NASDAQ : ADBE
Adobe Inc. — Financial statements
Technology · Software - Application · United States
Last price 250.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 97.39B
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Financial statements
Adobe Inc. (ADBE) reported revenue of 25.97B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 25.97B | 23.77B | 21.50B | 19.41B | 17.61B | 15.79B |
| Cost of Revenue | 2.79B | 2.55B | 2.36B | 2.35B | 2.17B | 1.86B |
| Gross Profit | 23.18B | 21.22B | 19.15B | 17.05B | 15.44B | 13.92B |
| Selling, General & Admin | 8.90B | 8.06B | 7.21B | 6.76B | 6.19B | 5.41B |
| Research & Development | 4.69B | 4.29B | 3.94B | 3.47B | 2.99B | 2.54B |
| Amortization of Goodwill & Intangibles | 149.00M | 157.00M | 169.00M | 168.00M | 169.00M | 172.00M |
| Operating Expenses | 13.75B | 12.51B | 11.33B | 10.40B | 9.34B | 8.12B |
| Operating Income | 9.43B | 8.71B | 7.82B | 6.65B | 6.10B | 5.80B |
| Interest Expense | -260.00M | -263.00M | -169.00M | -113.00M | -112.00M | -113.00M |
| Interest & Investment Income | 236.00M | 264.00M | 341.00M | 269.00M | 61.00M | 17.00M |
| Currency Exchange Gain (Loss) | -15.00M | -15.00M | -29.00M | -17.00M | -21.00M | -17.00M |
| Other Non Operating Income (Expenses) | -6.00M | 1.00M | 1.00M | |||
| EBT Excluding Unusual Items | 9.39B | 8.69B | 7.96B | 6.79B | 6.03B | 5.69B |
| Merger & Restructuring Charges | -1.00B | |||||
| Gain (Loss) on Sale of Investments | 55.00M | 42.00M | 47.00M | 9.00M | -19.00M | 16.00M |
| Asset Writedown | -78.00M | |||||
| Pretax Income | 9.28B | 8.73B | 6.93B | 6.80B | 6.01B | 5.71B |
| Income Tax Expense | 2.00B | 1.60B | 1.37B | 1.37B | 1.25B | 883.00M |
| Net Income | 7.28B | 7.13B | 5.56B | 5.43B | 4.76B | 4.82B |
| Net Income to Common | 7.28B | 7.13B | 5.56B | 5.43B | 4.76B | 4.82B |
| Shares Outstanding (Basic) | 406.10M | 426.20M | 447.10M | 457.10M | 469.50M | 477.30M |
| Shares Outstanding (Diluted) | 406.52M | 427.00M | 449.70M | 459.10M | 470.90M | 481.00M |
| EPS (Basic) | 17.94 | 16.73 | 12.44 | 11.87 | 10.13 | 10.10 |
| EPS (Diluted) | 17.92 | 16.70 | 12.36 | 11.82 | 10.10 | 10.02 |
| Free Cash Flow | 10.59B | 9.85B | 7.87B | 6.94B | 7.40B | 6.88B |
| Free Cash Flow Per Share | 26.05 | 23.07 | 17.51 | 15.12 | 15.71 | 14.31 |
| Gross Margin | 89.25% | 89.27% | 89.03% | 87.87% | 87.70% | 88.19% |
| Operating Margin | 36.32% | 36.63% | 36.36% | 34.26% | 34.64% | 36.76% |
| Profit Margin | 28.05% | 30.00% | 25.85% | 27.97% | 27.01% | 30.55% |
| Free Cash Flow Margin | 40.79% | 41.45% | 36.61% | 35.77% | 42.01% | 43.60% |
| EBITDA | 9.92B | 9.24B | 8.40B | 7.27B | 6.72B | 6.38B |
| EBITDA Margin | 38.19% | 38.88% | 39.08% | 37.45% | 38.15% | 40.41% |
| D&A For EBITDA | 484.00M | 536.00M | 585.00M | 618.00M | 618.00M | 576.00M |
| EBIT | 9.43B | 8.71B | 7.82B | 6.65B | 6.10B | 5.80B |
| EBIT Margin | 36.32% | 36.63% | 36.36% | 34.26% | 34.64% | 36.76% |
| Effective Tax Rate | 21.52% | 18.37% | 19.78% | 20.16% | 20.84% | 15.48% |
