Adobe (ADBE) Financials

$352.47 +2.42 (+0.69%)

Closing price 04/11/2025 04:00 PM Eastern

Extended Trading

$352.30 -0.18 (-0.05%)

As of 04/11/2025 07:59 PM Eastern

Annual Income Statements for Adobe

This table shows Adobe's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560
Consolidated Net Income / (Loss)	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560
Net Income / (Loss) Continuing Operations	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560
Total Pre-Tax Income	874	1,435	2,138	2,794	3,205	4,176	5,705	6,008	6,799	6,931
Total Operating Income	903	1,494	2,168	2,840	3,268	4,237	5,802	6,098	6,650	6,741
Total Gross Profit	4,051	5,035	6,291	7,835	9,498	11,146	13,920	15,441	17,055	19,147
Total Revenue	4,796	5,854	7,302	9,030	11,171	12,868	15,785	17,606	19,409	21,505
Operating Revenue	4,796	5,854	7,302	9,030	11,171	12,868	-	-	-	21,505
Total Cost of Revenue	744	820	1,010	1,195	1,673	1,722	1,865	2,165	2,354	2,358
Operating Cost of Revenue	744	820	1,010	1,195	1,673	1,722	-	-	-	2,358
Total Operating Expenses	3,148	3,541	4,123	4,995	6,230	6,909	8,118	9,343	10,405	12,406
Selling, General & Admin Expense	533	576	625	745	881	968	1,085	1,219	1,413	1,529
Marketing Expense	1,683	1,910	2,198	2,621	3,244	3,591	4,321	4,968	5,351	5,764
Research & Development Expense	863	976	1,224	1,538	1,930	2,188	2,540	2,987	3,473	3,944
Amortization Expense	69	79	77	91	175	162	172	169	168	169
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	-	1,000
Total Other Income / (Expense), net	-29	-58	-30	-46	-63	-61	-97	-90	149	190
Interest Expense	64	70	74	89	157	116	113	112	113	169
Interest & Investment Income	0.96	-1.57	7.55	3.00	52	13	16	-19	16	48
Other Income / (Expense), net	34	14	36	40	42	42	0.00	41	246	311
Income Tax Expense	244	266	444	203	254	-1,084	883	1,252	1,371	1,371
Basic Earnings per Share	$1.26	$2.35	$3.43	$5.28	$6.07	$10.94	$10.10	$10.13	$11.87	$12.43
Weighted Average Basic Shares Outstanding	498.76M	498.35M	493.63M	490.60M	486.30M	480.90M	477.30M	469.50M	457.10M	447.10M
Diluted Earnings per Share	$1.24	$2.32	$3.38	$5.20	$6.00	$10.83	$10.02	$10.10	$11.82	$12.36
Weighted Average Diluted Shares Outstanding	507.16M	504.30M	501.12M	497.80M	491.60M	485.50M	481M	470.90M	459.10M	449.70M
Weighted Average Basic & Diluted Shares Outstanding	499.60M	497.40M	493.90M	490.70M	482.13M	478.70M	471.70M	457.80M	452M	435.30M

This table shows Adobe's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811
Consolidated Net Income / (Loss)	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811
Net Income / (Loss) Continuing Operations	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811
Total Pre-Tax Income	1,456	1,517	1,598	1,650	1,743	1,808	968	1,930	2,042	1,991	2,182
Total Operating Income	1,484	1,505	1,586	1,624	1,697	1,743	907	1,885	1,992	1,957	2,163
Total Gross Profit	3,887	3,957	4,087	4,244	4,310	4,414	4,592	4,711	4,854	4,990	5,092
Total Revenue	4,433	4,525	4,655	4,816	4,890	5,048	5,182	5,309	5,408	5,606	5,714
Total Cost of Revenue	546	568	568	572	580	634	590	598	554	616	622
Total Operating Expenses	2,403	2,452	2,501	2,620	2,613	2,671	3,685	2,826	2,862	3,033	2,929
Selling, General & Admin Expense	319	340	331	357	353	372	352	355	366	456	367
Marketing Expense	1,266	1,297	1,301	1,345	1,337	1,368	1,352	1,445	1,431	1,536	1,495
Research & Development Expense	775	773	827	876	881	889	939	984	1,022	999	1,026
Amortization Expense	43	42	42	42	42	42	42	42	43	42	41
Total Other Income / (Expense), net	-28	12	12	26	46	65	61	45	50	34	19
Interest Expense	28	28	32	26	27	28	27	41	51	50	62
Interest & Investment Income	-6.00	4.00	1.00	5.00	6.00	4.00	18	4.00	12	14	6.00
Other Income / (Expense), net	6.00	36	43	47	67	89	70	82	89	70	75
Income Tax Expense	320	341	351	355	340	325	348	357	358	308	371
Basic Earnings per Share	$2.42	$2.53	$2.72	$2.83	$3.07	$3.25	$1.37	$3.50	$3.78	$3.78	$4.15
Weighted Average Basic Shares Outstanding	468.50M	469.50M	459M	457.80M	456.40M	457.10M	452.80M	449.10M	445.30M	447.10M	436.20M
Diluted Earnings per Share	$2.42	$2.53	$2.71	$2.82	$3.05	$3.24	$1.36	$3.49	$3.76	$3.75	$4.14
Weighted Average Diluted Shares Outstanding	469.40M	470.90M	459.50M	458.70M	459.50M	459.10M	456.30M	451.40M	447.60M	449.70M	437.60M
Weighted Average Basic & Diluted Shares Outstanding	464.90M	457.80M	458.70M	455.80M	455.30M	452M	448M	443.40M	440.20M	435.30M	426.20M

This table details how cash moves in and out of Adobe's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-241	135	1,295	275	1,007	1,828	-634	392	2,905	472
Net Cash From Operating Activities	1,470	2,200	2,913	4,029	4,422	5,727	7,230	7,838	7,302	8,056
Net Cash From Continuing Operating Activities	1,470	2,200	2,913	4,967	4,422	5,727	7,230	7,838	7,302	8,056
Net Income / (Loss) Continuing Operations	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560
Consolidated Net Income / (Loss)	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560
Depreciation Expense	339	332	326	346	757	757	788	856	872	857
Non-Cash Adjustments To Reconcile Net Income	238	279	454	618	754	1,025	1,145	1,562	1,783	1,963
Changes in Operating Assets and Liabilities, net	262	420	439	1,412	-40	-1,315	475	664	-781	-324
Net Cash From Investing Activities	-1,488	-960	-443	-4,685	-456	-414	-3,537	-570	776	149
Net Cash From Continuing Investing Activities	-1,488	-960	-443	-4,685	-456	-414	-3,537	-570	776	149
Purchase of Property, Plant & Equipment	-185	-204	-178	-267	-395	-419	-348	-442	-360	-183
Acquisitions	-826	-48	-460	-6,314	-101	0.00	-2,682	-126	0.00	0.00
Purchase of Investments	-2,088	-2,344	-1,961	-584	-749	-1,086	-1,575	-955	-53	-167
Sale and/or Maturity of Investments	1,552	1,636	2,156	2,480	789	1,091	1,068	953	1,189	499
Net Cash From Financing Activities	-201	-1,091	-1,184	-5.00	-2,946	-3,488	-4,301	-6,825	-5,182	-7,724
Net Cash From Continuing Financing Activities	-201	-1,091	-1,184	-5.00	-2,946	-3,488	-4,301	-6,825	-5,182	-7,724
Repayment of Debt	-611	-0.11	-1.96	-1.00	11	-3,171	77	-35	-507	95
Repurchase of Common Equity	-625	-1,075	-1,100	-2,050	-2,750	-3,050	-3,950	-6,550	-4,400	-9,500
Issuance of Debt	989	0.00	0.00	2,248	0.00	3,144	-	0.00	0.00	1,997
Issuance of Common Equity	164	146	158	191	233	270	291	278	314	361
Other Financing Activities, net	-118	-161	-240	-393	-440	-681	-719	-518	-589	-677
Effect of Exchange Rate Changes	-21	-14	8.52	-2.00	-13	3.00	-26	-51	9.00	-9.00
Cash Interest Paid	56	66	69	81	152	88	100	103	106	143
Cash Income Taxes Paid	203	250	397	210	352	469	843	778	1,854	1,727

