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Adobe (ADBE) Financials

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$219.72 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$219.67 -0.05 (-0.02%)
As of 07/2/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Adobe

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/27/2015 12/2/2016 12/1/2017 11/30/2018 11/29/2019 11/27/2020 12/3/2021 12/2/2022 12/1/2023 11/29/2024 11/28/2025
Net Income / (Loss) Attributable to Common Shareholders		 630 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130
Consolidated Net Income / (Loss)		 630 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130
Net Income / (Loss) Continuing Operations		 630 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130
Total Pre-Tax Income 		874 1,435 2,138 2,794 3,205 4,176 5,705 6,008 6,799 6,931 8,734
Total Operating Income		 903 1,494 2,168 2,840 3,268 4,237 5,802 6,098 6,650 6,741 8,706
Total Gross Profit		 4,051 5,035 6,291 7,835 9,498 11,146 13,920 15,441 17,055 19,147 21,218
Total Revenue		 4,796 5,854 7,302 9,030 11,171 12,868 15,785 17,606 19,409 21,505 23,769
Total Cost of Revenue		 744 820 1,010 1,195 1,673 1,722 1,865 2,165 2,354 2,358 2,551
Total Operating Expenses		 3,148 3,541 4,123 4,995 6,230 6,909 8,118 9,343 10,405 12,406 12,512
Selling, General & Admin Expense		 533 576 625 745 881 968 1,085 1,219 1,413 1,529 1,573
Marketing Expense		 1,683 1,910 2,198 2,621 3,244 3,591 4,321 4,968 5,351 5,764 6,488
Research & Development Expense		 863 976 1,224 1,538 1,930 2,188 2,540 2,987 3,473 3,944 4,294
Amortization Expense		 69 79 77 91 175 162 172 169 168 169 157
Total Other Income / (Expense), net		 -29 -58 -30 -46 -63 -61 -97 -90 149 190 28
Interest Expense		 64 70 74 89 157 116 113 112 113 169 263
Interest & Investment Income		 0.96 -1.57 7.55 3.00 52 13 16 -19 16 48 43
Other Income / (Expense), net		 34 14 36 40 42 42 0.00 41 246 311 248
Income Tax Expense		 244 266 444 203 254 -1,084 883 1,252 1,371 1,371 1,604
Basic Earnings per Share		 $1.26 $2.35 $3.43 $5.28 $6.07 $10.94 $10.10 $10.13 $11.87 $12.43 $16.73
Weighted Average Basic Shares Outstanding		 498.76M 498.35M 493.63M 490.60M 486.30M 480.90M 477.30M 469.50M 457.10M 447.10M 426.20M
Diluted Earnings per Share		 $1.24 $2.32 $3.38 $5.20 $6.00 $10.83 $10.02 $10.10 $11.82 $12.36 $16.70
Weighted Average Diluted Shares Outstanding		 507.16M 504.30M 501.12M 497.80M 491.60M 485.50M 481M 470.90M 459.10M 449.70M 427M
Weighted Average Basic & Diluted Shares Outstanding		 499.60M 497.40M 493.90M 490.70M 482.13M 478.70M 471.70M 457.80M 452M 435.30M 410.50M

Quarterly Income Statements for Adobe

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/1/2023 3/1/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,483 620 1,573 1,684 1,683 1,811 1,691 1,772 1,856 1,889 1,712
Consolidated Net Income / (Loss)		 1,483 620 1,573 1,684 1,683 1,811 1,691 1,772 1,856 1,889 1,712
Net Income / (Loss) Continuing Operations		 1,483 620 1,573 1,684 1,683 1,811 1,691 1,772 1,856 1,889 1,712
Total Pre-Tax Income 		1,808 968 1,930 2,042 1,991 2,182 2,101 2,187 2,264 2,422 2,238
Total Operating Income		 1,743 907 1,885 1,992 1,957 2,163 2,109 2,173 2,261 2,418 2,238
Total Gross Profit		 4,414 4,592 4,711 4,854 4,990 5,092 5,235 5,346 5,545 5,734 5,903
Total Revenue		 5,048 5,182 5,309 5,408 5,606 5,714 5,873 5,988 6,194 6,398 6,618
Total Cost of Revenue		 634 590 598 554 616 622 638 642 649 664 715
Total Operating Expenses		 2,671 3,685 2,826 2,862 3,033 2,929 3,126 3,173 3,284 3,316 3,665
Selling, General & Admin Expense		 372 352 355 366 456 367 377 408 421 463 546
Marketing Expense		 1,368 1,352 1,445 1,431 1,536 1,495 1,626 1,639 1,728 1,708 1,884
Research & Development Expense		 889 939 984 1,022 999 1,026 1,082 1,088 1,098 1,110 1,198
Amortization Expense		 42 42 42 43 42 41 41 38 37 35 37
Total Other Income / (Expense), net		 65 61 45 50 34 19 -8.00 14 3.00 4.00 0.00
Interest & Investment Income		 4.00 18 4.00 12 14 6.00 2.00 23 12 5.00 18
Income Tax Expense		 325 348 357 358 308 371 410 415 408 533 526
Basic Earnings per Share		 $3.25 $1.37 $3.50 $3.78 $3.78 $4.15 $3.95 $4.18 $4.45 $4.60 $4.26
Weighted Average Basic Shares Outstanding		 457.10M 452.80M 449.10M 445.30M 447.10M 436.20M 428.20M 423.50M 426.20M 410.20M 402.40M
Diluted Earnings per Share		 $3.24 $1.36 $3.49 $3.76 $3.75 $4.14 $3.94 $4.18 $4.44 $4.60 $4.25
Weighted Average Diluted Shares Outstanding		 459.10M 456.30M 451.40M 447.60M 449.70M 437.60M 428.90M 424.10M 427M 410.80M 402.50M
Weighted Average Basic & Diluted Shares Outstanding		 452M 448M 443.40M 440.20M 435.30M 426.20M 424.20M 418.60M 410.50M 404.20M 397.50M

Annual Cash Flow Statements for Adobe

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/27/2015 12/2/2016 12/1/2017 11/30/2018 11/29/2019 11/27/2020 12/3/2021 12/2/2022 12/1/2023 11/29/2024 11/28/2025
Net Change in Cash & Equivalents		 -241 135 1,295 275 1,007 1,828 -634 392 2,905 472 -2,182
Net Cash From Operating Activities		 1,470 2,200 2,913 4,029 4,422 5,727 7,230 7,838 7,302 8,056 10,031
Net Cash From Continuing Operating Activities		 1,470 2,200 2,913 4,967 4,422 5,727 7,230 7,838 7,302 8,056 10,031
Net Income / (Loss) Continuing Operations		 630 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130
Consolidated Net Income / (Loss)		 630 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130
Depreciation Expense		 339 332 326 346 757 757 788 856 872 857 818
Non-Cash Adjustments To Reconcile Net Income		 238 279 454 618 754 1,025 1,145 1,562 1,783 1,963 1,990
Changes in Operating Assets and Liabilities, net		 262 420 439 1,412 -40 -1,315 475 664 -781 -324 93
Net Cash From Investing Activities		 -1,488 -960 -443 -4,685 -456 -414 -3,537 -570 776 149 -1,187
Net Cash From Continuing Investing Activities		 -1,488 -960 -443 -4,685 -456 -414 -3,537 -570 776 149 -1,187
Purchase of Property, Plant & Equipment		 -185 -204 -178 -267 -395 -419 -348 -442 -360 -183 -179
Acquisitions		 -826 -48 -460 -6,314 -101 0.00 -2,682 -126 0.00 0.00 -17
Purchase of Investments		 -2,088 -2,344 -1,961 -584 -749 -1,086 -1,575 -955 -53 -167 -2,168
Sale and/or Maturity of Investments		 1,552 1,636 2,156 2,480 789 1,091 1,068 953 1,188 497 1,174
Other Investing Activities, net		 - - - - - - - - 1.00 2.00 3.00
Net Cash From Financing Activities		 -201 -1,091 -1,184 -5.00 -2,946 -3,488 -4,301 -6,825 -5,182 -7,724 -11,060
Net Cash From Continuing Financing Activities		 -201 -1,091 -1,184 -5.00 -2,946 -3,488 -4,301 -6,825 -5,182 -7,724 -11,060
Repayment of Debt		 -611 -0.11 -1.96 -1.00 11 -3,171 77 -35 -507 95 -1,649
Repurchase of Common Equity		 -625 -1,075 -1,100 -2,050 -2,750 -3,050 -3,950 -6,550 -4,400 -9,500 -11,281
Issuance of Debt		 989 0.00 0.00 2,248 0.00 3,144 - 0.00 0.00 1,997 1,997
Issuance of Common Equity		 164 146 158 191 233 270 291 278 314 361 348
Other Financing Activities, net		 -118 -161 -240 -393 -440 -681 -719 -518 -589 -677 -475
Effect of Exchange Rate Changes		 -21 -14 8.52 -2.00 -13 3.00 -26 -51 9.00 -9.00 34
Cash Interest Paid		 56 66 69 81 152 88 100 103 106 143 246
Cash Income Taxes Paid		 203 250 397 210 352 469 843 778 1,854 1,727 2,219

