2 managers · $654M totalData: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
2
2025Q2 – 2026Q2 · flat QoQ
Total position
$654M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
Harris (Oakmark)Add+23.33%$580M0.77%Deep value / Contrarian long-term
Patient CapitalⓘAdd+21.48%$74M2.43%Contrarian growth-value / Time arbitrage
What managers sayⓘ
2026-10-21Patient Capital ManagementBull3Q26 Quarterly WebinarDetail →
2026-10-08Patient Capital ManagementBull3Q26 Portfolio Activity & AttributionDetail →
2026-09-28Patient Capital ManagementBearOpportunity Equity Strategy Update for 09/18/2026 – 09/25/2026Detail →
2026-09-08Patient Capital ManagementNeutralOpportunity Equity Strategy Update for 8/28/2026 – 9/04/2026Detail →
2026-08-31Patient Capital ManagementBullOpportunity Equity Strategy Update for 8/21/2026 – 8/28/2026Detail →
2026-08-20Oakmark FundsNeutralBill Nygren, Portfolio Manager and Co-CIO U.S. on value investing in the AI eraDetail →
2026-08-04Patient Capital ManagementBullOpportunity Equity Strategy Update for 7/24/2026 – 7/31/2026Detail →
2026-07-27Patient Capital ManagementBullFinding Patience in... an Early 2000s Hip-Hop Song?Detail →
Earnings Callsⓘ
Q3 2026September 11, 2026
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### Summary Conclusion This quarter's results exceeded expectations, primarily driven by AI-powered user growth and accelerated product innovation, pushing both revenue and user numbers to new highs.
### Key Data Total revenue reached $6.76 billion, up 12% year-over-year; non-GAAP EPS was $6.13, up 15% year-over-year; AI-first ARR exceeded $650 million, up 150% year-over-year.
### Business Progress AI products are fully penetrating: Acrobat AI Assistant MAU doubled quarter-over-quarter, Firefly ARR grew 40% quarter-over-quarter, and Creative Freemium MAU surpassed 100 million (up 70% year-over-year). On the enterprise side, CX Enterprise CoWorker has been adopted by 1,700 customers, and the number of paid customers for brand visibility solutions doubled quarter-over-quarter. The acquisition of Topaz Labs strengthens AI enhancement technology, expected to close in Q4. Major clients such as Disney and Amazon signed contracts, and a national partnership in Saudi Arabia expands market reach.
### Guidance and Outlook Raised full-year revenue target to $26.58–$26.63 billion, and non-GAAP EPS guidance to $24.45–$24.50. Q4 revenue guidance stands at $6.8–$6.85 billion, driven by seasonal enterprise orders and new product launches.
### Risk/Highlight Signals Positive signal: Management emphasized strong execution of the "AI-first" strategy, with a good balance between user growth and monetization. Negative signal: RPO growth slowed to 8% (the lowest in recent years), reflecting the freemium strategy's short-term pressure on ARR.