DATA TABLE
Sole source: Adobe Inc. Form 10-K for the fiscal year ended 28 November 2025, signed on 15 January 2026. Figures in millions of US dollars (US$ mn) unless stated otherwise. FY2025 = year ended 28 Nov 2025; FY2024 = year ended 29 Nov 2024; FY2023 = year ended 1 Dec 2023. All three are 52-week years (Note 1).
Source key: IS = Consolidated Statements of Income; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Stockholders' Equity; MD&A = Item 7.
A.1 Income statement
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Subscription revenue |
22,904 |
20,521 |
18,284 |
IS, Subscription |
| Product revenue |
325 |
386 |
460 |
IS, Product |
| Services and other revenue |
540 |
598 |
665 |
IS, Services and other |
| Total revenue |
23,769 |
21,505 |
19,409 |
IS, Total revenue |
| Cost of revenue, subscription |
2,027 |
1,799 |
1,822 |
IS, Cost of revenue |
| Cost of revenue, product |
23 |
25 |
29 |
IS |
| Cost of revenue, services and other |
501 |
534 |
503 |
IS |
| Total cost of revenue |
2,551 |
2,358 |
2,354 |
IS, Total cost of revenue |
| Gross profit |
21,218 |
19,147 |
17,055 |
IS, Gross profit |
| Research and development |
4,294 |
3,944 |
3,473 |
IS |
| Sales and marketing |
6,488 |
5,764 |
5,351 |
IS |
| General and administrative |
1,573 |
1,529 |
1,413 |
IS |
| Acquisition termination fee (Figma) |
0 |
1,000 |
0 |
IS, Acquisition termination fee |
| Amortization of intangibles |
157 |
169 |
168 |
IS |
| Total operating expenses |
12,512 |
12,406 |
10,405 |
IS |
| Operating income |
8,706 |
6,741 |
6,650 |
IS, Operating income |
| Interest expense |
(263) |
(169) |
(113) |
IS; Note 18 |
| Investment gains (losses), net |
43 |
48 |
16 |
IS; Note 18 |
| Other income (expense), net |
248 |
311 |
246 |
IS; Note 18 |
| of which interest income |
264 |
341 |
269 |
Note 18 |
| Total non-operating income (expense) |
28 |
190 |
149 |
IS |
| Income before income taxes |
8,734 |
6,931 |
6,799 |
IS |
| Income taxes |
1,604 |
1,371 |
1,371 |
IS, Provision for income taxes |
| Net income |
7,130 |
5,560 |
5,428 |
IS, Net income |
| Minority interests |
none |
none |
none |
IS and BS: no such line |
| Basic earnings per share (US$) |
16.73 |
12.43 |
11.87 |
IS; Note 15 |
| Diluted earnings per share (US$) |
16.70 |
12.36 |
11.82 |
IS; Note 15 |
| Basic weighted average shares (mn) |
426.2 |
447.1 |
457.1 |
Note 15 |
| Diluted weighted average shares (mn) |
427.0 |
449.7 |
459.1 |
Note 15 |
A.2 Balance sheet
| Item |
28 Nov 2025 |
29 Nov 2024 |
Source |
| Cash and cash equivalents |
5,431 |
7,613 |
BS |
| Short-term investments |
1,164 |
273 |
BS |
| Cash and marketable securities |
6,595 |
7,886 |
Note 3 |
| Trade receivables, net |
2,344 |
2,072 |
BS |
| Goodwill |
12,857 |
12,788 |
BS; Note 8 |
| Other intangibles, net |
495 |
782 |
BS; Note 8 |
| Deferred income tax assets |
2,186 |
1,657 |
BS |
| Total assets |
29,496 |
30,230 |
BS |
| Deferred revenue (current + non-current) |
7,030 |
6,259 |
BS: 6,905+125; 6,131+128 |
| Short-term debt (senior notes) |
0 |
1,499 |
BS, Debt current |
| Long-term debt (senior notes) |
6,210 |
4,129 |
BS, Debt long-term; Note 17 |
| Operating lease liabilities, current |
77 |
75 |
BS |
| Operating lease liabilities, non-current |
361 |
353 |
BS |
| Gross debt (short + long + leases) |
6,648 |
6,056 |
sum of the four lines |
| Senior notes at par |
6,150 |
5,650 |
Note 17 |
| Total liabilities |
17,873 |
16,125 |
BS |
| Stockholders' equity |
11,623 |
14,105 |
BS |
| Treasury stock, at cost |
(48,847) |
(37,583) |
BS |
| Shares outstanding at year-end (mn) |
413 |
441 |
BS |
| Working capital |
(37) |
711 |
MD&A, Liquidity |
Stockholders' equity at 1 Dec 2023: 16,518 (SE). The full balance sheet at 1 Dec 2023 is not in the filing: cash and securities, debt and leases at that date are not available.
