Adobe Inc. (ADBE) Balance Sheet
ADBE balance sheet, FY2025
November 30, 2025 · U.S. dollars$29.50B assets = $17.87B liabilities + $11.62B equity
Both columns are drawn to the same scale: what ADBE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ADBE financial health
Descriptive bands, not a rating. Fiscal FY2025.
ADBE balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.71BFY2016 | $29.50BFY2025 | +9.8%/yr | |
| Total liabilities | $5.28BFY2016 | $17.87BFY2025 | +14.5%/yr | |
| Shareholders’ equity | $7.42BFY2016 | $11.62BFY2025 | +5.1%/yr | |
| Cash & short-term investments | $4.76BFY2016 | $6.59BFY2025 | +3.7%/yr | |
| Total debt | $1.98BFY2016 | $6.65BFY2025 | +14.4%/yr | |
| Net cash (debt) | $2.78BFY2016 | −$53.0MFY2025 | −$2.8B | |
| Working capital | $3.03BFY2016 | −$37.0MFY2025 | −$3.1B | |
| Book value per share | $14.72FY2016 | $27.22FY2025 | +7.1%/yr | |
| Current ratio | 2.08FY2016 | 1.00FY2025 | −1.08 | |
| Debt / equity | 0.27FY2016 | 0.57FY2025 | +0.30 | |
| Shares outstanding | 504.3MFY2016 | 427.0MFY2025 | −1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADBE assets
ADBE liabilities and equity
ADBE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ADBE balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $6.59B | $7.89B | $7.84B | $6.10B | $5.80B | $5.99B | $4.18B | $3.23B | $5.82B | $4.76B |
| Cash & equivalents | $5.43B | $7.61B | $7.14B | $4.24B | $3.84B | $4.48B | $2.65B | $1.64B | $2.31B | $1.01B |
| Short-term investments | $1.16B | $273.0M | $701.0M | $1.86B | $1.95B | $1.51B | $1.53B | $1.59B | $3.51B | $3.75B |
| Receivables | $2.34B | $2.07B | $2.22B | $2.06B | $1.88B | $1.40B | $1.53B | $1.32B | $1.22B | $833.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 |
| Other current assets | $1.22B | $1.27B | $1.02B | $835.0M | $993.0M | $756.0M | $783.0M | $312.5M | $210.1M | $245.4M |
| Total current assets | $10.16B | $11.23B | $11.08B | $9.00B | $8.67B | $8.15B | $6.50B | $4.86B | $7.25B | $5.84B |
| Property, plant & equipment (net) | $2.19B | $2.22B | $2.39B | $2.31B | $2.12B | $2.00B | $1.29B | $1.08B | $937.0M | $816.3M |
| Goodwill & intangible assets | $13.35B | $13.57B | $13.89B | $14.24B | $14.49B | $12.10B | $12.41B | $12.65B | $6.21B | $5.82B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80.4M |
| Other non-current assets | $3.80B | $3.21B | $2.41B | $1.62B | $1.97B | $2.03B | $562.0M | $186.5M | $143.5M | $149.8M |
| Total assets | $29.50B | $30.23B | $29.78B | $27.16B | $27.24B | $24.28B | $20.76B | $18.77B | $14.54B | $12.71B |
| Liabilities | ||||||||||
| Accounts payable | $417.0M | $361.0M | $314.0M | $379.0M | $312.0M | $306.0M | $209.0M | $186.3M | $113.5M | $88.0M |
| Short-term debt | $77.0M | $1.57B | $73.0M | $587.0M | $97.0M | $92.0M | $3.15B | $93.2M | $63.7M | $81.5M |
| Deferred revenue | $6.91B | $6.13B | $5.84B | $5.30B | $4.73B | $3.63B | $3.38B | $2.92B | $2.41B | $1.95B |
| Total current liabilities | $10.20B | $10.52B | $8.25B | $8.13B | $6.93B | $5.51B | $8.19B | $4.30B | $3.53B | $2.81B |
| Long-term debt | $6.21B | $4.13B | $3.63B | $3.63B | $4.12B | $4.12B | $988.9M | $4.12B | $1.88B | $1.90B |
| Lease obligations | $438.0M | $428.0M | $446.0M | $504.0M | $550.0M | $591.0M | — | — | — | — |
| Other long-term liabilities | $1.46B | $1.48B | $1.38B | $1.36B | $1.39B | $1.39B | $1.05B | $980.6M | $666.8M | $568.6M |
| Total liabilities | $17.87B | $16.12B | $13.26B | $13.11B | $12.44B | $11.02B | $10.23B | $9.41B | $6.08B | $5.28B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | $61,000 | $61,000 | $61,000 | $61,000 |
| Retained earnings (deficit) | $45.35B | $38.47B | $33.35B | $28.32B | $23.91B | $19.61B | $14.83B | $11.82B | $9.57B | $8.11B |
