ADBE

Company financials

Adobe Inc.

Information Technology Application Software San Jose, California Last filing Jan 15, 2026 · FY2025

                    Revenue
                    FY2025
                
$23.8B
                    3y CAGR +10.5%
                    
                    P67
                    
                    +10.5%
                    
                    Net income
                    FY2025
                
$7.1B
                    Net margin +30.0%
                    
                    P86
                    
                    +28.2%
                    
                    Total assets
                    FY2025
                
$29.5B
                    ROA +24.2%
                    
                    P91
                    
                    -2.4%
                    
                    Operating cash flow
                    FY2025
                
$10.0B
                    FCF margin +41.4%
                    
                    P95
                    
                    +24.5%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

34 accounts · 5 years

Total assets $29.5B

Total liabilities $17.9B

Shareholders equity $11.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$5.4B -28.7%	$7.6B 6.6%	$7.1B 68.6%	$4.2B 10.2%	$3.8B
Short Term Investments	$1.2B 326.4%	$273.0M -61.1%	$701.0M -62.3%	$1.9B -4.8%	$2.0B
Accounts Receivable	$2.3B 13.1%	$2.1B -6.8%	$2.2B 7.7%	$2.1B 10.0%	$1.9B
Prepaid Expenses	$1.2B -3.9%	$1.3B 25.1%	$1.0B 21.9%	$835.0M -15.9%	$993.0M
Other Current Assets	$1.6B	—	—	—	—
Total Current Assets	$10.2B -9.5%	$11.2B 1.3%	$11.1B 23.2%	$9.0B 3.8%	$8.7B
Property,Plant and Equipment	$1.9B	—	—	—	—
Operating Lease Assets	$312.0M 11.0%	$281.0M -21.5%	$358.0M -12.0%	$407.0M -8.1%	$443.0M
Goodwill	$12.9B 0.5%	$12.8B -0.1%	$12.8B 0.1%	$12.8B 0.9%	$12.7B
Intangible Assets	$495.0M -36.7%	$782.0M -28.1%	$1.1B -24.9%	$1.4B -20.4%	$1.8B
Deferred Tax Assets	$2.2B	—	—	—	—
Other Noncurrent Assets	$1.6B 3.6%	$1.6B 27.1%	$1.2B 45.4%	$841.0M -4.8%	$883.0M
Total Assets	$29.5B -2.4%	$30.2B 1.5%	$29.8B 9.6%	$27.2B -0.3%	$27.2B
Liabilities
Accounts Payable	$417.0M 15.5%	$361.0M 15.0%	$314.0M -17.2%	$379.0M 21.5%	$312.0M
Accrued Liabilities	$2.6B 13.4%	$2.3B 20.3%	$1.9B 8.5%	$1.8B 3.1%	$1.7B
Deferred Revenue	$6.9B 12.6%	$6.1B 5.0%	$5.8B 10.2%	$5.3B 11.9%	$4.7B
Current Portion of Long Term Debt	$0 -100.0%	$1.5B	$0 -100.0%	$500.0M	$0
Operating Lease Liabilities	$77.0M 2.7%	$75.0M 2.7%	$73.0M -16.1%	$87.0M -10.3%	$97.0M
Other Current Liabilities	$508.0M	—	—	—	—
Total Current Liabilities	$10.2B -3.1%	$10.5B 27.5%	$8.3B 1.5%	$8.1B 17.3%	$6.9B
Long Term Debt	$6.2B 50.4%	$4.1B 13.6%	$3.6B 0.1%	$3.6B -12.0%	$4.1B
Deferred Revenue Noncurrent	$125.0M -2.3%	$128.0M 13.3%	$113.0M -3.4%	$117.0M -19.3%	$145.0M
Operating Lease Liabilities Noncurrent	$361.0M 2.3%	$353.0M -5.4%	$373.0M -10.6%	$417.0M -7.9%	$453.0M
Deferred Tax Liabilities	$0 -100.0%	$414.0M -22.8%	$536.0M -14.6%	$628.0M -14.0%	$730.0M
Other Noncurrent Liabilities	$508.0M 13.9%	$446.0M 18.6%	$376.0M 28.3%	$293.0M 14.0%	$257.0M
Total Liabilities	$17.9B 10.8%	$16.1B 21.6%	$13.3B 1.1%	$13.1B 5.4%	$12.4B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$0	$0	$0	$0	$0
Additional Paid In Capital	$15.4B 14.5%	$13.4B 15.8%	$11.6B 17.4%	$9.9B 17.1%	$8.4B
Retained Earnings	$45.4B 17.9%	$38.5B 15.4%	$33.3B 17.8%	$28.3B 18.5%	$23.9B
Treasury Stock	$48.8B 410.2%	$9.6B -66.0%	$28.1B 18.0%	$23.8B 37.0%	$17.4B
Accumulated Other Comprehensive Income	$-245.0M -21.9%	$-201.0M 29.5%	$-285.0M 2.7%	$-293.0M -113.9%	$-137.0M
Total Stockholders Equity	$11.6B -17.6%	$14.1B -14.6%	$16.5B 17.6%	$14.1B -5.0%	$14.8B
Total Liabilitiesand Equity	$29.5B -2.4%	$30.2B 1.5%	$29.8B 9.6%	$27.2B -0.3%	$27.2B

