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Adobe Inc.

ADBE Clue Score79
United States Fiscal year ends November CIK 0000796343
$238.14 -1.70% Close, 12 Oct 2026
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Price $238.14 −58.99% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue5.85Operating income1.49Net income1.17EPS, diluted2.32Fiscal year 2017Revenue7.30 +24.7%Operating income2.17Net income1.69 +44.9%EPS, diluted3.38 +45.7%Fiscal year 2018Revenue9.03 +23.7%Operating income2.84Net income2.59 +53.0%EPS, diluted5.20 +53.8%Fiscal year 2019Revenue11.17 +23.7%Operating income3.27Net income2.95 +13.9%EPS, diluted6.00 +15.4%Fiscal year 2020Revenue12.87 +15.2%Operating income4.24Net income5.26 +78.2%EPS, diluted10.83 +80.5%Fiscal year 2021Revenue15.79 +22.7%Operating income5.80Net income4.82 −8.3%EPS, diluted10.02 −7.5%Fiscal year 2022Revenue17.61 +11.5%Operating income6.10Net income4.76 −1.4%EPS, diluted10.10 +0.8%Fiscal year 2023Revenue19.41 +10.2%Operating income6.65Net income5.43 +14.1%EPS, diluted11.82 +17.0%Fiscal year 2024Revenue21.51 +10.8%Operating income6.74Net income5.56 +2.4%EPS, diluted12.36 +4.6%Fiscal year 2025Revenue23.77 +10.5%Operating income8.71Net income7.13 +28.2%EPS, diluted16.70 +35.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.85 7.30 9.03 11.17 12.87 15.79 17.61 19.41 21.51 23.77
Growth +24.7% +23.7% +23.7% +15.2% +22.7% +11.5% +10.2% +10.8% +10.5%
Operating income 1.49 2.17 2.84 3.27 4.24 5.80 6.10 6.65 6.74 8.71
Net income 1.17 1.69 2.59 2.95 5.26 4.82 4.76 5.43 5.56 7.13
Growth +44.9% +53.0% +13.9% +78.2% −8.3% −1.4% +14.1% +2.4% +28.2%
EPS, diluted 2.32 3.38 5.20 6.00 10.83 10.02 10.10 11.82 12.36 16.70
Growth +45.7% +53.8% +15.4% +80.5% −7.5% +0.8% +17.0% +4.6% +35.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin86.0%Operating margin25.5%Net margin20.0%Free cash flow margin34.1%Fiscal year 2017Gross margin86.2%Operating margin29.7%Net margin23.2%Free cash flow margin37.5%Fiscal year 2018Gross margin86.8%Operating margin31.5%Net margin28.7%Free cash flow margin41.7%Fiscal year 2019Gross margin85.0%Operating margin29.3%Net margin26.4%Free cash flow margin36.0%Fiscal year 2020Gross margin86.6%Operating margin32.9%Net margin40.9%Free cash flow margin41.2%Fiscal year 2021Gross margin88.2%Operating margin36.8%Net margin30.5%Free cash flow margin43.6%Fiscal year 2022Gross margin87.7%Operating margin34.6%Net margin27.0%Free cash flow margin42.0%Fiscal year 2023Gross margin87.9%Operating margin34.3%Net margin28.0%Free cash flow margin35.8%Fiscal year 2024Gross margin89.0%Operating margin31.3%Net margin25.9%Free cash flow margin36.6%Fiscal year 2025Gross margin89.3%Operating margin36.6%Net margin30.0%Free cash flow margin41.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 86.0% 86.2% 86.8% 85.0% 86.6% 88.2% 87.7% 87.9% 89.0% 89.3%
Operating margin 25.5% 29.7% 31.5% 29.3% 32.9% 36.8% 34.6% 34.3% 31.3% 36.6%
Net margin 20.0% 23.2% 28.7% 26.4% 40.9% 30.5% 27.0% 28.0% 25.9% 30.0%
Free cash flow margin 34.1% 37.5% 41.7% 36.0% 41.2% 43.6% 42.0% 35.8% 36.6% 41.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.20Capital expenditure−0.20Free cash flow2.00Buybacks−1.08Fiscal year 2017Operating cash flow2.91Capital expenditure−0.18Free cash flow2.73 +37.0%Buybacks−1.10Fiscal year 2018Operating cash flow4.03Capital expenditure−0.27Free cash flow3.76 +37.6%Buybacks−2.05Fiscal year 2019Operating cash flow4.42Capital expenditure−0.40Free cash flow4.03 +7.0%Buybacks−2.75Fiscal year 2020Operating cash flow5.73Capital expenditure−0.42Free cash flow5.31 +31.8%Buybacks−3.05Fiscal year 2021Operating cash flow7.23Capital expenditure−0.35Free cash flow6.88 +29.7%Buybacks−3.95Fiscal year 2022Operating cash flow7.84Capital expenditure−0.44Free cash flow7.40 +7.5%Buybacks−6.55Fiscal year 2023Operating cash flow7.30Capital expenditure−0.36Free cash flow6.94 −6.1%Buybacks−4.40Fiscal year 2024Operating cash flow8.06Capital expenditure−0.18Free cash flow7.87 +13.4%Buybacks−9.50Fiscal year 2025Operating cash flow10.03Capital expenditure−0.18Free cash flow9.85 +25.1%Buybacks−11.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.20 2.91 4.03 4.42 5.73 7.23 7.84 7.30 8.06 10.03
Capital expenditure −0.20 −0.18 −0.27 −0.40 −0.42 −0.35 −0.44 −0.36 −0.18 −0.18
Free cash flow 2.00 2.73 3.76 4.03 5.31 6.88 7.40 6.94 7.87 9.85
Growth +37.0% +37.6% +7.0% +31.8% +29.7% +7.5% −6.1% +13.4% +25.1%
Buybacks −1.08 −1.10 −2.05 −2.75 −3.05 −3.95 −6.55 −4.40 −9.50 −11.28

