Adobe (ADBE) Financials

$417.61 -3.07 (-0.73%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Adobe

This table shows Adobe's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/29/2024	12/1/2023	12/2/2022	12/3/2021	11/27/2020	11/29/2019	11/30/2018	12/1/2017	12/2/2016	11/27/2015
Net Income / (Loss) Attributable to Common Shareholders	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,169	630
Consolidated Net Income / (Loss)	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,169	630
Net Income / (Loss) Continuing Operations	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,169	630
Total Pre-Tax Income	6,931	6,799	6,008	5,705	4,176	3,205	2,794	2,138	1,435	874
Total Operating Income	6,741	6,650	6,098	5,802	4,237	3,268	2,840	2,168	1,494	903
Total Gross Profit	19,147	17,055	15,441	13,920	11,146	9,498	7,835	6,291	5,035	4,051
Total Revenue	21,505	19,409	17,606	15,785	12,868	11,171	9,030	7,302	5,854	4,796
Operating Revenue	21,505	-	-	-	12,868	11,171	9,030	7,302	5,854	4,796
Total Cost of Revenue	2,358	2,354	2,165	1,865	1,722	1,673	1,195	1,010	820	744
Operating Cost of Revenue	2,358	-	-	-	1,722	1,673	1,195	1,010	820	744
Total Operating Expenses	12,406	10,405	9,343	8,118	6,909	6,230	4,995	4,123	3,541	3,148
Selling, General & Admin Expense	1,529	1,413	1,219	1,085	968	881	745	625	576	533
Marketing Expense	5,764	5,351	4,968	4,321	3,591	3,244	2,621	2,198	1,910	1,683
Research & Development Expense	3,944	3,473	2,987	2,540	2,188	1,930	1,538	1,224	976	863
Amortization Expense	169	168	169	172	162	175	91	77	79	69
Other Special Charges / (Income)	1,000	-	-	-	-	-	-	-	-	-
Total Other Income / (Expense), net	190	149	-90	-97	-61	-63	-46	-30	-58	-29
Interest Expense	169	113	112	113	116	157	89	74	70	64
Interest & Investment Income	48	16	-19	16	13	52	3.00	7.55	-1.57	0.96
Other Income / (Expense), net	311	246	41	0.00	42	42	40	36	14	34
Income Tax Expense	1,371	1,371	1,252	883	-1,084	254	203	444	266	244
Basic Earnings per Share	$12.43	$11.87	$10.13	$10.10	$10.94	$6.07	$5.28	$3.43	$2.35	$1.26
Weighted Average Basic Shares Outstanding	447.10M	457.10M	469.50M	477.30M	480.90M	486.30M	490.60M	493.63M	498.35M	498.76M
Diluted Earnings per Share	$12.36	$11.82	$10.10	$10.02	$10.83	$6.00	$5.20	$3.38	$2.32	$1.24
Weighted Average Diluted Shares Outstanding	449.70M	459.10M	470.90M	481M	485.50M	491.60M	497.80M	501.12M	504.30M	507.16M
Weighted Average Basic & Diluted Shares Outstanding	435.30M	452M	457.80M	471.70M	478.70M	482.13M	490.70M	493.90M	497.40M	499.60M

This table shows Adobe's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/29/2024	8/30/2024	5/31/2024	3/1/2024	12/1/2023	9/1/2023	6/2/2023	3/3/2023	12/2/2022	9/2/2022
Net Income / (Loss) Attributable to Common Shareholders	1,811	1,683	1,684	1,573	620	1,483	1,403	1,295	1,247	1,176	1,136
Consolidated Net Income / (Loss)	1,811	1,683	1,684	1,573	620	1,483	1,403	1,295	1,247	1,176	1,136
Net Income / (Loss) Continuing Operations	1,811	1,683	1,684	1,573	620	1,483	1,403	1,295	1,247	1,176	1,136
Total Pre-Tax Income	2,182	1,991	2,042	1,930	968	1,808	1,743	1,650	1,598	1,517	1,456
Total Operating Income	2,163	1,957	1,992	1,885	907	1,743	1,697	1,624	1,586	1,505	1,484
Total Gross Profit	5,092	4,990	4,854	4,711	4,592	4,414	4,310	4,244	4,087	3,957	3,887
Total Revenue	5,714	5,606	5,408	5,309	5,182	5,048	4,890	4,816	4,655	4,525	4,433
Total Cost of Revenue	622	616	554	598	590	634	580	572	568	568	546
Total Operating Expenses	2,929	3,033	2,862	2,826	3,685	2,671	2,613	2,620	2,501	2,452	2,403
Selling, General & Admin Expense	367	456	366	355	352	372	353	357	331	340	319
Marketing Expense	1,495	1,536	1,431	1,445	1,352	1,368	1,337	1,345	1,301	1,297	1,266
Research & Development Expense	1,026	999	1,022	984	939	889	881	876	827	773	775
Amortization Expense	41	42	43	42	42	42	42	42	42	42	43
Total Other Income / (Expense), net	19	34	50	45	61	65	46	26	12	12	-28
Interest Expense	62	50	51	41	27	28	27	26	32	28	28
Interest & Investment Income	6.00	14	12	4.00	18	4.00	6.00	5.00	1.00	4.00	-6.00
Other Income / (Expense), net	75	70	89	82	70	89	67	47	43	36	6.00
Income Tax Expense	371	308	358	357	348	325	340	355	351	341	320
Basic Earnings per Share	$4.15	$3.78	$3.78	$3.50	$1.37	$3.25	$3.07	$2.83	$2.72	$2.53	$2.42
Weighted Average Basic Shares Outstanding	436.20M	447.10M	445.30M	449.10M	452.80M	457.10M	456.40M	457.80M	459M	469.50M	468.50M
Diluted Earnings per Share	$4.14	$3.75	$3.76	$3.49	$1.36	$3.24	$3.05	$2.82	$2.71	$2.53	$2.42
Weighted Average Diluted Shares Outstanding	437.60M	449.70M	447.60M	451.40M	456.30M	459.10M	459.50M	458.70M	459.50M	470.90M	469.40M
Weighted Average Basic & Diluted Shares Outstanding	426.20M	435.30M	440.20M	443.40M	448M	452M	455.30M	455.80M	458.70M	457.80M	464.90M

