Adobe ADBE
Public, NASDAQ, reports in USD.
Theme: PC.
2025-08-01 — Loses without M&A
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 23.8bn USD | 10.5 % | 89.3 % | 18.1 % | 8.7bn USD | 36.6 % | 7.1bn USD | 16.70 | 47.1 | |
| 2024 | 21.5bn USD | 10.8 % | 89.0 % | 18.3 % | 7.7bn USD | 36.0 % | 5.6bn USD | 12.36 | 46.8 | |
| 2023 | 19.4bn USD | 10.2 % | 87.9 % | 17.9 % | 6.7bn USD | 34.3 % | 5.4bn USD | 11.82 | 44.5 | |
| 2022 | 17.6bn USD | – | 87.7 % | 17.0 % | 6.1bn USD | 34.6 % | 4.8bn USD | 10.10 | – | |
| 2026-Q2 | 6.6bn USD | 12.7 % | 89.2 % | 18.1 % | 2.2bn USD | 33.8 % | 1.7bn USD | 4.25 | 46.5 | |
| 2026-Q1 | 6.4bn USD | – | 89.6 % | 17.3 % | 2.4bn USD | 37.8 % | 1.9bn USD | 4.60 | – | |
| 2025-Q4 | 6.2bn USD | – | 89.5 % | 17.7 % | 2.3bn USD | 36.5 % | 1.9bn USD | 4.45 | – | |
| 2025-Q3 | 6.0bn USD | – | 89.3 % | 18.2 % | 2.2bn USD | 36.3 % | 1.8bn USD | 4.18 | – | |
| 2025-Q2 | 5.9bn USD | – | 89.1 % | 18.4 % | 2.1bn USD | 35.9 % | 1.7bn USD | – | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: yfinance
- 2023: yfinance
- 2022: yfinance
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-05-31, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 6.6bn USD | 5.9bn USD | +745m (+13 %) |
| Op. margin | 33.8 % | 35.9 % | -2.1 pts |
| FCF | 2.1bn USD | 2.1bn USD | -37m (-2 %) |
| Op. income | 2.2bn USD | ||
| Net income | 1.7bn USD | ||
| EPS (diluted) | 4.25 |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 10.0bn USD | 179m USD | 9.9bn USD | 41.4 % | 140.7 % | 7.1bn USD | 8.3bn USD | 10.3bn USD | -2.2bn USD |
| 2024 | 8.1bn USD | 183m USD | 7.9bn USD | 36.6 % | 144.9 % | 6.2bn USD | 7.0bn USD | 9.9bn USD | 481m USD |
| 2023 | 7.3bn USD | 360m USD | 6.9bn USD | 35.8 % | 134.5 % | 5.3bn USD | 5.5bn USD | 6.4bn USD | 2.9bn USD |
| 2022 | 7.8bn USD | 442m USD | 7.4bn USD | 42.0 % | 164.8 % | 4.8bn USD | 5.6bn USD | 7.4bn USD | 443m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 262.60 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 104.4bn USD | 2026-09-15 | |
| 52w high | 370.86 USD | 2026-09-15 | |
| 52w low | 190.12 USD | 2026-09-15 | |
| Off 52w high % | -29.2 % | ||
| P/S | 4.4 |
Notes
- 2025-08-01 opinion Loses without M&A