Adobe Inc. (ADBE) financial statements: income statement, balance sheet and cash flow
Adobe Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Nov 28, 2025 · FY), Adobe Inc. reported revenue of $23.8B (+10.5% year on year) and net income of $7.1B (+28.2% year on year).
Income statement
Adobe Inc. income statement, fiscal years
Line item
Nov 28, 2025 · FY
Nov 29, 2024 · FY
Dec 1, 2023 · FY
Dec 2, 2022 · FY
Revenue
$23.8B
$21.5B
$19.4B
$17.6B
Cost of revenue
$2.6B
$2.4B
$2.4B
$2.2B
Gross profit
$21.2B
$19.1B
$17.1B
$15.4B
Research and development
$4.3B
$3.9B
$3.5B
$3.0B
Sales and marketing
$6.5B
$5.8B
$5.4B
$5.0B
General and administrative
$1.6B
$1.5B
$1.4B
$1.2B
Acquisition termination fee
$0
$1.0B
—
—
Amortization of intangibles
$157.0M
$169.0M
$168.0M
$169.0M
Total operating expenses
$12.5B
$12.4B
$10.4B
$9.3B
Operating income
$8.7B
$6.7B
$6.7B
$6.1B
Interest expense
($263.0M)
($169.0M)
($113.0M)
($112.0M)
Investment gains (losses), net
$43.0M
$48.0M
$16.0M
($19.0M)
Other income (expense), net
$248.0M
$311.0M
$246.0M
$41.0M
Total non-operating income (expense), net
$28.0M
$190.0M
$149.0M
($90.0M)
Income before income taxes
$8.7B
$6.9B
$6.8B
$6.0B
Provision for income taxes
$1.6B
$1.4B
$1.4B
$1.3B
Net income
$7.1B
$5.6B
$5.4B
$4.8B
Basic net income per share (in usd per share)
$16.73
$12.43
$11.87
$10.13
Shares used to compute basic net income per share (in shares)
$426200000.00
$447100000.00
$457100000.00
$469500000.00
Diluted net income per share (in usd per share)
$16.70
$12.36
$11.82
$10.10
Shares used to compute diluted net income per share (in shares)
$427000000.00
$449700000.00
$459100000.00
$470900000.00
Adobe Inc. income statement, quarters
Line item
Aug 28, 2026 · Q3
May 29, 2026 · Q2
Feb 27, 2026 · Q1
Aug 29, 2025 · Q3
Total revenue
$6.8B
$6.6B
$6.4B
$6.0B
Total cost of revenue
$763.0M
$715.0M
$664.0M
$642.0M
Gross profit
$6.0B
$5.9B
$5.7B
$5.3B
Research and development
$1.3B
$1.2B
$1.1B
$1.1B
Sales and marketing
$1.8B
$1.9B
$1.7B
$1.6B
General and administrative
$488.0M
$546.0M
$463.0M
$408.0M
Amortization of intangibles
$40.0M
$37.0M
$35.0M
$38.0M
Total operating expenses
$3.6B
$3.7B
$3.3B
$3.2B
Operating income
$2.4B
$2.2B
$2.4B
$2.2B
Interest expense
($66.0M)
($65.0M)
($63.0M)
($67.0M)
Investment gains (losses), net
$21.0M
$18.0M
$5.0M
$23.0M
Other income (expense), net
$48.0M
$47.0M
$62.0M
$58.0M
Total non-operating income (expense), net
$3.0M
$0
$4.0M
$14.0M
Income before income taxes
$2.4B
$2.2B
$2.4B
$2.2B
Provision for income taxes
$530.0M
$526.0M
$533.0M
$415.0M
Net income
$1.8B
$1.7B
$1.9B
$1.8B
Basic net income per share (in usd per share)
$4.63
$4.26
$4.60
$4.18
Shares used to compute basic net income per share (in shares)
$395000000.00
$402400000.00
$410200000.00
$423500000.00
Diluted net income per share (in usd per share)
$4.62
$4.25
