Adobe Inc (ADBE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$6.09	$6.13	+0.7%	—	—	—
Q4 26	$5.81	$5.96	+2.6%	—	—	—
Q3 26	$5.87	$6.06	+3.2%	—	—	—
Q2 26	$5.4	$5.5	+1.9%	—	—	—
Q1 26	$5.18	$5.31	+2.5%	—	—	—
Q4 25	$4.97	$5.06	+1.8%	—	—	—
Q3 25	$4.97	$5.08	+2.2%	—	—	—
Q2 25	$4.67	$4.81	+3.0%	—	—	—
Q1 25	$4.54	$4.65	+2.4%	—	—	—
Q4 24	$4.4	$4.48	+1.8%	—	—	—
Q3 24	$4.38	$4.48	+2.3%	—	—	—
Q2 24	$4.14	$4.27	+3.1%	—	—	—
Q1 24	$3.98	$4.09	+2.8%	—	—	—
Q4 23	$3.79	$3.91	+3.2%	—	—	—
Q3 23	$3.68	$3.8	+3.3%	—	—	—
Q2 23	$3.5	$3.6	+2.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.7	—	—	$23.8B	—
FY24	—	$12.4	—	—	$21.5B	—
FY23	—	$11.9	—	—	$19.4B	—
FY22	—	$10.1	—	—	$17.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.9B	$7.3B	$9B	$11.2B	$12.9B	$15.8B	$17.6B	$19.4B	$21.5B	$23.8B
YoY change	+22.1%	+24.7%	+23.7%	+23.7%	+15.2%	+22.7%	+11.5%	+10.2%	+10.8%	+10.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.9B	7.3B	9B	11.2B	12.9B	15.8B	17.6B	19.4B	21.5B	23.8B
Cost of revenue	819.9M	1B	1.2B	1.7B	1.7B	1.9B	2.2B	2.4B	2.4B	2.6B
Gross profit	5B	6.3B	7.8B	9.5B	11.1B	13.9B	15.4B	17.1B	19.1B	21.2B
Gross margin	86%	86.2%	86.8%	85%	86.6%	88.2%	87.7%	87.9%	89%	89.3%
Research & development	976M	1.2B	1.5B	1.9B	2.2B	2.5B	3B	3.5B	3.9B	4.3B
Selling, general & administrative	2.5B	2.8B	3.4B	4.1B	4.6B	5.4B	6.2B	6.8B	7.3B	8.1B
Operating expenses	3.5B	4B	4.9B	6.1B	6.7B	7.9B	9.2B	10.2B	11.2B	12.4B
Operating income	1.5B	2.2B	2.8B	3.3B	4.2B	5.8B	6.1B	6.7B	7.7B	8.7B
Operating margin	25.5%	29.7%	31.5%	29.3%	32.9%	36.8%	34.6%	34.3%	36%	36.6%
Non-operating income, net	-35.4M	-22.1M	-50M	26M	12M	-1M	-39M	-7M	-982M	27M
Pretax income	1.4B	2.1B	2.8B	3.2B	4.2B	5.7B	6B	6.8B	6.9B	8.7B
Income tax	266.4M	443.7M	203M	254M	-1.1B	883M	1.3B	1.4B	1.4B	1.6B
Net income	1.2B	1.7B	2.6B	3B	5.3B	4.8B	4.8B	5.4B	5.6B	7.1B
Net margin	20%	23.2%	28.7%	26.4%	40.9%	30.5%	27%	28%	25.9%	30%
EBITDA	1.9B	2.6B	3.3B	4.1B	5B	6.6B	7B	7.8B	8.9B	9.8B
EPS	2.35	3.43	5.28	6.07	10.9	10.1	10.1	11.9	12.4	16.7
Diluted EPS	2.32	3.38	5.2	6	10.8	10	10.1	11.8	12.4	16.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	5B	5.2B	5.3B	5.4B	5.6B	5.7B	5.9B	6B	6.2B	6.4B	6.6B	—
Cost of revenue	634M	590M	598M	554M	616M	622M	638M	642M	649M	664M	715M	—
Gross profit	4.4B	4.6B	4.7B	4.9B	5B	5.1B	5.2B	5.3B	5.5B	5.7B	5.9B	—
Gross margin	87.4%	88.6%	88.7%	89.8%	89%	89.1%	89.1%	89.3%	89.5%	89.6%	89.2%	—
Research & development	889M	939M	984M	1B	999M	1B	1.1B	1.1B	1.1B	1.1B	1.2B	—
Selling, general & administrative	1.7B	1.7B	1.8B	1.8B	2B	1.9B	2B	2B	2.1B	2.2B	2.4B	—
Operating expenses	2.6B	2.6B	2.8B	2.8B	3B	2.9B	3.1B	3.1B	3.2B	3.3B	3.6B	—
Operating income	1.7B	1.9B	1.9B	2B	2B	2.2B	2.1B	2.2B	2.3B	2.4B	2.2B	—
Operating margin	34.5%	36.8%	35.5%	36.8%	34.9%	37.9%	35.9%	36.3%	36.5%	37.8%	33.8%	—
Non-operating income, net	-176M	-912M	86M	101M	-257M	81M	60M	81M	-195M	67M	65M	—
Pretax income	1.8B	968M	1.9B	2B	2B	2.2B	2.1B	2.2B	2.3B	2.4B	2.2B	—
Income tax	325M	348M	357M	358M	308M	371M	410M	415M	408M	533M	526M	—
Net income	1.5B	620M	1.6B	1.7B	1.7B	1.8B	1.7B	1.8B	1.9B	1.9B	1.7B	—
Net margin	29.4%	12%	29.6%	31.1%	30%	31.7%	28.8%	29.6%	30%	29.5%	25.9%	—
EBITDA	2.1B	2.2B	2.2B	2.3B	2.3B	2.5B	2.4B	2.4B	2.5B	2.7B	2.5B	—
EPS	3.26	1.37	3.5	3.78	3.81	4.15	3.95	4.18	4.45	4.6	4.26	4.63
Diluted EPS	3.23	1.36	3.49	3.76	3.79	4.14	3.94	4.18	4.45	4.6	4.25	4.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	51.2B	89.6B	123.1B	150.5B	230.1B	319.5B	161.9B	279.3B	230.6B	136.4B	98.9B
Enterprise value	48.4B	85.6B	124B	150.5B	228.9B	318.4B	160.5B	275.5B	228.8B	136.4B	102.8B
Shares outstanding	498.3M	493.6M	490.6M	486.3M	481M	477M	469.5M	457.1M	447M	426M	426M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	43.8	52.9	47.5	51	43.8	66.3	34.1	51.5	41.5	19.1	14.6
P/S	8.75	12.3	13.6	13.5	17.9	20.2	9.2	14.4	10.7	5.74	4.02
P/B	6.9	10.6	13.1	14.3	17.4	21.6	11.5	16.9	16.4	11.7	8.83
EV/EBITDA	25.8	33.5	37.8	36.8	45.4	48.2	22.9	35.4	25.6	13.9	10.6
EV/Sales	8.26	11.7	13.7	13.5	17.8	20.2	9.12	14.2	10.6	5.74	4.08
Earnings yield	2.28%	1.89%	2.11%	1.96%	2.29%	1.51%	2.94%	1.94%	2.41%	5.23%	6.85%
FCF yield	3.9%	3.05%	3.06%	2.68%	2.31%	2.15%	4.57%	2.49%	3.41%	7.22%	9.32%
PEG	—	—	—	—	—	—	—	—	—	—	1.86

