Adobe
ADBE Nasdaq· Application Software
Last close · Oct 26, 2026
$258.62
KIRA · Stoqly’s AI analyst, in plain words
- Adobe had $23.8B of revenue in fiscal 2025, up 10.5% on the year before. Over five years, revenue changed +13.1% a year on average.
- Its operating margin was 36.6%, up 5.3 pts: of every 100 in sales, about 37 is left after running the business.
- Adobe made $7.1B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 24.5% a year.
- Free cash flow was $9.9B in fiscal 2025, 41.5% of revenue.
- Adobe returned $11.3B to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 5.1%.
- Adobe has $385M more cash than debt.
Market cap
$102.3B
P/E
14.4x
Revenue
$23.8B
Net income
$7.1B
Free cash flow
$9.9B
Operating margin
36.6%
Adobe in 30 seconds · fiscal 2025
Are sales growing?
+10.5%
Yes. Sales grew 10.5% last year.
Does it make a profit?
30.0%
Yes. It keeps 30.0% of every sale as profit.
Does profit turn into cash?
41.5%
Yes. 41.5% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
14.4x
One share costs 14.4 times its yearly profit per share. Typical for its sector: 33.5x.
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.
Biggest risks, in its own words
- Failing to innovate quickly enough as technology and customer needs change, including in AI.
- Intense competition in fast-moving markets, which could hurt its business and results.
- Issues around how AI is built and used in its products that could cause reputational harm and legal liability.
- Problems with its sales channels, including its direct sales force, distributors and partners.
- Fiscal year ends
- November 28, 2025
- Latest annual report
- 10-K · Jan 15, 2026
- Legal name
- ADOBE INC.
- CIK
- 0000796343
Adobe · ADBE
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Revenue growth | 22.7% | 11.5% | 10.2% | 10.8% | 10.5% |
| Gross margin | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% |
| Operating margin | 36.8% | 34.6% | 34.3% | 31.4% | 36.6% |
| Net income | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B |
| Net margin | 30.6% | 27.0% | 28.0% | 25.9% | 30.0% |
| Diluted EPS | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 |
| Cash | |||||
| Cash from operations | $7.2B | $7.8B | $7.3B | $8.1B | $10.0B |
| Capital expenditure | $348M | $442M | $360M | $183M | $179M |
| Free cash flow | $6.9B | $7.4B | $6.9B | $7.9B | $9.9B |
| FCF margin | 43.6% | 42.0% | 35.8% | 36.6% | 41.5% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $4.0B | $6.6B | $4.4B | $9.5B | $11.3B |
| Share count change | −0.9% | −2.1% | −2.5% | −2.1% | −5.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
| Net debt / EBITDA | −0.3x | −0.4x | −0.6x | −0.5x | −0.0x |
| Current ratio | 1.3x | 1.1x | 1.3x | 1.1x | 1.0x |
| Interest coverage | 51.4x | 54.5x | 58.9x | 39.9x | 33.1x |
| Returns and quality | |||||
| Return on capital | 40.0% | 39.1% | 44.4% | 47.7% | 65.9% |
| Return on equity | 34.4% | 33.0% | 35.5% | 36.3% | 55.4% |
| Piotroski F-score | 7 | 5 | 9 | 6 | 7 |
| Altman Z'' | 6.0 | 6.2 | 7.1 | 6.7 | 7.7 |
Insiders bought, 12 months
$1.9M
1 insider
Insiders sold, 12 months
$50.8M
3 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Adobe · ADBE
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Adobe ADBE | $102.3B | 10.5% | 36.6% | 41.5% | 65.9% | 14.4x | 7 |
| Microsoft MSFT | $3.97T | 17.8% | 46.8% | 20.2% | 30.9% | — | 6 |
| Palantir PLTR | $510.8B | 56.2% | 31.6% | 46.9% | — | 171.4x | 7 |
| Cisco CSCO | $439.5B | 11.8% | 24.3% | 20.2% | 20.2% | — | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $258.62 a share, the company is worth $102.3B: 14.4 times its earnings of the last four quarters.
Adobe grew sales faster than 0 of its 3 similar companies. Its P/E is higher than 0 of 1.
Source: SEC EDGAR XBRL filings (CIK 0000796343). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.