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ADOBE INC.ADBE

Sector
Technology
Industry
Services-Prepackaged Software
Exchange
Nasdaq

Stock Price $ADBE

Latest filings

You are here#37 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K104

ADBE filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 104 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Jan ’19Jan ’19
  2. Leadership change8-K · Jun ’21Jun ’21
  3. Leadership change8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $23.77B
YoY changeLargest recent move+24.7%in FY17Latest +10.5%

1 older move runs past ±25% (largest +29.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ADBE Financial Metrics59 metrics

Income Statement16

Balance Sheet26

Cash Flow13

Per Share4

02—Overview

ADOBE INC. Financial Overview 2021–2025

Updated Jul 10, 2026

By the end of Q3 2025, subscriptions generated an overwhelming 97%a of Adobe’s total revenue. This near-total reliance on sticky software establishes a clear investment thesis: Adobe operates a compounding cash engine that heavily funds both artificial intelligence expansion and massive shareholder returns. The business model is engineered to insulate the bottom line from economic volatility while capturing highly predictable, recurring enterprise spend.

This structural advantage is highly visible across the company's multi-year expansion. Digital Media segment revenue grew from $11.52 billion in FY2021 to $17.65 billionb in FY2025. This top-line growth cascaded directly to cash generation, with operating cash flows surging 25% to reach $10.03 billion in FY2025. Management aggressively deployed this liquidity to shrink the share count, executing $9.5 billion in buybacks during FY2024 and authorizing a $25 billion repurchase program in 2026. Even after absorbing a $1 billion termination fee for the abandoned Figma acquisition in FY2024, net income rebounded with a 28% increase to hit $7.13 billion in FY2025.

At the close of FY2025, the market valued the software giant at a $132.2 billionc market cap. Shares traded at $320.13, placing the valuation at a 19.2x P/E ratio. This pricing reflects a maturing enterprise actively translating its legacy creative monopoly into a generative technology platform.

Recent Developments (Q1 and Q2 2026)

Adobe faces significant leadership transitions alongside major strategic expansion in 2026. CEO Shantanu Narayen is stepping down, and CFO Daniel Durn resigned effective June 15, 2026. Despite executive turnover, top-line metrics accelerated. Total revenue grew 13% year-over-year to $6.62 billiond in Q2 2026, while Annualized Recurring Revenue climbed 12.5% to $27.10 billion. Adobe also closed its $1.87 billion acquisition of Semrush to bolster marketing and SEO capabilities.

Bulls focus on this strong top-line momentum and robust operational cash flow, which hit $5.12 billione for the first half of 2026. Bears warn that rising sales and marketing costs drove a 17% year-over-year spike in operating expenses during Q2 2026, flatlining net income at $1.71 billion. The stock appears cheaply valued given the sustained revenue growth, trading at 12.4x earnings as of the June 15, 2026 reporting date.

What to watch: the ongoing executive search to replace Narayen; integration of Semrush into the broader software portfolio

