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Adobe Inc.

ADBE Technology Software Application

Adobe Inc.’s revenue for fiscal 2025 (year ended November 2025) was $23.8 billion, up 10.5% from fiscal 2024. In the quarter to August 2026, revenue grew 12.9%, EPS grew 10.8%, free cash flow grew 14.7% and total debt rose 2.63%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years; insiders bought in the last twelve months.

250.35 2.23 +0.90%
Market cap
$96.6B
P/E
14.0×
Fwd P/E
14.5×
Dividend yield
—
F-score
7/9
Altman Z
8.51
Beneish M
−2.85
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings
Impairment
All filings →

Insider Decisions trades per month

Total buys 1.95
Total sells 50.72
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — 1 — — — —
Sell — — 1 — — 3 — — 1 — 1 —
Insider Ownership 1.65%

Capital & Financial Ratios $m

Market Cap 96,570.00
Revenue 25,970.00
Net Income 7,284.00
Free Cash Flow 10,592.00
Net Debt 724.00
Current Ratio 0.77 (below 1: weak)
Debt/Equity 0.54
P/E ratio 13.95
Fwd P/E 14.50
P/S ratio 3.81
P/B ratio 8.41 (above 6: high)
Past 5Y EPS Growth 9.05%
This Y EPS Growth 16.90% (at or above 15%: strong)
Next Y EPS Growth 13.26%
Next Y revenue growth 11.94% (at or above 10%: strong)
Next 5Y EPS Growth 14.48%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 11.7×; over the ten years it ranged from 3.3× in 2026 to 20.8× in 2021.
P/E against its own 10 years 2.61%
10-year low 10-year high
P/S against its own 10 years 2.20%
10-year low 10-year high
P/B against its own 10 years 13.66%
10-year low 10-year high
EV/Sales against its own 10 years 2.24%
10-year low 10-year high
EV/FCF against its own 10 years 2.46%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7,842 7,886 6,595 5,639
Receivables 2,224 2,072 2,344 2,081
Inventory — — — —
Other — — — —
11,084 11,232 10,163 9,158
2023 2024 2025 Q'26
Payables 314 361 417 529
ST’ Debt 73 1,499 — 1,597
Other — — — —
8,251 10,521 10,200 11,888

Compound Annual Growth %

10y 5y 3y
Sales 17.36% 13.06% 10.52%
Cash Flow 21.18% 11.86% 8.57%
Earnings 27.47% 6.27% 14.45%
Book Value 5.20% (2.61%) (6.13%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.08 Actual 6.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 5.39 5.50 Beat by 0.11
Q1 FY26 5.88 6.06 Beat by 0.18
Q2 FY26 5.83 5.96 Beat by 0.13
Q3 FY26 6.08 6.13 Beat by 0.05
Q4 FY26 6.32 — Reports 9 December 2026

EPS $

Feb May Aug Nov Year
’26 4.60 4.25 4.62 — —
’25 4.14 3.94 4.18 4.45 16.70
’24 1.36 3.49 3.76 3.79 12.36
’23 2.71 2.82 3.05 3.23 11.82
’22 2.66 2.49 2.42 2.53 10.10
’21 2.61 2.32 2.52 2.57 10.02
’20 1.96 2.27 1.97 4.64 10.83
Fiscal quarters ending in the months shown.

