Adobe Inc.

NasdaqGS-ADBE

Operating Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24
Net Income	1,856	1,772	1,691	1,811	1,683	1,684
Net Income
Depreciation & Amortization	184	208	209	217	218	213
Depreciation, Amortization and Accretion
Share-Based Compensation Expense	489	497	481	475	441	474
Stock-Based Compensation
Other Adjustments	-109	-204	-101	-152	-165	-10
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
Tax Benefit from Stock-Based Compensation
Excess Tax Benefits from Stock-Based Compensation
Other Non-Cash Adjustments
Other Non-Cash Items
Changes in Trade Receivables	—	-359	237	97	-271	-190
Trade Receivables, Net
Changes in Accounts Payable	—	-30	35	-28	42	-43
Trade Payables
Changes in Accrued Expenses	—	-103	286	-378	358	-117
Accrued Expenses and Other Liabilities
Changes in Income Taxes Payable	—	50	-426	365	-48	29
Income Taxes Payable
Changes in Unearned Revenue	496	400	-156	231	353	220
Changes in Deferred Revenue
Changes in Deferred Revenue
Changes in Other Operating Activities	244	-314	2	-156	447	-158
Prepaid Expenses and Other Assets
Changes in Other Operating Assets and Liabilities
Changes in Other Operating Assets and Liabilities
Cash from Operating Activities	3,160	2,198	2,191	2,482	2,921	2,021
Net Cash Provided by Operating Activities

Investing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24
Capital Expenditure	-34	-72	-47	-26	-48	-57
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Sale of Property and Equipment
Purchases of Investments	—	-609	-209	-533	-59	-29.5
Purchases of Short-Term Investments
Proceeds from Sale of Investments	—	440	114	134	109	86
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	—	—	—	—
Acquisitions, Net of Cash Acquired
Other Investing Activities	-112	-211	-367	-59	84	-76
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
Cash from Investing Activities	-146	-279	-278	-484	19	-47
Net Cash Provided by Investing Activities

Financing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24
Issuance of Long-Term Debt	—	—	—	1,997	—	—
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	—	—	—	-1,500	—	—
Repayment of Capital Lease Obligations
Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	497	—	—
Issuance of Common Shares	—	394	—	96	—	264
Proceeds from Re-Issuance of Treasury Stock
Proceeds from Treasury Stock Re-Issuances, Net of Taxes Paid Related to Net Share Settlement of Equity Awards
Repurchases of Common Shares	-2,474	-2,057	-3,500	-3,250	-2,500	-2,500
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-2,474	-1,663	-3,500	-3,154	-2,500	-2,236
Other Financing Activities	-81	-71	-288	-184	-153	-217
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	-2,555	-1,876	-3,788	-2,841	-5,002	-2,453
Net Cash Provided by Financing Activities
Net Cash Used for Financing Activities

Free Cash Flow	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24
Free Cash Flow	3,126	2,126	2,144	2,456	2,873	1,964
NOPAT	1,853.5	1,760.7	1,697.4	1,795.2	1,654.3	1,642.8
Levered Free Cash Flow	2,746	1,911	1,594	2,533	3,005	1,771
Unlevered Free Cash Flow	2,743.5	1,899.7	1,600.4	2,020.2	2,976.3	1,729.8
Net Change in Cash	459	43	-1,875	-843	-2,062	-479