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Not Investment Advice

ADBE

NASDAQ · USD
Adobe Inc.
Technology · Software - Application
CEO Shantanu Narayen Employees 31,360 R&D / revenue 18.1%
Last price
$245.20−2.57%last session
Market cap
$95.4B
P/E (TTM)
13.7x
From 52w high
−32.6%
From 52w low
+29.0%
1-year return
−25.5%
RSI 14 · vs SMA200
50.1 · −3.5%
IS score
79.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ADBE   SPY   XLK (sector ETF) · weekly closes
6080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116ADBE 74

Score DNA

Each bar is a 0-100 score within the scored universe
100
Profitability
58
Growth
40
Value
80
Momentum
100
Risk (safety)
91
Quality
74
Balance sheet
66
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for ADBE (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Altman Z 7.9Beta 1.424 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$1.95M bought
Form 144 notices (12m): 9, $60.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-08-10
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−190
175 new holders, 338 closed
1,995 filers hold 85.1% · 662 added, 947 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+185
1,740 funds adding shares
1,555 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
42.6%
20-day avg 53.5%, 50-day avg 58.3%
Latest 10.9 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$23.8B
Revenue growth YoY+10.5%
Gross margin88.6%
Operating income$8.7B
Operating margin36.6%
Net income$7.1B
Net margin30.0%
EPS (diluted)$16.70
Cash flow
Operating cash flow$10.0B
Capital expenditure$179.0M
Free cash flow$9.9B
FCF conversion (FCF / OCF)98.2%
Stock-based compensation$1.9B
FCF less SBC$7.9B
Buybacks$11.3B
Dividends$0
Balance sheet & returns
Cash & short-term investments$6.6B
Total debt$6.2B
Net cash$385.0M
Shareholders' equity$11.6B
Goodwill & intangibles$13.4B
Debt / equity0.57
ROE (TTM)62.9%
ROIC (TTM)36.8%
Operating margin by fiscal year
36.8%FY202134.6%FY202234.3%FY202331.3%FY202436.6%FY2025
Revenue $15.8B (FY2021) to $23.8B (FY2025), a 10.8% CAGR.

Valuation

P/E (TTM)13.7x
EV / EBITDA9.6x
Price / sales3.67x
Price / FCF8.7x
FCF yield11.46%
Buyback yield11.82%
SBC / revenue8.0%
Price / book8.23x
Forward P/E FY202610.0x
Forward P/E FY20278.8x
Forward P/E FY20287.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $267.47 across 17 analysts last quarter is theirs, not ours.

ADBE vs industry median

831 companies in Software - Application
Gross margin 89.1% 59.6% Operating margin 35.7% -6.6% Net margin 28.0% -9.7% ROIC 36.8% 3.5%
ADBE (TTM)Industry median Asset turnover 0.87 vs industry 0.57 · financial leverage 2.55

Earnings delivery

Next report 2026-12-09 · consensus EPS $6.32
92%
beat rate, 11 of 12 quarters
+2.3%
median EPS surprise
8
longest beat streak
+3+2+2+3+3+2+2+3-18+3+2+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-12-13 to 2026-09-10. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ADBE Adobe Inc. $95.4B13.7x62.9%28.0%+10.5% −25.5%
APP AppLovin Corporation $89.4B20.4x203.7%65.8%+37.9% −56.1%
DDOG Datadog, Inc. $88.7B497.0x4.7%4.0%+31.5% +63.5%
CDNS Cadence Design Systems, Inc. $88.0B63.1x23.2%23.2%+14.7% −1.5%
INTU Intuit Inc. $86.9B19.7x23.6%8.3%+13.9% −49.0%
SNOW Snowflake Inc. $108.3Bn/m-48.2%-12.4%+32.0% —
ADP Automatic Data Processing, I $114.5B26.3x72.2%17.9%+6.7% —
UBER Uber Technologies, Inc. $143.7B15.2x38.4%16.9%+16.7% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-10Earnings Release; Exhibits
2026-09-08Officer/Director Change; Regulation FD; Exhibits
2026-07-17Officer/Director Change
2026-06-11Earnings Release; Officer/Director Change; Exhibits
2026-04-21Officer/Director Change; Shareholder Vote; Other Events; Exhibits
2026-03-12Results of Operations and Financial Condition; Departure/Election of Directors; Appointment of Officers; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding389,200,000
Free float99.8%
Institutional ownership85.1%
Beta1.42
Dividend yield0.00%
Last dividend$0.01 on 2005-03-24
50 / 200-day average$256.84 / $254.75
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ADBE sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureADBEIndustry medianIndustry percentileSector median
P/E (TTM) 13.1x 30.6x
9th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.72 1.20
26th		 1.36
Price / sales 3.7x 4.5x
42nd		 3.9x
Price / book 8.1x 4.7x
75th		 4.4x
Price / tangible book —
Price / free cash flow 8.7x 17.2x
14th		 20.3x
Price / operating cash flow 8.6x 16.1x
14th		 17.9x
Enterprise value $96.6B $3.8B
96th		 $5.5B
EV / sales 3.7x 4.2x
43rd		 4.1x
EV / EBITDA 9.5x 19.1x
14th		 18.9x
EV / EBIT 10.3x 27.7x
8th		 26.7x
EV / free cash flow 8.8x 18.6x
12th		 21.9x
Earnings yield 7.6% 1.4%
95th		 2.0%
FCF yield 11.5% 4.8%
88th		 3.3%
Operating cash flow yield 11.7% 5.1%
88th		 4.4%
Graham number (per share) $111.16 $20.79
95th		 $28.08

