Adobe Inc.

ADBE · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$134,006	$227,112	$278,858	$158,777	$293,345	$226,971	$147,274	$119,373	$85,416	$47,452	$43,854	$36,683	$28,468	$17,123	$13,486	$15,125	$18,556	$12,492	$24,618	$23,364	$17,133	$15,037	$9,677	$6,994	$7,650	$16,040	$8,055	$3,114	$3,022	$3,005	$5,041	$2,293	$1,071	$772	$1,068	$550	$405	$451	$227	$91
Enterprise value	$134,059	$225,282	$275,096	$157,314	$292,220	$225,687	$147,235	$120,269	$81,477	$44,582	$41,774	$34,461	$26,826	$15,092	$12,089	$14,199	$17,651	$10,823	$22,624	$21,083	$15,432	$13,723	$8,580	$6,376	$7,068	$15,360	$7,556	$2,841	$2,519	$2,440	$4,525	$1,848	$977	$725	$1,037	$531	$393	$417	$210	$79
P/E (TTM) at period end	18.79×	40.85×	51.37×	33.38×	60.83×	43.15×	49.91×	46.07×	50.42×	40.60×	69.66×	136.67×	98.17×	20.56×	16.19×	19.52×	48.01×	14.33×	34.01×	46.19×	28.42×	33.39×	36.33×	36.54×	37.20×	55.73×	33.88×	29.62×	16.18×	19.60×	53.93×	149.52×	25.51×	17.71×	20.69×	13.72×	12.03×	21.39×	25.26×	25.39×
P/S (TTM) at period end	5.64×	10.56×	14.37×	9.02×	18.58×	17.64×	13.18×	13.22×	11.70×	8.11×	9.14×	8.85×	7.02×	3.89×	3.20×	3.98×	6.30×	3.49×	7.80×	9.07×	8.71×	9.02×	7.47×	6.00×	6.22×	12.67×	7.93×	3.48×	3.31×	3.82×	6.61×	3.84×	3.42×	2.90×	4.65×	3.26×	3.34×	5.41×	5.78×	5.68×
P/B at period end	11.53×	16.10×	16.88×	11.30×	19.82×	17.11×	13.99×	12.75×	10.10×	6.39×	6.26×	5.41×	4.23×	2.57×	2.33×	2.91×	3.79×	2.83×	5.29×	4.54×	9.19×	10.56×	8.79×	10.37×	12.40×	21.31×	15.73×	6.03×	4.22×	4.25×	7.22×	4.46×	3.93×	3.44×	5.84×	5.10×	6.90×	10.19×	9.67×	6.67×
EV / EBITDA (TTM)	14.08×	29.65×	36.57×	22.62×	44.34×	45.19×	36.58×	37.75×	32.67×	24.43×	33.62×	47.45×	36.06×	10.20×	8.83×	11.04×	18.14×	8.33×	19.29×	24.54×	19.47×	21.03×	20.03×	18.19×	16.24×	34.03×	24.33×	15.65×	8.68×	12.06×	23.21×	10.47×	11.55×	7.73×	11.13×	7.25×	6.86×	–	–	–
EV / Sales (TTM)	5.64×	10.48×	14.17×	8.94×	18.51×	17.54×	13.18×	13.32×	11.16×	7.62×	8.71×	8.31×	6.62×	3.43×	2.87×	3.74×	5.99×	3.02×	7.16×	8.19×	7.85×	8.23×	6.63×	5.47×	5.75×	12.13×	7.44×	3.18×	2.76×	3.10×	5.94×	3.09×	3.12×	2.73×	4.52×	3.15×	3.24×	5.00×	5.34×	4.88×
Returns
Return on equity	61.3%	39.4%	32.9%	33.8%	32.6%	39.7%	28.0%	27.7%	20.0%	15.7%	9.0%	4.0%	4.3%	12.5%	14.4%	14.9%	7.9%	19.8%	15.6%	9.8%	32.3%	31.6%	24.2%	28.4%	33.3%	38.2%	46.4%	20.4%	26.1%	21.7%	13.4%	3.0%	15.4%	19.4%	28.2%	37.2%	57.3%	47.6%	38.3%	26.3%
Return on invested capital	55.4%	43.1%	39.5%	33.4%	31.4%	31.4%	25.0%	22.2%	21.4%	14.6%	8.1%	4.3%	4.6%	13.0%	14.0%	13.6%	7.8%	21.5%	17.7%	9.4%	39.7%	37.6%	29.2%	39.3%	63.7%	51.3%	48.4%	19.4%	32.5%	15.4%	12.0%	2.3%	17.5%	26.5%	31.6%	42.4%	68.8%	201.6%	140.6%	431.2%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.0%	0.1%	0.1%	0.2%	0.2%	0.1%	0.2%	0.5%	0.7%	0.5%	0.2%	0.4%	0.8%	0.9%	0.6%	0.9%	1.0%	–	–	–
Financial health
Current ratio	1.00×	1.07×	1.34×	1.11×	1.25×	1.48×	0.79×	1.13×	2.05×	2.08×	2.18×	1.85×	2.65×	3.46×	3.02×	3.01×	2.93×	3.59×	3.02×	4.26×	4.18×	3.44×	3.04×	2.16×	2.45×	2.79×	2.33×	1.82×	3.02×	3.30×	3.72×	3.06×	4.13×	3.95×	4.38×	2.95×	2.27×	2.71×	3.23×	3.25×
Debt / equity	0.53×	0.40×	0.22×	0.29×	0.28×	0.31×	0.39×	0.44×	0.22×	0.25×	0.27×	0.22×	0.23×	0.23×	0.26×	0.29×	0.20×	0.08×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00×	0.01×	0.02×	–	–
Effective tax rate	18.4%	19.8%	20.2%	20.8%	15.5%	(26.0%)	7.9%	7.3%	20.8%	18.6%	28.0%	25.7%	18.6%	25.6%	19.5%	17.9%	44.9%	19.2%	23.6%	25.6%	21.3%	26.0%	30.0%	32.8%	33.0%	35.1%	36.5%	37.3%	36.9%	37.4%	42.9%	94.0%	47.0%	37.3%	38.3%	39.5%	38.5%	41.1%	46.7%	50.0%
Share count
Diluted shares outstanding	427	450	459	471	481	486	492	498	501	504	507	508	513	503	504	526	531	549	599	612	508	496	483	486	498	512	517	544	593	609	602	569	488	363	356	349	337	325	300	330

