Revenue
$23.77B
Fiscal year ended 2025-11-28Operating income
$8.71B
Fiscal year ended 2025-11-28Free cash flow
$9.85B
Fiscal year ended 2025-11-28ADOBE INC. (ADBE) reported revenue of $23.77B and net income of $7.13B for the fiscal year ended 2025-11-28. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from ADOBE INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Prepackaged Software.
Income
| Metric | 2025-11-28 | 2024-11-29 | 2023-12-01 | 2022-12-02 | 2021-12-03 | 2020-11-27 | 2019-11-29 | 2018-11-30 | 2017-12-01 | 2016-12-02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.77B | $21.50B | $19.41B | $17.61B | $15.78B | $12.87B | $11.17B | $9.03B | $7.30B | $5.85B |
| Cost of revenue | $2.55B | $2.36B | $2.35B | $2.16B | $1.86B | $1.72B | $1.67B | $1.20B | $1.01B | $819.91M |
| Gross profit | $21.22B | $19.15B | $17.06B | $15.44B | $13.92B | $11.15B | $9.50B | $7.84B | $6.29B | $5.03B |
| Operating income | $8.71B | $6.74B | $6.65B | $6.10B | $5.80B | $4.24B | $3.27B | $2.84B | $2.17B | $1.49B |
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | $4.82B | $5.26B | $2.95B | $2.59B | $1.69B | $1.17B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 427.00M | shares 449.70M | shares 459.10M | shares 470.90M | shares 481.00M | shares 485.50M | shares 491.60M | shares 497.80M | shares 501.12M | shares 504.30M |
| Pretax income | $8.73B | $6.93B | $6.80B | $6.01B | $5.70B | $4.18B | $3.20B | $2.79B | $2.14B | $1.44B |
| Income tax expense | $1.60B | $1.37B | $1.37B | $1.25B | $883.00M | -$1.08B | $254.00M | $203.00M | $443.69M | $266.36M |
| Diluted EPS | $16.70 | $12.36 | $11.82 | $10.10 | $10.02 | $10.83 | $6.00 | $5.20 | $3.38 | $2.32 |
| Selling, general & administrative | $8.06B | $7.29B | $6.76B | $6.19B | $5.41B | $4.56B | $4.12B | $3.37B | $2.82B | $2.49B |
| General & administrative | $1.57B | $1.53B | $1.41B | $1.22B | $1.08B | $968.00M | $881.00M | $745.00M | $624.71M | $576.20M |
| Selling & marketing | $6.49B | $5.76B | $5.35B | $4.97B | $4.32B | $3.59B | $3.24B | $2.62B | $2.20B | $1.91B |
Balance
| Metric | 2025-11-28 | 2024-11-29 | 2023-12-01 | 2022-12-02 | 2021-12-03 | 2020-11-27 | 2019-11-29 | 2018-11-30 | 2017-12-01 | 2016-12-02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.43B | $7.61B | $7.14B | $4.24B | $3.84B | $4.48B | $2.65B | $1.64B | $2.31B | $1.01B |
| Total assets | $29.50B | $30.23B | $29.78B | $27.16B | $27.24B | $24.28B | $20.76B | $18.77B | $14.54B | $12.70B |
| Current assets | $10.16B | $11.23B | $11.08B | $9.00B | $8.67B | $8.15B | $6.50B | $4.86B | $7.25B | $5.84B |
| Total liabilities | $17.87B | $16.12B | $13.26B | $13.11B | $12.44B | $11.02B | $10.23B | $9.41B | $6.08B | $5.27B |
| Current liabilities | $10.20B | $10.52B | $8.25B | $8.13B | $6.93B | $5.51B | $8.19B | $4.30B | $3.53B | $2.81B |
| Total equity incl. NCI | $11.62B | $14.10B | $16.52B | $14.05B | $14.80B | $13.26B | $10.53B | $9.36B | $8.46B | $7.42B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $2.34B | $2.07B | $2.22B | $2.06B | $1.88B | $1.40B | $1.54B | $1.32B | $1.22B | $833.03M |
| Goodwill | $12.86B | $12.79B | $12.80B | $12.79B | $12.67B | $10.74B | $10.69B | $10.58B | $5.82B | $5.41B |
