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Adobe Inc.
ADBETechnologyGenerated Jul 5, 2026, 07:47 PM UTC
ADBE (Adobe Inc.) analytical snapshot. Revenue grew +10.2% YoY to $19.41B. 5-year revenue CAGR +11.7%; 10y CAGR +18.7%. Net margin at 27.97% (contracting ▼). Market cap $87.34B at $219.72 per share. Trailing P/E 18.59, P/S 4.50, P/B 7.58. EV/Operating income ≈ 13.12 (EV $87.22B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score 3 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$87.34B
397.50M shares
Price
$219.72
NMS
P/E (ttm)
18.59
Revenue (FY)
$19.41B
YoY +10.2%
Net margin
27.97%
▼ 12.91pp
Free cash flow
$6.94B
35.77% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 20Improving
80% conf
Revenue grew +10.2% YoY to $19.41B. 5-year revenue CAGR +11.7%; 10y CAGR +18.7%. Net margin at 27.97% (contracting ▼).
- Revenue grew +10.2% YoY to $19.41B.
- 5-year revenue CAGR +11.7%; 10y CAGR +18.7%.
- Net margin at 27.97% (contracting ▼).
- Return on equity 38.63%, ROA 17.96%, ROIC 36.58%.
- Gross margin 87.87%, operating margin 34.26%.
- Free cash flow margin 35.77% ($6.94B).
- Net income up ▲ +14.1% YoY.
- Debt/equity 0.42, current ratio 0.75, net debt -$117.0M.
- Asset turnover 0.65 — capital efficiency.
Revenue (FY)
$19.41B
YoY +10.2%
Net margin
27.97%
▼ 12.91pp
ROE
38.63%
ROA 17.96%
ROIC
36.58%
EPS (diluted)
$11.82
FY2025
Free cash flow
$6.94B
35.77% margin
Debt / equity
0.42
Cash $4.92B
Current ratio
0.75
Equity $11.52B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $4.15B | — | 85.00 | 9.95 | 6.47 | $1.14B | 3.99 |
| 2017 | $4.80B | +15.6% | 84.48 | 18.83 | 13.13 | $1.28B | 9.29 |
| 2018 | $5.85B | +22.1% | 86.00 | 25.51 | 19.96 | $2.00B | 16.69 |
| 2019 | $7.30B | +24.7% | 86.16 | 29.69 | 23.20 | $2.73B | 22.81 |
| 2020 | $9.03B | +23.7% | 86.77 | 31.45 | 28.69 | $3.76B | 30.63 |
| 2021 | $11.17B | +23.7% | 85.02 | 29.25 | 26.42 | $4.03B | 31.52 |
| 2022 | $12.87B | +15.2% | 86.62 | 32.93 | 40.88 | $5.31B | 49.95 |
| 2023 | $15.79B | +22.7% | 88.18 | 36.76 | 30.55 | $6.88B | 36.35 |
| 2024 | $17.61B | +11.5% | 87.70 | 34.64 | 27.01 | $7.40B | 32.14 |
| 2025 | $19.41B | +10.2% | 87.87 | 34.26 | 27.97 | $6.94B | 38.63 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| May 30, 2025 | $5.87B | — | — | 59.63% |
| Aug 29, 2025 | $17.57B | — | +199.3% | 30.01% |
| Aug 29, 2025 | $5.99B | — | -65.9% | 88.08% |
| Feb 27, 2026 | $6.40B | — | +6.8% | 29.52% |
| May 29, 2026 | $13.02B | — | +103.4% | 27.67% |
| May 29, 2026 | $6.62B | — | -49.2% | 54.41% |
Revenue (annual, SEC 10-K)
2016: 4,147
2017: 4,796
2018: 5,854
2019: 7,302
2020: 9,030
2021: 11,171
2022: 12,868
2023: 15,785
2024: 17,606
2025: 19,409
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 1,139
2017: 1,285
2018: 1,996
2019: 2,735
2020: 3,762
2021: 4,027
2022: 5,308
2023: 6,882
2024: 7,396
2025: 6,942
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Jan 15, 2026. Latest quarterly report (10-Q) filed Jun 15, 2026. 8 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Jan 15, 2026.
- Latest quarterly report (10-Q) filed Jun 15, 2026.
- 8 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Adobe Inc.; broad institutional reporting.
- Recent filers include Axiom Investment Management LLC, Saranac Partners Ltd, Axiom Investment Management LLC.
- 3 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 17 recent 13G passive institutional ownership notices.
Latest 10-K
Jan 15, 2026
Annual report
Latest 10-Q
Jun 15, 2026
8-K (recent)
8
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
3
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Axiom Investment Management LLC | 13F-HR | Mar 16, 2021 |
| Saranac Partners Ltd | 13F-HR | Dec 5, 2025 |
| Axiom Investment Management LLC | 13F-HR | Mar 16, 2021 |
| Axiom Investment Management LLC | 13F-HR | Mar 16, 2021 |
| COATUE MANAGEMENT LLC | 13F-HR | Feb 14, 2025 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jun 11, 2026 | 8-K | 8-K |
| Apr 21, 2026 | 8-K | 8-K |
| Mar 12, 2026 | 8-K | 8-K |
| Jan 27, 2026 | 8-K | 8-K |
| Dec 10, 2025 | 8-K | 8-K |
| Sep 11, 2025 | 8-K | 8-K |
| Jun 12, 2025 | 8-K | 8-K |
| Apr 24, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -40Deteriorating
66% conf
2 risk signal(s), 2 positive signal(s), 4 watch item(s) detected from XBRL filing diff analysis. Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- Material weakness in internal controls: The term "material weakness" appears in 34 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 18 filing(s).
