Adobe vs Oracle
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The short version
- Oracle is the larger business, with $67.4B of revenue in fiscal 2026 against $23.8B for Adobe, about 2.8 times as much.
- Oracle grew revenue faster (17.4%, against 10.5%).
- Adobe kept more of each dollar of sales as operating profit (36.6% operating margin, against 30.6%).
- Adobe turned more of its sales into free cash flow (41.5% FCF margin, against −35.2%).
- Adobe earned a higher return on the capital invested in it (65.9%, against 14.2%).
- Investors pay more for each dollar of Oracle’s earnings: a P/E of 19.8x against 14.7x for Adobe.
| Latest fiscal year | ADBE · FY25 | ORCL · FY26 |
|---|---|---|
| Size | ||
| Market cap | $104.3B | $378.5B |
| Revenue | $23.8B | $67.4B |
| Free cash flow | $9.9B | −$23.7B |
| Net income | $7.1B | $17.1B |
| Growth | ||
| Revenue growth | 10.5% | 17.4% |
| 5-year growth | 13.1% | 10.7% |
| Share count change | −5.1% | 1.7% |
| Profitability | ||
| Gross margin | 89.3% | — |
| Operating margin | 36.6% | 30.6% |
| Net margin | 30.0% | 25.4% |
| FCF margin | 41.5% | −35.2% |
| Return on capital | 65.9% | 14.2% |
| Return on equity | 55.4% | 54.3% |
| Balance sheet | ||
| Net debt | −$385M | $105.3B |
| Net debt / EBITDA | −0.0x | 3.5x |
| Dividends and buybacks | $11.3B | $5.9B |
| Valuation & quality | ||
| P/E | 14.7x | 19.8x |
| Piotroski F-score | 7 | 5 |
Revenue
FY17
ADBE $7.3B
ORCL $37.8B
FY18
ADBE $9.0B
ORCL $39.4B
FY19
ADBE $11.2B
ORCL $39.5B
FY20
ADBE $12.9B
ORCL $39.1B
FY21
ADBE $15.8B
ORCL $40.5B
FY22
ADBE $17.6B
ORCL $42.4B
FY23
ADBE $19.4B
ORCL $50.0B
FY24
ADBE $21.5B
ORCL $53.0B
FY25
ADBE $23.8B
ORCL $57.4B
FY26
ADBE —
ORCL $67.4B
ADBE
ORCL
Operating margin
FY17
ADBE 29.7%
ORCL 34.2%
FY18
ADBE 31.5%
ORCL 33.7%
FY19
ADBE 29.3%
ORCL 34.3%
FY20
ADBE 32.9%
ORCL 35.6%
FY21
ADBE 36.8%
ORCL 37.6%
FY22
ADBE 34.6%
ORCL 25.7%
FY23
ADBE 34.3%
ORCL 26.2%
FY24
ADBE 31.4%
ORCL 29.0%
FY25
ADBE 36.6%
ORCL 30.8%
FY26
ADBE —
ORCL 30.6%
ADBE
ORCL
Free cash flow
FY17
ADBE $2.7B
ORCL $12.1B
FY18
ADBE $3.8B
ORCL $13.7B
FY19
ADBE $4.0B
ORCL $12.9B
FY20
ADBE $5.3B
ORCL $11.6B
FY21
ADBE $6.9B
ORCL $13.8B
FY22
ADBE $7.4B
ORCL $5.0B
FY23
ADBE $6.9B
ORCL $8.5B
FY24
ADBE $7.9B
ORCL $11.8B
FY25
ADBE $9.9B
ORCL −$394M
FY26
ADBE —
ORCL −$23.7B
ADBE
ORCL
Return on capital
FY17
ADBE 37.9%
ORCL 14.0%
FY18
ADBE 35.6%
ORCL 11.3%
FY19
ADBE 29.0%
ORCL 32.0%
FY20
ADBE 38.7%
ORCL 28.5%
FY21
ADBE 40.0%
ORCL 35.8%
FY22
ADBE 39.1%
ORCL —
FY23
ADBE 44.4%
ORCL 45.0%
FY24
ADBE 47.7%
ORCL 16.4%
FY25
ADBE 65.9%
ORCL 16.3%
FY26
ADBE —
ORCL 14.2%
ADBE
ORCL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.