Methodology published · Market data, model notes, and corrections process are public · Data policy · Corrections policy

NASDAQ · Technology · Financials

Adobe Inc. financials & valuation

Reported statements, fiscal periods and valuation definitions in one place.

Section freshness

Prices as of Oct 1, 4:00 PM EDT · Fundamentals checked Oct 1, 10:14 PM EDT · Statement period ended Aug 28, 2026

Financial statements

Revenue

23.77B

FY2025 · ended Nov 28, 2025

Operating Income

8.71B

FY2025 · ended Nov 28, 2025

Net Income

7.13B

FY2025 · ended Nov 28, 2025

Amounts in USD. B = billions · M = millions. Scroll horizontally for earlier periods.

Sources, units & calculation notes

TECHi unified data / SEC Companyfacts. Per-share figures are in USD/share; margins in %, debt/equity in ×. TTM sums four consecutive quarters; balance sheets remain period-end balances. Growth requires comparable positive values. EPS uses the provider’s reported share basis; missing direct quarters are unavailable, and mixed filing split bases are not summed. EPS growth and trend lines require matching documented accounting and split bases. Tab through controls; use arrow keys inside the table.

ADBE annual income
FY2025Ended Nov 28, 2025Filed Jan 15, 2026Source filing	FY2024Ended Nov 29, 2024As reported in the Jan 15, 2026 filingSource filing	FY2023Ended Dec 1, 2023As reported in the Jan 15, 2026 filingSource filing	FY2022Ended Dec 2, 2022Filed Jan 13, 2025Source filing	1Y change	3Y annual growth
23.77B	21.51B	19.41B	17.61B	10.5%	10.5%
7.13B	5.56B	5.43B	4.76B	28.2%	14.5%
21.22B	19.15B	17.06B	15.44B	10.8%	11.2%
8.71B	6.74B	6.65B	6.1B	29.1%	12.6%

Earnings quality · Nov 28, 2025

Net income: 7.13B
Free cash flow: 9.85B
Stock-based compensation: 1.94B
FCF / net income: 138.2%
Accrual gap / revenue: -12.2%
Cash conversion: Strong cash conversion

Accrual gap = (net income − operating cash flow) / revenue. TECHi descriptive thresholds: strong ≥100%, moderate 75–100%, weak <75%. CapEx timing, working capital and industry structure affect the ratio; it is not an accounting audit.

Download quarterly financial dataset

Changes between reports

Q3 Aug 28, 2026 versus Q2 May 29, 2026

Latest quarter compared with the preceding report. Margin changes are in percentage points (pp).

Revenue: 6.76B↑ +2.1%; Previous: 6.62B · USD
Gross margin: 88.71%↓ -0.5 pp; Previous: 89.20%
Operating margin: 34.82%↑ +1.0 pp; Previous: 33.82%
Net margin: 27.03%↑ +1.2 pp; Previous: 25.87%
Cash: 4.36B↓ -11.4%; Previous: 4.92B · USD
Debt: 6.36B↓ -4.2%; Previous: 6.65B · USD
Capex: 85M↑ +46.6%; Previous: 58M · USD
Stock-based compensation: 539M↑ +0.9%; Previous: 534M · USD

Reported-period comparison. Guidance and risk-factor changes require reading the filings.

Read the filings

Valuation & ratios

Multiples with negative or missing earnings are not meaningful. Annual free cash flow yield uses the latest fiscal year; provider forward multiples may use a different earnings horizon.

Enterprise value is market cap plus total debt minus cash (balance sheet Aug 28, 2026): market cap $93.91B, total debt $6.36B, cash $4.36B.

Valuation history and definitions

5Y median / percentile: Five-year observations unavailable
Forward EPS vs trailing EPS: 36.00%
Forward P/E / expected EPS growth: 0.27×

EPS growth proxy compares the available annual estimate (FY2026 period end 2026-11-30) with trailing EPS; it is not a multi-year consensus growth rate. Historical valuation uses dated observations, using price divided by the annual EPS estimate recorded that day. Legacy provider P/E observations with an unknown earnings basis are excluded. Available P/E observations: 6 since 2026-09-26.

Why provider ratios differ · reconciliation

Forward P/E can use next fiscal year, current fiscal year or next-twelve-month earnings; trailing P/E can use GAAP or adjusted earnings and different closing prices. TECHi compares figures with the same earnings basis and reporting period. Different definitions are not averaged together.

Metric	Value / formula	Source and date
Trailing P/E	13.40	Yahoo Finance · period unknown · 2026-10-02T02:14:11.506Z
Trailing EPS	18.00	Yahoo Finance · period unknown · 2026-10-02T02:14:11.506Z
Price ÷ annual EPS estimate	9.86×	TECHi calculation · FY2026 period end 2026-11-30

All data sources

Search the dated figures used for this view. Each entry identifies its units, reporting period and calculation status.

How to use this page

Use this to decide whether the business supports the valuation.

Best for Revenue quality, margins, cash conversion, debt, and filing cadence.

Weak when One-time items or old filings dominate the most recent reported figures.

Browse all companies and funds

Research tools

Market closed

Regular hours: 9:30 AM–4:00 PM America/New_York

Next open: 2026-10-02 · 9:30 AM America/New_York

Exchange calendar includes scheduled holidays and early closes. Extended-session prices appear separately only when supplied by the quote source.