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Adobe

ADBE Nasdaq Application Software Financials FY2016–FY2025

Adobe's revenue rose 10.5% to $23.8 billion in fiscal 2025. Its operating margin was 36.6%, up from 31.4% a year earlier. Free cash flow was $9.9 billion, up 25.1%. It paid out $11.3 billion in dividends and buybacks, 114% of free cash flow. The diluted share count fell 5.0%.

Last close · Oct 23, 2026

$263.82

2.5%
Value it Compare
Revenue Total sales reported in the income statement.
$23.8B
10.5% vs prior year
Operating margin Operating income as a share of revenue.
36.6%
5.3 pts
Net income Profit after all expenses, interest and tax.
$7.1B
28.2%
Free cash flow Cash from operations minus capital spending.
$9.9B
25.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
65.9%
18.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$104.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.7x
On $17.91 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Adobe does

Adobe sells software for creating, editing and sharing documents, images, video and marketing content. Its customers are business professionals, consumers, creators, creative professionals and marketing professionals. Its products include Photoshop, Illustrator, Premiere Pro, Lightroom, Acrobat and Express. It is also adding AI features, including its own Firefly AI models, across these products.

Adobe had three reportable segments in fiscal 2025: Digital Media, Digital Experience, and Publishing and Advertising. Digital Media sells the creative and document products, mostly by subscription, and had revenue of $17.65 billion. Digital Experience sells software and services, such as Adobe Experience Platform and GenStudio, that help businesses manage and personalize their marketing and customer experiences, and had revenue of $5.86 billion. Publishing and Advertising is the third segment.

Adobe sells through its own website, a direct sales force, distributors and other partners, and it offers free versions of some products, such as Acrobat Reader, to bring in new users. It says it competes in rapidly changing, intensely competitive markets.

Legal name
ADOBE INC.
Fiscal year ends
November 28, 2025
Latest annual report
10-K · Jan 15, 2026
Accession · CIK
0000796343-26-000003
0000796343

Revenue and margins

Adobe had $23.8B of revenue in fiscal 2025, up 10.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 24.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $9.9B in fiscal 2025, 41.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Adobe returned $11.3B to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 5.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Adobe yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $385M and divides by 427.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.7x · peers 32.0x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Adobe can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.8B$6.1B$7.8B$7.9B$6.6B
Debt incl. finance leases $4.1B$3.6B$3.6B$4.1B$6.2B
Net debt / EBITDA −0.3x−0.4x−0.6x−0.5x−0.0x
Debt / equity 0.3x0.3x0.2x0.3x0.5x
Interest coverage 51.4x54.5x58.9x39.9x33.1x
Current ratio 1.3x1.1x1.3x1.1x1.0x
Quick ratio 1.3x1.1x1.3x1.1x1.0x
Total assets $27.2B$27.2B$29.8B$30.2B$29.5B
Total liabilities $12.4B$13.1B$13.3B$16.1B$17.9B
Shareholders' equity $14.8B$14.1B$16.5B$14.1B$11.6B
Net debt (− = net cash) −$1.7B−$2.5B−$4.2B−$3.8B−$385M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.9M

1 insider

Sold, 12 months

$50.8M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 Shantanu NarayenChair and CEO, Director Sold 50,500 $249.57 $12.6M Form 4
Sep 16, 2026 Shantanu NarayenChair and CEO, Director Sold 74,500 $251.56 $18.7M Form 4
Jul 29, 2026 Jillian ForuszSVP & CAO Sold 416 $264.33 $0.1M Form 4
Jun 25, 2026 David A RicksDirector Bought 10,000 $194.51 $1.9M Form 4
Apr 30, 2026 Jillian ForuszSVP & CAO Sold 755 $246.25 $0.2M Form 4
Apr 28, 2026 Shantanu NarayenChair and CEO, Director Sold 75,000 $243.53 $18.3M Form 4
Apr 20, 2026 Daniel DurnEVP & CFO Sold 1,336 $248.02 $0.3M Form 4
Jan 27, 2026 Daniel DurnEVP & CFO Sold 1,646 $294.85 $0.5M Form 4
Oct 31, 2025 Jillian ForuszSVP & CAO Sold 149 $337.88 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 9 / 96 / 97 / 9
Accruals ratio −6.6%−8.3%−9.7%
Altman Z'' 7.086.727.67