This table details how cash moves in and out of Adobe's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	505	366	-164	1,384	1,145	540	-887	1,406	-467	420	-855
Net Cash From Operating Activities	1,704	2,325	1,693	2,139	1,873	1,597	1,174	1,940	2,021	2,921	2,482
Net Cash From Continuing Operating Activities	1,704	2,325	1,693	2,139	1,873	1,597	1,174	1,940	2,021	2,921	2,482
Net Income / (Loss) Continuing Operations	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811
Consolidated Net Income / (Loss)	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811
Depreciation Expense	216	215	212	220	218	222	212	214	213	218	217
Non-Cash Adjustments To Reconcile Net Income	411	406	435	445	458	445	457	490	486	530	492
Changes in Operating Assets and Liabilities, net	-59	528	-201	179	-206	-553	-115	-337	-362	490	-38
Net Cash From Investing Activities	-103	-69	156	322	145	153	66	111	-47	19	-484
Net Cash From Continuing Investing Activities	-103	-69	156	322	145	153	66	111	-47	19	-484
Purchase of Property, Plant & Equipment	-125	-91	-101	-121	-91	-47	-37	-41	-57	-48	-26
Purchase of Investments	-188	-213	-30	-4.00	-	-19	-38	-11	-76	-42	-592
Sale and/or Maturity of Investments	210	235	287	447	236	219	141	163	86	109	134
Net Cash From Financing Activities	-1,060	-1,911	-2,014	-1,080	-871	-1,217	-2,128	-642	-2,453	-2,501	-2,841
Net Cash From Continuing Financing Activities	-1,060	-1,911	-2,014	-1,080	-871	-1,217	-2,128	-642	-2,453	-2,501	-2,841
Repayment of Debt	37	-94	-519	22	5.00	-15	-3.00	-4.00	-49	151	-1,525
Repurchase of Common Equity	-1,200	-1,750	-1,400	-1,000	-1,000	-1,000	-2,000	-2,500	-2,500	-2,500	-3,250
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	1,997
Issuance of Common Equity	187	-	69	1.00	244	-	97	-	264	-	96
Other Financing Activities, net	-84	-67	-164	-103	-120	-202	-222	-135	-168	-152	-159
Effect of Exchange Rate Changes	-36	21	1.00	3.00	-2.00	7.00	1.00	-3.00	12	-19	-12
Cash Interest Paid	51	2.00	55	1.00	47	3.00	47	1.00	46	49	48
Cash Income Taxes Paid	226	292	214	221	155	1,264	205	696	488	338	182

This table presents Adobe's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	11,726	12,697	14,536	18,769	20,762	24,284	27,241	27,165	29,779	30,230
Total Current Assets	4,822	5,840	7,248	4,857	6,495	8,146	8,669	8,996	11,084	11,232
Cash & Equivalents	877	1,011	2,306	1,643	2,650	4,478	3,844	4,236	7,141	7,613
Short-Term Investments	3,112	3,750	3,514	1,586	1,527	1,514	1,954	1,860	701	273
Accounts Receivable	672	833	1,218	1,316	1,535	1,398	1,878	2,065	2,224	2,072
Prepaid Expenses	162	245	210	312	783	756	993	835	1,018	1,274
Plant, Property, & Equipment, net	787	816	937	1,075	1,293	1,517	1,673	1,908	2,030	1,936
Total Noncurrent Assets	6,117	6,041	6,351	12,837	12,974	14,621	16,899	16,261	16,665	17,062
Goodwill	5,367	5,406	5,822	10,581	10,691	10,742	12,668	12,787	12,805	12,788
Intangible Assets	510	414	386	2,069	1,721	1,359	1,820	1,449	1,088	782
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	0.00	1,370	1,085	777	1,191	1,657
Other Noncurrent Operating Assets	160	140	144	187	562	1,150	1,326	1,248	1,581	1,835
Total Liabilities & Shareholders' Equity	11,726	12,697	14,536	18,769	20,762	24,284	27,241	27,165	29,779	30,230
Total Liabilities	4,725	5,272	6,076	9,407	10,232	11,020	12,444	13,114	13,261	16,125
Total Current Liabilities	2,214	2,812	3,527	4,301	8,191	5,512	6,932	8,128	8,251	10,521
Short-Term Debt	-	-	-	0.00	3,149	0.00	0.00	500	0.00	1,499
Accounts Payable	93	88	114	186	209	306	312	379	314	361
Accrued Expenses	680	740	994	1,163	1,399	1,422	1,736	1,790	1,942	2,336
Current Deferred Revenue	1,434	1,946	2,406	2,916	3,378	3,629	4,733	5,297	5,837	6,131
Current Deferred & Payable Income Tax Liabilities	6.17	38	14	36	56	63	54	75	85	119
Other Current Liabilities	-	-	-	-	0.00	92	97	87	73	75
Total Noncurrent Liabilities	2,511	2,461	2,548	5,105	2,041	5,508	5,512	4,986	5,010	5,604
Long-Term Debt	1,907	1,892	1,881	4,125	989	4,117	4,123	3,629	3,634	4,129
Noncurrent Deferred Revenue	307	254	262	782	739	659	679	647	627	676
Other Noncurrent Operating Liabilities	89	97	125	152	173	722	710	710	749	799
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,002	7,425	8,460	9,362	10,530	13,264	14,797	14,051	16,518	14,105
Total Preferred & Common Equity	7,002	7,425	8,460	9,362	10,530	13,264	14,797	14,051	16,518	14,105
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,002	7,425	8,460	9,362	10,530	13,264	14,797	14,051	16,518	14,105
Common Stock	4,185	4,616	5,082	5,685	6,504	7,357	8,428	9,868	11,586	13,419
Retained Earnings	7,253	8,115	9,574	11,816	14,829	19,611	23,905	28,319	33,346	38,470
Treasury Stock	-4,268	-5,132	-6,084	-7,991	-10,615	-13,546	-17,399	-23,843	-28,129	-37,583
Accumulated Other Comprehensive Income / (Loss)	-169	-174	-112	-148	-188	-158	-137	-293	-285	-201