Revenue $m

Feb May Aug Nov Year
’26 6,398 6,618 6,760 — —
’25 5,714 5,873 5,988 6,194 23,769
’24 5,182 5,309 5,408 5,606 21,505
’23 4,655 4,816 4,890 5,048 19,409
’22 4,262 4,386 4,433 4,525 17,606
’21 3,905 3,835 3,935 4,110 15,785
’20 3,091 3,128 3,225 3,424 12,868
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Feb May Aug Nov Year
’26 2,958 2,165 2,523 — —
’25 2,482 2,191 2,198 3,160 10,031
’24 1,174 1,940 2,021 2,921 8,056
’23 1,693 2,139 1,873 1,597 7,302
’22 1,769 2,040 1,704 2,325 7,838
’21 1,772 1,988 1,404 2,066 7,230
’20 1,325 1,184 1,436 1,782 5,727
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Feb May Aug Nov Year
’26 2,921 2,107 2,438 — —
’25 2,456 2,144 2,126 3,126 9,852
’24 1,137 1,899 1,964 2,873 7,873
’23 1,592 2,018 1,782 1,550 6,942
’22 1,669 1,914 1,579 2,234 7,396
’21 1,713 1,893 1,309 1,967 6,882
’20 1,231 1,088 1,310 1,679 5,308
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 71.27 102.81 175.26 215.15 255.13 420.78 274.73 318.60 432.47 311.59 +17.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 111.09 186.27 277.61 332.88 536.88 699.54 575.00 633.89 638.25 465.70 +17.3% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 15,706 17,973 21,357 22,634 22,516 25,988 29,239 29,945 30,709 31,360 +8.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.37 0.41 0.42 0.49 0.57 0.61 0.60 0.65 0.70 0.76 +8.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 5,854 7,302 9,030 11,171 12,868 15,785 17,606 19,409 21,505 23,769 +16.8% 26,607 29,038 31,534 +9.9%
Gross margin, % 86.00 86.16 86.77 85.02 86.62 88.18 87.70 87.87 89.04 89.27 +3.3 pt
EBT 1,435 2,138 2,794 3,205 4,176 5,705 6,008 6,799 6,931 8,734 +22.2%
EBT margin, % 24.51 29.28 30.94 28.69 32.45 36.14 34.12 35.03 32.23 36.75 +12.2 pt
Net income 1,169 1,694 2,591 2,951 5,260 4,822 4,756 5,428 5,560 7,130 +22.3%
Depreciation 332 326 346 757 757 788 856 872 857 818 +10.6%
Per share, $
Per share, $ Revenue 11.75 14.79 18.39 22.99 26.75 33.09 37.46 42.47 48.11 55.80 +18.9%
Earnings 2.35 3.43 5.28 6.07 10.94 10.10 10.13 11.87 12.43 16.73 +24.4%
Cash flow 4.41 5.90 8.21 9.10 11.91 15.16 16.68 15.98 18.02 23.55 +20.4%
Capex (0.41) (0.36) (0.54) (0.81) (0.87) (0.73) (0.94) (0.79) (0.41) (0.42) +0.3%
Free cash flow 4.01 5.54 7.66 8.29 11.04 14.43 15.74 15.19 17.61 23.13 +21.5%
Book value 14.90 17.14 19.07 21.67 27.58 31.02 29.90 36.14 31.55 27.28 +7.0%
Shares, m 498 494 491 486 481 477 470 457 447 426 (1.7%)
Valuation, ×
Valuation, × P/E 43.75 52.75 47.52 49.88 43.74 66.32 34.05 51.43 41.43 19.30 45.0
P/S 8.75 12.27 13.64 13.17 17.89 20.24 9.21 14.39 10.73 5.79 12.6
P/B 6.90 10.59 13.16 13.97 17.35 21.59 11.54 16.90 16.36 11.83 14.0
EV/Sales 8.26 11.73 13.74 13.17 17.75 20.14 9.10 14.17 10.62 5.83 12.5
EV/FCF 24.23 31.32 32.98 36.53 43.02 46.20 21.65 39.63 29.02 14.07 31.9
Cash, $m
Cash, $m Operating cash flow 2,200 2,913 4,029 4,422 5,727 7,230 7,838 7,302 8,056 10,031 +18.4%
Capex (204) (178) (267) (395) (419) (348) (442) (360) (183) (179) (1.4%)
Free cash flow 1,996 2,735 3,762 4,027 5,308 6,882 7,396 6,942 7,873 9,852 +19.4%
Balance, $m
Balance, $m Working capital 3,028 3,720 556 (1,696) 2,634 1,737 868 2,833 711 (37) n/m
Total debt 1,892 1,881 4,125 4,138 4,209 4,220 4,129 3,707 5,628 6,210 +14.1%
Net debt (2,869) (3,938) 896 (39) (1,783) (1,578) (1,967) (4,135) (2,258) (385) (20.0%)
Shareholders’ equity 7,425 8,460 9,362 10,530 13,264 14,797 14,051 16,518 14,105 11,623 +5.1%
Returns, %
Returns, % ROA 9.57 12.44 15.56 14.93 23.35 18.72 17.48 19.06 18.53 23.88 +14.3 pt
ROIC 20.49 29.97 17.30 19.47 23.07 27.43 31.54 33.56 35.56 48.42 +27.9 pt
ROE 16.20 21.33 29.08 29.67 44.21 34.37 32.97 35.51 36.31 55.43 +39.2 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 2 Oct 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Digital Media 17,649 74.25%
Digital Experience 5,864 24.67%
Publishing and Advertising 256 1.08%
Gross margin 89.27%
Operating margin 36.63%
Pre-tax margin 36.75%

