Adobe Inc. (ADBE) Cash Flow Statement
Where ADBE’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- $10.03B +24.5% vs FY2024
- Capital expenditures
- $179.0M 0.8% of revenue
- Free cash flow
- $9.85B 41.4% margin
- Returned to shareholders
- $11.28B 115% of free cash flow
- Change in cash
- −$2.18B cash at year-end $5.43B
Cash from operations
$10.03B
Capital expenditures
−$179.0M
Investments (net)
−$994.0M
Share buybacks (net)
−$11.28B
Net borrowing (repayment)
+$497.0M
Shares issued
+$348.0M
Other financing
−$624.0M
Change in cash
−$2.18B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADBE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ADBE cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.20BFY2016 | $10.03BFY2025 | +18.4%/yr | |
| Capital expenditures | $203.8MFY2016 | $179.0MFY2025 | −1.4%/yr | |
| Free cash flow | $2.00BFY2016 | $9.85BFY2025 | +19.4%/yr | |
| Free cash flow margin | 34.1%FY2016 | 41.4%FY2025 | +7.4 pts | |
| Operating cash flow / net income | 1.88FY2016 | 1.41FY2025 | −0.48 | |
| Stock-based compensation | $349.9MFY2016 | $1.94BFY2025 | +21.0%/yr | |
| Share buybacks (net) | $1.07BFY2016 | $11.28BFY2025 | +29.8%/yr | |
| Capex / revenue | 3.5%FY2016 | 0.8%FY2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADBE cash flow by activity
OperatingInvestingFinancingChange in cash
ADBE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ADBE cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | $4.82B | $5.26B | $2.95B | $2.59B | $1.69B | $1.17B |
| Depreciation & amortization | $818.0M | $857.0M | $872.0M | $856.0M | $788.0M | $757.0M | $757.0M | $346.5M | $326.0M | $331.5M |
| Stock-based compensation | $1.94B | $1.83B | $1.72B | $1.44B | $1.07B | $909.0M | $787.7M | $603.5M | $451.5M | $349.9M |
| Change in working capital | $108.0M | $144.0M | −$355.0M | $336.0M | $292.0M | $186.0M | $105.0M | $487.8M | $446.9M | $346.4M |
| Other non-cash items | $33.0M | −$338.0M | −$361.0M | $450.0M | $259.0M | −$1.39B | −$179.9M | $793,000 | −$5.5M | $3.1M |
| Cash from operating activities | $10.03B | $8.06B | $7.30B | $7.84B | $7.23B | $5.73B | $4.42B | $4.03B | $2.91B | $2.20B |
| Investing activities | ||||||||||
| Capital expenditures | −$179.0M | −$183.0M | −$360.0M | −$442.0M | −$330.0M | −$419.0M | −$334.0M | −$266.6M | −$178.1M | −$203.8M |
| Investments (net) | −$994.0M | $149.0M | $776.0M | −$570.0M | −$3.52B | $5.0M | $39.6M | $1.90B | $194.9M | −$707.8M |
| Acquisitions & other investing | −$14.0M | $183.0M | $360.0M | $442.0M | $312.0M | $0 | −$160.7M | −$6.31B | −$459.6M | −$48.4M |
| Cash from investing activities | −$1.19B | $149.0M | $776.0M | −$570.0M | −$3.54B | −$414.0M | −$455.1M | −$4.68B | −$442.9M | −$960.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$11.28B | −$9.50B | −$4.40B | −$6.55B | −$3.95B | −$3.05B | −$2.75B | −$2.05B | −$1.10B | −$1.07B |
| Net borrowing (repayment) | $497.0M | $2.00B | −$500.0M | $0 | $0 | −$6.0M | −$6.0M | $2.25B | −$2.0M | −$108,000 |
| Shares issued | $348.0M | $361.0M | $314.0M | $278.0M | $291.0M | $270.0M | $232.9M | $191.0M | $0 | $0 |
| Other financing | −$624.0M | −$582.0M | −$596.0M | −$553.0M | −$642.0M | −$702.0M | −$423.0M | −$393.2M | −$81.8M | −$15.6M |
| Cash from financing activities | −$11.06B | −$7.72B | −$5.18B | −$6.83B | −$4.30B | −$3.49B | −$2.95B | −$5.6M | −$1.18B | −$1.09B |
| Summary | ||||||||||
| Net change in cash | −$2.18B | $472.0M | $2.90B | $392.0M | −$634.0M | $1.83B | $1.01B | −$663.3M | $1.29B | $134.8M |
| Cash at end of period | $5.43B | $7.61B | $7.14B | $4.24B | $3.84B | $4.48B | $2.65B | $1.64B | $2.31B | $1.01B |
| Free cash flow | $9.85B | $7.87B | $6.94B | $7.40B | $6.89B | $5.31B | $4.09B | $3.76B | $2.73B | $2.00B |
| Free cash flow margin | 41.4% | 36.6% | 35.8% | 42.0% | 43.7% | 41.2% | 36.6% | 41.7% | 37.5% | 34.1% |
| Capex / revenue | 0.8% | 0.9% | 1.9% | 2.5% | 2.1% | 3.3% | 3.0% | 3.0% | 2.4% | 3.5% |
| Operating cash flow / net income | 1.41 | 1.45 | 1.35 | 1.65 | 1.50 | 1.09 | 1.50 | 1.56 | 1.72 | 1.88 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.83B | $1.71B | $1.89B | $1.86B | $1.77B | $1.69B | $1.81B | $1.68B | $1.68B | $1.57B | $620.0M | $1.48B |