$4.60
$4.18
Shares used to compute diluted net income per share (in shares)
$395500000.00
$402500000.00
$410800000.00
$424100000.00
Balance sheet
Adobe Inc. balance sheet, fiscal years
Line item
Nov 28, 2025 · FY
Nov 29, 2024 · FY
Dec 1, 2023 · FY
Dec 2, 2022 · FY
Cash and cash equivalents
$5.4B
$7.6B
$7.1B
$4.2B
Short-term investments
$1.2B
$273.0M
$701.0M
$1.9B
Trade receivables, net of allowances for doubtful accounts of $13 and of $14, respectively
$2.3B
$2.1B
$2.2B
$2.1B
Prepaid expenses and other current assets
$1.2B
$1.3B
$1.0B
$835.0M
Total current assets
$10.2B
$11.2B
$11.1B
$9.0B
Property and equipment, net
$1.9B
$1.9B
$2.0B
$1.9B
Operating lease right-of-use assets, net
$312.0M
$281.0M
$358.0M
$407.0M
Goodwill
$12.9B
$12.8B
$12.8B
$12.8B
Other intangibles, net
$495.0M
$782.0M
$1.1B
$1.4B
Deferred income taxes
$2.2B
$1.7B
$1.2B
$777.0M
Other assets
$1.6B
$1.6B
$1.2B
$841.0M
Total assets
$29.5B
$30.2B
$29.8B
$27.2B
Trade payables
$417.0M
$361.0M
$314.0M
$379.0M
Accrued expenses and other current liabilities
$2.6B
$2.3B
$1.9B
$1.8B
Debt
$0
$1.5B
$0
$500.0M
Deferred revenue
$6.9B
$6.1B
$5.8B
$5.3B
Income taxes payable
$153.0M
$119.0M
$85.0M
$75.0M
Operating lease liabilities
$77.0M
$75.0M
$73.0M
$87.0M
Total current liabilities
$10.2B
$10.5B
$8.3B
$8.1B
Debt
$6.2B
$4.1B
$3.6B
$3.6B
Deferred revenue
$125.0M
$128.0M
$113.0M
$117.0M
Income taxes payable
$469.0M
$548.0M
$514.0M
$530.0M
Operating lease liabilities
$361.0M
$353.0M
$373.0M
$417.0M
Other liabilities
$508.0M
$446.0M
$376.0M
$293.0M
Total liabilities
$17.9B
$16.1B
$13.3B
$13.1B
Preferred stock, $0.0001 par value; 2 shares authorized; none issued
0
0
0
0
Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued; 413 and 441 shares outstanding, respectively
0
0
0
0
Additional paid-in capital
$15.4B
$13.4B
$11.6B
$9.9B
Retained earnings
$45.4B
$38.5B
$33.3B
$28.3B
Accumulated other comprehensive income (loss)
($245.0M)
($201.0M)
($285.0M)
($293.0M)
Treasury stock, at cost (188 and 160 shares, respectively)
-48.8B
-37.6B
—
—
Total stockholders’ equity
$11.6B
$14.1B
$16.5B
$14.1B
Total liabilities and stockholders’ equity
$29.5B
$30.2B
$29.8B
$27.2B
Adobe Inc. balance sheet, quarters
Line item
Aug 28, 2026
May 29, 2026
Feb 27, 2026
Aug 29, 2025
Cash and cash equivalents
$4.4B
$4.9B
$6.3B
$5.0B
Short-term investments
$1.3B
$707.0M
$558.0M
$958.0M
Trade receivables, net of allowances for doubtful accounts of $12 and $13, respectively
$2.1B
$2.0B
$2.1B
$2.1B
Prepaid expenses and other current assets
$1.4B
$1.4B
$1.4B
$1.4B
Total current assets
$9.2B
$9.1B
$10.4B
$9.4B
Property and equipment, net
$1.9B
$1.9B
$1.9B
$1.9B
Operating lease right-of-use assets, net
$286.0M
$299.0M
$305.0M
$307.0M
Goodwill
$14.0B
$14.0B
$12.9B
$12.9B
Other intangibles, net
$956.0M
$1.0B
$454.0M
$555.0M
Deferred income taxes
