
  • 강화제3자 AI 모델 관련 법적 책임에 개인정보 추가제3자 AI 모델 사용에 따른 법적 책임에 지식재산권 침해 외에 개인정보 관련 청구가 추가됐습니다. 원문: "intellectual property infringement and privacy claims".
  • 강화주가 변동 요인에 무력 분쟁·전쟁 명시주가 변동 요인이 "adverse economic, political or market conditions"에서 바뀌었습니다. 지정학적 상황을 따로 표기하고 무력 분쟁과 전쟁을 명시했습니다. 원문: "geopolitical conditions, including armed conflicts and wars".
  • 강화경쟁사의 가격 전략 범위 확대경쟁사 가격 리스크가 "more aggressive pricing policies"에서 "more aggressive or different pricing strategies"로 바뀌었습니다. 단순한 저가 공세뿐 아니라 다른 형태의 가격 모델도 위협으로 본다는 뜻으로 읽힙니다.
  • 신규리스크 서술의 성격에 대한 단서 조항리스크 요인은 회사의 판단과 의견일 뿐이며, 해당 사안이 과거에 실제로 일어났는지에 대한 진술이 아니라는 문장이 추가됐습니다. 원문: "not representations as to whether such factors have or have not occurred in the past".

읽는 법

이번 변경의 중심은 AI 경쟁 리스크입니다. 경쟁사가 더 나은 AI를 만드는 문제를 넘어, 외부 AI 플랫폼이나 에이전트를 통해 작업이 처리되면서 Adobe 제품을 직접 쓰는 방식과 빈도가 바뀔 수 있다는 점을 회사가 명시적으로 인정했습니다. 앞으로 실적 발표에서 사용자 지표, 외부 AI 플랫폼과의 연동, 가격 모델 변화에 대한 회사 설명이 이 리스크와 어떻게 연결되는지 살펴볼 만합니다.

