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Nasdaq · Technology

ADOBE INC. (ADBE)

As-reported financials and recent SEC filings for ADOBE INC., latest fiscal period FY2025. 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%
P/E (TTM)
13.6×
Market cap
$94.51B
Debt / equity
0.5×

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (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 330 software companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin89.3%
98th percentile of 262
Operating margin36.6%
97th percentile of 302
Net margin30.0%
91st percentile of 306
FCF margin41.4%
98th percentile of 283
Revenue growth (YoY)+10.5%
50th percentile of 323
ROE61.3%
94th percentile of 283
P/E (TTM)13.6×
25th percentile of 172
Debt / equity0.53×
58th percentile of 126
Short interest3.79d
41st percentile of 329

Adobe’s gross margin of 89.3% ranks in the 98th percentile of the 262 software companies reporting it. Adobe’s FCF margin of 41.4% ranks in the 98th percentile of the 283 software companies reporting it. Adobe’s operating margin of 36.6% ranks in the 97th percentile of the 302 software companies reporting it.

1 open-market insider buy totaling $1.9M in the last 90 days, against 1 sale totaling $185,915. For context, about 16% of companies in the universe saw any open-market insider buying 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 5 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
5
+6 quant / multi-strat
Initiated / added
6
1 new, 5 added
Reduced / exited
7
5 trimmed, 2 exited
Combined position
$3.46B
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ1 2026$1.02B4.2MAdded
Two Sigma InvestmentsquantQ1 2026$760.6M3.1MAdded
Dodge & CoxQ1 2026$606.6M2.5MAdded
Harris Associates (Oakmark)Q1 2026$557.6M2.3MNew
Renaissance TechnologiesquantQ1 2026$224.9M925.3KAdded
D. E. ShawquantQ1 2026$89.3M367.2KReduced
Millennium ManagementquantQ1 2026$89.2M366.9KReduced
Citadel AdvisorsquantQ1 2026$60.5M249.1KReduced
Gotham Asset ManagementQ1 2026$41.6M171.1KAdded
Polen Capital ManagementQ1 2026$2.9M11.9KReduced
Bridgewater AssociatesQ1 2026$318,9211.3KReduced

No longer held by: Coatue Management (as of Q1 2026), Maverick Capital (as of Q1 2026)

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
open-market value
Sells (90d)
1
$186K
Signal
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
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
20.3M
settled 2026-07-15
Change vs prior
+3.3%
vs previous settlement
Days to cover
3.79
at avg daily volume
Avg daily volume
5.3M
FINRA reported
SettlementShares shortChangeDays to cover
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
2026-04-3017.4M+18.0%3.09
2026-04-1514.7M+20.8%3.16
2026-03-3112.2M-7.6%1.99

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 methodology.

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 methodology.

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 methodology.

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
Fiscal year endNovember 27
Latest fiscal periodFY2025
SEC filings since2018
SEC CIK796343

Recent 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-K2026-07-17
View on EDGAR →
8-K2026-06-11
View on EDGAR →

Largest software peers

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