Adobe Inc.

NasdaqGS-ADBE

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Operating Activities	Nov '25	Nov '24	Dec '23	Dec '22	Dec '21	Nov '20	Nov '19	Nov '18	Dec '17	Dec '16
Net Income	7,130	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,168.8
Net Income
Depreciation & Amortization	818	857	872	856	788	757	757	346	326	331.5
Depreciation, Amortization and Accretion
Share-Based Compensation Expense	1,942	1,833	1,718	1,440	1,069	909	788	610	454.5	349.3
Stock-Based Compensation
Other Adjustments	-463	-338	-361	450	259	-1,385	-31	-461	50.7	-45.7
Reduction of Operating Lease Right-of-Use Assets
Lease-Related Asset Impairments
Deferred Income Taxes
Gain on the Sale of Property
Unrealized Investment Gains, Net
Retirements and Disposals of Property and Equipment
Provision for Losses on Receivables
Provision for Estimated Returns
Net Gains on Sales and Impairments of Investments
Tax Benefit from Employee Stock Option Plans
Tax Benefit from Stock-Based Compensation
Excess Tax Benefits from Stock-Based Compensation
Other Non-Cash Adjustments
Gains on Sales of Investments, Net of Impairments
Other Non-Cash Items
Changes in Trade Receivables	-25	143	-159	-198	-430	106	-188	-2	-187.2	-160.4
Trade and Other Receivables
Trade Receivables, Net
Changes in Accounts Payable	-23	44	-49	66	-20	96	23	55	-45.2	-6.3
Trade and Other Payables
Trade Payables
Changes in Accrued Expenses	-195	196	146	7	162	86	172	44	151.1	65.6
Accrued Expenses and Other Liabilities
Change in Accrued Restructuring
Changes in Income Taxes Payable	-11	68	-11	19	2	-72	4	479	-34.5	43.1
Income Taxes Payable
Changes in Unearned Revenue	771	309	536	536	1,053	258	497	444	475.4	524.8
Changes in Deferred Revenue
Changes in Other Operating Activities	87	-616	-818	-94	-475	-288	-551	-77	28	-71
Prepaid Expenses and Other Assets
Changes in Other Operating Assets and Liabilities
Cash from Operating Activities	10,031	8,056	7,302	7,838	7,230	5,727	4,422	4,029	2,912.9	2,199.7
Net Cash Provided by Operating Activities

Investing Activities	Nov '25	Nov '24	Dec '23	Dec '22	Dec '21	Nov '20	Nov '19	Nov '18	Dec '17	Dec '16
Capital Expenditure	-179	-183	-360	-442	-348	-419	-395	-267	-178.1	-203.8
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Property and Equipment
Purchases of Investments	-1,351	-59	—	-909	-1,533	-1,071	-700	-566	-1,931	-2,285.2
Purchases of Short-Term Investments
Proceeds from Sale of Investments	688	499	1,189	953	1,068	1,091	789	2,480	2,155.8	1,635.9
Maturities of Short-Term Investments
Proceeds from Sales of Short-Term Investments
Proceeds from Sale of Long-Term Investments and Other Assets
Payments for Business Acquisitions	-17	—	—	-126	-2,682	—	-101	-6,314	-459.6	-48.4
Acquisitions, Net of Cash Acquired
Cash Paid for Acquisitions
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—
Cash Received from Acquisitions
Other Investing Activities	-328	-108	-53	-46	-42	-15	-49	-18	-29.9	-58.4
Purchases, Sales and Maturities of Short-Term Investments, Net
Purchases and Sales of Long-Term Investments, Intangibles and Other Assets, Net
Purchases of Long-Term Investments, Intangibles and Other Assets
Investment in Lease Receivable
Other
Cash from Investing Activities	-1,187	149	776	-570	-3,537	-414	-456	-4,685	-442.9	-960
Net Cash Provided by Investing Activities

Financing Activities	Nov '25	Nov '24	Dec '23	Dec '22	Dec '21	Nov '20	Nov '19	Nov '18	Dec '17	Dec '16
Issuance of Long-Term Debt	1,997	1,997	—	—	—	3,144	—	2,248	—	—
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	-1,500	—	-500	—	—	-3,150	—	—	—	-0.1
Repayment of Capital Lease Obligations
Repayment of Debt
Repayment of Acquired Debt
Net Issuance / (Repayments) of Long-Term Debt	497	1,997	-500	—	—	-6	—	2,248	—	-0.1
Issuance of Common Shares	348	361	314	278	291	270	233	191	158.4	145.7
Proceeds from Re-Issuance of Treasury Stock
Repurchases of Common Shares	-11,281	-9,500	-4,400	-6,550	-3,950	-3,050	-2,750	-2,050	-1,100	-1,075
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-10,933	-9,139	-4,086	-6,272	-3,659	-2,780	-2,517	-1,859	-941.6	-929.3
Common Share Dividends Paid	—	—	—	—	—	—	—	—	—	—
Payment of Dividends
Other Financing Activities	-624	-582	-596	-553	-642	-702	-429	-394	-242.1	-161.3
Cost of Issuance of Treasury Stock
Taxes Paid Related to Net Share Settlement of Equity Awards
Excess Tax Benefits from Stock-Based Compensation
Debt Issuance Costs
Other Financing Activities, Net
Taxes Paid Related to Net Share Settlement of Equity Awards, Net of Proceeds from Treasury Stock Re-Issuances
Cash from Financing Activities	-11,060	-7,724	-5,182	-6,825	-4,301	-3,488	-2,946	-5	-1,183.7	-1,090.7
Net Cash Provided by Financing Activities
Net Cash Used for Financing Activities

Free Cash Flow	Nov '25	Nov '24	Dec '23	Dec '22	Dec '21	Nov '20	Nov '19	Nov '18	Dec '17	Dec '16
Free Cash Flow	9,852	7,873	6,942	7,396	6,882	5,308	4,027	3,762	2,734.7	1,995.9
NOPAT	7,107.1	5,407.6	5,309	4,827.2	4,904	5,336.8	3,009	2,633.7	1,718.1	1,216.4
Levered Free Cash Flow	8,895	8,232	5,244	5,704	5,984	5,672	3,458	5,863	2,416.7	1,852.7
Unlevered Free Cash Flow	8,375.1	6,082.6	5,625	5,775.2	6,066	5,754.8	3,516	3,657.7	2,440.8	1,900.4
Net Change in Cash	-2,216	481	2,896	443	-608	1,825	1,020	-661	1,286.2	149