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $23.8B

Operating income $8.7B

Net income $7.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$23.8B 10.5%	$21.5B 10.8%	$19.4B 10.2%	$17.6B 11.5%	$15.8B
Expenses Cost of Revenue	$2.6B 8.2%	$2.4B 0.2%	$2.4B 8.7%	$2.2B 16.1%	$1.9B
Expenses Selling,General and Administrative	$1.6B	—	—	—	—
Expenses Depreciation and Amortization	$818.0M -4.6%	$857.0M -1.7%	$872.0M 1.9%	$856.0M 8.6%	$788.0M
Expenses Share Based Compensation	$1.9B 5.9%	$1.8B 6.7%	$1.7B 19.3%	$1.4B 34.7%	$1.1B
Expenses Operating Expenses	$12.5B	—	—	—	—
Other Income Expense Gross Profit	$21.2B 10.8%	$19.1B 12.3%	$17.1B 10.5%	$15.4B 10.9%	$13.9B
Other Income Expense Operating Income	$8.7B 29.1%	$6.7B 1.4%	$6.7B 9.1%	$6.1B 5.1%	$5.8B
Other Income Expense Interest Income	$264.0M -22.6%	$341.0M 26.8%	$269.0M 341.0%	$61.0M 258.8%	$17.0M
Other Income Expense Other Income/expense	$248.0M 416.7%	$48.0M 200.0%	$16.0M 184.2%	$-19.0M -218.8%	$16.0M
Other Income Expense Income Before Tax	$8.7B 26.0%	$6.9B 1.9%	$6.8B 13.2%	$6.0B 5.3%	$5.7B
Income Tax Income Tax Expense	$1.6B 17.0%	$1.4B 0.0%	$1.4B 9.5%	$1.3B 41.8%	$883.0M
net Income net Income	$7.1B 28.2%	$5.6B 2.4%	$5.4B 14.1%	$4.8B -1.4%	$4.8B
net Income Comprehensive Income	$7.1B 25.5%	$5.6B 3.8%	$5.4B 18.2%	$4.6B -5.0%	$4.8B
Earnings Per Share Basic Eps	$17 34.6%	$12 4.7%	$12 17.2%	$10 0.3%	$10
Earnings Per Share Diluted Eps	$17 35.1%	$12 4.6%	$12 17.0%	$10 0.8%	$10
Earnings Per Share Weighted Average Shares Basic	$426.2M -4.7%	$447.1M -2.2%	$457.1M -2.6%	$469.5M -1.6%	$477.3M
Earnings Per Share Weighted Average Shares Diluted	$427.0M -5.0%	$449.7M -2.0%	$459.1M -2.5%	$470.9M -2.1%	$481.0M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $10.0B

