Adobe Inc. (ADBE) Income Statement
ADBE FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsADBE revenue and net income
Where ADBE's revenue goes
FY2025Each bar shows an amount and its share of revenue. ADBE kept 30.0% of revenue as net income.
ADBE profit margins
ADBE growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.5% | +10.5% | +13.1% | +17.4% |
| Gross profit | +10.8% | +11.2% | +13.7% | +18.0% |
| Operating income | +29.1% | +12.6% | +15.5% | +25.4% |
| Net income | +28.2% | +14.5% | +6.3% | +27.5% |
| EPS (diluted) | +9.4% | +13.7% | +14.8% | +25.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ADBE quarterly EPS vs estimates
Adobe beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: December 9, 2026 (estimate $5.11).
ADBE income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.77B | $21.50B | $19.41B | $17.61B | $15.79B | $12.87B | $11.17B | $9.03B | $7.30B | $5.85B |
| Cost of revenue | $2.55B | $2.36B | $2.35B | $2.17B | $1.86B | $1.72B | $1.67B | $1.19B | $1.01B | $819.9M |
| Gross profit | $21.22B | $19.15B | $17.05B | $15.44B | $13.92B | $11.15B | $9.50B | $7.84B | $6.29B | $5.03B |
| Research & development | $4.29B | $3.94B | $3.47B | $2.99B | $2.54B | $2.19B | $1.93B | $1.54B | $1.22B | $976.0M |
| Sales, general & admin | $8.06B | $7.29B | $6.76B | $6.19B | $5.41B | $4.56B | $4.12B | $3.37B | $2.82B | $2.49B |
| Total operating expenses | $12.51B | $12.41B | $10.40B | $9.34B | $8.12B | $6.91B | $6.23B | $4.99B | $4.12B | $3.54B |
| Operating income | $8.71B | $6.74B | $6.65B | $6.10B | $5.80B | $4.24B | $3.27B | $2.84B | $2.17B | $1.49B |
| Interest income | $264.0M | $341.0M | $269.0M | $61.0M | $17.0M | $43.0M | $68.3M | $92.5M | $66.1M | $47.3M |
| Interest expense | $263.0M | $164.0M | $113.0M | $112.0M | $113.0M | $116.0M | $157.0M | $89.0M | $74.4M | $70.4M |
| Income before taxes | $8.73B | $6.93B | $6.80B | $6.01B | $5.71B | $4.18B | $3.20B | $2.79B | $2.14B | $1.44B |
| Income taxes | $1.60B | $1.37B | $1.37B | $1.25B | $883.0M | −$1.08B | $253.3M | $203.1M | $443.7M | $266.4M |
| Net income | $7.13B | $5.56B | $5.43B | $4.76B | $4.82B | $5.26B | $2.95B | $2.59B | $1.69B | $1.17B |
| EBITDA | $9.81B | $7.96B | $7.78B | $6.95B | $6.67B | $5.05B | $4.10B | $3.23B | $2.54B | $1.84B |
| EPS (diluted) | $20.15 | $18.42 | $16.08 | $13.72 | $12.48 | $10.10 | $7.88 | $6.77 | $4.32 | $3.02 |
| Gross margin | 89.3% | 89.0% | 87.9% | 87.7% | 88.2% | 86.6% | 85.0% | 86.8% | 86.2% | 86.0% |
| Operating margin | 36.6% | 31.3% | 34.3% | 34.6% | 36.8% | 32.9% | 29.3% | 31.5% | 29.7% | 25.5% |
| Net margin | 30.0% | 25.9% | 28.0% | 27.0% | 30.5% | 40.9% | 26.4% | 28.7% | 23.2% | 20.0% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.76B | $6.62B | $6.40B | $6.19B | $5.99B | $5.87B | $5.71B | $5.61B | $5.41B | $5.31B | $5.18B | $5.05B |
| Cost of revenue | $803.0M | $715.0M | $664.0M | $649.0M | $642.0M | $638.0M | $622.0M | $616.0M | $554.0M | $598.0M | $590.0M | $634.0M |
| Gross profit | $5.96B | $5.90B | $5.73B | $5.54B | $5.35B | $5.24B | $5.09B | $4.99B | $4.85B | $4.71B | $4.59B | $4.41B |
| Research & development | $1.29B | $1.20B | $1.11B | $1.10B | $1.09B | $1.08B | $1.03B | $999.0M | $1.02B | $984.0M | $939.0M | $889.0M |
