ADBENasdaqServices-Prepackaged SoftwareFiscal year ends November 27
ADOBE INC.
Financials through Q3 FY2026, quarter ended Aug 28, 2026Last filing: 10-Q on Sep 22, 2026
$247.09+1.89 (+0.77%)
Close on Oct 19, 2026
- Market cap
- $97.72B
- P/E (TTM)
- 13.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
89.3%+2.6 pts over 5 years
Operating margin
36.6%+3.7 pts over 5 years
Net margin
30.0%−10.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.5% | +10.5% | +13.1% | +17.4% | |
| Gross profit | +10.8% | +11.2% | +13.7% | +18.0% | |
| Operating income | +29.1% | +12.6% | +15.5% | +25.4% | |
| Net income | +28.2% | +14.5% | +6.3% | +27.5% | |
| EPS, diluted | +35.1% | +18.2% | +9.0% | +29.7% | |
| Free cash flow | +25.1% | +10.0% | +13.2% | +22.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 16.2% | 44.2% | 55.4% | |
| Return on assets | 9.6% | 23.4% | 23.9% | |
| Current ratio | 2.08 | 1.48 | 1.00 | |
| Debt to equity | 0.25 | 0.31 | – | |
| Net debt to EBITDA | 0.48× | -0.07× | – | |
| Interest coverage | 21.2× | 36.5× | 33.1× | |
| Capex to revenue | 3.5% | 3.3% | 0.8% | |
| Diluted shares | 504M | 486M | 427M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Adobe generated $40.46B from operations and spent $37.19B on capital expenditure, dividends and share buybacks. 4% of that went back into the business.
Generated
$40.46B
Used
$37.19B
Capital expenditure$1.51B4%Dividends$00%Share buybacks$35.68B96%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin30.0%
×Asset turnover0.80×
×Equity multiplier2.32×
=Return on equity, FY202555.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 30.0% | 0.80× | 2.32× | 55.4% |
| FY2024 | 25.9% | 0.72× | 1.96× | 36.3% |
| FY2023 | 28.0% | 0.68× | 1.86× | 35.5% |
| FY2022 | 27.0% | 0.65× | 1.89× | 33.0% |
| FY2021 | 30.5% | 0.61× | 1.84× | 34.4% |
| FY2020 | 40.9% | 0.57× | 1.89× | 44.2% |
| FY2019 | 26.4% | 0.57× | 1.99× | 29.7% |
| FY2018 | 28.7% | 0.54× | 1.87× | 29.1% |
| FY2017 | 23.2% | 0.54× | 1.71× | 21.3% |
| FY2016 | 20.0% | 0.48× | 1.69× | 16.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$7.13B
- Cash generatingOperating cash flow above zero$10.03B
- Return on assets improvedROA up on the prior year18.7% → 23.6%
- Earnings backed by cashOperating cash flow above net income$10.03B vs $7.13B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.07 → 1.00
- No dilutionShare count did not rise450M → 427M
- Gross margin improvedGross margin up on the prior year89.04% → 89.27%
- More efficientAsset turnover rose0.72 → 0.79