Profitability (TTM)

MeasureADBEIndustry medianIndustry percentileSector median
Gross margin 89.1% 71.1%
99th		 55.7%
EBITDA margin 39.2% 13.6%
87th		 13.7%
Operating margin 35.7% 7.3%
93rd		 8.2%
EBIT margin 36.2% 7.1%
88th		 8.6%
Net margin 28.0% 4.7%
89th		 5.7%
NOPAT margin 28.0% 5.9%
90th		 7.0%
FCF margin 42.1% 20.3%
94th		 15.0%
Operating cash flow margin 42.9% 22.5%
93rd		 18.4%
R&D / revenue 18.1% 18.2%
49th		 12.9%
SG&A / revenue 34.9% 38.6%
38th		 25.6%
Stock comp / revenue 8.0% 7.8%
51st		 4.4%
Effective tax rate 21.5% 21.0%
70th		 21.0%

Returns on capital

MeasureADBEIndustry medianIndustry percentileSector median
ROE (on average equity) 61.9% 7.9%
91st		 9.4%
ROA 24.8% 3.0%
93rd		 4.1%
ROIC 56.5% 6.6%
87th		 9.0%
ROCE 52.0% 5.7%
96th		 8.6%
Return on tangible assets 32.0% 4.6%
95th		 5.9%
Cash ROIC (OCF / invested capital) 86.5% 29.6%
81st		 20.7%
Gross profitability (GP / assets) 77.1% 37.6%
88th		 30.0%
ROIC, 3-yr average 43.4% 4.8%
89th		 7.4%
ROIC, 5-yr average 44.2% -1.1%
93rd		 7.9%
ROE, 5-yr average 44.8% -2.6%
95th		 6.9%
Incremental ROIC 1,513.4% 13.7%
100th		 15.3%

Growth

MeasureADBEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.0% 15.1%
39th		 14.3%
Revenue growth (QoQ) 2.1% 4.6%
26th		 6.6%
Revenue CAGR, 3 yr 11.2% 13.7%
39th		 9.6%
Revenue CAGR, 5 yr 11.5% 16.6%
25th		 11.5%
Gross profit CAGR, 3 yr 11.7% 14.9%
36th		 10.9%
Operating income CAGR, 3 yr 13.1% 20.6%
27th		 11.3%
Net income growth (TTM YoY) 4.7% 27.2%
30th		 21.6%
Net income CAGR, 3 yr 12.5% 20.3%
32nd		 9.9%
EPS growth (TTM YoY) 14.0% 30.6%
41st		 22.3%
EPS CAGR, 3 yr 18.2% 20.2%
45th		 11.2%
EPS CAGR, 5 yr 8.7% 15.4%
32nd		 12.0%
FCF growth (TTM YoY) 14.0% 28.9%
26th		 24.6%
FCF CAGR, 3 yr 12.8% 31.3%
16th		 19.3%
Operating cash flow CAGR, 3 yr 11.6% 28.0%
16th		 17.9%
Book value CAGR, 3 yr -4.7% 4.5%
20th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 61.9% 15.5%
87th		 14.2%