| Revenue as Reported | 25.97B | 23.77B | 21.50B | 19.41B | 17.61B | 15.79B |
| Advertising Expenses | 1.37B | 1.04B | 970.00M | 1.04B | 865.00M |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.36B | 5.43B | 7.61B | 7.14B | 4.24B | 3.84B |
| Short-Term Investments | 1.28B | 1.16B | 273.00M | 701.00M | 1.86B | 1.95B |
| Trading Asset Securities | 3.00M | 2.00M | ||||
| Cash & Short-Term Investments | 5.64B | 6.60B | 7.89B | 7.84B | 6.10B | 5.80B |
| Receivables | 2.08B | 2.34B | 2.07B | 2.22B | 2.06B | 1.88B |
| Prepaid Expenses | 1.35B | 903.00M | 916.00M | 732.00M | 561.00M | 690.00M |
| Other Current Assets | 81.00M | 319.00M | 358.00M | 286.00M | 274.00M | 303.00M |
| Total Current Assets | 9.16B | 10.16B | 11.23B | 11.08B | 9.00B | 8.67B |
| Property, Plant & Equipment | 2.16B | 2.19B | 2.22B | 2.39B | 2.31B | 2.12B |
| Long-Term Investments | 8.00M | 92.00M | ||||
| Goodwill | 14.04B | 12.86B | 12.79B | 12.80B | 12.79B | 12.67B |
| Other Intangible Assets | 956.00M | 495.00M | 782.00M | 1.09B | 1.45B | 1.82B |
| Long-Term Deferred Tax Assets | 1.93B | 2.19B | 1.66B | 1.19B | 777.00M | 1.08B |
| Long-Term Deferred Charges | 464.00M | 464.00M | 422.00M | 406.00M | 406.00M | |
| Other Long-Term Assets | 1.74B | 1.05B | 1.09B | 801.00M | 435.00M | 477.00M |
| Total Assets | 29.98B | 29.50B | 30.23B | 29.78B | 27.16B | 27.24B |
| Accounts Payable | 529.00M | 417.00M | 361.00M | 314.00M | 379.00M | 312.00M |
| Accrued Expenses | 1.62B | 1.80B | 1.59B | 1.78B | 1.67B | 1.60B |
| Current Portion of Long-Term Debt | 1.62B | 8.00M | 1.50B | 500.00M | ||
| Current Portion of Leases | 89.00M | 77.00M | 75.00M | 73.00M | 87.00M | 97.00M |
| Current Income Taxes Payable | 63.00M | 153.00M | 119.00M | 85.00M | 75.00M | 54.00M |
| Current Unearned Revenue | 7.09B | 6.91B | 6.13B | 5.84B | 5.30B | 4.73B |
| Other Current Liabilities | 872.00M | 843.00M | 744.00M | 161.00M | 121.00M | 136.00M |
| Total Current Liabilities | 11.89B | 10.20B | 10.52B | 8.25B | 8.13B | 6.93B |
| Long-Term Debt | 4.77B | 6.21B | 4.13B | 3.63B | 3.63B | 4.12B |
| Long-Term Leases | 310.00M | 361.00M | 353.00M | 373.00M | 417.00M | 453.00M |
| Long-Term Unearned Revenue | 110.00M | 125.00M | 128.00M | 113.00M | 117.00M | 145.00M |
| Other Long-Term Liabilities | 1.14B | 977.00M | 994.00M | 890.00M | 823.00M | 791.00M |
| Total Liabilities | 18.22B | 17.87B | 16.12B | 13.26B | 13.11B | 12.44B |
| Additional Paid-In Capital | 16.99B | 15.36B | 13.42B | 11.59B | 9.87B | 8.43B |
| Retained Earnings | 50.59B | 45.35B | 38.47B | 33.35B | 28.32B | 23.91B |
| Treasury Stock | -55.62B | -48.85B | -37.58B | -28.13B | -23.84B | -17.40B |
| Comprehensive Income & Other | -203.00M | -245.00M | -201.00M | -285.00M | -293.00M | -137.00M |
| Shareholders' Equity | 11.76B | 11.62B | 14.11B | 16.52B | 14.05B | 14.80B |
| Total Liabilities & Equity | 29.98B | 29.50B | 30.23B | 29.78B | 27.16B | 27.24B |
| Total Debt | 6.79B | 6.66B | 6.06B | 4.08B | 4.63B | 4.67B |