원문 비교
  1. 신규Our stock price has been volatile and your investment could lose value.
    •adverse economic, market or geopolitical conditions, including armed conflicts and wars; and
  2. 수정
    As previously discussed, our actual results could differ materially from our forward-looking statements. Below we discuss some of the factors that could cause these differences. The occurrence of these and many other factors described in this report, and factors that we do not presently know or that we currently believe to be immaterial, could materially and adversely affect our operations, performance and financial condition. Many factors affect more than one category and the factors are not in order of significance or probability of occurrence because they have been grouped by categories. Disclosures in this section are based on our beliefs and opinions regarding factors that could materially and adversely affect us in the future and are not representations as to whether such factors have or have not occurred in the past.
  3. 수정We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our business and financial results could materially suffer.
    The markets for our solutions are rapidly evolving and intensely competitive. We expect competition to continue to intensify. Our numerous competitors include companies of various sizes and both public and private companies, including large, global companies and smaller companies with more specialized focuses, new entrants, and AI or cloud-native companies. Our competitors include companies with significant sales and research and development resources, broad brand awareness, long operating histories or access to large customer bases. Our competitors may deploy technical, marketing and financial resources more easily and effectively. Our competitors may develop or acquire additional products, services or solutions that are similar to ours or that achieve greater or faster acceptance. Our competitors may undertake faster and more far-reaching and successful development efforts or marketing campaigns, may adopt more aggressive or different pricing policies strategies or may more effectively appeal to customers. As a result, current and potential customers may select the products, services or solutions of our competitors. New industry standards, evolving distribution and sales models, limited barriers to entry, short product life cycles, customer price sensitivity, global economic conditions and the frequent entry of new solutions or competitors may increase downward pressure on pricing and gross margins and adversely affect our renewal, upsell and cross-sell rates as well as our ability to attract new customers.
  4. 수정We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our business and financial results could materially suffer.
    In addition, we expect to face more competition as AI continues to rapidly evolve and be integrated into the markets in which we compete, changing the software industry and transforming how digital work is performed or automated and how, and the extent to which, our solutions are accessed and used. Our competitors and other third parties may use AI, different data training strategies or proprietary access to data, among others, to develop competing solutions more rapidly or successfully, leading to greater and faster adoption. For example, we We face increasing competition from companies offering generative and agentic AI solutions, including but not limited to prompt-based and multi-modal creation and editing, document productivity and understanding, ad distribution and creation, and purpose-built AI agents. agents and AI-enabled workflows, some of which are embedded within or operating across third-party AI platforms or domain-specific solutions. Other companies have in the past, and may in the future prevent, limit or interfere with our ability to use third-party models in our solutions or make, use or sell our own AI solutions. If we are not able to provide solutions that compete effectively, we could experience reduced sales, which could materially and adversely impact our business and financial results. For additional information regarding our competition and the risks arising out of the competitive environment in which we operate, see the section titled “Competition” contained in Part I, Item 1 of this report. our Annual Report on Form 10-K.
  5. 수정Issues relating to the development and use of AI in our solutions may result in reputational harm, liability and adverse business and financial results.
    Jurisdictions around the world are developing and passing new regulations that apply specifically to the use of AI. For example, the U.S. AI regulatory framework remains in development and has been introduced at the federal level through executive orders and legislation has been introduced and enacted at the state level. Additionally, obligations under the EU AI Act have gone into effect and will continue to be implemented in phases through 2030, and other jurisdictions have passed or are considering similarly focused legislation. Some of our operations are subject to the EU AI Act and depending on how the EU AI Act is implemented and interpreted, we may have to adapt our business practices, contractual arrangements and services to comply with such obligations. Non-compliant companies under the EU AI Act may be subject to administrative fines. These regulations and the evolving AI regulatory environment may, among other impacts, result in inconsistencies among AI regulations and frameworks across jurisdictions, increase our compliance, governance and research and development costs, increase our exposure to investigations, proceedings and claims related to our AI models and increase liability related to the use of AI by our customers or users that are beyond our control. There can be no guarantee that future AI regulations or standards will not adversely impact us or conflict with our approach to AI development and use, including affecting our ability to make our AI solutions available without costly changes, delaying or halting development of AI solutions, requiring us to change our AI development practices, monetization strategies and/or indemnity protections and subjecting us to additional compliance requirements, regulatory action, competitive harm, reputational harm and/or legal liability. Additionally, as we offer more third-party AI models in our solutions, we face risks inherent in how third-party AI models used in our solutions have been developed and deployed, including situations in which the third party may lack a proper license or consent for the training data used for their model. The use and availability of third-party AI models in our solutions could result in scrutiny and legal liability, including intellectual property infringement and privacy claims. Such claims or scrutiny could cause reputational harm and loss of customers, and adversely impact our business and financial results. In addition, new competition regulations on AI development and deployment could impose new requirements on our markets that could impact our business and financial results.
  6. 수정We face various risks associated with operating as a multinational corporation, and global adverse economic and geopolitical conditions may harm our business and financial condition.
    As of November 28, 2025, February 27, 2026, our investment portfolio consisted of money market funds, corporate debt securities, U.S. Treasury securities, time deposits and other investments. These investments are subject to credit, liquidity, market, and interest rate risks as well as economic downturns or events that affect global or regional financial markets that may cause the value of our investments to decline, requiring impairment charges, which could adversely affect our financial condition.
  7. 수정We are, and may in the future become, subject to litigation, regulatory inquiries, investigations and other actions, which could result in an unfavorable outcome and have an adverse effect on our business, financial condition, results of operations and cash flows.
    We have not prevailed, and may not in the future prevail, in every lawsuit or dispute. For further information about specific litigation and proceedings, see the section titled “Legal Proceedings” contained in Part II, I, Item 8, 1, Note 16 12 of our Notes notes to Consolidated Financial Statements condensed consolidated financial statements of this report.
  8. 수정Our existing and future debt obligations may adversely affect our financial condition and future financial results.
    As of November 28, 2025, February 27, 2026, we had $6.15 billion in senior unsecured notes outstanding and a $3 billion commercial paper program with no amounts outstanding. We also had a $1.5 billion senior unsecured revolving credit agreement, which was undrawn. This debt or future additional indebtedness may adversely affect our financial condition and future financial results by, among other things:
  9. 수정Our stock price has been volatile and your investment could lose value.
    Our stock price has been and may continue to be volatile and subject to fluctuations. All factors described in this Part I, II, Item 1A of this report, some of which are beyond our control, may affect our stock price, including:
  10. 문장 삭제We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our business and financial results could materially suffer.
    In addition, we expect to face more competition as AI continues to advance and be integrated into the markets in which we compete and to change the software industry. Our competitors or other third parties may develop AI solutions more rapidly or successfully, including but not limited to different data training strategies or proprietary access to data and, as a result, other AI solutions may achieve greater and faster adoption.
  11. 삭제Our stock price has been volatile and your investment could lose value.
    •adverse economic, political or market conditions; and