FN2 Earnings Intelligence
Adobe Inc. financials
Adobe Inc. (ADBE) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/3/2021 | 12/2/2022 | 12/1/2023 | 11/29/2024 | 11/28/2025 | 11/28/2026 est. | 11/28/2027 est. |
|---|---|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - | - | - |
| - Cash | $3,844 | $4,236 | $7,141 | $7,613 | $5,431 | - | - |
| + Debt | - | $4,129 | $3,634 | $5,628 | $6,210 | - | - |
| Enterprise Value | - | - | - | - | - | - | - |
| Revenue | $15,785 | $17,606 | $19,409 | $21,505 | $23,769 | $26,524.3 | $28,929.4 |
| % Growth | 22.7% | 11.5% | 10.2% | 10.8% | 10.5% | 11.6% | 9.1% |
| Gross Profit | $13,920 | $15,441 | $17,055 | $19,147 | $21,218 | - | - |
| % Margin | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% | - | - |
| EBITDA | $6,590 | $6,954 | $7,522 | $7,598 | $9,524 | - | - |
| % Margin | 41.7% | 39.5% | 38.8% | 35.3% | 40.1% | - | - |
| Net Income | $4,822 | $4,756 | $5,428 | $5,560 | $7,130 | - | - |
| % Margin | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% | - | - |
| Diluted EPS | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 | $24.40 | $27.51 |
| % Growth | -7.5% | 0.8% | 17.0% | 4.6% | 35.1% | 46.1% | 12.7% |
| Operating Cash Flow | $7,230 | $7,838 | $7,302 | $8,056 | $10,031 | - | - |
| CapEx | $348 | $442 | $360 | $183 | $179 | - | - |
| Free Cash Flow | $6,882 | $7,396 | $6,942 | $7,873 | $9,852 | - | - |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/3/2021 | 12/2/2022 | 12/1/2023 | 11/29/2024 | 11/28/2025 | 11/28/2026 est. | 11/28/2027 est. |
|---|---|---|---|---|---|---|---|
| Revenue | $15,785 | $17,606 | $19,409 | $21,505 | $23,769 | $26,524.3 | $28,929.4 |
| Gross Profit | $13,920 | $15,441 | $17,055 | $19,147 | $21,218 | - | - |
| EBITDA | $6,590 | $6,954 | $7,522 | $7,598 | $9,524 | - | - |
| Net Income | $4,822 | $4,756 | $5,428 | $5,560 | $7,130 | - | - |
| Diluted EPS | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 | $24.40 | $27.51 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/3/2021 | 12/2/2022 | 12/1/2023 | 11/29/2024 | 11/28/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $3,844 | $4,236 | $7,141 | $7,613 | $5,431 |
| Short-term Debt | - | $500 | $0 | $1,499 | $0 |
| Long-term Debt | $4,123 | $3,629 | $3,634 | $4,129 | $6,210 |
| Total Debt | - | $4,129 | $3,634 | $5,628 | $6,210 |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/3/2021 | 12/2/2022 | 12/1/2023 | 11/29/2024 | 11/28/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $7,230 | $7,838 | $7,302 | $8,056 | $10,031 |
| Capital Expenditure | $348 | $442 | $360 | $183 | $179 |
| Free Cash Flow | $6,882 | $7,396 | $6,942 | $7,873 | $9,852 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/3/2021 | 12/2/2022 | 12/1/2023 | 11/29/2024 | 11/28/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 22.7% | 11.5% | 10.2% | 10.8% | 10.5% |
| Gross Margin | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% |
| EBITDA Margin | 41.7% | 39.5% | 38.8% | 35.3% | 40.1% |
| Net Margin | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% |
| FCF Margin | 43.6% | 42.0% | 35.8% | 36.6% | 41.4% |
| Diluted EPS Growth | -7.5% | 0.8% | 17.0% | 4.6% | 35.1% |