Adobe Systems (ADBE) financial statements
Adobe Systems reported revenue of $23.8B in fiscal 2025, up 16.8% a year over 9 years.
Net income was $7.1B and the operating margin 36.6%, against 25.5% in 2016.
Free cash flow was $9.9B, and the company returned $11.3B in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Adobe Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9B | $7.3B | $9.0B | $11.2B | $12.9B | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Cost of revenue | $820M | $1.0B | $1.2B | $1.7B | $1.7B | $1.9B | $2.2B | $2.4B | $2.4B | $2.6B |
| Gross profit | $5.0B | $6.3B | $7.8B | $9.5B | $11.1B | $13.9B | $15.4B | $17.1B | $19.1B | $21.2B |
| Selling, general and admin | $2.5B | $2.8B | $3.4B | $4.1B | $4.6B | $5.4B | $6.2B | $6.8B | $7.3B | $8.1B |
| Operating income | $1.5B | $2.2B | $2.8B | $3.3B | $4.2B | $5.8B | $6.1B | $6.7B | $6.7B | $8.7B |
| Interest expense | $70M | $74M | $89M | $157M | $116M | $113M | $112M | $113M | $169M | $263M |
| Pre-tax income | $1.4B | $2.1B | $2.8B | $3.2B | $4.2B | $5.7B | $6.0B | $6.8B | $6.9B | $8.7B |
| Income tax | $266M | $444M | $203M | $254M | -$1.1B | $883M | $1.3B | $1.4B | $1.4B | $1.6B |
| Net income | $1.2B | $1.7B | $2.6B | $3.0B | $5.3B | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B |
| EPS (diluted) | $2.32 | $3.38 | $5.20 | $6.00 | $10.83 | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 |
| Diluted shares | 504M | 501M | 498M | 492M | 486M | 481M | 471M | 459M | 450M | 427M |
| Gross margin | 86.0% | 86.2% | 86.8% | 85.0% | 86.6% | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% |
| Operating margin | 25.5% | 29.7% | 31.5% | 29.3% | 32.9% | 36.8% | 34.6% | 34.3% | 31.3% | 36.6% |
| Net margin | 20.0% | 23.2% | 28.7% | 26.4% | 40.9% | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% |
Balance sheet
Fiscal years, from Adobe Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.8B | $5.8B | $3.2B | $4.2B | $6.0B | $5.8B | $6.1B | $7.8B | $7.9B | $6.6B |
| Receivables | $833M | $1.2B | $1.3B | $1.5B | $1.4B | $1.9B | $2.1B | $2.2B | $2.1B | $2.3B |
| Total current assets | $5.8B | $7.2B | $4.9B | $6.5B | $8.1B | $8.7B | $9.0B | $11.1B | $11.2B | $10.2B |
| Property, plant and equipment | $816M | $937M | $1.1B | $1.3B | $1.5B | $1.7B | $1.9B | $2.0B | $1.9B | $1.9B |
| Goodwill | $5.4B | $5.8B | $10.6B | $10.7B | $10.7B | $12.7B | $12.8B | $12.8B | $12.8B | $12.9B |
| Total assets | $12.7B | $14.5B | $18.8B | $20.8B | $24.3B | $27.2B | $27.2B | $29.8B | $30.2B | $29.5B |
| Total current liabilities | $2.8B | $3.5B | $4.3B | $8.2B | $5.5B | $6.9B | $8.1B | $8.3B | $10.5B | $10.2B |
| Long-term debt | $1.9B | $1.9B | $4.1B | $989M | $4.1B | $4.1B | — | — | — | — |
| Total liabilities | $5.3B | $6.1B | $9.4B | $10.2B | $11.0B | $12.4B | $13.1B | $13.3B | $16.1B | $17.9B |
| Shareholders' equity | $7.4B | $8.5B | $9.4B | $10.5B | $13.3B | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
| Net debt | $881M | -$425M | $2.5B | $1.5B | -$361M | $279M | -$3.7B | -$7.1B | -$6.1B | -$5.4B |
Cash flow
Fiscal years, from Adobe Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $2.9B | $4.0B | $4.4B | $5.7B | $7.2B | $7.8B | $7.3B | $8.1B | $10.0B |
| Capital spending | $204M | $178M | $267M | $395M | $419M | $348M | $442M | $360M | $183M | $179M |
| Free cash flow | $2.0B | $2.7B | $3.8B | $4.0B | $5.3B | $6.9B | $7.4B | $6.9B | $7.9B | $9.9B |
| Stock-based compensation | $349M | $454M | $610M | $788M | $909M | $1.1B | $1.4B | $1.7B | $1.8B | $1.9B |
| Share buybacks (net) | -$1.1B | -$1.1B | -$2.0B | -$2.8B | -$3.0B | -$4.0B | -$6.5B | -$4.4B | -$9.5B | -$11.3B |
| Net borrowing | $0 | $0 | $2.2B | $0 | -$6M | $0 | $0 | -$500M | $2.0B | $497M |
| Free cash flow margin | 34.1% | 37.5% | 41.7% | 36.0% | 41.2% | 43.6% | 42.0% | 35.8% | 36.6% | 41.4% |
Questions
What was Adobe Systems's revenue in 2025?
$23.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Adobe Systems generate?
$9.9B in fiscal 2025 (operating cash flow minus capital spending).
From Adobe Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.