ADBE

ADOBE INC.·Technology·Services-Prepackaged Software· 31,360

$263.97

+0.56%

Mkt Cap

$112.5B

% Change:

10 annual filings · Showing inline YoY % next to each year

Income Statement

All values in $Billions unless noted

Line Item	FY2016	FY2017 YoY	FY2018 YoY	FY2019 YoY	FY2020 YoY	FY2021 YoY	FY2022 YoY	FY2023 YoY	FY2024 YoY	FY2025 YoY
Revenue	$5.85B	$7.30B +24.7%	$9.03B +23.7%	$11.17B +23.7%	$12.87B +15.2%	$15.79B +22.7%	$17.61B +11.5%	$19.41B +10.2%	$21.50B +10.8%	$23.77B +10.5%
Cost of Revenue	$820M	$1.01B +23.2%	$1.19B +18.3%	$1.67B +40.0%	$1.72B +2.9%	$1.86B +8.3%	$2.17B +16.1%	$2.35B +8.7%	$2.36B +0.2%	$2.55B +8.2%
Gross Profit	$5.03B	$6.29B +25.0%	$7.84B +24.5%	$9.50B +21.2%	$11.15B +17.3%	$13.92B +24.9%	$15.44B +10.9%	$17.05B +10.5%	$19.15B +12.3%	$21.22B +10.8%
OPERATING EXPENSES
Selling, General & Admin	$578M	$625M +8.1%	$745M +19.2%	$881M +18.2%	$968M +9.9%	$1.08B +12.1%	$1.22B +12.4%	$1.41B +15.9%	$1.53B +8.2%	$1.57B +2.9%
Depreciation & Amort.	$332M	$326M -1.7%	$346M +6.3%	$737M +112.6%	$757M +2.8%	$788M +4.1%	$856M +8.6%	$872M +1.9%	$857M -1.7%	$818M -4.6%
Operating Income (EBIT)	$1.49B	$2.17B +45.2%	$2.84B +31.0%	$3.27B +15.1%	$4.24B +29.6%	$5.80B +36.9%	$6.10B +5.1%	$6.65B +9.1%	$6.74B +1.4%	$8.71B +29.1%
Interest Expense	$66M	$69M +4.9%	$81M +17.0%	$152M +87.2%	$88M -42.1%	$100M +13.6%	$103M +3.0%	$106M +2.9%	$143M +34.9%	$246M +72.0%
Pre-Tax Income	$1.43B	$2.10B +47.0%	$2.76B +31.5%	$3.12B +12.9%	$4.15B +33.1%	$5.70B +37.4%	$6.00B +5.1%	$6.54B +9.2%	$6.60B +0.8%	$8.46B +28.2%
Income Tax Expense	$266M	$444M +66.6%	$203M -54.2%	$253M +24.7%	-$1.08B -528.0%	$883M +181.5%	$1.25B +41.8%	$1.37B +9.5%	$1.37B +0.0%	$1.60B +17.0%
Net Income	$1.17B	$1.69B +44.9%	$2.59B +52.9%	$2.95B +13.9%	$5.26B +78.2%	$4.82B -8.3%	$4.76B -1.4%	$5.43B +14.1%	$5.56B +2.4%	$7.13B +28.2%
EBITDA	$1.83B	$2.49B +36.7%	$3.19B +27.8%	$4.00B +25.7%	$4.99B +24.7%	$6.59B +32.0%	$6.95B +5.5%	$7.52B +8.2%	$7.60B +1.0%	$9.52B +25.3%
Stock-Based Comp.	$350M	$451M +29.0%	$610M +35.0%	$788M +29.2%	$909M +15.4%	$1.07B +17.6%	$1.44B +34.7%	$1.72B +19.3%	$1.83B +6.7%	$1.94B +5.9%
PER SHARE DATA
EPS (Basic)	$2.35	$3.43 +46.3%	$5.28 +53.9%	$6.07 +14.9%	$10.94 +80.2%	$10.10 -7.6%	$10.13 +0.3%	$11.87 +17.2%	$12.44 +4.7%	$16.73 +34.5%
EPS (Diluted)	$2.35	$3.43 +46.3%	$5.28 +53.9%	$6.07 +14.9%	$10.94 +80.2%	$10.10 -7.6%	$10.13 +0.3%	$11.87 +17.2%	$12.44 +4.7%	$16.73 +34.5%
Shares Outstanding	498M	494M -0.9%	491M -0.6%	486M -0.9%	481M -1.1%	477M -0.7%	470M -1.6%	457M -2.6%	447M -2.2%	426M -4.7%
PROFITABILITY RATIOS
Gross Margin	86.0%	86.2% +0.2pp	86.8% +0.6pp	85.0% -1.7pp	86.6% +1.6pp	88.2% +1.6pp	87.7% -0.5pp	87.9% +0.2pp	89.0% +1.2pp	89.3% +0.2pp
Operating Margin	25.5%	29.7% +4.2pp	31.5% +1.8pp	29.3% -2.2pp	32.9% +3.7pp	36.8% +3.8pp	34.6% -2.1pp	34.3% -0.4pp	31.3% -2.9pp	36.6% +5.3pp
Net Margin	20.0%	23.2% +3.2pp	28.7% +5.5pp	26.4% -2.3pp	40.9% +14.5pp	30.5% -10.3pp	27.0% -3.5pp	28.0% +1.0pp	25.9% -2.1pp	30.0% +4.1pp
EBITDA Margin	31.2%	34.2% +3.0pp	35.3% +1.1pp	35.8% +0.6pp	38.8% +3.0pp	41.7% +2.9pp	39.5% -2.3pp	38.8% -0.7pp	35.3% -3.4pp	40.1% +4.7pp

