financial statements

The full income statement, balance sheet, and cash-flow statement for Adobe Inc. (ADBE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2024	FY2023	FY2022
Income Statement	as ofNov 28 ’25	as ofNov 29 ’24	as ofDec 1 ’23	as ofDec 2 ’22	as ofDec 3 ’21
Revenue	23.8B YoY+10.5%	21.5B YoY+10.8%	19.4B YoY+10.2%	17.6B YoY+11.5%	15.8B YoY+22.7%
	21.2B YoY+10.8%	19.1B YoY+12.3%	17.1B YoY+10.5%	15.4B YoY+10.9%	13.9B YoY+24.9%
Cost of revenue	2.55B YoY+8.2%	2.36B YoY+0.2%	2.35B YoY+8.7%	2.17B YoY+16.1%	1.86B YoY+8.3%
	12.5B YoY+0.9%	12.4B YoY+19.2%	10.4B YoY+11.4%	9.34B YoY+15.1%	8.12B YoY+17.5%
Selling, general & administrative	1.57B YoY+2.9%	1.53B YoY+8.2%	1.41B YoY+15.9%	1.22B YoY+12.4%	1.08B YoY+12.1%
General & administrative	1.57B YoY+2.9%	1.53B YoY+8.2%	1.41B YoY+15.9%	1.22B YoY+12.4%	1.08B YoY+12.1%
Selling & marketing	6.49B YoY+12.6%	5.76B YoY+7.7%	5.35B YoY+7.7%	4.97B YoY+15.0%	4.32B YoY+20.3%
Amortization of intangibles	310M YoY-7.7%	336M YoY-10.4%	375M YoY-7.4%	405M YoY+14.4%	354M YoY-3.5%
Operating income	8.71B YoY+29.1%	6.74B YoY+1.4%	6.65B YoY+9.1%	6.10B YoY+5.1%	5.80B YoY+36.9%
Interest expense	263M YoY+55.6%	169M YoY+49.6%	113M YoY+0.9%	112M YoY-0.9%	113M YoY-2.6%
Interest & investment income	264M YoY-22.6%	341M YoY+26.8%	269M YoY+341.0%	61.0M YoY+258.8%	17.0M YoY-60.5%
Other non-operating income	248M YoY-20.3%	311M YoY+26.4%	246M YoY+373.3%	-90.0M YoY+7.2%	-97.0M YoY-59.0%
Pre-tax income	8.73B YoY+26.0%	6.93B YoY+1.9%	6.80B YoY+13.2%	6.01B YoY+5.3%	5.71B YoY+36.6%
Income tax	1.60B YoY+17.0%	1.37B YoY+0.0%	1.37B YoY+9.5%	1.25B YoY+41.8%	883M YoY+181.5%
Net income	7.13B YoY+28.2%	5.56B YoY+2.4%	5.43B YoY+14.1%	4.76B YoY-1.4%	4.82B YoY-8.3%
	$16.70 YoY+35.1%	$12.36 YoY+4.6%	$11.82 YoY+17.0%	$10.10 YoY+0.8%	$10.02 YoY-7.5%
EPS (basic)	$16.73 YoY+34.6%	$12.43 YoY+4.7%	$11.87 YoY+17.2%	$10.13 YoY+0.3%	$10.10 YoY-7.7%
Weighted-avg shares (basic)	426M YoY-4.7%	447M YoY-2.2%	457M YoY-2.6%	470M YoY-1.6%	477M YoY-0.7%
Weighted-avg shares (diluted)	427M YoY-5.0%	450M YoY-2.0%	459M YoY-2.5%	471M YoY-2.1%	481M YoY-0.9%
Balance Sheet	as ofNov 28 ’25	as ofNov 29 ’24	as ofDec 1 ’23	as ofDec 2 ’22	as ofDec 3 ’21
	10.2B YoY-9.5%	11.2B YoY+1.3%	11.1B YoY+23.2%	9.00B YoY+3.8%	8.67B YoY+6.4%
Cash & equivalents	5.43B YoY-28.7%	7.61B YoY+6.6%	7.14B YoY+68.6%	4.24B YoY+10.2%	3.84B YoY-14.2%
Short-term investments	1.16B YoY+326.4%	273M YoY-61.1%	701M YoY-62.3%	1.86B YoY-4.8%	1.95B YoY+29.1%
Cash & short-term investments	6.59B YoY-16.4%	7.89B YoY+0.6%	7.84B YoY+28.6%	6.10B YoY+5.1%	5.80B YoY-3.2%
Accounts receivable	2.34B YoY+13.1%	2.07B YoY-6.8%	2.22B YoY+7.7%	2.06B YoY+10.0%	1.88B YoY+34.3%
