ADOBE INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADOBE INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,854	7,302	9,030	11,171	12,868	15,785	17,606	19,409	21,505	23,769
Cost of revenue	820	1,010	1,195	1,673	1,722	1,865	2,165	2,354	2,358	2,551
Gross profit	5,035	6,291	7,835	9,498	11,146	13,920	15,441	17,055	19,147	21,218
Selling and marketing	1,910	2,198	2,621	3,244	3,591	4,321	4,968	5,351	5,764	6,488
General and administrative	576	625	745	881	968	1,085	1,219	1,413	1,529	1,573
Operating expenses	3,541	4,123	4,995	6,230	6,909	8,118	9,343	10,405	12,406	12,512
Operating income	1,494	2,168	2,840	3,268	4,237	5,802	6,098	6,650	6,741	8,706
Interest expense	70.4	74.4	89	157	116	113	112	113	169	263
Interest income	47.3	66.1	93	68	43	17	61	269	341	264
Other non-operating income	-58.5	-30.5	-46	-63	-61	-97	-90	149	190	28
Pre-tax income	1,435	2,138	2,794	3,205	4,176	5,705	6,008	6,799	6,931	8,734
Income tax	266	444	203	254	-1,084	883	1,252	1,371	1,371	1,604
Net income	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560	7,130
EBITDA	1,825	2,494	3,186	4,025	4,994	6,590	6,954	7,522	7,598	9,524
EPS, basic	2.35	3.43	5.28	6.07	10.94	10.10	10.13	11.87	12.43	16.73
EPS, diluted	2.32	3.38	5.20	6.00	10.83	10.02	10.10	11.82	12.36	16.70
Shares, basic (weighted)	498	494	491	486	481	477	470	457	447	426
Shares, diluted (weighted)	504	501	498	492	486	481	471	459	450	427

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,011	2,306	1,643	2,650	4,478	3,844	4,236	7,141	7,613	5,431
Short-term investments	3,750	3,514	1,586	1,527	1,514	1,954	1,860	701	273	1,164
Receivables	833	1,218	1,316	1,535	1,398	1,878	2,065	2,224	2,072	2,344
Other current assets	245	210	312	783	756	993	835	1,018	1,274	1,224
Total current assets	5,840	7,248	4,857	6,495	8,146	8,669	8,996	11,084	11,232	10,163
Property, plant and equipment	816	937	1,075	1,293	1,517	1,673	1,908	2,030	1,936	1,873
Lease right-of-use assets				0	487	443	407	358	281	312
Goodwill	5,406	5,822	10,581	10,691	10,742	12,668	12,787	12,805	12,788	12,857
Intangible assets	414	386	2,069	1,721	1,359	1,820	1,449	1,088	782	495
Other non-current assets	140	144	187	562	663	883	841	1,223	1,554	1,610
Total assets	12,697	14,536	18,769	20,762	24,284	27,241	27,165	29,779	30,230	29,496
Accounts payable	88	114	186	209	306	312	379	314	361	417
Accrued liabilities	740	994	1,163	1,399	1,422	1,736	1,790	1,942	2,336	2,648
Deferred revenue	1,946	2,406	2,916	3,378	3,629	4,733	5,297	5,837	6,131	6,905
Short-term debt			0	3,149	0	0	500	0	1,499	0
Total current liabilities	2,812	3,527	4,301	8,191	5,512	6,932	8,128	8,251	10,521	10,200
Long-term debt	1,892	1,881	4,125	989	4,117	4,123
Lease liabilities				0	499	453	417	373	353	361
Other non-current liabilities	97.4	125	152	173	223	257	293	376	446	508
Total liabilities	5,272	6,076	9,407	10,232	11,020	12,444	13,114	13,261	16,125	17,873
Total debt	1,892	1,881	4,125	989	4,117	4,123	3,629	3,634	4,129	6,210
Paid-in capital	4,616	5,082	5,685	6,504	7,357	8,428	9,868	11,586	13,419	15,361
Retained earnings	8,115	9,574	11,816	14,829	19,611	23,905	28,319	33,346	38,470	45,354
Treasury stock	-5,132	-6,084	-7,991	-10,615	-13,546	-17,399	-23,843	-28,129	-37,583	-48,847
Other comprehensive income	-174	-112	-148	-188	-158	-137	-293	-285	-201	-245
Shareholders' equity	7,425	8,459	9,362	10,530	13,264	14,797	14,051	16,518	14,105	11,623
Total equity	7,425	8,459	9,362	10,530	13,264	14,797	14,051	16,518	14,105	11,623
Total liabilities and equity	12,697	14,536	18,769	20,762	24,284	27,241	27,165	29,779	30,230	29,496
Shares outstanding	494	491	488	483	479	475	462	455	441	413

