ADOBE
ADBE · NasdaqServices-Prepackaged Software · Fiscal year ends Nov 27
ADOBE reported revenue of $23.8B in the fiscal year ended Nov 2025, up 10.5% from the year before. Operating income was $8.7B, an operating margin of 36.6%, and net income was $7.1B. Operating cash flow of $10B less capital expenditure of $179M left free cash flow of $9.9B. Net debt was $779M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Cost of revenue | $1.9B | $2.2B | $2.4B | $2.4B | $2.6B |
| Gross profit | $13.9B | $15.4B | $17.1B | $19.1B | $21.2B |
| Operating income | $5.8B | $6.1B | $6.7B | $6.7B | $8.7B |
| Interest expense | $113M | $112M | $113M | $169M | $263M |
| Pre-tax income | $5.7B | $6B | $6.8B | $6.9B | $8.7B |
| Income tax | $883M | $1.3B | $1.4B | $1.4B | $1.6B |
| Net income | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B |
| Diluted EPS | 10.02 | 10.10 | 11.82 | 12.36 | 16.70 |
| Diluted shares | 481M | 471M | 459M | 450M | 427M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.8B | $4.2B | $7.1B | $7.6B | $5.4B |
| Receivables | $1.9B | $2.1B | $2.2B | $2.1B | $2.3B |
| Current assets | $8.7B | $9B | $11.1B | $11.2B | $10.2B |
| Net PP&E | $1.7B | $1.9B | $2B | $1.9B | $1.9B |
| Goodwill | $12.7B | $12.8B | $12.8B | $12.8B | $12.9B |
| Total assets | $27.2B | $27.2B | $29.8B | $30.2B | $29.5B |
| Payables | $312M | $379M | $314M | $361M | $417M |
| Deferred revenue | $4.7B | $5.3B | $5.8B | $6.1B | $6.9B |
| Current liabilities | $6.9B | $8.1B | $8.3B | $10.5B | $10.2B |
| Short-term debt | $0 | $500M | $0 | $1.5B | $0 |
| Long-term debt | $4.1B | $3.6B | $3.6B | $4.1B | $6.2B |
| Total liabilities | $12.4B | $13.1B | $13.3B | $16.1B | $17.9B |
| Shareholders' equity | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
| Backlog (remaining obligations) | $14B | $15.2B | $17.2B | $20B | $22.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.2B | $7.8B | $7.3B | $8.1B | $10B |
| Capital expenditure | $348M | $442M | $360M | $183M | $179M |
| Free cash flow | $6.9B | $7.4B | $6.9B | $7.9B | $9.9B |
| Depreciation & amortisation | $788M | $856M | $872M | $857M | $818M |
| Stock-based compensation | $1.1B | $1.4B | $1.7B | $1.8B | $1.9B |
| Acquisitions | $2.7B | $126M | $0 | $0 | $17M |
| Share buybacks | $4B | $6.6B | $4.4B | $9.5B | $11.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.5% | 10.2% | 10.8% | 10.5% |
| Operating income growth (YoY) | – | 5.1% | 9.1% | 1.4% | 29.1% |
| EPS growth (YoY) | – | 0.8% | 17.0% | 4.6% | 35.1% |
| Gross margin | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% |
| Operating margin | 36.8% | 34.6% | 34.3% | 31.3% | 36.6% |
| Net margin | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% |
| Return on equityBlank when equity is negative | 32.6% | 33.8% | 32.9% | 39.4% | 61.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 28.6% | 32.0% | 30.9% | 34.2% | 45.1% |
| Free cash flow margin | 43.6% | 42.0% | 35.8% | 36.6% | 41.4% |
| Cash conversion (CFO ÷ net income) | 1.50x | 1.65x | 1.35x | 1.45x | 1.41x |
| Receivable days | 43 | 43 | 42 | 35 | 36 |
| Payable days | 61 | 64 | 49 | 56 | 60 |
| Interest cover | 51.3x | 54.4x | 58.8x | 39.9x | 33.1x |
| Debt ÷ equity | 0.28x | 0.29x | 0.22x | 0.40x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $279M | −$107M | −$3.5B | −$2B | $779M |
| Current ratio | 1.25x | 1.11x | 1.34x | 1.07x | 1.00x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.