Adobe Cash Flow 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
Net Income	7,130	5,560	5,428	4,756	4,822
Depreciation & Amortization	536	585	618	618	576
Other Amortization	282	272	254	238	212
Asset Writedown & Restructuring Costs	-	78	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	29	-4
Stock-Based Compensation	1,942	1,833	1,718	1,440	1,069
Other Operating Activities	-464	-416	-361	421	263
Change in Accounts Receivable	-275	143	-159	-198	-430
Change in Accounts Payable	64	44	-49	66	-20
Change in Unearned Revenue	771	309	536	536	1,053
Change in Income Taxes	-45	68	-11	19	2
Change in Other Net Operating Assets	90	-420	-672	-87	-313
Operating Cash Flow	10,031	8,056	7,302	7,838	7,230
Operating Cash Flow Growth	24.52%	10.33%	-6.84%	8.41%	26.24%
Capital Expenditures	-179	-183	-360	-442	-348
Cash Acquisitions	-17	-	-	-126	-2,682
Investment in Securities	-994	330	1,135	-2	-507
Other Investing Activities	3	2	1	-	-
Investing Cash Flow	-1,187	149	776	-570	-3,537
Long-Term Debt Issued	1,997	1,997	-	-	-
Long-Term Debt Repaid	-1,500	-	-500	-	-
Net Debt Issued (Repaid)	497	1,997	-500	-	-
Issuance of Common Stock	348	361	314	278	291
Repurchase of Common Stock	-11,756	-10,177	-4,989	-7,068	-4,669
Other Financing Activities	-149	95	-7	-35	77
Financing Cash Flow	-11,060	-7,724	-5,182	-6,825	-4,301
Foreign Exchange Rate Adjustments	34	-9	9	-51	-26
Net Cash Flow	-2,182	472	2,905	392	-634
Free Cash Flow	9,852	7,873	6,942	7,396	6,882
Free Cash Flow Growth	25.14%	13.41%	-6.14%	7.47%	29.65%
Free Cash Flow Margin	41.45%	36.61%	35.77%	42.01%	43.60%
Free Cash Flow Per Share	23.07	17.51	15.12	15.71	14.31
Cash Interest Paid	246	143	106	103	100
Cash Income Tax Paid	2,219	1,727	1,854	778	843
Levered Free Cash Flow	8,806	7,953	6,611	6,272	5,784
Unlevered Free Cash Flow	8,970	8,059	6,681	6,342	5,854
Change in Working Capital	605	144	-355	336	292

Updated Nov 28, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.