FINANCIAL MODEL

Adobe Inc.

ADBE · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	4,796	5,854	7,302	9,030	11,171	12,868	15,785	17,606	19,409	21,505	23,769
Cost of Goods Sold	744	820	1,010	1,195	1,673	1,722	1,865	2,165	2,354	2,358	2,551
Gross Profit
SG&A	2,215	2,488	2,822	3,366	4,125	4,559	5,406	6,187	6,764	7,293	8,061
R&D	863	976	1,224	1,538	1,930	2,188	2,540	2,987	3,473	3,944	4,294
EBITDA
D&A	339	332	326	346	737	757	788	856	872	857	818
EBIT (Operating Income)	903	1,494	2,168	2,840	3,268	4,237	5,802	6,098	6,650	6,741	8,706
Interest Expense	64	70	74	89	157	116	113	112	113	169	263
Pre-Tax Income	874	1,435	2,138	2,794	3,205	4,176	5,705	6,008	6,799	6,931	8,734
Tax Expense	244	266	444	203	253	-1,084	883	1,252	1,371	1,371	1,604
Net Income	630	1,169	1,694	2,591	2,951	5,260	4,822	4,756	5,428	5,560	7,130
Diluted EPS	1.24	2.32	3.38	5.20	6.00	10.83	10.02	10.10	11.82	12.36	16.70
Diluted Shares (M)	507.2	504.3	501.1	497.8	491.6	485.0	481.0	471.0	459.0	450.0	427.0
Balance Sheet
Total Cash & Equivalents	877	1,011	2,306	1,643	2,650	4,478	3,844	4,236	7,141	7,613	5,431
Short-term Debt	0	0	0	0	3,149	0	0	500	0	1,499	0
Long-term Debt	1,907	1,902	1,881	4,125	989	4,117	4,123	3,629	3,634	4,129	6,210
Total Debt
Net Debt
Total Current Assets	4,822	5,840	7,248	4,857	6,495	8,146	8,669	8,996	11,084	11,232	10,163
Total Current Liabilities	2,214	2,812	3,527	4,301	8,191	5,512	6,932	8,128	8,251	10,521	10,200
Total Assets	11,726	12,707	14,536	18,769	20,762	24,284	27,241	27,165	29,779	30,230	29,496
Total Liabilities	4,725	5,282	6,076	9,407	10,232	11,020	12,444	13,114	13,261	16,125	17,873
Shareholders' Equity	7,002	7,425	8,460	9,362	10,530	13,264	14,797	14,051	16,518	14,105	11,623
Minority Interest
Intangibles & Goodwill	5,367	5,406	5,822	10,581	10,691	10,742	12,668	12,787	12,805	12,788	12,857
PP&E	787	816	937	1,075	1,293	1,517	1,673	1,908	2,030	1,936	1,873
Receivables	672	833	1,218	1,316	1,535	1,398	1,878	2,065	2,224	2,072	2,344
Payables	93	88	114	186	209	306	312	379	314	361	417
Inventory
Retained Earnings	7,253	8,115	9,574	11,816	14,829	19,611	23,905	28,319	33,346	38,470	45,354
Cash Flow
Cash from Operations	1,470	2,200	2,913	4,029	4,422	5,727	7,230	7,838	7,302	8,056	10,031
Capital Expenditures	185	204	178	267	394	419	348	442	360	183	179
Free Cash Flow
Stock-Based Compensation	336	350	454	610	788	909	1,069	1,440	1,718	1,833	1,942
Dividends Paid
Share Repurchases	625	1,075	1,100	2,050	2,750	3,050	3,950	6,550	4,400	9,500	11,281