This table presents Adobe's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Total Assets	26,744	27,165	26,667	27,838	29,090	29,779	28,751	30,007	29,830	30,230	29,955
Total Current Assets	8,489	8,996	8,342	9,274	10,410	11,084	10,008	11,023	10,716	11,232	10,855
Cash & Equivalents	3,870	4,236	4,072	5,456	6,601	7,141	6,254	7,660	7,193	7,613	6,758
Short-Term Investments	1,894	1,860	1,581	1,145	915	701	566	405	322	273	677
Accounts Receivable	1,723	2,065	1,801	1,685	1,851	2,224	2,057	1,612	1,802	2,072	1,973
Prepaid Expenses	1,002	835	888	988	1,043	1,018	1,131	1,346	1,399	1,274	1,447
Plant, Property, & Equipment, net	1,858	1,908	1,967	2,032	2,036	2,030	1,988	1,969	1,969	1,936	1,893
Total Noncurrent Assets	16,397	16,261	16,358	16,532	16,644	16,665	16,755	17,015	17,145	17,062	17,207
Goodwill	12,756	12,787	12,792	12,796	12,800	12,805	12,803	12,803	12,814	12,788	12,777
Intangible Assets	1,548	1,449	1,354	1,258	1,167	1,088	1,011	933	858	782	706
Noncurrent Deferred & Refundable Income Taxes	799	777	826	964	1,065	1,191	1,310	1,436	1,548	1,657	1,820
Other Noncurrent Operating Assets	1,294	1,248	1,386	1,514	1,612	1,581	1,631	1,843	1,925	1,835	1,904
Total Liabilities & Shareholders' Equity	26,744	27,165	26,667	27,838	29,090	29,779	28,751	30,007	29,830	30,230	29,955
Total Liabilities	12,371	13,114	12,461	13,000	13,314	13,261	13,291	15,164	15,285	16,125	16,860
Total Current Liabilities	7,438	8,128	7,437	8,019	8,334	8,251	9,537	9,474	9,644	10,521	9,163
Short-Term Debt	500	500	0.00	0.00	0.00	0.00	1,497	1,498	1,499	1,499	0.00
Accounts Payable	316	379	308	346	314	314	300	357	318	361	326
Accrued Expenses	1,629	1,790	1,469	1,786	1,714	1,942	1,569	1,899	1,848	2,336	1,951
Current Deferred Revenue	4,829	5,297	5,357	5,265	5,375	5,837	5,975	5,558	5,779	6,131	6,347
Current Deferred & Payable Income Tax Liabilities	76	75	222	548	857	85	123	95	130	119	465
Other Current Liabilities	88	87	81	74	74	73	73	67	70	75	74
Total Noncurrent Liabilities	4,933	4,986	5,024	4,981	4,980	5,010	3,754	5,690	5,641	5,604	7,697
Long-Term Debt	3,627	3,629	3,630	3,631	3,633	3,634	2,138	4,127	4,128	4,129	6,155
Noncurrent Deferred Revenue	624	647	656	595	606	627	803	719	712	676	710
Other Noncurrent Operating Liabilities	679	710	738	755	741	749	813	844	801	799	832
Total Equity & Noncontrolling Interests	14,373	14,051	14,206	14,838	15,776	16,518	15,460	14,843	14,545	14,105	13,095
Total Preferred & Common Equity	14,373	14,051	14,206	14,838	15,776	16,518	15,460	14,843	14,545	14,105	13,095
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	14,373	14,051	14,206	14,838	15,776	16,518	15,460	14,843	14,545	14,105	13,095
Common Stock	9,548	9,868	10,284	10,717	11,195	11,586	12,037	12,504	13,026	13,419	13,894
Retained Earnings	27,158	28,319	29,435	30,609	32,012	33,346	33,809	35,227	36,911	38,470	40,186
Treasury Stock	-22,109	-23,843	-25,206	-26,191	-27,146	-28,129	-30,109	-32,612	-35,083	-37,583	-40,827
Accumulated Other Comprehensive Income / (Loss)	-224	-293	-307	-297	-285	-285	-277	-276	-309	-201	-158