| Depreciation & amortization | $215.0M | $193.0M | $174.0M | $184.0M | $208.0M | $209.0M | $217.0M | $218.0M | $213.0M | $214.0M | $212.0M | $222.0M |
| Stock-based compensation | $539.0M | $534.0M | $509.0M | $489.0M | $497.0M | $481.0M | $475.0M | $441.0M | $474.0M | $467.0M | $451.0M | $427.0M |
| Change in working capital | −$129.0M | −$100.0M | $276.0M | $741.0M | −$178.0M | −$89.0M | $131.0M | $617.0M | −$259.0M | −$215.0M | $1.0M | −$403.0M |
| Other non-cash items | $71.0M | −$174.0M | $110.0M | −$110.0M | −$101.0M | −$101.0M | −$152.0M | −$38.0M | −$91.0M | −$99.0M | −$110.0M | −$132.0M |
| Cash from operating activities | $2.52B | $2.17B | $2.96B | $3.16B | $2.20B | $2.19B | $2.48B | $2.92B | $2.02B | $1.94B | $1.17B | $1.60B |
| Investing activities | ||||||||||||
| Capital expenditures | −$85.0M | −$58.0M | −$37.0M | −$34.0M | −$72.0M | −$47.0M | −$26.0M | −$48.0M | −$57.0M | −$52.0M | −$75.0M | −$47.0M |
| Investments (net) | −$580.0M | −$98.0M | $510.0M | −$115.0M | −$279.0M | −$278.0M | −$484.0M | $19.0M | −$47.0M | $111.0M | $66.0M | $153.0M |
| Acquisitions & other investing | −$3.0M | −$1.61B | $1.0M | $3.0M | $72.0M | $47.0M | $26.0M | $48.0M | $57.0M | $52.0M | $75.0M | $47.0M |
| Cash from investing activities | −$668.0M | −$1.77B | $474.0M | −$146.0M | −$279.0M | −$278.0M | −$484.0M | $19.0M | −$47.0M | $111.0M | $66.0M | $153.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$2.23B | −$4.88B | −$2.48B | −$2.47B | −$2.06B | −$3.50B | −$3.25B | −$2.50B | −$2.50B | −$2.50B | −$2.00B | −$1.00B |
| Net borrowing (repayment) | −$250.0M | $493.0M | $0 | $0 | $0 | $0 | $497.0M | $0 | $0 | — | — | — |
| Shares issued | $178.0M | $0 | $84.0M | $0 | $252.0M | $0 | $96.0M | $0 | $264.0M | $0 | $97.0M | $0 |
| Other financing | −$111.0M | −$89.0M | −$150.0M | −$81.0M | −$71.0M | −$288.0M | −$184.0M | −$1.0M | −$217.0M | $1.86B | −$225.0M | −$217.0M |
| Cash from financing activities | −$2.42B | −$4.48B | −$2.54B | −$2.56B | −$1.88B | −$3.79B | −$2.84B | −$2.50B | −$2.45B | −$642.0M | −$2.13B | −$1.22B |
| Summary | ||||||||||||
| Net change in cash | −$560.0M | −$3.74B | $901.0M | $449.0M | $51.0M | −$1.83B | −$855.0M | $420.0M | −$467.0M | $1.41B | −$887.0M | $540.0M |
| Cash at end of period | $4.36B | $2.59B | $6.33B | $5.43B | $4.98B | $4.93B | $6.76B | $7.61B | $7.19B | $7.66B | $6.25B | $7.14B |
| Free cash flow | $2.44B | $2.11B | $2.92B | $3.13B | $2.13B | $2.14B | $2.46B | $2.87B | $1.96B | $1.89B | $1.10B | $1.55B |
| Free cash flow margin | 36.1% | 31.8% | 45.7% | 50.5% | 35.5% | 36.5% | 43.0% | 51.2% | 36.3% | 35.6% | 21.2% | 30.7% |
| Capex / revenue | 1.3% | 0.9% | 0.6% | 0.5% | 1.2% | 0.8% | 0.5% | 0.9% | 1.1% | 1.0% | 1.4% | 0.9% |
| Operating cash flow / net income | 1.38 | 1.26 | 1.57 | 1.70 | 1.24 | 1.30 | 1.37 | 1.74 | 1.20 | 1.23 | 1.89 | 1.08 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ADBE cash generation
In fiscal 2025 (ended November 30, 2025), Adobe generated $10.0 billion of cash from operations (up 24.5%) and spent $179.0 million on capital expenditures, leaving free cash flow of $9.9 billion, 41.4% of revenue. It returned $11.3 billion to shareholders through dividends ($0) and net share buybacks ($11.3 billion). Cash and equivalents fell by $2.2 billion over the year.
Related: ADBE income statement, ADBE balance sheet. See the ADBE stock overview for the latest quote and news.
ADBE cash flow FAQ
What is Adobe's free cash flow?
Adobe's free cash flow was $9.9 billion in fiscal 2025: $10.0 billion of operating cash flow minus $179.0 million of capital expenditures It was $7.9 billion a year earlier..
How much cash does Adobe generate from operations?
Adobe generated $10.0 billion of cash from operating activities in fiscal 2025, 1.41 times its net income of $7.1 billion.
How much does Adobe spend on capital expenditures?
Adobe spent $179.0 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $183.0 million the year before.
How much stock does Adobe buy back?
Adobe spent $11.3 billion on net share repurchases in fiscal 2025.