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

Year-over-year change per cell; first column has no prior.

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	-28.7%	+6.6%	+68.6%	+10.2%	—
Short Term Investments	+326.4%	-61.1%	-62.3%	-4.8%	—
Accounts Receivable	+13.1%	-6.8%	+7.7%	+10.0%	—
Prepaid Expenses	-3.9%	+25.1%	+21.9%	-15.9%	—
Other Current Assets	—	—	—	—	—
Total Current Assets	-9.5%	+1.3%	+23.2%	+3.8%	—
Property,Plant and Equipment	—	—	—	—	—
Operating Lease Assets	+11.0%	-21.5%	-12.0%	-8.1%	—
Goodwill	+0.5%	-0.1%	+0.1%	+0.9%	—
Intangible Assets	-36.7%	-28.1%	-24.9%	-20.4%	—
Deferred Tax Assets	—	—	—	—	—
Other Noncurrent Assets	+3.6%	+27.1%	+45.4%	-4.8%	—
Total Assets	-2.4%	+1.5%	+9.6%	-0.3%	—
Liabilities
Accounts Payable	+15.5%	+15.0%	-17.2%	+21.5%	—
Accrued Liabilities	+13.4%	+20.3%	+8.5%	+3.1%	—
Deferred Revenue	+12.6%	+5.0%	+10.2%	+11.9%	—
Current Portion of Long Term Debt	-100.0%	—	-100.0%	—	—
Operating Lease Liabilities	+2.7%	+2.7%	-16.1%	-10.3%	—
Other Current Liabilities	—	—	—	—	—
Total Current Liabilities	-3.1%	+27.5%	+1.5%	+17.3%	—
Long Term Debt	+50.4%	+13.6%	+0.1%	-12.0%	—
Deferred Revenue Noncurrent	-2.3%	+13.3%	-3.4%	-19.3%	—
Operating Lease Liabilities Noncurrent	+2.3%	-5.4%	-10.6%	-7.9%	—
Deferred Tax Liabilities	-100.0%	-22.8%	-14.6%	-14.0%	—
Other Noncurrent Liabilities	+13.9%	+18.6%	+28.3%	+14.0%	—
Total Liabilities	+10.8%	+21.6%	+1.1%	+5.4%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	—	—	—	—	—
Additional Paid In Capital	+14.5%	+15.8%	+17.4%	+17.1%	—
Retained Earnings	+17.9%	+15.4%	+17.8%	+18.5%	—
Treasury Stock	+410.2%	-66.0%	+18.0%	+37.0%	—
Accumulated Other Comprehensive Income	-21.9%	+29.5%	+2.7%	-113.9%	—
Total Stockholders Equity	-17.6%	-14.6%	+17.6%	-5.0%	—
Total Liabilitiesand Equity	-2.4%	+1.5%	+9.6%	-0.3%	—

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	+10.5%	+10.8%	+10.2%	+11.5%	—
Expenses Cost of Revenue	+8.2%	+0.2%	+8.7%	+16.1%	—
Expenses Selling,General and Administrative	—	—	—	—	—
Expenses Depreciation and Amortization	-4.6%	-1.7%	+1.9%	+8.6%	—
Expenses Share Based Compensation	+5.9%	+6.7%	+19.3%	+34.7%	—
Expenses Operating Expenses	—	—	—	—	—
Other Income Expense Gross Profit	+10.8%	+12.3%	+10.5%	+10.9%	—
Other Income Expense Operating Income	+29.1%	+1.4%	+9.1%	+5.1%	—
Other Income Expense Interest Income	-22.6%	+26.8%	+341.0%	+258.8%	—
Other Income Expense Other Income/expense	+416.7%	+200.0%	+184.2%	-218.8%	—
Other Income Expense Income Before Tax	+26.0%	+1.9%	+13.2%	+5.3%	—
Income Tax Income Tax Expense	+17.0%	+0.0%	+9.5%	+41.8%	—
net Income net Income	+28.2%	+2.4%	+14.1%	-1.4%	—
net Income Comprehensive Income	+25.5%	+3.8%	+18.2%	-5.0%	—
Earnings Per Share Basic Eps	+34.6%	+4.7%	+17.2%	+0.3%	—
Earnings Per Share Diluted Eps	+35.1%	+4.6%	+17.0%	+0.8%	—
Earnings Per Share Weighted Average Shares Basic	-4.7%	-2.2%	-2.6%	-1.6%	—
Earnings Per Share Weighted Average Shares Diluted	-5.0%	-2.0%	-2.5%	-2.1%	—

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	+28.2%	+2.4%	+14.1%	-1.4%	—
Operating Activities Depreciation and Amortization	-4.6%	-1.7%	+1.9%	+8.6%	—
Operating Activities Stock Based Compensation	—	—	—	—	—
Operating Activities Deferred Income Taxes	-9.8%	-10.9%	-229.4%	+69.8%	—
Operating Activities Changes In Operating Assets and Liabilities	-5.2%	-19.7%	+106.4%	-57.9%	—
Operating Activities net Cash From Operating Activities	+24.5%	+10.3%	-6.8%	+8.4%	—
Investing Activities Capital Expenditures	-2.2%	-49.2%	-18.6%	+27.0%	—
Investing Activities Business Acquisitions	—	—	-100.0%	-95.3%	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-896.6%	-80.8%	+236.1%	+83.9%	—
Financing Activities Proceeds From Debt	—	—	—	—	—
Financing Activities Repayment of Debt	—	—	—	—	—
Financing Activities Repurchase of Common Stock	+18.7%	+115.9%	-32.8%	+65.8%	—
Financing Activities Tax Withholding On Stock Based Compensation	-29.8%	+14.9%	+13.7%	-28.0%	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	-43.2%	-49.1%	+24.1%	-58.7%	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	-562.3%	-83.8%	+641.1%	+161.8%	—
Cash Reconciliation Cash At Beginning of Period	-28.7%	+6.6%	+68.6%	+10.2%	—
Cash Reconciliation Cash At End of Period	-28.7%	+6.6%	+68.6%	+10.2%	—

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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