Margin history & stability

MeasureADBEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 88.9% 71.3%
96th		 53.2%
Operating margin, 3-yr average 34.4% 4.7%
96th		 6.6%
Net margin, 3-yr average 27.9% 5.1%
95th		 5.2%
FCF margin, 3-yr average 38.2% 19.8%
92nd		 12.7%
Revenue stability (0-1) 0.99 0.97
81st		 0.87
Earnings stability (0-1) 0.54 0.56
45th		 0.45
Margin stability (0-1) 0.99 0.97
97th		 0.95

Liquidity (latest quarter)

MeasureADBEIndustry medianIndustry percentileSector median
Cash & short-term investments $5.6B $434.8M
95th		 $494.1M
Net cash (− = net debt) −$1.1B $57.2M
16th		 $49.8M
Working capital −$2.7B $247.5M
2nd		 $391.0M
Current ratio 0.77 1.74
9th		 1.92
Quick ratio 0.77 1.72
9th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.47 1.13
30th		 0.95
Defensive interval (days) 204 days 370 days
22nd		 521 days

Leverage & solvency (latest quarter)

MeasureADBEIndustry medianIndustry percentileSector median
Total debt $6.8B $237.5M
91st		 $349.3M
Debt / equity 0.57 0.30
67th		 0.29
Net debt / equity 0.10 −0.22
67th		 −0.13
Debt / assets 22.6% 15.2%
62nd		 16.9%
Debt / capital 36.5% 23.1%
67th		 22.3%
Debt / EBITDA 0.66 2.26
26th		 1.78
Net debt / EBITDA 0.11 −0.32
59th		 −0.18
Interest coverage (EBIT / interest) 36.2x 5.3x
84th		 5.8x
Cash interest coverage 42.9x 15.8x
73rd		 12.8x
Debt payback (years of OCF) 0.6 yrs 1.0 yrs
37th		 1.6 yrs
Liabilities / assets 60.8% 50.2%
65th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
5th		 175

Efficiency

MeasureADBEIndustry medianIndustry percentileSector median
Asset turnover 0.88 0.59
77th		 0.62
Fixed asset turnover 12.05 12.05
50th		 9.25
Inventory turnover —
Receivables turnover 12.4 6.5
82nd		 6.2
Days sales outstanding 29 days 55 days
21st		 59 days
Days inventory outstanding —
Days payables outstanding 55 days 31 days
74th		 46 days
Cash conversion cycle (days) −26 days 22 days
14th		 50 days
Capex / revenue 0.8% 1.3%
34th		 2.3%
Capex / depreciation 0.28 0.41
35th		 0.56
Operating expense ratio 53.3% 62.8%
35th		 44.3%

Cash flow & earnings quality

MeasureADBEIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.53 1.89
33rd		 1.61
FCF / net income 1.50 1.70
40th		 1.33
FCF / operating cash flow 98.1% 94.0%
81st		 88.0%
Capex / operating cash flow 1.9% 6.0%
19th		 12.0%
Accruals ratio -13.2% -10.9%
39th		 -6.3%
Sloan accruals ratio -12.5% -4.7%
24th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureADBEIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 12.6% 2.7%
90th		 1.2%
Shareholder yield (dividends + buybacks) 12.6% 3.1%
90th		 1.7%
Share count change (YoY) -8.1% -1.9%
15th		 0.1%
Buybacks, last 5 years $41.1B $309.1M
99th		 $215.3M

Scores & forensic checks

MeasureADBEIndustry medianIndustry percentileSector median
IS score 79 56
93rd		 56
IS profitability 100 37
99th		 40
IS growth 58 66
35th		 65
IS value 40 38
57th		 39
IS momentum 80 80
58th		 78
IS risk (safety) 100 80
61st		 100
IS quality 91 63
99th		 67
IS balance sheet 74 69
54th		 72
IS earnings quality 66 52
77th		 61
IS cash flow 94 72
93rd		 66
Piotroski F-score (0-9) 7 6
57th		 6
Altman Z-score 7.9 3.0
83rd		 4.0
Beneish M-score −3.04 −2.74
27th		 −2.58
Ohlson O-score −8.95 −7.88
26th		 −8.00
IS credit score 93 62
91st		 69

Per share

MeasureADBEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.44 $0.32
99th		 $0.84
Book value per share $29.78 $6.15
86th		 $9.77
Tangible book per share −$8.17 $1.97
9th		 $3.22
Revenue per share $65.75 $7.54
93rd		 $13.00
FCF per share $27.69 $1.56
99th		 $1.78
Operating cash flow per share $28.24 $1.77
99th		 $2.40
Cash per share $14.28 $3.77
87th		 $4.50

