ADBE

ADOBE INC.Technology

10-K for period ending 2025-11-28filed 2026-01-15accession 0000796343-26-000003filing on sec.gov ↗

answer key

field	SEC value	XBRL concept	printed on
Total revenue	$23.8B	Revenues	Total revenue
Operating income	$8.7B	OperatingIncomeLoss	Operating income
Net income attributable to the company	$7.1B	NetIncomeLoss	Net income
Diluted EPS	$16.70	EarningsPerShareDiluted	Diluted net income per share
Cash and cash equivalents	$5.4B	CashAndCashEquivalentsAtCarryingValue	Cash and cash equivalents
Total assets	$29.5B	Assets	Total assets · Total liabilities and stockholders’ equity
Total liabilities	$17.9B	Liabilities	Total liabilities
Total shareholders' equity attributable to the company	$11.6B	StockholdersEquity	Total stockholders’ equity
Net cash from operating activities	$10.0B	NetCashProvidedByUsedInOperatingActivities	Net cash provided by operating activities
Net cash from investing activities	-$1.2B	NetCashProvidedByUsedInInvestingActivities	Net cash provided by (used for) investing activities
Net cash from financing activities	-$11.1B	NetCashProvidedByUsedInFinancingActivities	Net cash used for financing activities

Income statement

table #26 · score 51.8 vs 30 runner-up · in millions

Years Ended
November 28,2025	November 29,2024	December 1,2023
Revenue:
Subscription	22,904	20,521	18,284
Product	325	386	460
Services and other	540	598	665
Total revenue	23,769	21,505	19,409
Cost of revenue:
Subscription	2,027	1,799	1,822
Product	23	25	29
Services and other	501	534	503
Total cost of revenue	2,551	2,358	2,354
Gross profit	21,218	19,147	17,055
Operating expenses:
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
Non-operating income (expense):
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	16.73	12.43	11.87
Shares used to compute basic net income per share	426	447	457
Diluted net income per share	16.70	12.36	11.82
Shares used to compute diluted net income per share	427	450	459

Balance sheet

table #25 · score 52.8 vs 24 runner-up · in millions

November 28,2025	November 29,2024
ASSETS
Current assets:
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
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
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
Long-term liabilities:
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
Stockholders’ equity:
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 statement

table #29 · score 55 vs 9.3 runner-up · in millions

Years Ended
November 28,2025	November 29,2024	December 1,2023
Cash flows from operating activities:
Net income	7,130	5,560	5,428
Adjustments to reconcile net income to net cash provided by operating activities:
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
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:
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
Cash flows from investing activities:
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
Cash flows from financing activities:
Repurchases of common stock	(11,281)	(9,500)	(4,400)
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 beginning of year	7,613	7,141	4,236
Cash and cash equivalents at end of year	5,431	7,613	7,141
Supplemental disclosures:
Cash paid for income taxes, net of refunds	2,219	1,727	1,854
Cash paid for interest	246	143	106
(dollars in millions)	Digital Media	Digital Experience	Publishing and Advertising	Total
Fiscal 2025
Revenue	17,649	5,864	256	23,769
Cost of revenue	841	1,625	85	2,551
Gross profit	16,808	4,239	171	21,218
Gross profit as a percentage of revenue	95 %%	72 %%	67 %%	89 %%
Fiscal 2024
Revenue	15,864	5,366	275	21,505
Cost of revenue	680	1,589	89	2,358
Gross profit	15,184	3,777	186	19,147
Gross profit as a percentage of revenue	96 %%	70 %%	68 %%	89 %%
Fiscal 2023
Revenue	14,216	4,893	300	19,409
Cost of revenue	665	1,603	86	2,354
Gross profit	13,551	3,290	214	17,055
Gross profit as a percentage of revenue	95 %%	67 %%	71 %%	88 %%