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Company file · ADBE

Adobe

Adobe's revenue and net income grew in fiscal 2025

Revenue rose 10.5% to $23.8B, and net income rose 28.2% to $7.1B. Digital Media was 74% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 15, 2026) · Latest quarter: 10-Q for the quarter ended Aug 28, 2026 (filed Sep 22, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Nov 28, 2025, Adobe (Nasdaq: ADBE) took in $23.8B of total revenue (up 10.5% on fiscal 2024); net income was $7.1B (up 28.2%). The most recent quarter, ended Aug 28, 2026, brought revenue of $6.8B, up 12.9% year over year, with net income of $1.8B. Digital Media was the biggest single line by segment: 74% of fiscal 2025 total revenue. Sources: 10-K for fiscal 2025 (filed Jan 15, 2026) and 10-Q for the quarter ended Aug 28, 2026 (filed Sep 22, 2026).

Revenue$23.8BFY2025 · +10.5% vs FY2024
Net income$7.1BFY2025 · +28.2% vs FY2024
Operating cash flow$10.0BFY2025 · +24.5% vs FY2024
Cash & equivalents$4.4Bat Aug 28, 2026 · −19.7% vs FY2025 end
Total debt$6.4Bat Aug 28, 2026 · +2.5% vs FY2025 end
Diluted shares427MFY2025 avg · −5.0% vs FY2024
Total revenue and net income, three fiscal yearsBy fiscal year, $bn
Total revenueNet income
Total revenue and net income by fiscal yearTotal revenue FY2023: $19.4B19.4Net income FY2023: $5.4B5.4FY2023Total revenue FY2024: $21.5B21.5Net income FY2024: $5.6B5.6FY2024Total revenue FY2025: $23.8B23.8Net income FY2025: $7.1B7.1FY2025

Source: 10-K FY2025, filed Jan 15, 2026

Quarterly total revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenue, fiscal 2026 vs 2025FY2025 Q1: $5.7B5.7FY2026 Q1: $6.4B6.4Q1FY2025 Q2: $5.9B5.9FY2026 Q2: $6.6B6.6Q2FY2025 Q3: $6.0B6.0FY2026 Q3: $6.8B6.8Q3

Source: 10-Q filed Mar 25, 2026 · 10-Q filed Jun 15, 2026 · 10-Q filed Sep 22, 2026

How it makes money

FY2025 total by categoryDigital Media: $17.6B (74%)Digital Experience: $5.9B (25%)Publishing and Advertising: $256M (1%)$23.8BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Digital Media$17.6B74%+11.3%
  • Digital Experience$5.9B25%+9.3%
  • Publishing and Advertising$256M1%−6.9%

Source: 10-K FY2025, XBRL breakdown

Digital Media was 74% of fiscal 2025 revenue and Digital Experience 25%.

By segment: three-year mixShare of the total each fiscal year
Digital MediaDigital ExperiencePublishing and Advertising

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jun to Aug 2026) compared with Q3 FY2025 (Jun to Aug 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue
$6.8B Q3 FY2026
$6.0B Q3 FY2025
12.9% increase
Net income
$1.8B Q3 FY2026
$1.8B Q3 FY2025
3.1% increase

Source: Adobe 10-Q for the quarter ended Aug 28, 2026, filed Sep 22, 2026

  • Cash & equivalents $4.4B at Aug 28, 2026, vs $5.4B at FY2025 end.
  • Total debt $6.4B at Aug 28, 2026, vs $6.2B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $7.6B vs $6.9B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income in the quarter ended Aug 28, 2026 rose just 3.1%, slower than revenue. 10-Q, quarter ended Aug 28, 2026
  • Cash fell 28.7% in fiscal 2025 to $5.4B. 10-K, FY2025
  • Digital Experience revenue grew 9.3% in fiscal 2025, slower than Digital Media. 10-K, FY2025
  • The 10-K lists competition, including from AI tools, the effects of AI on its products, cyberattacks and regulation among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Adobe sells software for creating and editing images, video, design and documents (Creative Cloud and Document Cloud) and for marketing and customer experience (Experience Cloud).

Digital Media includes Creative Cloud apps such as Photoshop, Illustrator and Premiere Pro, Adobe Express, Firefly generative AI, and Document Cloud, which includes Acrobat. Digital Experience sells software for analytics, content management and marketing campaigns to businesses.

Almost all revenue comes from subscriptions. Its fiscal year ends on the Friday closest to November 30. Fiscal 2025 ended Nov 28, 2025.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Adobe's latest 10-K. Read the original for the full list.