Quarterly Cash Flow Statements for Adobe

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/1/2023 3/1/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026
Net Change in Cash & Equivalents		 540 -887 1,406 -467 420 -855 -1,827 51 449 901 -1,413
Net Cash From Operating Activities		 1,597 1,174 1,940 2,021 2,921 2,482 2,191 2,198 3,160 2,958 2,165
Net Cash From Continuing Operating Activities		 1,597 1,174 1,940 2,021 2,921 2,482 2,191 2,198 3,160 2,958 2,165
Net Income / (Loss) Continuing Operations		 1,483 620 1,573 1,684 1,683 1,811 1,691 1,772 1,856 1,889 1,712
Consolidated Net Income / (Loss)		 1,483 620 1,573 1,684 1,683 1,811 1,691 1,772 1,856 1,889 1,712
Depreciation Expense		 222 212 214 213 218 217 209 208 184 174 193
Non-Cash Adjustments To Reconcile Net Income		 445 457 490 486 530 492 211 787 500 555 634
Changes in Operating Assets and Liabilities, net		 -553 -115 -337 -362 490 -38 80 -569 620 340 -374
Net Cash From Investing Activities		 153 66 111 -47 19 -484 -278 -279 -146 474 -1,714
Net Cash From Continuing Investing Activities		 153 66 111 -47 19 -484 -278 -279 -146 474 -1,714
Purchase of Property, Plant & Equipment		 -47 -37 -41 -57 -48 -26 -47 -72 -34 -37 -58
Purchase of Investments		 -19 -38 -11 -76 -42 -592 -345 -630 -601 -410 -448
Sale and/or Maturity of Investments		 219 141 163 86 109 132 114 440 486 920 350
Other Investing Activities, net		 - - - - - 2.00 - - - 1.00 2.00
Net Cash From Financing Activities		 -1,217 -2,128 -642 -2,453 -2,501 -2,841 -3,788 -1,876 -2,555 -2,544 -1,855
Net Cash From Continuing Financing Activities		 -1,217 -2,128 -642 -2,453 -2,501 -2,841 -3,788 -1,876 -2,555 -2,544 -1,855
Repayment of Debt		 -15 -3.00 -4.00 -49 151 -1,525 -176 39 13 -27 -146
Repurchase of Common Equity		 -1,000 -2,000 -2,500 -2,500 -2,500 -3,250 -3,500 -2,057 -2,474 -2,478 -2,111
Issuance of Debt		 - 0.00 - - - 1,997 - - - 0.00 493
Other Financing Activities, net		 -202 -222 -135 -168 -152 -159 -112 -110 -94 -123 -91
Effect of Exchange Rate Changes		 7.00 1.00 -3.00 12 -19 -12 48 8.00 -10 13 -9.00
Cash Interest Paid		 3.00 47 1.00 46 49 48 67 81 50 79 43
Cash Income Taxes Paid		 1,264 205 696 488 338 182 1,000 523 514 125 964

Annual Balance Sheets for Adobe

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/27/2015 12/2/2016 12/1/2017 11/30/2018 11/29/2019 11/27/2020 12/3/2021 12/2/2022 12/1/2023 11/29/2024 11/28/2025
Total Assets		 11,726 12,697 14,536 18,769 20,762 24,284 27,241 27,165 29,779 30,230 29,496
Total Current Assets		 4,822 5,840 7,248 4,857 6,495 8,146 8,669 8,996 11,084 11,232 10,163
Cash & Equivalents		 877 1,011 2,306 1,643 2,650 4,478 3,844 4,236 7,141 7,613 5,431
Short-Term Investments		 3,112 3,750 3,514 1,586 1,527 1,514 1,954 1,860 701 273 1,164
Accounts Receivable		 672 833 1,218 1,316 1,535 1,398 1,878 2,065 2,224 2,072 2,344
Prepaid Expenses		 162 245 210 312 783 756 993 835 1,018 1,274 1,224
Plant, Property, & Equipment, net		 787 816 937 1,075 1,293 1,517 1,673 1,908 2,030 1,936 1,873
Total Noncurrent Assets		 6,117 6,041 6,351 12,837 12,974 14,621 16,899 16,261 16,665 17,062 17,460
Goodwill		 5,367 5,406 5,822 10,581 10,691 10,742 12,668 12,787 12,805 12,788 12,857
Intangible Assets		 510 414 386 2,069 1,721 1,359 1,820 1,449 1,088 782 495
Noncurrent Deferred & Refundable Income Taxes		 - - - - 0.00 1,370 1,085 777 1,191 1,657 2,186
Other Noncurrent Operating Assets		 160 140 144 187 562 1,150 1,326 1,248 1,581 1,835 1,922
Total Liabilities & Shareholders' Equity		 11,726 12,697 14,536 18,769 20,762 24,284 27,241 27,165 29,779 30,230 29,496
Total Liabilities		 4,725 5,272 6,076 9,407 10,232 11,020 12,444 13,114 13,261 16,125 17,873
Total Current Liabilities		 2,214 2,812 3,527 4,301 8,191 5,512 6,932 8,128 8,251 10,521 10,200
Short-Term Debt		 - - - 0.00 3,149 0.00 0.00 500 0.00 1,499 0.00
Accounts Payable		 93 88 114 186 209 306 312 379 314 361 417
Accrued Expenses		 680 740 994 1,163 1,399 1,422 1,736 1,790 1,942 2,336 2,648
Current Deferred Revenue		 1,434 1,946 2,406 2,916 3,378 3,629 4,733 5,297 5,837 6,131 6,905
Current Deferred & Payable Income Tax Liabilities		 6.17 38 14 36 56 63 54 75 85 119 153
Other Current Liabilities		 - - - - 0.00 92 97 87 73 75 77
Total Noncurrent Liabilities		 2,511 2,461 2,548 5,105 2,041 5,508 5,512 4,986 5,010 5,604 7,673
Long-Term Debt		 1,907 1,892 1,881 4,125 989 4,117 4,123 3,629 3,634 4,129 6,210
Noncurrent Deferred Revenue		 307 254 262 782 739 659 679 647 627 676 594
Other Noncurrent Operating Liabilities		 89 97 125 152 173 722 710 710 749 799 869
Total Equity & Noncontrolling Interests		 7,002 7,425 8,460 9,362 10,530 13,264 14,797 14,051 16,518 14,105 11,623
Total Preferred & Common Equity		 7,002 7,425 8,460 9,362 10,530 13,264 14,797 14,051 16,518 14,105 11,623
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		 7,002 7,425 8,460 9,362 10,530 13,264 14,797 14,051 16,518 14,105 11,623
Common Stock		 4,185 4,616 5,082 5,685 6,504 7,357 8,428 9,868 11,586 13,419 15,361
Retained Earnings		 7,253 8,115 9,574 11,816 14,829 19,611 23,905 28,319 33,346 38,470 45,354
Treasury Stock		 -4,268 -5,132 -6,084 -7,991 -10,615 -13,546 -17,399 -23,843 -28,129 -37,583 -48,847
Accumulated Other Comprehensive Income / (Loss)		 -169 -174 -112 -148 -188 -158 -137 -293 -285 -201 -245