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$25,970	$23,769	$21,505	$19,409	$17,606	$15,785	$12,868	$11,171	$9,030	$7,302	$5,854	$4,796	$4,147	$4,055	$4,404	$4,216	$3,800	$2,946	$3,580	$3,158	$2,575	$1,966	$1,667	$1,295	$1,165	$1,230	$1,266	$1,015	$895	$912	$787	$762	$598	$314	$266	$230	$169	$121	$84	$39	$16
Cost of revenue	($2,791)	($2,551)	($2,358)	($2,354)	($2,165)	($1,865)	($1,722)	($1,673)	($1,195)	($1,010)	($820)	($744)	($622)	($587)	($484)	($438)	($404)	($297)	($363)	($355)	($292)	($113)	($104)	($93)	($104)	($81)	($87)	($95)	($111)	($126)	($141)	($130)	($72)	($29)	($29)	($62)	($39)	($14)	($11)	($8)	($1)
Gross profit	$23,179	$21,218	$19,147	$17,055	$15,441	$13,920	$11,146	$9,498	$7,835	$6,291	$5,035	$4,051	$3,525	$3,469	$3,920	$3,778	$3,396	$2,649	$3,217	$2,803	$2,283	$1,854	$1,562	$1,202	$1,060	$1,148	$1,179	$921	$783	$786	$645	$632	$526	$284	$236	$168	$129	$108	$72	$31	$15
Operating expenses
Research and development	($4,694)	($4,294)	($3,944)	($3,473)	($2,987)	($2,540)	($2,188)	($1,930)	($1,538)	($1,224)	($976)	($863)	($844)	($827)	($743)	($738)	($680)	($565)	($662)	($613)	($540)	($365)	($311)	($277)	($246)	($224)	($240)	($197)	($207)	($171)	($153)	($139)	($99)	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,918)	($1,573)	($1,529)	($1,413)	($1,219)	($1,085)	($968)	($881)	($745)	($625)	($576)	($533)	($543)	($520)	($435)	($415)	($383)	($299)	($337)	($275)	($1,102)	($760)	($659)	($546)	($489)	($519)	($518)	($432)	($412)	($379)	($317)	($301)	($255)	($177)	($143)	($75)	($56)	($50)	($35)	($14)	($8)
Total operating expenses	($13,908)	($12,512)	($12,406)	($10,405)	($9,343)	($8,118)	($6,909)	($6,230)	($4,995)	($4,123)	($3,541)	($3,148)	($3,112)	($3,046)	($2,740)	($2,679)	($2,403)	($1,959)	($2,189)	($1,946)	($1,732)	($1,125)	($970)	($822)	($773)	($770)	($771)	($661)	($658)	($555)	($499)	($497)	($407)	($226)	($162)	($90)	($67)	($56)	($38)	($15)	($8)
Total costs and expenses	($16,699)	($15,063)	($14,764)	($12,759)	($11,508)	($9,983)	($8,631)	($7,903)	($6,190)	($5,133)	($4,361)	($3,892)	($3,734)	($3,633)	($3,223)	($3,117)	($2,807)	($2,255)	($2,552)	($2,300)	($2,024)	($1,238)	($1,075)	($915)	($878)	($851)	($858)	($756)	($769)	($681)	($640)	($628)	($479)	($255)	($191)	($152)	($107)	($70)	($49)	($23)	($9)
Operating income	$9,271	$8,706	$6,741	$6,650	$6,098	$5,802	$4,237	$3,268	$2,840	$2,168	$1,494	$903	$413	$423	$1,180	$1,099	$993	$691	$1,028	$858	$551	$728	$592	$379	$287	$378	$408	$260	$125	$231	$147	$135	$119	$59	$75	$78	$62	$52	$34	$16	$7
Earnings
EBITDA	$10,037	$9,524	$7,598	$7,522	$6,954	$6,590	$4,994	$4,025	$3,186	$2,494	$1,825	$1,243	$726	$744	$1,480	$1,370	$1,286	$973	$1,299	$1,173	$859	$793	$653	$428	$351	$435	$451	$311	$182	$290	$202	$195	$176	$85	$94	$93	$73	$57	–	–	–
