Rendered composition
Uses the saved merged RGB/grayscale image. Layers are not recomposited; 16-bit, CMYK and PSB are not supported.


Uses the saved merged RGB/grayscale image. Layers are not recomposited; 16-bit, CMYK and PSB are not supported.
HDR is rendered to SDR using exposure and Reinhard tone mapping.
PNG compression is lossless. Palette conversion, resizing or reducing bit depth before encoding can still discard information. Animation is the APNG extension included in the third edition. PNG can store its supported image samples without lossy compression. This applies after rendering and sample conversion: it does not guarantee preservation of source precision, colour space or document structure, and cannot undo earlier losses.
Source
Adobe Photoshop Document

A Photoshop working document carrying image channels, layers, masks and document resources.
Explore PSD format →Target
Portable Network Graphics

Lossless raster images with precise edges and optional transparency. The PNG standard also defines APNG animation.
Explore PNG format →Uses the saved merged RGB/grayscale image. Layers are not recomposited; 16-bit, CMYK and PSB are not supported.
HDR is rendered to SDR using exposure and Reinhard tone mapping.
PNG compression is lossless. Palette conversion, resizing or reducing bit depth before encoding can still discard information. Animation is the APNG extension included in the third edition. PNG can store its supported image samples without lossy compression. This applies after rendering and sample conversion: it does not guarantee preservation of source precision, colour space or document structure, and cannot undo earlier losses.
Pixel conversion only. Original EXIF, GPS, XMP and ICC profiles are not copied; processing uses 8-bit display pixels.
Pixel conversion only. Original EXIF, GPS, XMP and ICC profiles are not copied; processing uses 8-bit display pixels.