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ADBEAdobe Inc.

Technology · Software · Nasdaq
ADBE quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 10.5%, free cash flow up to $9.9B

XBRL, from each 10-K
RevenueStatements ↓
$23.8B
from $21.5B in FY2024
FY2016FY2025
Net incomeStatements ↓
$7.1B
from $5.6B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$9.9B
from $7.9B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$16.70
from $12.36 in FY2024
FY2016FY2025
Operating marginStatements ↓
36.6%
from 31.3% in FY2024
FY2016FY2025
Total debtStatements ↓
$6.2B
from $4.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)17.91Sales (ttm)26.0BNet income (ttm)7.3BSales growth+10.5%EPS growth+35.1%Sales Q/Q+12.9%
Free cash flow10.6BGross margin89.3%Oper. margin35.7%Net margin28.0%FCF margin40.8%ROE61.9%
ROA24.3%R&D / sales-Dividend-Debt/Eq0.54Curr. ratio0.77Cash4.4B
Op. cash flow (ttm)10.8BEBITDA9.5BEBITDA margin40.1%Net debt2.0BQuick ratio0.77Interest cover33.10
ROIC39.2%Tax rate18.4%Stock pay / sales8.2%Shares out.389.2MShares Y/Y-5.0%Book / share30.23
Cash / share11.20Sales / share66.73Asset turnover0.87Days sales out.36Sales 3Y CAGR+10.6%Sales 5Y CAGR+13.1%
EPS 3Y CAGR+18.3%EPS 5Y CAGR+9.0%Employees31,360Sales / employee828K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 50%$4.1B → $6.2B · Short-term + long-term debt at year end
  • Free cash flow rose 25%$7.9B → $9.9B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 36.6%31.3% → 36.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

ADBE against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
ADBEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+10.5%48th of 75 · median +14.1%
Net margin
28.0%22nd of 75 · median 19.1%
Return on equity
61.9%11th of 69 · median 23.9%
Free cash flow margin
40.8%10th of 71 · median 22.3%
Debt / equity (less is better)
0.5435th of 61 · median 0.46
ADBE and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ADBE Adobe Inc.$26.0B +10.5%89.3%28.0%61.9%40.8%0.54
SNDK Sandisk$29.0B +175%80.0%67.0%107.1%59.9%0.00
LRCX Lam Research$26.1B +26.0%51.1%32.3%60.8%25.0%0.27
CDW CDW Corporation$24.5B +6.8%21.0%4.5%41.7%3.8%2.70
CTSH Cognizant$21.9B +7.0%-11.8%17.5%10.8%0.11
INTU Intuit$21.4B +13.9%-21.3%24.0%40.4%0.40
Where each dollar goes

From $15.8B of sales to $4.8B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $13.9BRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $5.8BGross profit to Operating expenses: $8.1BOperating profit to Net profit: $4.8BOperating profit to Tax & other: $980.0M Revenue: $15.8B Revenue$15.8B +23% Y/Y Gross profit: $13.9B · 88% margin Gross profit$13.9B88% margin +25% Y/Y Cost of revenue: $1.9B · 12% of revenue Cost of revenue$1.9B12% of revenue Operating profit: $5.8B · 37% margin Operating profit$5.8B37% margin +37% Y/Y Operating expenses: $8.1B · 51% of revenue Operating expenses$8.1B51% of revenue Net profit: $4.8B · 31% margin Net profit$4.8B31% margin −8% Y/Y Tax & other: $980.0M · 6% of revenue Tax & other$980.0M6% of revenue

Swipe sideways for the whole flow →

From $17.6B of sales to $4.8B of profit

FY2022, from the 10-K income statement and revenue by product
Subscription to Revenue: $16.4BServices and other to Revenue: $686.0MProduct to Revenue: $532.0MRevenue to Gross profit: $15.4BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $6.1BGross profit to Operating expenses: $9.3BOperating profit to Net profit: $4.8BOperating profit to Tax & other: $1.3B Subscription: $16.4B · 93% Subscription$16.4B93% Services and other: $686.0M · 4% Services and other$686.0M4% Product: $532.0M · 3% Product$532.0M3% Revenue: $17.6B Revenue$17.6B +12% Y/Y Gross profit: $15.4B · 88% margin Gross profit$15.4B88% margin +11% Y/Y Cost of revenue: $2.2B · 12% of revenue Cost of revenue$2.2B12% of revenue Operating profit: $6.1B · 35% margin Operating profit$6.1B35% margin +5% Y/Y Operating expenses: $9.3B · 53% of revenue Operating expenses$9.3B53% of revenue Net profit: $4.8B · 27% margin Net profit$4.8B27% margin −1% Y/Y Tax & other: $1.3B · 8% of revenue Tax & other$1.3B8% of revenue

