Skip to content
Loading your account…

ADBE ADOBE INC.

NasdaqTechnologyServices-Prepackaged SoftwareSan Jose, CAFY ends November 27

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Jan 15, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$23.8BYoYup 10.53%ended Nov 28, 2025
Net income
$7.13B30.0% margin
Diluted EPS
$16.70YoYup 35.11%
Free cash flow
$9.85B41.4% margin
Cash
$5.43BNet debt $779M
Total debt
$6.21BD/E 0.53×
About ADOBE INC.

Overview

ADOBE INC. (ADBE) is listed on Nasdaq; the SEC classifies it under "Services-Prepackaged Software".

For fiscal 2025 (ended Nov 28, 2025) it reported revenue of $23.77B, up 10.5% from fiscal 2024.

Net income was $7.13B, a net margin of 30.0%.

At fiscal year end it had total assets of $29.5B and stockholders' equity of $11.62B (39.4% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Jan 15, 2026
Latest filing
10-QSep 22, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$5.85B$1.17B20.0%
FY2017$7.3B$1.69B23.2%
FY2018$9.03B$2.59B28.7%
FY2019$11.2B$2.95B26.4%
FY2020$12.9B$5.26B40.9%
FY2021$15.8B$4.82B30.5%
FY2022$17.6B$4.76B27.0%
FY2023$19.4B$5.43B28.0%
FY2024$21.5B$5.56B25.9%
FY2025$23.8B$7.13B30.0%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY201686.0%25.5%20.0%
FY201786.2%29.7%23.2%
FY201886.8%31.5%28.7%
FY201985.0%29.3%26.4%
FY202086.6%32.9%40.9%
FY202188.2%36.8%30.5%
FY202287.7%34.6%27.0%
FY202387.9%34.3%28.0%
FY202489.0%31.3%25.9%
FY202589.3%36.6%30.0%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$2.32
FY2017$3.38
FY2018$5.20
FY2019$6.00
FY2020$10.83
FY2021$10.02
FY2022$10.10
FY2023$11.82
FY2024$12.36
FY2025$16.70

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$2B$1.17B
FY2017$2.73B$1.69B
FY2018$3.76B$2.59B
FY2019$4.03B$2.95B
FY2020$5.31B$5.26B
FY2021$6.88B$4.82B
FY2022$7.4B$4.76B
FY2023$6.94B$5.43B
FY2024$7.87B$5.56B
FY2025$9.85B$7.13B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016504M
FY2017501M
FY2018498M
FY2019492M
FY2020486M
FY2021481M
FY2022471M
FY2023459M
FY2024450M
FY2025427M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$1.01B$1.9B
FY2017$2.31B$1.88B
FY2018$1.64B$4.12B
FY2019$2.65B$989M
FY2020$4.48B$4.12B
FY2021$3.84B$4.12B
FY2022$4.24B$3.63B
FY2023$7.14B$3.63B
FY2024$7.61B$4.13B
FY2025$5.43B$6.21B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
89.3%
Operating margin
36.6%
Net margin
30.0%
FCF margin
41.4%
Return on equity
55.4%
Return on assets
23.9%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 10.53%up 10.52%up 13.06%up 16.85%
EPS (diluted)up 35.11%up 18.25%up 9.05%up 24.52%
Free cash flowup 25.14%up 10.03%up 13.17%up 19.41%
Change in share count
-5.05%

Financial strength

Current ratio
1×
Debt / equity
0.53×
Liabilities / assets
60.6%
Net debt
$779M
Interest coverage
33.1×
Equity / assets
39.4%

Shareholder returns

Buybacks
$11.3B
Stock comp. / revenue
8.2%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

7 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets23.6%
  • PassPositive operating cash flow$10B
  • PassReturn on assets improved23.6% vs 18.7%
  • PassOperating cash flow above net income33.2% vs 23.6%
  • FailLong-term debt / assets fell21.1% vs 13.7%
  • FailCurrent ratio improved1× vs 1.07×
  • PassNo increase in share count427M vs 450M
  • PassGross margin improved89.3% vs 89.0%
  • PassAsset turnover improved0.79× vs 0.72×

Altman Z''-Score

Safe zone (above 2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets-0.001×6.56-0.01
Retained earnings / assets1.538×3.265.01
Operating income / assets0.295×6.721.98
Equity / liabilities0.650×1.050.68
Z''7.67

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Nov 28, 2025FY2024Nov 29, 2024FY2023Dec 1, 2023FY2022Dec 2, 2022FY2021Dec 3, 2021FY2020Nov 27, 2020FY2019Nov 29, 2019FY2018Nov 30, 2018FY2017Dec 1, 2017FY2016Dec 2, 2016
Revenue23,76921,50519,40917,60615,78512,86811,1719,0307,3025,854
YoY (Revenue)+10.53%+10.80%+10.24%+11.54%+22.67%+15.19%+23.71%+23.67%+24.72%—
Gross profit21,21819,14717,05515,44113,92011,1469,4997,8356,2915,035
Operating income8,7066,7416,6506,0985,8024,2373,2682,8402,1681,494
Interest expense26316911311211311615789.274.470.4
Pretax income8,7346,9316,7996,0085,7054,1763,2052,7942,1381,435
Income tax1,6041,3711,3711,252883-1,084253203444266
Net income7,1305,5605,4284,7564,8225,2602,9512,5911,6941,169
YoY (Net income)+28.24%+2.43%+14.13%-1.37%-8.33%+78.22%+13.92%+52.94%+44.93%—
EPS (basic)16.7312.4311.8710.1310.1010.946.075.283.432.35
EPS (diluted)16.7012.3611.8210.1010.0210.836.005.203.382.32
YoY (EPS (diluted))+35.11%+4.57%+17.03%+0.80%-7.48%+80.50%+15.38%+53.85%+45.69%—
Diluted shares (weighted)427450459471481486492498501504

