Adobe Inc.
ADBENASDAQ
$271.19
Last price · USD
- Market cap
- $115.8B
- P/E
- 16.2x
- EV / EBITDA
- 12.0x
- P/S
- 4.9x
- FCF yield
- 8.5%
- Div. yield
- 0.00%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Adobe Inc. cash flow statement
Annual · USD millions except per-share data · 34 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 7,130 | 5,560 | 5,428 | 4,756 | 4,822 | +10.3% | |
| Depreciation & amortization | 818 | 894 | 872 | 856 | 788 | +0.9% | |
| Deferred income tax | (119) | (341) | (426) | 328 | 183 | — | |
| Stock-based compensation | 1,942 | 1,881 | 1,718 | 1,440 | 1,069 | +16.1% | |
| Change in working capital | 108 | 144 | (355) | 336 | 292 | -22.0% | |
| Accounts receivables | (25) | 143 | (159) | (198) | (430) | — | |
| Inventory | 0 | 0 | 208 | 0 | 0 | — | |
| Accounts payables | (23) | 44 | (49) | 66 | (20) | — | |
| Other working capital | 156 | (43) | (355) | 468 | 742 | -32.3% | |
| Other non-cash items | 152 | (82) | 65 | 122 | 76 | +18.9% | |
| Net cash from operating activities | 10,031 | 8,056 | 7,302 | 7,838 | 7,230 | +8.5% | |
| Operating cash flow | 10,031 | 8,056 | 7,302 | 7,838 | 7,223 | +8.6% | |
| Investing activities | |||||||
| Investments in PP&E | (179) | (232) | (360) | (442) | (348) | — | |
| Capital expenditure | (179) | (232) | (360) | (442) | (330) | — | |
| Acquisitions, net | (17) | 0 | 0 | (126) | (2,682) | — | |
| Purchases of investments | (1,125) | (58) | (53) | (955) | (1,575) | — | |
| Sales / maturities of investments | 688 | 388 | 1,189 | 953 | 1,068 | -10.4% | |
| Other investing activities | (554) | 51 | 0 | 0 | 0 | — | |
| Net cash from investing activities | (1,187) | 149 | 776 | (570) | (3,537) | — | |
| Financing activities | |||||||
| Net debt issuance | 497 | 1,997 | (500) | 0 | 0 | — | |
| Long-term net debt issuance | 497 | 1,997 | (500) | 0 | 0 | — | |
| Net stock issuance | (11,137) | (9,291) | (4,086) | (6,272) | (3,659) | — | |
| Common stock issuance | 144 | 209 | 314 | 278 | 291 | -16.1% | |
| Common stock repurchased | (11,281) | (9,500) | (4,400) | (6,550) | (3,950) | — | |
| Net common stock issuance | (11,137) | (9,291) | (4,086) | (6,272) | (3,659) | — | |
| Other financing activities | (420) | (430) | (596) | (553) | (642) | — | |
| Net cash from financing activities | (11,060) | (7,724) | (5,182) | (6,825) | (4,301) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 34 | (9) | 9 | (51) | (26) | — | |
| Net change in cash | (2,182) | 472 | 2,905 | 392 | (634) | — | |
| Cash at beginning of period | 7,613 | 7,141 | 4,236 | 3,844 | 4,478 | +14.2% | |
| Cash at end of period | 5,431 | 7,613 | 7,141 | 4,236 | 3,844 | +9.0% | |
| Free cash flow | 9,852 | 7,824 | 6,942 | 7,396 | 6,893 | +9.3% | |
| Income taxes paid | 1,705 | 1,727 | 1,854 | 778 | 843 | +19.3% | |
| Interest paid | 196 | 143 | 106 | 103 | 100 | +18.3% | |