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560	7,130
Depreciation and amortization	332	326	346	757	757	788	856	872	857	818
Stock-based compensation	349	454	610	788	909	1,069	1,440	1,718	1,833	1,942
Deferred income tax	21.9	50.3	-467	5	-1,504	192	326	-422	-468	-514
Change in receivables	-160	-187	-2	-188	106	-430	-198	-159	143	-275
Change in payables	-6.28	-45.2	55	23	96	-20	66	-49	44	64
Cash from operations	2,200	2,913	4,029	4,422	5,727	7,230	7,838	7,302	8,056	10,031
Capital expenditures	-204	-178	-267	-395	-419	-348	-442	-360	-183	-179
Acquisitions	-48.4	-460	-6,314	-101	0	-2,682	-126	0	0	-17
Purchases of investments	-2,285	-1,931	-566	-700	-1,071	-1,533	-909	0	-59	-2,034
Cash from investing	-960	-443	-4,685	-456	-414	-3,537	-570	776	149	-1,187
Debt issued	0	0	2,248	0	3,144	0	0	0	1,997	1,997
Debt repaid			0	0	-3,150	0	0	-500	0	-1,500
Share buybacks	-1,075	-1,100	-2,050	-2,750	-3,050	-3,950	-6,550	-4,400	-9,500	-11,281
Cash from financing	-1,091	-1,184	-5	-2,946	-3,488	-4,301	-6,825	-5,182	-7,724	-11,060
Exchange rate effect	-14.2	8.52	-2	-13	3	-26	-51	9	-9	34
Net change in cash	135	1,295	-663	1,007	1,828	-634	392	2,905	472	-2,182
Free cash flow	1,996	2,735	3,762	4,027	5,308	6,882	7,396	6,942	7,873	9,852
Interest paid	66.2	69.4	81	152	88	100	103	106	143	246
Income taxes paid	250	397	210	352	469	843	778	1,854	1,727	2,219

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 28, 2026; growth uses fiscal years. Valuation uses the share price of $235.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	89.3%	Gross profit / revenue.
Operating margin	35.7%	Operating income / revenue.
EBITDA margin	38.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	35.7%	Pre-tax income / revenue.
Net margin	28.0%	Net income / revenue.
FCF margin	40.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	41.6%	Cash from operations / revenue.
Effective tax rate	21.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	61.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.3%	Net income / average total assets.
Return on invested capital (ROIC)	59.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	8.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	29.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	25.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	28.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	35.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.9%	Total debt / total assets.
Liabilities / assets	60.8%	Total liabilities / total assets.
Net debt	-$873.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.09x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	35.7x	Operating income / interest expense.
Working capital	-$2.73B	Current assets - current liabilities.
Goodwill and intangibles / assets	50.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	13.9x	Revenue / average property, plant and equipment.
Receivables turnover	12.5x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
FCF conversion	145.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$65.66	Revenue / diluted weighted shares.
FCF per share	$26.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$27.32	Cash from operations / diluted weighted shares.
Book value per share	$30.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.26	Tangible book value / shares outstanding.
Cash per share	$14.42	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	87.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$93.60B	Share price x shares outstanding.
Enterprise value	$92.73B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/S	3.60x	Market cap / revenue.
P/B	7.96x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	8.84x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.66x	Market cap / cash from operations, when positive.
EV/Sales	3.57x	Enterprise value / revenue.
EV/EBIT	10.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.24x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.75x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.3%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.70x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ADOBE INC.'s revenue in fiscal 2025?

ADOBE INC. reported revenue of $23.77B for fiscal 2025, 10.5% higher than the year before.

Was ADOBE INC. profitable in fiscal 2025?

Yes. Net income was $7.13B, a net margin of 30%.

How much free cash flow did ADOBE INC. generate in fiscal 2025?

Cash from operations of $10.03B minus capital expenditures of $179.0M left free cash flow of $9.85B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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