Profitability Metrics

Gross Margin

89.3%

▲0.2pp

Operating Margin

36.6%

▲5.3pp

Profit Margin

30.0%

▲4.1pp

EBITDA Margin

40.1%

▲4.7pp

Return Metrics

ROE

61.3%

▲21.9pp

ROA

24.2%

▲5.8pp

ROIC

38.6%

▲10.5pp

Asset Turnover

0.81x

▲0.1x

Balance Sheet

All values in $Billions

Line Item	FY2016	FY2017 YoY	FY2018 YoY	FY2019 YoY	FY2020 YoY	FY2021 YoY	FY2022 YoY	FY2023 YoY	FY2024 YoY	FY2025 YoY
ASSETS
CURRENT ASSETS
Cash & Equivalents	$1.01B	$2.31B +128.0%	$1.64B -28.8%	$2.65B +61.3%	$4.48B +69.0%	$3.84B -14.2%	$4.24B +10.2%	$7.14B +68.6%	$7.61B +6.6%	$5.43B -28.7%
Short-term Investments	$3.75B	$3.51B -6.3%	$1.59B -54.9%	$1.53B -3.7%	$1.51B -0.8%	$1.95B +29.1%	$1.86B -4.8%	$701M -62.3%	$273M -61.1%	$1.16B +326.4%
Accounts Receivable	$833M	$1.22B +46.2%	$1.32B +8.0%	$1.53B +16.7%	$1.40B -8.9%	$1.88B +34.3%	$2.06B +10.0%	$2.22B +7.7%	$2.07B -6.8%	$2.34B +13.1%
Total Current Assets	$5.84B	$7.25B +24.1%	$4.86B -33.0%	$6.49B +33.7%	$8.15B +25.4%	$8.67B +6.4%	$9.00B +3.8%	$11.08B +23.2%	$11.23B +1.3%	$10.16B -9.5%
NON-CURRENT ASSETS
Property, Plant & Equipment	$816M	$937M +14.8%	$1.08B +14.7%	$1.29B +20.3%	$1.52B +17.3%	$1.67B +10.3%	$1.91B +14.0%	$2.03B +6.4%	$1.94B -4.6%	$1.87B -3.3%
Goodwill	$5.41B	$5.82B +7.7%	$10.58B +81.8%	$10.69B +1.0%	$10.74B +0.5%	$12.67B +17.9%	$12.79B +0.9%	$12.80B +0.1%	$12.79B -0.1%	$12.86B +0.5%
Total Assets	$12.71B	$14.54B +14.4%	$18.77B +29.1%	$20.76B +10.6%	$24.28B +17.0%	$27.24B +12.2%	$27.16B -0.3%	$29.78B +9.6%	$30.23B +1.5%	$29.50B -2.4%
LIABILITIES
CURRENT LIABILITIES
Accounts Payable	$88M	$114M +29.0%	$186M +64.0%	$209M +12.5%	$306M +46.1%	$312M +2.0%	$379M +21.5%	$314M -17.2%	$361M +15.0%	$417M +15.5%
Short-term Debt	$0K	$0K	$0K	$3.15B	$0K -100.0%	$0K	$500M	$0K -100.0%	$1.50B	$0K -100.0%
Total Current Liabilities	$2.81B	$3.53B +25.5%	$4.30B +21.9%	$8.19B +90.4%	$5.51B -32.7%	$6.93B +25.8%	$8.13B +17.3%	$8.25B +1.5%	$10.52B +27.5%	$10.20B -3.1%
NON-CURRENT LIABILITIES
Long-term Debt	$0K	$0K	$0K	$989M	$4.12B +316.3%	$4.12B +0.1%	$3.63B -12.0%	$3.63B +0.1%	$4.13B +13.6%	$6.21B +50.4%
Total Liabilities	$5.28B	$6.08B +15.0%	$9.41B +54.8%	$10.23B +8.8%	$11.02B +7.7%	$12.44B +12.9%	$13.11B +5.4%	$13.26B +1.1%	$16.13B +21.6%	$17.87B +10.8%
EQUITY
Retained Earnings	$8.11B	$9.57B +18.0%	$11.82B +23.4%	$14.83B +25.5%	$19.61B +32.3%	$23.91B +21.9%	$28.32B +18.5%	$33.35B +17.8%	$38.47B +15.4%	$45.35B +17.9%
Treasury Stock	$0K	$0K	$0K	$0K	$0K	$0K	$0K	$28.13B	$37.58B +33.6%	$48.85B +30.0%
Total Stockholders' Equity	$7.42B	$8.46B +13.9%	$9.36B +10.7%	$10.53B +12.5%	$13.26B +26.0%	$14.80B +11.6%	$14.05B -5.0%	$16.52B +17.6%	$14.11B -14.6%	$11.62B -17.6%
KEY BALANCE SHEET METRICS
Total Debt (ST + LT)	$1.90B	$1.88B -1.1%	$4.12B +119.2%	$989M -76.0%	$4.12B +316.3%	$4.12B +0.1%	$4.13B +0.1%	$3.63B -12.0%	$5.63B +54.9%	$6.21B +10.3%
Working Capital (CA - CL)	$3.03B	$3.72B +22.9%	$556M -85.1%	-$1.70B -405.1%	$2.63B +255.3%	$1.74B -34.1%	$868M -50.0%	$2.83B +226.4%	$711M -74.9%	-$37M -105.2%

