Adobe Inc. (BVL:ADBE)

Adobe Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021
Net Income	-	5,560	5,428	4,756	4,822
Depreciation & Amortization	-	585	618	618	576
Other Amortization	-	272	254	238	212
Asset Writedown & Restructuring Costs	-	78	-	-	-
Loss (Gain) From Sale of Investments	-	-35	-10	29	-4
Stock-Based Compensation	-	1,833	1,718	1,440	1,069
Other Operating Activities	-	-381	-351	421	263
Change in Accounts Receivable	-	143	-159	-198	-430
Change in Accounts Payable	-	44	-49	66	-20
Change in Unearned Revenue	-	309	536	536	1,053
Change in Income Taxes	-	68	-11	19	2
Change in Other Net Operating Assets	-	-420	-672	-87	-313
Operating Cash Flow	-	8,056	7,302	7,838	7,230
Operating Cash Flow Growth	-	10.33%	-6.84%	8.41%	26.24%
Capital Expenditures	-	-183	-360	-442	-348
Cash Acquisitions	-	-	-	-126	-2,682
Investment in Securities	-	332	1,136	-2	-507
Investing Cash Flow	-	149	776	-570	-3,537
Long-Term Debt Issued	-	1,997	-	-	-
Long-Term Debt Repaid	-	-	-500	-	-
Net Debt Issued (Repaid)	-	1,997	-500	-	-
Issuance of Common Stock	-	361	314	278	291
Repurchase of Common Stock	-	-10,177	-4,989	-7,068	-4,669
Other Financing Activities	-	95	-7	-35	77
Financing Cash Flow	-	-7,724	-5,182	-6,825	-4,301
Foreign Exchange Rate Adjustments	-	-9	9	-51	-26
Net Cash Flow	-	472	2,905	392	-634
Free Cash Flow	-	7,873	6,942	7,396	6,882
Free Cash Flow Growth	-	13.41%	-6.14%	7.47%	29.65%
Free Cash Flow Margin	-	36.61%	35.77%	42.01%	43.60%
Free Cash Flow Per Share	-	17.51	15.12	15.71	14.31
Cash Interest Paid	-	143	106	103	100
Cash Income Tax Paid	-	1,727	1,854	778	843
Levered Free Cash Flow	-	7,953	6,611	6,272	5,784
Unlevered Free Cash Flow	-	8,059	6,681	6,342	5,854
Change in Working Capital	-	144	-355	336	292

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