Adobe Inc. (ADBE) financials
NASDAQ · Technology · Software - Application · 31,360 employees · CEO Shantanu Narayen
- Price
- $250.23 +0.85%
- Market cap
- $97.4B
- Enterprise value
- $99.8B
- Last report
- Q3 '26 filed 2026-09-22
- Next report
- 2026-12-09 EPS est. $6.32
Revenue (TTM)$26B+12.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)35.7%-0.5 pp vs a year agoOperating income $9.27B
Net income (TTM)$7.28B+4.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$10.6B+10.3% vs a year agoCapex $214M
Diluted EPS (TTM)$17.92+11.6% vs a year agoSum of the last 4 quarters
Net cash-$1.12B-61.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $97.4B EV $99.8B
- Revenue
- $26B Trailing 12 months
- Revenue growth
- +12% FY2026 consensus
- Profit margin
- 28.0% Net income / revenue, TTM
- P/E
- 13.9× Forward 10.2× (FY2026)
- P/S
- 3.8× Price / sales, TTM
- EV / EBITDA
- 9.7× TTM
- Free cash flow
- $10.6B Trailing 12 months
- Net income
- $7.28B Trailing 12 months
- Revenue estimate
- $26.6B FY2026 consensus
- Earnings
- 2026-12-09 Revenue est. $6.83B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-10): revenue beat by 1.0%, EPS beat by 0.8%Revenue $6.76B vs $6.69B expected (+1.0%); EPS $6.13 vs $6.08 (+0.8%).
- Revenue growth accelerating: 12.9% year on yearQ3 '26 revenue $6.76B, against an average of 11.5% over the four quarters before.
- Operating margin 35.7% (TTM), -0.5 pp on a year agoOperating income grew 10.3% while revenue grew 12.0%.
- Capex 0.8% of revenue (a year ago 0.8%)$214M invested in the last 4 quarters (+10.9% on a year earlier). Free cash flow $10.6B = 145.4% of net income.
- Returned $9.3B to shareholders = 87.8% of free cash flowBuybacks $9.3B (a year earlier $11.3B), dividends $0, stock-based pay $2.07B (TTM).
- Diluted share count down 8.1% in a year395M diluted shares in Q3 '26, 430M a year earlier.
- Net debt $1.12BCash + short-term investments $5.64B, debt incl. leases $6.76B; a year ago net debt $696M.
Last quarter: Q3 '26
Quarter ended 2026-08-28. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.76B | $5.99B | +12.9% |
| Gross margin | 88.1% | 89.3% | -1.2 pp |
| Operating income | $2.35B | $2.17B | +8.3% |
| Operating margin | 34.8% | 36.3% | -1.5 pp |
| Net income | $1.83B | $1.77B | +3.1% |
| Diluted EPS | $4.62 | $4.18 | +10.5% |
| Operating cash flow | $2.52B | $2.2B | +14.8% |
| Capex | $85M | $72M | +18.1% |
| Free cash flow | $2.44B | $2.13B | +14.7% |
| R&D | $1.29B | $1.09B | +18.4% |
| Stock-based compensation | $539M | $497M | +8.5% |
Reported vs consensus
2026-09-10| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.76B | $6.69B | +1.0% |
| EPS (as estimated) | $6.13 | $6.08 | +0.8% |
From the report of 2026-09-10 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Digital Media | $4.62B | +11.4% | 74.6% | $17.6B | +11.3% | |
| Digital Experience | $1.52B | +8.7% | 24.5% | $5.86B | +9.3% | |
| Print And Publishing | $59M | -9.2% | 1.0% | $256M | -6.9% |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $3.97B | +11.8% | 58.8% | $15.3B | +10.5% | |
| EMEA | $1.85B | +16.8% | 27.4% | $7.06B | +15.8% | |
| Asia | $934M | +10.3% | 13.8% | $3.65B | +11.6% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.8B
- Capex
- -$214M
- Buybacks
- -$9.3B
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $243M
- Stock-based compensation
- $2.07B
- Free cash flow
- $10.6B
- Returned to shareholders / FCF
- 87.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 13.9× | 41.4× | 19.1× – 61.0× |
| EV / EBITDA | 9.7× | 29.2× | 14.0× – 44.7× |
| EV / Sales | 3.8× | 11.7× | 5.8× – 18.7× |
| Price / FCF | 9.2× | 29.6× | 13.8× – 42.7× |
| Price / Book | 8.4× | 15.3× | 11.4× – 19.9× |
| FCF yield | 10.9% | 4.0% | 2.3% – 7.2% |
| Return on invested capital | 36.8% | 27.1% | 24.0% – 36.7% |
| Return on equity | 62.9% | 40.0% | 32.6% – 61.3% |
Analysts
Consensus target $260.61 (+4.1%)
range $190.00 – $379.00 · rating Hold
Strong buy0
Buy28
Hold29
Sell7
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $26.6B | +11.9% | $24.48 | +46.6% | 10.2× | 22 |
| FY2027 | $29.1B | +9.2% | $27.73 | +13.3% | 9.0× | 24 |
| FY2028 | $31.5B | +8.5% | $31.42 | +13.3% | 8.0× | 15 |
| FY2029 | $34.4B | +9.2% | $37.26 | +18.6% | 6.7× | 11 |
| FY2030 | $37.4B | +8.6% | $34.84 | -6.5% | 7.2× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 229 figures Adobe Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $529M | $337M | +57.0% | $417M | $361M | +15.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.08B | $2.09B | -0.6% | $2.34B | $2.07B | +13.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $12M | $14M | -14.3% | $13M | $14M | -7.1% |
| Accrued Income Taxes, Current | $63M | $154M | -59.1% | $153M | $119M | +28.6% |
| Accrued Income Taxes, Noncurrent | $567M | $502M | +12.9% | $469M | $548M | -14.4% |