Size (TTM)

MeasureADBEIndustry medianIndustry percentileSector median
Market cap $95.4B $3.9B
96th		 $4.7B
Revenue $26.0B $872.9M
98th		 $1.2B
EBITDA $10.2B $101.2M
99th		 $185.8M
Net income $7.3B $34.8M
99th		 $84.9M
Free cash flow $10.9B $198.7M
99th		 $170.6M
Total assets $30.0B $1.8B
92nd		 $2.4B
Shareholders' equity $11.8B $907.0M
92nd		 $1.1B
Employees 31,360 1,988
97th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 1,378$246.09$339,107287,846
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 3,430$247.36$848,443284,416
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 7,168$248.14$1.8M277,248
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 10,313$249.17$2.6M266,935
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 17,595$250.19$4.4M249,340
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 9,978$251.02$2.5M239,362
2026-09-17Narayen Shantanu
Director, Chair and CEO
 Open-market sale 638$251.76$160,623238,724
2026-09-16Narayen Shantanu
Director, Chair and CEO
 Open-market sale 8,358$250.22$2.1M355,366
2026-09-16Narayen Shantanu
Director, Chair and CEO
 Open-market sale 33,001$251.03$8.3M322,365
2026-09-16Narayen Shantanu
Director, Chair and CEO
 Open-market sale 20,716$252.03$5.2M301,649
2026-09-16Narayen Shantanu
Director, Chair and CEO
 Open-market sale 11,495$253.06$2.9M290,154
2026-09-16Narayen Shantanu
Director, Chair and CEO
 Open-market sale 930$253.64$235,882289,224

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired5135,695—
Open-market buyAcquired110,000$1.9M
Open-market saleDisposed18202,507$50.2M
Option exerciseAcquired3838,459—
Option exerciseDisposed3838,459—
Tax withholdingDisposed3818,724$4.2M
—Disposed23,894—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 9 notices · 247,035 shares · $60.5M
FiledFilerShares proposedEst. proceeds
2026-09-16Narayen Family Trust125,000$31.4M
2026-09-08Durn Daniel33$8,479
2026-07-29Jillian Forusz416$109,961
2026-06-16Durn Daniel42,700$9.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 33 trades (10 purchases) · Senate 6 (5 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-14Kevin HernHouseSale$15,001 - $50,0002026-09-02
2026-08-14Kevin HernHouseSale (Partial)$15,001 - $50,0002026-09-02
2026-08-13Kevin HernHouseSale (Partial)$15,001 - $50,0002026-09-02
2026-02-13John BoozmanSenateSale$1,001 - $15,0002026-03-06
2026-02-04Markwayne MullinSenatePurchase$15,001 - $50,0002026-03-02
2026-01-05Markwayne MullinSenatePurchase$15,001 - $50,0002026-02-04
2026-01-05Markwayne MullinSenatePurchase$15,001 - $50,0002026-02-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.41,156,085$8.4B10.57%
VANGUARD CAPITAL MANAGEMENT LLC26,405,210$5.4B6.78%
STATE STREET CORP20,515,508$4.2B5.27%
Invesco Ltd.14,654,959$3.0B3.77%
GEODE CAPITAL MANAGEMENT, LLC11,615,763$2.4B2.98%
VANGUARD PORTFOLIO MANAGEMENT LLC9,363,848$1.9B2.41%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP6,787,022$1.4B1.74%
Amundi5,242,464$1.1B1.35%
PRIMECAP MANAGEMENT CO/CA/5,227,139$1.1B1.34%
NORGES BANK4,972,088$1.0B1.28%
FIL Ltd4,813,688$986.9M1.24%
Bank of New York Mellon Corp4,514,648$925.6M1.16%
MORGAN STANLEY3,976,009$815.2M1.02%
DEUTSCHE BANK AG\3,651,753$748.7M0.94%
GOLDMAN SACHS GROUP INC3,529,096$723.5M0.91%

Institutional ownership by quarter

2023-092026-0685.1%
% of shares held by 13F filers
2023-092026-061,995
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,99585.1%175662947338
2026-03-312,18582.2%201789995483
2025-12-312,51586.7%3087971,189199
2025-09-302,46785.1%1469191,136298
2025-06-302,67088.2%2171,0291,152191
2025-03-312,68388.2%1841,1451,084295
2024-12-312,83989.3%3641,0941,115235
2024-09-302,76890.4%2081,2021,016141
2024-06-302,73592.3%2101,1891,031187
2024-03-312,74992.9%2061,2151,050212
2023-12-312,79994.2%3731,0581,069124
2023-09-302,58693.6%2241,03298892

