NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0000796343
$270.55
+6.07% · delayed ~15 min
Last price from Oct 22, 2026
$111.74B market value
From ADOBE INC.'s FY2025 10-K, filed Jan 15, 2026 · read the filing
ADOBE makes and sells software and computing services. It took in $23.77B last year, which makes it a large company. Of every dollar it sells, about 30 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by NARAYEN SHANTANU, not under a pre-arranged plan.
$31.3M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Strong finances across the board.
From ADOBE INC.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Long-term debt
$4.13B → $6.21B
Operating income
$6.74B → $8.71B
Profit
$5.56B → $7.13B
Operating margin
31.3% → 36.6%
Measured against FY2024, from the 10-K filed Jan 15, 2026
Deteriorated: +50.4%
$4.13B to $6.21BCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +29.1%
$6.74B to $8.71BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
How the latest move compares (quote delayed ~15 min), and what was published around it
ADBE rose 6.07% on the latest quote. The average Technology company tracked here moved −1.35%, and the S&P 500 −1.04%. That is 7.4 points above its sector and 7.1 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to shrink by about 2% a year for the next 10 years. Over the last 10 years it grew by about 23% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 30 cents of every dollar of sales as profit, earning $7.13B last year.
Slowly. Sales grew 10.5% last year.
No. Its borrowings would take under a year of cash flow to clear. For every $1 it owes, it owns $1.65 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $7.13B and generated $10.03B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Jan 15, 2026Filing for FY2025 | FY202410-K · Jan 15, 2026Filing for FY2024 | FY202310-K · Jan 17, 2024Filing for FY2023 | FY202210-K · Jan 17, 2023Filing for FY2022 | FY202110-K · Jan 17, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $23.77B | $21.50B | $19.41B | $17.61B | $15.79B | +10.5% |
| Cost of revenue | $2.55B | $2.36B | $2.35B | $2.17B | $1.86B | +8.2% |
| Gross profit | $21.22B | $19.15B | $17.05B | $15.44B | $13.92B | +10.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 89.3% | 89.0% | 87.9% | 87.7% | 88.2% | +0.2 pts |
| Selling, general and administrative | $1.57B | $1.53B | $1.41B | $1.22B | $1.08B | +2.9% |
| Operating income | $8.71B | $6.74B | $6.65B | $6.10B | $5.80B | +29.1% |
| Operating marginOperating income ÷ revenueWhat is this? | 36.6% | 31.3% | 34.3% | 34.6% | 36.8% | +5.3 pts |
| Interest expense | $263.0M | $169.0M | $113.0M | $112.0M | $113.0M | +55.6% |
| Income before tax | $8.73B | $6.93B | $6.80B | $6.01B | $5.71B | +26.0% |
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | $4.82B | +28.2% |
| Net marginNet income ÷ revenueWhat is this? | 30.0% | 25.9% | 28.0% | 27.0% | 30.5% | +4.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $17.26 | $12.61 | $11.93 | $10.29 | $10.15 | +36.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| ADBEADOBE INC. · this page | 9.0/10 | 7/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 54 shares
Holds 6,283 shares after this filing.
Had shares withheld to cover taxes — 26 shares at $251.67 ($6.5K)
Holds 6,257 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q3 FY2026
Revenue +12.9% · Operating margin −1.5 pts · Long-term debt -23.1% — against Q3 FY2025
Read the filingPublished results
Read the filingWrite down why you are following ADOBE INC., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 58 subsidiaries named in its 10-K, incorporated across 33 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ADBE's 10-K for fiscal year 2025 (period ending 2025-11-28, filed Jan 15, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 7/9 | 10-K, filed Jan 15, 2026 |
| FY2024 | 9.0 | 7/9 | 10-K, filed Jan 13, 2025 |
| FY2023 | 9.0 | 9/9 | 10-K, filed Jan 17, 2024 |
| FY2022 | 9.0 | 6/9 | 10-K, filed Jan 17, 2023 |
| FY2021 | 10.0 | 7/9 | 10-K, filed Jan 21, 2022 |
| FY2020 | 10.0 | 7/9 | 10-K, filed Jan 15, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
7.67
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.84
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +28.2%
$5.56B to $7.13BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +5.3 pts
31.3% to 36.6%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +4.1 pts
25.9% to 30.0%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +25.1%
$7.87B to $9.85BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +36.9%
$12.61 to $17.26Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -28.7%
$7.61B to $5.43BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -6.3%
441.0M to 413.0MSignificant
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Improved: +10.5%
$21.50B to $23.77BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +10.8%
$19.15B to $21.22BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Sep 22, 2026 — read it.