| Sales, general & admin | $2.31B | $2.43B | $2.17B | $2.15B | $2.05B | $2.00B | $1.86B | $1.99B | $1.80B | $1.80B | $1.70B | $1.74B |
| Total operating expenses | $3.60B | $3.67B | $3.32B | $3.28B | $3.17B | $3.13B | $2.93B | $3.03B | $2.86B | $2.83B | $3.69B | $2.67B |
| Operating income | $2.35B | $2.24B | $2.42B | $2.26B | $2.17B | $2.11B | $2.16B | $1.96B | $1.99B | $1.89B | $907.0M | $1.74B |
| Interest expense | $66.0M | $65.0M | $63.0M | $66.0M | $67.0M | $68.0M | $62.0M | $50.0M | $51.0M | $41.0M | $27.0M | $28.0M |
| Income before taxes | $2.36B | $2.24B | $2.42B | $2.26B | $2.19B | $2.10B | $2.18B | $1.99B | $2.04B | $1.93B | $968.0M | $1.81B |
| Income taxes | $530.0M | $526.0M | $533.0M | $408.0M | $415.0M | $410.0M | $371.0M | $308.0M | $358.0M | $357.0M | $348.0M | $325.0M |
| 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 |
| EBITDA | $2.57B | $2.50B | $2.66B | $2.51B | $2.46B | $2.38B | $2.46B | $2.26B | $2.31B | $2.19B | $1.21B | $2.08B |
| EPS (diluted) | $4.75 | $5.96 | $6.06 | $5.50 | $5.31 | $5.06 | $4.28 | $4.81 | $4.65 | $4.48 | $4.48 | $4.27 |
| Gross margin | 88.1% | 89.2% | 89.6% | 89.5% | 89.3% | 89.1% | 89.1% | 89.0% | 89.8% | 88.7% | 88.6% | 87.4% |
| Operating margin | 34.8% | 33.8% | 37.8% | 36.5% | 36.3% | 35.9% | 37.9% | 34.9% | 36.8% | 35.5% | 17.5% | 34.5% |
| Net margin | 27.0% | 25.9% | 29.5% | 30.0% | 29.6% | 28.8% | 31.7% | 30.0% | 31.1% | 29.6% | 12.0% | 29.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ADBE's financial statements (latest annual report filed January 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ADBE financial results
In fiscal year 2025 (ended November 30, 2025), Adobe reported revenue of $23.8 billion, up 10.5% from the year before. It had net income of $7.1 billion (up 28.2%), a net profit margin of 30.0%. Diluted earnings per share came to $20.15. Over five years revenue grew at an average rate of 13.1% a year.
See the ADBE stock overview for the latest quote and news, or the ADBE chart for price history and technical indicators.
ADBE income statement FAQ
What is Adobe's annual revenue?
Adobe reported total revenue of $23.8 billion for fiscal year 2025, which ended on November 30, 2025. That was up 10.5% from $21.5 billion the previous year.
Is Adobe profitable?
Yes. Adobe reported net income of $7.1 billion in fiscal 2025, a net profit margin of 30.0%; its operating margin was 36.6%.
What is Adobe's gross margin?
Adobe's gross margin was 89.3% in fiscal 2025: for every $100 of revenue, Adobe kept $89 after the direct cost of its products and services.
How much does Adobe spend on research and development?
Adobe spent $4.3 billion on research and development in fiscal 2025, 18.1% of revenue.
How fast is Adobe growing?
Revenue grew 13.1% a year on average over the last five fiscal years, from $12.9 billion to $23.8 billion.
What are Adobe's earnings per share?
Adobe earned $20.15 per diluted share in fiscal 2025, compared with $18.42 a year earlier.
When will Adobe report its next earnings?
Adobe is expected to report results for the quarter ending November 30, 2026 on December 9, 2026 after the market closes.
When does Adobe's fiscal year end?
Adobe's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on January 15, 2026.