Adobe Inc. (ADBE)财务
NASDAQ · Technology · Software - Application · 员工31,360人 · CEO Shantanu Narayen
- 股价
- $250.23 +0.85%
- 市值
- $974亿
- 企业价值
- $998亿
- 最近财报
- Q3 '26 2026-09-22提交
- 下次财报
- 2026-12-09 EPS预期 $6.32
营收(TTM)$260亿+12.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)35.7%-0.5 百分点 对比去年同期营业利润 $92.7亿
净利润(TTM)$72.8亿+4.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$106亿+10.3% 对比去年同期资本支出 $2.14亿
稀释EPS(TTM)$17.92+11.6% 对比去年同期最近4个季度之和
净现金-$11.2亿-61.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $974亿 EV $998亿
- 营收
- $260亿 过去12个月
- 营收增速
- +12% FY2026年一致预期
- 净利润率
- 28.0% 净利润 / 营收,TTM
- P/E
- 13.9× 预期 10.2×(FY2026)
- P/S
- 3.8× 股价 / 营收,TTM
- EV / EBITDA
- 9.7× TTM
- 自由现金流
- $106亿 过去12个月
- 净利润
- $72.8亿 过去12个月
- 营收预期
- $266亿 FY2026年一致预期
- 盈利
- 2026-12-09 营收预期 $68.3亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-10):营收超预期1.0%,EPS 超预期0.8%营收$67.6亿,预期$66.9亿(+1.0%);EPS $6.13,预期$6.08(+0.8%)。
- 营收增长加速:同比12.9%Q3 '26营收$67.6亿,此前四个季度的平均值为11.5%。
- 营业利润率35.7%(TTM),较去年同期-0.5 百分点营收增长12.0%,营业利润增长10.3%。
- 资本支出占营收的0.8%(去年为0.8%)最近4个季度投入$2.14亿(同比+10.9%)。自由现金流$106亿,相当于净利润的145.4%。
- 股东回报$93亿 = 自由现金流的87.8%回购$93亿(去年为$113亿),股息$0,股权激励$20.7亿(TTM)。
- 稀释股数一年内减少8.1%Q3 '26稀释股数3.95亿,一年前为4.3亿。
- 净债务 $11.2亿现金 + 短期投资 $56.4亿,含租赁债务 $67.6亿;一年前净债务 $6.96亿。
上一季度:Q3 '26
截至2026-08-28的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $67.6亿 | $59.9亿 | +12.9% |
| 毛利率 | 88.1% | 89.3% | -1.2 百分点 |
| 营业利润 | $23.5亿 | $21.7亿 | +8.3% |
| 营业利润率 | 34.8% | 36.3% | -1.5 百分点 |
| 净利润 | $18.3亿 | $17.7亿 | +3.1% |
| 稀释EPS | $4.62 | $4.18 | +10.5% |
| 经营现金流 | $25.2亿 | $22亿 | +14.8% |
| 资本支出 | $8500万 | $7200万 | +18.1% |
| 自由现金流 | $24.4亿 | $21.3亿 | +14.7% |
| R&D | $12.9亿 | $10.9亿 | +18.4% |
| 股权激励费用 | $5.39亿 | $4.97亿 | +8.5% |
实际 vs 一致预期
2026-09-10| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $67.6亿 | $66.9亿 | +1.0% |
| EPS(一致预期口径) | $6.13 | $6.08 | +0.8% |
来自2026-09-10发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Digital Media | $46.2亿 | +11.4% | 74.6% | $176亿 | +11.3% | |
| Digital Experience | $15.2亿 | +8.7% | 24.5% | $58.6亿 | +9.3% | |
| Print And Publishing | $5900万 | -9.2% | 1.0% | $2.56亿 | -6.9% |
按地区划分的营收
占总额比例| 分部 | Q4 '25 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $39.7亿 | +11.8% | 58.8% | $153亿 | +10.5% | |
| EMEA | $18.5亿 | +16.8% | 27.4% | $70.6亿 | +15.8% | |
| Asia | $9.34亿 | +10.3% | 13.8% | $36.5亿 | +11.6% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $108亿
- 资本支出
- -$2.14亿
- 股票回购
- -$93亿
- 股息
- $0
- 收购
- $0
- 债务净发行
- $2.43亿
- 股权激励费用
- $20.7亿
- 自由现金流
- $106亿
- 股东回报 / FCF
- 87.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 13.9× | 41.4× | 19.1× – 61.0× |
| EV / EBITDA | 9.7× | 29.2× | 14.0× – 44.7× |
| EV / 营收 | 3.8× | 11.7× | 5.8× – 18.7× |
| 股价 / FCF | 9.2× | 29.6× | 13.8× – 42.7× |
| 股价 / 净资产 | 8.4× | 15.3× | 11.4× – 19.9× |
| FCF收益率 | 10.9% | 4.0% | 2.3% – 7.2% |
| 投入资本回报率 | 36.8% | 27.1% | 24.0% – 36.7% |
