Is Adobe financially healthy?

On 28 August 2026 Adobe held 5.64B USD in cash and short-term investments against total debt of 6.76B USD. Its current ratio is 0.77: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 10.59B USD of free cash flow.

Adobe's revenue grew 13.1% a year over its last five fiscal years, from 12.87B USD in fiscal year 2020 to 23.77B USD in fiscal year 2025. Over the last twelve months it was up 12.0% on the twelve months before.

Where can I find Adobe's annual report (10-K)?

Adobe files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Adobe
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ADBE

Arincen ScoreBeta84/100

84/100B

238.180

USD

1.47

(0.62%)

Pre Open·236.000USD-2.180(-0.92%)

Last updated: 11 Nov, 11:49 GMT-5 · Delayed 15 min

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 6.33Revenue estimate 6.83B

Q4 FY2026 · Earnings report

Wednesday 9 December

EPS estimate 6.33Revenue estimate 6.83B

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 6.33Revenue estimate 6.83B

Q4 FY2026 · Earnings report

Wednesday 9 December

EPS estimate 6.33Revenue estimate 6.83B

Overview Financials Signals Ideas News Forecast Earnings Dividends Company

Adobe financials

Yes. Adobe earned 7.28B USD of net income over the last twelve months, 28.0% of its revenue. It made a profit in 40 of its 40 fiscal years since 1986.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 25.97B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 7.28B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 10.59B USD
Cash and short-term investments: 5.64B USD
Total debt: 6.76B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 11.76B USD

Cash, debt and equity as of 28 Aug 2026.

Adobe earnings

Next earnings · Q4 FY2026

9 Dec 2026

EPS estimate

6.33 USD

Revenue estimate

6.83B USD

Last quarter · Q3 FY2026

EPS6.13Beat +0.8%Revenue6.76BBeat +1.0%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	6.95	—	—	+13.40%	7.32B	—	—	+8.23%
Q2 FY2027	—	6.78	—	—	+13.71%	7.19B	—	—	+8.60%
Q1 FY2027	—	6.78	—	—	+11.87%	7.07B	—	—	+10.57%
Q4 FY2026	9 Dec 2026	6.33	—	—	+15.09%	6.83B	—	—	+10.25%
Q3 FY2026	10 Sept 2026	6.08	6.13	+0.82%	+15.44%	6.69B	6.76B	+0.99%	+12.89%
Q2 FY2026	11 Jun 2026	5.82	5.96	+2.41%	+17.79%	6.45B	6.62B	+2.54%	+12.69%
Q1 FY2026	12 Mar 2026	5.87	6.06	+3.24%	+19.29%	6.28B	6.40B	+1.94%	+11.97%
Q4 FY2025	10 Dec 2025	5.40	5.50	+1.85%	+14.35%	6.11B	6.19B	+1.37%	+10.49%
Q3 FY2025	11 Sept 2025	5.18	5.31	+2.51%	+14.19%	5.92B	5.99B	+1.18%	+10.72%
Q2 FY2025	12 Jun 2025	4.97	5.06	+1.81%	+12.95%	5.80B	5.87B	+1.27%	+10.62%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	30.55	—	—	+10.80%	31.19B	—	—	+7.34%
FY2027	27.57	—	—	+12.63%	29.06B	—	—	+9.22%
FY2026	24.48	—	—	+16.85%	26.61B	—	—	+11.94%
FY2025	20.82	20.95	+0.61%	+13.74%	23.69B	23.77B	+0.32%	+10.53%
FY2024	18.27	18.42	+0.83%	+14.62%	21.44B	21.51B	+0.30%	+10.80%
FY2023	15.93	16.07	+0.87%	+17.13%	19.38B	19.41B	+0.16%	+10.24%
FY2022	13.63	13.72	+0.69%	+9.94%	17.61B	17.61B	-0.02%	+11.54%