This table displays calculated financial ratios and metrics derived from Adobe's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.64%	22.08%	24.72%	23.67%	23.71%	15.19%	22.67%	11.54%	10.24%	10.80%
EBITDA Growth	74.02%	44.04%	37.62%	27.49%	26.07%	23.83%	30.86%	6.15%	11.05%	1.82%
EBIT Growth	123.12%	60.85%	46.27%	30.64%	14.93%	29.27%	35.59%	5.81%	12.33%	2.26%
NOPAT Growth	112.29%	86.94%	41.24%	53.29%	14.25%	77.36%	-8.11%	-1.56%	9.98%	1.86%
Net Income Growth	134.56%	85.65%	44.93%	52.96%	13.89%	78.24%	-8.33%	-1.37%	14.13%	2.43%
EPS Growth	133.96%	87.10%	45.69%	53.85%	15.38%	80.50%	-7.48%	0.80%	17.03%	4.57%
Operating Cash Flow Growth	14.14%	49.69%	32.42%	38.32%	9.75%	29.51%	26.24%	8.41%	-6.84%	10.33%
Free Cash Flow Firm Growth	-65.80%	463.43%	10.81%	-277.07%	189.47%	59.90%	-28.56%	84.97%	-13.34%	15.49%
Invested Capital Growth	8.13%	-7.42%	-0.75%	126.87%	2.27%	8.56%	15.22%	-7.91%	1.87%	-3.76%
Revenue Q/Q Growth	5.11%	5.44%	5.77%	5.34%	4.95%	3.47%	4.54%	2.41%	2.77%	2.66%
EBITDA Q/Q Growth	18.19%	9.24%	7.95%	3.05%	9.20%	4.76%	4.72%	0.73%	3.99%	2.47%
EBIT Q/Q Growth	25.14%	11.88%	9.27%	2.51%	8.44%	5.68%	5.11%	0.67%	4.41%	2.84%
NOPAT Q/Q Growth	22.89%	19.24%	5.77%	7.85%	5.72%	36.32%	-17.26%	-1.93%	5.22%	4.30%
Net Income Q/Q Growth	27.19%	17.84%	6.40%	7.33%	6.21%	36.23%	-17.42%	-1.18%	5.99%	3.73%
EPS Q/Q Growth	26.53%	18.37%	5.96%	7.66%	6.76%	36.40%	-17.05%	-0.39%	6.39%	4.30%
Operating Cash Flow Q/Q Growth	3.87%	12.31%	4.96%	7.31%	6.49%	7.61%	4.09%	3.42%	-9.07%	19.67%
Free Cash Flow Firm Q/Q Growth	64.98%	17.08%	4.22%	-331.39%	232.78%	8.82%	-23.04%	28.68%	-13.68%	32.80%
Invested Capital Q/Q Growth	-3.11%	-4.05%	-3.62%	77.10%	-2.22%	7.80%	6.06%	-5.12%	3.51%	-6.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.48%	86.00%	86.16%	86.77%	85.02%	86.62%	88.19%	87.70%	87.87%	89.04%
EBITDA Margin	26.62%	31.41%	34.66%	35.73%	36.41%	39.14%	41.75%	39.73%	40.02%	36.78%
Operating Margin	18.83%	25.51%	29.69%	31.45%	29.25%	32.93%	36.76%	34.64%	34.26%	31.35%
EBIT Margin	19.54%	25.74%	30.19%	31.89%	29.63%	33.25%	36.76%	34.87%	35.53%	32.79%
Profit (Net Income) Margin	13.13%	19.96%	23.20%	28.69%	26.42%	40.88%	30.55%	27.01%	27.97%	25.85%
Tax Burden Percent	72.05%	81.44%	79.24%	92.73%	92.07%	125.96%	84.52%	79.16%	79.84%	80.22%
Interest Burden Percent	93.25%	95.22%	96.97%	97.01%	96.83%	97.59%	98.33%	97.87%	98.59%	98.28%
Effective Tax Rate	27.95%	18.56%	20.76%	7.27%	7.93%	-25.96%	15.48%	20.84%	20.16%	19.78%
Return on Invested Capital (ROIC)	13.74%	25.67%	37.85%	35.64%	29.00%	48.78%	40.01%	38.30%	43.53%	44.77%
ROIC Less NNEP Spread (ROIC-NNEP)	14.72%	27.60%	38.56%	38.44%	15.46%	56.81%	44.63%	42.21%	39.67%	40.06%
Return on Net Nonoperating Assets (RNNOA)	-4.60%	-9.47%	-16.53%	-6.56%	0.67%	-4.57%	-5.65%	-5.33%	-8.01%	-8.46%
Return on Equity (ROE)	9.14%	16.20%	21.33%	29.08%	29.67%	44.21%	34.37%	32.97%	35.51%	36.31%
Cash Return on Invested Capital (CROIC)	5.93%	33.38%	38.61%	-41.99%	26.76%	40.57%	25.87%	46.54%	41.67%	48.60%
Operating Return on Assets (OROA)	8.32%	12.34%	16.19%	17.30%	16.75%	19.00%	22.52%	22.57%	24.22%	23.50%
Return on Assets (ROA)	5.59%	9.57%	12.44%	15.56%	14.93%	23.35%	18.72%	17.48%	19.06%	18.53%
Return on Common Equity (ROCE)	9.14%	16.20%	21.33%	29.08%	29.67%	44.21%	34.37%	32.97%	35.51%	36.31%
Return on Equity Simple (ROE_SIMPLE)	8.99%	15.74%	20.02%	27.68%	28.02%	39.66%	32.59%	33.85%	32.86%	39.42%
Net Operating Profit after Tax (NOPAT)	651	1,216	1,718	2,634	3,009	5,337	4,904	4,827	5,309	5,408
NOPAT Margin	13.57%	20.78%	23.53%	29.17%	26.94%	41.47%	31.07%	27.42%	27.35%	25.15%
Net Nonoperating Expense Percent (NNEP)	-0.98%	-1.92%	-0.71%	-2.80%	13.54%	-8.03%	-4.62%	-3.91%	3.85%	4.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	26.55%	26.35%	27.40%
Cost of Revenue to Revenue	15.52%	14.00%	13.84%	13.23%	14.98%	13.38%	11.82%	12.30%	12.13%	10.96%
SG&A Expenses to Revenue	11.12%	9.84%	8.56%	8.25%	7.89%	7.52%	6.87%	6.92%	7.28%	7.11%
R&D to Revenue	17.99%	16.67%	16.76%	17.03%	17.28%	17.00%	16.09%	16.97%	17.89%	18.34%
Operating Expenses to Revenue	65.65%	60.48%	56.47%	55.32%	55.77%	53.69%	51.43%	53.07%	53.61%	57.69%
Earnings before Interest and Taxes (EBIT)	937	1,507	2,204	2,880	3,310	4,279	5,802	6,139	6,896	7,052
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,276	1,839	2,530	3,226	4,067	5,036	6,590	6,995	7,768	7,909
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.57	6.68	10.46	13.08	14.23	17.25	19.82	11.30	16.88	16.10
Price to Tangible Book Value (P/TBV)	40.88	30.92	39.28	0.00	0.00	196.77	949.34	0.00	106.23	424.51
Price to Revenue (P/Rev)	9.59	8.47	12.12	13.56	13.41	17.78	18.58	9.02	14.37	10.56
Price to Earnings (P/E)	73.03	42.43	52.24	47.27	50.77	43.51	60.83	33.38	51.37	40.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.37%	2.36%	1.91%	2.12%	1.97%	2.30%	1.64%	3.00%	1.95%	2.45%
Enterprise Value to Invested Capital (EV/IC)	8.92	10.26	18.70	12.03	14.28	19.93	22.23	12.98	22.31	18.98
Enterprise Value to Revenue (EV/Rev)	9.15	7.98	11.58	13.66	13.41	17.64	18.48	8.91	14.15	10.46
Enterprise Value to EBITDA (EV/EBITDA)	34.39	25.41	33.41	38.24	36.83	45.07	44.26	22.42	35.36	28.43
Enterprise Value to EBIT (EV/EBIT)	46.84	31.00	38.36	42.83	45.26	53.04	50.27	25.54	39.83	31.89
Enterprise Value to NOPAT (EV/NOPAT)	67.46	38.41	49.21	46.84	49.78	42.53	59.48	32.48	51.73	41.58
Enterprise Value to Operating Cash Flow (EV/OCF)	29.87	21.24	29.03	30.62	33.88	39.63	40.34	20.01	37.61	27.91
Enterprise Value to Free Cash Flow (EV/FCFF)	156.39	29.54	48.25	0.00	53.96	51.13	91.98	26.74	54.03	38.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.25	0.22	0.44	0.39	0.31	0.28	0.29	0.22	0.40
Long-Term Debt to Equity	0.27	0.25	0.22	0.44	0.09	0.31	0.28	0.26	0.22	0.29
Financial Leverage	-0.31	-0.34	-0.43	-0.17	0.04	-0.08	-0.13	-0.13	-0.20	-0.21
