STOCK TITAN

Adobe Inc Financials

ADBE
Source SEC Filings (10-K/10-Q) Updated Mar 25, 2026 Currency USD FYE November

This page shows Adobe Inc (ADBE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 76 / 100
Financial Profile 76/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Adobe Inc has an operating margin of 36.6%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 31.4% the prior year.

Growth
51

Adobe Inc's revenue grew 10.5% year-over-year to $23.8B, a solid pace of expansion. This earns a growth score of 51/100.

Leverage
91

Adobe Inc carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
15

Adobe Inc's current ratio of 1.00 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.

Cash Flow
100

Adobe Inc converts 41.4% of revenue into free cash flow ($9.9B). This strong cash generation earns a score of 100/100.

Returns
100

Adobe Inc earns a strong 61.3% return on equity (ROE), meaning it generates $61 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 39.4% the prior year.

Altman Z-Score Safe
7.23

Adobe Inc scores 7.23, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

Adobe Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.41x

For every $1 of reported earnings, Adobe Inc generates $1.41 in operating cash flow ($10.0B OCF vs $7.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
33.1x

Adobe Inc earns $33.1 in operating income for every $1 of interest expense ($8.7B vs $263.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
$23.8B
YoY+10.5%
5Y CAGR+13.1%
10Y CAGR+17.4%

Adobe Inc generated $23.8B in revenue in fiscal year 2025. This represents an increase of 10.5% from the prior year.

EBITDA
$9.5B
YoY+25.3%
5Y CAGR+13.8%
10Y CAGR+22.6%

Adobe Inc's EBITDA was $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.3% from the prior year.

Net Income
$7.1B
YoY+28.2%
5Y CAGR+6.3%
10Y CAGR+27.5%

Adobe Inc reported $7.1B in net income in fiscal year 2025. This represents an increase of 28.2% from the prior year.

EPS (Diluted)
$16.70
YoY+35.1%
5Y CAGR+9.0%
10Y CAGR+29.7%

Adobe Inc earned $16.70 per diluted share (EPS) in fiscal year 2025. This represents an increase of 35.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$9.9B
YoY+25.1%
5Y CAGR+13.2%
10Y CAGR+22.6%

Adobe Inc generated $9.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 25.1% from the prior year.

Cash & Debt
$5.4B
YoY-28.7%
5Y CAGR+3.9%
10Y CAGR+20.0%

Adobe Inc held $5.4B in cash against $6.2B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
411M
YoY-5.7%
5Y CAGR-3.0%
10Y CAGR-1.9%

Adobe Inc had 411M shares outstanding in fiscal year 2025. This represents a decrease of 5.7% from the prior year.

Margins & Returns

Gross Margin
89.3%
YoY+0.2pp
5Y CAGR+2.7pp
10Y CAGR+4.8pp

Adobe Inc's gross margin was 89.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin
36.6%
YoY+5.3pp
5Y CAGR+3.7pp
10Y CAGR+17.8pp

Adobe Inc's operating margin was 36.6% in fiscal year 2025, reflecting core business profitability. This is up 5.3 percentage points from the prior year.

Net Margin
30.0%
YoY+4.1pp
5Y CAGR-10.9pp
10Y CAGR+16.9pp

Adobe Inc's net profit margin was 30.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.1 percentage points from the prior year.

Return on Equity
61.3%
YoY+21.9pp
5Y CAGR+21.7pp
10Y CAGR+52.3pp

Adobe Inc's ROE was 61.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 21.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$11.3B
YoY+18.7%
5Y CAGR+29.9%
10Y CAGR+33.6%

Adobe Inc spent $11.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 18.7% from the prior year.

Capital Expenditures
$179.0M
YoY-2.2%
5Y CAGR-15.6%
10Y CAGR-0.3%

Adobe Inc invested $179.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.2% from the prior year.