| Net Cash (Debt) | -1.15B | -59.00M | 1.83B | 3.76B | 1.46B | 1.12B |
| Net Cash Per Share | -2.82 | -0.14 | 4.07 | 8.19 | 3.11 | 2.34 |
| Filing Date Shares Outstanding | 389.20M | 410.50M | 435.30M | 452.00M | 457.80M | 471.70M |
| Total Common Shares Outstanding | 391.00M | 413.00M | 441.00M | 455.00M | 462.00M | 475.00M |
| Working Capital | -2.73B | -37.00M | 711.00M | 2.83B | 868.00M | 1.74B |
| Book Value Per Share | 30.09 | 28.14 | 31.98 | 36.30 | 30.41 | 31.15 |
| Tangible Book Value | -3.23B | -1.73B | 535.00M | 2.62B | -185.00M | 309.00M |
| Tangible Book Value Per Share | -8.26 | -4.19 | 1.21 | 5.77 | -0.40 | 0.65 |
| Land | 161.00M | 163.00M | 163.00M | 144.00M | 145.00M | |
| Buildings | 1.65B | 1.63B | 1.66B | 902.00M | 904.00M | |
| Machinery | 1.51B | 1.55B | 1.66B | 1.50B | 1.41B | |
| Construction In Progress | 37.00M | 27.00M | 2.00M | 675.00M | 402.00M | |
| Leasehold Improvements | 250.00M | 222.00M | 275.00M | 259.00M | 268.00M |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.28B | 7.13B | 5.56B | 5.43B | 4.76B | 4.82B |
| Depreciation & Amortization | 484.00M | 536.00M | 585.00M | 618.00M | 618.00M | 576.00M |
| Other Amortization | 282.00M | 282.00M | 272.00M | 254.00M | 238.00M | 212.00M |
| Asset Writedown & Restructuring Costs | 70.00M | 78.00M | ||||
| Loss (Gain) From Sale of Investments | 29.00M | -4.00M | ||||
| Stock-Based Compensation | 2.07B | 1.94B | 1.83B | 1.72B | 1.44B | 1.07B |
| Other Operating Activities | 148.00M | -464.00M | -416.00M | -361.00M | 421.00M | 263.00M |
| Change in Accounts Receivable | 28.00M | -275.00M | 143.00M | -159.00M | -198.00M | -430.00M |
| Change in Accounts Payable | 154.00M | 64.00M | 44.00M | -49.00M | 66.00M | -20.00M |
| Change in Unearned Revenue | 567.00M | 771.00M | 309.00M | 536.00M | 536.00M | 1.05B |
| Change in Income Taxes | -31.00M | -45.00M | 68.00M | -11.00M | 19.00M | 2.00M |
| Change in Other Net Operating Assets | -251.00M | 90.00M | -420.00M | -672.00M | -87.00M | -313.00M |
| Operating Cash Flow | 10.81B | 10.03B | 8.06B | 7.30B | 7.84B | 7.23B |
| Capital Expenditures | -214.00M | -179.00M | -183.00M | -360.00M | -442.00M | -348.00M |
| Cash Acquisitions | -1.56B | -17.00M | -126.00M | -2.68B | ||
| Investment in Securities | -282.00M | -994.00M | 330.00M | 1.14B | -2.00M | -507.00M |
| Other Investing Activities | 2.00M | 3.00M | 2.00M | 1.00M | ||
| Investing Cash Flow | -2.05B | -1.19B | 149.00M | 776.00M | -570.00M | -3.54B |
| Long-Term Debt Issued | 2.00B | 2.00B | ||||
| Long-Term Debt Repaid | -1.50B | -500.00M | ||||
| Net Debt Issued (Repaid) | 243.00M | 497.00M | 2.00B | -500.00M | ||
| Issuance of Common Stock | 262.00M | 348.00M | 361.00M | 314.00M | 278.00M | 291.00M |
| Repurchase of Common Stock | -9.70B | -11.76B | -10.18B | -4.99B | -7.07B | -4.67B |
| Other Financing Activities | -179.00M | -149.00M | 95.00M | -7.00M | -35.00M | 77.00M |
| Financing Cash Flow | -9.37B | -11.06B | -7.72B | -5.18B | -6.83B | -4.30B |
