v3.26.1
ACQUISITIONS
 6 Months Ended
May 29, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Semrush
On April 28, 2026, we completed the acquisition of Semrush Holdings, Inc. (“Semrush”), a publicly held brand visibility platform company, for $1.87 billion, primarily in cash consideration. The acquisition enhances our ability to serve marketers at every scale, with solutions for search engine optimization, generative engine optimization and agentic search optimization. Following the closing, we began integrating Semrush into our operations and have included the financial results of Semrush in our condensed consolidated financial statements beginning on the acquisition date.
Purchase Price Allocation
The table below represents the preliminary purchase price allocation to the acquired net tangible and intangible assets of Semrush based on their estimated fair values as of the acquisition date and the associated estimated useful lives at that date. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date.
(dollars in millions)AmountWeighted Average Useful Life (years)
Purchased technology$415 7
Customer contracts and relationships107 11
Trademarks60 7
Total identifiable intangible assets582 
Cash and cash equivalents262 N/A
Other net liabilities assumed(1)
(221)N/A
Goodwill(2)
1,251 N/A
Total purchase price$1,874 
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(1)Primarily comprised of deferred revenue and deferred tax liabilities.
(2)Non-deductible for income tax purposes.
The excess purchase price over the value of the net tangible and identifiable intangible assets was recorded as goodwill. The resulting goodwill is primarily attributable to the assembled workforce and expected synergies from combining Semrush’s platform with Adobe’s existing offerings.
Financial results and pro forma financial information have not been presented for the Semrush acquisition as the impact to our condensed consolidated financial statements was not material.