ADBEAdobe Inc.

Technology · Software · Nasdaq

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

The biggest changes in the 10-K filed 2026-01-15, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

31.3% → 36.6% (+5.3 pts) Big change FY to 2025-11-28 vs 2024-11-29

“Research and development expenses consist primarily of compensation and contracted costs associated with software development, third-party hosting services and data center costs including AI training costs, related facilities costs, and expenses associated with computer equipment and software used in development activities.”
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“Research and development expenses increased during fiscal 2025 as compared to fiscal 2024 primarily due to increases in compensation costs.”
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Net income

+28.2% Big change FY to 2025-11-28 vs 2024-11-29

“Other income (expense), net decreased during fiscal 2025 as compared to fiscal 2024 primarily due to decreases in interest income driven by lower average overall cash balances and interest rates.”
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“Our effective tax rate for fiscal 2025 decreased by approximately two percentage points compared to fiscal 2024, primarily due to the impact of the Figma acquisition termination fee incurred in the prior year, which was not deductible for financial statement purposes, partially offset by a net tax expense related to stock-based compensation recorded in fiscal 2025 as compared to a net tax benefit related to stock-based compensation recorded in the prior year.”
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Cash from operations

+24.5% Big change FY to 2025-11-28 vs 2024-11-29

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+10.5% Big change FY to 2025-11-28 vs 2024-11-29

“During fiscal 2025 and 2024 as compared to the respective prior years, increases in subscription revenue for the Creative & Marketing Professionals customer group were driven by strength in Creative Cloud Pro and other flagship apps, GenStudio solutions, and Adobe Experience Platform and related apps.”
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“Cost of services and other revenue decreased during fiscal 2025 as compared to fiscal 2024 primarily due to decreases in compensation costs and professional fees.”
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Gross margin

89.0% → 89.3% (+0.2 pts) FY to 2025-11-28 vs 2024-11-29

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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