$1.9B
$2.0B
$2.1B
$2.1B
Other assets
$1.7B
$1.6B
$1.7B
$1.6B
Total assets
$30.0B
$29.9B
$29.7B
$28.8B
Trade payables
$529.0M
$499.0M
$419.0M
$337.0M
Accrued expenses and other current liabilities
$2.5B
$2.5B
$2.3B
$2.3B
Debt
$1.6B
$1.8B
$849.0M
$0
Deferred revenue
$7.1B
$7.2B
$7.3B
$6.4B
Income taxes payable
$63.0M
$38.0M
$506.0M
$154.0M
Operating lease liabilities
$89.0M
$91.0M
$84.0M
$74.0M
Total current liabilities
$11.9B
$12.1B
$11.4B
$9.2B
Debt
$4.8B
$4.8B
$5.4B
$6.2B
Deferred revenue
$110.0M
$98.0M
$95.0M
$149.0M
Income taxes payable
$567.0M
$536.0M
$487.0M
$502.0M
Operating lease liabilities
$310.0M
$329.0M
$344.0M
$362.0M
Other liabilities
$576.0M
$572.0M
$576.0M
$532.0M
Total liabilities
$18.2B
$18.4B
$18.3B
$17.0B
Preferred stock, $0.0001 par value; 2 shares authorized; none issued
0
0
0
0
Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued; 391 and 413 shares outstanding, respectively
0
0
0
0
Additional paid-in capital
$17.0B
$16.4B
$15.9B
$15.0B
Retained earnings
$50.6B
$48.8B
$47.2B
$43.5B
Accumulated other comprehensive income (loss)
($203.0M)
($247.0M)
($295.0M)
($341.0M)
Treasury stock, at cost (210 and 188 shares, respectively)
-55.6B
-53.4B
-51.3B
-46.4B
Total stockholders’ equity
$11.8B
$11.5B
$11.4B
$11.8B
Total liabilities and stockholders’ equity
$30.0B
$29.9B
$29.7B
$28.8B
Cash flow statement
Adobe Inc. cash flow statement, fiscal years
Line item
Nov 28, 2025 · FY
Nov 29, 2024 · FY
Dec 1, 2023 · FY
Dec 2, 2022 · FY
Net income
$7.1B
$5.6B
$5.4B
$4.8B
Depreciation, amortization and accretion
$818.0M
$857.0M
$872.0M
$856.0M
Stock-based compensation
$1.9B
$1.8B
$1.7B
$1.4B
Lease-related asset impairments
$0
$78.0M
—
—
Deferred income taxes
($512.0M)
($468.0M)
($426.0M)
$328.0M
Other non-cash items
$48.0M
$10.0M
$3.0M
$10.0M
Trade receivables, net
($275.0M)
$143.0M
($159.0M)
($198.0M)
Prepaid expenses and other assets
($90.0M)
($616.0M)
($818.0M)
($94.0M)
Trade payables
$64.0M
$44.0M
($49.0M)
$66.0M
Accrued expenses and other liabilities
$180.0M
$196.0M
$146.0M
$7.0M
Income taxes payable
($45.0M)
$68.0M
($11.0M)
$19.0M
Deferred revenue
$771.0M
$309.0M
$536.0M
$536.0M
Net cash provided by operating activities
$10.0B
$8.1B
$7.3B
$7.8B
Purchases of short-term investments
($2.0B)
($59.0M)
$0
($909.0M)
Maturities of short-term investments
$1.2B
$486.0M
$965.0M
$683.0M
Proceeds from sales of short-term investments
$6.0M
$11.0M
$223.0M
$270.0M
Acquisitions, net of cash acquired
($17.0M)
$0
$0
($126.0M)
Purchases of property and equipment
($179.0M)
($183.0M)
($360.0M)
($442.0M)
Purchases of long-term investments, intangibles and other assets
($134.0M)
($108.0M)
($53.0M)
($46.0M)
Other investing activities, net
$3.0M
—
—
—
Net cash provided by (used for) investing activities
($1.2B)
$149.0M
$776.0M
($570.0M)
Repurchases of common stock
($11.3B)