| 净资产收益率 | 62.9% | 40.0% | 32.6% – 61.3% |
分析师
一致目标价 $260.61 (+4.1%)
区间 $190.00 – $379.00 · 评级 Hold
强烈买入0
买入28
持有29
卖出7
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $266亿 | +11.9% | $24.48 | +46.6% | 10.2× | 22 |
| FY2027 | $291亿 | +9.2% | $27.73 | +13.3% | 9.0× | 24 |
| FY2028 | $315亿 | +8.5% | $31.42 | +13.3% | 8.0× | 15 |
| FY2029 | $344亿 | +9.2% | $37.26 | +18.6% | 6.7× | 11 |
| FY2030 | $374亿 | +8.6% | $34.84 | -6.5% | 7.2× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Adobe Inc.在近期10-Q / 10-K文件中标记的全部229项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.29亿 | $3.37亿 | +57.0% | $4.17亿 | $3.61亿 | +15.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $20.8亿 | $20.9亿 | -0.6% | $23.4亿 | $20.7亿 | +13.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1200万 | $1400万 | -14.3% | $1300万 | $1400万 | -7.1% |
| Accrued Income Taxes, Current | $6300万 | $1.54亿 | -59.1% | $1.53亿 | $1.19亿 | +28.6% |
| Accrued Income Taxes, Noncurrent | $5.67亿 | $5.02亿 | +12.9% | $4.69亿 | $5.48亿 | -14.4% |
| Accrued Liabilities, Current | $25.2亿 | $22.9亿 | +9.9% | $26.5亿 | $23.4亿 | +13.4% |
| Accrued Marketing Costs, Current | $2.27亿 | $1.91亿 | +18.8% | $1.97亿 | $1.76亿 | +11.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $17.3亿2025-11-28 | $16.6亿 | +4.4% | $17.3亿 | $16.6亿 | +4.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.03亿 | -$3.41亿 | +40.5% | -$2.45亿 | -$2.01亿 | -21.9% |
| Additional Paid in Capital | $170亿 | $150亿 | +13.5% | $154亿 | $134亿 | +14.5% |
| Advertising Expense | – | – | – | $13.7亿 | $10.4亿 | +31.7% |
| Amortization of Intangible Assets | $6800万 | $8100万 | -16.0% | $3.1亿 | $3.36亿 | -7.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1040万 | 590万 | +76.3% | 510万 | 190万 | +168.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $5.39亿 | $4.97亿 | +8.5% | $19.4亿 | $18.3亿 | +5.9% |
| Assets | $300亿 | $288亿 | +4.3% | $295亿 | $302亿 | -2.4% |
| Assets, Current | $91.6亿 | $94.1亿 | -2.7% | $102亿 | $112亿 | -9.5% |
| Assets, Fair Value Disclosure | $53.3亿 | – | – | $64亿 | $75.1亿 | -14.7% |
| Capitalized Contract Cost, Amortization | – | – | – | $2.82亿 | $2.72亿 | +3.7% |
| Capitalized Contract Cost, Net | $8.15亿 | $7.31亿 | +11.5% | $7.21亿 | $7.17亿 | +0.6% |
| Capitalized Contract Cost, Net, Noncurrent | $4.64亿2025-11-28 | $4.64亿 | 0.0% | $4.64亿 | $4.64亿 | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $43.6亿 | $49.8亿 | -12.5% | $54.3亿 | $76.1亿 | -28.7% |
| Cash, Cash Equivalents, and Short-term Investments | $56.4亿 | $59.4亿 | -5.1% | $66亿 | $78.9亿 | -16.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $43.6亿 | $49.8亿 | -12.5% | $54.3亿 | $76.1亿 | -28.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$5.6亿 | $5100万 | -1,198.0% | -$21.8亿 | $4.72亿 | -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 | 9亿 | 9亿 | 0.0% | 9亿 | 9亿 | 0.0% |
| Common Stock, Shares, Issued | 6.01亿 | 6.01亿 | 0.0% | 6.01亿 | 6.01亿 | 0.0% |