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Nov 28, 2025FY2024Nov 29, 2024FY2023Dec 1, 2023FY2022Dec 2, 2022FY2021Dec 3, 2021FY2020Nov 27, 2020FY2019Nov 29, 2019FY2018Nov 30, 2018FY2017Dec 1, 2017FY2016Dec 2, 2016
Cash & equivalents5,4317,6137,1414,2363,8444,4782,6501,6432,3061,011
Receivables2,3442,0722,2242,0651,8781,3981,5351,3161,218833
Current assets10,16311,23211,0848,9968,6698,1466,4954,8577,2485,840
Goodwill12,85712,78812,80512,78712,66810,74210,69110,5815,8225,406
Total assets29,49630,23029,77927,16527,24124,28420,76218,76914,53612,707
Current liabilities10,20010,5218,2518,1286,9325,5128,1914,3013,5272,812
Long-term debt6,2104,1293,6343,6294,1234,1179894,1251,8811,902
Total liabilities17,87316,12513,26113,11412,44411,02010,2329,4076,0765,282
Retained earnings45,35438,47033,34628,31923,90519,61114,82911,8169,5748,115
Stockholders' equity11,62314,10516,51814,05114,79713,26410,5309,3628,4607,425
Shares outstanding413441455462475479482488491494

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Nov 28, 2025FY2024Nov 29, 2024FY2023Dec 1, 2023FY2022Dec 2, 2022FY2021Dec 3, 2021FY2020Nov 27, 2020FY2019Nov 29, 2019FY2018Nov 30, 2018FY2017Dec 1, 2017FY2016Dec 2, 2016
Operating cash flow10,0318,0567,3027,8387,2305,7274,4224,0292,9132,200
Capital expenditures179183360442348419394267178204
Free cash flow9,8527,8736,9427,3966,8825,3084,0273,7632,7351,996
YoY (Free cash flow)+25.14%+13.41%-6.14%+7.47%+29.65%+31.80%+7.03%+37.59%+37.02%—
Depreciation & amortization818857872856788757737346326332
Stock-based compensation1,9421,8331,7181,4401,069909788610451350
Share repurchases11,2819,5004,4006,5503,9503,0502,7502,0501,1001,075
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$16.70
Revenue per share
$55.67
FCF per share
$23.07
Book value per share
$27.22
Tangible book per share
-$2.89
Cash per share
$12.72
Public floatas of May 30, 2025
$145B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 10-Q
    Quarterly report· Aug 28, 2026(SEC EDGAR)
  2. 8-K
    Current report· Sep 10, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Sep 2, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Jul 14, 2026(SEC EDGAR)
    • 5.02Officer or director changes
  5. 10-Q
    Quarterly report· May 29, 2026(SEC EDGAR)
  6. 8-K
    Current report· Jun 8, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· Apr 15, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 8.01Other events
    • 9.01Financial statements and exhibits
  8. 10-Q
    Quarterly report· Feb 27, 2026(SEC EDGAR)
  9. 8-K
    Current report· Mar 9, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  10. DEF 14A
    Proxy statement· Apr 15, 2026(SEC EDGAR)
All filings on SEC EDGAR
SIC 7372 · Services-Prepackaged Software

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
MSFTMICROSOFT CORP$332B—40.3%———
ORCLORACLE CORP$67.4B—25.4%———
CRMSalesforce, Inc.$41.5Bup 9.58%18.0%12.4%7/9
ADBEADOBE INC. (This company)$23.8Bup 10.53%30.0%55.4%7/9
SHOPSHOPIFY INC.$11.6B—10.7%———
CRWDCrowdStrike Holdings, Inc.$4.81B—-3.4%———
SNOWSnowflake Inc.$4.68Bup 29.16%-28.4%-54.1%—
PLTRPalantir Technologies Inc.$4.48B—36.3%———
SAPSAP SE——————
Peer median$11.6Bup 19.37%18.0%-20.8%7/9—

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does ADOBE INC. do?

The SEC classifies ADOBE INC. under Standard Industrial Classification (SIC) code 7372, "Services-Prepackaged Software". It is headquartered in San Jose, CA. It is incorporated in DE. In fiscal 2025 it reported revenue of $23.77B and net income of $7.13B in its annual 10-K report.

What was ADOBE INC.'s revenue in 2025?

ADOBE INC. reported revenue of $23.77B for fiscal 2025, which ended Nov 28, 2025, up 10.5% from $21.51B in fiscal 2024, according to its annual 10-K report filed with the SEC on Jan 15, 2026.

What was ADOBE INC.'s net income in 2025?

ADOBE INC. reported net income of $7.13B for fiscal 2025, a net margin of 30.0% of revenue.

Where is ADOBE INC. listed?

According to the SEC, ADOBE INC.'s ticker ADBE is listed on Nasdaq.

When does ADOBE INC.'s fiscal year end?

According to the SEC, ADOBE INC.'s fiscal year ends on November 27; its latest reported fiscal year (2025) ended Nov 28, 2025.

Source: SEC EDGAR · Last updated:

Ver en español

Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.