This table details how cash moves in and out of Adobe's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/29/2024	12/1/2023	12/2/2022	12/3/2021	11/27/2020	11/29/2019	11/30/2018	12/1/2017	12/2/2016	11/27/2015
Net Change in Cash & Equivalents	472	2,905	392	-634	1,828	1,007	275	1,295	135	-241
Net Cash From Operating Activities	8,056	7,302	7,838	7,230	5,727	4,422	4,029	2,913	2,200	1,470
Net Cash From Continuing Operating Activities	8,056	7,302	7,838	7,230	5,727	4,422	4,967	2,913	2,200	1,470
Net Income / (Loss) Continuing Operations	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,169	630
Consolidated Net Income / (Loss)	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,169	630
Depreciation Expense	857	872	856	788	757	757	346	326	332	339
Non-Cash Adjustments To Reconcile Net Income	1,963	1,783	1,562	1,145	1,025	754	618	454	279	238
Changes in Operating Assets and Liabilities, net	-324	-781	664	475	-1,315	-40	1,412	439	420	262
Net Cash From Investing Activities	149	776	-570	-3,537	-414	-456	-4,685	-443	-960	-1,488
Net Cash From Continuing Investing Activities	149	776	-570	-3,537	-414	-456	-4,685	-443	-960	-1,488
Purchase of Property, Plant & Equipment	-183	-360	-442	-348	-419	-395	-267	-178	-204	-185
Acquisitions	0.00	0.00	-126	-2,682	0.00	-101	-6,314	-460	-48	-826
Purchase of Investments	-167	-53	-955	-1,575	-1,086	-749	-584	-1,961	-2,344	-2,088
Sale and/or Maturity of Investments	499	1,189	953	1,068	1,091	789	2,480	2,156	1,636	1,552
Net Cash From Financing Activities	-7,724	-5,182	-6,825	-4,301	-3,488	-2,946	-5.00	-1,184	-1,091	-201
Net Cash From Continuing Financing Activities	-7,724	-5,182	-6,825	-4,301	-3,488	-2,946	-5.00	-1,184	-1,091	-201
Repayment of Debt	95	-507	-35	77	-3,171	11	-1.00	-1.96	-0.11	-611
Repurchase of Common Equity	-9,500	-4,400	-6,550	-3,950	-3,050	-2,750	-2,050	-1,100	-1,075	-625
Issuance of Debt	1,997	0.00	0.00	-	3,144	0.00	2,248	0.00	0.00	989
Issuance of Common Equity	361	314	278	291	270	233	191	158	146	164
Other Financing Activities, net	-677	-589	-518	-719	-681	-440	-393	-240	-161	-118
Effect of Exchange Rate Changes	-9.00	9.00	-51	-26	3.00	-13	-2.00	8.52	-14	-21
Cash Interest Paid	143	106	103	100	88	152	81	69	66	56
Cash Income Taxes Paid	1,727	1,854	778	843	469	352	210	397	250	203

This table details how cash moves in and out of Adobe's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/29/2024	8/30/2024	5/31/2024	3/1/2024	12/1/2023	9/1/2023	6/2/2023	3/3/2023	12/2/2022	9/2/2022
Net Change in Cash & Equivalents	-855	420	-467	1,406	-887	540	1,145	1,384	-164	366	505
Net Cash From Operating Activities	2,482	2,921	2,021	1,940	1,174	1,597	1,873	2,139	1,693	2,325	1,704
Net Cash From Continuing Operating Activities	2,482	2,921	2,021	1,940	1,174	1,597	1,873	2,139	1,693	2,325	1,704
Net Income / (Loss) Continuing Operations	1,811	1,683	1,684	1,573	620	1,483	1,403	1,295	1,247	1,176	1,136
Consolidated Net Income / (Loss)	1,811	1,683	1,684	1,573	620	1,483	1,403	1,295	1,247	1,176	1,136
Depreciation Expense	217	218	213	214	212	222	218	220	212	215	216
Non-Cash Adjustments To Reconcile Net Income	492	530	486	490	457	445	458	445	435	406	411
Changes in Operating Assets and Liabilities, net	-38	490	-362	-337	-115	-553	-206	179	-201	528	-59
Net Cash From Investing Activities	-484	19	-47	111	66	153	145	322	156	-69	-103
Net Cash From Continuing Investing Activities	-484	19	-47	111	66	153	145	322	156	-69	-103
Purchase of Property, Plant & Equipment	-26	-48	-57	-41	-37	-47	-91	-121	-101	-91	-125
Purchase of Investments	-592	-42	-76	-11	-38	-19	-	-4.00	-30	-213	-188
Sale and/or Maturity of Investments	134	109	86	163	141	219	236	447	287	235	210
Net Cash From Financing Activities	-2,841	-2,501	-2,453	-642	-2,128	-1,217	-871	-1,080	-2,014	-1,911	-1,060
Net Cash From Continuing Financing Activities	-2,841	-2,501	-2,453	-642	-2,128	-1,217	-871	-1,080	-2,014	-1,911	-1,060
Repayment of Debt	-1,525	151	-49	-4.00	-3.00	-15	5.00	22	-519	-94	37
Repurchase of Common Equity	-3,250	-2,500	-2,500	-2,500	-2,000	-1,000	-1,000	-1,000	-1,400	-1,750	-1,200
Issuance of Debt	1,997	-	-	-	-	-	-	-	-	-	-
Issuance of Common Equity	96	-	264	-	97	-	244	1.00	69	-	187
Other Financing Activities, net	-159	-152	-168	-135	-222	-202	-120	-103	-164	-67	-84
Effect of Exchange Rate Changes	-12	-19	12	-3.00	1.00	7.00	-2.00	3.00	1.00	21	-36
Cash Interest Paid	48	49	46	1.00	47	3.00	47	1.00	55	2.00	51
Cash Income Taxes Paid	182	338	488	696	205	1,264	155	221	214	292	226

This table presents Adobe's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/29/2024	12/1/2023	12/2/2022	12/3/2021	11/27/2020	11/29/2019	11/30/2018	12/1/2017	12/2/2016	11/27/2015
Total Assets	30,230	29,779	27,165	27,241	24,284	20,762	18,769	14,536	12,697	11,726
Total Current Assets	11,232	11,084	8,996	8,669	8,146	6,495	4,857	7,248	5,840	4,822
Cash & Equivalents	7,613	7,141	4,236	3,844	4,478	2,650	1,643	2,306	1,011	877
Short-Term Investments	273	701	1,860	1,954	1,514	1,527	1,586	3,514	3,750	3,112
Accounts Receivable	2,072	2,224	2,065	1,878	1,398	1,535	1,316	1,218	833	672
Prepaid Expenses	1,274	1,018	835	993	756	783	312	210	245	162
Plant, Property, & Equipment, net	1,936	2,030	1,908	1,673	1,517	1,293	1,075	937	816	787
Total Noncurrent Assets	17,062	16,665	16,261	16,899	14,621	12,974	12,837	6,351	6,041	6,117
Goodwill	12,788	12,805	12,787	12,668	10,742	10,691	10,581	5,822	5,406	5,367
Intangible Assets	782	1,088	1,449	1,820	1,359	1,721	2,069	386	414	510
Noncurrent Deferred & Refundable Income Taxes	1,657	1,191	777	1,085	1,370	0.00	-	-	-	-
Other Noncurrent Operating Assets	1,835	1,581	1,248	1,326	1,150	562	187	144	140	160
Total Liabilities & Shareholders' Equity	30,230	29,779	27,165	27,241	24,284	20,762	18,769	14,536	12,697	11,726
Total Liabilities	16,125	13,261	13,114	12,444	11,020	10,232	9,407	6,076	5,272	4,725
Total Current Liabilities	10,521	8,251	8,128	6,932	5,512	8,191	4,301	3,527	2,812	2,214
Short-Term Debt	1,499	0.00	500	0.00	0.00	3,149	0.00	-	-	-
Accounts Payable	361	314	379	312	306	209	186	114	88	93
Accrued Expenses	2,336	1,942	1,790	1,736	1,422	1,399	1,163	994	740	680
Current Deferred Revenue	6,131	5,837	5,297	4,733	3,629	3,378	2,916	2,406	1,946	1,434
Current Deferred & Payable Income Tax Liabilities	119	85	75	54	63	56	36	14	38	6.17
Other Current Liabilities	75	73	87	97	92	0.00	-	-	-	-
Total Noncurrent Liabilities	5,604	5,010	4,986	5,512	5,508	2,041	5,105	2,548	2,461	2,511
Long-Term Debt	4,129	3,634	3,629	4,123	4,117	989	4,125	1,881	1,892	1,907
Noncurrent Deferred Revenue	676	627	647	679	659	739	782	262	254	307
Other Noncurrent Operating Liabilities	799	749	710	710	722	173	152	125	97	89
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,105	16,518	14,051	14,797	13,264	10,530	9,362	8,460	7,425	7,002
Total Preferred & Common Equity	14,105	16,518	14,051	14,797	13,264	10,530	9,362	8,460	7,425	7,002
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	14,105	16,518	14,051	14,797	13,264	10,530	9,362	8,460	7,425	7,002
Common Stock	13,419	11,586	9,868	8,428	7,357	6,504	5,685	5,082	4,616	4,185
Retained Earnings	38,470	33,346	28,319	23,905	19,611	14,829	11,816	9,574	8,115	7,253
Treasury Stock	-37,583	-28,129	-23,843	-17,399	-13,546	-10,615	-7,991	-6,084	-5,132	-4,268
Accumulated Other Comprehensive Income / (Loss)	-201	-285	-293	-137	-158	-188	-148	-112	-174	-169