| Common Stock, Shares, Outstanding | 3.91亿 | 4.2亿 | -6.9% | 4.13亿 | 4.41亿 | -6.3% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $18.7亿 | $17.6亿 | +6.1% | $70.9亿 | $56.4亿 | +25.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $2.38亿 | $2.29亿 | +3.9% | $2.41亿 | $2.48亿 | -2.8% |
| Contract with Customer, Liability | $72亿 | $65.3亿 | +10.3% | $70.3亿 | $62.6亿 | +12.3% |
| Contract with Customer, Liability, Current | $70.9亿 | $63.9亿 | +11.1% | $69.1亿 | $61.3亿 | +12.6% |
| Contract with Customer, Liability, Noncurrent | $1.1亿 | $1.49亿 | -26.2% | $1.25亿 | $1.28亿 | -2.3% |
| Contract with Customer, Liability, Revenue Recognized | $12.3亿 | $10.8亿 | +13.9% | $61.4亿 | $58.7亿 | +4.6% |
| Contract with Customer, Refund Liability | $1.38亿 | $1.24亿 | +11.3% | $1.37亿 | $1.41亿 | -2.8% |
| Cost of Revenue | $7.63亿 | $6.42亿 | +18.8% | $25.5亿 | $23.6亿 | +8.2% |
| Cost, Amortization | $2700万 | $4200万 | -35.7% | $1.51亿 | $1.67亿 | -9.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $15.1亿 | $12.9亿 | +16.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $3.48亿 | $3.15亿 | +10.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $21.2亿 | $18.4亿 | +15.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.61亿 | $2.32亿 | +12.5% |
| Debt Instrument, Unamortized Discount | – | – | – | $300万2025-01-31 | – | – |
| Debt Issuance Costs, Gross | – | – | – | $900万2025-01-31 | – | – |
| 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 | $100万 | $0 | – | $0 | $100万 | -100.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $5.33亿2026-02-27 | $6.75亿 | -21.0% | $10.6亿 | $2.69亿 | +295.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $5.58亿2026-02-27 | $6.77亿 | -17.6% | $11.6亿 | $2.73亿 | +326.4% |
| Debt Securities, Available-for-sale, Realized Loss | – | – | – | $100万 | $100万 | 0.0% |
| Debt, Current | $16亿 | $0 | – | $0 | $15亿 | -100.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $56.4亿 | $59.4亿 | -5.1% | $66亿 | $78.9亿 | -16.4% |
| Deferred Compensation Plan Assets | $3.91亿 | – | – | $3.42亿 | $2.83亿 | +20.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$4.99亿 | -$5.8亿 | +14.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4000万 | $1.79亿 | -77.7% |
| Deferred Income Tax Assets, Net | $19.3亿 | $20.9亿 | -7.8% | $21.9亿 | $16.6亿 | +31.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$5.14亿 | -$4.68亿 | -9.8% |
| Deferred Income Taxes and Tax Credits | $5300万 | -$1.03亿 | +151.5% | -$5.12亿 | -$4.68亿 | -9.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$5500万 | -$6700万 | +17.9% |
| Deferred Tax Asset, Intra-entity Transfer, Asset Other than Inventory | $9300万2025-11-28 | $1.17亿 | -20.5% | $9300万 | $1.17亿 | -20.5% |
| Deferred Tax Assets, Capital Loss Carryforwards | $11.3亿2025-11-28 | $11.5亿 | -1.7% | $11.3亿 | $11.5亿 | -1.7% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01