Leverage Ratio	1.63	1.69	1.71	1.87	1.99	1.89	1.84	1.89	1.86	1.96
Compound Leverage Factor	1.52	1.61	1.66	1.81	1.92	1.85	1.81	1.85	1.84	1.93
Debt to Total Capital	21.41%	20.31%	18.19%	30.58%	28.21%	23.69%	21.79%	22.71%	18.03%	28.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	21.47%	0.00%	0.00%	2.75%	0.00%	7.60%
Long-Term Debt to Total Capital	21.41%	20.31%	18.19%	30.58%	6.74%	23.69%	21.79%	19.96%	18.03%	20.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.59%	79.69%	81.81%	69.42%	71.79%	76.31%	78.21%	77.29%	81.97%	71.48%
Debt to EBITDA	1.49	1.03	0.74	1.28	1.02	0.82	0.63	0.59	0.47	0.71
Net Debt to EBITDA	-1.63	-1.56	-1.56	0.28	-0.01	-0.37	-0.25	-0.28	-0.54	-0.29
Long-Term Debt to EBITDA	1.49	1.03	0.74	1.28	0.24	0.82	0.63	0.52	0.47	0.52
Debt to NOPAT	2.93	1.56	1.10	1.57	1.38	0.77	0.84	0.86	0.68	1.04
Net Debt to NOPAT	-3.20	-2.36	-2.29	0.34	-0.01	-0.35	-0.34	-0.41	-0.79	-0.42
Long-Term Debt to NOPAT	2.93	1.56	1.10	1.57	0.33	0.77	0.84	0.75	0.68	0.76
Altman Z-Score	7.64	7.68	10.97	9.72	10.75	14.83	16.73	10.16	15.71	11.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.18	2.08	2.05	1.13	0.79	1.48	1.25	1.11	1.34	1.07
Quick Ratio	2.11	1.99	2.00	1.06	0.70	1.34	1.11	1.00	1.22	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	281	1,581	1,752	-3,103	2,776	4,439	3,171	5,865	5,083	5,871
Operating Cash Flow to CapEx	1,155.66%	1,079.33%	1,635.31%	1,508.99%	1,119.49%	1,366.83%	2,077.59%	1,773.30%	2,028.33%	4,402.19%
Free Cash Flow to Firm to Interest Expense	4.37	22.45	23.55	-34.86	17.68	38.27	28.06	52.37	44.98	34.74
Operating Cash Flow to Interest Expense	22.90	31.23	39.15	45.27	28.17	49.37	63.98	69.98	64.62	47.67
Operating Cash Flow Less CapEx to Interest Expense	20.91	28.33	36.76	42.27	25.65	45.76	60.90	66.04	61.43	46.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.48	0.54	0.54	0.57	0.57	0.61	0.65	0.68	0.72
Accounts Receivable Turnover	7.59	7.78	7.12	7.13	7.84	8.77	9.64	8.93	9.05	10.01
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.10	7.30	8.33	8.98	9.43	9.16	9.90	9.83	9.86	10.84
Accounts Payable Turnover	9.21	9.04	10.03	7.97	8.47	6.69	6.04	6.27	6.79	6.99
Days Sales Outstanding (DSO)	48.10	46.92	51.26	51.20	46.57	41.60	37.88	40.87	40.33	36.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.64	40.36	36.40	45.78	43.12	54.58	60.47	58.25	53.73	52.24
Cash Conversion Cycle (CCC)	8.45	6.55	14.86	5.42	3.45	-12.98	-22.60	-17.38	-13.40	-15.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,921	4,556	4,522	10,258	10,491	11,389	13,122	12,084	12,310	11,847
Invested Capital Turnover	1.01	1.24	1.61	1.22	1.08	1.18	1.29	1.40	1.59	1.78
Increase / (Decrease) in Invested Capital	370	-365	-34	5,736	233	898	1,733	-1,038	226	-463
Enterprise Value (EV)	43,893	46,719	84,555	123,364	149,798	226,965	291,670	156,810	274,650	224,854
Market Capitalization	45,974	49,588	88,493	122,468	149,837	228,840	293,345	158,777	278,858	227,112
Book Value per Share	$14.04	$14.93	$17.16	$19.18	$21.75	$27.65	$31.10	$30.22	$36.28	$32.04
Tangible Book Value per Share	$2.25	$3.23	$4.57	($6.74)	($3.89)	$2.42	$0.65	($0.40)	$5.77	$1.22
Total Capital	8,909	9,317	10,341	13,487	14,668	17,381	18,920	18,180	20,152	19,733
Total Debt	1,907	1,892	1,881	4,125	4,138	4,117	4,123	4,129	3,634	5,628
Total Long-Term Debt	1,907	1,892	1,881	4,125	989	4,117	4,123	3,629	3,634	4,129
Net Debt	-2,081	-2,869	-3,938	896	-39	-1,875	-1,675	-1,967	-4,208	-2,258
Capital Expenditures (CapEx)	127	204	178	267	395	419	348	442	360	183
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,380	-1,733	-2,099	-2,673	-2,724	-3,358	-4,061	-4,728	-5,009	-5,676
Debt-free Net Working Capital (DFNWC)	2,608	3,028	3,720	556	1,453	2,634	1,737	1,368	2,833	2,210
Net Working Capital (NWC)	2,608	3,028	3,720	556	-1,696	2,634	1,737	868	2,833	711
Net Nonoperating Expense (NNE)	21	48	24	43	58	77	82	71	-119	-152
Net Nonoperating Obligations (NNO)	-2,081	-2,869	-3,938	896	-39	-1,875	-1,675	-1,967	-4,208	-2,258
Total Depreciation and Amortization (D&A)	339	332	326	346	757	757	788	856	872	857
Debt-free, Cash-free Net Working Capital to Revenue	-28.77%	-29.60%	-28.75%	-29.60%	-24.38%	-26.10%	-25.73%	-26.85%	-25.81%	-26.39%
Debt-free Net Working Capital to Revenue	54.39%	51.72%	50.95%	6.16%	13.01%	20.47%	11.00%	7.77%	14.60%	10.28%
Net Working Capital to Revenue	54.39%	51.72%	50.95%	6.16%	-15.18%	20.47%	11.00%	4.93%	14.60%	3.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.26	$2.35	$3.43	$5.28	$6.07	$0.00	$10.10	$10.13	$11.87	$12.43
Adjusted Weighted Average Basic Shares Outstanding	498.76M	498.35M	493.63M	490.56M	486.29M	0.00	477.30M	469.50M	457.10M	447.10M
Adjusted Diluted Earnings per Share	$1.24	$2.32	$3.38	$5.20	$6.00	$0.00	$10.02	$10.10	$11.82	$12.36
Adjusted Weighted Average Diluted Shares Outstanding	507.16M	504.30M	501.12M	497.84M	491.57M	0.00	481M	470.90M	459.10M	449.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	498.33M	494.08M	491.58M	487.73M	482.13M	0.00	471.70M	457.80M	452M	435.30M
Normalized Net Operating Profit after Tax (NOPAT)	651	1,216	1,718	2,634	3,009	2,966	4,904	4,827	5,309	6,210
Normalized NOPAT Margin	13.57%	20.78%	23.53%	29.17%	26.94%	23.05%	31.07%	27.42%	27.35%	28.88%
Pre Tax Income Margin	18.22%	24.51%	29.28%	30.94%	28.69%	32.45%	36.14%	34.12%	35.03%	32.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.60	21.40	29.63	32.36	21.08	36.89	51.35	54.81	61.03	41.73
NOPAT to Interest Expense	10.14	17.27	23.09	29.59	19.17	46.01	43.40	43.10	46.98	32.00
EBIT Less CapEx to Interest Expense	12.62	18.50	27.24	29.36	18.57	33.28	48.27	50.87	57.84	40.65
NOPAT Less CapEx to Interest Expense	8.16	14.37	20.70	26.59	16.65	42.40	40.32	39.15	43.80	30.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	99.28%	91.98%	64.94%	79.12%	93.19%	57.98%	81.92%	137.72%	81.06%	170.86%

