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Nasdaq · Technology

ADOBE INC. (ADBE)

As-reported financials and SEC filings for ADOBE INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About ADOBE INC.

Adobe Inc. develops software platforms and tools that support creativity, productivity, and personalized customer experiences. Its products serve business professionals, consumers, creators, creative professionals, and marketing professionals by providing AI-powered applications for content creation, document management, and digital marketing. Adobe offers integrated solutions that cover the entire content lifecycle, from ideation to delivery, across desktop, web, and mobile environments.

Snapshot

Revenue
$23.77B
Revenue growth (YoY)
10.5%
Net income
$7.13B
Diluted EPS
$16.70
Gross margin
89.3%
Operating margin
36.6%
Net margin
30.0%
FCF margin
41.4%
ROE
61.3%
net income / fiscal-year-end equity
P/E
14.6×
trailing when available, otherwise FY EPS
Market cap
$98.91B
Long-term debt / equity
0.53×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended November 28, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Adobe

  • Revenue grew 10.5% to $23.8B in FY2025, in line with the 10.8% the year before.
  • Operating margin is 36.6% in FY2025, -0.1 pp against 36.8% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $6.6B, up 12.7% from Q2 FY2025.
  • Free cash flow was $9.9B in FY2025, 41.4% of revenue.
  • Net income rose 28.2% to $7.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Adobe’s fundamentals sit among the 332 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin89.3%
98th percentile of 264
Operating margin36.6%
97th percentile of 303
Net margin30.0%
92nd percentile of 307
FCF margin41.4%
98th percentile of 285
Revenue growth (YoY)+10.5%
49th percentile of 325
ROE61.3%
94th percentile of 285
P/E14.6×
23rd percentile of 168
Long-term debt / equity0.53×
58th percentile of 127
Short interest4.16d
55th percentile of 329

Adobe’s gross margin of 89.3% ranks in the 98th percentile of the 264 software companies reporting it. Adobe’s FCF margin of 41.4% ranks in the 98th percentile of the 285 software companies reporting it. Adobe’s operating margin of 36.6% ranks in the 97th percentile of the 303 software companies reporting it.

1 reported insider purchase (code P) totaling $1.9M in the last 90 days, against 1 sale totaling $109,961. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 6 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
6
+6 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
7
7 trimmed, 0 exited
Combined position
$2.63B
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$805.0M3.9MReduced
Dodge & CoxQ2 2026$638.6M3.1MAdded
Harris Associates (Oakmark)Q2 2026$580.0M2.8MAdded
Two Sigma InvestmentsquantQ2 2026$224.1M1.1MReduced
Citadel AdvisorsquantQ2 2026$178.0M868.4KAdded
D. E. ShawquantQ2 2026$73.6M359.2KReduced
Renaissance TechnologiesquantQ2 2026$52.3M255.0KReduced
Millennium ManagementquantQ2 2026$37.2M181.4KReduced
Gotham Asset ManagementQ2 2026$19.4M94.4KReduced
Bridgewater AssociatesQ2 2026$18.2M88.8KAdded
Soros Fund ManagementQ2 2026$4.8M23.4KNew
Polen Capital ManagementQ2 2026$1.6M7.6KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$1.9M
code P value
Sells (90d)
1
$110K
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-07-29
filed 2026-07-31
Forusz JillianSVP & CAOSell416$264.33$110K
2026-06-25
filed 2026-06-26
Ricks David ADirectorBuy10.0K$194.51$1.9M
2026-04-30
filed 2026-05-01
Forusz JillianSVP & CAOSell755$246.25$186K
2026-04-28
filed 2026-04-30
NARAYEN SHANTANUChair and CEOSell51.4K$243.19$12.5M
2026-04-28
filed 2026-04-30
NARAYEN SHANTANUChair and CEOSell13.2K$243.89$3.2M
2026-04-28
filed 2026-04-30
NARAYEN SHANTANUChair and CEOSell10.3K$244.78$2.5M
2026-04-20
filed 2026-04-22
Durn DanielEVP & CFOSell1.3K$248.02$331K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
17.4M
settled 2026-08-31
Change vs prior
-3.3%
vs previous settlement
Days to cover
4.16
at avg daily volume
Avg daily volume
4.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-3117.4M-3.3%4.16
2026-08-1418.0M-7.1%4.25
2026-07-3119.3M-4.5%3.27
2026-07-1520.3M+3.3%3.79
2026-06-3019.6M-6.1%2.32
2026-06-1520.9M+11.9%2.38
2026-05-2918.7M-1.7%3.79
2026-05-1519.0M+9.1%4.33

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$23.77B$21.50B$19.41B$17.61B$15.79B
Gross profit$21.22B$19.15B$17.05B$15.44B$13.92B
Operating income$8.71B$6.74B$6.65B$6.10B$5.80B
Net income$7.13B$5.56B$5.43B$4.76B$4.82B
Diluted EPS$16.70$12.36$11.82$10.10$10.02

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$10.03B$8.06B$7.30B$7.84B$7.23B
Capital expenditure$179.0M$183.0M$360.0M$442.0M$348.0M
Free cash flow$9.85B$7.87B$6.94B$7.40B$6.88B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$6.62B12.7%$1.71B$4.25
Q1 FY2026$6.40B12.0%$1.89B$4.60
Q4 FY2025$6.19B10.5%$1.86B$4.45
Q3 FY2025$5.99B10.7%$1.77B$4.18
Q2 FY2025$5.87B10.6%$1.69B$3.94
Q1 FY2025$5.71B10.3%$1.81B$4.14
Q4 FY2024$5.61B11.1%$1.68B$3.80
Q3 FY2024$5.41B10.6%$1.68B$3.76

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryServices-Prepackaged Software
Latest annual periodFY2025 (ended November 28, 2025)
Latest reported quarterQ2 FY2026 (ended May 29, 2026)
Oldest indexed filing2018
SEC CIK796343

Selected SEC filings

10-K2026-01-15
View on EDGAR →
10-K2025-01-13
View on EDGAR →
10-Q2026-06-15
View on EDGAR →
10-Q2026-03-25
View on EDGAR →
10-Q2025-09-24
View on EDGAR →
10-Q2025-06-25
View on EDGAR →
8-K2026-09-10
View on EDGAR →
8-K2026-09-08
View on EDGAR →

Largest software peers

All software stocksAll Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.