| Long-term debt | $6.21B | $4.13B | $3.63B | $3.63B | $4.12B | $4.12B | $989.00M | $4.12B | $1.88B | $1.89B |
| Accounts payable | $417.00M | $361.00M | $314.00M | $379.00M | $312.00M | $306.00M | $209.00M | $186.26M | $113.54M | $88.02M |
Cash flow
| Metric | 2025-11-28 | 2024-11-29 | 2023-12-01 | 2022-12-02 | 2021-12-03 | 2020-11-27 | 2019-11-29 | 2018-11-30 | 2017-12-01 | 2016-12-02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.03B | $8.06B | $7.30B | $7.84B | $7.23B | $5.73B | $4.42B | $4.03B | $2.91B | $2.20B |
| Capital expenditures | $179.00M | $183.00M | $360.00M | $442.00M | $348.00M | $419.00M | $395.00M | $267.00M | $178.12M | $203.80M |
| Investing cash flow | -$1.19B | $149.00M | $776.00M | -$570.00M | -$3.54B | -$414.00M | -$456.00M | -$4.68B | -$442.88M | -$960.03M |
| Financing cash flow | -$11.06B | -$7.72B | -$5.18B | -$6.82B | -$4.30B | -$3.49B | -$2.95B | -$5.00M | -$1.18B | -$1.09B |
| Net change in cash | -$2.18B | $472.00M | $2.90B | $392.00M | -$634.00M | $1.83B | $1.01B | -$663.00M | $1.29B | $134.76M |
| Stock-based compensation | $1.94B | $1.83B | $1.72B | $1.44B | $1.07B | $909.00M | $788.00M | $610.00M | $454.47M | $349.30M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $11.28B | $9.50B | $4.40B | $6.55B | $3.95B | $3.05B | $2.75B | $2.05B | $1.10B | $1.08B |
| Depreciation & amortization | $818.00M | $857.00M | $872.00M | $856.00M | $788.00M | $757.00M | $757.00M | $346.00M | $326.00M | $331.54M |
Derived
| Metric | 2025-11-28 | 2024-11-29 | 2023-12-01 | 2022-12-02 | 2021-12-03 | 2020-11-27 | 2019-11-29 | 2018-11-30 | 2017-12-01 | 2016-12-02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $9.85B | $7.87B | $6.94B | $7.40B | $6.88B | $5.31B | $4.03B | $3.76B | $2.73B | $2.00B |
| Gross margin | 89.3% | 89.0% | 87.9% | 87.7% | 88.2% | 86.6% | 85.0% | 86.8% | 86.2% | 86.0% |
| Operating margin | 36.6% | 31.3% | 34.3% | 34.6% | 36.8% | 32.9% | 29.3% | 31.5% | 29.7% | 25.5% |
| FCF margin | 41.4% | 36.6% | 35.8% | 42.0% | 43.6% | 41.2% | 36.0% | 41.7% | 37.5% | 34.1% |
| SBC / revenue | 8.2% | 8.5% | 8.9% | 8.2% | 6.8% | 7.1% | 7.1% | 6.8% | 6.2% | 6.0% |
| Current ratio | 1.00x | 1.07x | 1.34x | 1.11x | 1.25x | 1.48x | 0.79x | 1.13x | 2.05x | 2.08x |
| Revenue YoY growth | 10.5% | 10.8% | 10.2% | 11.5% | 22.7% | 15.2% | 23.7% | 23.7% | 24.7% | Unavailable |
| Net margin | 30.0% | 25.9% | 28.0% | 27.0% | 30.5% | 40.9% | 26.4% | 28.7% | 23.2% | 20.0% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 0.8% | 0.9% | 1.9% | 2.5% | 2.2% | 3.3% | 3.5% | 3.0% | 2.4% | 3.5% |
| Long-term debt / equity | 0.53x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 18.4% | 19.8% | 20.2% | 20.8% | 15.5% | -26.0% | 7.9% | 7.3% | 20.8% | 18.6% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ADBE in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-06-15View SEC filing
10-Q · Filed 2026-03-25View SEC filing
10-K · Filed 2026-01-15View SEC filing
10-Q · Filed 2025-09-24View SEC filing
10-Q · Filed 2025-06-25View SEC filing
10-Q · Filed 2025-03-26View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.