Improved: -23.1%
$6.20B to $4.77BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: -6.9%
420.0M to 391.0MSignificant
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Improved: +12.9%
$5.99B to $6.76BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +12.2%
$5.35B to $6.00BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +8.3%
$2.17B to $2.35BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −1.5 pts
36.3% to 34.8%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −2.6 pts
29.6% to 27.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +10.8%
$4.22 to $4.67Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -12.5%
$4.98B to $4.36BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Sep 22, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +5.2%
$2.24B to $2.35BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +6.7%
$1.71B to $1.83BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +1.0 pts
33.8% to 34.8%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +1.2 pts
25.9% to 27.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +8.9%
$4.29 to $4.67Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -11.4%
$4.92B to $4.36BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -2.0%
399.0M to 391.0MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between -4% and 0%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 45 analysts covering this company, as of . Their views, not this site's.
Of 45 analysts publishing on this company, 7 say strong buy, 10 say buy, 23 say hold and 5 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 4.3% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 15.5x — investors pay $15.5 for each $1 of trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| 10.5% |
| 30.0% |
| 15.67x |
| 1.54x |
| PLTRPalantir Technologies Inc. | 10.0/10 | 7/8 | 56.2% | 36.3% | 288.69x | 0.19x |
|---|
| CRMSalesforce, Inc. | 9.0/10 | 7/9 | 9.6% | 18.0% | 31.18x | 0.90x |
|---|
| INTUINTUIT INC. | 8.7/10 | 7/8 | 13.9% | 21.3% | 20.86x | 0.94x |
|---|
| DDOGDatadog, Inc. | 6.0/10 | 5/8 | 27.7% | 3.1% | 830.87x | 0.78x |
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| CDNSCADENCE DESIGN SYSTEMS INC | 8.7/10 | 6/7 | 14.1% | 20.9% | 75.90x | 0.85x |
|---|
| SNPSSYNOPSYS INC | 7.0/10 | 3/9 | 15.1% | 18.9% | 58.98x | 0.70x |
|---|
| Median of peers | 8.7/10 | — | 14.6% | 19.9% | 67.44x | 0.82x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Exercised stock options — 62 shares
Holds 6,319 shares after this filing.
Had shares withheld to cover taxes — 30 shares at $251.67 ($7.6K)
Holds 6,289 shares after this filing.
Exercised stock options — 152 shares
Holds 6,441 shares after this filing.
Had shares withheld to cover taxes — 75 shares at $251.67 ($18.9K)
Holds 6,366 shares after this filing.
Exercised stock options — 419 shares
Holds 6,785 shares after this filing.
Had shares withheld to cover taxes — 207 shares at $251.67 ($52.1K)
Holds 6,578 shares after this filing.
Exercised stock options — 1,413 shares
Holds 7,991 shares after this filing.
Had shares withheld to cover taxes — 700 shares at $251.67 ($176.2K)
Holds 7,291 shares after this filing.
Exercised stock options — 1,308 shares
Holds 8,350 shares after this filing.
Had shares withheld to cover taxes — 648 shares at $251.67 ($163.1K)
Holds 7,702 shares after this filing.
Exercised stock options — 2,200 shares
Holds 240,924 shares after this filing.
Had shares withheld to cover taxes — 1,090 shares at $251.67 ($274.3K)
Holds 239,834 shares after this filing.
Exercised stock options — 1,265 shares
Holds 241,099 shares after this filing.
Had shares withheld to cover taxes — 627 shares at $251.67 ($157.8K)
Holds 240,472 shares after this filing.
Exercised stock options — 1,978 shares
Holds 242,450 shares after this filing.
Had shares withheld to cover taxes — 980 shares at $251.67 ($246.6K)
Holds 241,470 shares after this filing.
Exercised stock options — 2,857 shares
Holds 244,327 shares after this filing.
Had shares withheld to cover taxes — 1,416 shares at $251.67 ($356.4K)
Holds 242,911 shares after this filing.
Exercised stock options — 60 shares
Holds 5,441 shares after this filing.
Had shares withheld to cover taxes — 29 shares at $251.67 ($7.3K)
Holds 5,412 shares after this filing.
Exercised stock options — 35 shares
Holds 5,447 shares after this filing.
Had shares withheld to cover taxes — 17 shares at $251.67 ($4.3K)
Holds 5,430 shares after this filing.
Exercised stock options — 22 shares
Holds 5,452 shares after this filing.
Had shares withheld to cover taxes — 10 shares at $251.67 ($2.5K)
Holds 5,442 shares after this filing.
Exercised stock options — 576 shares
Holds 6,018 shares after this filing.
Had shares withheld to cover taxes — 285 shares at $251.67 ($71.7K)
Holds 5,733 shares after this filing.
Exercised stock options — 1,130 shares
Holds 6,863 shares after this filing.