This table presents Adobe's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/29/2024	8/30/2024	5/31/2024	3/1/2024	12/1/2023	9/1/2023	6/2/2023	3/3/2023	12/2/2022	9/2/2022
Total Assets	29,955	30,230	29,830	30,007	28,751	29,779	29,090	27,838	26,667	27,165	26,744
Total Current Assets	10,855	11,232	10,716	11,023	10,008	11,084	10,410	9,274	8,342	8,996	8,489
Cash & Equivalents	6,758	7,613	7,193	7,660	6,254	7,141	6,601	5,456	4,072	4,236	3,870
Short-Term Investments	677	273	322	405	566	701	915	1,145	1,581	1,860	1,894
Accounts Receivable	1,973	2,072	1,802	1,612	2,057	2,224	1,851	1,685	1,801	2,065	1,723
Prepaid Expenses	1,447	1,274	1,399	1,346	1,131	1,018	1,043	988	888	835	1,002
Plant, Property, & Equipment, net	1,893	1,936	1,969	1,969	1,988	2,030	2,036	2,032	1,967	1,908	1,858
Total Noncurrent Assets	17,207	17,062	17,145	17,015	16,755	16,665	16,644	16,532	16,358	16,261	16,397
Goodwill	12,777	12,788	12,814	12,803	12,803	12,805	12,800	12,796	12,792	12,787	12,756
Intangible Assets	706	782	858	933	1,011	1,088	1,167	1,258	1,354	1,449	1,548
Noncurrent Deferred & Refundable Income Taxes	1,820	1,657	1,548	1,436	1,310	1,191	1,065	964	826	777	799
Other Noncurrent Operating Assets	1,904	1,835	1,925	1,843	1,631	1,581	1,612	1,514	1,386	1,248	1,294
Total Liabilities & Shareholders' Equity	29,955	30,230	29,830	30,007	28,751	29,779	29,090	27,838	26,667	27,165	26,744
Total Liabilities	16,860	16,125	15,285	15,164	13,291	13,261	13,314	13,000	12,461	13,114	12,371
Total Current Liabilities	9,163	10,521	9,644	9,474	9,537	8,251	8,334	8,019	7,437	8,128	7,438
Short-Term Debt	0.00	1,499	1,499	1,498	1,497	0.00	0.00	0.00	0.00	500	500
Accounts Payable	326	361	318	357	300	314	314	346	308	379	316
Accrued Expenses	1,951	2,336	1,848	1,899	1,569	1,942	1,714	1,786	1,469	1,790	1,629
Current Deferred Revenue	6,347	6,131	5,779	5,558	5,975	5,837	5,375	5,265	5,357	5,297	4,829
Current Deferred & Payable Income Tax Liabilities	465	119	130	95	123	85	857	548	222	75	76
Other Current Liabilities	74	75	70	67	73	73	74	74	81	87	88
Total Noncurrent Liabilities	7,697	5,604	5,641	5,690	3,754	5,010	4,980	4,981	5,024	4,986	4,933
Long-Term Debt	6,155	4,129	4,128	4,127	2,138	3,634	3,633	3,631	3,630	3,629	3,627
Noncurrent Deferred Revenue	710	676	712	719	803	627	606	595	656	647	624
Other Noncurrent Operating Liabilities	832	799	801	844	813	749	741	755	738	710	679
Total Equity & Noncontrolling Interests	13,095	14,105	14,545	14,843	15,460	16,518	15,776	14,838	14,206	14,051	14,373
Total Preferred & Common Equity	13,095	14,105	14,545	14,843	15,460	16,518	15,776	14,838	14,206	14,051	14,373
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	13,095	14,105	14,545	14,843	15,460	16,518	15,776	14,838	14,206	14,051	14,373
Common Stock	13,894	13,419	13,026	12,504	12,037	11,586	11,195	10,717	10,284	9,868	9,548
Retained Earnings	40,186	38,470	36,911	35,227	33,809	33,346	32,012	30,609	29,435	28,319	27,158
Treasury Stock	-40,827	-37,583	-35,083	-32,612	-30,109	-28,129	-27,146	-26,191	-25,206	-23,843	-22,109
Accumulated Other Comprehensive Income / (Loss)	-158	-201	-309	-276	-277	-285	-285	-297	-307	-293	-224

