In fiscal 2025, which ended Nov 28, 2025, Adobe Inc. generated $10.0 billion of cash from operations, up 24.5% from the year before. It spent $179.0 million on capital expenditures. That left free cash flow of $9.9 billion. The company returned $11.3 billion in share buybacks to shareholders.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2026
Aug 28, 2026
|
FY 2025
Nov 28, 2025
|
FY 2024
Nov 29, 2024
|
FY 2023
Dec 1, 2023
|
FY 2022
Dec 2, 2022
|
FY 2021
Dec 3, 2021
|
FY 2020
Nov 27, 2020
|
FY 2019
Nov 29, 2019
|
FY 2018
Nov 30, 2018
|
FY 2017
Dec 1, 2017
|
FY 2016
Dec 2, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||
| Depreciation and amortization |
766
-10.1%
|
818
-4.6%
|
857
-1.7%
|
872
+1.9%
|
856
+8.6%
|
788
+4.1%
|
757
+0.0%
|
757
+118.8%
|
346
+6.1%
|
326
-1.7%
|
332
-2.3%
|
| Stock-based compensation |
2,071
+9.3%
|
1,942
+5.9%
|
1,833
+6.7%
|
1,718
+19.3%
|
1,440
+34.7%
|
1,069
+17.6%
|
909
+15.4%
|
788
+29.2%
|
610
+34.2%
|
454
+30.1%
|
349
+4.0%
|
| Operating cash flow |
10,806
+10.4%
|
10,031
+24.5%
|
8,056
+10.3%
|
7,302
-6.8%
|
7,838
+8.4%
|
7,230
+26.2%
|
5,727
+29.5%
|
4,422
+9.8%
|
4,029
+38.3%
|
2,913
+32.4%
|
2,200
+49.7%
|
| Investing | |||||||||||
| Capital expenditures |
214
+10.9%
|
179
-2.2%
|
183
-49.2%
|
360
-18.6%
|
442
+27.0%
|
348
-16.9%
|
419
+6.1%
|
395
+47.9%
|
267
+49.9%
|
178
-12.6%
|
204
+10.2%
|
| Investing cash flow |
-2,054
-101.0%
|
-1,187
-896.6%
|
149
-80.8%
|
776
+236.1%
|
-570
+83.9%
|
-3,537
-754.3%
|
-414
+9.2%
|
-456
+90.3%
|
-4,685
-957.9%
|
-443
+53.9%
|
-960
+35.5%
|
| Financing | |||||||||||
| Debt issued |
493
|
1,997
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0
|
| Debt repaid |
250
-83.3%
|
1,500
|
0
-100.0%
|
500
|
0
|
0
-100.0%
|
3,150
|
—
|
—
|
—
|
—
|
| Stock buybacks |
9,295
-17.8%
|
11,281
+18.7%
|
9,500
+115.9%
|
4,400
-32.8%
|
6,550
+65.8%
|
3,950
+29.5%
|
3,050
+10.9%
|
2,750
+34.1%
|
2,050
+86.4%
|
1,100
+2.3%
|
1,075
+72.0%
|
| Financing cash flow |
-9,369
+14.9%
|
-11,060
-43.2%
|
-7,724
-49.1%
|
-5,182
+24.1%
|
-6,825
-58.7%
|
-4,301
-23.3%
|
-3,488
-18.4%
|
-2,946
-58820.0%
|
-5
+99.6%
|
-1,184
-8.5%
|
-1,091
-443.5%
|
| Change in cash | |||||||||||
| Effect of exchange rate |
-6
-124.0%
|
34
+477.8%
|
-9
-200.0%
|
9
+117.6%
|
-51
|
—
|
—
|
—
|
—
|
—
|
—
|
| Net change in cash |
-623
+71.8%
|
-2,182
-562.3%
|
472
-83.8%
|
2,905
+641.1%
|
392
+161.8%
|
-634
-134.7%
|
1,828
|
—
|
—
|
—
|
—
|
| Free cash flow |
10,592
+10.3%
|
9,852
+25.1%
|
7,873
+13.4%
|
6,942
-6.1%
|
7,396
+7.5%
|
6,882
+29.7%
|
5,308
+31.8%
|
4,027
+7.0%
|
3,762
+37.6%
|
2,735
+37.0%
|
1,996
+55.4%
|
| Per share | |||||||||||
| Free cash flow per share |
26.05
+17.7%
|
23.07
+31.8%
|
17.51
+15.8%
|
15.12
-3.7%
|
15.71
+9.8%
|
14.31
+30.9%
|
10.93
+33.5%
|
8.19
+8.4%
|
7.56
+38.5%
|
5.46
+37.9%
|
3.96
+56.3%
|
| Shareholder returns | |||||||||||
| Returned to shareholders |
9,295
|
11,281
|
9,500
|
4,400
|
6,550
|
3,950
|
3,050
|
2,750
|
2,050
|
1,100
|
1,075
|
| Share of free cash flow |
87.75%
|
114.50%
|
120.67%
|
63.38%
|
88.56%
|
57.40%
|
57.46%
|
68.29%
|
54.49%
|
40.22%
|
53.86%
|
| Ratios | |||||||||||
| Free cash flow margin |
40.79%
|
41.45%
|
36.61%
|
35.77%
|
42.01%
|
43.60%
|
41.25%
|
36.05%
|
41.66%
|
37.45%
|
34.09%
|
| Capital expenditures to revenue |
0.82%
|
0.75%
|
0.85%
|
1.85%
|
2.51%
|
2.20%
|
3.26%
|
3.54%
|
2.96%
|
2.44%
|
3.48%
|
| Stock-based compensation to revenue |
7.97%
|
8.17%
|
8.52%
|
8.85%
|
8.18%
|
6.77%
|
7.06%
|
7.05%
|
6.76%
|
6.22%
|
5.97%
|
| Cash conversion |
1.48x
|
1.41x
|
1.45x
|
1.35x
|
1.65x
|
1.50x
|
1.09x
|
1.50x
|
1.55x
|
1.72x
|
1.88x
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Services-Prepackaged Software (SIC 7372)
- Listed as
- ADBE (Nasdaq)
- Fiscal year ends
- November 27
- Incorporated in
- DE
- Headquarters
- San Jose, CA
- SEC filer status
- Large accelerated filer
- SEC CIK
- 796343
- Former names
- ADOBE SYSTEMS INC (until Oct 3, 2018)
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Source: SEC EDGAR filings. This is company-reported data, not investment advice.