  1. CompetitionIt competes with large software companies and newer AI-based tools for creators and marketers.
  2. AIGenerative AI could change demand for its products and raises legal and ethical issues.
  3. SubscriptionsCustomers can cancel or move to cheaper plans.
  4. CybersecurityBreaches or outages could harm customers and its reputation.
  5. InternationalA large share of revenue comes from outside the US, so currency swings affect results.
  6. RegulationRules on privacy, AI and subscription billing can raise costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenue$19.4B$21.5B$23.8B
Net income$5.4B$5.6B$7.1B
Operating cash flow$7.3B$8.1B$10.0B
Cash & equivalents (year end)$7.1B$7.6B$5.4B
Total debt (year end)$3.6B$5.6B$6.2B
Diluted shares459M450M427M
  • Total revenue: Subscriptions to Creative Cloud, Document Cloud and Experience Cloud software, plus some product licenses and services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion plus long-term senior notes, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue adds up to total revenue. A small Publishing and Advertising segment is included in the mix.
  • Fiscal 2026 ends in late November 2026, so the latest full year shown is fiscal 2025.

Recent filings

FormFiledPeriod
10-QSep 22, 2026Aug 28, 2026
10-QJun 15, 2026May 29, 2026
10-QMar 25, 2026Feb 27, 2026
DEF 14AFeb 27, 2026Apr 15, 2026
10-KJan 15, 2026Nov 28, 2025

Latest filings

  1. Oct 195:53 PM ET

    Form 4

    Adobe Chief Marketing Officer & EVP Lara Balazs reports exercising or converting 2,537 shares

    The filing reports 2,537 shares in an exercise or conversion of a derivative security (code M); and 1,257 shares withheld to pay the exercise price or tax (code F).

  2. Oct 195:52 PM ET

    Form 4

    Adobe President Anil Chakravarthy reports exercising or converting 3,023 shares

    The filing reports 3,023 shares in an exercise or conversion of a derivative security (code M); and 1,496 shares withheld to pay the exercise price or tax (code F).

  3. Oct 195:52 PM ET

    Form 4

    Adobe Chief People Officer Gloria Chen reports exercising or converting 3,244 shares

    The filing reports 3,244 shares in an exercise or conversion of a derivative security (code M); and 1,606 shares withheld to pay the exercise price or tax (code F).

  4. Oct 195:52 PM ET

    Form 4

    Adobe SVP & CAO Jillian Forusz reports exercising or converting 1,823 shares

    The filing reports 1,823 shares in an exercise or conversion of a derivative security (code M); and 901 shares withheld to pay the exercise price or tax (code F).

  5. Oct 195:52 PM ET

    Form 4

    Adobe CEO Shantanu Narayen reports exercising or converting 8,300 shares

    The filing reports 8,300 shares in an exercise or conversion of a derivative security (code M); and 4,113 shares withheld to pay the exercise price or tax (code F).

All Adobe filings notes →

Common questions about Adobe

How does Adobe make money?

In fiscal 2025, total revenue totaled $23.8B. Digital Media was 74% of fiscal 2025 revenue and Digital Experience 25%. Source: 10-K for fiscal 2025, filed Jan 15, 2026.

What was Adobe's revenue in fiscal 2025?

Total revenue came to $23.8B in the year ended Nov 28, 2025. Going back two years, it was $19.4B in fiscal 2023 and $21.5B in fiscal 2024, so the latest year was up 10.5%. Source: 10-K for fiscal 2025, filed Jan 15, 2026.

Is Adobe profitable?

Yes, by US accounting rules (GAAP): net income was $7.1B in fiscal 2025, up 28.2% from $5.6B a year earlier. For the quarter ended Aug 28, 2026, net income was $1.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 15, 2026.

What did Adobe report in its latest quarterly filing?

The 10-Q for the quarter ended Aug 28, 2026 shows revenue of $6.8B, against $6.0B in the same quarter a year before (up 12.9%), and net income of $1.8B, against $1.8B (up 3.1%). Source: 10-Q for the quarter ended Aug 28, 2026, filed Sep 22, 2026.

How much cash and debt does Adobe have?

On Aug 28, 2026, cash and cash equivalents stood at $4.4B and total debt at $6.4B. Total debt here is current portion plus long-term senior notes, at carrying value. Source: 10-Q filed Sep 22, 2026.

What are the main risks Adobe lists?

Item 1A of the fiscal 2025 10-K (filed Jan 15, 2026) sets out the risks. Grouped, they fall into 6 areas: Competition; AI; subscriptions; cybersecurity; international; regulation. To start with the first: It competes with large software companies and newer AI-based tools for creators and marketers. Source: 10-K, Item 1A Risk Factors.

Where do these Adobe numbers come from?

Two filings Adobe made with the SEC: its fiscal 2025 10-K, filed Jan 15, 2026, and its 10-Q for the quarter ended Aug 28, 2026, filed Sep 22, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ADBE
The editor holds no position in Adobe (ADBE). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ADBE from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ADBE, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
AdobeADBEFY2025$23.8B+10.5%$7.1B
SalesforceCRMFY2026$41.5B+9.6%$7.5B
MicrosoftMSFTFY2026$331.8B+17.8%$133.7B
ServiceNowNOWFY2025$13.3B+20.9%$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.