Adobe Cash Flow Statement

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

Millions USD. Fiscal year is Dec - Nov.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	May '26 May 29, 2026	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	7,229	7,130	5,560	5,428	4,756	4,822
Depreciation & Amortization	759	818	857	872	856	788
Stock-Based Compensation	2,029	1,942	1,833	1,718	1,440	1,069
Other Adjustments	-76	-464	-338	-361	450	259
Change in Receivables	-241	-275	143	-159	-198	-430
Changes in Accounts Payable	72	64	44	-49	66	-20
Changes in Accrued Expenses	57	180	196	146	7	162
Changes in Income Taxes Payable	-37	-45	68	-11	19	2
Changes in Unearned Revenue	590	771	309	536	536	1,053
Changes in Other Operating Activities	-200	-90	-616	-818	-94	-475
Operating Cash Flow	10,481	10,031	8,056	7,302	7,838	7,230
Operating Cash Flow Growth	9.01%	24.52%	10.33%	-6.84%	8.41%	26.24%
Capital Expenditures	-201	-179	-183	-360	-442	-348
Purchases of Investments	-2,088	-2,034	-59	-	-909	-1,533
Proceeds from Sale of Investments	1,852	1,177	499	1,189	953	1,068
Payments for Business Acquisitions	-1,577	-17	-	-	-126	-2,682
Other Investing Activities	-209	-134	-108	-53	-46	-42
Investing Cash Flow	-1,665	-1,187	149	776	-570	-3,537
Long-Term Debt Issued	493	1,997	1,997	-	-	-
Long-Term Debt Repaid	-	-1,500	-	-500	-	-
Net Long-Term Debt Issued (Repaid)	493	497	1,997	-500	-	-
Issuance of Common Stock	336	348	361	314	278	291
Repurchase of Common Stock	-9,120	-11,281	-9,500	-4,400	-6,550	-3,950
Net Common Stock Issued (Repurchased)	-8,784	-10,933	-9,139	-4,086	-6,272	-3,659
Other Financing Activities	-724	-624	-582	-596	-553	-642
Financing Cash Flow	-11,385	-11,060	-7,724	-5,182	-6,825	-4,301
Effect of Exchange Rate Changes on Cash and Cash Equivalents	2	34	-9	9	-51	-26
Net Cash Flow	-12	-2,182	472	2,905	392	-634
Free Cash Flow	10,280	9,852	7,873	6,942	7,396	6,882
Free Cash Flow Growth	4.34%	25.14%	13.41%	-6.14%	7.47%	29.65%
FCF Margin	40.80%	41.45%	36.61%	35.77%	42.01%	43.60%
Free Cash Flow Per Share	24.86	23.07	17.50	15.12	15.71	14.31
Levered Free Cash Flow	8,762	9,146	8,232	5,244	5,704	5,984
Unlevered Free Cash Flow	8,252	8,626	6,083	5,625	5,775	6,066

SEC Filings: 10-K · 10-Q