Swipe sideways for the whole flow →

From $19.4B of sales to $5.4B of profit

FY2023, from the 10-K income statement and revenue by product
Subscription to Revenue: $18.3BServices and other to Revenue: $665.0MProduct to Revenue: $460.0MRevenue to Gross profit: $17.1BRevenue to Cost of revenue: $2.4BGross profit to Operating profit: $6.7BGross profit to Operating expenses: $10.4BOperating profit to Net profit: $5.4BOperating profit to Tax & other: $1.2B Subscription: $18.3B · 94% Subscription$18.3B94% Services and other: $665.0M · 3% Services and other$665.0M3% Product: $460.0M · 2% Product$460.0M2% Revenue: $19.4B Revenue$19.4B +10% Y/Y Gross profit: $17.1B · 88% margin Gross profit$17.1B88% margin +10% Y/Y Cost of revenue: $2.4B · 12% of revenue Cost of revenue$2.4B12% of revenue Operating profit: $6.7B · 34% margin Operating profit$6.7B34% margin +9% Y/Y Operating expenses: $10.4B · 54% of revenue Operating expenses$10.4B54% of revenue Net profit: $5.4B · 28% margin Net profit$5.4B28% margin +14% Y/Y Tax & other: $1.2B · 6% of revenue Tax & other$1.2B6% of revenue

Swipe sideways for the whole flow →

From $21.5B of sales to $5.6B of profit

FY2024, from the 10-K income statement and revenue by product
Subscription to Revenue: $20.5BServices and other to Revenue: $598.0MProduct to Revenue: $386.0MRevenue to Gross profit: $19.1BRevenue to Cost of revenue: $2.4BGross profit to Operating profit: $6.7BGross profit to Operating expenses: $12.4BOperating profit to Net profit: $5.6BOperating profit to Tax & other: $1.2B Subscription: $20.5B · 95% Subscription$20.5B95% Services and other: $598.0M · 3% Services and other$598.0M3% Product: $386.0M · 2% Product$386.0M2% Revenue: $21.5B Revenue$21.5B +11% Y/Y Gross profit: $19.1B · 89% margin Gross profit$19.1B89% margin +12% Y/Y Cost of revenue: $2.4B · 11% of revenue Cost of revenue$2.4B11% of revenue Operating profit: $6.7B · 31% margin Operating profit$6.7B31% margin +1% Y/Y Operating expenses: $12.4B · 58% of revenue Operating expenses$12.4B58% of revenue Net profit: $5.6B · 26% margin Net profit$5.6B26% margin +2% Y/Y Tax & other: $1.2B · 5% of revenue Tax & other$1.2B5% of revenue