Prepaid expenses	1.22B YoY-3.9%	1.27B YoY+25.1%	1.02B YoY+21.9%	835M YoY-15.9%	993M YoY+31.3%
	29.5B YoY-2.4%	30.2B YoY+1.5%	29.8B YoY+9.6%	27.2B YoY-0.3%	27.2B YoY+12.2%
Property, plant & equipment	1.87B YoY-3.3%	1.94B YoY-4.6%	2.03B YoY+6.4%	1.91B YoY+14.0%	1.67B YoY+10.3%
Operating lease right-of-use	312M YoY+11.0%	281M YoY-21.5%	358M YoY-12.0%	407M YoY-8.1%	443M YoY-9.0%
Goodwill	12.9B YoY+0.5%	12.8B YoY-0.1%	12.8B YoY+0.1%	12.8B YoY+0.9%	12.7B YoY+17.9%
Intangible assets	495M YoY-36.7%	782M YoY-28.1%	1.09B YoY-24.9%	1.45B YoY-20.4%	1.82B YoY+33.9%
Deferred tax assets	2.19B YoY+31.9%	1.66B YoY+39.1%	1.19B YoY+53.3%	777M YoY-28.4%	1.08B YoY-20.8%
Other non-current assets	1.61B YoY+3.6%	1.55B YoY+27.1%	1.22B YoY+45.4%	841M YoY-4.8%	883M YoY+33.2%
	10.2B YoY-3.1%	10.5B YoY+27.5%	8.25B YoY+1.5%	8.13B YoY+17.3%	6.93B YoY+25.8%
Accounts payable	417M YoY+15.5%	361M YoY+15.0%	314M YoY-17.2%	379M YoY+21.5%	312M YoY+2.0%
Accrued liabilities	2.65B YoY+13.4%	2.34B YoY+20.3%	1.94B YoY+8.5%	1.79B YoY+3.1%	1.74B YoY+22.1%
Deferred revenue	6.91B YoY+12.6%	6.13B YoY+5.0%	5.84B YoY+10.2%	5.30B YoY+11.9%	4.73B YoY+30.4%
Short-term & current debt	0.00 YoY-100.0%	1.50B	0.00 YoY-100.0%	500M	0.00
Current lease liability	77.0M YoY+2.7%	75.0M YoY+2.7%	73.0M YoY-16.1%	87.0M YoY-10.3%	97.0M YoY+5.4%
	17.9B YoY+10.8%	16.1B YoY+21.6%	13.3B YoY+1.1%	13.1B YoY+5.4%	12.4B YoY+12.9%
Long-term debt	6.21B YoY+50.4%	4.13B YoY+13.6%	3.63B YoY+0.1%	3.63B YoY-12.0%	4.12B YoY+0.1%
Deferred revenue (non-current)	125M YoY-2.3%	128M YoY+13.3%	113M YoY-3.4%	117M YoY-19.3%	145M YoY+11.5%
Non-current lease liability	361M YoY+2.3%	353M YoY-5.4%	373M YoY-10.6%	417M YoY-7.9%	453M YoY-9.2%
Deferred tax liabilities	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY-40.0%	5.00M YoY-50.0%
Other non-current liabilities	508M YoY+13.9%	446M YoY+18.6%	376M YoY+28.3%	293M YoY+14.0%	257M YoY+15.2%
	11.6B YoY-17.6%	14.1B YoY-14.6%	16.5B YoY+17.6%	14.1B YoY-5.0%	14.8B YoY+11.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	15.4B YoY+14.5%	13.4B YoY+15.8%	11.6B YoY+17.4%	9.87B YoY+17.1%	8.43B YoY+14.6%
Retained earnings	45.4B YoY+17.9%	38.5B YoY+15.4%	33.3B YoY+17.8%	28.3B YoY+18.5%	23.9B YoY+21.9%
Treasury stock	48.8B YoY+30.0%	37.6B YoY+33.6%	28.1B YoY+18.0%	23.8B YoY+37.0%	17.4B YoY+28.4%
Accumulated other comprehensive income	-245M YoY-21.9%	-201M YoY+29.5%	-285M YoY+2.7%	-293M YoY-113.9%	-137M YoY+13.3%
Total liabilities & equity	29.5B YoY-2.4%	30.2B YoY+1.5%	29.8B YoY+9.6%	27.2B YoY-0.3%	27.2B YoY+12.2%
Common shares issued	601M YoY+0.0%	601M YoY+0.0%	601M YoY+0.0%	601M YoY+0.0%	601M YoY+0.0%
Common shares outstanding	413M YoY-6.3%	441M YoY-3.1%	455M YoY-1.5%	462M YoY-2.7%	475M YoY-0.8%