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.2%20,538,520
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-05SCHEDULE 13G/AThe Vanguard Group10.1%41,472,249
2025-10-30SCHEDULE 13G/AThe Vanguard Group9.9%41,365,193
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.13%$3.0B
VTI0.13%$3.0B
VSMPX0.13%$3.0B
VTSAX0.13%$3.0B
VFINX0.14%$2.5B
VFIAX0.14%$2.5B

Share structure

Shares outstanding389,200,000
Float388,492,045
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$15.8B$17.6B$19.4B$21.5B$23.8B
Cost of revenue$1.9B$2.2B$2.4B$2.4B$2.7B
Gross profit$13.9B$15.4B$17.1B$19.1B$21.1B
R&D$2.5B$3.0B$3.5B$3.9B$4.3B
SG&A$5.4B$6.2B$6.8B$7.3B$8.1B
Operating income$5.8B$6.1B$6.7B$6.7B$8.7B
EBITDA$6.7B$7.1B$7.8B$8.0B$9.7B
Pretax income$5.7B$6.0B$6.8B$6.9B$8.7B
Income tax$883.0M$1.3B$1.4B$1.4B$1.6B
Net income$4.8B$4.8B$5.4B$5.6B$7.1B
EPS, diluted$10.02$10.10$11.83$12.36$16.70
Diluted shares481.0M471.0M459.0M450.0M427.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$5.8B$6.1B$7.8B$7.9B$6.6B
Receivables$1.9B$2.1B$2.2B$2.1B$2.3B
Inventory$0$0$0$0$0
Total current assets$8.7B$9.0B$11.1B$11.2B$10.2B
PP&E, net$2.1B$2.3B$2.4B$2.2B$2.2B
Goodwill & intangibles$14.5B$14.2B$13.9B$13.6B$13.4B
Total assets$27.2B$27.2B$29.8B$30.2B$29.5B
Accounts payable$312.0M$379.0M$314.0M$361.0M$417.0M
Total current liabilities$6.9B$8.1B$8.3B$10.5B$10.2B
Long-term debt$4.1B$3.6B$3.6B$4.1B$6.2B
Total liabilities$12.4B$13.1B$13.3B$16.1B$17.9B
Shareholders' equity$14.8B$14.1B$16.5B$14.1B$11.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$4.8B$4.8B$5.4B$5.6B$7.1B
Depreciation & amortization$788.0M$856.0M$872.0M$894.0M$818.0M
Stock-based compensation$1.1B$1.4B$1.7B$1.9B$1.9B
Change in working capital$292.0M$336.0M−$355.0M$144.0M$108.0M
Operating cash flow$7.2B$7.8B$7.3B$8.1B$10.0B
Capital expenditure−$330.0M−$442.0M−$360.0M−$232.0M−$179.0M
Free cash flow$6.9B$7.4B$6.9B$7.8B$9.9B
Investing cash flow−$3.5B−$570.0M$776.0M$149.0M−$1.2B
Net debt issued / repaid$0$0−$500.0M$2.0B$497.0M
Buybacks−$4.0B−$6.5B−$4.4B−$9.5B−$11.3B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin88.2%87.7%87.9%89.0%89.1%
Operating margin36.8%34.6%34.3%31.3%36.6%
Net margin30.5%27.0%28.0%25.9%30.0%
FCF margin43.7%42.0%35.8%36.4%41.4%
ROE34.4%33.0%35.5%36.3%55.4%
ROIC35.9%38.3%41.6%44.1%60.9%
ROA18.7%17.5%19.1%18.5%23.9%
Debt / equity0.320.330.250.430.57
Interest coverage51.5x54.3x60.8x42.0x34.0x
Current ratio1.251.111.341.071.00
Revenue growth+22.7%+11.5%+10.2%+10.8%+10.5%
EPS growth−7.6%+1.6%+15.9%+6.1%+36.2%
P/E at year end61.4x33.5x51.8x41.1x18.7x
EV / EBITDA at year end44.3x22.6x35.6x28.5x13.7x
FCF yield at year end2.33%4.65%2.47%3.42%7.38%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Digital Media$11.5B$12.8B$14.2B$15.9B$17.6B
Digital Experience$3.9B$4.4B$4.9B$5.4B$5.9B
Print And Publishing$398.0M$342.0M$300.0M$275.0M$256.0M