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	86%	86.2%	86.8%	85%	86.6%	88.2%	87.7%	87.9%	89%	89.3%	89.2%
Operating margin	25.5%	29.7%	31.5%	29.3%	32.9%	36.8%	34.6%	34.3%	36%	36.6%	35.3%
Net margin	20%	23.2%	28.7%	26.4%	40.9%	30.5%	27%	28%	25.9%	30%	28.7%
ROE	15.7%	20%	27.7%	28%	39.7%	32.6%	33.8%	32.9%	39.4%	61.3%	63%
ROA	9.21%	11.7%	13.8%	14.2%	21.7%	17.7%	17.5%	18.2%	18.4%	24.2%	19.9%
ROIC	26.7%	38%	25.7%	28.7%	35.4%	35.9%	38.3%	41.6%	50.6%	60.9%	55.7%
Return on tangible assets	110.7%	79.9%	-39.7%	-72.6%	6.4K%	-277.9%	-363.9%	272.4%	179.9%	255.4%	-4.2K%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.08	2.05	1.13	0.79	1.48	1.25	1.11	1.34	1.07	1	0.75
Quick ratio	2.08	2.05	1.13	0.79	1.48	1.25	1.11	1.34	1.07	1	0.75
Debt / equity	0.25	0.22	0.44	0.39	0.35	0.32	0.33	0.25	0.43	0.57	0.61
Debt / assets	0.15	0.13	0.22	0.2	0.19	0.17	0.17	0.14	0.2	0.23	0.24
Net debt / EBITDA	-1.53	-1.54	0.27	-0.01	-0.25	-0.17	-0.21	-0.48	-0.2	0.01	0.14
Interest coverage	21.4	29.7	32.4	21.4	37	51.5	54.6	61.2	42	34.2	35.9
Effective tax rate	18.6%	20.8%	7.27%	7.93%	0%	15.5%	20.8%	20.2%	19.8%	18.4%	20.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.7	14.8	18.4	23	26.8	33.1	37.5	42.5	48.1	55.8	61
EPS (basic)	2.35	3.43	5.28	6.07	10.9	10.1	10.1	11.9	12.4	16.7	16.7
EPS (diluted)	2.32	3.38	5.2	6	10.8	10	10.1	11.8	12.4	16.7	17.5
Book value per share	14.9	17.1	19.1	21.7	27.6	31	29.9	36.1	31.6	27.3	28.9
FCF per share	4.01	5.54	7.67	8.28	11	14.4	15.8	15.2	17.6	23.1	25.6
Cash per share	9.55	11.8	6.58	8.59	12.5	12.2	13	17.2	17.6	15.5	14.2
Capex per share	0.41	0.36	0.54	0.81	0.87	0.73	0.94	0.79	0.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.48%	2.44%	2.96%	3.54%	3.26%	2.2%	2.51%	1.85%	0.85%	—	—
Capex / operating cash flow	9.12%	6.42%	7.45%	8.15%	7.07%	4.66%	5.67%	4.54%	2.21%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0.01%