| Accrued Liabilities, Current | $2.52B | $2.29B | +9.9% | $2.65B | $2.34B | +13.4% |
| Accrued Marketing Costs, Current | $227M | $191M | +18.8% | $197M | $176M | +11.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.73B2025-11-28 | $1.66B | +4.4% | $1.73B | $1.66B | +4.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$203M | -$341M | +40.5% | -$245M | -$201M | -21.9% |
| Additional Paid in Capital | $17B | $15B | +13.5% | $15.4B | $13.4B | +14.5% |
| Advertising Expense | – | – | – | $1.37B | $1.04B | +31.7% |
| Amortization of Intangible Assets | $68M | $81M | -16.0% | $310M | $336M | -7.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10.4M | 5.9M | +76.3% | 5.1M | 1.9M | +168.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $539M | $497M | +8.5% | $1.94B | $1.83B | +5.9% |
| Assets | $30B | $28.8B | +4.3% | $29.5B | $30.2B | -2.4% |
| Assets, Current | $9.16B | $9.41B | -2.7% | $10.2B | $11.2B | -9.5% |
| Assets, Fair Value Disclosure | $5.33B | – | – | $6.4B | $7.51B | -14.7% |
| Capitalized Contract Cost, Amortization | – | – | – | $282M | $272M | +3.7% |
| Capitalized Contract Cost, Net | $815M | $731M | +11.5% | $721M | $717M | +0.6% |
| Capitalized Contract Cost, Net, Noncurrent | $464M2025-11-28 | $464M | 0.0% | $464M | $464M | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $4.36B | $4.98B | -12.5% | $5.43B | $7.61B | -28.7% |
| Cash, Cash Equivalents, and Short-term Investments | $5.64B | $5.94B | -5.1% | $6.6B | $7.89B | -16.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.36B | $4.98B | -12.5% | $5.43B | $7.61B | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$560M | $51M | -1,198.0% | -$2.18B | $472M | -562.3% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 900M | 900M | 0.0% | 900M | 900M | 0.0% |
| Common Stock, Shares, Issued | 601M | 601M | 0.0% | 601M | 601M | 0.0% |
| Common Stock, Shares, Outstanding | 391M | 420M | -6.9% | 413M | 441M | -6.3% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.87B | $1.76B | +6.1% | $7.09B | $5.64B | +25.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $238M | $229M | +3.9% | $241M | $248M | -2.8% |
| Contract with Customer, Liability | $7.2B | $6.53B | +10.3% | $7.03B | $6.26B | +12.3% |
| Contract with Customer, Liability, Current | $7.09B | $6.39B | +11.1% | $6.91B | $6.13B | +12.6% |
| Contract with Customer, Liability, Noncurrent | $110M | $149M | -26.2% | $125M | $128M | -2.3% |
| Contract with Customer, Liability, Revenue Recognized | $1.23B | $1.08B | +13.9% | $6.14B | $5.87B | +4.6% |
| Contract with Customer, Refund Liability | $138M | $124M | +11.3% | $137M | $141M | -2.8% |
| Cost of Revenue | $763M | $642M | +18.8% | $2.55B | $2.36B | +8.2% |
| Cost, Amortization | $27M | $42M | -35.7% | $151M | $167M | -9.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.51B | $1.29B | +16.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $348M | $315M | +10.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.12B | $1.84B | +15.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $261M | $232M | +12.5% |
| Debt Instrument, Unamortized Discount | – | – | – | $3M2025-01-31 | – | – |
| Debt Issuance Costs, Gross | – | – | – | $9M2025-01-31 | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1M | $0 | – | $0 | $1M | -100.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $533M2026-02-27 | $675M | -21.0% | $1.06B | $269M | +295.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $558M2026-02-27 | $677M | -17.6% | $1.16B | $273M | +326.4% |
| Debt Securities, Available-for-sale, Realized Loss | – | – | – | $1M | $1M | 0.0% |
| Debt, Current | $1.6B | $0 | – | $0 | $1.5B | -100.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $5.64B | $5.94B | -5.1% | $6.6B | $7.89B | -16.4% |
| Deferred Compensation Plan Assets | $391M | – | – | $342M | $283M | +20.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$499M | -$580M | +14.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $40M | $179M | -77.7% |
| Deferred Income Tax Assets, Net | $1.93B | $2.09B | -7.8% | $2.19B | $1.66B | +31.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$514M | -$468M | -9.8% |
| Deferred Income Taxes and Tax Credits | $53M | -$103M | +151.5% | -$512M | -$468M | -9.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$55M | -$67M | +17.9% |
| Deferred Tax Asset, Intra-entity Transfer, Asset Other than Inventory | $93M2025-11-28 | $117M | -20.5% | $93M | $117M | -20.5% |
| Deferred Tax Assets, Capital Loss Carryforwards | $1.13B2025-11-28 | $1.15B | -1.7% | $1.13B | $1.15B | -1.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-28, 10-Q 2026-05-29, 10-Q 2026-02-27, 10-K 2025-11-28, 10-Q 2025-08-29, 10-Q 2025-05-30, 10-Q 2025-02-28, 10-K 2024-11-29, 10-Q 2024-08-30
Data as of 2026-11-01