Quarterly Balance Sheets for Adobe

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/1/2023 12/1/2023 3/1/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 2/27/2026 5/29/2026
Total Assets		 29,090 29,779 28,751 30,007 29,830 30,230 29,955 28,107 28,754 29,704 29,933
Total Current Assets		 10,410 11,084 10,008 11,023 10,716 11,232 10,855 8,978 9,412 10,386 9,068
Cash & Equivalents		 6,601 7,141 6,254 7,660 7,193 7,613 6,758 4,931 4,982 6,332 4,919
Short-Term Investments		 915 701 566 405 322 273 677 782 958 558 707
Accounts Receivable		 1,851 2,224 2,057 1,612 1,802 2,072 1,973 1,735 2,093 2,092 1,993
Prepaid Expenses		 1,043 1,018 1,131 1,346 1,399 1,274 1,447 1,530 1,379 1,404 1,449
Plant, Property, & Equipment, net		 2,036 2,030 1,988 1,969 1,969 1,936 1,893 1,890 1,908 1,852 1,870
Total Noncurrent Assets		 16,644 16,665 16,755 17,015 17,145 17,062 17,207 17,239 17,434 17,466 18,995
Goodwill		 12,800 12,805 12,803 12,803 12,814 12,788 12,777 12,830 12,862 12,869 14,041
Intangible Assets		 1,167 1,088 1,011 933 858 782 706 631 555 454 1,012
Noncurrent Deferred & Refundable Income Taxes		 1,065 1,191 1,310 1,436 1,548 1,657 1,820 1,984 2,092 2,138 1,998
Other Noncurrent Operating Assets		 1,612 1,581 1,631 1,843 1,925 1,835 1,904 1,794 1,925 2,005 1,944
Total Liabilities & Shareholders' Equity		 29,090 29,779 28,751 30,007 29,830 30,230 29,955 28,107 28,754 29,704 29,933
Total Liabilities		 13,314 13,261 13,291 15,164 15,285 16,125 16,860 16,659 16,984 18,271 18,415
Total Current Liabilities		 8,334 8,251 9,537 9,474 9,644 10,521 9,163 9,039 9,239 11,390 12,078
Short-Term Debt		 0.00 0.00 1,497 1,498 1,499 1,499 0.00 0.00 0.00 849 1,843
Accounts Payable		 314 314 300 357 318 361 326 360 337 419 499
Accrued Expenses		 1,714 1,942 1,569 1,899 1,848 2,336 1,951 2,256 2,289 2,257 2,455
Current Deferred Revenue		 5,375 5,837 5,975 5,558 5,779 6,131 6,347 6,220 6,385 7,275 7,152
Current Deferred & Payable Income Tax Liabilities		 857 85 123 95 130 119 465 129 154 506 38
Other Current Liabilities		 74 73 73 67 70 75 74 74 74 84 91
Total Noncurrent Liabilities		 4,980 5,010 3,754 5,690 5,641 5,604 7,697 7,620 7,745 6,881 6,337
Long-Term Debt		 3,633 3,634 2,138 4,127 4,128 4,129 6,155 6,166 6,200 5,379 4,802
Noncurrent Deferred Revenue		 606 627 803 719 712 676 710 591 651 582 634
Other Noncurrent Operating Liabilities		 741 749 813 844 801 799 832 863 894 920 901
Total Equity & Noncontrolling Interests		 15,776 16,518 15,460 14,843 14,545 14,105 13,095 11,448 11,770 11,433 11,518
Total Preferred & Common Equity		 15,776 16,518 15,460 14,843 14,545 14,105 13,095 11,448 11,770 11,433 11,518
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		 15,776 16,518 15,460 14,843 14,545 14,105 13,095 11,448 11,770 11,433 11,518
Common Stock		 11,195 11,586 12,037 12,504 13,026 13,419 13,894 14,375 14,968 15,870 16,416
Retained Earnings		 32,012 33,346 33,809 35,227 36,911 38,470 40,186 41,744 43,516 47,170 48,767
Treasury Stock		 -27,146 -28,129 -30,109 -32,612 -35,083 -37,583 -40,827 -44,338 -46,373 -51,312 -53,418
Accumulated Other Comprehensive Income / (Loss)		 -285 -285 -277 -276 -309 -201 -158 -333 -341 -295 -247