Adobe growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 25.97B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 7.28B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 89.10%
Operating margin: 35.70%
Net margin: 28.05%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	23.77B	+10.53%	7.13B	+28.24%	89.27%	36.63%	30.00%	9.82B	+23.35%
FY2024	21.51B	+10.80%	5.56B	+2.43%	89.04%	31.35%	25.85%	7.96B	+2.22%
FY2023	19.41B	+10.24%	5.43B	+14.13%	87.87%	34.26%	27.97%	7.78B	+11.94%
FY2022	17.61B	+11.54%	4.76B	-1.37%	87.70%	34.64%	27.01%	6.95B	+5.33%
FY2021	15.79B	+22.67%	4.82B	-8.33%	88.18%	36.76%	30.55%	6.60B	+30.76%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	6.76B	1.83B	88.12%	34.82%	27.03%
Q2 FY2026	6.62B	1.71B	89.20%	33.82%	25.87%
Q1 FY2026	6.40B	1.89B	89.62%	37.79%	29.52%
Q4 FY2025	6.19B	1.86B	89.52%	36.50%	29.96%
Q3 FY2025	5.99B	1.77B	89.28%	36.29%	29.59%

How Adobe makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Digital Media17.65B 74.3%

Digital Experience5.86B 24.7%

Print And Publishing256.00M 1.1%

Revenue23.77B 100.0%

Cost of revenue2.55B 10.7%

Gross profit21.22B 89.3%

Research and development4.29B 18.1%

Selling and administration8.06B 33.9%

Other operating expenses157.00M 0.7%

Operating income8.71B 36.6%

Tax1.60B 6.7%

Net income7.13B 30.0%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Adobe revenue breakdown

By product

FY2025

74.3%Digital Media24.7%Digital Experience1.1%Print And Publishing

Segment	Revenue	Share of revenue	Change on the year
Digital Media	17.65B	74.3%	+11.3%
Digital Experience	5.86B	24.7%	+9.3%
Print And Publishing	256.00M	1.1%	-6.9%

By region

FY2025

59.4%Americas26.5%EMEA14.1%Asia

Region	Revenue	Share of revenue	Change on the year
Americas	14.12B	59.4%	+9.5%
EMEA	6.29B	26.5%	+13.2%
Asia	3.36B	14.1%	+9.8%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	10.03B	9.85B
FY2024	8.06B	7.87B
FY2023	7.30B	6.94B
FY2022	7.84B	7.40B
FY2021	7.23B	6.88B
FY2020	5.73B	5.31B
FY2019	4.42B	4.09B
FY2018	4.03B	3.76B
FY2017	2.91B	2.73B
FY2016	2.20B	2.00B

Adobe financial health

Full balance sheet

Cash and short-term investments: 5.64B USD
Total debt: 6.76B USD
Net cash: -1.12B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 10.59B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 0.77
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.57
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 7 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 7.32

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	6.60B	6.65B	9.85B
FY2024	7.89B	6.06B	7.87B
FY2023	7.84B	4.08B	6.94B
FY2022	6.10B	4.63B	7.40B
FY2021	5.80B	4.67B	6.88B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	29.50B	17.87B	11.62B
FY2024	30.23B	16.13B	14.11B
FY2023	29.78B	13.26B	16.52B
FY2022	27.17B	13.11B	14.05B
FY2021	27.24B	12.44B	14.80B
FY2020	24.28B	11.02B	13.26B
FY2019	20.76B	10.23B	10.53B
FY2018	18.77B	9.41B	9.36B
FY2017	14.54B	6.08B	8.46B
FY2016	12.70B	5.27B	7.42B

Adobe valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 13.27
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 9.73
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.57
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 7.88
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 9.16

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

92.70B USD

Total debt

6.76B USD

−

Cash and short-term investments

5.64B USD

Enterprise value

93.82B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	7.80	—	—	—	—
FY2027 (est.)	8.64	7.80	—	—	—
FY2026 (est.)	9.73	8.64	—	—	—
Now (TTM)	13.27	8.68	3.57	7.88	9.16
FY2025	19.14	13.08	5.74	11.73	14.02
FY2024	41.47	24.77	10.73	16.35	28.79
FY2023	51.55	20.88	14.42	16.95	35.56
FY2022	33.71	21.44	9.12	11.42	23.14
FY2021	61.04	45.25	18.63	19.87	44.67

