ADOBE INC. ADBE
Adobe's mission is to empower everyone to create. We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences. For over four decades, our innovations have transformed how people everywhere engage across all types of media. Adobe's solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel.
Our focus revolves around serving our customer audiences: business professionals, consumers, creators, creative professionals and marketing professionals. The massive opportunity and evolving role of creativity across roles and industries have driven Adobe's growth over the past four decades and are expected to continue to drive our growth going forward as we evolve our solutions and routes to market to anticipate the growing needs of our customers. In the artificial intelligence ("AI") era, we are harnessing the power of AI across our solutions by bringing together our commercially safe first-party and leading partner AI models best suited for the job; deploying conversational and agentic capabilities across offerings; ensuring ubiquity on all surfaces; delivering trusted and secure solutions; and expanding our global presence.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.77B | $21.50B | $19.41B | $17.61B | $15.79B | $12.87B | $11.17B | $9.03B | $7.30B | $5.85B |
| Cost of revenue | $2.55B | $2.36B | $2.35B | $2.17B | $1.86B | $1.72B | $1.67B | $1.20B | $1.01B | $819.9M |
| Gross profit | $21.22B | $19.15B | $17.05B | $15.44B | $13.92B | $11.15B | $9.50B | $7.83B | $6.29B | $5.03B |
| SG&A | $1.57B | $1.53B | $1.41B | $1.22B | $1.08B | $968.0M | $881.0M | $745.0M | $624.7M | $576.2M |
| Total operating expenses | $12.51B | $12.41B | $10.40B | $9.34B | $8.12B | $6.91B | $6.23B | $5.00B | $4.12B | $3.54B |
| Operating income | $8.71B | $6.74B | $6.65B | $6.10B | $5.80B | $4.24B | $3.27B | $2.84B | $2.17B | $1.49B |
| Interest expense | $263.0M | $169.0M | $113.0M | $112.0M | $113.0M | $116.0M | $157.0M | $89.0M | $74.4M | $70.4M |
| Pre-tax income | $8.73B | $6.93B | $6.80B | $6.01B | $5.71B | $4.18B | $3.21B | $2.79B | $2.14B | $1.44B |
| Income tax | $1.60B | $1.37B | $1.37B | $1.25B | $883.0M | $1.08B | $254.0M | $203.0M | $443.7M | $266.4M |
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | $4.82B | $5.26B | $2.95B | $2.59B | $1.69B | $1.17B |
| EPS, basic | 16.73 | 12.43 | 11.87 | 10.13 | 10.10 | 10.94 | 6.07 | 5.28 | 3.43 | 2.35 |
| EPS, diluted | 16.70 | 12.36 | 11.82 | 10.10 | 10.02 | 10.83 | 6.00 | 5.20 | 3.38 | 2.32 |
| Shares, diluted (wtd. avg.) | $427.0M | $449.7M | $459.1M | $470.9M | $481.0M | $485.5M | $491.6M | $497.8M | $501.1M | $504.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.43B | $7.61B | $7.14B | $4.24B | $3.84B | $4.48B | $2.65B | $1.64B | $2.31B | $1.01B |
| Short-term investments | $1.16B | $273.0M | $701.0M | $1.86B | $1.95B | $1.51B | $1.53B | $1.59B | $3.51B | $3.75B |
| Receivables | $2.34B | $2.07B | $2.22B | $2.06B | $1.88B | $1.40B | $1.53B | $1.32B | $1.22B | $833.0M |
| Total current assets | $10.16B | $11.23B | $11.08B | $9.00B | $8.67B | $8.15B | $6.50B | $4.86B | $7.25B | $5.84B |
| Property, plant and equipment | $1.87B | $1.94B | $2.03B | $1.91B | $1.67B | $1.52B | $1.29B | $1.08B | $937.0M | $816.3M |
| Goodwill | $12.86B | $12.79B | $12.80B | $12.79B | $12.67B | $10.74B | $10.69B | $10.58B | $5.82B | $5.41B |
| Other intangibles | $495.0M | $782.0M | $1.09B | $1.45B | $1.82B | $1.36B | $1.72B | $2.07B | $385.7M | $414.4M |
| Total assets | $29.50B | $30.23B | $29.78B | $27.16B | $27.24B | $24.28B | $20.76B | $18.77B | $14.54B | $12.70B |
| Accounts payable | $417.0M | $361.0M | $314.0M | $379.0M | $312.0M | $306.0M | $209.0M | $186.3M | $113.5M | $88.0M |
| Short-term debt | $0 | $1.50B | $0 | $500.0M | $0 | $0 | $3.15B | $0 | — | — |
| Total current liabilities | $10.20B | $10.52B | $8.25B | $8.13B | $6.93B | $5.51B | $8.19B | $4.30B | $3.53B | $2.81B |
| Long-term debt | $6.21B | $4.13B | $3.63B | $3.63B | $4.12B | $4.12B | $989.0M | — | — | — |
| Total liabilities | $17.87B | $16.12B | $13.26B | $13.11B | $12.44B | $11.02B | $10.23B | $9.41B | $6.08B | $5.27B |
| Retained earnings | $45.35B | $38.47B | $33.35B | $28.32B | $23.91B | $19.61B | $14.83B | $11.82B | $9.57B | $8.11B |
| Total equity | $11.62B | $14.11B | $16.52B | $14.05B | $14.80B | $13.26B | $10.53B | $9.36B | $8.46B | $7.42B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.03B | $8.06B | $7.30B | $7.84B | $7.23B | $5.73B | $4.42B | $4.03B | $2.91B | $2.20B |
| Depreciation and amortisation | $818.0M | $857.0M | $872.0M | $856.0M | $788.0M | $757.0M | $757.0M | $346.0M | $326.0M | $331.5M |
| Stock-based compensation | $1.94B | $1.83B | $1.72B | $1.44B | $1.07B | $909.0M | $788.0M | $610.0M | $454.5M | $349.3M |
| Capital expenditure | $179.0M | $183.0M | $360.0M | $442.0M | $348.0M | $419.0M | $395.0M | $267.0M | $178.1M | $203.8M |
| Investing cash flow | -$1.19B | $149.0M | $776.0M | -$570.0M | -$3.54B | -$414.0M | -$456.0M | -$4.68B | -$442.9M | -$960.0M |
| Financing cash flow | -$11.06B | -$7.72B | -$5.18B | -$6.83B | -$4.30B | -$3.49B | -$2.95B | -$5.0M | -$1.18B | -$1.09B |
| Buybacks | $11.28B | $9.50B | $4.40B | $6.55B | $3.95B | $3.05B | $2.75B | $2.05B | $1.10B | $1.07B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000796343-26-000003.
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