Screener / SEC EDGAR /CIK 0000796343 /10-K filed Jan 15, 2026, compared with Jan 13, 2025 /Numbers from the XBRL of the 10-Ks
Nasdaq Technology · Software

Adobe Inc. ADBE

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Cash returned and share count, year to Nov 28, 2025

Bought back $11.3B of its own shares, 5.8× what it paid in stock

XBRL, latest 10-K
Buybacks $11.3B cash paid for its own shares
Paid in stock to employees $1.9B stock-based compensation
Share count, 1 year -5.0% fewer shares: each share owns more
Share count, 3 years -9.3% diluted average shares

New shares against shares bought back

Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K

Shares offered

Since Nov 15, 2023: 1 shelf registration.

“may offer and sell, in each case, together or separately, under this prospectus from time to time: • shares of our common stock; shares of our preferred stock, which may be issued in one or more series; debt securities, which may be issued in one or more series; warrants to purchase debt, equity or other securities; purchase contracts to purchase shares of our common stock, shares of our preferred stock or our debt …”

S-3ASR, Jan 13, 2025
Every offering filing

Paid in stock

$1.9B

stock-based pay, year to Nov 28, 2025

Bought back

$11.3B

cash paid for its own shares, year to Nov 28, 2025: 5.8× the stock pay

Diluted shares: 427.00M in the year to Nov 28, 2025 2025 -5.0%2024 -2.0%2023 -2.5%2022 -2.1%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How

Net share count, 4 years

Shares, buybacks and stock pay, fiscal years 2021 to 2025 · 10-K XBRL

-11.2% shares
Share count -11.2% diluted average shares, 4 years to Nov 28, 2025, splits taken out
Bought back $31.7B cash paid for its own shares, summed over the 4 years
Paid in stock $6.9B stock-based compensation, summed over the same years
Fiscal yearShares, changeBought backPaid in stockCash from shares sold
Nov 28, 2025 -5.0% $11.3B $1.9B -
Nov 29, 2024 -2.0% $9.5B $1.8B -
Dec 1, 2023 -2.5% $4.4B $1.7B -
Dec 2, 2022 -2.1% $6.5B $1.4B -

Each year's change is the diluted weighted average share count against the year before, with stock splits taken out; the headline change compares the two ends of the span on one basis. Buybacks and stock pay are added up over the same years. Buybacks that only offset stock pay leave the count flat: both are shown, no verdict. How

Where the cash came from and where it went

FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up

Operating cash flowDebt raisedCapital spendingAcquisitionsBuybacksDebt repaidAdded to cashOther, net Operating cash flow: $40.5B Operating cash flow $40.5B Debt raised: $4.0B Debt raised $4.0B Capital spending: $1.5B Capital spending $1.5B Acquisitions: $2.8B Acquisitions $2.8B Buybacks: $35.7B Buybacks $35.7B Debt repaid: $2.0B Debt repaid $2.0B Added to cash: $953.0M Added to cash $953.0M Other, net: $1.5B Other, net $1.5B

The same cash, step by step

Operating cash flow: $40.5B · NetCashProvidedByUsedInOperatingActivities, 0000796343-24-000006; NetCashProvidedByUsedInOperatingActivities, 0000796343-25-000004; NetCashProvidedByUsedInOperatingActivities, 0000796343-26-000003 +$40.5B
Operating cash flow
Debt raised: $4.0B · ProceedsFromIssuanceOfDebt, 0000796343-23-000007; ProceedsFromIssuanceOfDebt, 0000796343-25-000004; ProceedsFromIssuanceOfLongTermDebt, 0000796343-26-000003 +$4.0B
Debt raised
Capital spending: $1.5B · PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-24-000006; PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-25-000004; PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-26-000003 −$1.5B
Capital spending
Acquisitions: $2.8B · PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-24-000006; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-25-000004; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-26-000003 −$2.8B
Acquisitions
Buybacks: $35.7B · PaymentsForRepurchaseOfCommonStock, 0000796343-24-000006; PaymentsForRepurchaseOfCommonStock, 0000796343-25-000004; PaymentsForRepurchaseOfCommonStock, 0000796343-26-000003 −$35.7B
Buybacks
Debt repaid: $2.0B · RepaymentsOfLongTermDebt, 0000796343-24-000006; RepaymentsOfLongTermDebt, 0000796343-25-000004; RepaymentsOfLongTermDebt, 0000796343-26-000003 −$2.0B
Debt repaid
Added to cash: $953.0M · CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-24-000006; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-25-000004; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-26-000003 −$953.0M
Added to cash
Other, net: $1.5B · investments bought and sold, other financing and investing lines, and exchange rates −$1.5B
Other, net

Came from

Operating cash flow
NetCashProvidedByUsedInOperatingActivities, 0000796343-24-000006; NetCashProvidedByUsedInOperatingActivities, 0000796343-25-000004; NetCashProvidedByUsedInOperatingActivities, 0000796343-26-000003
$40.5B
Debt raised
ProceedsFromIssuanceOfDebt, 0000796343-23-000007; ProceedsFromIssuanceOfDebt, 0000796343-25-000004; ProceedsFromIssuanceOfLongTermDebt, 0000796343-26-000003
$4.0B

