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 revenue.

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	22.8%	35.4%	36.8%
Short Term Investments	4.9%	1.3%	3.6%
Accounts Receivable	9.9%	9.6%	11.5%
Prepaid Expenses	5.1%	5.9%	5.2%
Other Current Assets	6.8%	—	—
Total Current Assets	42.8%	52.2%	57.1%
Property,Plant and Equipment	7.9%	—	—
Operating Lease Assets	1.3%	1.3%	1.8%
Goodwill	54.1%	59.5%	66.0%
Intangible Assets	2.1%	3.6%	5.6%
Deferred Tax Assets	9.2%	—	—
Other Noncurrent Assets	6.8%	7.2%	6.3%
Total Assets	124.1%	140.6%	153.4%
Liabilities
Accounts Payable	1.8%	1.7%	1.6%
Accrued Liabilities	11.1%	10.9%	10.0%
Deferred Revenue	29.1%	28.5%	30.1%
Current Portion of Long Term Debt	0.0%	7.0%	0.0%
Operating Lease Liabilities	0.3%	0.3%	0.4%
Other Current Liabilities	2.1%	—	—
Total Current Liabilities	42.9%	48.9%	42.5%
Long Term Debt	26.1%	19.2%	18.7%
Deferred Revenue Noncurrent	0.5%	0.6%	0.6%
Operating Lease Liabilities Noncurrent	1.5%	1.6%	1.9%
Deferred Tax Liabilities	0.0%	1.9%	2.8%
Other Noncurrent Liabilities	2.1%	2.1%	1.9%
Total Liabilities	75.2%	75.0%	68.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	64.6%	62.4%	59.7%
Retained Earnings	190.8%	178.9%	171.8%
Treasury Stock	205.5%	44.5%	144.9%
Accumulated Other Comprehensive Income	-1.0%	-0.9%	-1.5%
Total Stockholders Equity	48.9%	65.6%	85.1%
Total Liabilitiesand Equity	124.1%	140.6%	153.4%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	10.7%	11.0%	12.1%
Expenses Selling,General and Administrative	6.6%	—	—
Expenses Depreciation and Amortization	3.4%	4.0%	4.5%
Expenses Share Based Compensation	8.2%	8.5%	8.9%
Expenses Operating Expenses	52.6%	—	—
Other Income Expense Gross Profit	89.3%	89.0%	87.9%
Other Income Expense Operating Income	36.6%	31.3%	34.3%
Other Income Expense Interest Income	1.1%	1.6%	1.4%
Other Income Expense Other Income/expense	1.0%	0.2%	0.1%
Other Income Expense Income Before Tax	36.7%	32.2%	35.0%
Income Tax Income Tax Expense	6.7%	6.4%	7.1%
net Income net Income	30.0%	25.9%	28.0%
net Income Comprehensive Income	29.8%	26.2%	28.0%
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	1.8%	2.1%	2.4%
Earnings Per Share Weighted Average Shares Diluted	1.8%	2.1%	2.4%

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	30.0%	25.9%	28.0%
Operating Activities Depreciation and Amortization	3.4%	4.0%	4.5%
Operating Activities Stock Based Compensation	8.2%	—	—
Operating Activities Deferred Income Taxes	-2.2%	-2.2%	-2.2%
Operating Activities Changes In Operating Assets and Liabilities	4.6%	5.4%	7.5%
Operating Activities net Cash From Operating Activities	42.2%	37.5%	37.6%
Investing Activities Capital Expenditures	0.8%	0.9%	1.9%
Investing Activities Business Acquisitions	0.1%	0.0%	0.0%
Investing Activities Other Investing Activities	-0.0%	—	—
Investing Activities net Cash From Investing Activities	-5.0%	0.7%	4.0%
Financing Activities Proceeds From Debt	8.4%	—	—
Financing Activities Repayment of Debt	6.3%	—	—
Financing Activities Repurchase of Common Stock	47.5%	44.2%	22.7%
Financing Activities Tax Withholding On Stock Based Compensation	2.0%	3.1%	3.0%
Financing Activities Other Financing Activities	-0.6%	—	—
Financing Activities net Cash From Financing Activities	-46.5%	-35.9%	-26.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	—
Cash Reconciliation net Change In Cash	-9.2%	2.2%	15.0%
Cash Reconciliation Cash At Beginning of Period	22.8%	35.4%	36.8%
Cash Reconciliation Cash At End of Period	22.8%	35.4%	36.8%

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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