Yield

0.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.0032

ex-dividend Mar 24, 2005

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 24, 2005	$0.0032
Dec 23, 2004	$0.0032
Sep 24, 2004	$0.0032

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$5B	$5.2B	$5.3B	$5.4B	$5.6B	$5.7B	$5.9B	$6B	$6.2B	$6.4B	$6.6B	—
YoY change	+11.6%	+11.3%	+10.2%	+10.6%	+11.1%	+10.3%	+10.6%	+10.7%	+10.5%	+12%	+12.7%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.8B	5.8B	3.2B	4.2B	6B	5.8B	6.1B	7.8B	7.9B	6.6B
Receivables	833M	1.2B	1.3B	1.5B	1.4B	1.9B	2.1B	2.2B	2.1B	2.3B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	5.8B	7.2B	4.9B	6.5B	8.1B	8.7B	9B	11.1B	11.2B	10.2B
Property, plant & equipment	231.6M	180.5M	304.5M	502M	1.1B	1.2B	1.4B	728M	589M	539M
Goodwill & intangibles	11.6B	12.4B	25.3B	24.8B	24.2B	29B	28.5B	27.8B	27.1B	26.7B
Total assets	12.7B	14.5B	18.8B	20.8B	24.3B	27.2B	27.2B	29.8B	30.2B	29.5B
Accounts payable	88M	113.5M	186.3M	209M	306M	312M	379M	314M	361M	417M
Short-term debt	—	—	—	3.1B	92M	97M	587M	73M	1.6B	77M
Total current liabilities	2.8B	3.5B	4.3B	8.2B	5.5B	6.9B	8.1B	8.3B	10.5B	10.2B
Long-term debt	1.9B	1.9B	4.1B	989M	4.6B	4.6B	4B	4B	4.5B	6.6B
Total liabilities	5.3B	6.1B	9.4B	10.2B	11B	12.4B	13.1B	13.3B	16.1B	17.9B
Shareholders' equity	7.4B	8.5B	9.4B	10.5B	13.3B	14.8B	14.1B	16.5B	14.1B	11.6B
Total debt	1.9B	1.9B	4.1B	4.1B	4.7B	4.7B	4.6B	4.1B	6.1B	6.6B
Net debt	880.9M	-424.7M	2.5B	1.5B	230M	829M	397M	-3.1B	-1.6B	1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.5B	7.8B	6.8B	8.1B	7.5B	7.9B	7.4B	5.7B	5.9B	6.6B	6.9B	5.6B
Receivables	1.9B	2.2B	2.1B	1.6B	1.8B	2.1B	2B	1.7B	2.1B	2.3B	2.1B	2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	10.4B	11.1B	10B	11B	10.7B	11.2B	10.9B	9B	9.4B	10.2B	10.4B	9.1B
Property, plant & equipment	2.4B	728M	2.4B	2.4B	2.3B	589M	2.2B	2.1B	2.2B	539M	2.2B	2.2B
Goodwill & intangibles	27.9B	27.8B	27.6B	27.5B	27.3B	27.1B	27B	26.9B	26.8B	26.7B	26.6B	30.1B
Total assets	29.1B	29.8B	28.8B	30B	29.8B	30.2B	30B	28.1B	28.8B	29.5B	29.7B	29.9B
Accounts payable	314M	314M	300M	357M	318M	361M	326M	360M	337M	417M	419M	499M
Short-term debt	74M	73M	1.6B	1.6B	1.6B	1.6B	74M	74M	74M	77M	933M	1.9B
Total current liabilities	8.3B	8.3B	9.5B	9.5B	9.6B	10.5B	9.2B	9B	9.2B	10.2B	11.4B	12.1B
Long-term debt	4B	4B	2.5B	4.5B	4.5B	4.5B	6.5B	6.5B	6.6B	6.6B	5.7B	5.1B
