=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-01-14
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: ADOBE INC. (ADBE)
CIK: 0000796343
--- Reporting Owner ---
Name: NARAYEN SHANTANU
CIK: 0001224154
Role: Director, Officer (Chair and CEO)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: +2,200 | Price: $0.00
Shares Owned After: 394,754 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #2]
Security: Common Stock
Date: 2026-01-15 | Code: F (Payment of exercise/tax)
Shares: -1,108 | Price: $304.09
Total Value: $336,931.72
Shares Owned After: 393,646 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F2] Shares surrendered to pay tax liability due at vesting.
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #3]
Security: Common Stock
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: +1,265 | Price: $0.00
Shares Owned After: 394,911 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #4]
Security: Common Stock
Date: 2026-01-15 | Code: F (Payment of exercise/tax)
Shares: -627 | Price: $304.09
Total Value: $190,664.43
Shares Owned After: 394,284 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F2] Shares surrendered to pay tax liability due at vesting.
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #5]
Security: Common Stock
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: +1,978 | Price: $0.00
Shares Owned After: 396,262 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #6]
Security: Common Stock
Date: 2026-01-15 | Code: F (Payment of exercise/tax)
Shares: -980 | Price: $304.09
Total Value: $298,008.20
Shares Owned After: 395,282 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F2] Shares surrendered to pay tax liability due at vesting.
[F1] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Units
Date: 2026-01-14 | Code: A (Grant or award)
Shares: +32,027 | Price: $0.00
Shares Owned After: 32,027 | Ownership: D (Direct)
Footnotes:
[F3] Represents shares earned under the 2023 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion and three-year relative total stockholder return goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2023 vesting commencement date. Such shares were previously reported as Performance Shares in a Form 4 at grant, on a voluntary basis and at 200% of total target payout.
[F3] Represents shares earned under the 2023 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion and three-year relative total stockholder return goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2023 vesting commencement date. Such shares were previously reported as Performance Shares in a Form 4 at grant, on a voluntary basis and at 200% of total target payout.
[Transaction #2]
Security: Restricted Stock Units
Date: 2026-01-14 | Code: A (Grant or award)
Shares: +7,789 | Price: $0.00
Shares Owned After: 7,789 | Ownership: D (Direct)
Footnotes:
[F4] Represents shares earned under the 2024 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2024 vesting commencement date.
[F4] Represents shares earned under the 2024 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2024 vesting commencement date.
[Transaction #3]
Security: Restricted Stock Units
Date: 2026-01-14 | Code: A (Grant or award)
Shares: +12,182 | Price: $0.00
Shares Owned After: 12,182 | Ownership: D (Direct)
Footnotes:
[F5] Represents shares earned under the 2025 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2025 vesting commencement date.
[F5] Represents shares earned under the 2025 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2025 vesting commencement date.
[Transaction #4]
Security: Restricted Stock Units
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: -2,200 | Price: $0.00
Shares Owned After: 8,799 | Ownership: D (Direct)
Footnotes:
[F6] Vests 6.25% quarterly from the vesting commencement date of January 15, 2023.
[F6] Vests 6.25% quarterly from the vesting commencement date of January 15, 2023.
[Transaction #5]
Security: Restricted Stock Units
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: -1,265 | Price: $0.00
Shares Owned After: 10,117 | Ownership: D (Direct)
Footnotes:
[F7] Vests 6.25% quarterly from the vesting commencement date of January 15, 2024.
[F7] Vests 6.25% quarterly from the vesting commencement date of January 15, 2024.
[Transaction #6]
Security: Restricted Stock Units
Date: 2026-01-15 | Code: M (Exercise of derivative)
Shares: -1,978 | Price: $0.00
Shares Owned After: 23,734 | Ownership: D (Direct)
Footnotes:
[F8] Vests 6.25% quarterly from the vesting commencement date of January 15, 2025.
[F8] Vests 6.25% quarterly from the vesting commencement date of January 15, 2025.
--- Holdings ---
[Holding #1]
Security: Common Stock
Ownership: D (Direct)
--- Footnotes (Complete Index) ---
F1: Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
F2: Shares surrendered to pay tax liability due at vesting.
F3: Represents shares earned under the 2023 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion and three-year relative total stockholder return goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2023 vesting commencement date. Such shares were previously reported as Performance Shares in a Form 4 at grant, on a voluntary basis and at 200% of total target payout.
F4: Represents shares earned under the 2024 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2024 vesting commencement date.
F5: Represents shares earned under the 2025 Performance Share Program for achievement of the fiscal year 2025 Net New Sales goal portion of the award certified on January 14, 2026, and that will vest in full on the three-year anniversary of the January 24, 2025 vesting commencement date.
F6: Vests 6.25% quarterly from the vesting commencement date of January 15, 2023.
F7: Vests 6.25% quarterly from the vesting commencement date of January 15, 2024.
F8: Vests 6.25% quarterly from the vesting commencement date of January 15, 2025.
--- Signature ---
/s/ /s/ Jillian Forusz, as attorney-in-fact (2026-01-16)