Shares outstanding (cover)	419M YoY-4.9%	440M YoY-3.3%	455M YoY-2.1%	465M YoY-2.3%	476M YoY-0.8%
Cash Flow	as ofNov 28 ’25	as ofNov 29 ’24	as ofDec 1 ’23	as ofDec 2 ’22	as ofDec 3 ’21
	10.0B YoY+24.5%	8.06B YoY+10.3%	7.30B YoY-6.8%	7.84B YoY+8.4%	7.23B YoY+26.2%
Depreciation & amortization	818M YoY-4.6%	857M YoY-1.7%	872M YoY+1.9%	856M YoY+8.6%	788M YoY+4.1%
Share-based compensation	1.94B YoY+5.9%	1.83B YoY+6.7%	1.72B YoY+19.3%	1.44B YoY+34.7%	1.07B YoY+17.6%
Deferred income taxes	-514M YoY-9.8%	-468M YoY-10.9%	-422M YoY-229.4%	326M YoY+69.8%	192M YoY+112.8%
Change in payables	64.0M YoY+45.5%	44.0M YoY+189.8%	-49.0M YoY-174.2%	66.0M YoY+430.0%	-20.0M YoY-120.8%
	-1.19B YoY-896.6%	149M YoY-80.8%	776M YoY+236.1%	-570M YoY+83.9%	-3.54B YoY-754.3%
Capital expenditure	179M YoY-2.2%	183M YoY-49.2%	360M YoY-18.6%	442M YoY+27.0%	348M YoY-16.9%
Acquisitions	17.0M	0.00	0.00 YoY-100.0%	126M YoY-95.3%	2.68B
Other investing activities	-3.00M YoY-50.0%	-2.00M YoY-100.0%	-1.00M	—	—
	-11.1B YoY-43.2%	-7.72B YoY-49.1%	-5.18B YoY+24.1%	-6.83B YoY-58.7%	-4.30B YoY-23.3%
Long-term debt issued	2.00B YoY+0.0%	2.00B	0.00	—	—
Long-term debt repaid	1.50B	0.00 YoY-100.0%	500M	0.00	0.00 YoY-100.0%
Common stock repurchased	11.3B YoY+18.7%	9.50B YoY+115.9%	4.40B YoY-32.8%	6.55B YoY+65.8%	3.95B YoY+29.5%
Other financing activities	-149M YoY-256.8%	95.0M YoY+1457.1%	-7.00M YoY+80.0%	-35.0M YoY-145.5%	77.0M YoY+466.7%
FX effect on cash	34.0M YoY+477.8%	-9.00M YoY-200.0%	9.00M YoY+117.6%	-51.0M YoY-96.2%	-26.0M YoY-966.7%
Net change in cash	-2.18B YoY-562.3%	472M YoY-83.8%	2.90B YoY+641.1%	392M YoY+161.8%	-634M YoY-134.7%
Interest paid	246M YoY+72.0%	143M YoY+34.9%	106M YoY+2.9%	103M YoY+3.0%	100M YoY+13.6%
Income taxes paid	2.22B YoY+28.5%	1.73B YoY-6.9%	1.85B YoY+138.3%	778M YoY-7.7%	843M YoY+79.7%
Valuation Ratios	as ofNov 28 ’25	as ofNov 29 ’24	as ofDec 1 ’23	as ofDec 2 ’22	as ofDec 3 ’21
Market cap	134B YoY-41.0%	227B YoY-18.6%	279B YoY+75.6%	159B YoY-45.9%	293B YoY+28.2%
P/E	18.8× YoY-54.0%	40.8× YoY-20.5%	51.4× YoY+53.9%	33.4× YoY-45.1%	60.8× YoY+39.8%
P/S	5.6× YoY-46.6%	10.6× YoY-26.5%	14.4× YoY+59.3%	9.0× YoY-51.5%	18.6× YoY+4.5%
P/B	11.5× YoY-28.4%	16.1× YoY-4.6%	16.9× YoY+49.4%	11.3× YoY-43.0%	19.8× YoY+14.9%
P/FCF	13.6× YoY-52.8%	28.8× YoY-28.2%	40.2× YoY+87.1%	21.5× YoY-49.6%	42.6× YoY-1.1%
Earnings yield	5.3% YoY+117.3%	2.4% YoY+25.8%	1.9% YoY-35.0%	3.0% YoY+82.2%	1.6% YoY-28.5%
FCF yield	7.4% YoY+112.1%	3.5% YoY+39.3%	2.5% YoY-46.6%	4.7% YoY+98.6%	2.3% YoY+1.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ADBE's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ADBE filings on SEC EDGAR → Not investment advice.

ADBE▼ financial statements

About this data

financial statements