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	2016 - 2020
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	2016 - 2020
Net Income	7,130	5,560	5,428	4,756	4,822	Upgrade
Depreciation & Amortization	536	585	618	618	576	Upgrade
Other Amortization	282	272	254	238	212	Upgrade
Asset Writedown & Restructuring Costs	-	78	-	-	-	Upgrade
Loss (Gain) From Sale of Investments	-	-	-	29	-4	Upgrade
Stock-Based Compensation	1,942	1,833	1,718	1,440	1,069	Upgrade
Other Operating Activities	-464	-416	-361	421	263	Upgrade
Change in Accounts Receivable	-275	143	-159	-198	-430	Upgrade
Change in Accounts Payable	64	44	-49	66	-20	Upgrade
Change in Unearned Revenue	771	309	536	536	1,053	Upgrade
Change in Income Taxes	-45	68	-11	19	2	Upgrade
Change in Other Net Operating Assets	90	-420	-672	-87	-313	Upgrade
Operating Cash Flow	10,031	8,056	7,302	7,838	7,230	Upgrade
Operating Cash Flow Growth	24.52%	10.33%	-6.84%	8.41%	26.24%	Upgrade
Capital Expenditures	-179	-183	-360	-442	-348	Upgrade
Cash Acquisitions	-17	-	-	-126	-2,682	Upgrade
Investment in Securities	-994	330	1,135	-2	-507	Upgrade
Other Investing Activities	3	2	1	-	-	Upgrade
Investing Cash Flow	-1,187	149	776	-570	-3,537	Upgrade
Long-Term Debt Issued	1,997	1,997	-	-	-	Upgrade
Long-Term Debt Repaid	-1,500	-	-500	-	-	Upgrade
Net Debt Issued (Repaid)	497	1,997	-500	-	-	Upgrade
Issuance of Common Stock	348	361	314	278	291	Upgrade
Repurchase of Common Stock	-11,756	-10,177	-4,989	-7,068	-4,669	Upgrade
Other Financing Activities	-149	95	-7	-35	77	Upgrade
Financing Cash Flow	-11,060	-7,724	-5,182	-6,825	-4,301	Upgrade
Foreign Exchange Rate Adjustments	34	-9	9	-51	-26	Upgrade
Net Cash Flow	-2,182	472	2,905	392	-634	Upgrade
Free Cash Flow	9,852	7,873	6,942	7,396	6,882	Upgrade
Free Cash Flow Growth	25.14%	13.41%	-6.14%	7.47%	29.65%	Upgrade
Free Cash Flow Margin	41.45%	36.61%	35.77%	42.01%	43.60%	Upgrade
Free Cash Flow Per Share	23.07	17.51	15.12	15.71	14.31	Upgrade
Cash Interest Paid	246	143	106	103	100	Upgrade
Cash Income Tax Paid	2,219	1,727	1,854	778	843	Upgrade
Levered Free Cash Flow	8,806	7,953	6,611	6,272	5,784	Upgrade
Unlevered Free Cash Flow	8,970	8,059	6,681	6,342	5,854	Upgrade
Change in Working Capital	605	144	-355	336	292	Upgrade

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