- Operating cash flow exceeds net income: OCF is 1.35x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +21.2% to $2.92B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- Goodwill is 47% of total assets: Goodwill of $14.04B represents a large share of the balance sheet. If acquired businesses underperform, a non-cash impairment charge could materially impact earnings. Monitor segment performance and acquisition integration metrics.
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Restatement of financial statements, Impairment charge, Restructuring, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$19.41B
+10.2% YoY
Gross profit
$17.05B
+10.5% YoY
Operating income
$6.65B
+9.1% YoY
Net income
$5.43B
+14.1% YoY
Operating cash flow
$7.30B
-6.8% YoY
Capex
$360.0M
-18.6% YoY
Total assets
$30.23B
+1.5% YoY
Total liabilities
$16.13B
+21.6% YoY
Filing quality score
71/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $17.61B | $19.41B | $1.80B | +10.2% |
| Gross profit | $15.44B | $17.05B | $1.61B | +10.5% |
| Operating income | $6.10B | $6.65B | $552.0M | +9.1% |
| Net income | $4.76B | $5.43B | $672.0M | +14.1% |
| Operating cash flow | $7.84B | $7.30B | $-536.0M | -6.8% |
| Capex | $442.0M | $360.0M | $-82.0M | -18.6% |
| Total assets | $29.78B | $30.23B | $451.0M | +1.5% |
| Total liabilities | $13.26B | $16.13B | $2.86B | +21.6% |
| Long-term debt | $3.63B | $4.13B | $495.0M | +13.6% |
| Cash & equivalents | $7.14B | $7.61B | $472.0M | +6.6% |
| Stockholders equity | $14.80B | $14.05B | $-746.0M | -5.0% |
| Accounts receivable | $2.22B | $2.07B | $-152.0M | -6.8% |
| Interest expense | $116.0M | $113.0M | $-3.0M | -2.6% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | NumberOfOperatingSegments, ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments, StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 |
| Removed | AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax, AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax, AdvertisingExpense, AociLossCashFlowHedgeCumulativeGainLossAfterTax, CapitalizedContractCostAmortization, CapitalizedContractCostNetNoncurrent, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 34 | 2 | Ongoing |
| Restatement of financial statements | high | 18 | 0 | NEW |
| Impairment charge | medium | 46 | 0 | NEW |
| Restructuring | medium | 140 | 0 | NEW |
| Off-balance sheet arrangements | medium | 146 | 0 | NEW |
| Related party transactions | low | 6 | 0 | NEW |
Filing signal breakdown
Red flags: 2
Positive: 2
Watch: 4
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $87.34B at $219.72 per share.
- ProPrice & TechnicalsPrice $219.72 — downtrend (below 200-DMA); 1-month momentum negative.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Moderate.
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Adobe Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewRevenue grew **+10.2%** YoY to $19.41B..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ADBE stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA | 5 | Supportive |
| Pinterest Inc. PINS | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Microchip Technology MCHP | 3 | Supportive |
| Warner Bros Discovery WBD | 3 | Supportive |
| Adobe Inc. ADBE● you | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| MercadoLibre Inc. MELI | -1 | Supportive |
| EOG Resources EOG | -2 | Supportive |
| Applied Materials Inc. AMAT | -2 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Spotify Technology SPOT | -3 | Supportive |
| Energy Transfer ET | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Phillips 66 PSX | -4 | Supportive |
| United Airlines Holdings UAL | -5 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Comcast Corp. CMCSA | -6 | Supportive |
| TJX Cos. TJX | -6 | Supportive |
| Starbucks Corp. SBUX | -6 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| Workday Inc. WDAY | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Micron Technology MU | -8 | Supportive |
| CF Industries CF | -8 | Supportive |
| Lam Research Corp. LRCX | -8 | Supportive |
| Albemarle Corp. ALB | -8 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Yum Brands Inc. YUM | -8 | Supportive |
| Linde plc LIN | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Chipotle Mexican Grill CMG | -10 | Supportive |
| Old Dominion Freight ODFL | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Union Pacific Corp. UNP | -12 | Supportive |
| Norfolk Southern NSC | -13 | Supportive |
| Air Products & Chemicals APD | -13 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
| Royal Caribbean Group RCL | -15 | Supportive |
| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Zscaler Inc. ZS | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Devon Energy DVN | -16 | Supportive |
| Kinder Morgan KMI | -16 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| CSX Corp. CSX | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
| Tesla Inc. TSLA | -17 | Supportive |
| Walt Disney Co. DIS | -17 | Supportive |
| Dow Inc. DOW | -17 | Supportive |
| ON Semiconductor Corp. ON | -18 | Supportive |
| Oracle Corp. ORCL | -18 | Supportive |
| CrowdStrike Holdings CRWD | -18 | Supportive |
| Mosaic Co. MOS | -18 | Supportive |
| RTX Corp. RTX | -19 | Supportive |
| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Dollar General Corp. DG | -20 | Supportive |
| Eaton Corp. ETN | -22 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -22 | Supportive |
| 3M Co. MMM | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Texas Instruments TXN | -25 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Marvell Technology MRVL | -29 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| Verizon Communications VZ | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Newmont Corp. NEM | -34 | Supportive |
| Autodesk Inc. ADSK | -34 | Supportive |
| Broadcom Inc. AVGO | -35 | Supportive |