Annual Metrics And Ratios for Adobe

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/27/2015 12/2/2016 12/1/2017 11/30/2018 11/29/2019 11/27/2020 12/3/2021 12/2/2022 12/1/2023 11/29/2024 11/28/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.64% 22.08% 24.72% 23.67% 23.71% 15.19% 22.67% 11.54% 10.24% 10.80% 10.53%
EBITDA Growth		 74.02% 44.04% 37.62% 27.49% 26.07% 23.83% 30.86% 6.15% 11.05% 1.82% 23.56%
EBIT Growth		 123.12% 60.85% 46.27% 30.64% 14.93% 29.27% 35.59% 5.81% 12.33% 2.26% 26.97%
NOPAT Growth		 112.29% 86.94% 41.24% 53.29% 14.25% 77.36% -8.11% -1.56% 9.98% 1.86% 31.43%
Net Income Growth		 134.56% 85.65% 44.93% 52.96% 13.89% 78.24% -8.33% -1.37% 14.13% 2.43% 28.24%
EPS Growth		 133.96% 87.10% 45.69% 53.85% 15.38% 80.50% -7.48% 0.80% 17.03% 4.57% 35.11%
Operating Cash Flow Growth		 14.14% 49.69% 32.42% 38.32% 9.75% 29.51% 26.24% 8.41% -6.84% 10.33% 24.52%
Free Cash Flow Firm Growth		 -65.80% 463.43% 10.81% -277.07% 189.47% 59.90% -28.56% 84.97% -13.34% 15.49% 31.44%
Invested Capital Growth		 8.13% -7.42% -0.75% 126.87% 2.27% 8.56% 15.22% -7.91% 1.87% -3.76% -5.14%
Revenue Q/Q Growth		 5.11% 5.44% 5.77% 5.34% 4.95% 3.47% 4.54% 2.41% 2.77% 2.66% 2.54%
EBITDA Q/Q Growth		 18.19% 9.24% 7.95% 3.05% 9.20% 4.76% 4.72% 0.73% 3.99% 2.47% 2.70%
EBIT Q/Q Growth		 25.14% 11.88% 9.27% 2.51% 8.44% 5.68% 5.11% 0.67% 4.41% 2.84% 3.36%
NOPAT Q/Q Growth		 22.89% 19.24% 5.77% 7.85% 5.72% 36.32% -17.26% -1.93% 5.22% 4.30% 2.88%
Net Income Q/Q Growth		 27.19% 17.84% 6.40% 7.33% 6.21% 36.23% -17.42% -1.18% 5.99% 3.73% 2.49%
EPS Q/Q Growth		 26.53% 18.37% 5.96% 7.66% 6.76% 36.40% -17.05% -0.39% 6.39% 4.30% 4.31%
Operating Cash Flow Q/Q Growth		 3.87% 12.31% 4.96% 7.31% 6.49% 7.61% 4.09% 3.42% -9.07% 19.67% 2.44%
Free Cash Flow Firm Q/Q Growth		 64.98% 17.08% 4.22% -331.39% 232.78% 8.82% -23.04% 28.68% -13.68% 32.80% 2.40%
Invested Capital Q/Q Growth		 -3.11% -4.05% -3.62% 77.10% -2.22% 7.80% 6.06% -5.12% 3.51% -6.40% -6.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 84.48% 86.00% 86.16% 86.77% 85.02% 86.62% 88.19% 87.70% 87.87% 89.04% 89.27%
EBITDA Margin		 26.62% 31.41% 34.66% 35.73% 36.41% 39.14% 41.75% 39.73% 40.02% 36.78% 41.11%
Operating Margin		 18.83% 25.51% 29.69% 31.45% 29.25% 32.93% 36.76% 34.64% 34.26% 31.35% 36.63%
EBIT Margin		 19.54% 25.74% 30.19% 31.89% 29.63% 33.25% 36.76% 34.87% 35.53% 32.79% 37.67%
Profit (Net Income) Margin		 13.13% 19.96% 23.20% 28.69% 26.42% 40.88% 30.55% 27.01% 27.97% 25.85% 30.00%
Tax Burden Percent		 72.05% 81.44% 79.24% 92.73% 92.07% 125.96% 84.52% 79.16% 79.84% 80.22% 81.64%
Interest Burden Percent		 93.25% 95.22% 96.97% 97.01% 96.83% 97.59% 98.33% 97.87% 98.59% 98.28% 97.54%
Effective Tax Rate		 27.95% 18.56% 20.76% 7.27% 7.93% -25.96% 15.48% 20.84% 20.16% 19.78% 18.37%
Return on Invested Capital (ROIC)		 13.74% 25.67% 37.85% 35.64% 29.00% 48.78% 40.01% 38.30% 43.53% 44.77% 61.57%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.72% 27.60% 38.56% 38.44% 15.46% 56.81% 44.63% 42.21% 39.67% 40.06% 59.84%
Return on Net Nonoperating Assets (RNNOA)		 -4.60% -9.47% -16.53% -6.56% 0.67% -4.57% -5.65% -5.33% -8.01% -8.46% -6.15%
Return on Equity (ROE)		 9.14% 16.20% 21.33% 29.08% 29.67% 44.21% 34.37% 32.97% 35.51% 36.31% 55.43%
Cash Return on Invested Capital (CROIC)		 5.93% 33.38% 38.61% -41.99% 26.76% 40.57% 25.87% 46.54% 41.67% 48.60% 66.85%
Operating Return on Assets (OROA)		 8.32% 12.34% 16.19% 17.30% 16.75% 19.00% 22.52% 22.57% 24.22% 23.50% 29.98%
Return on Assets (ROA)		 5.59% 9.57% 12.44% 15.56% 14.93% 23.35% 18.72% 17.48% 19.06% 18.53% 23.88%
Return on Common Equity (ROCE)		 9.14% 16.20% 21.33% 29.08% 29.67% 44.21% 34.37% 32.97% 35.51% 36.31% 55.43%
Return on Equity Simple (ROE_SIMPLE)		 8.99% 15.74% 20.02% 27.68% 28.02% 39.66% 32.59% 33.85% 32.86% 39.42% 0.00%
Net Operating Profit after Tax (NOPAT)		 651 1,216 1,718 2,634 3,009 5,337 4,904 4,827 5,309 5,408 7,107
NOPAT Margin		 13.57% 20.78% 23.53% 29.17% 26.94% 41.47% 31.07% 27.42% 27.35% 25.15% 29.90%
Net Nonoperating Expense Percent (NNEP)		 -0.98% -1.92% -0.71% -2.80% 13.54% -8.03% -4.62% -3.91% 3.85% 4.71% 1.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 26.55% 26.35% 27.40% 39.85%
Cost of Revenue to Revenue		 15.52% 14.00% 13.84% 13.23% 14.98% 13.38% 11.82% 12.30% 12.13% 10.96% 10.73%
SG&A Expenses to Revenue		 11.12% 9.84% 8.56% 8.25% 7.89% 7.52% 6.87% 6.92% 7.28% 7.11% 6.62%
R&D to Revenue		 17.99% 16.67% 16.76% 17.03% 17.28% 17.00% 16.09% 16.97% 17.89% 18.34% 18.07%
Operating Expenses to Revenue		 65.65% 60.48% 56.47% 55.32% 55.77% 53.69% 51.43% 53.07% 53.61% 57.69% 52.64%
Earnings before Interest and Taxes (EBIT)		 937 1,507 2,204 2,880 3,310 4,279 5,802 6,139 6,896 7,052 8,954
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,276 1,839 2,530 3,226 4,067 5,036 6,590 6,995 7,768 7,909 9,772
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.57 6.68 10.46 13.08 14.23 17.25 19.82 11.30 16.88 16.10 11.53
Price to Tangible Book Value (P/TBV)		 40.88 30.92 39.28 0.00 0.00 196.77 949.34 0.00 106.23 424.51 0.00
Price to Revenue (P/Rev)		 9.59 8.47 12.12 13.56 13.41 17.78 18.58 9.02 14.37 10.56 5.64
Price to Earnings (P/E)		 73.03 42.43 52.24 47.27 50.77 43.51 60.83 33.38 51.37 40.85 18.79
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		 1.37% 2.36% 1.91% 2.12% 1.97% 2.30% 1.64% 3.00% 1.95% 2.45% 5.32%
Enterprise Value to Invested Capital (EV/IC)		 8.92 10.26 18.70 12.03 14.28 19.93 22.23 12.98 22.31 18.98 11.89
Enterprise Value to Revenue (EV/Rev)		 9.15 7.98 11.58 13.66 13.41 17.64 18.48 8.91 14.15 10.46 5.62
Enterprise Value to EBITDA (EV/EBITDA)		 34.39 25.41 33.41 38.24 36.83 45.07 44.26 22.42 35.36 28.43 13.67
Enterprise Value to EBIT (EV/EBIT)		 46.84 31.00 38.36 42.83 45.26 53.04 50.27 25.54 39.83 31.89 14.92
Enterprise Value to NOPAT (EV/NOPAT)		 67.46 38.41 49.21 46.84 49.78 42.53 59.48 32.48 51.73 41.58 18.80
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.87 21.24 29.03 30.62 33.88 39.63 40.34 20.01 37.61 27.91 13.32
Enterprise Value to Free Cash Flow (EV/FCFF)		 156.39 29.54 48.25 0.00 53.96 51.13 91.98 26.74 54.03 38.30 17.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.27 0.25 0.22 0.44 0.39 0.31 0.28 0.29 0.22 0.40 0.53
Long-Term Debt to Equity		 0.27 0.25 0.22 0.44 0.09 0.31 0.28 0.26 0.22 0.29 0.53