03—Filings

Recent SEC Filings

  1. 8-KADOBE INC. 8-K Report, Financial Results (Sep 10, 2026)Adobe reported record third quarter fiscal 2026 results (quarter ended August 28, 2026), with revenue of $6.76 billion, up 13% year over year (12% in constant currency). GAAP diluted EPS was $4.62 and non-GAAP diluted EPS was $6.13, both up from the prior-year quarter ($4.18 GAAP, $5.31 non-GAAP). GAAP operating income rose 8% to $2.35 billion, and non-GAAP operating income reached $2.97 billion. Subscription revenue was $6.58 billion, up about 14%. Operating cash flow was a record $2.52 billion. Management highlighted AI-first ARR growth above 150% year over year, total ending ARR of $27.50 billion, and a milestone of one billion monthly active users across creativity and productivity offerings. Adobe raised its full-year FY2026 targets. Revenue is now guided to $26.576 billion to $26.626 billion, and non-GAAP EPS to $24.45 to $24.50, with GAAP EPS at $18.12 to $18.17. Fourth-quarter guidance calls for revenue of $6.80 billion to $6.85 billion and non-GAAP EPS of $6.30 to $6.35. Management attributes growth to a freemium strategy and deeper engagement with agentic experiences. The company also repurchased about 9.5 million shares and spent $2.23 billion on buybacks during the quarter. Steve Day is listed as interim CFO, and the release notes a CEO-level transition in which Anil is expected to build on momentum. Investors should weigh the strong top-line and margin performance against the reliance on non-GAAP adjustments, which exclude about $1.38 per share of stock-based compensation in the quarter. Cash balances declined over the quarter, and goodwill and intangibles rose after acquisitions, while debt was reduced by $250 million. The results and guidance are unaudited and subject to the forthcoming Form 10-Q.
  2. 8-KADOBE INC. 8-K Report, Executive Changes (Sep 8, 2026)Adobe (ADBE) announced in an 8-K filed September 8, 2026 that its Board has appointed Anil Chakravarthy, currently President of the Customer Experience Orchestration business and worldwide field operations, as President and Chief Executive Officer effective December 1, 2026. Chakravarthy will also join the Board. Shantanu Narayen, Chair and CEO, will retire as CEO on the same date and become Executive Chair of the Board, where he will work with Chakravarthy on a smooth transition. The succession is planned rather than reactive: the board describes a rigorous, unanimous selection process led by Lead Independent Director Frank Calderoni. Chakravarthy has been at Adobe since January 2020, has led scaling of Adobe Experience Platform and products such as CX Enterprise, GenStudio and Brand Visibility, and oversaw the Workfront and Semrush acquisitions. His prior CEO experience at Informatica is a relevant credential for investors assessing execution at the top. Investors should also note that David Wadhwani, President of the Creativity & Productivity business, will step down effective September 27, 2026, and remain as a senior advisor during a transition period. This departure touches Adobe's core creative franchise, so near-term leadership continuity in that segment will be worth watching. The announcement comes ahead of the Q3 FY2026 earnings call on September 10, where management commentary on the transition and the business outlook is likely to be a focus.
  3. 8-KADOBE INC. 8-K Report, Executive Changes (Jul 17, 2026)Adobe Inc. (ADBE) announced on July 17, 2026, that its Executive Compensation Committee approved a retention letter for Louise Pentland, a key executive. This letter outlines specific severance benefits should Ms. Pentland's employment be terminated by the Company without Cause or by her for Good Reason. The agreement is designed to provide financial security and ensure continued focus during a potentially transitional period for the company. The retention package includes a cash payment equivalent to 12 months of base salary plus 100% of her target annual bonus. Additionally, Adobe will cover COBRA premiums for up to 12 months and provides for accelerated vesting of certain restricted stock units and other time-based equity awards under specific conditions and termination dates prior to mid-2027. These provisions are temporary, designed to sunset 12 months after the new CEO begins employment, highlighting a strategic approach to executive retention during leadership changes.
  4. 8-KADOBE INC. 8-K Report, Financial Results (Jun 11, 2026)Adobe reported record second-quarter fiscal 2026 results (quarter ended May 29, 2026) with total revenue of $6.62 billion, up 13% year over year (11% in constant currency). GAAP diluted EPS was $4.25 and non-GAAP diluted EPS was $5.96, which included a $0.17 per share non-cash goodwill impairment tied to the Publishing & Advertising reporting unit. Total ARR exiting the quarter reached $27.10 billion, including roughly $480 million from the Semrush acquisition, and management said AI-first ARR tripled year over year to exceed $500 million. Operating cash flow was $2.17 billion, and the company repurchased about 8.5 million shares during the quarter. Management raised its FY2026 targets. Total revenue is now guided to $26.50–$26.60 billion, GAAP EPS to $17.90–$18.00, and non-GAAP EPS to $24.35–$24.45. The Q3 outlook calls for revenue of $6.67–$6.72 billion and non-GAAP EPS of $6.05–$6.10, with a non-GAAP operating margin of about 44%. These targets factor in the Semrush acquisition, which closed during the quarter and added about $1.56 billion in cash outflow and roughly $1.4 billion of incremental goodwill and intangibles on the balance sheet. The filing also discloses leadership change: CFO and EVP Daniel Durn resigned, effective June 15, 2026, to pursue another opportunity. Steven Day, a 20-year Adobe finance veteran, was named interim CFO, reporting to CEO Shantanu Narayen. Investors will likely watch for a permanent CFO appointment and whether the transition affects execution, especially given that GAAP operating expenses rose sharply, with G&A up 45% year over year, partly due to acquisition-related and legal items. The company also added $493 million of new debt during the quarter.
  5. 8-KADOBE INC. 8-K Report, Executive Changes (Apr 21, 2026)Adobe's April 2026 8-K covers three items from the April 15, 2026 Annual Meeting and a new capital return authorization. Stockholders approved a 12 million share increase to the 2019 Equity Incentive Plan, ratified KPMG LLP as auditor for fiscal 2026, and narrowly approved the advisory say-on-pay vote. All eleven director nominees were elected, though Daniel Rosensweig drew substantial opposition. All four stockholder proposals failed. The most investor-relevant item is the Board's approval of a new $25 billion share repurchase authorization running through April 30, 2030. Management says the program is meant to return value, offset dilution from stock issuance, and reduce share count over time. It may use open-market purchases and structured repurchase agreements, and it is substantially similar to prior programs. The filing states Adobe has no obligation to repurchase any shares, and timing will depend on market conditions, legal requirements, capital needs, and alternative uses of capital. The CFO tied the authorization to confidence in cash flow while Adobe continues to invest heavily in AI-driven innovation. The say-on-pay result is a governance signal worth watching. The advisory vote passed with 148.8 million votes for and 145.0 million against, roughly 50.6% of votes cast, a close outcome given the stakes of compensation scrutiny. The filing also notes that the 2019 Plan amendment had already been approved by the Executive Compensation Committee before stockholder approval, and the proposal passed with about 91.9% of votes cast. Investors may want to monitor dilution from the larger share reserve against the buyback program.
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04—See also

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