Swipe sideways for the whole flow →

From $23.8B of sales to $7.1B of profit

FY2025, from the 10-K income statement and revenue by product
Subscription to Revenue: $22.9BServices and other to Revenue: $540.0MProduct to Revenue: $325.0MRevenue 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 Subscription: $22.9B · 96% Subscription$22.9B96% Services and other: $540.0M · 2% Services and other$540.0M2% Product: $325.0M · 1% Product$325.0M1% Revenue: $23.8B Revenue$23.8B +11% Y/Y Gross profit: $21.2B · 89% margin Gross profit$21.2B89% margin +11% Y/Y Cost of revenue: $2.6B · 11% of revenue Cost of revenue$2.6B11% of revenue Operating profit: $8.7B · 37% margin Operating profit$8.7B37% margin +29% Y/Y Operating expenses: $12.5B · 53% of revenue Operating expenses$12.5B53% of revenue Net profit: $7.1B · 30% margin Net profit$7.1B30% margin +28% Y/Y Tax & other: $1.6B · 7% of revenue Tax & other$1.6B7% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median28.0% vs 19.1%
  • ✓
    Gross margin up over 5 years86.6% → 89.3%
  • ✓
    Return on equity above 15%61.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 20.0% → 30.0%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 33.1× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.54 on the latest balance sheet (peer median 0.46)
  • !
    Current ratio below 1Current ratio 0.77
  • ✓
    Net debt under 3 years of free cash flow$840.0M net debt, 0.1 years
Debt / equity at each year end, FY2016 to FY2025: 0.25 → 0.53
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$9.9B last year
  • ✓
    Share count down over 5 years−12.0%
  • ✓
    Cash from operations above net income$10.0B vs $7.1B
Free cash flow, FY2016 to FY2025: 2.0B → 9.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 23.8B Net income 7.1B
FY2016 revenue 5.9B · Revenues, 0000796343-19-000019 FY2016 net income 1.2B · NetIncomeLoss, 0000796343-19-000019 5.9B FY2016 FY2017 revenue 7.3B · Revenues, 0000796343-20-000013 FY2017 net income 1.7B · NetIncomeLoss, 0000796343-20-000013 7.3B FY2017 FY2018 revenue 9.0B · Revenues, 0000796343-21-000004 FY2018 net income 2.6B · NetIncomeLoss, 0000796343-21-000004 9.0B FY2018 FY2019 revenue 11.2B · Revenues, 0000796343-22-000032 FY2019 net income 3.0B · NetIncomeLoss, 0000796343-22-000032 11.2B FY2019 FY2020 revenue 12.9B · Revenues, 0000796343-23-000007 FY2020 net income 5.3B · NetIncomeLoss, 0000796343-23-000007 12.9B FY2020 FY2021 revenue 15.8B · Revenues, 0000796343-24-000006 FY2021 net income 4.8B · NetIncomeLoss, 0000796343-24-000006 15.8B FY2021 FY2022 revenue 17.6B · Revenues, 0000796343-25-000004 FY2022 net income 4.8B · NetIncomeLoss, 0000796343-25-000004 17.6B FY2022 FY2023 revenue 19.4B · Revenues, 0000796343-26-000003 FY2023 net income 5.4B · NetIncomeLoss, 0000796343-26-000003 19.4B FY2023 FY2024 revenue 21.5B · Revenues, 0000796343-26-000003 FY2024 net income 5.6B · NetIncomeLoss, 0000796343-26-000003 21.5B FY2024 FY2025 revenue 23.8B · Revenues, 0000796343-26-000003 FY2025 net income 7.1B · NetIncomeLoss, 0000796343-26-000003 23.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ADBE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue23.8B
FY2016: 5.9BFY2017: 7.3BFY2018: 9.0BFY2019: 11.2BFY2020: 12.9BFY2021: 15.8BFY2022: 17.6BFY2023: 19.4BFY2024: 21.5BFY2025: 23.8B FY2017FY2019FY2021FY2023FY2025
Net income7.1B
FY2016: 1.2BFY2017: 1.7BFY2018: 2.6BFY2019: 3.0BFY2020: 5.3BFY2021: 4.8BFY2022: 4.8BFY2023: 5.4BFY2024: 5.6BFY2025: 7.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow9.9B
FY2016: 2.0BFY2017: 2.7BFY2018: 3.8BFY2019: 4.0BFY2020: 5.3BFY2021: 6.9BFY2022: 7.4BFY2023: 6.9BFY2024: 7.9BFY2025: 9.9B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)16.70
FY2016: 2.32FY2017: 3.38FY2018: 5.20FY2019: 6.00FY2020: 10.83FY2021: 10.02FY2022: 10.10FY2023: 11.82FY2024: 12.36FY2025: 16.70 FY2017FY2019FY2021FY2023FY2025
Diluted shares427.0M
FY2016: 504.3MFY2017: 501.1MFY2018: 497.8MFY2019: 491.6MFY2020: 485.5MFY2021: 481.0MFY2022: 470.9MFY2023: 459.1MFY2024: 449.7MFY2025: 427.0M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-01-15
Effective in the first quarter of fiscal 2026, we will combine our prior segments - Digital Media, Digital Experience and Publishing and Advertising - into a single operating and reportable segment due to changes in how management intends to evaluate results, allocate resources and execute the strategic opportunities outlined above. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Nov 28, 2025
RevenueSharevs year before
Digital Media 17.6B74.3% +11.3%
Digital Experience 5.9B24.7% +9.3%
Publishing and Advertising 256.0M1.1% -6.9%

10-K 0000796343-26-000003, segment and revenue notes (XBRL).

Revenue by product or service

year to Nov 28, 2025
RevenueSharevs year before
Subscription 22.9B96.4% +11.6%
Services and other 540.0M2.3% -9.7%
Product 325.0M1.4% -15.8%

10-K 0000796343-26-000003, segment and revenue notes (XBRL).

Revenue by region

year to Nov 28, 2025
RevenueSharevs year before
Total Americas 14.1B59.4% +9.5%
United States 12.5B52.7% +9.0%
EMEA 6.3B26.5% +13.2%
APAC 3.4B14.1% +9.8%
Other 1.6B6.7% +14.3%

