Adobe Inc. operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative products. This segment serves content creators, workers, marketers, educators, enthusiasts, communicators, and consumers. The Digital Experience segment provides an integrated platform and set of applications and services that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers products and services, such as e-learning solutions, technical document publishing, web conferencing, document and forms platform, web application development, and high-end printing, as well as Advertising Cloud offerings. The company offers its products and services directly to enterprise customers through its sales force and local field offices, as well as to end users through app stores and through its website at adobe.com. It also distributes products and services through a network of distributors, value-added resellers, systems integrators, software vendors and developers, retailers, and original equipment manufacturers. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.

Adobe Inc.

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Total Revenues

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Revenue

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Adjusted Funds From Operations

Income Statement	Nov '25	Nov '24	Dec '23	Dec '22	Dec '21	Nov '20	Nov '19	Nov '18	Dec '17	Dec '16
Total Revenues	23,769	21,505	19,409	17,606	15,785	12,868	11,171	9,030	7,301.5	5,854.4
Total Revenues %Chg	10.5%	10.8%	10.2%	11.5%	22.7%	15.2%	23.7%	23.7%	24.7%	22.1%
Subscription
Product
Services and Support
Services and Other
Cost of Sales	2,551	2,358	2,354	2,165	1,865	1,722	1,673	1,195	1,010.5	819.9
Subscription
Product
Services and Support
Services and Other
Gross Profit	21,218	19,147	17,055	15,441	13,920	11,146	9,498	7,835	6,291	5,034.5
Gross Profit
Gross Profit Margin	89.3%	89%	87.9%	87.7%	88.2%	86.6%	85%	86.8%	86.2%	86%
Selling, General & Administrative Expenses	8,061	7,293	6,764	6,187	5,406	4,559	4,125	3,366	2,822.3	2,486.4
Sales and Marketing
General and Administrative
Depreciation & Amortization Expenses	157	169	168	169	172	162	175	91	76.6	78.5
Amortization of Intangibles
Research & Development Expenses	4,294	3,944	3,473	2,987	2,540	2,188	1,930	1,538	1,224.1	976
Research and Development
Other Operating Expenses	—	1,000	—	—	—	—	—	—	—	—
Restructuring and Other Charges
Acquisition Termination Fee
Operating Profit	8,706	6,741	6,650	6,098	5,802	4,237	3,268	2,840	2,168.1	1,493.6
Operating Income
Operating Margin	36.6%	31.3%	34.3%	34.6%	36.8%	32.9%	29.3%	31.5%	29.7%	25.5%
Interest Expense	-263	-169	-113	-112	-113	-116	-157	-89	-74.4	-70.4
Interest Expense
Non-Operating Income	291	359	262	22	16	55	52	43	43.9	12
Investment Gains, Net
Other Income, Net
Total Non-Operating Income	28	190	149	-90	-97	-61	-105	-46	-30.5	-58.5
Income Before Provision for Income Taxes	8,734	6,931	6,799	6,008	5,705	4,176	3,205	2,794	2,137.6	1,435.1
Income Before Income Taxes
Provision for Income Taxes	1,604	1,371	1,371	1,252	883	-1,084	254	203	443.7	266.4
Provision for Income Taxes
Consolidated 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 Attributable to Common Shareholders	7,130	5,560	5,428	4,756	4,822	5,260	2,951	2,591	1,694	1,168.8
Net Income
Basic EPS	16.7	12.4	11.9	10.1	10.1	10.9	6.1	5.3	3.4	2.4
Diluted EPS	16.7	12.4	11.8	10.1	10	10.8	6	5.2	3.4	2.3
Basic Weighted Average Shares Outstanding	426	447	457.1	469.5	477.3	480.9	486.3	490.6	493.6	498.3
Total Shares Outstanding	418.6	441	455	462	475	479	482.3	487.7	491.3	494.3
Diluted Weighted Average Shares Outstanding	427	450	459.1	470.9	481	485.5	491.6	497.8	501.1	504.3
EBITDA	9,524	7,598	7,522	6,954	6,590	4,994	4,025	3,186	2,494.1	1,825.1
Effective Tax Rate	18.4%	19.8%	20.2%	20.8%	15.5%	-26%	7.9%	7.3%	20.8%	18.6%