Total liabilities	13.3B	13.3B	13.3B	15.2B	15.3B	16.1B	16.9B	16.7B	17B	17.9B	18.3B	18.4B
Shareholders' equity	15.8B	16.5B	15.5B	14.8B	14.5B	14.1B	13.1B	11.4B	11.8B	11.6B	11.4B	11.5B
Total debt	4.1B	4.1B	4.1B	6.1B	6.1B	6.1B	6.6B	6.6B	6.6B	6.6B	6.7B	7.1B
Net debt	-2.5B	-3.1B	-2.2B	-1.6B	-1.1B	-1.6B	-195M	1.6B	1.7B	1.2B	324M	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	1.7B	2.6B	3B	5.3B	4.8B	4.8B	5.4B	5.6B	7.1B
Depreciation & amortization	331.5M	326M	346M	757M	757M	788M	856M	872M	857M	818M
Stock-based compensation	349.3M	454.5M	610M	788M	909M	1.1B	1.4B	1.7B	1.8B	1.9B
Change in working capital	358.1M	243M	497M	332M	460M	603M	404M	328M	496M	560M
Operating cash flow	2.2B	2.8B	3.6B	4.8B	5.9B	7.5B	7.8B	7.9B	8.3B	10B
Capital expenditure	-203.8M	-178.1M	-267M	-395M	-419M	-348M	-442M	-360M	-183M	—
Investing cash flow	-960M	-442.9M	-4.7B	-456M	-414M	-3.5B	-570M	776M	149M	-1B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1.1B	-1.1B	-2B	-2.8B	-3B	-4B	-6.5B	-4.4B	-9.5B	-11.3B
Financing cash flow	-1.1B	-1.2B	-5M	-2.9B	-3.5B	-4.3B	-6.8B	-5.2B	-7.7B	-11.1B
Net change in cash	183.3M	1.1B	-1.1B	1.4B	2B	-366M	399M	3.5B	713M	-2B
Free cash flow	2B	2.7B	3.8B	4B	5.3B	6.9B	7.4B	6.9B	7.9B	9.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.4B	1.5B	620M	1.6B	1.7B	1.7B	1.8B	1.7B	1.8B	1.9B	1.9B	1.7B
Depreciation & amortization	218M	222M	212M	214M	213M	218M	217M	209M	208M	184M	174M	193M
Stock-based compensation	442M	427M	451M	467M	474M	441M	475M	481M	497M	489M	509M	534M
Change in working capital	-84M	89M	314M	71M	-13M	124M	300M	116M	-189M	333M	595M	-95M
Operating cash flow	1.9B	2.1B	1.5B	2.2B	2.2B	2.3B	2.7B	2.4B	2.2B	3.2B	3B	2.2B
Capital expenditure	-91M	-47M	-37M	-41M	-57M	-48M	-26M	-47M	—	—	—	—
Investing cash flow	145M	153M	66M	111M	-47M	19M	-484M	-276M	-204M	-115M	511M	-96M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1B	-1B	-2B	-2.5B	-2.5B	-2.5B	-3.3B	-3.5B	-2.1B	-2.5B	-2.5B	-2.1B
Financing cash flow	-871M	-1.2B	-2.1B	-642M	-2.5B	-2.5B	-2.8B	-3.8B	-1.9B	-2.6B	-2.5B	-1.9B
Net change in cash	1.1B	1B	-580M	1.7B	-265M	-142M	-674M	-1.7B	118M	490M	925M	214M
Free cash flow	1.8B	1.6B	1.1B	1.9B	2B	2.9B	2.5B	2.1B	2.1B	3.1B	2.9B	2.1B

Date	Ratio
May 24, 2005	2:1
Oct 25, 2000	2:1
Oct 27, 1999	2:1
Oct 29, 1997	1:1
Jul 29, 1997	1:1
Aug 11, 1993	2:1
Nov 23, 1988	2:1
Mar 12, 1987	2:1

Adobe Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history