Revenue by segment since 2009

Adobe Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UBER Uber Technologies, Inc. $134.3B 14.1× 21.0× +12.17% (above 0%: growing) +81.54% (above 0%: growing) +12.81% (above 0%: growing) 44.93% 13.32% Compare
SNOW Snowflake Inc. $116.5B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
NOW ServiceNow, Inc. $113.8B 65.1× 101× +24.01% (above 0%: growing) −22.04% (below 0%: shrinking) −10.08% (below 0%: shrinking) 70.68% 4.06% Compare
ADP Automatic Data Processing, Inc. $113.4B 26.8× 24.9× +6.77% (above 0%: growing) +9.37% (above 0%: growing) −5.49% (below 0%: shrinking) 45.88% 23.00% Compare
ADBE Adobe Inc. $96.6B 14.0× 14.5× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82%
DDOG Datadog, Inc. $95.5B 461× 486× +35.64% (above 0%: growing) +1,610.53% (above 0%: growing) +68.55% (above 0%: growing) 78.59% 0.49% Compare
CDNS Cadence Design Systems, Inc. $94.0B 64.9× 65.8× +24.23% (above 0%: growing) +127.12% (above 0%: growing) +72.50% (above 0%: growing) 84.90% 28.42% Compare
INTU Intuit Inc. $88.5B 20.7× 16.9× +13.65% (above 0%: growing) −1.47% (below 0%: shrinking) +253.37% (above 0%: growing) 78.11% 10.91% Compare
MSTR Strategy Inc $59.8B — (loss-making) — (loss-making) +6.88% (above 0%: growing) n/m +6.40% (above 0%: growing) 66.64% (6,808.11%) Compare
Median of peers $104.4B 45.8× 45.3× +18.83% +45.46% +30.02% 68.85% 7.49%

All 230 Software Application stocks →

Business profile

Updated

Adobe, founded in 1982 and headquartered in San Jose, builds software and cloud services for creating content, working with documents, and managing digital customer experiences. Shantanu Narayen is Chair of the Board and Chief Executive Officer.

Its Digital Media offerings serve business professionals, consumers, creators and creative professionals. Acrobat lets users view, edit, sign, create and collaborate on documents; Adobe Express is an AI content-creation app; and Creative Cloud Pro provides connected apps and services for photography, design, video and social-media work. Photoshop, Illustrator, Lightroom, Premiere Pro and After Effects are among its creative applications.

From the latest earnings call

Updated

  • Adobe said total ending ARR reached $27.50 billion, with growth in Creative Cloud, Acrobat, Adobe Experience Manager and agentic web apps.
  • Steve Day said Adobe raised FY2026 revenue and EPS targets after its year-to-date performance, while setting Q4 revenue and EPS targets.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Oct 26, 2026 Downgrade Outperform → Underperform 270.00 → 225.00
HSBC Oct 26, 2026 Downgrade Buy → Hold 310.00 → 267.00
Citigroup Oct 8, 2026 Target cut Hold 250.00
Piper Sandler Oct 8, 2026 Target raised Hold 250.00
DA Davidson Oct 8, 2026 Target raised Buy 290.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.07%
Held by the ten largest 39.82%
Holder Shares Stake Change
BlackRock 41.16m 10.35% +346.15k
Vanguard 40.03m 10.07% −894.75k
State Street 20.52m 5.16% +602.32k
Invesco 14.65m 3.69% +528.13k
Geode Capital Management 11.62m 2.92% −111.12k
UBS 7.65m 1.93% +463.36k
Arrowstreet Capital 6.79m 1.71% −5.25k
Morgan Stanley 5.39m 1.36% −286.41k
Amundi 5.24m 1.32% +518.36k
PRIMECAP Management 5.23m 1.32% +496.29k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 51.17m (17.39m) 67.11
2024 52.39m 10.10m 108.15
2023 44.93m 127.74m 128.39
2022 31.60m (95.28m) 71.60
2021 36.13m 104.75m 129.24

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 10.17%
BlackRock, Inc. 9.31%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Adobe Inc. (ADBE) Latest News

30 Oct

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29 Oct

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28 Oct

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27 Oct

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26 Oct

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25 Oct

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24 Oct

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23 Oct

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22 Oct

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21 Oct

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ADBE metrics, ten years each

stockrow.com/ADBE · Data as of Oct 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com