Revenue by region · FY2025

Americas$14.1B · 59%
EMEA$6.3B · 26%
Asia$3.4B · 14%

Street estimates by fiscal year

Next report 2026-12-09 · consensus EPS $6.32 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$26.6B$26.6B – $26.6B$24.48$24.41 – $24.512310.0x
2027$29.1B$28.4B – $29.6B$27.73$26.86 – $28.71248.8x
2028$31.6B$30.6B – $33.4B$31.42$28.89 – $36.92157.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-10$6.08$6.13+0.8%$6.7B$6.8B+1.0%
2026-06-11$5.82$5.96+2.4%$6.5B$6.6B+2.5%
2026-03-12$5.87$6.06+3.2%$6.3B$6.4B+1.9%
2026-01-15$5.40$4.45−17.6%$6.1B$6.2B+1.4%
2025-09-11$5.18$5.31+2.5%$5.9B$6.0B+1.2%
2025-06-12$4.97$5.06+1.8%$5.8B$5.9B+1.3%
2025-03-12$4.97$5.08+2.2%$5.7B$5.7B+0.9%
2024-12-11$4.66$4.81+3.2%$5.5B$5.6B+1.2%
2024-09-12$4.53$4.65+2.6%$5.4B$5.4B+0.7%
2024-06-13$4.39$4.48+2.1%$5.3B$5.3B+0.3%
2024-03-14$4.38$4.48+2.3%$5.1B$5.2B+0.7%
2023-12-13$4.13$4.27+3.4%$5.0B$5.0B+0.6%
2023-09-14$3.97$4.09+3.0%$4.9B$4.9B+0.5%
2023-06-15$3.78$3.91+3.4%$4.4B$4.8B+8.7%
2023-03-15$3.66$3.80+3.8%$4.6B$4.7B+0.7%
2022-12-15$3.50$3.60+2.9%$4.5B$4.5B−0.0%
2022-09-15$3.33$3.40+2.1%$4.4B$4.4B−0.1%
2022-06-16$3.30$3.35+1.5%$4.3B$4.4B+0.9%
2022-03-22$3.34$3.37+0.9%$4.2B$4.3B+0.5%
2021-12-16$3.20$3.200.0%$4.2B$4.1B−3.1%
2021-09-21$3.01$3.11+3.3%—$3.9B—
2021-06-17$2.81$3.03+7.8%—$3.8B—
2021-03-23$2.78$3.14+12.9%—$3.9B—
2020-12-10$2.20$2.42+10.0%$3.1B$3.4B+11.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.606-151.406-221.206-291.407-061.507-131.307-202.107-271.108-031.408-101.408-171.608-241.408-31
Week ofNotionalSharesTrades
2026-08-31$1.4B4,887,257154,622
2026-08-24$1.6B5,675,126159,945
2026-08-17$1.4B5,189,655149,950
2026-08-10$1.4B5,365,907161,130
2026-08-03$1.1B4,451,516145,502
2026-07-27$2.1B8,386,577228,671

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1542.6%
DateShort shareShort volumeTotal volume
2026-10-1542.6%987,8142,317,047
2026-10-1449.1%662,2551,348,652
2026-10-1349.2%611,2021,241,837
2026-10-1260.9%1,155,6131,897,607
2026-10-0958.5%1,028,6071,757,011
2026-10-0852.7%856,4791,624,853
2026-10-0761.6%1,786,5832,901,138
2026-10-0646.3%442,746955,949
2026-10-0550.6%601,2061,188,957
2026-10-0257.0%668,4251,173,388
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.6Jan-0.7Feb+2.1Mar+1.7Apr+1.9May+2.3Jun+1.4Jul+2.0Aug-1.9Sep+2.7Oct+2.1Nov+0.6Dec
MonthAvg returnUp yearsYears
Jan−0.6%40%20
Feb−0.7%50%20
Mar+2.1%57%21
Apr+1.7%50%20
May+1.9%70%20
Jun+2.3%55%20
Jul+1.4%65%20
Aug+2.0%65%20
Sep−1.9%45%20
Oct+2.7%70%20
Nov+2.1%70%20
Dec+0.6%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.1
MFI59.0
ADX18.2
Stochastic %K / %D73.5 / 66.9
Williams %R-38.3
CCI155
TSI / signal-8.9 / -13.5
Chaikin money flow0.09
ATR$8.92
Bollinger width8.3%
Volume vs 20-day avg0.88x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$239.55 (+2.4%)
SMA 50$256.54 (−4.4%)
SMA 200$254.21 (−3.5%)
EMA 21$243.64 (+0.6%)
EMA 50$247.52 (−0.9%)
EMA 200$265.57 (−7.7%)
Bollinger upper$249.45 (−1.7%)
Bollinger lower$229.64 (+6.8%)
Parabolic SAR$230.01 (+6.6%)
Open the live chart, 110+ indicators