| Treasury stock | — | — | — | −$23.84B | −$17.40B | −$13.55B | −$10.62B | −$7.99B | −$6.08B | −$5.13B |
| Accumulated other comprehensive income | −$245.0M | −$201.0M | −$285.0M | −$293.0M | −$137.0M | −$158.0M | −$188.0M | −$148.1M | −$111.8M | −$173.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $11.62B | $14.11B | $16.52B | $14.05B | $14.80B | $13.26B | $10.53B | $9.36B | $8.46B | $7.42B |
| Key figures | ||||||||||
| Total debt | $6.65B | $6.06B | $4.08B | $4.63B | $4.67B | $4.71B | $4.14B | $4.22B | $1.95B | $1.98B |
| Net cash (debt) | −$53.0M | $1.83B | $3.76B | $1.46B | $1.12B | $1.28B | $39.0M | −$989.1M | $3.87B | $2.78B |
| Working capital | −$37.0M | $711.0M | $2.83B | $868.0M | $1.74B | $2.63B | −$1.70B | $555.9M | $3.72B | $3.03B |
| Tangible book value | −$1.73B | $535.0M | $2.62B | −$185.0M | $309.0M | $1.16B | −$1.88B | −$3.29B | $2.25B | $1.60B |
| Book value per share | $27.22 | $31.34 | $35.99 | $29.83 | $30.76 | $27.35 | $21.42 | $18.81 | $16.88 | $14.72 |
| Shares outstanding | 427.0M | 450.0M | 459.0M | 471.0M | 481.0M | 485.0M | 491.6M | 497.8M | 501.1M | 504.3M |
| Current ratio | 1.00 | 1.07 | 1.34 | 1.11 | 1.25 | 1.48 | 0.79 | 1.13 | 2.05 | 2.08 |
| Quick ratio | 0.88 | 0.95 | 1.22 | 1.00 | 1.11 | 1.34 | 0.70 | 1.06 | 2.00 | 1.99 |
| Debt / equity | 0.57 | 0.43 | 0.25 | 0.33 | 0.32 | 0.35 | 0.39 | 0.45 | 0.23 | 0.27 |
| Equity / assets | 39.4% | 46.7% | 55.5% | 51.7% | 54.3% | 54.6% | 50.7% | 49.9% | 58.2% | 58.4% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.64B | $5.63B | $6.89B | $6.59B | $5.94B | $5.71B | $7.43B | $7.89B | $7.51B | $8.06B | $6.82B | $7.84B |
| Cash & equivalents | $4.36B | $4.92B | $6.33B | $5.43B | $4.98B | $4.93B | $6.76B | $7.61B | $7.19B | $7.66B | $6.25B | $7.14B |
| Short-term investments | $1.28B | $707.0M | $558.0M | $1.16B | $958.0M | $782.0M | $677.0M | $273.0M | $322.0M | $405.0M | $566.0M | $701.0M |
| Receivables | $2.08B | $1.99B | $2.09B | $2.34B | $2.09B | $1.74B | $1.97B | $2.07B | $1.80B | $1.61B | $2.06B | $2.22B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.44B | $1.45B | $1.40B | $1.22B | $1.38B | $1.53B | $1.45B | $1.27B | $1.40B | $1.35B | $1.13B | $1.02B |
| Total current assets | $9.16B | $9.07B | $10.39B | $10.16B | $9.41B | $8.98B | $10.86B | $11.23B | $10.72B | $11.02B | $10.01B | $11.08B |
| Property, plant & equipment (net) | $2.16B | $2.17B | $2.16B | $2.19B | $2.21B | $2.15B | $2.16B | $2.22B | $2.34B | $2.35B | $2.35B | $2.39B |
| Goodwill & intangible assets | $14.99B | $15.05B | $13.32B | $13.35B | $13.42B | $13.46B | $13.48B | $13.57B | $13.67B | $13.74B | $13.81B | $13.89B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.67B | $3.64B | $3.84B | $3.80B | $3.71B | $3.52B | $3.46B | $3.21B | $3.10B | $2.90B | $2.58B | $2.41B |
| Total assets | $29.98B | $29.93B | $29.70B | $29.50B | $28.75B | $28.11B | $29.95B | $30.23B | $29.83B | $30.01B | $28.75B | $29.78B |
| Liabilities | ||||||||||||
| Accounts payable | $529.0M | $499.0M | $419.0M | $417.0M | $337.0M | $360.0M | $326.0M | $361.0M | $318.0M | $357.0M | $300.0M | $314.0M |
| Short-term debt | $1.69B | $1.93B | $933.0M | $77.0M | $74.0M | $74.0M | $74.0M | $1.57B | $1.57B | $1.56B | $1.57B | $73.0M |
| Deferred revenue | $7.09B | $7.15B | $7.28B | $6.91B | $6.38B | $6.22B | $6.35B | $6.13B | $5.78B | $5.56B | $5.97B | $5.84B |
| Total current liabilities | $11.89B | $12.08B | $11.39B | $10.20B | $9.24B | $9.04B | $9.16B | $10.52B | $9.64B | $9.47B | $9.54B | $8.25B |
| Long-term debt | $4.77B | $4.80B | $5.38B | $6.21B | $6.20B | $6.17B | $6.16B | $4.13B | $4.13B | $4.13B | $2.14B | $3.63B |
| Lease obligations | $399.0M | $420.0M | $428.0M | $438.0M | $436.0M | $397.0M | $408.0M | $428.0M | $451.0M | $465.0M | $451.0M | $446.0M |