This table displays calculated financial ratios and metrics derived from Adobe's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/29/2024	12/1/2023	12/2/2022	12/3/2021	11/27/2020	11/29/2019	11/30/2018	12/1/2017	12/2/2016	11/27/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.80%	10.24%	11.54%	22.67%	15.19%	23.71%	23.67%	24.72%	22.08%	15.64%
EBITDA Growth	1.82%	11.05%	6.15%	30.86%	23.83%	26.07%	27.49%	37.62%	44.04%	74.02%
EBIT Growth	2.26%	12.33%	5.81%	35.59%	29.27%	14.93%	30.64%	46.27%	60.85%	123.12%
NOPAT Growth	1.86%	9.98%	-1.56%	-8.11%	77.36%	14.25%	53.29%	41.24%	86.94%	112.29%
Net Income Growth	2.43%	14.13%	-1.37%	-8.33%	78.24%	13.89%	52.96%	44.93%	85.65%	134.56%
EPS Growth	4.57%	17.03%	0.80%	-7.48%	80.50%	15.38%	53.85%	45.69%	87.10%	133.96%
Operating Cash Flow Growth	10.33%	-6.84%	8.41%	26.24%	29.51%	9.75%	38.32%	32.42%	49.69%	14.14%
Free Cash Flow Firm Growth	15.49%	-13.34%	84.97%	-28.56%	59.90%	189.47%	-277.07%	10.81%	463.43%	-65.80%
Invested Capital Growth	-3.76%	1.87%	-7.91%	15.22%	8.56%	2.27%	126.87%	-0.75%	-7.42%	8.13%
Revenue Q/Q Growth	2.66%	2.77%	2.41%	4.54%	3.47%	4.95%	5.34%	5.77%	5.44%	5.11%
EBITDA Q/Q Growth	2.47%	3.99%	0.73%	4.72%	4.76%	9.20%	3.05%	7.95%	9.24%	18.19%
EBIT Q/Q Growth	2.84%	4.41%	0.67%	5.11%	5.68%	8.44%	2.51%	9.27%	11.88%	25.14%
NOPAT Q/Q Growth	4.30%	5.22%	-1.93%	-17.26%	36.32%	5.72%	7.85%	5.77%	19.24%	22.89%
Net Income Q/Q Growth	3.73%	5.99%	-1.18%	-17.42%	36.23%	6.21%	7.33%	6.40%	17.84%	27.19%
EPS Q/Q Growth	4.30%	6.39%	-0.39%	-17.05%	36.40%	6.76%	7.66%	5.96%	18.37%	26.53%
Operating Cash Flow Q/Q Growth	19.67%	-9.07%	3.42%	4.09%	7.61%	6.49%	7.31%	4.96%	12.31%	3.87%
Free Cash Flow Firm Q/Q Growth	32.80%	-13.68%	28.68%	-23.04%	8.82%	232.78%	-331.39%	4.22%	17.08%	64.98%
Invested Capital Q/Q Growth	-6.40%	3.51%	-5.12%	6.06%	7.80%	-2.22%	77.10%	-3.62%	-4.05%	-3.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.04%	87.87%	87.70%	88.19%	86.62%	85.02%	86.77%	86.16%	86.00%	84.48%
EBITDA Margin	36.78%	40.02%	39.73%	41.75%	39.14%	36.41%	35.73%	34.66%	31.41%	26.62%
Operating Margin	31.35%	34.26%	34.64%	36.76%	32.93%	29.25%	31.45%	29.69%	25.51%	18.83%
EBIT Margin	32.79%	35.53%	34.87%	36.76%	33.25%	29.63%	31.89%	30.19%	25.74%	19.54%
Profit (Net Income) Margin	25.85%	27.97%	27.01%	30.55%	40.88%	26.42%	28.69%	23.20%	19.96%	13.13%
Tax Burden Percent	80.22%	79.84%	79.16%	84.52%	125.96%	92.07%	92.73%	79.24%	81.44%	72.05%
Interest Burden Percent	98.28%	98.59%	97.87%	98.33%	97.59%	96.83%	97.01%	96.97%	95.22%	93.25%
Effective Tax Rate	19.78%	20.16%	20.84%	15.48%	-25.96%	7.93%	7.27%	20.76%	18.56%	27.95%
Return on Invested Capital (ROIC)	44.77%	43.53%	38.30%	40.01%	48.78%	29.00%	35.64%	37.85%	25.67%	13.74%
ROIC Less NNEP Spread (ROIC-NNEP)	40.06%	39.67%	42.21%	44.63%	56.81%	15.46%	38.44%	38.56%	27.60%	14.72%
Return on Net Nonoperating Assets (RNNOA)	-8.46%	-8.01%	-5.33%	-5.65%	-4.57%	0.67%	-6.56%	-16.53%	-9.47%	-4.60%
Return on Equity (ROE)	36.31%	35.51%	32.97%	34.37%	44.21%	29.67%	29.08%	21.33%	16.20%	9.14%
Cash Return on Invested Capital (CROIC)	48.60%	41.67%	46.54%	25.87%	40.57%	26.76%	-41.99%	38.61%	33.38%	5.93%
Operating Return on Assets (OROA)	23.50%	24.22%	22.57%	22.52%	19.00%	16.75%	17.30%	16.19%	12.34%	8.32%
Return on Assets (ROA)	18.53%	19.06%	17.48%	18.72%	23.35%	14.93%	15.56%	12.44%	9.57%	5.59%
Return on Common Equity (ROCE)	36.31%	35.51%	32.97%	34.37%	44.21%	29.67%	29.08%	21.33%	16.20%	9.14%
Return on Equity Simple (ROE_SIMPLE)	39.42%	32.86%	33.85%	32.59%	39.66%	28.02%	27.68%	20.02%	15.74%	8.99%
Net Operating Profit after Tax (NOPAT)	5,408	5,309	4,827	4,904	5,337	3,009	2,634	1,718	1,216	651
NOPAT Margin	25.15%	27.35%	27.42%	31.07%	41.47%	26.94%	29.17%	23.53%	20.78%	13.57%
Net Nonoperating Expense Percent (NNEP)	4.71%	3.85%	-3.91%	-4.62%	-8.03%	13.54%	-2.80%	-0.71%	-1.92%	-0.98%
Return On Investment Capital (ROIC_SIMPLE)	27.40%	26.35%	26.55%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	10.96%	12.13%	12.30%	11.82%	13.38%	14.98%	13.23%	13.84%	14.00%	15.52%
SG&A Expenses to Revenue	7.11%	7.28%	6.92%	6.87%	7.52%	7.89%	8.25%	8.56%	9.84%	11.12%
R&D to Revenue	18.34%	17.89%	16.97%	16.09%	17.00%	17.28%	17.03%	16.76%	16.67%	17.99%
Operating Expenses to Revenue	57.69%	53.61%	53.07%	51.43%	53.69%	55.77%	55.32%	56.47%	60.48%	65.65%
Earnings before Interest and Taxes (EBIT)	7,052	6,896	6,139	5,802	4,279	3,310	2,880	2,204	1,507	937
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,909	7,768	6,995	6,590	5,036	4,067	3,226	2,530	1,839	1,276
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.10	16.88	11.30	19.82	17.25	14.23	13.08	10.46	6.68	6.57
Price to Tangible Book Value (P/TBV)	424.51	106.23	0.00	949.34	196.77	0.00	0.00	39.28	30.92	40.88
Price to Revenue (P/Rev)	10.56	14.37	9.02	18.58	17.78	13.41	13.56	12.12	8.47	9.59
Price to Earnings (P/E)	40.85	51.37	33.38	60.83	43.51	50.77	47.27	52.24	42.43	73.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.45%	1.95%	3.00%	1.64%	2.30%	1.97%	2.12%	1.91%	2.36%	1.37%
Enterprise Value to Invested Capital (EV/IC)	18.98	22.31	12.98	22.23	19.93	14.28	12.03	18.70	10.26	8.92
Enterprise Value to Revenue (EV/Rev)	10.46	14.15	8.91	18.48	17.64	13.41	13.66	11.58	7.98	9.15
Enterprise Value to EBITDA (EV/EBITDA)	28.43	35.36	22.42	44.26	45.07	36.83	38.24	33.41	25.41	34.39
Enterprise Value to EBIT (EV/EBIT)	31.89	39.83	25.54	50.27	53.04	45.26	42.83	38.36	31.00	46.84
Enterprise Value to NOPAT (EV/NOPAT)	41.58	51.73	32.48	59.48	42.53	49.78	46.84	49.21	38.41	67.46
Enterprise Value to Operating Cash Flow (EV/OCF)	27.91	37.61	20.01	40.34	39.63	33.88	30.62	29.03	21.24	29.87
Enterprise Value to Free Cash Flow (EV/FCFF)	38.30	54.03	26.74	91.98	51.13	53.96	0.00	48.25	29.54	156.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.22	0.29	0.28	0.31	0.39	0.44	0.22	0.25	0.27
Long-Term Debt to Equity	0.29	0.22	0.26	0.28	0.31	0.09	0.44	0.22	0.25	0.27
