Earnings quality
Compare earnings and operating cash flow for earnings quality.
Adobe Inc.
Ticker ADBE · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-01-15 · Period end 2025-11-28
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 36.6%; equity ratio is 39.4%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin36.6%
Equity ratio39.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
ADOBE INC. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 4085366000 · As of filing date 2026-01-15
Financial statements
Income statement
| Account | FY2024 (ended Nov 29, 2024) | FY2025 (ended Nov 28, 2025) |
|---|---|---|
| Revenue | $21.5B | $23.8B |
| Cost of sales* | $2.4B | $2.6B |
| Gross profit | $19.1B | $21.2B |
| Operating profit | $6.7B | $8.7B |
| Income tax | $1.4B | $1.6B |
| Net income | $5.6B | $7.1B |
| Basic EPS | 12.43 | 16.73 |
Balance sheet
| Account | FY2024 (ended Nov 29, 2024) | FY2025 (ended Nov 28, 2025) |
|---|---|---|
| Cash & equivalents | $7.6B | $5.4B |
| Current assets | $11.2B | $10.2B |
| Non-current assets* | $19.0B | $19.3B |
| Total assets | $30.2B | $29.5B |
| Current liabilities | $10.5B | $10.2B |
| Non-current liabilities* | $5.6B | $7.7B |
| Total liabilities | $16.1B | $17.9B |
| Stockholders’ equity | $14.1B | $11.6B |
Cash flow statement
| Account | FY2024 (ended Nov 29, 2024) | FY2025 (ended Nov 28, 2025) |
|---|---|---|
| Operating cash flow | $8.1B | $10.0B |
| Investing cash flow | $149.0M | -$1.2B |
| Financing cash flow | -$7.7B | -$11.1B |
| Cash at end of period | $7.6B | $5.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B | |
| Operating profit | $5.8B | $6.1B | $6.7B | $6.7B | $8.7B | |
| Net income | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B | |
| Total assets | $27.2B | $27.2B | $29.8B | $30.2B | $29.5B | |
| Cash & equivalents | $3.8B | $4.2B | $7.1B | $7.6B | $5.4B | |
| Stockholders’ equity | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $21.5B to $23.8B (▲ +10.5%). Operating profit went from $6.7B to $8.7B (▲ +29.1%).
Operating cash flow was $10.0B (prior $8.1B), with cash on the balance sheet at $5.4B versus $7.6B.
Liquidity & leverage
Cash moved from $7.6B to $5.4B; current liabilities $10.2B.
Capital buffer
Stockholders’ equity moved from $14.1B to $11.6B.
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Source: SEC EDGAR 0000796343-26-000003
(ADOBE INC.), period end 2025-11-28.