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

Adobe Inc. ADBE

ADBE quote by TradingView

Adobe’s mission is to empower everyone to create. 10-K, Item 1

Employees
31,360
Headquarters
San Jose, CA
CEO
Shantanu Narayen
Next results
around Dec 9, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $23.8B through the costs to a net profit of $7.1B · income statement of the 10-K

37% operating margin
Revenue to Gross profit: $21.2BRevenue to Cost of revenue: $2.6BGross profit to Operating profit: $8.7BGross profit to Operating expenses: $12.5BOperating profit to Net profit: $7.1BOperating profit to Tax & other: $1.6B Revenue: $23.8B REVENUE $23.8B +11% Y/Y Gross profit: $21.2B · 89% margin GROSS PROFIT $21.2B 89% margin · +11% Y/Y Cost of revenue: $2.6B · 11% of revenue COST OF REVENUE $2.6B 11% of revenue Operating profit: $8.7B · 37% margin OPERATING PROFIT $8.7B 37% margin · +29% Y/Y Operating expenses: $12.5B · 53% of revenue OPERATING EXPENSES $12.5B 53% of revenue Net profit: $7.1B · 30% margin NET PROFIT $7.1B 30% margin · +28% Y/Y Tax & other: $1.6B · 7% of revenue TAX & OTHER $1.6B 7% of revenue
Gross profit $21.2B 89% margin · +11% Y/Y
Operating profit $8.7B 37% margin · +29% Y/Y
Net profit $7.1B 30% margin · +28% Y/Y
The full income statement, year by year

ADBE among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 10.5%, above 36% of 74 peers (their median 14.1%) REVENUE GROWTH 10.5% · above 36% Gross margin: 89.3%, above 99% of 67 peers (their median 56.4%) GROSS MARGIN 89.3% · above 99% Operating margin: 35.7%, above 77% of 70 peers (their median 22.2%) OPERATING MARGIN 35.7% · above 77% Net margin: 28.0%, above 72% of 74 peers (their median 18.9%) NET MARGIN 28.0% · above 72% FCF margin: 40.8%, above 87% of 70 peers (their median 22.3%) FCF MARGIN 40.8% · above 87% Return on capital: 39.2%, above 87% of 61 peers (their median 12.6%) RETURN ON CAPITAL 39.2% · above 87%
ADBE Peer median Below the median

What changed

7 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Jan 15, 2026 against Jan 13, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Sufficiency of audit evidence over revenue related to software subscriptions sold at the Company’s online store (“As discussed in Note 2 to the consolidated financial statements, the Company recorded subscription revenue of $17.39 billion in its Digital Media segment, a portion of which related to software subscriptions sold at adobe.com, the Company’s online store. Processing these orders is reliant upon infor”). No longer listed: Performance obligations in cloud-enabled software subscriptions
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
0 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Critical audit matters changed
    New this year: Sufficiency of audit evidence over revenue related to software subscriptions sold at the Company’s online store (“As discussed in Note 2 to the consolidated financial statements, the Company recorded subscription revenue of $17.39 billion in its Digital Media segment, a portion of which related to software subscriptions sold at adobe.com, the Company’s online store. Processing these orders is reliant upon infor”). No longer listed: Performance obligations in cloud-enabled software subscriptions
  • Receivables +13.1% vs revenue +10.5% (+2.6 pts)
8 more checks with nothing to note
  • Cash from operations $10.0B vs net income $7.1B (FY ending Nov 28, 2025)
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Jan 13, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Jan 13, 2025 10-K, ITEM 1A
    Our solutions are incorporated into the supply chain of a large number of companies worldwide and, as a result, if our solutions experience a compromise, a large portion or, in some instances, all of our customers and their data for a given solution could be simultaneously affected. The potential liability and associated consequences we…
  2. Item 1A · new paragraph · not in the 10-K filed Jan 13, 2025 10-K, ITEM 1A
    We may be subject to certain aspects of the EU’s Digital Services Act, which imposes additional legal requirements on certain types of digital service providers, including online platforms and content sharing sites. Moreover, some of our customers are subject to the EU’s Digital Operational Resilience Act and similar UK regulatory…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
200 400 600 100 Revenue: $5.9B in FY2016, $23.8B in FY2025 REVENUE $23.8B · 4.1x Net income: $1.2B in FY2016, $7.1B in FY2025 NET INCOME $7.1B · 6.1x Free cash flow: $2.0B in FY2016, $9.9B in FY2025 FREE CASH FLOW $9.9B · 4.9x FY2016 = 100FY2021FY2025
Revenue 4.1x $5.9B to $23.8B
Net income 6.1x $1.2B to $7.1B
Free cash flow 4.9x $2.0B to $9.9B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$17.6B$19.4B$21.5B$23.8B
Net income$4.8B$5.4B$5.6B$7.1B
Operating cash flow$7.8B$7.3B$8.1B$10.0B
Free cash flow$7.4B$6.9B$7.9B$9.9B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$23.8B ▲ 10.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

No new filings in the last 30 days · SEC EDGAR

All filings

Nothing new. The most recent filings:

About the company

Adobe Inc., San Jose, CA · from the 10-K filed Jan 15, 2026

Adobe’s mission is to empower everyone to create. We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences. For over four decades, our innovations have transformed how people everywhere engage across all types of media. Adobe’s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel.

Headquarters
San Jose, CA
Country
United States
Listed on
Nasdaq
Fiscal year ends
November 27
Last results
Sep 10, 2026
Incorporated in
DE

Employees, at the top of the page: "As of November 28, 2025, we employed 31,360 people, of which 50% were in the United States and 50% were in our international locations" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Jan 15, 2026 (open at SEC), compared with the 10-K filed Jan 13, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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