Adobe Inc.

NasdaqGS-ADBE

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Operating Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Net Income	7,130	6,957	6,869	6,751	5,560	5,360
Net Income
Depreciation & Amortization	818	852	857	862	857	861
Depreciation, Amortization and Accretion
Share-Based Compensation Expense	1,942	1,894	1,871	1,857	1,833	1,819
Stock-Based Compensation
Other Adjustments	-175	-700	-628	-626	-338	-488
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
Excess Tax Benefits from Stock-Based Compensation
Other Non-Cash Adjustments
Changes in Trade Receivables	—	-296	-127	74	143	38
Trade Receivables, Net
Changes in Accounts Payable	—	19	6	28	44	—
Trade Payables
Changes in Accrued Expenses	—	163	149	150	196	137
Accrued Expenses and Other Liabilities
Changes in Income Taxes Payable	—	-59	-80	241	68	-644
Income Taxes Payable
Changes in Unearned Revenue	771	628	648	380	309	423
Changes in Deferred Revenue
Changes in Other Operating Activities	—	26	-196	-599	-616	-830
Prepaid Expenses and Other Assets
Cash from Operating Activities	10,031	9,792	9,615	9,364	8,056	6,732
Net Cash Provided by Operating Activities

Investing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Capital Expenditure	-179	-193	-178	-172	-183	-182
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Sale of Property and Equipment
Purchases of Investments	—	-1,410	-830.5	—	-59	—
Purchases of Short-Term Investments
Proceeds from Sale of Investments	—	794	440	490	499	607
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	—	—	—	—	—	—
Acquisitions, Net of Cash Acquired
Other Investing Activities	—	-199	-254	-129	-108	-144
Purchases of Long-Term Investments, Intangibles and Other Assets
Cash from Investing Activities	-1,187	-1,022	-790	-401	149	283
Net Cash Provided by Investing Activities

Financing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Issuance of Long-Term Debt	—	—	—	—	1,997	—
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayment of Capital Lease Obligations
Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	1,997	—
Issuance of Common Shares	—	—	—	—	361	—
Proceeds from Re-Issuance of Treasury Stock
Repurchases of Common Shares	-11,281	-11,307	-11,750	-10,750	-9,500	-8,000
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-11,281	-11,307	-11,750	-10,750	-9,139	-8,000
Other Financing Activities	-149	-544	-690	-541	-582	-798
Taxes Paid Related to Net Share Settlement of Equity Awards
Excess Tax Benefits from Stock-Based Compensation
Debt Issuance Costs
Other Financing Activities, Net
Cash from Financing Activities	-11,430	-11,006	-11,583	-8,437	-7,724	-6,440
Net Cash Provided by Financing Activities

Free Cash Flow	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Mar '24	Dec '23	Sep '23	Jun '23	Mar '23	Dec '22	Sep '22
Free Cash Flow	9,852	9,599	9,437	9,192	7,873	6,550
NOPAT	7,107.1	6,908.5	6,790.5	6,628.3	5,407.6	5,184.5
Levered Free Cash Flow	8,540	8,393	8,075	7,641	8,232	5,125
Unlevered Free Cash Flow	8,517.1	8,344.5	7,996.5	7,518.3	6,082.6	4,949.5
Net Change in Cash	-2,586	-2,236	-2,758	526	481	575