Financial Leverage		 -0.31 -0.34 -0.43 -0.17 0.04 -0.08 -0.13 -0.13 -0.20 -0.21 -0.10
Leverage Ratio		 1.63 1.69 1.71 1.87 1.99 1.89 1.84 1.89 1.86 1.96 2.32
Compound Leverage Factor		 1.52 1.61 1.66 1.81 1.92 1.85 1.81 1.85 1.84 1.93 2.26
Debt to Total Capital		 21.41% 20.31% 18.19% 30.58% 28.21% 23.69% 21.79% 22.71% 18.03% 28.52% 34.82%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 21.47% 0.00% 0.00% 2.75% 0.00% 7.60% 0.00%
Long-Term Debt to Total Capital		 21.41% 20.31% 18.19% 30.58% 6.74% 23.69% 21.79% 19.96% 18.03% 20.92% 34.82%
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		 78.59% 79.69% 81.81% 69.42% 71.79% 76.31% 78.21% 77.29% 81.97% 71.48% 65.18%
Debt to EBITDA		 1.49 1.03 0.74 1.28 1.02 0.82 0.63 0.59 0.47 0.71 0.64
Net Debt to EBITDA		 -1.63 -1.56 -1.56 0.28 -0.01 -0.37 -0.25 -0.28 -0.54 -0.29 -0.04
Long-Term Debt to EBITDA		 1.49 1.03 0.74 1.28 0.24 0.82 0.63 0.52 0.47 0.52 0.64
Debt to NOPAT		 2.93 1.56 1.10 1.57 1.38 0.77 0.84 0.86 0.68 1.04 0.87
Net Debt to NOPAT		 -3.20 -2.36 -2.29 0.34 -0.01 -0.35 -0.34 -0.41 -0.79 -0.42 -0.05
Long-Term Debt to NOPAT		 2.93 1.56 1.10 1.57 0.33 0.77 0.84 0.75 0.68 0.76 0.87
Altman Z-Score		 7.64 7.68 10.97 9.72 10.75 14.83 16.73 10.16 15.71 11.74 8.46
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		 2.18 2.08 2.05 1.13 0.79 1.48 1.25 1.11 1.34 1.07 1.00
Quick Ratio		 2.11 1.99 2.00 1.06 0.70 1.34 1.11 1.00 1.22 0.95 0.88
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 281 1,581 1,752 -3,103 2,776 4,439 3,171 5,865 5,083 5,871 7,716
Operating Cash Flow to CapEx		 1,155.66% 1,079.33% 1,635.31% 1,508.99% 1,119.49% 1,366.83% 2,077.59% 1,773.30% 2,028.33% 4,402.19% 5,603.91%
Free Cash Flow to Firm to Interest Expense		 4.37 22.45 23.55 -34.86 17.68 38.27 28.06 52.37 44.98 34.74 29.34
Operating Cash Flow to Interest Expense		 22.90 31.23 39.15 45.27 28.17 49.37 63.98 69.98 64.62 47.67 38.14
Operating Cash Flow Less CapEx to Interest Expense		 20.91 28.33 36.76 42.27 25.65 45.76 60.90 66.04 61.43 46.59 37.46
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.48 0.54 0.54 0.57 0.57 0.61 0.65 0.68 0.72 0.80
Accounts Receivable Turnover		 7.59 7.78 7.12 7.13 7.84 8.77 9.64 8.93 9.05 10.01 10.76
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		 6.10 7.30 8.33 8.98 9.43 9.16 9.90 9.83 9.86 10.84 12.48
Accounts Payable Turnover		 9.21 9.04 10.03 7.97 8.47 6.69 6.04 6.27 6.79 6.99 6.56
Days Sales Outstanding (DSO)		 48.10 46.92 51.26 51.20 46.57 41.60 37.88 40.87 40.33 36.46 33.91
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)		 39.64 40.36 36.40 45.78 43.12 54.58 60.47 58.25 53.73 52.24 55.66
Cash Conversion Cycle (CCC)		 8.45 6.55 14.86 5.42 3.45 -12.98 -22.60 -17.38 -13.40 -15.78 -21.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,921 4,556 4,522 10,258 10,491 11,389 13,122 12,084 12,310 11,847 11,238
Invested Capital Turnover		 1.01 1.24 1.61 1.22 1.08 1.18 1.29 1.40 1.59 1.78 2.06
Increase / (Decrease) in Invested Capital		 370 -365 -34 5,736 233 898 1,733 -1,038 226 -463 -609
Enterprise Value (EV)		 43,893 46,719 84,555 123,364 149,798 226,965 291,670 156,810 274,650 224,854 133,621
Market Capitalization		 45,974 49,588 88,493 122,468 149,837 228,840 293,345 158,777 278,858 227,112 134,006
Book Value per Share		 $14.04 $14.93 $17.16 $19.18 $21.75 $27.65 $31.10 $30.22 $36.28 $32.04 $27.77
Tangible Book Value per Share		 $2.25 $3.23 $4.57 ($6.74) ($3.89) $2.42 $0.65 ($0.40) $5.77 $1.22 ($4.13)
Total Capital		 8,909 9,317 10,341 13,487 14,668 17,381 18,920 18,180 20,152 19,733 17,833
Total Debt		 1,907 1,892 1,881 4,125 4,138 4,117 4,123 4,129 3,634 5,628 6,210
Total Long-Term Debt		 1,907 1,892 1,881 4,125 989 4,117 4,123 3,629 3,634 4,129 6,210
Net Debt		 -2,081 -2,869 -3,938 896 -39 -1,875 -1,675 -1,967 -4,208 -2,258 -385
Capital Expenditures (CapEx)		 127 204 178 267 395 419 348 442 360 183 179
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,380 -1,733 -2,099 -2,673 -2,724 -3,358 -4,061 -4,728 -5,009 -5,676 -6,632
Debt-free Net Working Capital (DFNWC)		 2,608 3,028 3,720 556 1,453 2,634 1,737 1,368 2,833 2,210 -37
Net Working Capital (NWC)		 2,608 3,028 3,720 556 -1,696 2,634 1,737 868 2,833 711 -37
Net Nonoperating Expense (NNE)		 21 48 24 43 58 77 82 71 -119 -152 -23
Net Nonoperating Obligations (NNO)		 -2,081 -2,869 -3,938 896 -39 -1,875 -1,675 -1,967 -4,208 -2,258 -385
Total Depreciation and Amortization (D&A)		 339 332 326 346 757 757 788 856 872 857 818
Debt-free, Cash-free Net Working Capital to Revenue		 -28.77% -29.60% -28.75% -29.60% -24.38% -26.10% -25.73% -26.85% -25.81% -26.39% -27.90%
Debt-free Net Working Capital to Revenue		 54.39% 51.72% 50.95% 6.16% 13.01% 20.47% 11.00% 7.77% 14.60% 10.28% -0.16%
Net Working Capital to Revenue		 54.39% 51.72% 50.95% 6.16% -15.18% 20.47% 11.00% 4.93% 14.60% 3.31% -0.16%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.26 $2.35 $3.43 $5.28 $6.07 $0.00 $10.10 $10.13 $11.87 $12.43 $16.73
Adjusted Weighted Average Basic Shares Outstanding		 498.76M 498.35M 493.63M 490.56M 486.29M 0.00 477.30M 469.50M 457.10M 447.10M 426.20M
Adjusted Diluted Earnings per Share		 $1.24 $2.32 $3.38 $5.20 $6.00 $0.00 $10.02 $10.10 $11.82 $12.36 $16.70
Adjusted Weighted Average Diluted Shares Outstanding		 507.16M 504.30M 501.12M 497.84M 491.57M 0.00 481M 470.90M 459.10M 449.70M 427M
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		 498.33M 494.08M 491.58M 487.73M 482.13M 0.00 471.70M 457.80M 452M 435.30M 410.50M
Normalized Net Operating Profit after Tax (NOPAT)		 651 1,216 1,718 2,634 3,009 2,966 4,904 4,827 5,309 6,210 7,107
Normalized NOPAT Margin		 13.57% 20.78% 23.53% 29.17% 26.94% 23.05% 31.07% 27.42% 27.35% 28.88% 29.90%
Pre Tax Income Margin		 18.22% 24.51% 29.28% 30.94% 28.69% 32.45% 36.14% 34.12% 35.03% 32.23% 36.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 14.60 21.40 29.63 32.36 21.08 36.89 51.35 54.81 61.03 41.73 34.05
NOPAT to Interest Expense		 10.14 17.27 23.09 29.59 19.17 46.01 43.40 43.10 46.98 32.00 27.02
EBIT Less CapEx to Interest Expense		 12.62 18.50 27.24 29.36 18.57 33.28 48.27 50.87 57.84 40.65 33.37
NOPAT Less CapEx to Interest Expense		 8.16 14.37 20.70 26.59 16.65 42.40 40.32 39.15 43.80 30.91 26.34
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		 99.28% 91.98% 64.94% 79.12% 93.19% 57.98% 81.92% 137.72% 81.06% 170.86% 158.22%