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Adobe ADBE $104.3B 10.5% 36.6% 41.5% 65.9% 14.7x 7
Microsoft MSFT $3.91T 17.8% 46.8% 20.2% 30.9% 29.2x 6 Compare →
Palantir PLTR $505.4B 56.2% 31.6% 46.9% — 169.6x 7 Compare →
Cisco CSCO $424.6B 11.8% 24.3% 20.2% 20.2% 32.0x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.9B $7.3B $9.0B $11.2B $12.9B $15.8B $17.6B $19.4B $21.5B $23.8B
Gross profit $5.0B $6.3B $7.8B $9.5B $11.1B $13.9B $15.4B $17.1B $19.1B $21.2B
Operating income $1.5B $2.2B $2.8B $3.3B $4.2B $5.8B $6.1B $6.7B $6.7B $8.7B
Interest expense $70.4M $74.4M $89.0M $157M $116M $113M $112M $113M $169M $263M
Pretax income $1.4B $2.1B $2.8B $3.2B $4.2B $5.7B $6.0B $6.8B $6.9B $8.7B
Income tax $266M $444M $203M $254M −$1.1B $883M $1.3B $1.4B $1.4B $1.6B
Net income $1.2B $1.7B $2.6B $3.0B $5.3B $4.8B $4.8B $5.4B $5.6B $7.1B
Diluted EPS $2.32 $3.38 $5.20 $6.00 $10.83 $10.02 $10.10 $11.82 $12.36 $16.70
Diluted shares 0.50B 0.50B 0.50B 0.49B 0.49B 0.48B 0.47B 0.46B 0.45B 0.43B
Cash flow
Cash from operations $2.2B $2.9B $4.0B $4.4B $5.7B $7.2B $7.8B $7.3B $8.1B $10.0B
Capital expenditure $204M $178M $267M $395M $419M $348M $442M $360M $183M $179M
Free cash flow $2.0B $2.7B $3.8B $4.0B $5.3B $6.9B $7.4B $6.9B $7.9B $9.9B
Depreciation and amortization $332M $326M $346M $757M $757M $788M $856M $872M $857M $818M
Stock-based compensation $349M $455M $610M $788M $909M $1.1B $1.4B $1.7B $1.8B $1.9B
Acquisitions $48.4M $460M $6.3B $101M $0.0M $2.7B $126M $0.0M $0.0M $17.0M
Share buybacks $1.1B $1.1B $2.1B $2.8B $3.1B $4.0B $6.6B $4.4B $9.5B $11.3B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.1B $1.1B $2.1B $2.8B $3.1B $4.0B $6.6B $4.4B $9.5B $11.3B
Balance sheet
Cash and short-term investments $4.8B $5.8B $3.2B $4.2B $6.0B $5.8B $6.1B $7.8B $7.9B $6.6B
Total debt $1.9B $1.9B $4.1B $4.1B $4.1B $4.1B $3.6B $3.6B $4.1B $6.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $5.8B $7.2B $4.9B $6.5B $8.1B $8.7B $9.0B $11.1B $11.2B $10.2B
Current liabilities $2.8B $3.5B $4.3B $8.2B $5.5B $6.9B $8.1B $8.3B $10.5B $10.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $816M $937M $1.1B $1.3B $1.5B $1.7B $1.9B $2.0B $1.9B $1.9B
Total assets $12.7B $14.5B $18.8B $20.8B $24.3B $27.2B $27.2B $29.8B $30.2B $29.5B
Total liabilities $5.3B $6.1B $9.4B $10.2B $11.0B $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
Margins
Gross margin 86.0% 86.2% 86.8% 85.0% 86.6% 88.2% 87.7% 87.9% 89.0% 89.3%
Operating margin 25.5% 29.7% 31.5% 29.3% 32.9% 36.8% 34.6% 34.3% 31.4% 36.6%
EBITDA margin 31.2% 34.2% 35.3% 36.0% 38.8% 41.8% 39.5% 38.8% 35.3% 40.1%
Net margin 20.0% 23.2% 28.7% 26.4% 40.9% 30.6% 27.0% 28.0% 25.9% 30.0%
FCF margin 34.1% 37.5% 41.7% 36.1% 41.3% 43.6% 42.0% 35.8% 36.6% 41.5%
Returns
Return on capital 25.7% 37.9% 35.6% 29.0% 38.7% 40.0% 39.1% 44.4% 47.7% 65.9%
Return on capital employed 15.4% 20.8% 22.3% 24.2% 27.0% 29.7% 31.0% 32.8% 32.7% 44.6%
Return on equity 16.2% 21.3% 29.1% 29.7% 44.2% 34.4% 33.0% 35.5% 36.3% 55.4%
Return on assets 9.6% 12.4% 15.6% 14.9% 23.4% 18.7% 17.5% 19.1% 18.5% 23.9%
Growth
Revenue growth 22.1% 24.7% 23.7% 23.7% 15.2% 22.7% 11.5% 10.2% 10.8% 10.5%
Net income growth 85.7% 44.9% 53.0% 13.9% 78.2% −8.3% −1.4% 14.1% 2.4% 28.2%
EPS growth 87.1% 45.7% 53.9% 15.4% 80.5% −7.5% 0.8% 17.0% 4.6% 35.1%
FCF growth 55.4% 37.0% 37.6% 7.0% 31.8% 29.7% 7.5% −6.1% 13.4% 25.1%
Share count change −0.6% −0.6% −0.7% −1.3% −1.2% −0.9% −2.1% −2.5% −2.1% −5.1%
Financial health
Net debt / EBITDA −1.6x −1.6x 0.3x −0.0x −0.4x −0.3x −0.4x −0.6x −0.5x −0.0x
Debt / equity 0.3x 0.2x 0.4x 0.4x 0.3x 0.3x 0.3x 0.2x 0.3x 0.5x
Interest coverage 21.2x 29.1x 31.9x 20.8x 36.5x 51.4x 54.5x 58.9x 39.9x 33.1x
Current ratio 2.1x 2.1x 1.1x 0.8x 1.5x 1.3x 1.1x 1.3x 1.1x 1.0x
Quick ratio 2.1x 2.1x 1.1x 0.8x 1.5x 1.3x 1.1x 1.3x 1.1x 1.0x
Capital allocation
Capex / revenue 3.5% 2.4% 3.0% 3.5% 3.3% 2.2% 2.5% 1.9% 0.9% 0.8%
Stock comp / revenue 6.0% 6.2% 6.8% 7.1% 7.1% 6.8% 8.2% 8.9% 8.5% 8.2%
Payouts / FCF 53.9% 40.2% 54.5% 68.3% 57.5% 57.4% 88.6% 63.4% 120.7% 114.5%
Quality scores
Piotroski F-score 8.0 8.0 7.0 5.0 9.0 7.0 5.0 9.0 6.0 7.0
Altman Z'' 5.9 6.3 4.3 3.9 5.8 6.0 6.2 7.1 6.7 7.7
Accruals ratio −8.4% −9.0% −8.6% −7.4% −2.1% −9.4% −11.3% −6.6% −8.3% −9.7%

Source: SEC EDGAR XBRL filings (CIK 0000796343). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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