ADBE Income Statement

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $6.2B+0.1% $6.2B+3.4% $6.0B+2.0% $5.9B+2.8% $5.7B+1.9% $5.6B+3.7% $5.4B+4.4% $5.2B
Cost of Revenue $540.0M-16.8% $649.0M+1.1% $642.0M+0.6% $638.0M+2.6% $622.0M+1.0% $616.0M+11.2% $554.0M-6.1% $590.0M
Gross Profit $5.7B+3.4% $5.5B+3.7% $5.3B+2.1% $5.2B+2.8% $5.1B+2.0% $5.0B+2.8% $4.9B+5.7% $4.6B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $463.0M+10.0% $421.0M+3.2% $408.0M+8.2% $377.0M+2.7% $367.0M-19.5% $456.0M+24.6% $366.0M+4.0% $352.0M
Operating Income $2.4B+6.9% $2.3B+4.0% $2.2B+3.0% $2.1B-2.5% $2.2B+10.5% $2.0B-1.8% $2.0B+119.6% $907.0M
Interest Expense $63.0M-4.5% $66.0M-1.5% $67.0M-1.5% $68.0M+9.7% $62.0M+24.0% $50.0M-2.0% $51.0M+88.9% $27.0M
Income Tax $533.0M+30.6% $408.0M-1.7% $415.0M+1.2% $410.0M+10.5% $371.0M+20.5% $308.0M-14.0% $358.0M+2.9% $348.0M
Net Income $1.9B+1.8% $1.9B+4.7% $1.8B+4.8% $1.7B-6.6% $1.8B+7.6% $1.7B-0.1% $1.7B+171.6% $620.0M
EPS (Diluted) $4.60 N/A $4.18+6.1% $3.94-4.8% $4.14 N/A $3.76+176.5% $1.36

ADBE Balance Sheet

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $29.7B+0.7% $29.5B+2.6% $28.8B+2.3% $28.1B-6.2% $30.0B-0.9% $30.2B+1.3% $29.8B+3.8% $28.8B
Current Assets $10.4B+2.2% $10.2B+8.0% $9.4B+4.8% $9.0B-17.3% $10.9B-3.4% $11.2B+4.8% $10.7B+7.1% $10.0B
Cash & Equivalents $6.3B+16.6% $5.4B+9.0% $5.0B+1.0% $4.9B-27.0% $6.8B-11.2% $7.6B+5.8% $7.2B+15.0% $6.3B
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $2.1B-10.8% $2.3B+12.0% $2.1B+20.6% $1.7B-12.1% $2.0B-4.8% $2.1B+15.0% $1.8B-12.4% $2.1B
Goodwill $12.9B+0.1% $12.9B0.0% $12.9B+0.2% $12.8B+0.4% $12.8B-0.1% $12.8B-0.2% $12.8B+0.1% $12.8B
Total Liabilities $18.3B+2.2% $17.9B+5.2% $17.0B+2.0% $16.7B-1.2% $16.9B+4.6% $16.1B+5.5% $15.3B+15.0% $13.3B
Current Liabilities $11.4B+11.7% $10.2B+10.4% $9.2B+2.2% $9.0B-1.4% $9.2B-12.9% $10.5B+9.1% $9.6B+1.1% $9.5B
Long-Term Debt $5.4B-13.4% $6.2B+0.2% $6.2B+0.6% $6.2B+0.2% $6.2B+49.1% $4.1B0.0% $4.1B+93.1% $2.1B
Total Equity $11.4B-1.6% $11.6B-1.2% $11.8B+2.8% $11.4B-12.6% $13.1B-7.2% $14.1B-3.0% $14.5B-5.9% $15.5B
Retained Earnings $47.2B+4.0% $45.4B+4.2% $43.5B+4.2% $41.7B+3.9% $40.2B+4.5% $38.5B+4.2% $36.9B+9.2% $33.8B