($9.5B)
($4.4B)
($6.5B)
Proceeds from re-issuance of treasury stock
$348.0M
$361.0M
$314.0M
$278.0M
Taxes paid related to net share settlement of equity awards
($475.0M)
($677.0M)
($589.0M)
($518.0M)
Proceeds from issuance of debt
$2.0B
$2.0B
—
$0
Repayment of debt
($1.5B)
$0
($500.0M)
$0
Other financing activities, net
($149.0M)
$95.0M
($7.0M)
($35.0M)
Net cash used for financing activities
($11.1B)
($7.7B)
($5.2B)
($6.8B)
Effect of foreign currency exchange rates on cash and cash equivalents
$34.0M
($9.0M)
$9.0M
($51.0M)
Net change in cash and cash equivalents
($2.2B)
$472.0M
$2.9B
$392.0M
Cash and cash equivalents at beginning of year
$7.6B
$7.1B
$4.2B
$3.8B
Cash and cash equivalents at end of year
$5.4B
$7.6B
$7.1B
$4.2B
Cash paid for income taxes, net of refunds
$2.2B
$1.7B
$1.9B
$778.0M
Cash paid for interest
$246.0M
$143.0M
$106.0M
$103.0M
Adobe Inc. cash flow statement, quarters
Line item
Aug 28, 2026 · YTD
May 29, 2026 · YTD
Feb 27, 2026 · Q1
Aug 29, 2025 · YTD
Net income
$5.4B
$3.6B
$1.9B
$5.3B
Depreciation, amortization and accretion
$582.0M
$367.0M
$174.0M
$634.0M
Stock-based compensation
$1.6B
$1.0B
$509.0M
$1.5B
Deferred income taxes
$164.0M
$111.0M
$64.0M
($391.0M)
Impairment of goodwill
$70.0M
$70.0M
—
—
Other non-cash items
$94.0M
$76.0M
$46.0M
$37.0M
Trade receivables, net
$278.0M
$368.0M
$252.0M
($25.0M)
Prepaid expenses and other assets
($497.0M)
($377.0M)
($240.0M)
($157.0M)
Trade payables
$67.0M
$15.0M
$3.0M
($23.0M)
Accrued expenses and other liabilities
($196.0M)
($215.0M)
($450.0M)
($195.0M)
Income taxes payable
$3.0M
($53.0M)
$371.0M
($11.0M)
Deferred revenue
$71.0M
$117.0M
$340.0M
$275.0M
Net cash provided by operating activities
$7.6B
$5.1B
$3.0B
$6.9B
Purchases of short-term investments
($1.6B)
($796.0M)
($306.0M)
($1.4B)
Maturities of short-term investments
$1.5B
$1.3B
—
$681.0M
Proceeds from sales of short-term investments
$5.0M
$5.0M
—
$4.0M
Acquisitions, net of cash acquired
($1.6B)
($1.6B)
—
($17.0M)
Purchases of property and equipment
($180.0M)
($95.0M)
($37.0M)
($145.0M)
Purchases of long-term investments, intangibles and other assets
($80.0M)
($62.0M)
($104.0M)
($216.0M)
Other investing activities, net
$2.0M
$3.0M
$1.0M
—
Net cash used for investing activities
($1.9B)
($1.2B)
$474.0M
($1.0B)
Repurchases of common stock
($6.8B)
($4.6B)
($2.5B)
($8.8B)
Proceeds from re-issuance of treasury stock
$262.0M
$84.0M
$84.0M
$348.0M
Taxes paid related to net share settlement of equity awards
($306.0M)
($214.0M)
($123.0M)
($381.0M)
Proceeds from issuance of debt
$493.0M
$493.0M
$0
$2.0B
Repayment of debt
($250.0M)
$0
$0
($1.5B)
Other financing activities, net
($192.0M)
($173.0M)
($27.0M)
($162.0M)
Net cash used for financing activities
($6.8B)
($4.4B)
($2.5B)
($8.5B)
Effect of foreign currency exchange rates on cash and cash equivalents