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Adobe Inc.

ADBE NASDAQ Categories PDF
Technology · Software - Infrastructure · United States · Updated May 11, 12:47pm
$246.15
Price
$99.5B
Market Cap
30,709
Employees
1.42
Beta
Shantanu Narayen
CEO
Business Description

Adobe Inc. operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative products. This segment serves content creators, workers, marketers, educators, enthusiasts, communicators, and consumers. The Digital Experience segment provides an integrated platform and set of applications and services that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers products and services, such as e-learning solutions, technical document publishing, web conferencing, document and forms platform, web application development, and high-end printing, as well as Advertising Cloud offerings. The company offers its products and services directly to enterprise customers through its sales force and local field offices, as well as to end users through app stores and through its website at adobe.com. It also distributes products and services through a network of distributors, value-added resellers, systems integrators, software vendors and developers, retailers, and original equipment manufacturers. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.

Business History
Price Overview
Last updated: May 11, 2026 12:47pm (just now)
$246.15
-6.89 (-2.72%)
Day Range
$245.54 – $250.53
52-Week Range
$224.13 – $422.95
50-Day MA
$250.36
200-Day MA
$311.36
Volume
1,578,859.00
Analyst Price Targets
Low $220.00
Consensus $345.50
High $450.00
(173 analysts)
Share Structure
Outstanding 404,200,000.00
Float 402,932,428.00
Free Float 99.7%
High free float — 99.7% of shares trade freely, ~0.3% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
Industry comparison last run: Apr 17, 2026 1:42pm
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
14.00
Stock Price: $246.15
EPS (Diluted): 16.73
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
11.73
Stock Price: $246.15
Total Equity: $11.62B
Shares: 427,000,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
10.10
Market Cap: $99.49B
Total Debt: $6.21B
Cash: $5.43B
EBITDA: $9.75B
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$137.6B
Market Cap: $99.49B
Total Debt: $6.21B
Cash: $5.43B
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
88.6%
Gross Profit: $21.06B
Revenue: $23.77B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
36.6%
Operating Income: $8.71B
Revenue: $23.77B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
30.0%
Net Income: $7.13B
Revenue: $23.77B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
62.3%
Net Income: $7.13B
Total Equity: $11.62B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
37.4%
Operating Income: $8.71B
Tax Rate: 18.4%
Equity: $11.62B
Total Debt: $6.21B
Cash: $5.43B
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.00
Current Assets: $10.16B
Current Liabilities: $10.20B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.53
Short-Term Debt: $0.00
Long-Term Debt: $6.21B
Total Debt: $6.21B
Total Equity: $11.62B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$55.67
Revenue: $23.77B
Shares: 427,000,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$27.22
Total Equity: $11.62B
Shares: 427,000,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$23.07
Operating CF: $10.03B
CapEx: -$179.00M
Shares: 427,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $246.15
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $7.13B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ADBE against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $15.8B $17.6B $19.4B $21.5B $23.8B
Cost of Revenue $1.9B $2.2B $2.4B $2.4B $2.7B
Gross Profit $13.9B $15.4B $17.1B $19.1B $21.1B
Operating Expenses $8.1B $9.3B $10.4B $12.4B $12.4B