Went to

Capital spending
PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-24-000006; PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-25-000004; PaymentsToAcquirePropertyPlantAndEquipment, 0000796343-26-000003
$1.5B
Acquisitions
PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-24-000006; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-25-000004; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000796343-26-000003
$2.8B
Buybacks
PaymentsForRepurchaseOfCommonStock, 0000796343-24-000006; PaymentsForRepurchaseOfCommonStock, 0000796343-25-000004; PaymentsForRepurchaseOfCommonStock, 0000796343-26-000003
$35.7B
Debt repaid
RepaymentsOfLongTermDebt, 0000796343-24-000006; RepaymentsOfLongTermDebt, 0000796343-25-000004; RepaymentsOfLongTermDebt, 0000796343-26-000003
$2.0B
Added to cash
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-24-000006; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-25-000004; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000796343-26-000003
$953.0M
Other, net
investments bought and sold, other financing and investing lines, and exchange rates
$1.5B

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Where the operating cash went, year by year

FY2016 to FY2025 · cash flow statements, 10-K XBRL

10 years
Operating cash, added up $59.7B 10 fiscal years, FY2016 to FY2025
Reinvested 21% capital spending and acquisitions, as a share of that cash
Returned to owners 76% buybacks and dividends, as a share of that cash
Debt repaid $5.2B gross repayments added up; debt that was refinanced counts each time
Fiscal yearOperating cashCapital spendingAcquisitionsBuybacksDebt repaid
Nov 28, 2025 $10.0B $179.0M$17.0M$11.3B$1.5B
Nov 29, 2024 $8.1B $183.0M-$9.5B-
Dec 1, 2023 $7.3B $360.0M-$4.4B$500.0M
Dec 2, 2022 $7.8B $442.0M$126.0M$6.5B-
Dec 3, 2021 $7.2B $348.0M$2.7B$4.0B-
Nov 27, 2020 $5.7B $419.0M-$3.0B$3.1B
Nov 29, 2019 $4.4B $395.0M$101.0M$2.8B-
Nov 30, 2018 $4.0B $267.0M$6.3B$2.0B-
Dec 1, 2017 $2.9B $178.1M$459.6M$1.1B-
Dec 2, 2016 $2.2B $203.8M$48.4M$1.1B-
Added up$59.7B $3.0B
5% of operating cash
$9.7B
16% of operating cash
$45.7B
76% of operating cash
$5.2B
9% of operating cash

Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.

Buybacks, dividends and share count

Year by year · XBRL, each 10-K

Fiscal year toBuybacksDividendsDiluted shares
Nov 28, 2025$11.3B - 427.00M
Nov 29, 2024$9.5B - 449.70M
Dec 1, 2023$4.4B - 459.10M
Dec 2, 2022$6.5B - 470.90M
Dec 3, 2021$4.0B - 481.00M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

Buybacks month by month, and what is left to buy

Share buybacks · 10-Q, Part II Item 2, latest 4 quarters

Still open to buy $24.5B under the programme, end of Aug 2026
Latest month about 3.5 million shares Aug 2026, average $260.01

“In March 2024, our Board of Directors granted authority to repurchase up to $25 billion in our common stock through March 14, 2028.”

10-Q, Part II Item 2

“In April 2026, our Board of Directors granted additional authority to repurchase up to $25 billion in our common stock through April 30, 2030.”

10-Q, Part II Item 2
MonthShares boughtAverage price
Aug 2026 about 3.5 million $260.01
Jul 2026 about 3.1 million $219.90
Jun 2026 about 2.9 million $221.95
May 2026 about 3.1 million $245.90
Apr 2026 about 2.5 million $241.27
Mar 2026 about 2.9 million $260.24
Feb 2026 about 3.6 million $271.38
Jan 2026 about 2.3 million $323.89
Dec 2025 about 2.2 million $343.45
Aug 2025 about 2.9 million $353.26
Jul 2025 about 2 million $373.60
Jun 2025 about 0.7 million $382.56

Shares and average price are the numbers in the 10-Q table, row by row; "shares × price" is our multiplication of the two. A row with a price of "-" is an accelerated repurchase paid up front, where the 10-Q does not give a price yet. A 10-Q that counts shares in millions gives a rounded number, shown as "about". Shares withheld for employees' taxes are not in this table. A month that no 10-Q table gives, or that this page could not read with confidence, is not shown.

What it paid for each share it bought back

Price paid · 10-K, statement of shareholders' equity

Cheapest year $77.38 fiscal year to Nov 27, 2015
Dearest year $548.61 fiscal year to Dec 3, 2021
Average over these years $355.44 $34.5B spent

What ADBE paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.

Fiscal year toShares boughtSpentAverage price
Nov 29, 2024 17.50M$9.6B $547.09
Dec 1, 2023 11.50M$4.4B $383.83
Dec 2, 2022 15.70M$6.5B $417.20
Dec 3, 2021 7.20M$4.0B $548.61
Nov 27, 2020 8.00M$3.0B $381.25
Nov 29, 2019 9.90M$2.8B $277.78
Nov 30, 2018 8.70M$2.0B $235.63
Dec 1, 2017 8.20M$1.1B $134.15
Dec 2, 2016 10.40M$1.1B $103.37
Nov 27, 2015 -- $77.38

Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out.

Sources

The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.

Also

CEO pay: what the CEO was paid over the same years.

Work with it

Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/ADBE/export.csv") into a cell.

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