This table displays calculated financial ratios and metrics derived from Adobe's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.66%	10.10%	9.22%	9.80%	10.31%	11.56%	11.32%	10.24%	10.59%	11.05%	10.27%
EBITDA Growth	4.60%	2.99%	2.68%	8.68%	16.18%	16.97%	-35.42%	15.34%	15.74%	9.30%	106.48%
EBIT Growth	3.62%	2.73%	3.10%	9.36%	18.39%	18.88%	-40.02%	17.71%	17.97%	10.64%	129.07%
NOPAT Growth	-5.99%	-7.46%	-4.53%	5.58%	17.98%	22.54%	-53.06%	20.53%	20.26%	15.71%	209.03%
Net Income Growth	-6.27%	-4.62%	-1.50%	9.93%	23.50%	26.11%	-50.28%	21.47%	20.03%	13.49%	192.10%
EPS Growth	-3.97%	-1.56%	1.88%	13.25%	26.03%	28.06%	-49.82%	23.76%	23.28%	15.74%	204.41%
Operating Cash Flow Growth	21.37%	12.54%	-4.30%	4.85%	9.92%	-31.31%	-30.66%	-9.30%	7.90%	82.91%	111.41%
Free Cash Flow Firm Growth	237.98%	566.82%	181.93%	270.25%	178.26%	-45.40%	-78.30%	-54.87%	-60.22%	75.90%	361.26%
Invested Capital Growth	2.94%	-7.91%	-7.70%	-7.37%	-6.62%	1.87%	0.76%	4.51%	6.42%	-3.76%	-3.75%
Revenue Q/Q Growth	1.07%	2.08%	2.87%	3.46%	1.54%	3.23%	2.65%	2.45%	1.86%	3.66%	1.93%
EBITDA Q/Q Growth	-1.95%	2.93%	4.84%	2.72%	4.81%	3.63%	-42.11%	83.43%	5.18%	-2.14%	9.35%
EBIT Q/Q Growth	-2.49%	3.42%	5.71%	2.58%	5.57%	3.85%	-46.67%	101.33%	5.80%	-2.59%	10.41%
NOPAT Q/Q Growth	-4.09%	0.76%	6.08%	2.99%	7.17%	4.66%	-59.37%	164.46%	6.93%	0.70%	8.52%
Net Income Q/Q Growth	-3.57%	3.52%	6.04%	3.85%	8.34%	5.70%	-58.19%	153.71%	7.06%	-0.06%	7.61%
EPS Q/Q Growth	-2.81%	4.55%	7.11%	4.06%	8.16%	6.23%	-58.02%	156.62%	7.74%	-0.27%	10.40%
Operating Cash Flow Q/Q Growth	-16.47%	36.44%	-27.18%	26.34%	-12.44%	-14.74%	-26.49%	65.25%	4.18%	44.53%	-15.03%
Free Cash Flow Firm Q/Q Growth	32.48%	177.72%	2.22%	-1.55%	-0.43%	-45.51%	-59.38%	104.80%	-12.24%	140.94%	6.52%
Invested Capital Q/Q Growth	-0.59%	-5.12%	0.82%	-2.59%	0.21%	3.51%	-0.28%	1.04%	2.05%	-6.40%	-0.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	87.68%	87.45%	87.80%	88.12%	88.14%	87.44%	88.61%	88.74%	89.76%	89.01%	89.11%
EBITDA Margin	38.48%	38.81%	39.55%	39.27%	40.53%	40.69%	22.94%	41.08%	42.42%	40.05%	42.96%
Operating Margin	33.48%	33.26%	34.07%	33.72%	34.70%	34.53%	17.50%	35.51%	36.83%	34.91%	37.85%
EBIT Margin	33.61%	34.06%	34.99%	34.70%	36.07%	36.29%	18.85%	37.05%	38.48%	36.16%	39.17%
Profit (Net Income) Margin	25.63%	25.99%	26.79%	26.89%	28.69%	29.38%	11.96%	29.63%	31.14%	30.02%	31.69%
Tax Burden Percent	78.02%	77.52%	78.04%	78.48%	80.49%	82.02%	64.05%	81.50%	82.47%	84.53%	83.00%
Interest Burden Percent	97.72%	98.44%	98.10%	98.74%	98.81%	98.69%	99.08%	98.12%	98.13%	98.22%	97.50%
Effective Tax Rate	21.98%	22.48%	21.97%	21.52%	19.51%	17.98%	35.95%	18.50%	17.53%	15.47%	17.00%
Return on Invested Capital (ROIC)	35.77%	36.02%	37.71%	39.53%	42.84%	45.07%	18.28%	48.71%	51.84%	52.54%	57.48%
ROIC Less NNEP Spread (ROIC-NNEP)	36.95%	35.51%	36.99%	38.54%	41.50%	43.34%	16.78%	47.36%	50.41%	51.65%	56.77%
Return on Net Nonoperating Assets (RNNOA)	-4.72%	-4.48%	-3.44%	-5.54%	-7.60%	-8.76%	-2.95%	-8.63%	-9.59%	-10.91%	-8.88%
Return on Equity (ROE)	31.04%	31.54%	34.27%	33.99%	35.24%	36.31%	15.33%	40.08%	42.24%	41.63%	48.60%
Cash Return on Invested Capital (CROIC)	36.31%	46.54%	45.58%	46.85%	47.82%	41.67%	37.25%	36.04%	36.01%	48.60%	58.85%
Operating Return on Assets (OROA)	21.85%	22.04%	23.93%	23.61%	24.40%	24.74%	13.56%	26.17%	27.36%	25.92%	29.40%
Return on Assets (ROA)	16.66%	16.82%	18.32%	18.30%	19.41%	20.03%	8.61%	20.93%	22.14%	21.52%	23.79%
Return on Common Equity (ROCE)	31.04%	31.54%	34.27%	33.99%	35.24%	36.31%	15.33%	40.08%	42.24%	41.63%	48.60%
Return on Equity Simple (ROE_SIMPLE)	33.49%	0.00%	33.35%	32.71%	32.46%	0.00%	31.05%	34.22%	36.85%	0.00%	51.55%
Net Operating Profit after Tax (NOPAT)	1,158	1,167	1,238	1,275	1,366	1,430	581	1,536	1,643	1,654	1,795
NOPAT Margin	26.12%	25.78%	26.59%	26.47%	27.93%	28.32%	11.21%	28.94%	30.38%	29.51%	31.42%
Net Nonoperating Expense Percent (NNEP)	-1.19%	0.51%	0.72%	0.99%	1.34%	1.73%	1.50%	1.36%	1.43%	0.89%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	-	6.42%	-	-	-	7.09%	-	-	-	8.38%	9.33%
Cost of Revenue to Revenue	12.32%	12.55%	12.20%	11.88%	11.86%	12.56%	11.39%	11.26%	10.24%	10.99%	10.89%
SG&A Expenses to Revenue	7.20%	7.51%	7.11%	7.41%	7.22%	7.37%	6.79%	6.69%	6.77%	8.13%	6.42%
R&D to Revenue	17.48%	17.08%	17.77%	18.19%	18.02%	17.61%	18.12%	18.53%	18.90%	17.82%	17.96%
Operating Expenses to Revenue	54.21%	54.19%	53.73%	54.40%	53.44%	52.91%	71.11%	53.23%	52.92%	54.10%	51.26%
Earnings before Interest and Taxes (EBIT)	1,490	1,541	1,629	1,671	1,764	1,832	977	1,967	2,081	2,027	2,238
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,706	1,756	1,841	1,891	1,982	2,054	1,189	2,181	2,294	2,245	2,455
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.99	11.30	11.09	13.49	16.27	16.88	16.81	13.42	17.51	16.10	14.58
Price to Tangible Book Value (P/TBV)	2,496.95	0.00	2,625.03	255.31	141.91	106.23	157.92	179.99	291.75	424.51	0.00
Price to Revenue (P/Rev)	10.02	9.02	8.75	10.86	13.59	14.37	13.04	9.75	12.16	10.56	8.66
Price to Earnings (P/E)	35.80	33.38	33.25	41.24	50.13	51.37	54.14	39.23	47.52	40.85	28.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.79%	3.00%	3.01%	2.43%	1.99%	1.95%	1.85%	2.55%	2.10%	2.45%	3.54%
Enterprise Value to Invested Capital (EV/IC)	13.40	12.98	12.76	16.62	21.26	22.31	20.92	15.87	19.97	18.98	16.05
Enterprise Value to Revenue (EV/Rev)	9.93	8.91	8.64	10.70	13.39	14.15	12.88	9.63	12.07	10.46	8.60
Enterprise Value to EBITDA (EV/EBITDA)	24.58	22.42	22.08	27.41	33.85	35.36	36.08	26.57	32.76	28.43	20.67
Enterprise Value to EBIT (EV/EBIT)	27.99	25.54	25.13	31.15	38.28	39.83	41.12	30.09	36.87	31.89	22.81
Enterprise Value to NOPAT (EV/NOPAT)	34.67	32.48	32.60	40.77	50.11	51.73	55.25	40.10	48.76	41.58	28.61
Enterprise Value to Operating Cash Flow (EV/OCF)	22.52	20.01	20.03	25.09	31.49	37.61	37.85	29.89	37.55	27.91	20.25
Enterprise Value to Free Cash Flow (EV/FCFF)	37.44	26.74	26.88	34.11	42.94	54.03	56.37	45.01	57.19	38.30	26.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.29	0.26	0.24	0.23	0.22	0.24	0.38	0.39	0.40	0.47
Long-Term Debt to Equity	0.25	0.26	0.26	0.24	0.23	0.22	0.14	0.28	0.28	0.29	0.47
Financial Leverage	-0.13	-0.13	-0.09	-0.14	-0.18	-0.20	-0.18	-0.18	-0.19	-0.21	-0.16