Financial Leverage	-0.21	-0.20	-0.13	-0.13	-0.08	0.04	-0.17	-0.43	-0.34	-0.31
Leverage Ratio	1.96	1.86	1.89	1.84	1.89	1.99	1.87	1.71	1.69	1.63
Compound Leverage Factor	1.93	1.84	1.85	1.81	1.85	1.92	1.81	1.66	1.61	1.52
Debt to Total Capital	28.52%	18.03%	22.71%	21.79%	23.69%	28.21%	30.58%	18.19%	20.31%	21.41%
Short-Term Debt to Total Capital	7.60%	0.00%	2.75%	0.00%	0.00%	21.47%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	20.92%	18.03%	19.96%	21.79%	23.69%	6.74%	30.58%	18.19%	20.31%	21.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	71.48%	81.97%	77.29%	78.21%	76.31%	71.79%	69.42%	81.81%	79.69%	78.59%
Debt to EBITDA	0.71	0.47	0.59	0.63	0.82	1.02	1.28	0.74	1.03	1.49
Net Debt to EBITDA	-0.29	-0.54	-0.28	-0.25	-0.37	-0.01	0.28	-1.56	-1.56	-1.63
Long-Term Debt to EBITDA	0.52	0.47	0.52	0.63	0.82	0.24	1.28	0.74	1.03	1.49
Debt to NOPAT	1.04	0.68	0.86	0.84	0.77	1.38	1.57	1.10	1.56	2.93
Net Debt to NOPAT	-0.42	-0.79	-0.41	-0.34	-0.35	-0.01	0.34	-2.29	-2.36	-3.20
Long-Term Debt to NOPAT	0.76	0.68	0.75	0.84	0.77	0.33	1.57	1.10	1.56	2.93
Altman Z-Score	11.74	15.71	10.16	16.73	14.83	10.75	9.72	10.97	7.68	7.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	1.34	1.11	1.25	1.48	0.79	1.13	2.05	2.08	2.18
Quick Ratio	0.95	1.22	1.00	1.11	1.34	0.70	1.06	2.00	1.99	2.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,871	5,083	5,865	3,171	4,439	2,776	-3,103	1,752	1,581	281
Operating Cash Flow to CapEx	4,402.19%	2,028.33%	1,773.30%	2,077.59%	1,366.83%	1,119.49%	1,508.99%	1,635.31%	1,079.33%	1,155.66%
Free Cash Flow to Firm to Interest Expense	34.74	44.98	52.37	28.06	38.27	17.68	-34.86	23.55	22.45	4.37
Operating Cash Flow to Interest Expense	47.67	64.62	69.98	63.98	49.37	28.17	45.27	39.15	31.23	22.90
Operating Cash Flow Less CapEx to Interest Expense	46.59	61.43	66.04	60.90	45.76	25.65	42.27	36.76	28.33	20.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.68	0.65	0.61	0.57	0.57	0.54	0.54	0.48	0.43
Accounts Receivable Turnover	10.01	9.05	8.93	9.64	8.77	7.84	7.13	7.12	7.78	7.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.84	9.86	9.83	9.90	9.16	9.43	8.98	8.33	7.30	6.10
Accounts Payable Turnover	6.99	6.79	6.27	6.04	6.69	8.47	7.97	10.03	9.04	9.21
Days Sales Outstanding (DSO)	36.46	40.33	40.87	37.88	41.60	46.57	51.20	51.26	46.92	48.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	52.24	53.73	58.25	60.47	54.58	43.12	45.78	36.40	40.36	39.64
Cash Conversion Cycle (CCC)	-15.78	-13.40	-17.38	-22.60	-12.98	3.45	5.42	14.86	6.55	8.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,847	12,310	12,084	13,122	11,389	10,491	10,258	4,522	4,556	4,921
Invested Capital Turnover	1.78	1.59	1.40	1.29	1.18	1.08	1.22	1.61	1.24	1.01
Increase / (Decrease) in Invested Capital	-463	226	-1,038	1,733	898	233	5,736	-34	-365	370
Enterprise Value (EV)	224,854	274,650	156,810	291,670	226,965	149,798	123,364	84,555	46,719	43,893
Market Capitalization	227,112	278,858	158,777	293,345	228,840	149,837	122,468	88,493	49,588	45,974
Book Value per Share	$32.04	$36.28	$30.22	$31.10	$27.65	$21.75	$19.18	$17.16	$14.93	$14.04
Tangible Book Value per Share	$1.22	$5.77	($0.40)	$0.65	$2.42	($3.89)	($6.74)	$4.57	$3.23	$2.25
Total Capital	19,733	20,152	18,180	18,920	17,381	14,668	13,487	10,341	9,317	8,909
Total Debt	5,628	3,634	4,129	4,123	4,117	4,138	4,125	1,881	1,892	1,907
Total Long-Term Debt	4,129	3,634	3,629	4,123	4,117	989	4,125	1,881	1,892	1,907
Net Debt	-2,258	-4,208	-1,967	-1,675	-1,875	-39	896	-3,938	-2,869	-2,081
Capital Expenditures (CapEx)	183	360	442	348	419	395	267	178	204	127
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,676	-5,009	-4,728	-4,061	-3,358	-2,724	-2,673	-2,099	-1,733	-1,380
Debt-free Net Working Capital (DFNWC)	2,210	2,833	1,368	1,737	2,634	1,453	556	3,720	3,028	2,608
Net Working Capital (NWC)	711	2,833	868	1,737	2,634	-1,696	556	3,720	3,028	2,608
Net Nonoperating Expense (NNE)	-152	-119	71	82	77	58	43	24	48	21
Net Nonoperating Obligations (NNO)	-2,258	-4,208	-1,967	-1,675	-1,875	-39	896	-3,938	-2,869	-2,081
Total Depreciation and Amortization (D&A)	857	872	856	788	757	757	346	326	332	339
Debt-free, Cash-free Net Working Capital to Revenue	-26.39%	-25.81%	-26.85%	-25.73%	-26.10%	-24.38%	-29.60%	-28.75%	-29.60%	-28.77%
Debt-free Net Working Capital to Revenue	10.28%	14.60%	7.77%	11.00%	20.47%	13.01%	6.16%	50.95%	51.72%	54.39%
Net Working Capital to Revenue	3.31%	14.60%	4.93%	11.00%	20.47%	-15.18%	6.16%	50.95%	51.72%	54.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$12.43	$11.87	$10.13	$10.10	$0.00	$6.07	$5.28	$3.43	$2.35	$1.26
Adjusted Weighted Average Basic Shares Outstanding	447.10M	457.10M	469.50M	477.30M	0.00	486.29M	490.56M	493.63M	498.35M	498.76M
Adjusted Diluted Earnings per Share	$12.36	$11.82	$10.10	$10.02	$0.00	$6.00	$5.20	$3.38	$2.32	$1.24
Adjusted Weighted Average Diluted Shares Outstanding	449.70M	459.10M	470.90M	481M	0.00	491.57M	497.84M	501.12M	504.30M	507.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	435.30M	452M	457.80M	471.70M	0.00	482.13M	487.73M	491.58M	494.08M	498.33M
Normalized Net Operating Profit after Tax (NOPAT)	6,210	5,309	4,827	4,904	2,966	3,009	2,634	1,718	1,216	651
Normalized NOPAT Margin	28.88%	27.35%	27.42%	31.07%	23.05%	26.94%	29.17%	23.53%	20.78%	13.57%
Pre Tax Income Margin	32.23%	35.03%	34.12%	36.14%	32.45%	28.69%	30.94%	29.28%	24.51%	18.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	41.73	61.03	54.81	51.35	36.89	21.08	32.36	29.63	21.40	14.60
NOPAT to Interest Expense	32.00	46.98	43.10	43.40	46.01	19.17	29.59	23.09	17.27	10.14
EBIT Less CapEx to Interest Expense	40.65	57.84	50.87	48.27	33.28	18.57	29.36	27.24	18.50	12.62
NOPAT Less CapEx to Interest Expense	30.91	43.80	39.15	40.32	42.40	16.65	26.59	20.70	14.37	8.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	170.86%	81.06%	137.72%	81.92%	57.98%	93.19%	79.12%	64.94%	91.98%	99.28%

