ADBE

MKT CAP:$100B

Adobe Inc.

Market Cap

$100B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$238.54-$94.76 (-28.43%)

Apr 23, 2026

Company Details

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 ...

CEO

Shantanu Narayen

IPO Date

Aug 13, 1986

Website

www.adobe.com

Key Metrics TTM

Revenue

$24.5B

+11.0% YoY

Net Income

$7.2B

EPS (Diluted)

$17.18

Free Cash Flow

$10.3B

Revenue / Share

$59.50

Gross Margin

89.1%

Operating Margin

36.6%

Net Margin

29.5%

FCF Margin

42.2%

P/S

4.1x

P/E

13.9x

Earnings Reports

Q1 2026

Mar 25, 2026

$6.4B+12.0%EPS $4.60

FY 2025

Jan 15, 2026

$23.8B+10.5%EPS $16.70

Q4 2025

Jan 15, 2026

$6.2B+10.5%EPS $4.45

Q3 2025

Sep 24, 2025

$6.0B+10.7%EPS $4.18

Q2 2025

Jun 25, 2025

$5.9B+10.6%EPS $3.95

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$4.4B	$3.8B	$1.5B
Q3 22	$4.4B	$3.9B	$1.5B
Q4 22	$4.5B	$4.0B	$1.5B
Q1 23	$4.7B	$4.1B	$1.6B
Q2 23	$4.8B	$4.2B	$1.6B
Q3 23	$4.9B	$4.3B	$1.7B
Q4 23	$5.0B	$4.4B	$1.7B
Q1 24	$5.2B	$4.6B	$907M
Q2 24	$5.3B	$4.7B	$1.9B
Q3 24	$5.4B	$4.9B	$2.0B
Q4 24	$5.6B	$5.0B	$2.0B
Q1 25	$5.7B	$5.1B	$2.2B
Q2 25	$5.9B	$5.2B	$2.1B
Q3 25	$6.0B	$5.3B	$2.2B
Q4 25	$6.2B	$5.5B	$2.3B
Q1 26	$6.4B	$5.7B	$2.4B

Valuation

Quarter	P/S	P/E
Q2 22	12.1x	41.2x
Q3 22	10.2x	36.6x
Q4 22	8.7x	32.3x
Q1 23	8.8x	33.6x
Q2 23	10.7x	40.8x
Q3 23	12.8x	47.2x
Q4 23	14.1x	50.5x
Q1 24	12.8x	53.1x
Q2 24	9.6x	38.5x
Q3 24	11.9x	46.4x
Q4 24	10.5x	40.5x
Q1 25	8.6x	28.2x
Q2 25	7.7x	25.2x
Q3 25	6.7x	22.4x
Q4 25	5.7x	18.9x
Q1 26	4.4x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$2.0B	$1.9B
Q3 22	$1.7B	$1.6B
Q4 22	$2.3B	$2.2B
Q1 23	$1.7B	$1.6B
Q2 23	$2.1B	$2.0B
Q3 23	$1.9B	$1.8B
Q4 23	$1.6B	$1.6B
Q1 24	$1.2B	$1.1B
Q2 24	$1.9B	$1.9B
Q3 24	$2.0B	$2.0B
Q4 24	$2.9B	$2.9B
Q1 25	$2.5B	$2.5B
Q2 25	$2.2B	$2.1B
Q3 25	$2.2B	$2.1B
Q4 25	$3.2B	$3.1B
Q1 26	$3.0B	$2.9B

Capital Expenditures

Quarter	CapEx
Q2 22	$126M
Q3 22	$125M
Q4 22	$91M
Q1 23	$101M
Q2 23	$121M
Q3 23	$91M
Q4 23	$47M
Q1 24	$75M
Q2 24	$52M
Q3 24	$57M
Q4 24	$48M
Q1 25	$26M
Q2 25	$47M
Q3 25	$72M
Q4 25	$34M
Q1 26	$37M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+14.4%	+17.6%
Q3 22	+12.7%	+18.2%
Q4 22	+10.1%	+15.8%
Q1 23	+9.2%	+14.4%
Q2 23	+9.8%	+11.7%
Q3 23	+10.3%	+8.3%
Q4 23	+11.6%	+9.4%
Q1 24	+11.3%	+39.3%
Q2 24	+10.2%	+7.3%
Q3 24	+10.6%	+7.0%
Q4 24	+11.1%	+10.4%
Q1 25	+10.3%	-16.9%
Q2 25	+10.6%	+9.9%
Q3 25	+10.7%	+11.7%
Q4 25	+10.5%	+7.8%
Q1 26	+12.0%	+12.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$352M	8.0%
Q3 22	$378M	8.5%
Q4 22	$388M	8.6%
Q1 23	$416M	8.9%
Q2 23	$433M	9.0%
Q3 23	$442M	9.0%
Q4 23	$427M	8.5%
Q1 24	$451M	8.7%
Q2 24	$467M	8.8%
Q3 24	$474M	8.8%
Q4 24	$441M	7.9%
Q1 25	$475M	8.3%
Q2 25	$481M	8.2%
Q3 25	$497M	8.3%
Q4 25	$489M	7.9%
Q1 26	$509M	8.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$738M	$291M	$1.2B
Q3 22	$775M	$319M	$1.3B
Q4 22	$773M	$340M	$1.3B
Q1 23	$827M	$331M	$1.3B
Q2 23	$876M	$357M	$1.3B
Q3 23	$881M	$353M	$1.3B
Q4 23	$889M	$372M	$1.4B
Q1 24	$939M	$352M	$1.4B
Q2 24	$984M	$355M	$1.4B
Q3 24	$1.0B	$366M	$1.4B
Q4 24	$999M	$456M	$1.5B
Q1 25	$1.0B	$367M	$1.5B
Q2 25	$1.1B	$377M	$1.6B
Q3 25	$1.1B	$408M	$1.6B
Q4 25	$1.1B	$421M	$1.7B
Q1 26	$1.1B	$463M	$1.7B