Balance Sheet Strength

Total Assets

$29.50B

▼2.4%

Debt / Equity

0.53x

▲0.1x

Net Debt / EBITDA

0.08x

▲0.3x

Current Ratio

1.00x

▼0.1x

Stockholders' Equity

$11.62B

▼17.6%

Total Debt

$6.21B

▲10.3%

Equity / Assets

39.4%

▼7.3pp

Working Capital

-$37M

▼105.2%

Cash Flow Statement

All values in $Billions

Line Item	FY2016	FY2017 YoY	FY2018 YoY	FY2019 YoY	FY2020 YoY	FY2021 YoY	FY2022 YoY	FY2023 YoY	FY2024 YoY	FY2025 YoY
OPERATING ACTIVITIES
Net Income	$1.17B	$1.69B +44.9%	$2.59B +52.9%	$2.95B +13.9%	$5.26B +78.2%	$4.82B -8.3%	$4.76B -1.4%	$5.43B +14.1%	$5.56B +2.4%	$7.13B +28.2%
Depreciation & Amort.	$332M	$326M -1.7%	$346M +6.3%	$737M +112.6%	$757M +2.8%	$788M +4.1%	$856M +8.6%	$872M +1.9%	$857M -1.7%	$818M -4.6%
Stock-Based Comp.	$350M	$451M +29.0%	$610M +35.0%	$788M +29.2%	$909M +15.4%	$1.07B +17.6%	$1.44B +34.7%	$1.72B +19.3%	$1.83B +6.7%	$1.94B +5.9%
Net Cash from Operations	$2.20B	$2.91B +32.4%	$4.03B +38.3%	$4.42B +9.7%	$5.73B +29.5%	$7.23B +26.2%	$7.84B +8.4%	$7.30B -6.8%	$8.06B +10.3%	$10.03B +24.5%
INVESTING ACTIVITIES
Capital Expenditures	$204M	$178M -12.6%	$267M +49.7%	$394M +48.0%	$419M +6.2%	$348M -16.9%	$442M +27.0%	$360M -18.6%	$183M -49.2%	$179M -2.2%
Net Cash from Investing	-$960M	-$443M +53.9%	-$4.69B -957.9%	-$456M +90.3%	-$414M +9.1%	-$3.54B -754.3%	-$570M +83.9%	$776M +236.1%	$149M -80.8%	-$1.19B -896.6%
FINANCING ACTIVITIES
Share Repurchases	$1.07B	$1.10B +2.3%	$2.05B +86.4%	$2.75B +34.1%	$3.05B +10.9%	$3.95B +29.5%	$6.55B +65.8%	$4.40B -32.8%	$9.50B +115.9%	$11.28B +18.7%
Net Cash from Financing	-$1.09B	-$1.18B -8.5%	-$6M +99.5%	-$2.95B -52810.3%	-$3.49B -18.4%	-$4.30B -23.3%	-$6.83B -58.7%	-$5.18B +24.1%	-$7.72B -49.1%	-$11.06B -43.2%