| Other long-term liabilities | $1.56B | $1.53B | $1.50B | $1.46B | $1.54B | $1.45B | $1.54B | $1.48B | $1.51B | $1.56B | $1.62B | $1.38B |
| Total liabilities | $18.22B | $18.41B | $18.27B | $17.87B | $16.98B | $16.66B | $16.86B | $16.12B | $15.29B | $15.16B | $13.29B | $13.26B |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | $50.59B | $48.77B | $47.17B | $45.35B | $43.52B | $41.74B | $40.19B | $38.47B | $36.91B | $35.23B | $33.81B | $33.35B |
| Accumulated other comprehensive income | −$203.0M | −$247.0M | −$295.0M | −$245.0M | −$341.0M | −$333.0M | −$158.0M | −$201.0M | −$309.0M | −$276.0M | −$277.0M | −$285.0M |
| Total shareholders' equity | $11.76B | $11.52B | $11.43B | $11.62B | $11.77B | $11.45B | $13.10B | $14.11B | $14.54B | $14.84B | $15.46B | $16.52B |
| Key figures | ||||||||||||
| Total debt | $6.76B | $7.07B | $6.66B | $6.65B | $6.64B | $6.56B | $6.56B | $6.06B | $6.08B | $6.09B | $4.09B | $4.08B |
| Net cash (debt) | −$1.12B | −$1.44B | $234.0M | −$53.0M | −$696.0M | −$850.0M | $872.0M | $1.83B | $1.44B | $1.98B | $2.73B | $3.76B |
| Working capital | −$2.73B | −$3.01B | −$1.00B | −$37.0M | $173.0M | −$61.0M | $1.69B | $711.0M | $1.07B | $1.55B | $471.0M | $2.83B |
| Tangible book value | −$3.23B | −$3.54B | −$1.89B | −$1.73B | −$1.65B | −$2.01B | −$388.0M | $535.0M | $873.0M | $1.11B | $1.65B | $2.62B |
| Book value per share | $29.78 | $28.65 | $27.82 | $27.87 | $27.37 | $26.44 | $29.90 | $31.84 | $32.47 | $32.91 | $33.90 | $35.99 |
| Shares outstanding | 395.0M | 402.0M | 411.0M | 417.0M | 430.0M | 433.0M | 438.0M | 443.0M | 448.0M | 451.0M | 456.0M | 459.0M |
| Current ratio | 0.77 | 0.75 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 |
| Quick ratio | 0.65 | 0.63 | 0.79 | 0.88 | 0.87 | 0.82 | 1.03 | 0.95 | 0.97 | 1.02 | 0.93 | 1.22 |
| Debt / equity | 0.57 | 0.61 | 0.58 | 0.57 | 0.56 | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 |
| Equity / assets | 39.2% | 38.5% | 38.5% | 39.4% | 40.9% | 40.7% | 43.7% | 46.7% | 48.8% | 49.5% | 53.8% | 55.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 15, 2026); data from EODHD.
ADBE financial position
At the end of fiscal 2025 (November 30, 2025), Adobe had total assets of $29.5 billion (down 2.4% from a year earlier), total liabilities of $17.9 billion and shareholders' equity of $11.6 billion. It held $6.6 billion in cash and short-term investments against $6.6 billion of debt, net debt of $53.0 million. Its current ratio was 1.00. In the latest quarter (ended August 31, 2026) total assets were $30.0 billion and equity $11.8 billion.
Related: ADBE income statement, ADBE cash flow statement, ADBE key metrics. See the ADBE stock overview for the latest quote and news.
ADBE balance sheet FAQ
What are Adobe's total assets?
Adobe reported total assets of $29.5 billion at the end of fiscal 2025 (November 30, 2025), compared with $30.2 billion a year earlier.
How much debt does Adobe have?
Adobe had $6.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.57.
How much cash does Adobe have?
Adobe held $6.6 billion in cash and short-term investments at the end of fiscal 2025; with $6.6 billion of debt that is net debt of $53.0 million.
What is Adobe's book value?
Adobe's shareholders' equity (book value) was $11.6 billion at the end of fiscal 2025, or $27.22 per share.
What is Adobe's current ratio?
Adobe had current assets of $10.2 billion and current liabilities of $10.2 billion, a current ratio of 1.00 (current liabilities exceed current assets).
How much goodwill does Adobe have?
Adobe carried $13.4 billion of goodwill and intangible assets, 45.3% of total assets, at the end of fiscal 2025.