Had shares withheld to cover taxes — 560 shares at $251.67 ($140.9K)
Holds 6,303 shares after this filing.
Exercised stock options — 769 shares
Holds 51,203 shares after this filing.
Had shares withheld to cover taxes — 381 shares at $251.67 ($95.9K)
Holds 50,822 shares after this filing.
Exercised stock options — 443 shares
Holds 51,265 shares after this filing.
Had shares withheld to cover taxes — 219 shares at $251.67 ($55.1K)
Holds 51,046 shares after this filing.
Exercised stock options — 724 shares
Holds 51,770 shares after this filing.
Had shares withheld to cover taxes — 358 shares at $251.67 ($90.1K)
Holds 51,412 shares after this filing.
Exercised stock options — 1,308 shares
Holds 52,720 shares after this filing.
Had shares withheld to cover taxes — 648 shares at $251.67 ($163.1K)
Holds 52,072 shares after this filing.
Exercised stock options — 760 shares
Holds 62,653 shares after this filing.
Had shares withheld to cover taxes — 376 shares at $251.67 ($94.6K)
Holds 62,277 shares after this filing.
Exercised stock options — 437 shares
Holds 62,714 shares after this filing.
Had shares withheld to cover taxes — 216 shares at $251.67 ($54.4K)
Holds 62,498 shares after this filing.
Exercised stock options — 695 shares
Holds 63,193 shares after this filing.
Had shares withheld to cover taxes — 344 shares at $251.67 ($86.6K)
Holds 62,849 shares after this filing.
Exercised stock options — 1,131 shares
Holds 63,980 shares after this filing.
Had shares withheld to cover taxes — 560 shares at $251.67 ($140.9K)
Holds 63,420 shares after this filing.
Exercised stock options — 1,229 shares
Holds 6,867 shares after this filing.
Had shares withheld to cover taxes — 609 shares at $251.67 ($153.3K)
Holds 6,258 shares after this filing.
Exercised stock options — 1,308 shares
Holds 7,566 shares after this filing.
Had shares withheld to cover taxes — 648 shares at $251.67 ($163.1K)
Holds 6,918 shares after this filing.
Sold on the open market — 8,358 shares at $250.22 ($2.1M)
Holds 355,366 shares after this filing.
Sold on the open market — 33,001 shares at $251.03 ($8.3M)
Holds 322,365 shares after this filing.
Sold on the open market — 20,716 shares at $252.03 ($5.2M)
Holds 301,649 shares after this filing.
Sold on the open market — 11,495 shares at $253.06 ($2.9M)
Holds 290,154 shares after this filing.
Sold on the open market — 930 shares at $253.64 ($235.9K)
Holds 289,224 shares after this filing.
Sold on the open market — 1,378 shares at $246.09 ($339.1K)
Holds 287,846 shares after this filing.
Sold on the open market — 3,430 shares at $247.36 ($848.4K)
Holds 284,416 shares after this filing.
Sold on the open market — 7,168 shares at $248.14 ($1.8M)
Holds 277,248 shares after this filing.
Sold on the open market — 10,313 shares at $249.17 ($2.6M)
Holds 266,935 shares after this filing.
Sold on the open market — 17,595 shares at $250.19 ($4.4M)
Holds 249,340 shares after this filing.
Sold on the open market — 9,978 shares at $251.02 ($2.5M)
Holds 239,362 shares after this filing.
Sold on the open market — 638 shares at $251.76 ($160.6K)
Holds 238,724 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 125,000 shares ($31.4M) on or after .
Shares originally obtained via RSU.
Filed notice to sell 33 shares ($8.5K) on or after .
Shares originally obtained via Stock Award.
Filed notice to sell 416 shares ($110.0K) on or after .
Shares originally obtained via Restricted Stock.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Had a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2026
Revenue +12.7% · Operating margin −2.1 pts · Long-term debt -22.1% — against Q2 FY2025
Read the filingHad a director or senior officer leave or join · Published results
Read the filingHad a director or senior officer leave or join · Held a shareholder vote · Reported another event
Read the filingQuarterly report for Q1 FY2026
Revenue +12.0% · Profit margin −2.2 pts · Capital spending +42.3% — against Q1 FY2025
Read the filingHad a director or senior officer leave or join · Published results · Made a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +10.5% · Operating margin +5.3 pts · Long-term debt +50.4% — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +10.7% · Profit margin −1.6 pts · Long-term debt +50.2% — against Q3 FY2024
Read the filingPublished results
Read the filingQuarterly report for Q2 FY2025
Revenue +10.6% · Long-term debt +49.4% · Cash -35.6% — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Amended its charter or changed its financial year · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Read the filingPublished results
Read the filingThe first 40 of 58. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-01-15. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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