SUMMARY
Free Cash Flow (OCF − CapEx)	$2.00B	$2.73B +37.0%	$3.76B +37.6%	$4.03B +7.0%	$5.31B +31.8%	$6.88B +29.7%	$7.40B +7.5%	$6.94B -6.1%	$7.87B +13.4%	$9.85B +25.1%
Ending Cash Position	$1.01B	$2.31B +128.0%	$1.64B -28.8%	$2.65B +61.3%	$4.48B +69.0%	$3.84B -14.2%	$4.24B +10.2%	$7.14B +68.6%	$7.61B +6.6%	$5.43B -28.7%
CASH QUALITY METRICS
OCF / Net Income	188.2%	172.0% -16.3pp	155.5% -16.4pp	149.8% -5.7pp	108.9% -40.9pp	149.9% +41.1pp	164.8% +14.9pp	134.5% -30.3pp	144.9% +10.4pp	140.7% -4.2pp
FCF / Revenue	34.1%	37.5% +3.4pp	41.7% +4.2pp	36.1% -5.6pp	41.2% +5.2pp	43.6% +2.3pp	42.0% -1.6pp	35.8% -6.2pp	36.6% +0.8pp	41.4% +4.8pp
CapEx / OCF	9.3%	6.1% -3.1pp	6.6% +0.5pp	8.9% +2.3pp	7.3% -1.6pp	4.8% -2.5pp	5.6% +0.8pp	4.9% -0.7pp	2.3% -2.7pp	1.8% -0.5pp

Cash Flow Analysis

Operating CF

$10.03B

▲24.5%

Free Cash Flow

$9.85B

▲25.1%

FCF Yield

55.25%

▲4.8pp

OCF / Revenue

42.2%

▲4.7pp

CapEx

$179M

▼2.2%

OCF / Net Income

140.7%

▼4.2pp

CapEx / OCF

1.8%

▼0.5pp

FCF Margin

41.4%

▲4.8pp

Financial Trends

10 periods · 10-K

Income Statement:

Profitability:

Cash Flow:

Balance Sheet:

Liquidity:

Current

$23.8B

Average

$14.4B

High

$23.8B

Low

$5.9B

Change

+306.0%

Revenue · Annual

FY2016

$5.9B

FY2017

$7.3B

FY2018

$9.0B

FY2019

$11.2B

FY2020

$12.9B

FY2021

$15.8B

FY2022

$17.6B

FY2023

$19.4B

FY2024

$21.5B

FY2025

$23.8B

FY2016FY2021FY2025

Avg: $14.4B

Cash Flow Sankey

Revenue → Profit → Cash flow waterfall

Select Period:

Revenue

$23.77B

Gross Profit

$21.22B (89.3%)

EBIT

$8.71B (36.6%)

Net Income

$7.13B (30.0%)

Operating CF

$10.03B

Free Cash Flow

$9.85B

Composite Scores