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 · 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	18.4%	25.2%	24.0%	15.6%	14.1%
Short Term Investments	3.9%	0.9%	2.4%	6.8%	7.2%
Accounts Receivable	7.9%	6.9%	7.5%	7.6%	6.9%
Prepaid Expenses	4.1%	4.2%	3.4%	3.1%	3.6%
Other Current Assets	5.5%	—	—	—	—
Total Current Assets	34.5%	37.2%	37.2%	33.1%	31.8%
Property,Plant and Equipment	6.4%	—	—	—	—
Operating Lease Assets	1.1%	0.9%	1.2%	1.5%	1.6%
Goodwill	43.6%	42.3%	43.0%	47.1%	46.5%
Intangible Assets	1.7%	2.6%	3.7%	5.3%	6.7%
Deferred Tax Assets	7.4%	—	—	—	—
Other Noncurrent Assets	5.5%	5.1%	4.1%	3.1%	3.2%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.4%	1.2%	1.1%	1.4%	1.1%
Accrued Liabilities	9.0%	7.7%	6.5%	6.6%	6.4%
Deferred Revenue	23.4%	20.3%	19.6%	19.5%	17.4%
Current Portion of Long Term Debt	0.0%	5.0%	0.0%	1.8%	0.0%
Operating Lease Liabilities	0.3%	0.2%	0.2%	0.3%	0.4%
Other Current Liabilities	1.7%	—	—	—	—
Total Current Liabilities	34.6%	34.8%	27.7%	29.9%	25.4%
Long Term Debt	21.1%	13.7%	12.2%	13.4%	15.1%
Deferred Revenue Noncurrent	0.4%	0.4%	0.4%	0.4%	0.5%
Operating Lease Liabilities Noncurrent	1.2%	1.2%	1.3%	1.5%	1.7%
Deferred Tax Liabilities	0.0%	1.4%	1.8%	2.3%	2.7%
Other Noncurrent Liabilities	1.7%	1.5%	1.3%	1.1%	0.9%
Total Liabilities	60.6%	53.3%	44.5%	48.3%	45.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	52.1%	44.4%	38.9%	36.3%	30.9%
Retained Earnings	153.8%	127.3%	112.0%	104.2%	87.8%
Treasury Stock	165.6%	31.7%	94.5%	87.8%	63.9%
Accumulated Other Comprehensive Income	-0.8%	-0.7%	-1.0%	-1.1%	-0.5%
Total Stockholders Equity	39.4%	46.7%	55.5%	51.7%	54.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	80.6%	71.1%	65.2%	64.8%	57.9%
Expenses Cost of Revenue	8.6%	7.8%	7.9%	8.0%	6.8%
Expenses Selling,General and Administrative	5.3%	—	—	—	—
Expenses Depreciation and Amortization	2.8%	2.8%	2.9%	3.2%	2.9%
Expenses Share Based Compensation	6.6%	6.1%	5.8%	5.3%	3.9%
Expenses Operating Expenses	42.4%	—	—	—	—
Other Income Expense Gross Profit	71.9%	63.3%	57.3%	56.8%	51.1%
Other Income Expense Operating Income	29.5%	22.3%	22.3%	22.4%	21.3%
Other Income Expense Interest Income	0.9%	1.1%	0.9%	0.2%	0.1%
Other Income Expense Other Income/expense	0.8%	0.2%	0.1%	-0.1%	0.1%
Other Income Expense Income Before Tax	29.6%	22.9%	22.8%	22.1%	20.9%
Income Tax Income Tax Expense	5.4%	4.5%	4.6%	4.6%	3.2%
net Income net Income	24.2%	18.4%	18.2%	17.5%	17.7%
net Income Comprehensive Income	24.0%	18.7%	18.3%	16.9%	17.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.5%	1.5%	1.7%	1.8%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.5%	1.7%	1.8%

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	24.2%	18.4%	18.2%	17.5%	17.7%
Operating Activities Depreciation and Amortization	2.8%	2.8%	2.9%	3.2%	2.9%
Operating Activities Stock Based Compensation	6.6%	—	—	—	—
Operating Activities Deferred Income Taxes	-1.7%	-1.5%	-1.4%	1.2%	0.7%
Operating Activities Changes In Operating Assets and Liabilities	3.7%	3.9%	4.9%	2.6%	6.1%
Operating Activities net Cash From Operating Activities	34.0%	26.6%	24.5%	28.9%	26.5%
Investing Activities Capital Expenditures	0.6%	0.6%	1.2%	1.6%	1.3%
Investing Activities Business Acquisitions	0.1%	0.0%	0.0%	0.5%	9.8%
Investing Activities Other Investing Activities	-0.0%	—	—	—	—
Investing Activities net Cash From Investing Activities	-4.0%	0.5%	2.6%	-2.1%	-13.0%
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%	24.1%	14.5%
Financing Activities Tax Withholding On Stock Based Compensation	1.6%	2.2%	2.0%	1.9%	2.6%
Financing Activities Other Financing Activities	-0.5%	—	—	—	—
Financing Activities net Cash From Financing Activities	-37.5%	-25.6%	-17.4%	-25.1%	-15.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	—	—	—
Cash Reconciliation net Change In Cash	-7.4%	1.6%	9.8%	1.4%	-2.3%
Cash Reconciliation Cash At Beginning of Period	18.4%	25.2%	24.0%	15.6%	14.1%
Cash Reconciliation Cash At End of Period	18.4%	25.2%	24.0%	15.6%	14.1%

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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