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ADBE

Adobe Inc.

ADBE

Adobe Inc. • NASDAQ
$320.12 ▲ 0.82% (+2.60)
Market Cap $134.00 B
52w High $557.90
52w Low $311.59
Dividend Yield 0%
P/E 19.97
Volume 1.77M
Outstanding Shares 418.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.988B ▲ $3.173B ▲ $1.772B ▲ 29.593% ▲ $4.18 ▲ $2.462B ▲
Q2-2025 $5.873B ▲ $3.126B ▲ $1.691B ▼ 28.793% ▼ $3.95 ▼ $2.378B ▼
Q1-2025 $5.714B ▲ $2.929B ▼ $1.811B ▲ 31.694% ▲ $4.15 ▲ $2.461B ▲
Q4-2024 $5.606B ▲ $3.033B ▲ $1.683B ▼ 30.021% ▼ $3.81 ▲ $2.259B ▼
Q3-2024 $5.408B $2.862B $1.684B 31.139% $3.78 $2.306B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.94B ▲ $28.754B ▲ $16.984B ▲ $11.77B ▲
Q2-2025 $5.713B ▼ $28.107B ▼ $16.659B ▼ $11.448B ▼
Q1-2025 $7.435B ▼ $29.955B ▼ $16.86B ▲ $13.095B ▼
Q4-2024 $7.886B ▲ $30.23B ▲ $16.125B ▲ $14.105B ▼
Q3-2024 $7.515B $29.83B $15.285B $14.545B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.772B ▲ $2.198B ▲ $-279M ▼ $-1.876B ▲ $51M ▲ $2.126B ▼
Q2-2025 $1.691B ▼ $2.191B ▼ $-278M ▲ $-3.788B ▼ $-1.827B ▼ $2.144B ▼
Q1-2025 $1.811B ▲ $2.482B ▼ $-484M ▼ $-2.841B ▼ $-855M ▼ $2.456B ▼
Q4-2024 $1.683B ▼ $2.921B ▲ $19M ▲ $-2.501B ▼ $420M ▲ $2.873B ▲
Q3-2024 $1.684B $2.021B $-47M $-2.453B $-467M $1.964B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Digital Experience
Digital Experience
 $1.40Bn ▲$1.41Bn ▲$1.46Bn ▲$1.48Bn ▲
Digital Media
Digital Media
 $4.14Bn ▲$4.23Bn ▲$4.34Bn ▲$4.46Bn ▲
Print And Publishing
Print And Publishing
 $70.00M ▲$70.00M ▲$70.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Adobe’s revenue has grown steadily over the past five years, showing a business that keeps adding customers and selling more to existing ones. Profitability remains strong, with healthy gross and operating margins that suggest good pricing power and disciplined cost control. Net income has been solid, though not in a straight line, with some years of slower profit growth as the company invested more in new capabilities and absorbed higher expenses. Overall, the income statement points to a mature, high-margin software business that is still growing, but at a more measured pace than in its earlier cloud transition years.

Balance Sheet

Balance Sheet The balance sheet shows a company with sizeable assets and a meaningful cash cushion, which provides flexibility for investment and resilience in downturns. Debt levels have risen recently, but remain manageable relative to the scale of the business and its cash generation. Shareholders’ equity has been broadly stable over time, with some recent decline that likely reflects buybacks and accounting effects rather than operational weakness. In general, Adobe’s financial position appears solid, though the gradual build-up of debt is something to watch if growth were to slow more sharply.

Cash Flow

Cash Flow Adobe’s cash flow is a major strength. The company consistently converts a large portion of its profits into cash, reflecting the asset-light, subscription-based nature of its software model. Free cash flow remains robust even after accounting for capital spending, which itself is relatively modest compared with the size of the business. This strong cash generation gives Adobe room to fund R&D, make acquisitions, repurchase shares, and pay down debt if needed, without stretching its finances.

Competitive Edge

Competitive Edge Adobe operates from a position of clear strength in creative and digital media software. Its tools are the de facto standard for designers, marketers, and creative professionals, which makes it hard for users and enterprises to switch away. The company benefits from high switching costs, an integrated ecosystem across its Creative, Document, and Experience Clouds, and a large community that reinforces its products through tutorials, add-ons, and shared content. Competition is increasing, especially in design collaboration and AI-native tools, but Adobe’s entrenched role and broad platform still provide a meaningful buffer.

Innovation and R&D

Innovation and R&D Innovation is at the center of Adobe’s strategy, with a strong push into artificial intelligence through Adobe Sensei and the Firefly generative AI family. Rather than selling AI as a separate product, Adobe embeds it deeply into its existing tools to automate tedious work, enhance creativity, and improve analytics. The company is also expanding its reach beyond high-end professionals to more casual and emerging creators through simpler, web-based tools. Key uncertainties include how well Adobe monetizes its new AI capabilities and how effectively it responds to fast-moving AI competitors and changing expectations of creators and marketers.

Summary

Overall, Adobe looks like a well-established, highly profitable software leader that continues to grow, albeit at a more mature and steady pace. Its financials show strong margins and cash flows, backed by a solid balance sheet with rising but still manageable debt. The company’s main strengths lie in its entrenched market position, integrated cloud platform, and ongoing investment in AI and digital experience technologies. The main risks center on intensifying competition in creative tools and marketing platforms, the rapid evolution of AI, and the challenge of sustaining strong growth from an already large base. How Adobe executes on generative AI, captures the next wave of creators, and defends its role as an industry standard will be key to its long-term trajectory.

NEWS

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November 19, 2025 · 8:05 AM UTC

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