A.3 Cash flow statement and stock-based compensation
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Operating cash flow |
10,031 |
8,056 |
7,302 |
CF |
| Capex (purchases of property and equipment) |
179 |
183 |
360 |
CF |
| Free cash flow (operating cash flow − capex) |
9,852 |
7,873 |
6,942 |
calculation |
| Depreciation and amortization (D&A) |
818 |
857 |
872 |
CF, Depreciation, amortization and accretion |
| Stock-based compensation (SBC) |
1,942 |
1,833 |
1,718 |
CF; Note 12 |
| SBC in cost of revenue |
122 |
117 |
115 |
Note 12 |
| SBC in research and development |
1,010 |
932 |
874 |
Note 12 |
| SBC in sales and marketing |
557 |
535 |
495 |
Note 12 |
| SBC in general and administrative |
253 |
249 |
234 |
Note 12 |
| Deferred income taxes (non-cash adjustment) |
(512) |
(468) |
(426) |
CF |
| Other non-cash items |
48 |
52 |
65 |
CF |
| Lease-related asset impairments |
0 |
78 |
0 |
CF; Note 7 |
| Changes in working capital |
605 |
144 |
(355) |
CF, sum of the six lines: FY2025 −275 − 90 + 64 + 180 − 45 + 771; FY2024 143 − 616 + 44 + 196 + 68 + 309; FY2023 −159 − 818 − 49 + 146 − 11 + 536 |
| Accelerated share repurchases: amount / shares delivered (mn) |
6,250 / 16.8 |
9,500 / 16.9 |
1,400 / 4.0 |
Note 14 |
| Open market repurchases: amount / shares (mn) |
5,031 / 14.0 |
0 |
0 |
Note 14 |
| Shares repurchased / re-issued in the statement of stockholders' equity (mn) |
31 / 3 |
18 / 4 |
12 / 5 |
SE |
| Cash paid for income taxes |
2,219 |
1,727 |
1,854 |
CF, Supplemental |
| Cash paid for interest |
246 |
143 |
106 |
CF, Supplemental |
| Buybacks (cash) |
11,281 |
9,500 |
4,400 |
CF; Note 14 |
| Repurchased shares delivered (mn) |
30.8 |
17.5 |
11.5 |
Note 14 |
| Dividends paid |
0 |
0 |
0 |
CF: no such line; Item 5 |
| Taxes paid on net share settlement of equity awards |
475 |
677 |
589 |
CF, Taxes paid related to net share settlement |
| Proceeds from re-issuance of treasury stock |
348 |
361 |
314 |
CF |
| Issuance of debt |
1,997 |
1,997 |
0 |
CF |
| Repayment of debt |
1,500 |
0 |
500 |
CF |
| Acquisitions, net of cash acquired |
17 |
0 |
0 |
CF |
| Change in deferred revenue |
771 |
309 |
536 |
CF |
| Advertising expenses |
about 1,370 |
about 1,040 |
970 |
Note 1; the filing states FY2025 and FY2024 in billions ("$1.37 billion, $1.04 billion"): the figure to the million is not available |
| Amortization of contract acquisition costs |
282 |
272 |
254 |
Note 2 |
A.4 Revenue and gross profit by segment (Note 2)
| Segment |
Revenue FY2025 |
FY2024 |
FY2023 |
Cost of revenue FY2025 |
FY2024 |
FY2023 |
Gross profit FY2025 |
FY2024 |
FY2023 |
| Digital Media |
17,649 |
15,864 |
14,216 |
841 |
680 |
665 |
16,808 |
15,184 |
13,551 |
| Digital Experience |
5,864 |
5,366 |
4,893 |
1,625 |
1,589 |
1,603 |
4,239 |
3,777 |
3,290 |
| Publishing and Advertising |
256 |
275 |
300 |
85 |
89 |
86 |
171 |
186 |
214 |
| Total |
23,769 |
21,505 |
19,409 |
2,551 |
2,358 |
2,354 |
21,218 |
19,147 |
17,055 |
Operating income by segment: not available. The filing states that the chief executive officer "does not review operating expense or asset information on a segment by segment basis".
Subscription revenue by customer group (Note 2): Creative & Marketing Professionals 16,303 / 14,749 / 13,425; Business Professionals & Consumers 6,495 / 5,662 / 4,744; total Digital Media + Digital Experience 22,798 / 20,411 / 18,169. Publishing and Advertising subscriptions: 106 / 110 / 115.