Operating Income $5.8B $6.1B $6.7B $6.7B $8.7B
Net Income $4.8B $4.8B $5.4B $5.6B $7.1B
EBITDA $6.7B $7.1B $7.8B $8.0B $9.7B
EPS $10.10 $10.13 $11.88 $12.44 $16.73
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $3.8B $4.2B $7.1B $7.6B $5.4B
Total Current Assets $8.7B $9.0B $11.1B $11.2B $10.2B
Total Assets $27.2B $27.2B $29.8B $30.2B $29.5B
Current Liabilities $6.9B $8.1B $8.3B $10.5B $10.2B
Long-Term Debt $4.1B $3.6B $3.6B $4.1B $6.2B
Total Liabilities $12.4B $13.1B $13.3B $16.1B $17.9B
Total Equity $14.8B $14.1B $16.5B $14.1B $11.6B
Retained Earnings $23.9B $28.3B $33.3B $38.5B $45.4B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $7.2B $7.8B $7.3B $8.1B $10.0B
Capital Expenditure -$330.0M -$442.0M -$360.0M -$232.0M -$179.0M
Free Cash Flow $6.9B $7.4B $6.9B $7.8B $9.9B
Acquisitions (net) -$2.7B -$126.0M $0 $0 -$17.0M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$4.0B -$6.6B -$4.4B -$9.5B -$11.3B
Net Change in Cash -$634.0M $392.0M $2.9B $472.0M -$2.2B
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $28.4B
$28.0B – $29.1B
 $30.9B
$30.8B – $31.0B
 $33.6B
$33.0B – $35.2B
 $36.5B
$35.8B – $38.2B
EBITDA $11.4B
$11.2B – $11.6B
 $12.4B
$12.3B – $12.4B
 $13.5B
$13.2B – $14.1B
 $14.6B
$14.4B – $15.3B
Net Income $11.4B
$10.9B – $11.9B
 $13.2B
$11.7B – $14.6B
 $13.2B
$12.8B – $14.0B
 $14.2B
$13.9B – $15.1B
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +11.5% +10.2% +10.8% +10.5%
Gross Profit Growth +10.9% +10.5% +12.3% +10.0%
Operating Income Growth +5.1% +9.1% +1.4% +29.1%
Net Income Growth -1.4% +14.1% +2.4% +28.2%
EBITDA Growth +5.7% +10.3% +2.2% +22.5%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-30 Forusz Jillian S-Sale 755.00 $246.25 $185,915
2026-04-28 NARAYEN SHANTANU S-Sale 51,422.00 $243.19 $12.5M
2026-04-28 NARAYEN SHANTANU S-Sale 13,237.00 $243.89 $3.2M
2026-04-28 NARAYEN SHANTANU S-Sale 10,341.00 $244.78 $2.5M
2026-04-20 Durn Daniel S-Sale 1,336.00 $248.02 $331,355
2026-04-15 Oberg Kathleen K. M-Exempt 900.00 $0.00 $0
2026-04-15 Oberg Kathleen K. A-Award 1,367.00 $0.00 $0
2026-04-15 Oberg Kathleen K. M-Exempt 900.00 $0.00 $0
2026-04-15 Desmond Laura M-Exempt 900.00 $0.00 $0
2026-04-15 Desmond Laura A-Award 1,367.00 $0.00 $0
2026-04-15 Desmond Laura M-Exempt 900.00 $0.00 $0
2026-04-15 Pandey Dheeraj M-Exempt 900.00 $0.00 $0
2026-04-15 Pandey Dheeraj A-Award 1,367.00 $0.00 $0
2026-04-15 Pandey Dheeraj M-Exempt 900.00 $0.00 $0
2026-04-15 AMON CRISTIANO R M-Exempt 900.00 $0.00 $0
2026-04-15 AMON CRISTIANO R A-Award 1,367.00 $0.00 $0
2026-04-15 AMON CRISTIANO R M-Exempt 900.00 $0.00 $0
2026-04-15 Banse Amy M-Exempt 900.00 $0.00 $0
2026-04-15 Banse Amy A-Award 1,367.00 $0.00 $0
2026-04-15 Banse Amy M-Exempt 900.00 $0.00 $0
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2005-03-24 $0.01 2005-03-16 2005-03-29 2005-04-12
2004-12-23 $0.01 2004-12-15 2004-12-28 2005-01-11
2004-09-24 $0.01 2004-09-20 2004-09-28 2004-10-12
2004-06-25 $0.01 2004-06-21 2004-06-29 2004-07-13
2004-03-26 $0.01 2004-03-18 2004-03-30 2004-04-13
2004-01-07 $0.01 2003-12-11 2004-01-09 2004-01-23
2003-09-19 $0.01 2003-09-10 2003-09-23 2003-10-07
2003-06-19 $0.01 2003-06-12 2003-06-23 2003-07-07
2003-03-20 $0.01 2003-03-17 2003-03-24 2003-04-07
2003-01-07 $0.01 2002-12-18 2003-01-09 2003-01-23
2002-09-20 $0.01 2002-09-17 2002-09-24 2002-10-08
2002-06-21 $0.01 2002-06-17 2002-06-25 2002-07-08
2002-03-21 $0.01 2002-03-14 2002-03-25 2002-04-08
2001-12-31 $0.01 2001-12-24 2002-01-03 2002-01-17
2001-09-21 $0.01 2001-09-19 2001-09-25 2001-10-09
2001-06-22 $0.01 2001-06-14 2001-06-26 2001-07-09
2001-03-22 $0.01 2001-03-20 2001-03-26 2001-04-09
2001-01-02 $0.01 2000-12-29 2001-01-04 2001-01-18
2000-09-28 $0.03 2000-09-14 2000-10-02 2000-10-24
2000-06-30 $0.03 2000-06-21 2000-07-05 2000-07-15
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27