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

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	$5.4B -28.7%	$7.6B 6.6%	$7.1B
Short Term Investments	$1.2B 326.4%	$273.0M -61.1%	$701.0M
Accounts Receivable	$2.3B 13.1%	$2.1B -6.8%	$2.2B
Prepaid Expenses	$1.2B -3.9%	$1.3B 25.1%	$1.0B
Other Current Assets	$1.6B	—	—
Total Current Assets	$10.2B -9.5%	$11.2B 1.3%	$11.1B
Property,Plant and Equipment	$1.9B	—	—
Operating Lease Assets	$312.0M 11.0%	$281.0M -21.5%	$358.0M
Goodwill	$12.9B 0.5%	$12.8B -0.1%	$12.8B
Intangible Assets	$495.0M -36.7%	$782.0M -28.1%	$1.1B
Deferred Tax Assets	$2.2B	—	—
Other Noncurrent Assets	$1.6B 3.6%	$1.6B 27.1%	$1.2B
Total Assets	$29.5B -2.4%	$30.2B 1.5%	$29.8B
Liabilities
Accounts Payable	$417.0M 15.5%	$361.0M 15.0%	$314.0M
Accrued Liabilities	$2.6B 13.4%	$2.3B 20.3%	$1.9B
Deferred Revenue	$6.9B 12.6%	$6.1B 5.0%	$5.8B
Current Portion of Long Term Debt	$0 -100.0%	$1.5B	$0
Operating Lease Liabilities	$77.0M 2.7%	$75.0M 2.7%	$73.0M
Other Current Liabilities	$508.0M	—	—
Total Current Liabilities	$10.2B -3.1%	$10.5B 27.5%	$8.3B
Long Term Debt	$6.2B 50.4%	$4.1B 13.6%	$3.6B
Deferred Revenue Noncurrent	$125.0M -2.3%	$128.0M 13.3%	$113.0M
Operating Lease Liabilities Noncurrent	$361.0M 2.3%	$353.0M -5.4%	$373.0M
Deferred Tax Liabilities	$0 -100.0%	$414.0M -22.8%	$536.0M
Other Noncurrent Liabilities	$508.0M 13.9%	$446.0M 18.6%	$376.0M
Total Liabilities	$17.9B 10.8%	$16.1B 21.6%	$13.3B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$0	$0	$0
Additional Paid In Capital	$15.4B 14.5%	$13.4B 15.8%	$11.6B
Retained Earnings	$45.4B 17.9%	$38.5B 15.4%	$33.3B
Treasury Stock	$48.8B 410.2%	$9.6B -66.0%	$28.1B
Accumulated Other Comprehensive Income	$-245.0M -21.9%	$-201.0M 29.5%	$-285.0M
Total Stockholders Equity	$11.6B -17.6%	$14.1B -14.6%	$16.5B
Total Liabilitiesand Equity	$29.5B -2.4%	$30.2B 1.5%	$29.8B

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	$23.8B 10.5%	$21.5B 10.8%	$19.4B
Expenses Cost of Revenue	$2.6B 8.2%	$2.4B 0.2%	$2.4B
Expenses Selling,General and Administrative	$1.6B	—	—
Expenses Depreciation and Amortization	$818.0M -4.6%	$857.0M -1.7%	$872.0M
Expenses Share Based Compensation	$1.9B 5.9%	$1.8B 6.7%	$1.7B
Expenses Operating Expenses	$12.5B	—	—
Other Income Expense Gross Profit	$21.2B 10.8%	$19.1B 12.3%	$17.1B
Other Income Expense Operating Income	$8.7B 29.1%	$6.7B 1.4%	$6.7B
Other Income Expense Interest Income	$264.0M -22.6%	$341.0M 26.8%	$269.0M
Other Income Expense Other Income/expense	$248.0M 416.7%	$48.0M 200.0%	$16.0M
Other Income Expense Income Before Tax	$8.7B 26.0%	$6.9B 1.9%	$6.8B
Income Tax Income Tax Expense	$1.6B 17.0%	$1.4B 0.0%	$1.4B
net Income net Income	$7.1B 28.2%	$5.6B 2.4%	$5.4B
net Income Comprehensive Income	$7.1B 25.5%	$5.6B 3.8%	$5.4B
Earnings Per Share Basic Eps	$17 34.6%	$12 4.7%	$12
Earnings Per Share Diluted Eps	$17 35.1%	$12 4.6%	$12
Earnings Per Share Weighted Average Shares Basic	$426.2M -4.7%	$447.1M -2.2%	$457.1M
Earnings Per Share Weighted Average Shares Diluted	$427.0M -5.0%	$449.7M -2.0%	$459.1M

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	$7.1B 28.2%	$5.6B 2.4%	$5.4B
Operating Activities Depreciation and Amortization	$818.0M -4.6%	$857.0M -1.7%	$872.0M
Operating Activities Stock Based Compensation	$1.9B	—	—
Operating Activities Deferred Income Taxes	$-514.0M -9.8%	$-468.0M -10.9%	$-422.0M
Operating Activities Changes In Operating Assets and Liabilities	$1.1B -5.2%	$1.2B -19.7%	$1.5B
Operating Activities net Cash From Operating Activities	$10.0B 24.5%	$8.1B 10.3%	$7.3B
Investing Activities Capital Expenditures	$179.0M -2.2%	$183.0M -49.2%	$360.0M
Investing Activities Business Acquisitions	$17.0M	$0	$0
Investing Activities Other Investing Activities	$-3.0M	—	—
Investing Activities net Cash From Investing Activities	$-1.2B -896.6%	$149.0M -80.8%	$776.0M
Financing Activities Proceeds From Debt	$2.0B	—	—
Financing Activities Repayment of Debt	$1.5B	—	—
Financing Activities Repurchase of Common Stock	$11.3B 18.7%	$9.5B 115.9%	$4.4B
Financing Activities Tax Withholding On Stock Based Compensation	$475.0M -29.8%	$677.0M 14.9%	$589.0M
Financing Activities Other Financing Activities	$-149.0M	—	—
Financing Activities net Cash From Financing Activities	$-11.1B -43.2%	$-7.7B -49.1%	$-5.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$34.0M	—	—
Cash Reconciliation net Change In Cash	$-2.2B -562.3%	$472.0M -83.8%	$2.9B
Cash Reconciliation Cash At Beginning of Period	$5.4B -28.7%	$7.6B 6.6%	$7.1B
Cash Reconciliation Cash At End of Period	$5.4B -28.7%	$7.6B 6.6%	$7.1B

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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