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

Running CAGR since the earliest displayed year.

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	-12.8%	+6.6%	—
Short Term Investments	+28.9%	-61.1%	—
Accounts Receivable	+2.7%	-6.8%	—
Prepaid Expenses	+9.7%	+25.1%	—
Other Current Assets	—	—	—
Total Current Assets	-4.2%	+1.3%	—
Property,Plant and Equipment	—	—	—
Operating Lease Assets	-6.6%	-21.5%	—
Goodwill	+0.2%	-0.1%	—
Intangible Assets	-32.5%	-28.1%	—
Deferred Tax Assets	—	—	—
Other Noncurrent Assets	+14.7%	+27.1%	—
Total Assets	-0.5%	+1.5%	—
Liabilities
Accounts Payable	+15.2%	+15.0%	—
Accrued Liabilities	+16.8%	+20.3%	—
Deferred Revenue	+8.8%	+5.0%	—
Current Portion of Long Term Debt	—	—	—
Operating Lease Liabilities	+2.7%	+2.7%	—
Other Current Liabilities	—	—	—
Total Current Liabilities	+11.2%	+27.5%	—
Long Term Debt	+30.7%	+13.6%	—
Deferred Revenue Noncurrent	+5.2%	+13.3%	—
Operating Lease Liabilities Noncurrent	-1.6%	-5.4%	—
Deferred Tax Liabilities	—	-22.8%	—
Other Noncurrent Liabilities	+16.2%	+18.6%	—
Total Liabilities	+16.1%	+21.6%	—
Equity
Preferred Stock	—	—	—
Common Stock	—	—	—
Additional Paid In Capital	+15.1%	+15.8%	—
Retained Earnings	+16.6%	+15.4%	—
Treasury Stock	+31.8%	-66.0%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	-16.1%	-14.6%	—
Total Liabilitiesand Equity	-0.5%	+1.5%	—

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	+10.7%	+10.8%	—
Expenses Cost of Revenue	+4.1%	+0.2%	—
Expenses Selling,General and Administrative	—	—	—
Expenses Depreciation and Amortization	-3.1%	-1.7%	—
Expenses Share Based Compensation	+6.3%	+6.7%	—
Expenses Operating Expenses	—	—	—
Other Income Expense Gross Profit	+11.5%	+12.3%	—
Other Income Expense Operating Income	+14.4%	+1.4%	—
Other Income Expense Interest Income	-0.9%	+26.8%	—
Other Income Expense Other Income/expense	+293.7%	+200.0%	—
Other Income Expense Income Before Tax	+13.3%	+1.9%	—
Income Tax Income Tax Expense	+8.2%	+0.0%	—
net Income net Income	+14.6%	+2.4%	—
net Income Comprehensive Income	+14.2%	+3.8%	—
Earnings Per Share Basic Eps	+18.7%	+4.7%	—
Earnings Per Share Diluted Eps	+18.9%	+4.6%	—
Earnings Per Share Weighted Average Shares Basic	-3.4%	-2.2%	—
Earnings Per Share Weighted Average Shares Diluted	-3.6%	-2.0%	—

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	+14.6%	+2.4%	—
Operating Activities Depreciation and Amortization	-3.1%	-1.7%	—
Operating Activities Stock Based Compensation	—	—	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-12.7%	-19.7%	—
Operating Activities net Cash From Operating Activities	+17.2%	+10.3%	—
Investing Activities Capital Expenditures	-29.5%	-49.2%	—
Investing Activities Business Acquisitions	—	—	—
Investing Activities Other Investing Activities	—	—	—
Investing Activities net Cash From Investing Activities	—	-80.8%	—
Financing Activities Proceeds From Debt	—	—	—
Financing Activities Repayment of Debt	—	—	—
Financing Activities Repurchase of Common Stock	+60.1%	+115.9%	—
Financing Activities Tax Withholding On Stock Based Compensation	-10.2%	+14.9%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—
Cash Reconciliation net Change In Cash	—	-83.8%	—
Cash Reconciliation Cash At Beginning of Period	-12.8%	+6.6%	—
Cash Reconciliation Cash At End of Period	-12.8%	+6.6%	—

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 —

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Adobe Inc.

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Margins, returns, liquidity, leverage, efficiency

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