=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-09-16
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: 2026-09-16 | Code: S (Open market sale)
Shares: -8,358 | Price: $250.22
Total Value: $2,091,376.37
Shares Owned After: 355,366 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F2] This transaction was executed in multiple trades at prices ranging from $249.53 to $250.52. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #2]
Security: Common Stock
Date: 2026-09-16 | Code: S (Open market sale)
Shares: -33,001 | Price: $251.03
Total Value: $8,284,349.93
Shares Owned After: 322,365 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F4] This transaction was executed in multiple trades at prices ranging from $250.53 to $251.525. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #3]
Security: Common Stock
Date: 2026-09-16 | Code: S (Open market sale)
Shares: -20,716 | Price: $252.03
Total Value: $5,221,026.55
Shares Owned After: 301,649 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F5] This transaction was executed in multiple trades at prices ranging from $251.53 to $252.52. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #4]
Security: Common Stock
Date: 2026-09-16 | Code: S (Open market sale)
Shares: -11,495 | Price: $253.06
Total Value: $2,908,922.40
Shares Owned After: 290,154 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F6] This transaction was executed in multiple trades at prices ranging from $252.555 to $253.53. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #5]
Security: Common Stock
Date: 2026-09-16 | Code: S (Open market sale)
Shares: -930 | Price: $253.64
Total Value: $235,882.04
Shares Owned After: 289,224 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F7] This transaction was executed in multiple trades at prices ranging from $253.57 to $253.74. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #6]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -1,378 | Price: $246.09
Total Value: $339,106.65
Shares Owned After: 287,846 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F8] This transaction was executed in multiple trades at prices ranging from $245.595 to $246.2986. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #7]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -3,430 | Price: $247.36
Total Value: $848,443.43
Shares Owned After: 284,416 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F9] This transaction was executed in multiple trades at prices ranging from $246.645 to $247.6443. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #8]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -7,168 | Price: $248.14
Total Value: $1,778,686.87
Shares Owned After: 277,248 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F10] This transaction was executed in multiple trades at prices ranging from $247.645 to $248.64. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #9]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -10,313 | Price: $249.17
Total Value: $2,569,707.74
Shares Owned After: 266,935 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F11] This transaction was executed in multiple trades at prices ranging from $248.65 to $249.64. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #10]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -17,595 | Price: $250.19
Total Value: $4,402,036.75
Shares Owned After: 249,340 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F12] This transaction was executed in multiple trades at prices ranging from $249.672 to $250.67. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #11]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -9,978 | Price: $251.02
Total Value: $2,504,714.48
Shares Owned After: 239,362 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F13] This transaction was executed in multiple trades at prices ranging from $250.68 to $251.59. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
[Transaction #12]
Security: Common Stock
Date: 2026-09-17 | Code: S (Open market sale)
Shares: -638 | Price: $251.76
Total Value: $160,623.01
Shares Owned After: 238,724 | Ownership: I (Indirect) | Nature: by trust
Footnotes:
[F1] The sale was primarily made for the reporting person's tax and estate planning purposes.
[F14] This transaction was executed in multiple trades at prices ranging from $251.72 to $251.81. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
[F3] Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
--- Holdings ---
[Holding #1]
Security: Common Stock
Ownership: D (Direct)
--- Footnotes (Complete Index) ---
F1: The sale was primarily made for the reporting person's tax and estate planning purposes.
F10: This transaction was executed in multiple trades at prices ranging from $247.645 to $248.64. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F11: This transaction was executed in multiple trades at prices ranging from $248.65 to $249.64. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F12: This transaction was executed in multiple trades at prices ranging from $249.672 to $250.67. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F13: This transaction was executed in multiple trades at prices ranging from $250.68 to $251.59. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F14: This transaction was executed in multiple trades at prices ranging from $251.72 to $251.81. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F2: This transaction was executed in multiple trades at prices ranging from $249.53 to $250.52. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F3: Shares held by The Narayen Family Trust, dtd 11/30/00 of which reporting person is a trustee.
F4: This transaction was executed in multiple trades at prices ranging from $250.53 to $251.525. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F5: This transaction was executed in multiple trades at prices ranging from $251.53 to $252.52. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F6: This transaction was executed in multiple trades at prices ranging from $252.555 to $253.53. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F7: This transaction was executed in multiple trades at prices ranging from $253.57 to $253.74. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F8: This transaction was executed in multiple trades at prices ranging from $245.595 to $246.2986. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
F9: This transaction was executed in multiple trades at prices ranging from $246.645 to $247.6443. The price reported above reflects the weighted average execution price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range.
--- Signature ---
/s/ /s/ Jillian Forusz, as attorney-in-fact (2026-09-18)