About Adobe Inc.

Adobe Inc. stands as a prominent global software provider, delivering a diverse range of solutions. Its operations are structured into three primary business divisions: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment empowers individuals, teams, and enterprises to generate, disseminate, and amplify various forms of content through its array of products and services, including the cloud-native Document Cloud platform. Central to this segment is Creative Cloud, its subscription-based flagship, granting access to a comprehensive suite of creative tools. This division caters to a diverse range of users, from professional content creators and marketers to educators, communicators, and general consumers. Adobe's Digital Experience division offers an integrated suite of applications and services designed to empower brands and businesses to craft, orchestrate, assess, and enhance customer journeys, from initial analytical insights to final commercial transactions. It serves a broad professional base including marketing teams, advertisers, agencies, data scientists, and senior executives. The Publishing and Advertising segment provides specialized offerings such as e-learning tools, technical documentation services, web conferencing solutions, advanced printing technologies, and its Advertising Cloud suite. Adobe engages directly with enterprise clients through its dedicated sales teams and regional offices. Individual end-users can access its offerings via app stores or its official website, adobe.com. Additionally, an extensive indirect channel supports distribution, encompassing partners such as distributors, value-added resellers, system integrators, software vendors, retailers, and original equipment manufacturers. Established in 1982, the company, initially named Adobe Systems Incorporated, rebranded as Adobe Inc. in October 2018. Its corporate headquarters are situated in San Jose, California.

https://www.adobe.com

Key executives

NameTitlePayBorn
Shantanu NarayenChairman & Chief Executive Officer$5.8M1964
Adele Louise PentlandEVP of Legal & Government Relations, Chief Legal Officer and Corporate Secretary$3.1M1972
Anil S. ChakravarthyPresident of Customer Experience Orchestration Business$1.9M1968
David WadhwaniPresident of Creativity & Productivity Business$1.9M1972
Douglas G. ClarkVice President of Investor Relations——
Gloria ChenChief People Officer & Executive VP of Employee Experience—1965
Jillian ForuszSenior Vice President, Chief Accounting Officer & Corporate Controller—1975
Lara H. BalazsChief Marketing Officer & Executive Vice President of Global Marketing—1970

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Shantanu Narayen CHAIR OF THE BOARD AND CEO2025$1.5M$45.4M$3.1M$51.2M
Anil Chakravarthy PRESIDENT, CUSTOMER EXPERIENCE ORCHESTRATION BUSINESS2025$800,000$15.9M$1.0M$17.8M
David Wadhwani PRESIDENT, CREATIVITY AND PRODUCTIVITY BUSINESS2025$800,000$15.9M$1.0M$17.8M
Daniel Durn CFO AND EXECUTIVE VICE PRESIDENT, FINANCE, TECHNOLOGY, SECURITY AND OPERATIONS2025$900,000$14.4M$936,000$16.3M
Louise Pentland CHIEF LEGAL OFFICER AND EXECUTIVE VICE PRESIDENT, LEGAL AND GOVERNMENT RELATIONS2025$403,846$12.5M$415,714$15.6M

Employees

21k201823k201923k202026k202129k202230k202331k202431k2025

Dividends

Ex-dateAmountPaid
2005-03-24$0.00652005-04-12
2004-12-23$0.00652005-01-11
2004-09-24$0.00652004-10-12
2004-06-25$0.00652004-07-13
2004-03-26$0.00652004-04-13
2004-01-07$0.00652004-01-23
2003-09-19$0.00652003-10-07
2003-06-19$0.00652003-07-07

Moat model

Weak · Efficient Scale · 2026-08-28
Cost advantage30
Intangibles26
Switching costs12
Network effect80
Efficient scale100
Our component scores (0-100) and overall 42.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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