This table displays calculated financial ratios and metrics derived from Adobe's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/29/2024	8/30/2024	5/31/2024	3/1/2024	12/1/2023	9/1/2023	6/2/2023	3/3/2023	12/2/2022	9/2/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.27%	11.05%	10.59%	10.24%	11.32%	11.56%	10.31%	9.80%	9.22%	10.10%	12.66%
EBITDA Growth	106.48%	9.30%	15.74%	15.34%	-35.42%	16.97%	16.18%	8.68%	2.68%	2.99%	4.60%
EBIT Growth	129.07%	10.64%	17.97%	17.71%	-40.02%	18.88%	18.39%	9.36%	3.10%	2.73%	3.62%
NOPAT Growth	209.03%	15.71%	20.26%	20.53%	-53.06%	22.54%	17.98%	5.58%	-4.53%	-7.46%	-5.99%
Net Income Growth	192.10%	13.49%	20.03%	21.47%	-50.28%	26.11%	23.50%	9.93%	-1.50%	-4.62%	-6.27%
EPS Growth	204.41%	15.74%	23.28%	23.76%	-49.82%	28.06%	26.03%	13.25%	1.88%	-1.56%	-3.97%
Operating Cash Flow Growth	111.41%	82.91%	7.90%	-9.30%	-30.66%	-31.31%	9.92%	4.85%	-4.30%	12.54%	21.37%
Free Cash Flow Firm Growth	361.26%	75.90%	-60.22%	-54.87%	-78.30%	-45.40%	178.26%	270.25%	181.93%	566.82%	237.98%
Invested Capital Growth	-3.75%	-3.76%	6.42%	4.51%	0.76%	1.87%	-6.62%	-7.37%	-7.70%	-7.91%	2.94%
Revenue Q/Q Growth	1.93%	3.66%	1.86%	2.45%	2.65%	3.23%	1.54%	3.46%	2.87%	2.08%	1.07%
EBITDA Q/Q Growth	9.35%	-2.14%	5.18%	83.43%	-42.11%	3.63%	4.81%	2.72%	4.84%	2.93%	-1.95%
EBIT Q/Q Growth	10.41%	-2.59%	5.80%	101.33%	-46.67%	3.85%	5.57%	2.58%	5.71%	3.42%	-2.49%
NOPAT Q/Q Growth	8.52%	0.70%	6.93%	164.46%	-59.37%	4.66%	7.17%	2.99%	6.08%	0.76%	-4.09%
Net Income Q/Q Growth	7.61%	-0.06%	7.06%	153.71%	-58.19%	5.70%	8.34%	3.85%	6.04%	3.52%	-3.57%
EPS Q/Q Growth	10.40%	-0.27%	7.74%	156.62%	-58.02%	6.23%	8.16%	4.06%	7.11%	4.55%	-2.81%
Operating Cash Flow Q/Q Growth	-15.03%	44.53%	4.18%	65.25%	-26.49%	-14.74%	-12.44%	26.34%	-27.18%	36.44%	-16.47%
Free Cash Flow Firm Q/Q Growth	6.52%	140.94%	-12.24%	104.80%	-59.38%	-45.51%	-0.43%	-1.55%	2.22%	177.72%	32.48%
Invested Capital Q/Q Growth	-0.27%	-6.40%	2.05%	1.04%	-0.28%	3.51%	0.21%	-2.59%	0.82%	-5.12%	-0.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.11%	89.01%	89.76%	88.74%	88.61%	87.44%	88.14%	88.12%	87.80%	87.45%	87.68%
EBITDA Margin	42.96%	40.05%	42.42%	41.08%	22.94%	40.69%	40.53%	39.27%	39.55%	38.81%	38.48%
Operating Margin	37.85%	34.91%	36.83%	35.51%	17.50%	34.53%	34.70%	33.72%	34.07%	33.26%	33.48%
EBIT Margin	39.17%	36.16%	38.48%	37.05%	18.85%	36.29%	36.07%	34.70%	34.99%	34.06%	33.61%
Profit (Net Income) Margin	31.69%	30.02%	31.14%	29.63%	11.96%	29.38%	28.69%	26.89%	26.79%	25.99%	25.63%
Tax Burden Percent	83.00%	84.53%	82.47%	81.50%	64.05%	82.02%	80.49%	78.48%	78.04%	77.52%	78.02%
Interest Burden Percent	97.50%	98.22%	98.13%	98.12%	99.08%	98.69%	98.81%	98.74%	98.10%	98.44%	97.72%
Effective Tax Rate	17.00%	15.47%	17.53%	18.50%	35.95%	17.98%	19.51%	21.52%	21.97%	22.48%	21.98%
Return on Invested Capital (ROIC)	57.48%	52.54%	51.84%	48.71%	18.28%	45.07%	42.84%	39.53%	37.71%	36.02%	35.77%
ROIC Less NNEP Spread (ROIC-NNEP)	56.77%	51.65%	50.41%	47.36%	16.78%	43.34%	41.50%	38.54%	36.99%	35.51%	36.95%
Return on Net Nonoperating Assets (RNNOA)	-8.88%	-10.91%	-9.59%	-8.63%	-2.95%	-8.76%	-7.60%	-5.54%	-3.44%	-4.48%	-4.72%
Return on Equity (ROE)	48.60%	41.63%	42.24%	40.08%	15.33%	36.31%	35.24%	33.99%	34.27%	31.54%	31.04%
Cash Return on Invested Capital (CROIC)	58.85%	48.60%	36.01%	36.04%	37.25%	41.67%	47.82%	46.85%	45.58%	46.54%	36.31%
Operating Return on Assets (OROA)	29.40%	25.92%	27.36%	26.17%	13.56%	24.74%	24.40%	23.61%	23.93%	22.04%	21.85%
Return on Assets (ROA)	23.79%	21.52%	22.14%	20.93%	8.61%	20.03%	19.41%	18.30%	18.32%	16.82%	16.66%
Return on Common Equity (ROCE)	48.60%	41.63%	42.24%	40.08%	15.33%	36.31%	35.24%	33.99%	34.27%	31.54%	31.04%
Return on Equity Simple (ROE_SIMPLE)	51.55%	0.00%	36.85%	34.22%	31.05%	0.00%	32.46%	32.71%	33.35%	0.00%	33.49%
Net Operating Profit after Tax (NOPAT)	1,795	1,654	1,643	1,536	581	1,430	1,366	1,275	1,238	1,167	1,158
NOPAT Margin	31.42%	29.51%	30.38%	28.94%	11.21%	28.32%	27.93%	26.47%	26.59%	25.78%	26.12%
Net Nonoperating Expense Percent (NNEP)	0.71%	0.89%	1.43%	1.36%	1.50%	1.73%	1.34%	0.99%	0.72%	0.51%	-1.19%
Return On Investment Capital (ROIC_SIMPLE)	9.33%	8.38%	-	-	-	7.09%	-	-	-	6.42%	-
Cost of Revenue to Revenue	10.89%	10.99%	10.24%	11.26%	11.39%	12.56%	11.86%	11.88%	12.20%	12.55%	12.32%
SG&A Expenses to Revenue	6.42%	8.13%	6.77%	6.69%	6.79%	7.37%	7.22%	7.41%	7.11%	7.51%	7.20%
R&D to Revenue	17.96%	17.82%	18.90%	18.53%	18.12%	17.61%	18.02%	18.19%	17.77%	17.08%	17.48%
Operating Expenses to Revenue	51.26%	54.10%	52.92%	53.23%	71.11%	52.91%	53.44%	54.40%	53.73%	54.19%	54.21%
Earnings before Interest and Taxes (EBIT)	2,238	2,027	2,081	1,967	977	1,832	1,764	1,671	1,629	1,541	1,490
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,455	2,245	2,294	2,181	1,189	2,054	1,982	1,891	1,841	1,756	1,706
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.58	16.10	17.51	13.42	16.81	16.88	16.27	13.49	11.09	11.30	11.99
Price to Tangible Book Value (P/TBV)	0.00	424.51	291.75	179.99	157.92	106.23	141.91	255.31	2,625.03	0.00	2,496.95
Price to Revenue (P/Rev)	8.66	10.56	12.16	9.75	13.04	14.37	13.59	10.86	8.75	9.02	10.02
Price to Earnings (P/E)	28.28	40.85	47.52	39.23	54.14	51.37	50.13	41.24	33.25	33.38	35.80
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.54%	2.45%	2.10%	2.55%	1.85%	1.95%	1.99%	2.43%	3.01%	3.00%	2.79%
Enterprise Value to Invested Capital (EV/IC)	16.05	18.98	19.97	15.87	20.92	22.31	21.26	16.62	12.76	12.98	13.40
Enterprise Value to Revenue (EV/Rev)	8.60	10.46	12.07	9.63	12.88	14.15	13.39	10.70	8.64	8.91	9.93
Enterprise Value to EBITDA (EV/EBITDA)	20.67	28.43	32.76	26.57	36.08	35.36	33.85	27.41	22.08	22.42	24.58
Enterprise Value to EBIT (EV/EBIT)	22.81	31.89	36.87	30.09	41.12	39.83	38.28	31.15	25.13	25.54	27.99
Enterprise Value to NOPAT (EV/NOPAT)	28.61	41.58	48.76	40.10	55.25	51.73	50.11	40.77	32.60	32.48	34.67
Enterprise Value to Operating Cash Flow (EV/OCF)	20.25	27.91	37.55	29.89	37.85	37.61	31.49	25.09	20.03	20.01	22.52
Enterprise Value to Free Cash Flow (EV/FCFF)	26.75	38.30	57.19	45.01	56.37	54.03	42.94	34.11	26.88	26.74	37.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.40	0.39	0.38	0.24	0.22	0.23	0.24	0.26	0.29	0.29
Long-Term Debt to Equity	0.47	0.29	0.28	0.28	0.14	0.22	0.23	0.24	0.26	0.26	0.25
