ADBE (Adobe Inc.) Stock Financials & Earnings | Market Cap Arena

ADBE (Adobe Inc.) Stock Financials & Earnings | Market Cap Arena

ADBEAdobe Inc.

Mkt Cap$115B

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

Revenue (TTM)$23.8B

Net Income (TTM)$7.1B

EPS (TTM)$16.71

Free Cash Flow (TTM)$9.9B

Gross Margin89.1%

Op. Margin36.6%

Net Margin30.0%

FCF Margin41.4%

P/S Ratio (TTM)4.8x

P/E Ratio (TTM)16.1x

YoY Rev Growth+10.5%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.4x	24.2x
Q2 23	6.2x	23.6x
Q3 23	6.1x	22.4x
Q4 23	5.9x	21.1x
Q1 24	5.7x	23.9x
Q2 24	5.6x	22.6x
Q3 24	5.5x	21.4x
Q4 24	5.3x	20.6x
Q1 25	5.2x	17.0x
Q2 25	5.1x	16.7x
Q3 25	4.9x	16.5x
Q4 25	4.8x	16.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

Capital Expenditures

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%

OpEx Breakdown

Quarter	R&D	G&A	S&M
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

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
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

Revenue Segments

Quarter	Digital Experience	Digital Media	Print And Publishing
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
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

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	460M	-1.4%
Q2 23	459M	-0.1%
Q3 23	459M	+0.0%
Q4 23	459M	+0.0%
Q1 24	456M	-0.7%
Q2 24	451M	-1.1%
Q3 24	448M	-0.7%
Q4 24	443M	-1.1%
Q1 25	438M	-1.1%
Q2 25	433M	-1.1%
Q3 25	430M	-0.7%
Q4 25	417M	-3.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$332K	12K
FY 15	$345K	14K
FY 16	$373K	16K
FY 17	$406K	18K
FY 18	$423K	21K
FY 19	$494K	23K
FY 20	$572K	23K
FY 21	$607K	26K
FY 22	$602K	29K
FY 23	$648K	30K
FY 24	$700K	31K
FY 25	$758K	31K