ADBE
SP100NasdaqGSAdobe Inc.
Technology · Software - Application · United States
Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content. This segment serves photographers, video editors, graphic and experience designers, game developers, content creators, students, marketers, business owners, knowledge workers, and consumers. The Digital Experience segment provides an integrated platform; and products, services, and solutions that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers e-learning, technical document publishing, web conferencing, document and forms platform, web application development, printing, and Adobe Advertising solutions. It also provides consulting, training, customer management, technical support, and learning services. The company offers its solutions to enterprise customers, and businesses and consumers; and licenses its products to end-user customers through app stores and website at adobe.com. It markets and distributes its products through distributors, retailers, software developers, mobile app stores, systems integrators, independent software vendors, value-added resellers, and original equipment and hardware manufacturers. The company also provides an online visibility management and content marketing software-as-a-service platform. The company has a strategic alliance with HUMAIN for the development of generative AI models and AI-powered applications. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.
www.adobe.com ↗Shares trade at a low 12.6× trailing earnings, easing to 8.0× on forward estimates. Profitability shows a net margin of 28.7% and return on equity of 63.0%. Leverage is modest at 0.1× net debt/EBITDA. Revenue grew 12.7% year-on-year. The mean analyst target of USD280.66 sits 27.7% above the current price (Hold, 33 analysts).
business model
Adobe is a software company that sells creative, document, and marketing software predominantly through recurring cloud subscriptions (SaaS). This subscription model produces high-margin, recurring revenue with strong retention.
revenue segments
Three segments: Digital Media (Creative Cloud including Photoshop, Illustrator, Premiere, and Document Cloud including Acrobat/PDF), which is the largest; Digital Experience (Adobe Experience Cloud for marketing, analytics, and commerce); and a smaller Publishing/Advertising segment. Revenue is global, with the Americas the largest region followed by EMEA and Asia-Pacific.
key dependencies
Depends on continued subscription renewals, cloud infrastructure, ongoing product innovation (including generative AI via Firefly), and enterprise/creative-professional demand. It is exposed to IT and marketing budget cycles and to app-store and platform policies for mobile distribution.
competitors
Competes with Canva, Figma, Microsoft, Salesforce, Google, Corel/Affinity, and various point tools; in experience/marketing it competes with Salesforce, Oracle, and others. AI image/video generators are emerging competitors.
moat
Moat is strong: dominant creative-software standards, high switching costs, deep professional workflows, the ubiquitous PDF/Acrobat franchise, an integrated product suite, and a large recurring subscriber base.
risks
Risks include disruption from generative-AI tools and lower-cost competitors like Canva, the blocked Figma acquisition signaling regulatory scrutiny, potential saturation of the creative market, FX exposure, and reliance on continued price increases and subscription growth.
Financials & metrics
as of 26 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $23.77B | $21.50B | $19.41B | $17.61B | — |
| Cost of revenue | $2.55B | $2.36B | $2.35B | $2.17B | — |
| Gross profit | $21.22B | $19.15B | $17.05B | $15.44B | — |
| Operating expense | $12.51B | $11.41B | $10.40B | $9.34B | — |
| R&D | $4.29B | $3.94B | $3.47B | $2.99B | — |
| Operating income | $8.71B | $7.74B | $6.65B | $6.10B | — |
| Interest expense | $263.00M | $169.00M | $113.00M | $112.00M | — |
| Pretax income | $8.73B | $6.93B | $6.80B | $6.01B | — |
| Tax provision | $1.60B | $1.37B | $1.37B | $1.25B | — |
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | — |
| EBITDA | $9.81B | $7.96B | $7.78B | $6.98B | — |
| Diluted EPS | $16.70 | $12.36 | $11.82 | $10.10 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $29.50B | $30.23B | $29.78B | $27.16B | — |
| Current assets | $10.16B | $11.23B | $11.08B | $9.00B | — |
| Cash & equivalents | $5.43B | $7.61B | $7.14B | $4.24B | — |
| Total liabilities | $17.87B | $16.13B | $13.26B | $13.11B | — |
| Current liabilities | $10.20B | $10.52B | $8.25B | $8.13B | — |
| Total debt | $6.65B | $6.06B | $4.08B | $4.63B | — |
| Long-term debt | $6.21B | $4.13B | $3.63B | $3.63B | — |
| Shareholders' equity | $11.62B | $14.11B | $16.52B | $14.05B | — |
| Retained earnings | $45.35B | $38.47B | $33.35B | $28.32B | — |
| Working capital | -$37.00M | $711.00M | $2.83B | $868.00M | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $10.03B | $8.06B | $7.30B | $7.84B | — |
| Investing cash flow | -$1.19B | $149.00M | $776.00M | -$570.00M | — |
| Financing cash flow | -$11.06B | -$7.72B | -$5.18B | -$6.83B | — |
| Capital expenditure | -$179.00M | -$183.00M | -$360.00M | -$442.00M | — |
| Free cash flow | $9.85B | $7.87B | $6.94B | $7.40B | — |
| Share buybacks | -$11.28B | -$9.50B | -$4.40B | -$6.55B | — |
| End cash position | $5.43B | $7.61B | $7.14B | $4.24B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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