Interest income	–	$264	$341	$269	$61	$17	$43	$68	$93	$66	$47	$29	$21	$22	$25	$25	$22	$35	$58	$93	–	–	$14	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($260)	($263)	($169)	($113)	($112)	($113)	($116)	($157)	($89)	($74)	($70)	($64)	($60)	($68)	($67)	($67)	($57)	($3)	($10)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$9,281	$8,734	$6,931	$6,799	$6,008	$5,705	$4,176	$3,205	$2,794	$2,138	$1,435	$874	$361	$356	$1,119	$1,035	$943	$702	$1,079	$947	$680	$766	$609	$380	$285	$307	$444	$374	$168	$296	$245	$164	$40	$72	$70	$84	$66	$55	$36	$17	$7
Income tax expense	($1,997)	($1,604)	($1,371)	($1,371)	($1,252)	($883)	$1,084	($254)	($203)	($444)	($266)	($244)	($93)	($66)	($286)	($202)	($168)	($315)	($207)	($223)	($174)	($163)	($158)	($114)	($93)	($101)	($156)	($137)	($63)	($109)	($92)	($70)	($38)	($34)	($26)	($32)	($26)	($21)	($15)	($8)	($4)
Net income	$7,284	$7,130	$5,560	$5,428	$4,756	$4,822	$5,260	$2,951	$2,591	$1,694	$1,169	$630	$268	$290	$833	$833	$775	$387	$872	$724	$506	$603	$450	$266	$191	$206	$288	$238	$105	$187	$153	$93	$15	$42	$44	$52	$40	$34	$21	$9	$4
Per share
Diluted EPS (GAAP)	$17.92	$16.70	$12.36	$11.82	$10.10	$10.02	$10.83	$6.00	$5.20	$3.38	$2.32	$1.24	$0.53	$0.56	$1.66	$1.65	$1.47	$0.73	$1.59	$1.21	$0.83	$1.19	$0.91	$0.55	$0.40	$0.42	$0.56	$0.46	$0.19	$0.32	$0.25	$0.16	$0.0271	$0.14	$0.12	$0.14	$0.12	$0.10	$0.065	$0.03	$0.015
Basic EPS (GAAP)	$17.94	$16.73	$12.43	$11.87	$10.13	$10.10	$10.94	$6.07	$5.28	$3.43	$2.35	$1.26	$0.54	$0.58	$1.68	$1.67	$1.49	$0.74	$1.62	$1.24	$0.85	$1.23	$0.95	$0.57	$0.41	$0.43	$0.61	$0.49	$0.20	$0.33	$0.25	$0.16	$0.0271	$0.14	$0.12	$0.14	$0.12	$0.10	$0.065	$0.03	$0.015
Basic shares outstanding	406	426	447	457	470	477	481	486	491	494	498	499	498	501	495	497	519	524	539	584	594	490	478	468	474	477	477	483	531	576	609	602	569	371	363	356	349	337	325	300	240
Margins
Gross margin	89.3%	89.3%	89.0%	87.9%	87.7%	88.2%	86.6%	85.0%	86.8%	86.2%	86.0%	84.5%	85.0%	85.5%	89.0%	89.6%	89.4%	89.9%	89.9%	88.8%	88.6%	94.3%	93.7%	92.8%	91.0%	93.4%	93.1%	90.7%	87.5%	86.2%	82.1%	82.9%	88.0%	90.7%	88.9%	73.1%	76.6%	88.6%	86.3%	79.4%	94.4%
Operating margin	35.7%	36.6%	31.3%	34.3%	34.6%	36.8%	32.9%	29.3%	31.5%	29.7%	25.5%	18.8%	10.0%	10.4%	26.8%	26.1%	26.1%	23.4%	28.7%	27.2%	21.4%	37.0%	35.5%	29.3%	24.6%	30.8%	32.2%	25.6%	14.0%	25.3%	18.7%	17.7%	19.9%	18.7%	28.1%	34.0%	36.8%	42.6%	41.0%	41.0%	42.9%
Net margin	28.0%	30.0%	25.9%	28.0%	27.0%	30.5%	40.9%	26.4%	28.7%	23.2%	20.0%	13.1%	6.5%	7.2%	18.9%	19.8%	20.4%	13.1%	24.4%	22.9%	19.6%	30.7%	27.0%	20.6%	16.4%	16.7%	22.7%	23.4%	11.8%	20.5%	19.5%	12.3%	2.6%	13.4%	16.4%	22.5%	23.8%	27.8%	25.3%	22.9%	22.4%

