15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 13.1% per year over the past 5 years.
Net income has grown slower than revenue (6.3% vs 13.1% per year).
Operating margin has expanded, at 36.6% in the latest year.
Free cash flow has grown 13.2% per year over the past 5 years.
Financial health
Total debt ($6.2B) exceeds cash ($5.4B); net debt is $779M.
Total debt has grown slower than revenue (8.6% vs 13.1% per year).
Operating income covered interest expense 33× in the latest year.
Total debt is 0.7× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$23.8B
$7.1B
89.3%
36.6%
$9.9B
$6.2B
$5.4B
2024
$21.5B
$5.6B
89.0%
31.3%
$7.9B
$4.1B
$7.6B
2023
$19.4B
$5.4B
87.9%
34.3%
$6.9B
$3.6B
$7.1B
2022
$17.6B
$4.8B
87.7%
34.6%
$7.4B
$3.6B
$4.2B
2021
$15.8B
$4.8B
88.2%
36.8%
$6.9B
$4.1B
$3.8B
2020
$12.9B
$5.3B
86.6%
32.9%
$5.3B
$4.1B
$4.5B
2019
$11.2B
$3.0B
85.0%
29.3%
$4.0B
$4.1B
$2.6B
2018
$9.0B
$2.6B
86.8%
31.5%
$3.8B
$4.1B
$1.6B
2017
$7.3B
$1.7B
86.2%
29.7%
$2.7B
$1.9B
$2.3B
2016
$5.9B
$1.2B
86.0%
25.5%
$2.0B
$1.9B
$1.0B
2015
$4.8B
$630M
84.5%
18.8%
$1.3B
$1.9B
$877M
2014
$4.1B
$268M
85.0%
10.0%
$1.1B
$911M
$1.1B
2013
$4.1B
$290M
85.5%
10.4%
$963M
—
$835M
2012
$4.4B
$833M
89.0%
26.8%
$1.2B
—
$1.4B
2011
$4.2B
$833M
89.6%
26.1%
$1.3B
—
$990M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
May '26
$6.6B
$1.7B
89.2%
33.8%
$2.1B
$4.8B
$4.9B
Feb '26
$6.4B
$1.9B
89.6%
37.8%
$2.9B
$5.4B
$6.3B
Nov '25
$6.2B
$1.9B
89.5%
36.5%
$3.1B
$6.2B
$5.4B
Aug '25
$6.0B
$1.8B
89.3%
36.3%
$2.1B
$6.2B
$5.0B
May '25
$5.9B
$1.7B
89.1%
35.9%
$2.1B
$6.2B
$4.9B
Feb '25
$5.7B
$1.8B
89.1%
37.9%
$2.5B
$6.2B
$6.8B
Nov '24
$5.6B
$1.7B
89.0%
34.9%
$2.9B
$4.1B
$7.6B
Aug '24
$5.4B
$1.7B
89.8%
36.8%
$2.0B
$4.1B
$7.2B
May '24
$5.3B
$1.6B
88.7%
35.5%
$1.9B
$4.1B
$7.7B
Mar '24
$5.2B
$620M
88.6%
17.5%
$1.1B
$2.1B
$6.3B
Dec '23
$5.0B
$1.5B
87.4%
34.5%
$1.6B
$3.6B
$7.1B
Sep '23
$4.9B
$1.4B
88.1%
34.7%
$1.8B
$3.6B
$6.6B
Jun '23
$4.8B
$1.3B
88.1%
33.7%
$2.0B
$3.6B
$5.5B
Mar '23
$4.7B
$1.2B
87.8%
34.1%
$1.6B
$3.6B
$4.1B
Dec '22
$4.5B
$1.2B
87.4%
33.3%
$2.2B
$3.6B
$4.2B
Sep '22
$4.4B
$1.1B
87.7%
33.5%
$1.6B
$3.6B
$3.9B
Jun '22
$4.4B
$1.2B
87.7%
34.9%
$1.9B
$3.6B
$3.4B
Mar '22
$4.3B
$1.3B
88.0%
37.1%
$1.7B
$3.6B
$2.7B
Dec '21
$4.1B
$1.2B
87.7%
36.5%
$2.0B
$4.1B
$3.8B
Sep '21
$3.9B
$1.2B
88.1%
36.6%
$1.3B
$4.1B
$4.6B
Valuation over time
How the market has priced ADBE against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 32.2× (Mar '23) to 10.8× (Jun '26).
The price-to-sales ratio has fallen from 8.7× (Mar '23) to 3.2× (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is ADBE growing its revenue and profit?
Over the past 5 years, Adobe's revenue has grown 13.1% per year, and net income grown 6.3% per year. These are computed facts, not advice.
How much debt does ADBE have?
As of FY2025, Adobe reported $6.2B of total debt against $5.4B of cash; operating income covered interest expense 33×.
What is ADBE's profit margin?
In FY2025, gross margin was 89.3%, operating margin 36.6%, and net margin 30.0%.
What is ADBE's P/E ratio?
As of Jun '26, Adobe traded at a price-to-earnings ratio of about 10.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.