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	14.4%	39.9%	54.3
Q3 22	12.7%	38.3%	51.0
Q4 22	10.1%	38.0%	48.1
Q1 23	9.2%	38.6%	47.8
Q2 23	9.8%	39.7%	49.5
Q3 23	10.3%	41.0%	51.3
Q4 23	11.6%	41.1%	52.7
Q1 24	11.3%	23.3%	34.6
Q2 24	10.2%	41.2%	51.4
Q3 24	10.6%	42.6%	53.2
Q4 24	11.1%	40.3%	51.3
Q1 25	10.3%	43.1%	53.3
Q2 25	10.6%	40.5%	51.1
Q3 25	10.7%	41.1%	51.8
Q4 25	10.5%	39.5%	50.0
Q1 26	12.0%	40.5%	52.5

Rule of 40

Revenue Segments

Quarter	Digital Experience	Digital Media	Print And Publishing
Q2 22	$1.1B	$3.2B	$91M
Q3 22	$1.1B	$3.2B	$81M
Q4 22	$1.1B	$3.3B	$75M
Q1 23	$1.2B	$3.4B	$84M
Q2 23	$1.2B	$3.5B	$83M
Q3 23	$1.2B	$3.6B	$67M
Q4 23	$1.3B	$3.7B	$66M
Q1 24	$1.3B	$3.8B	$77M
Q2 24	$1.3B	$3.9B	$74M
Q3 24	$1.4B	$4.0B	$59M
Q4 24	$1.4B	$4.1B	$65M
Q1 25	$1.4B	$4.2B	$73M
Q2 25	$1.5B	$4.3B	$71M
Q3 25	$1.5B	$4.5B	$53M
Q4 25	$1.5B	$4.6B	$59M

Revenue by Geography

Quarter	Americas	Asia	Emea
Q2 22	$2.5B	$705M	$1.2B
Q3 22	$2.6B	$690M	$1.1B
Q4 22	$2.7B	$687M	$1.2B
Q1 23	$2.8B	$703M	$1.2B
Q2 23	$2.9B	$724M	$1.2B
Q3 23	$2.9B	$718M	$1.2B
Q4 23	$3.1B	$729M	$1.3B
Q1 24	$3.1B	$753M	$1.3B
Q2 24	$3.2B	$760M	$1.4B
Q3 24	$3.2B	$762M	$1.4B
Q4 24	$3.4B	$785M	$1.5B
Q1 25	$3.4B	$807M	$1.5B
Q2 25	$3.5B	$832M	$1.5B
Q3 25	$3.6B	$847M	$1.6B
Q4 25	$3.7B	$874M	$1.7B
Q1 26	$3.8B	$904M	$1.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$3.4B	$1.9B	$5.3B
Q3 22	$3.9B	$1.9B	$5.8B
Q4 22	$4.2B	$1.9B	$6.1B
Q1 23	$4.1B	$1.6B	$5.7B
Q2 23	$5.5B	$1.1B	$6.6B
Q3 23	$6.6B	$915M	$7.5B
Q4 23	$7.1B	$701M	$7.8B
Q1 24	$6.3B	$566M	$6.8B
Q2 24	$7.7B	$405M	$8.1B
Q3 24	$7.2B	$322M	$7.5B
Q4 24	$7.6B	$273M	$7.9B
Q1 25	$6.8B	$677M	$7.4B
Q2 25	$4.9B	$782M	$5.7B
Q3 25	$5.0B	$958M	$5.9B
Q4 25	$5.4B	$1.2B	$6.6B
Q1 26	$6.3B	$558M	$6.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	473M	-0.4%	-1.7%
Q3 22	469M	-0.8%	-2.5%
Q4 22	466M	-0.6%	-2.9%
Q1 23	460M	-1.4%	-3.3%
Q2 23	459M	-0.1%	-3.0%
Q3 23	459M	0.0%	-2.1%
Q4 23	459M	0.0%	-1.5%
Q1 24	456M	-0.7%	-0.8%
Q2 24	451M	-1.1%	-1.7%
Q3 24	448M	-0.7%	-2.4%
Q4 24	443M	-1.1%	-3.5%
Q1 25	438M	-1.1%	-3.9%
Q2 25	433M	-1.1%	-4.0%
Q3 25	430M	-0.7%	-4.0%
Q4 25	417M	-3.0%	-5.9%
Q1 26	411M	-1.4%	-6.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$168.8K	26K
Q3 22	$170.6K	26K
Q4 22	$154.8K	29K
Q1 23	$159.2K	29K
Q2 23	$164.7K	29K
Q3 23	$167.2K	29K
Q4 23	$168.6K	30K
Q1 24	$173.1K	30K
Q2 24	$177.3K	30K
Q3 24	$180.6K	30K
Q4 24	$182.6K	31K
Q1 25	$186.1K	31K
Q2 25	$191.2K	31K
Q3 25	$195.0K	31K
Q4 25	$197.5K	31K
Q1 26	$204.0K	31K

Revenue / Employee