Investing cash flow $-1.2B

Financing cash flow $-11.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$7.1B 28.2%	$5.6B 2.4%	$5.4B 14.1%	$4.8B -1.4%	$4.8B
Operating Activities Depreciation and Amortization	$818.0M -4.6%	$857.0M -1.7%	$872.0M 1.9%	$856.0M 8.6%	$788.0M
Operating Activities Stock Based Compensation	$1.9B	—	—	—	—
Operating Activities Deferred Income Taxes	$-514.0M -9.8%	$-468.0M -10.9%	$-422.0M -229.4%	$326.0M 69.8%	$192.0M
Operating Activities Changes In Operating Assets and Liabilities	$1.1B -5.2%	$1.2B -19.7%	$1.5B 106.4%	$703.0M -57.9%	$1.7B
Operating Activities net Cash From Operating Activities	$10.0B 24.5%	$8.1B 10.3%	$7.3B -6.8%	$7.8B 8.4%	$7.2B
Investing Activities Capital Expenditures	$179.0M -2.2%	$183.0M -49.2%	$360.0M -18.6%	$442.0M 27.0%	$348.0M
Investing Activities Business Acquisitions	$17.0M	$0	$0 -100.0%	$126.0M -95.3%	$2.7B
Investing Activities Other Investing Activities	$-3.0M	—	—	—	—
Investing Activities net Cash From Investing Activities	$-1.2B -896.6%	$149.0M -80.8%	$776.0M 236.1%	$-570.0M 83.9%	$-3.5B
Financing Activities Proceeds From Debt	$2.0B	—	—	—	—
Financing Activities Repayment of Debt	$1.5B	—	—	—	—
Financing Activities Repurchase of Common Stock	$11.3B 18.7%	$9.5B 115.9%	$4.4B -32.8%	$6.5B 65.8%	$4.0B
Financing Activities Tax Withholding On Stock Based Compensation	$475.0M -29.8%	$677.0M 14.9%	$589.0M 13.7%	$518.0M -28.0%	$719.0M
Financing Activities Other Financing Activities	$-149.0M	—	—	—	—
Financing Activities net Cash From Financing Activities	$-11.1B -43.2%	$-7.7B -49.1%	$-5.2B 24.1%	$-6.8B -58.7%	$-4.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$34.0M	—	—	—	—
Cash Reconciliation net Change In Cash	$-2.2B -562.3%	$472.0M -83.8%	$2.9B 641.1%	$392.0M 161.8%	$-634.0M
Cash Reconciliation Cash At Beginning of Period	$5.4B -28.7%	$7.6B 6.6%	$7.1B 68.6%	$4.2B 10.2%	$3.8B
Cash Reconciliation Cash At End of Period	$5.4B -28.7%	$7.6B 6.6%	$7.1B 68.6%	$4.2B 10.2%	$3.8B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+89.3%	+89.0%	+87.9%	+87.7%	+88.2%
Operating margin	+36.6%	+31.3%	+34.3%	+34.6%	+36.8%
Net margin	+30.0%	+25.9%	+28.0%	+27.0%	+30.5%
FCF margin	+41.4%	+36.6%	+35.8%	+42.0%	+43.6%
Growth
Revenue CAGR (3y)	+10.5%	+10.9%	+14.7%	+16.4%	+20.5%
Returns
ROE	+61.3%	+39.4%	+32.9%	+33.8%	+32.6%
ROA	+24.2%	+18.4%	+18.2%	+17.5%	+17.7%
ROIC	+57.3%	+44.6%	+40.8%	+34.6%	+32.5%
Liquidity
Current ratio	1.00x	1.07x	1.34x	1.11x	1.25x
Quick ratio	0.76x	0.92x	1.14x	0.78x	0.83x
Leverage
D/E	1.54x	1.14x	0.80x	0.93x	0.84x
Interest coverage	—	—	58.85x	54.45x	51.35x
Efficiency
Asset turnover	0.81x	0.71x	0.65x	0.65x	0.58x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

ADBE $349 · 2025-09-12 · 368d old · FY2025

Market cap $149.2B

P/E 20.92x

P/S 6.28x

P/B 12.83x

EV $150.0B

EV/EBITDA 15.75x

FCF yield +6.6%

Dividend yield —

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Adobe Inc.

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