Quarterly Metrics And Ratios for Adobe

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/1/2023 3/1/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026
DEI Shares Outstanding		 - - - - - - - - - 410,500,000.00 404,200,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 410,500,000.00 404,200,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 4.60 4.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.56% 11.32% 10.24% 10.59% 11.05% 10.27% 10.62% 10.72% 10.49% - 12.69%
EBITDA Growth		 16.97% -35.42% 15.34% 15.74% 9.30% 106.48% 8.94% 6.32% 11.45% - 4.87%
EBIT Growth		 18.88% -40.02% 17.71% 17.97% 10.64% 129.07% 10.17% 7.21% 14.36% - 6.12%
NOPAT Growth		 22.54% -53.06% 20.53% 20.26% 15.71% 209.03% 10.49% 7.18% 12.05% - 0.86%
Net Income Growth		 26.11% -50.28% 21.47% 20.03% 13.49% 192.10% 7.50% 5.23% 10.28% - 1.24%
EPS Growth		 28.06% -49.82% 23.76% 23.28% 15.74% 204.41% 12.89% 11.17% 18.40% - 7.87%
Operating Cash Flow Growth		 -31.31% -30.66% -9.30% 7.90% 82.91% 111.41% 12.94% 8.76% 8.18% - -1.19%
Free Cash Flow Firm Growth		 -45.40% -78.30% -54.87% -60.22% 75.90% 361.26% 119.65% 171.71% 16.31% - -51.08%
Invested Capital Growth		 1.87% 0.76% 4.51% 6.42% -3.76% -3.75% -4.05% -4.95% -5.14% - 5.34%
Revenue Q/Q Growth		 3.23% 2.65% 2.45% 1.86% 3.66% 1.93% 2.78% 1.96% 3.44% - 3.44%
EBITDA Q/Q Growth		 3.63% -42.11% 83.43% 5.18% -2.14% 9.35% -3.22% 2.65% 2.58% - -6.21%
EBIT Q/Q Growth		 3.85% -46.67% 101.33% 5.80% -2.59% 10.41% -3.17% 2.95% 3.90% - -7.44%
NOPAT Q/Q Growth		 4.66% -59.37% 164.46% 6.93% 0.70% 8.52% -5.45% 3.72% 5.28% - -9.22%
Net Income Q/Q Growth		 5.70% -58.19% 153.71% 7.06% -0.06% 7.61% -6.63% 4.79% 4.74% - -9.37%
EPS Q/Q Growth		 6.23% -58.02% 156.62% 7.74% -0.27% 10.40% -4.83% 6.09% 6.22% - -7.61%
Operating Cash Flow Q/Q Growth		 -14.74% -26.49% 65.25% 4.18% 44.53% -15.03% -11.72% 0.32% 43.77% - -26.81%
Free Cash Flow Firm Q/Q Growth		 -45.51% -59.38% 104.80% -12.24% 140.94% 6.52% -2.47% 8.56% 3.14% - -63.27%
Invested Capital Q/Q Growth		 3.51% -0.28% 1.04% 2.05% -6.40% -0.27% 0.73% 1.08% -6.58% - 16.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 87.44% 88.61% 88.74% 89.76% 89.01% 89.11% 89.14% 89.28% 89.52% - 89.20%
EBITDA Margin		 40.69% 22.94% 41.08% 42.42% 40.05% 42.96% 40.46% 40.73% 40.39% - 36.73%
Operating Margin		 34.53% 17.50% 35.51% 36.83% 34.91% 37.85% 35.91% 36.29% 36.50% - 33.82%
EBIT Margin		 36.29% 18.85% 37.05% 38.48% 36.16% 39.17% 36.90% 37.26% 37.42% - 33.82%
Profit (Net Income) Margin		 29.38% 11.96% 29.63% 31.14% 30.02% 31.69% 28.79% 29.59% 29.96% - 25.87%
Tax Burden Percent		 82.02% 64.05% 81.50% 82.47% 84.53% 83.00% 80.49% 81.02% 81.98% - 76.50%
Interest Burden Percent		 98.69% 99.08% 98.12% 98.13% 98.22% 97.50% 96.95% 98.03% 97.67% - 100.00%
Effective Tax Rate		 17.98% 35.95% 18.50% 17.53% 15.47% 17.00% 19.51% 18.98% 18.02% - 23.50%
Return on Invested Capital (ROIC)		 45.07% 18.28% 48.71% 51.84% 52.54% 57.48% 53.75% 55.22% 61.62% - 53.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 43.34% 16.78% 47.36% 50.41% 51.65% 56.77% 54.40% 53.83% 61.44% - 53.35%
Return on Net Nonoperating Assets (RNNOA)		 -8.76% -2.95% -8.63% -9.59% -10.91% -8.88% -4.11% -3.33% -6.31% - 3.42%
Return on Equity (ROE)		 36.31% 15.33% 40.08% 42.24% 41.63% 48.60% 49.64% 51.89% 55.31% - 56.77%
Cash Return on Invested Capital (CROIC)		 41.67% 37.25% 36.04% 36.01% 48.60% 58.85% 60.01% 61.05% 66.85% - 53.82%
Operating Return on Assets (OROA)		 24.74% 13.56% 26.17% 27.36% 25.92% 29.40% 28.70% 29.49% 29.79% - 29.36%
Return on Assets (ROA)		 20.03% 8.61% 20.93% 22.14% 21.52% 23.79% 22.40% 23.42% 23.85% - 22.46%
Return on Common Equity (ROCE)		 36.31% 15.33% 40.08% 42.24% 41.63% 48.60% 49.64% 51.89% 55.31% - 56.77%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 31.05% 34.22% 36.85% 0.00% 51.55% 60.00% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 1,430 581 1,536 1,643 1,654 1,795 1,697 1,761 1,854 1,886 1,712
NOPAT Margin		 28.32% 11.21% 28.94% 30.38% 29.51% 31.42% 28.90% 29.40% 29.92% - 25.87%
Net Nonoperating Expense Percent (NNEP)		 1.73% 1.50% 1.36% 1.43% 0.89% 0.71% -0.65% 1.39% 0.19% - 0.00%
Return On Investment Capital (ROIC_SIMPLE)		 7.09% - - - 8.38% 9.33% 9.64% 9.80% 10.39% 10.68% 9.43%
Cost of Revenue to Revenue		 12.56% 11.39% 11.26% 10.24% 10.99% 10.89% 10.86% 10.72% 10.48% - 10.80%
SG&A Expenses to Revenue		 7.37% 6.79% 6.69% 6.77% 8.13% 6.42% 6.42% 6.81% 6.80% - 8.25%
R&D to Revenue		 17.61% 18.12% 18.53% 18.90% 17.82% 17.96% 18.42% 18.17% 17.73% - 18.10%
Operating Expenses to Revenue		 52.91% 71.11% 53.23% 52.92% 54.10% 51.26% 53.23% 52.99% 53.02% - 55.38%
Earnings before Interest and Taxes (EBIT)		 1,832 977 1,967 2,081 2,027 2,238 2,167 2,231 2,318 2,418 2,238
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,054 1,189 2,181 2,294 2,245 2,455 2,376 2,439 2,502 2,592 2,431
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 16.88 16.81 13.42 17.51 16.10 14.58 15.45 12.86 11.53 - 9.10
Price to Tangible Book Value (P/TBV)		 106.23 157.92 179.99 291.75 424.51 0.00 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 14.37 13.04 9.75 12.16 10.56 8.66 7.83 6.53 5.64 - 4.16
Price to Earnings (P/E)		 51.37 54.14 39.23 47.52 40.85 28.28 25.76 21.75 18.79 - 14.49
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 1.95% 1.85% 2.55% 2.10% 2.45% 3.54% 3.88% 4.60% 5.32% - 6.90%
Enterprise Value to Invested Capital (EV/IC)		 22.31 20.92 15.87 19.97 18.98 16.05 14.90 12.60 11.89 - 8.44
Enterprise Value to Revenue (EV/Rev)		 14.15 12.88 9.63 12.07 10.46 8.60 7.85 6.54 5.62 - 4.20
Enterprise Value to EBITDA (EV/EBITDA)		 35.36 36.08 26.57 32.76 28.43 20.67 18.93 15.93 13.67 - 10.74
Enterprise Value to EBIT (EV/EBIT)		 39.83 41.12 30.09 36.87 31.89 22.81 20.83 17.50 14.92 - 11.64
Enterprise Value to NOPAT (EV/NOPAT)		 51.73 55.25 40.10 48.76 41.58 28.61 26.12 21.94 18.80 - 14.67
Enterprise Value to Operating Cash Flow (EV/OCF)		 37.61 37.85 29.89 37.55 27.91 20.25 18.45 15.48 13.32 - 10.09
Enterprise Value to Free Cash Flow (EV/FCFF)		 54.03 56.37 45.01 57.19 38.30 26.75 24.32 20.11 17.32 - 16.09
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.24 0.38 0.39 0.40 0.47 0.54 0.53 0.53 - 0.58
Long-Term Debt to Equity		 0.22 0.14 0.28 0.28 0.29 0.47 0.54 0.53 0.53 - 0.42