Adobe against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Snowflake, Intuit, ServiceNow, Cadence Design Systems, Meta Platforms, Inc. Depositary Shares representing a 1/20th Interest in a Share of Series A Mandatory Convertible Preferred Stock, and AppLovin, the US Software - Application companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median13.3
11.156.4
Gross marginHighest in 5 years89.3%
87.7%89.3%
Against its peers: 1 of 6Peers' median 80.2%
Operating marginAbove its median36.6%
31.3%36.8%
Against its peers: 2 of 6Peers' median 28.8%
Net marginAbove its median30.0%
25.9%30.5%
Against its peers: 2 of 6Peers' median 20.9%
Return on equityHighest in 5 years61.3%
32.6%61.3%
Against its peers: 2 of 6Peers' median 20.3%
Free cash flow marginAt its median41.4%
35.8%43.6%
Against its peers: 2 of 6Peers' median 34.5%
Revenue growthBelow its median10.5%
10.2%22.7%
Against its peers: 6 of 6Peers' median 20.9%
EPS growthHighest in 5 years35.1%
-7.5%35.1%
Against its peers: 2 of 5Peers' median 21.2%
Debt to EBITDAAt its median0.68×
0.52×0.76×
Against its peers: 1 of 5Peers' median 1.00×
Current ratioLowest in 5 years1.00
1.001.34
Against its peers: 6 of 6Peers' median 1.51

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	13.3	11.156.4	Below its median	—
Gross margin	89.3%	87.7%89.3%	Highest in 5 years	1 of 6
Operating margin	36.6%	31.3%36.8%	Above its median	2 of 6
Net margin	30.0%	25.9%30.5%	Above its median	2 of 6
Return on equity	61.3%	32.6%61.3%	Highest in 5 years	2 of 6
Free cash flow margin	41.4%	35.8%43.6%	At its median	2 of 6
Revenue growth	10.5%	10.2%22.7%	Below its median	6 of 6
EPS growth	35.1%	-7.5%35.1%	Highest in 5 years	2 of 5
Debt to EBITDA	0.68×	0.52×0.76×	At its median	1 of 5
Current ratio	1.00	1.001.34	Lowest in 5 years	6 of 6

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Adobe dividends

Frequency: Quarterly
Last payment: 0.01 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 24 Mar 2005
Last payment date: 12 Apr 2005

Dividends per share

Year	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Dividends per share	0.01	0.03	0.03	0.03	0.03	0.03	0.03	0.01	0.03	0.03

Adobe ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 83.66%
Institutional holders: 2,132 (-193)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.82%

Who owns the shares

Institutions 83.7% Others 16.3%

As of 30 Jun 2026

Shares free to trade

Free float 388.49M shares ·99.8% Closely held 707.96K shares ·0.2%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Purchases	Sales	Shares acquired	Shares disposed of
Q3 2026	0	13	165.35K	169.69K
Q2 2026	1	5	72.05K	138.71K
Q1 2026	0	1	453.76K	246.53K
Q4 2025	0	1	18.10K	27.85K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	426.00M	427.00M	-5.11%
FY2024	447.10M	450.00M	-1.96%
FY2023	457.00M	459.00M	-2.55%
FY2022	470.00M	471.00M	-2.08%
FY2021	477.00M	481.00M	-0.82%

Common questions about Adobe's financials

Source: Financial Modeling PrepVerified against SEC filings

Adobe
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ADBE

Adobe financials

Adobe earnings

Revenue

EPS

Adobe growth and profitability

Revenue / Net income

How Adobe makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Adobe revenue breakdown

By product

By region

Operating and free cash flow

Adobe financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Adobe valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Adobe against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Adobe dividends

Dividends per share

Adobe ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Adobe's financials

Is Adobe profitable?

Is Adobe financially healthy?

Is Adobe growing?

Where can I find Adobe's annual report (10-K)?

Need help?

Adobe DQuotes are delayed by 15 minutes

ADBE

Adobe financials

Adobe earnings

Revenue

EPS

Adobe growth and profitability

Revenue / Net income

How Adobe makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Adobe revenue breakdown

By product

By region

Operating and free cash flow

Adobe financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Adobe valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Adobe against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Adobe dividends

Dividends per share

Adobe ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Adobe's financials

Is Adobe profitable?

Is Adobe financially healthy?

Is Adobe growing?

Where can I find Adobe's annual report (10-K)?

Need help?

Adobe
D
Quotes are delayed by 15 minutes