10-K 0000796343-26-000003, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue5.9B7.3B9.0B11.2B12.9B15.8B17.6B19.4B21.5B23.8B
Cost of revenue819.9M1.0B1.2B1.7B1.7B1.9B2.2B2.4B2.4B2.6B
Gross profit5.0B6.3B7.8B9.5B11.1B13.9B15.4B17.1B19.1B21.2B
SG&A576.2M624.7M745.0M881.0M968.0M1.1B1.2B1.4B1.5B1.6B
Operating income1.5B2.2B2.8B3.3B4.2B5.8B6.1B6.7B6.7B8.7B
Interest expense70.4M74.4M89.0M157.0M116.0M113.0M112.0M113.0M169.0M263.0M
Pretax income1.4B2.1B2.8B3.2B4.2B5.7B6.0B6.8B6.9B8.7B
Income tax266.4M443.7M203.0M254.0M-1.1B883.0M1.3B1.4B1.4B1.6B
Net income1.2B1.7B2.6B3.0B5.3B4.8B4.8B5.4B5.6B7.1B
EPS (diluted)2.323.385.206.0010.8310.0210.1011.8212.3616.70
Diluted shares504.3M501.1M497.8M491.6M485.5M481.0M470.9M459.1M449.7M427.0M
Depreciation & amortization331.5M326.0M346.0M757.0M757.0M788.0M856.0M872.0M857.0M818.0M
EBITDA1.8B2.5B3.2B4.0B5.0B6.6B7.0B7.5B7.6B9.5B
Gross margin86.0%86.2%86.8%85.0%86.6%88.2%87.7%87.9%89.0%89.3%
Operating margin25.5%29.7%31.5%29.3%32.9%36.8%34.6%34.3%31.3%36.6%
Net margin20.0%23.2%28.7%26.4%40.9%30.5%27.0%28.0%25.9%30.0%
Revenue growth-+24.7%+23.7%+23.7%+15.2%+22.7%+11.5%+10.2%+10.8%+10.5%
EPS growth-+45.7%+53.8%+15.4%+80.5%-7.5%+0.8%+17.0%+4.6%+35.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.0B2.3B1.6B2.6B4.5B3.8B4.2B7.1B7.6B5.4B
Short-term investments3.7B3.5B1.6B1.5B1.5B2.0B1.9B701.0M273.0M1.2B
Receivables833.0M1.2B1.3B1.5B1.4B1.9B2.1B2.2B2.1B2.3B
Current assets5.8B7.2B4.9B6.5B8.1B8.7B9.0B11.1B11.2B10.2B
Property & equipment816.3M937.0M1.1B1.3B1.5B1.7B1.9B2.0B1.9B1.9B
Goodwill5.4B5.8B10.6B10.7B10.7B12.7B12.8B12.8B12.8B12.9B
Total assets12.7B14.5B18.8B20.8B24.3B27.2B27.2B29.8B30.2B29.5B
Accounts payable88.0M113.5M186.3M209.0M306.0M312.0M379.0M314.0M361.0M417.0M
Current liabilities2.8B3.5B4.3B8.2B5.5B6.9B8.1B8.3B10.5B10.2B
Total debt1.9B1.9B4.1B4.1B4.1B4.1B4.1B3.6B4.1B6.2B
Total liabilities5.3B6.1B9.4B10.2B11.0B12.4B13.1B13.3B16.1B17.9B
Shareholders' equity7.4B8.5B9.4B10.5B13.3B14.8B14.1B16.5B14.1B11.6B
Retained earnings8.1B9.6B11.8B14.8B19.6B23.9B28.3B33.3B38.5B45.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.2B2.9B4.0B4.4B5.7B7.2B7.8B7.3B8.1B10.0B
Capital spending203.8M178.1M267.0M395.0M419.0M348.0M442.0M360.0M183.0M179.0M
Free cash flow2.0B2.7B3.8B4.0B5.3B6.9B7.4B6.9B7.9B9.9B
Stock-based pay (added back)349.3M454.5M610.0M788.0M909.0M1.1B1.4B1.7B1.8B1.9B
Buybacks1.1B1.1B2.0B2.8B3.0B4.0B6.5B4.4B9.5B11.3B
Acquisitions48.4M459.6M6.3B101.0M02.7B126.0M0017.0M
Debt raised002.2B03.1B0002.0B2.0B
Debt repaid--003.1B00500.0M01.5B
Investing cash flow-960.0M-442.9M-4.7B-456.0M-414.0M-3.5B-570.0M776.0M149.0M-1.2B
Financing cash flow-1.1B-1.2B-5.0M-2.9B-3.5B-4.3B-6.8B-5.2B-7.7B-11.1B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)349.3M454.5M610.0M788.0M909.0M1.1B1.4B1.7B1.8B1.9B
Stock-based pay / revenue6.0%6.2%6.8%7.1%7.1%6.8%8.2%8.9%8.5%8.2%
Operating lease cost--137.0M170.0M119.0M119.0M121.0M117.0M106.0M92.0M
Operating lease cash paid----99.0M116.0M107.0M97.0M85.0M95.0M
Right-of-use assets---0487.0M443.0M407.0M358.0M281.0M312.0M
Operating lease liabilities---618.0M591.0M550.0M504.0M446.0M428.0M438.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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