Leverage Ratio	1.84	1.89	1.88	1.88	1.85	1.86	1.87	1.95	1.94	1.96	2.06
Compound Leverage Factor	1.80	1.86	1.85	1.86	1.83	1.84	1.85	1.91	1.91	1.92	2.00
Debt to Total Capital	22.31%	22.71%	20.35%	19.66%	18.72%	18.03%	19.04%	27.48%	27.90%	28.52%	31.97%
Short-Term Debt to Total Capital	2.70%	2.75%	0.00%	0.00%	0.00%	0.00%	7.84%	7.32%	7.43%	7.60%	0.00%
Long-Term Debt to Total Capital	19.61%	19.96%	20.35%	19.66%	18.72%	18.03%	11.20%	20.16%	20.46%	20.92%	31.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.69%	77.29%	79.65%	80.34%	81.28%	81.97%	80.96%	72.52%	72.10%	71.48%	68.03%
Debt to EBITDA	0.59	0.59	0.52	0.50	0.49	0.47	0.51	0.76	0.73	0.71	0.67
Net Debt to EBITDA	-0.24	-0.28	-0.29	-0.41	-0.52	-0.54	-0.45	-0.33	-0.24	-0.29	-0.14
Long-Term Debt to EBITDA	0.52	0.52	0.52	0.50	0.49	0.47	0.30	0.56	0.53	0.52	0.67
Debt to NOPAT	0.84	0.86	0.76	0.75	0.72	0.68	0.78	1.15	1.09	1.04	0.93
Net Debt to NOPAT	-0.33	-0.41	-0.42	-0.61	-0.77	-0.79	-0.69	-0.50	-0.36	-0.42	-0.19
Long-Term Debt to NOPAT	0.74	0.75	0.76	0.75	0.72	0.68	0.46	0.84	0.80	0.76	0.93
Altman Z-Score	10.65	9.60	10.05	11.69	14.04	15.15	14.21	10.49	12.71	11.19	9.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.14	1.11	1.12	1.16	1.25	1.34	1.05	1.16	1.11	1.07	1.18
Quick Ratio	1.01	1.00	1.00	1.03	1.12	1.22	0.93	1.02	0.97	0.95	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	794	2,205	2,254	2,219	2,209	1,204	489	1,001	879	2,117	2,255
Operating Cash Flow to CapEx	1,363.20%	2,554.95%	1,676.24%	1,767.77%	2,058.24%	3,397.87%	3,172.97%	4,731.71%	3,545.61%	6,085.42%	9,546.15%
Free Cash Flow to Firm to Interest Expense	28.35	78.74	70.43	85.33	81.81	42.99	18.11	24.42	17.23	42.35	36.37
Operating Cash Flow to Interest Expense	60.86	83.04	52.91	82.27	69.37	57.04	43.48	47.32	39.63	58.42	40.03
Operating Cash Flow Less CapEx to Interest Expense	56.39	79.79	49.75	77.62	66.00	55.36	42.11	46.32	38.51	57.46	39.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.65	0.68	0.68	0.68	0.68	0.72	0.71	0.71	0.72	0.75
Accounts Receivable Turnover	10.52	8.93	10.33	11.26	10.57	9.05	10.33	12.39	11.47	10.01	10.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.86	9.83	9.81	9.64	9.70	9.86	10.08	10.21	10.46	10.84	11.36
Accounts Payable Turnover	6.50	6.27	7.37	6.33	7.26	6.79	7.82	6.83	7.52	6.99	7.64
Days Sales Outstanding (DSO)	34.69	40.87	35.35	32.41	34.54	40.33	35.32	29.45	31.83	36.46	33.37
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	56.12	58.25	49.55	57.65	50.25	53.73	46.70	53.41	48.54	52.24	47.80
Cash Conversion Cycle (CCC)	-21.43	-17.38	-14.20	-25.24	-15.71	-13.40	-11.38	-23.96	-16.72	-15.78	-14.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,736	12,084	12,183	11,868	11,893	12,310	12,275	12,403	12,657	11,847	11,815
Invested Capital Turnover	1.37	1.40	1.42	1.49	1.53	1.59	1.63	1.68	1.71	1.78	1.83
Increase / (Decrease) in Invested Capital	364	-1,038	-1,016	-944	-843	226	92	535	764	-463	-460
Enterprise Value (EV)	170,653	156,810	155,479	197,193	252,828	274,650	256,759	196,812	252,805	224,854	189,625
Market Capitalization	172,290	158,777	157,502	200,163	256,711	278,858	259,944	199,252	254,693	227,112	190,905
Book Value per Share	$30.71	$30.22	$31.03	$32.35	$34.61	$36.28	$34.14	$33.13	$32.80	$32.04	$30.08
Tangible Book Value per Share	$0.15	($0.40)	$0.13	$1.71	$3.97	$5.77	$3.64	$2.47	$1.97	$1.22	($0.89)
Total Capital	18,500	18,180	17,836	18,469	19,409	20,152	19,095	20,468	20,172	19,733	19,250
Total Debt	4,127	4,129	3,630	3,631	3,633	3,634	3,635	5,625	5,627	5,628	6,155
Total Long-Term Debt	3,627	3,629	3,630	3,631	3,633	3,634	2,138	4,127	4,128	4,129	6,155
Net Debt	-1,637	-1,967	-2,023	-2,970	-3,883	-4,208	-3,185	-2,440	-1,888	-2,258	-1,280
Capital Expenditures (CapEx)	125	91	101	121	91	47	37	41	57	48	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,213	-4,728	-4,748	-5,346	-5,440	-5,009	-4,852	-5,018	-4,944	-5,676	-5,743
Debt-free Net Working Capital (DFNWC)	1,551	1,368	905	1,255	2,076	2,833	1,968	3,047	2,571	2,210	1,692
Net Working Capital (NWC)	1,051	868	905	1,255	2,076	2,833	471	1,549	1,072	711	1,692
Net Nonoperating Expense (NNE)	22	-9.30	-9.36	-20	-37	-53	-39	-37	-41	-29	-16
Net Nonoperating Obligations (NNO)	-1,637	-1,967	-2,023	-2,970	-3,883	-4,208	-3,185	-2,440	-1,888	-2,258	-1,280
Total Depreciation and Amortization (D&A)	216	215	212	220	218	222	212	214	213	218	217
Debt-free, Cash-free Net Working Capital to Revenue	-24.51%	-26.85%	-26.38%	-29.01%	-28.80%	-25.81%	-24.34%	-24.56%	-23.60%	-26.39%	-26.06%
Debt-free Net Working Capital to Revenue	9.02%	7.77%	5.03%	6.81%	10.99%	14.60%	9.87%	14.92%	12.27%	10.28%	7.68%
Net Working Capital to Revenue	6.11%	4.93%	5.03%	6.81%	10.99%	14.60%	2.36%	7.58%	5.12%	3.31%	7.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.42	$2.53	$2.72	$2.83	$3.07	$3.25	$1.37	$3.50	$3.78	$3.78	$4.15
Adjusted Weighted Average Basic Shares Outstanding	468.50M	469.50M	459M	457.80M	456.40M	457.10M	452.80M	449.10M	445.30M	447.10M	436.20M
Adjusted Diluted Earnings per Share	$2.42	$2.53	$2.71	$2.82	$3.05	$3.24	$1.36	$3.49	$3.76	$3.75	$4.14
Adjusted Weighted Average Diluted Shares Outstanding	469.40M	470.90M	459.50M	458.70M	459.50M	459.10M	456.30M	451.40M	447.60M	449.70M	437.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	464.90M	457.80M	458.70M	455.80M	455.30M	452M	448M	443.40M	440.20M	435.30M	426.20M
Normalized Net Operating Profit after Tax (NOPAT)	1,158	1,167	1,238	1,275	1,366	1,430	1,221	1,536	1,643	1,654	1,795
Normalized NOPAT Margin	26.12%	25.78%	26.59%	26.47%	27.93%	28.32%	23.57%	28.94%	30.38%	29.51%	31.42%
Pre Tax Income Margin	32.84%	33.52%	34.33%	34.26%	35.64%	35.82%	18.68%	36.35%	37.76%	35.52%	38.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	53.21	55.04	50.91	64.27	65.33	65.43	36.19	47.98	40.80	40.54	36.10
NOPAT to Interest Expense	41.35	41.67	38.68	49.02	50.59	51.06	21.52	37.47	32.21	33.09	28.96
EBIT Less CapEx to Interest Expense	48.75	51.79	47.75	59.62	61.96	63.75	34.81	46.98	39.69	39.58	35.68
NOPAT Less CapEx to Interest Expense	36.89	38.42	35.52	44.37	47.22	49.38	20.15	36.47	31.09	32.13	28.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	120.51%	137.72%	117.16%	110.22%	100.57%	81.06%	104.15%	127.98%	149.25%	170.86%	159.24%

