In this study, an elastic-plastic stress analysis was proposed in order to obtain shear stress distribution in a double-lap joint, analytically. The solution was carried out using incremental theory. The obtained shear stress was then used for determining the peel stress in the adhesive. The elastic peel stress distribution in the adhesive was determined using Newton-Raphson method. In this study, FM73 (Cytec Industries Inc., New Jersey, USA) ductile adhesive was selected as it represents plastic hardening. The analytical results were compared with the finite element solution. For that, ANSYS 10 Software (Figes Engineering A.S., Turkey) was used so as to compare with the analytical results. A good agreement was obtained between the two methods.