ADOBE INC. (ADBE)

Latest 10-K (filed 2026-01-15)

Income Statement

Consolidated Statement of Income

ADOBE INC. (ADBE)

Year Ended (In millions, except shares in scaled by 100,000 and per share data)

Nov 28, 2025 Nov 29, 2024 Dec 1, 2023
          Revenue $23,769 $21,505 $19,409
Product $325 $386 $460
Services and other $540 $598 $665
          Cost of revenue $2,551 $2,358 $2,354
Subscription $2,027 $1,799 $1,822
Product $23 $25 $29
Services and other $501 $534 $503
          Gross profit $21,218 $19,147 $17,055
          Research and development $4,294 $3,944 $3,473
          Sales and marketing $6,488 $5,764 $5,351
          General and administrative $1,573 $1,529 $1,413
          Acquisition termination fee $1,000
          Amortization of intangibles $157 $169 $168
        Total operating expenses $12,512 $12,406 $10,405
          Operating income $8,706 $6,741 $6,650
          Interest expense $(263) $(169) $(113)
          Investment gains (losses), net $43 $48 $16
          Other income (expense), net $248 $311 $246
        Total non-operating income (expense), net $28 $190 $149
      Income before income taxes $8,734 $6,931 $6,799
      Provision for income taxes $1,604 $1,371 $1,371
      Net income $7,130 $5,560 $5,428
      Basic net income per share (in usd per share) 16.73 12.43 11.87
      Shares used to compute basic net income per share (in shares) 4,262 4,471 4,571
      Diluted net income per share (in usd per share) 16.70 12.36 11.82
      Shares used to compute diluted net income per share (in shares) 4,270 4,497 4,591

Balance Sheet

Consolidated Balance Sheets

ADOBE INC. (ADBE)

As of November 28, 2025 and November 29, 2024 (In millions, except shares and per share data)

Nov 28, 2025 Nov 29, 2024
        Cash and cash equivalents $5,431 $7,613
        Short-term investments $1,164 $273
        Trade receivables, net of allowances for doubtful accounts of $13 and of $14, respectively $2,344 $2,072
        Prepaid expenses and other current assets $1,224 $1,274
      Total current assets $10,163 $11,232
      Property and equipment, net $1,873 $1,936
      Operating lease right-of-use assets, net $312 $281
      Goodwill $12,857 $12,788
      Other intangibles, net $495 $782
      Deferred income taxes $2,186 $1,657
      Other assets $1,610 $1,554
    Total assets $29,496 $30,230
        Trade payables $417 $361
        Accrued expenses and other current liabilities $2,648 $2,336
        Debt $1,499
        Deferred revenue $6,905 $6,131
        Income taxes payable $153 $119
        Operating lease liabilities $77 $75
        Total current liabilities $10,200 $10,521
        Debt $6,210 $4,129
        Deferred revenue $125 $128
        Income taxes payable $469 $548
        Operating lease liabilities $361 $353
        Other liabilities $508 $446
      Total liabilities $17,873 $16,125
    Commitments and contingencies
      Preferred stock, $0.0001 par value; 2 shares authorized; none issued
      Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued;  413 and 441 shares outstanding, respectively
      Additional paid-in capital $15,361 $13,419
      Retained earnings $45,354 $38,470
      Accumulated other comprehensive income (loss) $(245) $(201)
      Treasury stock, at cost (188 and 160 shares, respectively) $(48,847) $(37,583)
      Total stockholders’ equity $11,623 $14,105
    Total liabilities and stockholders’ equity $29,496 $30,230

Cash Flow

Consolidated Statement of Cash Flows

ADOBE INC. (ADBE)

Year Ended (In millions, except shares and per share data)

Nov 28, 2025 Nov 29, 2024 Dec 1, 2023
      Net income $7,130 $5,560 $5,428
      Depreciation, amortization and accretion $818 $857 $872
      Stock-based compensation $1,942 $1,833 $1,718
      Lease-related asset impairments $78
      Deferred income taxes $(512) $(468) $(426)
      Other non-cash items $48 $52 $65
        Trade receivables, net $(275) $143 $(159)
        Prepaid expenses and other assets $(90) $(616) $(818)
        Trade payables $64 $44 $(49)
        Accrued expenses and other liabilities $180 $196 $146
        Income taxes payable $(45) $68 $(11)
        Deferred revenue $771 $309 $536
    Net cash provided by operating activities $10,031 $8,056 $7,302
      Purchases of short-term investments $(2,034) $(59)
      Maturities of short-term investments $1,168 $486 $965
      Proceeds from sales of short-term investments $6 $11 $223
      Acquisitions, net of cash acquired $(17)
      Purchases of property and equipment $(179) $(183) $(360)
      Purchases of long-term investments, intangibles and other assets $(134) $(108) $(53)
      Other investing activities, net $3 $2 $1
    Net cash provided by (used for) investing activities $(1,187) $149 $776
      Repurchases of common stock $(11,281) $(9,500) $(4,400)
Repurchase Authority - Accelerated share repurchase agreements $(6,250) $(9,500) $(1,400)
Repurchase Authority - Open market repurchases $(5,031)
Repurchase Authority $(11,281) $(9,500) $(4,400)
Repurchase Authority - Other structured stock repurchases $(3,000)
      Proceeds from re-issuance of treasury stock $348 $361 $314
      Taxes paid related to net share settlement of equity awards $(475) $(677) $(589)
      Proceeds from issuance of debt $1,997 $1,997
      Repayment of debt $(1,500) $(500)
      Other financing activities, net $(149) $95 $(7)
    Net cash used for financing activities $(11,060) $(7,724) $(5,182)
    Effect of foreign currency exchange rates on cash and cash equivalents $34 $(9) $9
  Net change in cash and cash equivalents $(2,182) $472 $2,905
  Cash and cash equivalents at end of year
  Cash and cash equivalents at end of year
    Cash paid for income taxes, net of refunds $2,219 $1,727 $1,854
    Cash paid for interest $246 $143 $106