| Foreign Exchange Rate Adjustments | -6.00M | 34.00M | -9.00M | 9.00M | -51.00M | -26.00M |
| Net Cash Flow | -623.00M | -2.18B | 472.00M | 2.90B | 392.00M | -634.00M |
| Free Cash Flow | 10.59B | 9.85B | 7.87B | 6.94B | 7.40B | 6.88B |
| Free Cash Flow Margin | 40.79% | 41.45% | 36.61% | 35.77% | 42.01% | 43.60% |
| Free Cash Flow Per Share | 26.05 | 23.07 | 17.51 | 15.12 | 15.71 | 14.31 |
| Levered Free Cash Flow | 9.35B | 8.81B | 7.95B | 6.61B | 6.27B | 5.78B |
| Unlevered Free Cash Flow | 9.51B | 8.97B | 8.06B | 6.68B | 6.34B | 5.85B |
| Cash Interest Paid | 247.00M | 246.00M | 143.00M | 106.00M | 103.00M | 100.00M |
| Cash Income Tax Paid | 2.04B | 2.22B | 1.73B | 1.85B | 778.00M | 843.00M |
| Change in Working Capital | 467.00M | 605.00M | 144.00M | -355.00M | 336.00M | 292.00M |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 97.39B | 134.01B | 227.11B | 278.86B | 158.78B | 293.34B |
| Enterprise Value | 98.53B | 134.72B | 225.68B | 275.44B | 157.65B | 291.87B |
| Last Close Price | 250.23 | 320.13 | 515.93 | 612.47 | 341.53 | 616.53 |
| PE Ratio | 13.97 | 18.80 | 40.85 | 51.37 | 33.38 | 60.84 |
| Forward PE | 9.32 | 14.03 | 25.95 | 35.27 | 23.09 | 45.17 |
| PS Ratio | 3.75 | 5.64 | 10.56 | 14.37 | 9.02 | 18.58 |
| PB Ratio | 8.32 | 11.53 | 16.10 | 16.88 | 11.30 | 19.82 |
| P/TBV Ratio | 424.51 | 106.23 | 949.34 | |||
| P/FCF Ratio | 9.19 | 13.60 | 28.85 | 40.17 | 21.47 | 42.62 |
| P/OCF Ratio | 9.01 | 13.36 | 28.19 | 38.19 | 20.26 | 40.57 |
| PEG Ratio | 0.67 | 0.98 | 1.48 | 2.22 | 1.61 | 2.53 |
| EV/Sales Ratio | 3.79 | 5.67 | 10.49 | 14.19 | 8.96 | 18.49 |
| EV/EBITDA Ratio | 9.94 | 14.58 | 26.85 | 37.90 | 23.47 | 45.76 |
| EV/EBIT Ratio | 10.45 | 15.47 | 28.86 | 41.42 | 25.85 | 50.30 |
| EV/FCF Ratio | 9.30 | 13.67 | 28.66 | 39.68 | 21.32 | 42.41 |
| Debt / Equity Ratio | 0.58 | 0.57 | 0.43 | 0.25 | 0.33 | 0.32 |
| Debt / EBITDA Ratio | 0.68 | 0.71 | 0.71 | 0.55 | 0.68 | 0.72 |
| Debt / FCF Ratio | 0.64 | 0.68 | 0.77 | 0.59 | 0.63 | 0.68 |
| Net Debt / Equity Ratio | 0.10 | 0.01 | -0.13 | -0.23 | -0.10 | -0.08 |
| Net Debt / EBITDA Ratio | 0.12 | 0.01 | -0.22 | -0.52 | -0.22 | -0.18 |
| Net Debt / FCF Ratio | 0.11 | 0.01 | -0.23 | -0.54 | -0.20 | -0.16 |
| Asset Turnover | 0.88 | 0.80 | 0.72 | 0.68 | 0.65 | 0.61 |
| Quick Ratio | 0.65 | 0.88 | 0.95 | 1.22 | 1.00 | 1.11 |
| Current Ratio | 0.77 | 1.00 | 1.07 | 1.34 | 1.11 | 1.25 |
| Return on Equity (ROE) | 61.90% | 55.43% | 36.31% | 35.51% | 32.97% | 34.37% |
| Return on Assets (ROA) | 20.08% | 18.22% | 16.29% | 14.60% | 14.01% | 14.08% |
| Return on Invested Capital (ROIC) | 57.22% | 59.33% | 50.12% | 41.90% | 36.77% | 38.23% |
| Return on Capital Employed (ROCE) | 52.10% | 45.10% | 39.70% | 30.90% | 32.00% | 28.60% |
| Earnings Yield | 7.16% | 5.32% | 2.45% | 1.95% | 3.00% | 1.64% |
| FCF Yield | 10.88% | 7.35% | 3.47% | 2.49% | 4.66% | 2.35% |
| Buyback Yield / Dilution | 6.22% | 5.05% | 2.05% | 2.51% | 2.10% | 0.93% |