Financial Leverage		 -0.20 -0.18 -0.18 -0.19 -0.21 -0.16 -0.08 -0.06 -0.10 - 0.06
Leverage Ratio		 1.86 1.87 1.95 1.94 1.96 2.06 2.21 2.23 2.32 - 2.53
Compound Leverage Factor		 1.84 1.85 1.91 1.91 1.92 2.00 2.14 2.18 2.27 - 2.53
Debt to Total Capital		 18.03% 19.04% 27.48% 27.90% 28.52% 31.97% 35.01% 34.50% 34.82% - 36.59%
Short-Term Debt to Total Capital		 0.00% 7.84% 7.32% 7.43% 7.60% 0.00% 0.00% 0.00% 0.00% - 10.15%
Long-Term Debt to Total Capital		 18.03% 11.20% 20.16% 20.46% 20.92% 31.97% 35.01% 34.50% 34.82% - 26.44%
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		 81.97% 80.96% 72.52% 72.10% 71.48% 68.03% 64.99% 65.50% 65.18% - 63.41%
Debt to EBITDA		 0.47 0.51 0.76 0.73 0.71 0.67 0.66 0.65 0.64 - 0.67
Net Debt to EBITDA		 -0.54 -0.45 -0.33 -0.24 -0.29 -0.14 0.05 0.03 -0.04 - 0.10
Long-Term Debt to EBITDA		 0.47 0.30 0.56 0.53 0.52 0.67 0.66 0.65 0.64 - 0.49
Debt to NOPAT		 0.68 0.78 1.15 1.09 1.04 0.93 0.91 0.90 0.87 - 0.92
Net Debt to NOPAT		 -0.79 -0.69 -0.50 -0.36 -0.42 -0.19 0.07 0.04 -0.05 - 0.14
Long-Term Debt to NOPAT		 0.68 0.46 0.84 0.80 0.76 0.93 0.91 0.90 0.87 - 0.67
Altman Z-Score		 15.15 14.21 10.49 12.71 11.19 9.72 9.51 8.53 7.72 - 6.66
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		 1.34 1.05 1.16 1.11 1.07 1.18 0.99 1.02 1.00 - 0.75
Quick Ratio		 1.22 0.93 1.02 0.97 0.95 1.03 0.82 0.87 0.88 - 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,204 489 1,001 879 2,117 2,255 2,199 2,388 2,463 2,930 1,076
Operating Cash Flow to CapEx		 3,397.87% 3,172.97% 4,731.71% 3,545.61% 6,085.42% 9,546.15% 4,661.70% 3,052.78% 9,294.12% - 3,732.76%
Free Cash Flow to Firm to Interest Expense		 42.99 18.11 24.42 17.23 42.35 36.37 32.34 35.64 37.31 - 0.00
Operating Cash Flow to Interest Expense		 57.04 43.48 47.32 39.63 58.42 40.03 32.22 32.81 47.88 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 55.36 42.11 46.32 38.51 57.46 39.61 31.53 31.73 47.36 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.68 0.72 0.71 0.71 0.72 0.75 0.78 0.79 0.80 - 0.87
Accounts Receivable Turnover		 9.05 10.33 12.39 11.47 10.01 10.94 13.51 11.90 10.76 - 13.52
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		 9.86 10.08 10.21 10.46 10.84 11.36 11.71 11.96 12.48 - 13.40
Accounts Payable Turnover		 6.79 7.82 6.83 7.52 6.99 7.64 6.78 7.69 6.56 - 6.22
Days Sales Outstanding (DSO)		 40.33 35.32 29.45 31.83 36.46 33.37 27.03 30.66 33.91 - 27.00
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)		 53.73 46.70 53.41 48.54 52.24 47.80 53.85 47.47 55.66 - 58.71
Cash Conversion Cycle (CCC)		 -13.40 -11.38 -23.96 -16.72 -15.78 -14.43 -26.82 -16.81 -21.75 - -31.71
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 12,310 12,275 12,403 12,657 11,847 11,815 11,901 12,030 11,238 10,771 12,537
Invested Capital Turnover		 1.59 1.63 1.68 1.71 1.78 1.83 1.86 1.88 2.06 - 2.06
Increase / (Decrease) in Invested Capital		 226 92 535 764 -463 -460 -502 -627 -609 -1,044 636
Enterprise Value (EV)		 274,650 256,759 196,812 252,805 224,854 189,625 177,364 151,572 133,621 - 105,792
Market Capitalization		 278,858 259,944 199,252 254,693 227,112 190,905 176,911 151,312 134,006 - 104,773
Book Value per Share		 $36.28 $34.14 $33.13 $32.80 $32.04 $30.08 $26.86 $27.75 $27.77 $27.85 $28.50
Tangible Book Value per Share		 $5.77 $3.64 $2.47 $1.97 $1.22 ($0.89) ($4.72) ($3.88) ($4.13) ($4.60) ($8.75)
Total Capital		 20,152 19,095 20,468 20,172 19,733 19,250 17,614 17,970 17,833 17,661 18,163
Total Debt		 3,634 3,635 5,625 5,627 5,628 6,155 6,166 6,200 6,210 6,228 6,645
Total Long-Term Debt		 3,634 2,138 4,127 4,128 4,129 6,155 6,166 6,200 6,210 5,379 4,802
Net Debt		 -4,208 -3,185 -2,440 -1,888 -2,258 -1,280 453 260 -385 -662 1,019
Capital Expenditures (CapEx)		 47 37 41 57 48 26 47 72 34 37 58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5,009 -4,852 -5,018 -4,944 -5,676 -5,743 -5,774 -5,767 -6,632 -7,045 -6,793
Debt-free Net Working Capital (DFNWC)		 2,833 1,968 3,047 2,571 2,210 1,692 -61 173 -37 -155 -1,167
Net Working Capital (NWC)		 2,833 471 1,549 1,072 711 1,692 -61 173 -37 -1,004 -3,010
Net Nonoperating Expense (NNE)		 -53 -39 -37 -41 -29 -16 6.44 -11 -2.46 -3.12 0.00
Net Nonoperating Obligations (NNO)		 -4,208 -3,185 -2,440 -1,888 -2,258 -1,280 453 260 -385 -662 1,019
Total Depreciation and Amortization (D&A)		 222 212 214 213 218 217 209 208 184 174 193
Debt-free, Cash-free Net Working Capital to Revenue		 -25.81% -24.34% -24.56% -23.60% -26.39% -26.06% -25.55% -24.88% -27.90% - -26.96%
Debt-free Net Working Capital to Revenue		 14.60% 9.87% 14.92% 12.27% 10.28% 7.68% -0.27% 0.75% -0.16% - -4.63%
Net Working Capital to Revenue		 14.60% 2.36% 7.58% 5.12% 3.31% 7.68% -0.27% 0.75% -0.16% - -11.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.25 $1.37 $3.50 $3.78 $3.78 $4.15 $3.95 $4.18 $4.45 $4.60 $4.26
Adjusted Weighted Average Basic Shares Outstanding		 457.10M 452.80M 449.10M 445.30M 447.10M 436.20M 428.20M 423.50M 426.20M 410.20M 402.40M
Adjusted Diluted Earnings per Share		 $3.24 $1.36 $3.49 $3.76 $3.75 $4.14 $3.94 $4.18 $4.44 $4.60 $4.25
Adjusted Weighted Average Diluted Shares Outstanding		 459.10M 456.30M 451.40M 447.60M 449.70M 437.60M 428.90M 424.10M 427M 410.80M 402.50M
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		 452M 448M 443.40M 440.20M 435.30M 426.20M 424.20M 418.60M 410.50M 404.20M 397.50M
Normalized Net Operating Profit after Tax (NOPAT)		 1,430 1,221 1,536 1,643 1,654 1,795 1,697 1,761 1,854 1,886 1,712
Normalized NOPAT Margin		 28.32% 23.57% 28.94% 30.38% 29.51% 31.42% 28.90% 29.40% 29.92% - 25.87%
Pre Tax Income Margin		 35.82% 18.68% 36.35% 37.76% 35.52% 38.19% 35.77% 36.52% 36.55% - 33.82%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 65.43 36.19 47.98 40.80 40.54 36.10 31.87 33.30 35.12 - 0.00
NOPAT to Interest Expense		 51.06 21.52 37.47 32.21 33.09 28.96 24.96 26.28 28.08 - 0.00
EBIT Less CapEx to Interest Expense		 63.75 34.81 46.98 39.69 39.58 35.68 31.18 32.22 34.61 - 0.00
NOPAT Less CapEx to Interest Expense		 49.38 20.15 36.47 31.09 32.13 28.54 24.27 25.20 27.57 - 0.00
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		 81.06% 104.15% 127.98% 149.25% 170.86% 159.24% 171.06% 162.53% 158.22% - 126.16%

