An adjustable print media cutter system (20) and a method are disclosed. In one form, the print media cutter system (20) incorporates a blade assembly (26) and an anvil assembly (28) that are configured to provide an adjustable gap (56) between a cutting blade (34) and an anvil (36). Rotation of an adjustment cam (38) adjusts the gap between the cutting blade and the anvil, thereby adjusting a depth of cut made into or through a print media that is fed between the blade assembly and the anvil assembly during operation of the adjustable print media cutter system.