Title: PRO: This Week in Visuals (ORCL ADBE DOCU VAIL CHWY)
Show: App Economy Insights (How They Make Money)
Author: Bertrand Hartman
Date: 2026-06-13
URL: https://www.appeconomyinsights.com/p/pro-this-week-in-visuals-322
Note: PRO/paid Substack post, saved verbatim for personal study. Prose article — no (mm:ss) timestamps. Body reproduced as published.

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📊 PRO: This Week in Visuals (Jun 13, 2026). At a glance: Oracle backlog vs balance sheet; Adobe freemium bet; DocuSign IAM crosses 13% of ARR; Vail Resorts worst season on record; Chewy stretched but steady.

1. ☁️ Oracle — Beat on revenue + earnings, grew backlog by $85B in the quarter to $638B; stock fell 12% (worst day since December). New CFO Hilary Maxson guided FY27 gross margins to "step down," ~$70B net cash outlay, partly funded by a fresh ~$40B raise. Q4 FY26: revenue +21% Y/Y to $19.2B; Cloud +47% to $9.9B (OCI +93% to $5.8B); Software −2% to $6.8B; Hardware +9% to $0.9B; Services +13% to $1.5B. Operating margin flat 32%; gross margin −5pp to 65% as lower-margin IaaS scaled. FY26 OCF $32B (+54%) but FCF −$24B as CapEx hit $56B (above $50B plan). Raised $43B debt + $5B equity in FY26, expects ~$40B more in FY27; net debt $124B incl leases. FY27 guide ~$90B revenue (~34% growth), ~$70B capex of own cash, ~$40B financing. RPO +363% Y/Y / +15% Q/Q to $638B (vs ~$590B expected) — but the market stopped paying for backlog and started pricing the cost to deliver it; ~$75B of large AI contracts is prepaid/customer-supplied hardware. Delivered 1.2 GW incremental data-center capacity in FY26, ~1 GW expected in Q1 FY27. "Now a bet on execution."

2. 🎨 Adobe — Q2 revenue +13% Y/Y to $6.6B ($0.2B beat), non-GAAP EPS $5.96 ($0.15 beat). Total ARR $27.1B (12.5% growth incl ~$480M Semrush acq; organic ~10%); AI-first ARR tripled Y/Y to >$500M. Shares −6% after hours, extending a ~40% YTD decline ("SaaSpocalypse"). Deliberate freemium pivot for Firefly and Express (creative freemium MAU 50M→90M Y/Y, "Acrobat Reader playbook applied to AI"); deferred Creative Cloud line optimizations; new agentic experiences (Adobe Productivity Agent, Creative Agent) monetized via credits not seats; Semrush unified into a "brand visibility" stack. CFO Dan Durn leaving June 15 to be CFO at Marvell; Steve Day interim; CEO Shantanu Narayen still searching for a successor (new leader for FY2027 planning). Raised FY26 revenue guide to $26.5–26.6B and EPS ~$24.40. Trades at 9x forward EBITDA. Question: can the freemium funnel produce visible paid conversion within a few quarters.

3. ✍️ DocuSign — Q1 revenue +9% Y/Y to $830M ($5M beat), non-GAAP EPS $1.09 (up from $0.86); record $318M buyback; shares slipped. IAM (Intelligent Agreement Management) 12.6% of total ARR (up from 10.8% in Q4), tracking to 18% by year-end (~$600M+ ARR); 40,000 customers on the IAM roadmap; $300K+ ACV customers +12% Y/Y. Launched IAM Platform Plan (credit-based, outcome-tied pricing — structural shift from per-signature); DocuSign Agent Studio (agents autonomously review/edit/request approvals). CEO Allan Thygesen cited a Deloitte study (AI point products ~3% ROI vs ~30% for end-to-end platforms); new integrations with Anthropic's Claude, OpenAI, Harvey, Thomson Reuters; ~75% of new code AI-assisted (up from 60%). Raised FY27 revenue guide $6M to $3.49–3.502B.

4. 🎿 Vail Resorts — Q3 revenue −7% Y/Y to $1.2B ($10M beat), GAAP EPS $8.81 ($0.15 miss); historically adverse weather (Rockies snowfall 55% below the 30-yr average — worst season on record), full-year outlook lowered for the second time. Total skier visits −16% Y/Y (committed passholders −17%; broader Rockies −24%); mountain revenue −7%, total lodging −9% (steepest in ski school + on-mountain dining); spring pass sales for 2026/27 −10% units / −5% dollars. Accelerating efficiency plan to $106M annualized savings (+$45M Y/Y in FY26); revised Resort Reported EBITDA guide to ~$745M (from ~$760M); maintained $2.22 quarterly dividend; planning a "normal" next season; Australia Epic Pass units up ~26%.

5. 🐶 Chewy — Q1 revenue +8% Y/Y to $3.4B ($10M beat), adj EPS $0.43 (in line). Active customers +4% Y/Y to 21.5M (~200k net adds); NSPAC record $597. Autoship customer sales +10%+ Y/Y = 84.4% of net sales (+220 bps); FCF +45% Y/Y to $71M; launched a $600M Term Loan B. Closed Modern Animal acquisition (vet care, ~60 clinics target by end FY26; 40% of Chewy Vet Care customers net-new); AI efficiencies low-tens-of-millions benefit in FY26. Trimmed FY net-sales guide to $13.40–13.55B (from $13.6–13.75B; 6.3–7.5% growth); maintained adj EBITDA margin 6.6–6.8%; stock held on positive net adds + 130 bps EBITDA-margin expansion. Disclosure: author owns ADBE and DOCU.