Financials Breakdown Chart

Key Financial Trends

Adobe’s latest quarter shows continued revenue growth, strong profitability, and robust operating cash flow, but the balance sheet still carries a large debt load and the company is spending heavily on share repurchases. Over the last four years, Adobe has generally produced consistent top-line growth and very strong margins, though recent quarters suggest growth is moderating compared with the post-pandemic period.

Key positives:

  • Q1 2026 revenue rose to $6.40 billion, up from $6.19 billion in Q4 2025 and $5.99 billion in Q3 2025, showing continued sales expansion.
  • Operating income improved to $2.42 billion in Q1 2026, indicating Adobe is still converting a large share of revenue into profit.
  • Net income increased to $1.89 billion in Q1 2026, ahead of $1.86 billion in the prior quarter.
  • Operating cash flow remained strong at $2.96 billion in Q1 2026, supporting the company’s ability to fund buybacks, debt service, and investments.
  • Adobe ended Q1 2026 with $6.33 billion in cash and equivalents plus $558 million in short-term investments, giving it meaningful liquidity.
  • Retained earnings have climbed steadily to $47.17 billion in Q1 2026, reflecting long-term earnings power.
  • Basic EPS was $4.60 in Q1 2026, up from $4.45 in Q4 2025 and $4.18 in Q3 2025, despite share count pressure.
  • Adobe’s gross profit remains very high, with Q1 2026 gross profit of $5.73 billion on revenue of $6.40 billion.

Neutral items:

  • Accounts receivable were relatively stable at $2.09 billion in Q1 2026, suggesting no major deterioration in collections.
  • Total assets were $29.70 billion in Q1 2026, up modestly from $28.75 billion in Q3 2025.
  • Goodwill remains large at $12.87 billion, so a meaningful portion of assets is tied to prior acquisitions.
  • Deferred revenue remains substantial at $7.28 billion in current liabilities, which is positive for future revenue visibility, but also a normal liability for a subscription business.

Key negatives:

  • Adobe’s total liabilities were $18.27 billion in Q1 2026, including $5.38 billion of long-term debt, so leverage is still an important consideration.
  • Total current liabilities of $11.39 billion exceed current assets of $10.39 billion, indicating a current ratio below 1.0.
  • Treasury stock was -$51.31 billion, reflecting very large buybacks over time that have reduced equity on the balance sheet.
  • Cash and equivalents fell from $7.61 billion at Q4 2024 to $6.33 billion in Q1 2026, showing some cash usage despite strong operating generation.
  • Shares outstanding remain pressured by buybacks and were still 410.8 million diluted shares in Q1 2026, so repurchases are doing a lot of work to support EPS.
  • Operating cash flow has been strong, but financing cash outflows were heavy in Q1 2026 due to $2.48 billion in common stock repurchases.
  • Revenue growth appears steady but not explosive, with Q1 2026 revenue up only modestly versus the prior quarter, suggesting a more mature growth profile.

Bottom line: Adobe remains a highly profitable, cash-generative software company with strong margins and a healthy liquidity position. The main watchpoints for investors are slower growth, ongoing share repurchases that reduce cash, and a balance sheet that still carries notable debt and a current-liability-heavy structure. Overall, the financial statements still support a fundamentally strong business, but not a low-risk balance sheet.

07/05/26 11:40 PM ETAI Generated. May Contain Errors.

Adobe Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Adobe's fiscal year ends in November. Their fiscal year 2025 ended on November 28, 2025.

Adobe's net income appears to be on an upward trend, with a most recent value of $7.13 billion in 2025, rising from $629.55 million in 2015. The previous period was $5.56 billion in 2024. See Adobe's forecast for analyst expectations on what's next for the company.

Adobe's total operating income in 2025 was $8.71 billion, based on the following breakdown:
  • Total Gross Profit: $21.22 billion
  • Total Operating Expenses: $12.51 billion

Over the last 10 years, Adobe's total revenue changed from $4.80 billion in 2015 to $23.77 billion in 2025, a change of 395.7%.

Adobe's total liabilities were at $17.87 billion at the end of 2025, a 10.8% increase from 2024, and a 278.3% increase since 2015.

In the past 10 years, Adobe's cash and equivalents has ranged from $876.56 million in 2015 to $7.61 billion in 2024, and is currently $5.43 billion as of their latest financial filing in 2025.

Over the last 10 years, Adobe's book value per share changed from 14.04 in 2015 to 27.77 in 2025, a change of 97.8%.


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Financial statements for NASDAQ:ADBE last updated on 6/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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