Frequently Asked Questions About Adobe's Financials

When does Adobe's financial year end?

According to the most recent income statement we have on file, Adobe's fiscal year ends in November. Their fiscal year 2024 ended on November 29, 2024.

How has Adobe's net income changed over the last 9 years?

Adobe's net income appears to be on an upward trend, with a most recent value of $5.56 billion in 2024, rising from $629.55 million in 2015. The previous period was $5.43 billion in 2023.

What is Adobe's operating income?

Adobe's total operating income in 2024 was $6.74 billion, based on the following breakdown:

Total Gross Profit: $19.15 billion
Total Operating Expenses: $12.41 billion

How has Adobe revenue changed over the last 9 years?

Over the last 9 years, Adobe's total revenue changed from $4.80 billion in 2015 to $21.51 billion in 2024, a change of 348.4%.

How much debt does Adobe have?

Adobe's total liabilities were at $16.13 billion at the end of 2024, a 21.6% increase from 2023, and a 241.3% increase since 2015.

How much cash does Adobe have?

In the past 9 years, Adobe's cash and equivalents has ranged from $876.56 million in 2015 to $7.61 billion in 2024, and is currently $7.61 billion as of their latest financial filing in 2024.

How has Adobe's book value per share changed over the last 9 years?

Over the last 9 years, Adobe's book value per share changed from 14.04 in 2015 to 32.04 in 2024, a change of 128.3%.

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This page (NASDAQ:ADBE) was last updated on 4/12/2025 by MarketBeat.com Staff

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