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.01Total debt1.89Net cash (debt)−0.88Shareholders’ equity7.42Debt to equity0.25Fiscal year 2017Cash2.31Total debt1.88Net cash (debt)0.42Shareholders’ equity8.46Debt to equity0.22Fiscal year 2018Cash1.64Total debt4.12Net cash (debt)−2.48Shareholders’ equity9.36Debt to equity0.44Fiscal year 2019Cash2.65Total debt0.99Net cash (debt)1.66Shareholders’ equity10.53Debt to equity0.09Fiscal year 2020Cash4.48Total debt4.12Net cash (debt)0.36Shareholders’ equity13.26Debt to equity0.31Fiscal year 2021Cash3.84Total debt4.12Net cash (debt)−0.28Shareholders’ equity14.80Debt to equity0.28Fiscal year 2022Cash4.24Total debt3.63Net cash (debt)0.61Shareholders’ equity14.05Debt to equity0.26Fiscal year 2023Cash7.14Total debt3.63Net cash (debt)3.51Shareholders’ equity16.52Debt to equity0.22Fiscal year 2024Cash7.61Total debt5.63Net cash (debt)1.98Shareholders’ equity14.11Debt to equity0.40Fiscal year 2025Cash5.43Total debt6.21Net cash (debt)−0.78Shareholders’ equity11.62Debt to equity0.53
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.01 2.31 1.64 2.65 4.48 3.84 4.24 7.14 7.61 5.43
Total debt 1.89 1.88 4.12 0.99 4.12 4.12 3.63 3.63 5.63 6.21
Net cash (debt) −0.88 0.42 −2.48 1.66 0.36 −0.28 0.61 3.51 1.98 −0.78
Shareholders’ equity 7.42 8.46 9.36 10.53 13.26 14.80 14.05 16.52 14.11 11.62
Debt to equity 0.25 0.22 0.44 0.09 0.31 0.28 0.26 0.22 0.40 0.53

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending November, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 2 Dec 2016 FY2017 1 Dec 2017 FY2018 30 Nov 2018 FY2019 29 Nov 2019 FY2020 27 Nov 2020 FY2021 3 Dec 2021 FY2022 2 Dec 2022 FY2023 1 Dec 2023 FY2024 29 Nov 2024 FY2025 28 Nov 2025
Revenue and profit
5.85 7.30 9.03 11.17 12.87 15.79 17.61 19.41 21.51 23.77
Growth +24.7% +23.7% +23.7% +15.2% +22.7% +11.5% +10.2% +10.8% +10.5%
0.82 1.01 1.20 1.67 1.72 1.87 2.17 2.35 2.36 2.55
5.03 6.29 7.84 9.50 11.15 13.92 15.44 17.06 19.15 21.22
Growth +25.0% +24.5% +21.2% +17.4% +24.9% +10.9% +10.5% +12.3% +10.8%
0.58 0.62 0.75 0.88 0.97 1.09 1.22 1.41 1.53 1.57
1.49 2.17 2.84 3.27 4.24 5.80 6.10 6.65 6.74 8.71
Growth +45.2% +31.0% +15.1% +29.7% +36.9% +5.1% +9.1% +1.4% +29.1%
1.44 2.14 2.79 3.21 4.18 5.71 6.01 6.80 6.93 8.73
0.27 0.44 0.20 0.25 −1.08 0.88 1.25 1.37 1.37 1.60
1.17 1.69 2.59 2.95 5.26 4.82 4.76 5.43 5.56 7.13
Growth +44.9% +53.0% +13.9% +78.2% −8.3% −1.4% +14.1% +2.4% +28.2%
Per share
2.35 3.43 5.28 6.07 10.94 10.10 10.13 11.87 12.43 16.73
2.32 3.38 5.20 6.00 10.83 10.02 10.10 11.82 12.36 16.70
Growth +45.7% +53.8% +15.4% +80.5% −7.5% +0.8% +17.0% +4.6% +35.1%
498.3 493.6 490.6 486.3 480.9 477.3 469.5 457.1 447.1 426.2
504.3 501.1 497.8 491.6 485.5 481.0 470.9 459.1 449.7 427.0
Growth −0.6% −0.7% −1.2% −1.2% −0.9% −2.1% −2.5% −2.0% −5.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.1% a year over five years, and earnings per share grew 9.0% a year.
  • The diluted share count fell 12.0% in five years, so buybacks did some of the work per share.
  • Operating margin is up 3.7 points on five years ago, at 36.6%.
  • Profitable in every one of the 10 years on file.