A.5 Revenue by geographic area (Note 2)
| Area |
FY2025 |
FY2024 |
FY2023 |
| United States |
12,529 |
11,499 |
10,460 |
| Other Americas |
1,591 |
1,392 |
1,194 |
| EMEA |
6,289 |
5,554 |
4,881 |
| APAC |
3,360 |
3,060 |
2,874 |
| Total |
23,769 |
21,505 |
19,409 |
A.6 Other data
| Item |
Value |
Source |
| Employees at 28 Nov 2025 |
31,360 (50% in the United States) |
Item 1, Human Capital |
| Employees in the comparative years |
not available |
the filing does not report them |
| Employee attrition rate FY2025 |
9.9% |
Item 1 |
| Shares outstanding at 9 Jan 2026 |
410.5 mn |
cover page |
| Market value of shares held by non-affiliates at 30 May 2025 |
US$ 144.94 bn (mid-year figure, not the market capitalization) |
cover page |
| Total Adobe ARR at end of FY2025 |
US$ 25.20 bn (+11.5% from 22.61 bn at start-of-FY2025 exchange rates) |
MD&A |
| Digital Media ARR at end of FY2025 |
US$ 19.20 bn (+11.5% from 17.22 bn) |
MD&A |
| Remaining performance obligations (RPO) |
US$ 22.52 bn (19.96 bn a year earlier) |
MD&A; Note 2 |
| Non-cancellable purchase obligations |
6,821 (of which 2,083 in FY2026) |
Note 16 |
| Remaining buyback authorization at 28 Nov 2025 |
6,369 out of 25,000 |
Item 5 |
| Unrecognized SBC cost |
US$ 3.24 bn over a weighted average of 2.19 years |
Note 12 |
| Restricted stock units awarded in FY2025 |
5.2 mn; average value US$ 407.67 (FY2024: US$ 579.87) |
Note 12 |
| Payout of the 2022 performance share program |
79% of target; range 0%-200% |
Note 12 |
| Monthly average repurchase prices, fourth quarter FY2025 |
US$ 353.68 (2.1 mn shares); US$ 345.96 (2.3 mn); US$ 332.31 (2.8 mn) |
Item 5 |
| Authorization remaining after completion of the September 2025 arrangement |
US$ 5.90 bn |
Note 14 |
| Senior notes: series outstanding, coupons, maturities |
8 series; coupons from 2.15% to 5.30%; maturities from February 2027 to January 2035 |
Note 17 |
| Senior notes hedged with interest rate swaps |
US$ 2.70 bn notional; fair value of the swaps 86 (FY2024: none) |
Note 5; Note 17 |
| Revolving credit facility / commercial paper |
1,500 through 30 Jun 2027 / 3,000; both undrawn |
Note 17 |
| Notional amount of foreign exchange contracts |
US$ 6.54 bn |
Item 7A |
| Currency effect on FY2025 revenue / hedging gains |
about −18 / +22 |
MD&A |
| Total ARR at start-of-FY2026 exchange rates |
US$ 25.66 bn |
MD&A |
| Share of RPO expected to be recognized within 12 months |
about 65%, excluding agreements with committed funds (about 4% of the total) |
Note 2 |
| Goodwill by segment at 28 Nov 2025 |
Digital Media 3,906; Digital Experience 8,553; Publishing and Advertising 398; additions from acquisitions 14 |
Note 8 |
| Total amortization of intangibles / of which in cost of revenue |
310 / 151 (FY2024: 336 / 167; FY2023: 375 / 207) |
Note 8 |
| Operating lease expense |
92 (FY2024: 106; FY2023: 117) |
Note 7 |
| Capitalized sales commissions |
721 (FY2024: 717); amortized over 5 years |
Note 2 |
| Tax reconciliation FY2025 |
at the 21% statutory rate 1,834; non-US −300; credits −154; settlements −55; state +171; SBC +90 (FY2024: −23); other +18 |
Note 10 |
| Tax line "Acquisition termination fee" FY2024 |
210 |
Note 10 |
| Deferred tax assets for capitalized expenses |
2,065 (FY2024: 1,625) |
Note 10 |
| Valuation allowance on deferred tax assets / unrecognized tax benefits |
806 (+81 in the year) / 693 |
Note 10 |
| Cost of subscription revenue: components of the 13% increase |
hosting and data centers 8 points; loss contingency reversal 2; compensation 2; other 1 |
MD&A |
| Semrush consideration |
about US$ 1.9 bn |
Note 16 |
| Holders of record at 9 Jan 2026 |
801 |
Item 5 |
| Age and tenure of the chief executive officer |
62 years old; in office since December 2007; chair since January 2017 |
Item 1, Executive Officers |
| Income before taxes, domestic / foreign |
6,721 / 2,013 (FY2024: 4,160 / 2,771; FY2023: 3,465 / 3,334) |
Note 10 |
| Auditor |
KPMG LLP, "since 1983" |
auditor's report |
Market data supplied by the client, not taken from the filing: ADBE closing price at 28 Nov 2025 US$ 320.13. Year-end market capitalization = 320.13 × 410.5 mn = US$ 131.4 bn (131,413 mn).
