Adobe Income Statement

Financials in millions USD. Fiscal year is December - November.

Millions USD. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 28, 2025	Nov '24 Nov 29, 2024	Dec '23 Dec 1, 2023	Dec '22 Dec 2, 2022	Dec '21 Dec 3, 2021
Revenue	23,769	21,505	19,409	17,606	15,785
Revenue Growth (YoY)	10.53%	10.80%	10.24%	11.54%	22.67%
Cost of Revenue	2,551	2,358	2,354	2,165	1,865
Gross Profit	21,218	19,147	17,055	15,441	13,920
Selling, General & Admin	8,061	7,215	6,764	6,187	5,406
Research & Development	4,294	3,944	3,473	2,987	2,540
Amortization of Goodwill & Intangibles	157	169	168	169	172
Operating Expenses	12,512	11,328	10,405	9,343	8,118
Operating Income	8,706	7,819	6,650	6,098	5,802
Interest Expense	-263	-169	-113	-112	-113
Interest & Investment Income	264	341	269	61	17
Currency Exchange Gain (Loss)	-15	-29	-17	-21	-17
Other Non Operating Income (Expenses)	-	-	1	1	-
EBT Excluding Unusual Items	8,692	7,962	6,790	6,027	5,689
Merger & Restructuring Charges	-	-1,000	-	-	-
Gain (Loss) on Sale of Investments	42	47	9	-19	16
Asset Writedown	-	-78	-	-	-
Pretax Income	8,734	6,931	6,799	6,008	5,705
Income Tax Expense	1,604	1,371	1,371	1,252	883
Net Income	7,130	5,560	5,428	4,756	4,822
Net Income to Common	7,130	5,560	5,428	4,756	4,822
Net Income Growth	28.24%	2.43%	14.13%	-1.37%	-8.33%
Shares Outstanding (Basic)	426	447	457	470	477
Shares Outstanding (Diluted)	427	450	459	471	481
Shares Change (YoY)	-5.05%	-2.05%	-2.51%	-2.10%	-0.93%
EPS (Basic)	16.73	12.44	11.87	10.13	10.10
EPS (Diluted)	16.70	12.36	11.82	10.10	10.02
EPS Growth	35.11%	4.57%	17.03%	0.80%	-7.48%
Free Cash Flow	9,852	7,873	6,942	7,396	6,882
Free Cash Flow Per Share	23.07	17.51	15.12	15.71	14.31
Gross Margin	89.27%	89.03%	87.87%	87.70%	88.19%
Operating Margin	36.63%	36.36%	34.26%	34.64%	36.76%
Profit Margin	30.00%	25.85%	27.97%	27.01%	30.55%
Free Cash Flow Margin	41.45%	36.61%	35.77%	42.01%	43.60%
EBITDA	9,242	8,404	7,268	6,716	6,378
EBITDA Margin	38.88%	39.08%	37.45%	38.15%	40.41%
D&A For EBITDA	536	585	618	618	576
EBIT	8,706	7,819	6,650	6,098	5,802
EBIT Margin	36.63%	36.36%	34.26%	34.64%	36.76%
Effective Tax Rate	18.37%	19.78%	20.16%	20.84%	15.48%
Revenue as Reported	23,769	21,505	19,409	17,606	15,785
Advertising Expenses	1,370	1,040	970	1,040	865

Source: S&P Global Market Intelligence. Standard template. Financial Sources.