Financial Leverage	-0.16	-0.21	-0.19	-0.18	-0.18	-0.20	-0.18	-0.14	-0.09	-0.13	-0.13
Leverage Ratio	2.06	1.96	1.94	1.95	1.87	1.86	1.85	1.88	1.88	1.89	1.84
Compound Leverage Factor	2.00	1.92	1.91	1.91	1.85	1.84	1.83	1.86	1.85	1.86	1.80
Debt to Total Capital	31.97%	28.52%	27.90%	27.48%	19.04%	18.03%	18.72%	19.66%	20.35%	22.71%	22.31%
Short-Term Debt to Total Capital	0.00%	7.60%	7.43%	7.32%	7.84%	0.00%	0.00%	0.00%	0.00%	2.75%	2.70%
Long-Term Debt to Total Capital	31.97%	20.92%	20.46%	20.16%	11.20%	18.03%	18.72%	19.66%	20.35%	19.96%	19.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.03%	71.48%	72.10%	72.52%	80.96%	81.97%	81.28%	80.34%	79.65%	77.29%	77.69%
Debt to EBITDA	0.67	0.71	0.73	0.76	0.51	0.47	0.49	0.50	0.52	0.59	0.59
Net Debt to EBITDA	-0.14	-0.29	-0.24	-0.33	-0.45	-0.54	-0.52	-0.41	-0.29	-0.28	-0.24
Long-Term Debt to EBITDA	0.67	0.52	0.53	0.56	0.30	0.47	0.49	0.50	0.52	0.52	0.52
Debt to NOPAT	0.93	1.04	1.09	1.15	0.78	0.68	0.72	0.75	0.76	0.86	0.84
Net Debt to NOPAT	-0.19	-0.42	-0.36	-0.50	-0.69	-0.79	-0.77	-0.61	-0.42	-0.41	-0.33
Long-Term Debt to NOPAT	0.93	0.76	0.80	0.84	0.46	0.68	0.72	0.75	0.76	0.75	0.74
Altman Z-Score	9.72	11.19	12.71	10.49	14.21	15.15	14.04	11.69	10.05	9.60	10.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	1.07	1.11	1.16	1.05	1.34	1.25	1.16	1.12	1.11	1.14
Quick Ratio	1.03	0.95	0.97	1.02	0.93	1.22	1.12	1.03	1.00	1.00	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,255	2,117	879	1,001	489	1,204	2,209	2,219	2,254	2,205	794
Operating Cash Flow to CapEx	9,546.15%	6,085.42%	3,545.61%	4,731.71%	3,172.97%	3,397.87%	2,058.24%	1,767.77%	1,676.24%	2,554.95%	1,363.20%
Free Cash Flow to Firm to Interest Expense	36.37	42.35	17.23	24.42	18.11	42.99	81.81	85.33	70.43	78.74	28.35
Operating Cash Flow to Interest Expense	40.03	58.42	39.63	47.32	43.48	57.04	69.37	82.27	52.91	83.04	60.86
Operating Cash Flow Less CapEx to Interest Expense	39.61	57.46	38.51	46.32	42.11	55.36	66.00	77.62	49.75	79.79	56.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.72	0.71	0.71	0.72	0.68	0.68	0.68	0.68	0.65	0.65
Accounts Receivable Turnover	10.94	10.01	11.47	12.39	10.33	9.05	10.57	11.26	10.33	8.93	10.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.36	10.84	10.46	10.21	10.08	9.86	9.70	9.64	9.81	9.83	9.86
Accounts Payable Turnover	7.64	6.99	7.52	6.83	7.82	6.79	7.26	6.33	7.37	6.27	6.50
Days Sales Outstanding (DSO)	33.37	36.46	31.83	29.45	35.32	40.33	34.54	32.41	35.35	40.87	34.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	47.80	52.24	48.54	53.41	46.70	53.73	50.25	57.65	49.55	58.25	56.12
Cash Conversion Cycle (CCC)	-14.43	-15.78	-16.72	-23.96	-11.38	-13.40	-15.71	-25.24	-14.20	-17.38	-21.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,815	11,847	12,657	12,403	12,275	12,310	11,893	11,868	12,183	12,084	12,736
Invested Capital Turnover	1.83	1.78	1.71	1.68	1.63	1.59	1.53	1.49	1.42	1.40	1.37
Increase / (Decrease) in Invested Capital	-460	-463	764	535	92	226	-843	-944	-1,016	-1,038	364
Enterprise Value (EV)	189,625	224,854	252,805	196,812	256,759	274,650	252,828	197,193	155,479	156,810	170,653
Market Capitalization	190,905	227,112	254,693	199,252	259,944	278,858	256,711	200,163	157,502	158,777	172,290
Book Value per Share	$30.08	$32.04	$32.80	$33.13	$34.14	$36.28	$34.61	$32.35	$31.03	$30.22	$30.71
Tangible Book Value per Share	($0.89)	$1.22	$1.97	$2.47	$3.64	$5.77	$3.97	$1.71	$0.13	($0.40)	$0.15
Total Capital	19,250	19,733	20,172	20,468	19,095	20,152	19,409	18,469	17,836	18,180	18,500
Total Debt	6,155	5,628	5,627	5,625	3,635	3,634	3,633	3,631	3,630	4,129	4,127
Total Long-Term Debt	6,155	4,129	4,128	4,127	2,138	3,634	3,633	3,631	3,630	3,629	3,627
Net Debt	-1,280	-2,258	-1,888	-2,440	-3,185	-4,208	-3,883	-2,970	-2,023	-1,967	-1,637
Capital Expenditures (CapEx)	26	48	57	41	37	47	91	121	101	91	125
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,743	-5,676	-4,944	-5,018	-4,852	-5,009	-5,440	-5,346	-4,748	-4,728	-4,213
Debt-free Net Working Capital (DFNWC)	1,692	2,210	2,571	3,047	1,968	2,833	2,076	1,255	905	1,368	1,551
Net Working Capital (NWC)	1,692	711	1,072	1,549	471	2,833	2,076	1,255	905	868	1,051
Net Nonoperating Expense (NNE)	-16	-29	-41	-37	-39	-53	-37	-20	-9.36	-9.30	22
Net Nonoperating Obligations (NNO)	-1,280	-2,258	-1,888	-2,440	-3,185	-4,208	-3,883	-2,970	-2,023	-1,967	-1,637
Total Depreciation and Amortization (D&A)	217	218	213	214	212	222	218	220	212	215	216
Debt-free, Cash-free Net Working Capital to Revenue	-26.06%	-26.39%	-23.60%	-24.56%	-24.34%	-25.81%	-28.80%	-29.01%	-26.38%	-26.85%	-24.51%
Debt-free Net Working Capital to Revenue	7.68%	10.28%	12.27%	14.92%	9.87%	14.60%	10.99%	6.81%	5.03%	7.77%	9.02%
Net Working Capital to Revenue	7.68%	3.31%	5.12%	7.58%	2.36%	14.60%	10.99%	6.81%	5.03%	4.93%	6.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.15	$3.78	$3.78	$3.50	$1.37	$3.25	$3.07	$2.83	$2.72	$2.53	$2.42
Adjusted Weighted Average Basic Shares Outstanding	436.20M	447.10M	445.30M	449.10M	452.80M	457.10M	456.40M	457.80M	459M	469.50M	468.50M
Adjusted Diluted Earnings per Share	$4.14	$3.75	$3.76	$3.49	$1.36	$3.24	$3.05	$2.82	$2.71	$2.53	$2.42
Adjusted Weighted Average Diluted Shares Outstanding	437.60M	449.70M	447.60M	451.40M	456.30M	459.10M	459.50M	458.70M	459.50M	470.90M	469.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	426.20M	435.30M	440.20M	443.40M	448M	452M	455.30M	455.80M	458.70M	457.80M	464.90M
Normalized Net Operating Profit after Tax (NOPAT)	1,795	1,654	1,643	1,536	1,221	1,430	1,366	1,275	1,238	1,167	1,158
Normalized NOPAT Margin	31.42%	29.51%	30.38%	28.94%	23.57%	28.32%	27.93%	26.47%	26.59%	25.78%	26.12%
Pre Tax Income Margin	38.19%	35.52%	37.76%	36.35%	18.68%	35.82%	35.64%	34.26%	34.33%	33.52%	32.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	36.10	40.54	40.80	47.98	36.19	65.43	65.33	64.27	50.91	55.04	53.21
NOPAT to Interest Expense	28.96	33.09	32.21	37.47	21.52	51.06	50.59	49.02	38.68	41.67	41.35
EBIT Less CapEx to Interest Expense	35.68	39.58	39.69	46.98	34.81	63.75	61.96	59.62	47.75	51.79	48.75
NOPAT Less CapEx to Interest Expense	28.54	32.13	31.09	36.47	20.15	49.38	47.22	44.37	35.52	38.42	36.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	159.24%	170.86%	149.25%	127.98%	104.15%	81.06%	100.57%	110.22%	117.16%	137.72%	120.51%

