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

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

34 accounts · 3 years

Total assets $29.5B

Total liabilities $17.9B

Shareholders equity $11.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	18.4%	25.2%	24.0%
Short Term Investments	3.9%	0.9%	2.4%
Accounts Receivable	7.9%	6.9%	7.5%
Prepaid Expenses	4.1%	4.2%	3.4%
Other Current Assets	5.5%	—	—
Total Current Assets	34.5%	37.2%	37.2%
Property,Plant and Equipment	6.4%	—	—
Operating Lease Assets	1.1%	0.9%	1.2%
Goodwill	43.6%	42.3%	43.0%
Intangible Assets	1.7%	2.6%	3.7%
Deferred Tax Assets	7.4%	—	—
Other Noncurrent Assets	5.5%	5.1%	4.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.4%	1.2%	1.1%
Accrued Liabilities	9.0%	7.7%	6.5%
Deferred Revenue	23.4%	20.3%	19.6%
Current Portion of Long Term Debt	0.0%	5.0%	0.0%
Operating Lease Liabilities	0.3%	0.2%	0.2%
Other Current Liabilities	1.7%	—	—
Total Current Liabilities	34.6%	34.8%	27.7%
Long Term Debt	21.1%	13.7%	12.2%
Deferred Revenue Noncurrent	0.4%	0.4%	0.4%
Operating Lease Liabilities Noncurrent	1.2%	1.2%	1.3%
Deferred Tax Liabilities	0.0%	1.4%	1.8%
Other Noncurrent Liabilities	1.7%	1.5%	1.3%
Total Liabilities	60.6%	53.3%	44.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	52.1%	44.4%	38.9%
Retained Earnings	153.8%	127.3%	112.0%
Treasury Stock	165.6%	31.7%	94.5%
Accumulated Other Comprehensive Income	-0.8%	-0.7%	-1.0%
Total Stockholders Equity	39.4%	46.7%	55.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $23.8B

Operating income $8.7B

Net income $7.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	80.6%	71.1%	65.2%
Expenses Cost of Revenue	8.6%	7.8%	7.9%
Expenses Selling,General and Administrative	5.3%	—	—
Expenses Depreciation and Amortization	2.8%	2.8%	2.9%
Expenses Share Based Compensation	6.6%	6.1%	5.8%
Expenses Operating Expenses	42.4%	—	—
Other Income Expense Gross Profit	71.9%	63.3%	57.3%
Other Income Expense Operating Income	29.5%	22.3%	22.3%
Other Income Expense Interest Income	0.9%	1.1%	0.9%
Other Income Expense Other Income/expense	0.8%	0.2%	0.1%
Other Income Expense Income Before Tax	29.6%	22.9%	22.8%
Income Tax Income Tax Expense	5.4%	4.5%	4.6%
net Income net Income	24.2%	18.4%	18.2%
net Income Comprehensive Income	24.0%	18.7%	18.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.5%	1.5%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.5%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $10.0B

Investing cash flow $-1.2B

Financing cash flow $-11.1B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	24.2%	18.4%	18.2%
Operating Activities Depreciation and Amortization	2.8%	2.8%	2.9%
Operating Activities Stock Based Compensation	6.6%	—	—
Operating Activities Deferred Income Taxes	-1.7%	-1.5%	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	3.7%	3.9%	4.9%
Operating Activities net Cash From Operating Activities	34.0%	26.6%	24.5%
Investing Activities Capital Expenditures	0.6%	0.6%	1.2%
Investing Activities Business Acquisitions	0.1%	0.0%	0.0%
Investing Activities Other Investing Activities	-0.0%	—	—
Investing Activities net Cash From Investing Activities	-4.0%	0.5%	2.6%
Financing Activities Proceeds From Debt	6.8%	—	—
Financing Activities Repayment of Debt	5.1%	—	—
Financing Activities Repurchase of Common Stock	38.2%	31.4%	14.8%
Financing Activities Tax Withholding On Stock Based Compensation	1.6%	2.2%	2.0%
Financing Activities Other Financing Activities	-0.5%	—	—
Financing Activities net Cash From Financing Activities	-37.5%	-25.6%	-17.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	—
Cash Reconciliation net Change In Cash	-7.4%	1.6%	9.8%
Cash Reconciliation Cash At Beginning of Period	18.4%	25.2%	24.0%
Cash Reconciliation Cash At End of Period	18.4%	25.2%	24.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+89.3%	+89.0%	+87.9%
Operating margin	+36.6%	+31.3%	+34.3%
Net margin	+30.0%	+25.9%	+28.0%
FCF margin	+41.4%	+36.6%	+35.8%
Growth
Revenue CAGR (3y)	+10.5%	+10.9%	+14.7%
Returns
ROE	+61.3%	+39.4%	+32.9%
ROA	+24.2%	+18.4%	+18.2%
ROIC	+57.3%	+44.6%	+40.8%
Liquidity
Current ratio	1.00x	1.07x	1.34x
Quick ratio	0.76x	0.92x	1.14x
Leverage
D/E	1.54x	1.14x	0.80x
Interest coverage	—	—	58.85x
Efficiency
Asset turnover	0.81x	0.71x	0.65x
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 —

Notes

Your annotations

Not watched

Adobe Inc.

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Recent price history