A.7 Arithmetic checks
| Check |
FY2025 |
FY2024 |
FY2023 |
Result |
| Gross profit = revenue − cost of revenue |
23,769 − 2,551 = 21,218 |
21,505 − 2,358 = 19,147 |
19,409 − 2,354 = 17,055 |
ties |
| Operating income = gross profit − operating expenses |
21,218 − 12,512 = 8,706 |
19,147 − 12,406 = 6,741 |
17,055 − 10,405 = 6,650 |
ties |
| Income before taxes − taxes = net income |
8,734 − 1,604 = 7,130 |
6,931 − 1,371 = 5,560 |
6,799 − 1,371 = 5,428 |
ties |
| Sum of revenue lines = total |
22,904 + 325 + 540 = 23,769 |
20,521 + 386 + 598 = 21,505 |
18,284 + 460 + 665 = 19,409 |
ties |
| Sum of segments = total revenue |
17,649 + 5,864 + 256 = 23,769 |
15,864 + 5,366 + 275 = 21,505 |
14,216 + 4,893 + 300 = 19,409 |
ties, no "Other" line |
| Sum of geographic areas = total revenue |
12,529 + 1,591 + 6,289 + 3,360 = 23,769 |
11,499 + 1,392 + 5,554 + 3,060 = 21,505 |
10,460 + 1,194 + 4,881 + 2,874 = 19,409 |
ties |
| Sum of segment percentages FY2025 |
74.25 + 24.67 + 1.08 = 100.00 |
|
|
ties |
| Sum of area percentages FY2025 |
52.71 + 6.69 + 26.46 + 14.14 = 100.00 |
|
|
ties |
| Gross debt = sum of items |
0 + 6,210 + 77 + 361 = 6,648 |
1,499 + 4,129 + 75 + 353 = 6,056 |
n/a |
ties |
| Operating cash flow − capex = FCF |
10,031 − 179 = 9,852 |
8,056 − 183 = 7,873 |
7,302 − 360 = 6,942 |
ties |
| SBC by line = total |
122 + 1,010 + 557 + 253 = 1,942 |
117 + 932 + 535 + 249 = 1,833 |
115 + 874 + 495 + 234 = 1,718 |
ties |
| Tax reconciliation FY2025 |
1,834 − 300 − 154 − 55 + 171 + 90 + 18 = 1,604 |
|
|
ties |
| Cash flow statement: operating cash flow |
7,130 + 818 + 1,942 − 512 + 48 + 605 = 10,031 |
5,560 + 857 + 1,833 + 78 − 468 + 52 + 144 = 8,056 |
5,428 + 872 + 1,718 − 426 + 65 − 355 = 7,302 |
ties |
| Cash flow statement: change in cash FY2025 |
10,031 − 1,187 − 11,060 + 34 = −2,182 |
|
|
ties |
| Senior notes: par and carrying value |
850 + 500 + 800 + 750 + 700 + 1,300 + 750 + 500 = 6,150; 6,150 + 86 − 26 = 6,210 |
|
|
ties |
| Buybacks by form |
6,250 + 5,031 = 11,281 |
|
|
ties |
| Amortization of intangibles: Note 8 (total − portion in cost of revenue) against the IS line |
310 − 151 = 159 against 157 |
336 − 167 = 169 against 169 |
375 − 207 = 168 against 168 |
FY2025 does not tie, by 2 mn; the filing does not explain the difference |
| Normalized FY2024 column (without the Figma fee) |
19,147 − 11,406 = 7,741; 7,741 + 190 = 7,931; 7,931 − 1,371 = 6,560 |
|
|
ties |
| Segment operating income − unallocated costs = consolidated operating income |
cannot be performed |
|
|
the filing does not publish operating income by segment; the reconciliation that is possible is segment gross profit (21,218) − consolidated operating expenses (12,512) = 8,706 |