Frequently Asked Questions About Adobe's Financials

When does Adobe's financial year end?

According to the most recent income statement we have on file, Adobe's fiscal year ends in November. Their fiscal year 2024 ended on November 29, 2024.

How has Adobe's net income changed over the last 9 years?

Adobe's net income appears to be on an upward trend, with a most recent value of $5.56 billion in 2024, rising from $629.55 million in 2015. The previous period was $5.43 billion in 2023. See where experts think Adobe is headed by visiting Adobe's forecast page.

What is Adobe's operating income?

Adobe's total operating income in 2024 was $6.74 billion, based on the following breakdown:

Total Gross Profit: $19.15 billion
Total Operating Expenses: $12.41 billion

How has Adobe revenue changed over the last 9 years?

Over the last 9 years, Adobe's total revenue changed from $4.80 billion in 2015 to $21.51 billion in 2024, a change of 348.4%.

How much debt does Adobe have?

Adobe's total liabilities were at $16.13 billion at the end of 2024, a 21.6% increase from 2023, and a 241.3% increase since 2015.

How much cash does Adobe have?

In the past 9 years, Adobe's cash and equivalents has ranged from $876.56 million in 2015 to $7.61 billion in 2024, and is currently $7.61 billion as of their latest financial filing in 2024.

How has Adobe's book value per share changed over the last 9 years?

Over the last 9 years, Adobe's book value per share changed from 14.04 in 2015 to 32.04 in 2024, a change of 128.3%.

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This page (NASDAQ:ADBE) was last updated on 5/21/2025 by MarketBeat.com Staff

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