Adobe (ADBE): Burning cash for AI habits & a sudden C-suite exodus [Q2 2026]

Adobe pushed past Q2 2026 revenue expectations, but a violent 11% stock plunge reveals a market terrified by evaporating cash flows and a jarring leadership vacuum. In ~10 minutes:• Why operating cash flow cratered 27% quarter-over-quarter.• The massive SEO spend to intercept "Summarize PDF" searches.• Delayed price hikes to aggressively feed the AI freemium funnel.• How a new consolidated segment structure hides legacy profit margins.• The shock simultaneous exits of the CFO and CEO.Management is aggressively dusting off the 1990s "Acrobat Reader" playbook, opting to give away powerful AI tools for free to establish dominance before dropping the paywall. It's a brilliant structural hedge, but attempting a multi-billion-dollar margin pivot while actively hunting for two new top executives is a massive execution risk.Adobe Inc. (ADBE) | Q2 FY2026AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.