Analyst consensus

Hold64 analysts

Bearish · 7 · Hold · 29 · Bullish · 28

Earnings history

	EPS	Estimate
Q4 2024	$4.81	$4.66	Beat
Q1 2025	$5.08	$4.97	Beat
Q2 2025	$5.06	$4.97	Beat
Q3 2025	$5.31	$5.18	Beat
Q4 2025	$5.50	$5.40	Beat
Q1 2026	$6.06	$5.87	Beat
Q2 2026	$5.96	$5.82	Beat
Q3 2026	$6.13	$6.08	Beat

Peers

Company overview

IPO dateAug 13, 1986

CEOShantanu Narayen

Employees31,360

SectorTechnology

IndustrySoftware - Application

CountryUS

ExchangeNASDAQ Global Select

Websitewww.adobe.com

Adobe Inc. stands as a prominent global software provider, delivering a diverse range of solutions. Its operations are structured into three primary business divisions: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment empowers individuals, teams, and enterprises to generate, disseminate, and amplify various forms of content through its array of products and services, including the cloud-native Document Cloud platform. Central to this segment is Creative Cloud, its subscription-based flagship, granting access to a comprehensive suite of creative tools. This division caters to a diverse range of users, from professional content creators and marketers to educators, communicators, and general consumers. Adobe's Digital Experience division offers an integrated suite of applications and services designed to empower brands and businesses to craft, orchestrate, assess, and enhance customer journeys, from initial analytical insights to final commercial transactions. It serves a broad professional base including marketing teams, advertisers, agencies, data scientists, and senior executives. The Publishing and Advertising segment provides specialized offerings such as e-learning tools, technical documentation services, web conferencing solutions, advanced printing technologies, and its Advertising Cloud suite. Adobe engages directly with enterprise clients through its dedicated sales teams and regional offices. Individual end-users can access its offerings via app stores or its official website, adobe.com. Additionally, an extensive indirect channel supports distribution, encompassing partners such as distributors, value-added resellers, system integrators, software vendors, retailers, and original equipment manufacturers. Established in 1982, the company, initially named Adobe Systems Incorporated, rebranded as Adobe Inc. in October 2018. Its corporate headquarters are situated in San Jose, California.

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