ADBE Cash Flow Statement

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $3.0B-6.4% $3.2B+43.8% $2.2B+0.3% $2.2B-11.7% $2.5B-15.0% $2.9B+44.5% $2.0B+72.1% $1.2B
Capital Expenditures $37.0M+8.8% $34.0M-52.8% $72.0M+53.2% $47.0M+80.8% $26.0M-45.8% $48.0M-15.8% $57.0M+54.1% $37.0M
Free Cash Flow $2.9B-6.6% $3.1B+47.0% $2.1B-0.8% $2.1B-12.7% $2.5B-14.5% $2.9B+46.3% $2.0B+72.7% $1.1B
Investing Cash Flow $474.0M+424.7% -$146.0M+47.7% -$279.0M-0.4% -$278.0M+42.6% -$484.0M-2647.4% $19.0M+140.4% -$47.0M-171.2% $66.0M
Financing Cash Flow -$2.5B+0.4% -$2.6B-36.2% -$1.9B+50.5% -$3.8B-33.3% -$2.8B-13.6% -$2.5B-2.0% -$2.5B-15.3% -$2.1B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $2.5B+0.2% $2.5B+20.3% $2.1B-41.2% $3.5B+7.7% $3.3B+30.0% $2.5B0.0% $2.5B+25.0% $2.0B

ADBE Financial Ratios

Metric Q2'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 92.5%+3.0pp 89.5%+0.2pp 89.3%+0.1pp 89.1%+0.0pp 89.1%+0.1pp 89.0%-0.7pp 89.8%+1.1pp 88.6%
Operating Margin 39.0%+2.5pp 36.5%+0.2pp 36.3%+0.4pp 35.9%-1.9pp 37.9%+2.9pp 34.9%-1.9pp 36.8%+19.3pp 17.5%
Net Margin 30.5%+0.5pp 30.0%+0.4pp 29.6%+0.8pp 28.8%-2.9pp 31.7%+1.7pp 30.0%-1.1pp 31.1%+19.2pp 12.0%
Return on Equity 16.5%+0.6pp 16.0%+0.9pp 15.1%+0.3pp 14.8%+0.9pp 13.8%+1.9pp 11.9%+0.4pp 11.6%+7.6pp 4.0%
Return on Assets 6.4%+0.1pp 6.3%+0.1pp 6.2%+0.1pp 6.0%-0.0pp 6.0%+0.5pp 5.6%-0.1pp 5.7%+3.5pp 2.2%
Current Ratio 0.91-0.1 1.00-0.0 1.02+0.0 0.99-0.2 1.18+0.1 1.07-0.0 1.11+0.1 1.05
Debt-to-Equity 0.47-0.1 0.530.0 0.53-0.0 0.54+0.1 0.47+0.2 0.290.0 0.28+0.1 0.14
FCF Margin 47.1%-3.3pp 50.5%+15.0pp 35.5%-1.0pp 36.5%-6.5pp 43.0%-8.3pp 51.2%+14.9pp 36.3%+14.4pp 21.9%

Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Frequently Asked Questions

Adobe Inc (ADBE) reported $23.8B in total revenue for fiscal year 2025. This represents a 10.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Adobe Inc (ADBE) revenue grew by 10.5% year-over-year, from $21.5B to $23.8B in fiscal year 2025.

Yes, Adobe Inc (ADBE) reported a net income of $7.1B in fiscal year 2025, with a net profit margin of 30.0%.

Adobe Inc (ADBE) reported diluted earnings per share of $16.70 for fiscal year 2025. This represents a 35.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Adobe Inc (ADBE) had EBITDA of $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Adobe Inc (ADBE) had $5.4B in cash and equivalents against $6.2B in long-term debt.

Adobe Inc (ADBE) had a gross margin of 89.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Adobe Inc (ADBE) had an operating margin of 36.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Adobe Inc (ADBE) had a net profit margin of 30.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Adobe Inc (ADBE) has a return on equity of 61.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Adobe Inc (ADBE) generated $9.9B in free cash flow during fiscal year 2025. This represents a 25.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Adobe Inc (ADBE) generated $10.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Adobe Inc (ADBE) had $29.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Adobe Inc (ADBE) invested $179.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Adobe Inc (ADBE) spent $11.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Adobe Inc (ADBE) had 411M shares outstanding as of fiscal year 2025.

Adobe Inc (ADBE) had a current ratio of 1.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Adobe Inc (ADBE) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Adobe Inc (ADBE) had a return on assets of 24.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Adobe Inc (ADBE) has an Altman Z-Score of 7.23, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Adobe Inc (ADBE) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Adobe Inc (ADBE) has an earnings quality ratio of 1.41x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Adobe Inc (ADBE) has an interest coverage ratio of 33.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Adobe Inc (ADBE) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

Back to top