Adobe Inc ADBE

Information TechnologySoftware & IT ServicesUnited States of America

Last close 250.23 USD on Nov 1, 2026, −28.5% year to date

Quant rating

Quant rating B Rank 94 of 389 in Information Technology

Growth C 161 of 389
Valuation A 25 of 389
Quality A 16 of 389
Revisions C 239 of 389
Momentum D 282 of 389

Wall Street consensus Hold (2.77)Average target 272.63 USD +9.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 97.4B
Enterprise value: 98.1B
52-week range: 190.22 – 362.67
3-year range: 190.22 – 634.76
Dividend yield: –
Beta (5 years): 1.37
Shares outstanding: 389M
Next earnings: Dec 9, 2026

About the company

Adobe Inc. is a global technology company. The Company's Solutions enable digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel. Its segments include Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment provides products and services that allow individuals, teams, businesses, and enterprises to create, publish, and promote content, and to work with documents and creative content across different workflows. The Digital Experience segment provides an integrated platform set of products, services and solutions that enable businesses to create, manage, execute, measure, monetize & optimize customer experiences. The Publishing and Advertising segment contains legacy products and services that address diverse market opportunities, including eLearning solutions, technical document publishing, web conferencing, document and forms platforms.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	23,769	21,505	19,409	17,606	15,785	–
Revenue growth	10.5%	10.8%	10.2%	11.5%	22.7%	13.1%
EPS (basic, normalized)	20.94	18.42	16.07	13.71	12.48	–
EPS growth	13.7%	14.6%	17.2%	9.9%	–	–
Gross margin	89.3%	89.0%	87.9%	87.7%	88.2%	88.4%
Net margin	30.0%	25.9%	28.0%	27.0%	30.5%	28.3%
ROE	55.4%	36.3%	35.5%	33.0%	34.4%	38.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,639
Current ratio	0.77x
Long-term debt (mil)	4,766
Net debt (mil)	724
Total equity (mil)	11,764
Net debt / equity	0.06x
Net debt / EBITDA	0.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	23,769	+10.5%	4.1x	11,498	+7.1%	8.5x	20.94	+13.7%	11.9x
2026	26,606	+11.9%	3.7x	12,865	+11.9%	7.6x	24.48	+16.9%	10.2x
2027	29,032	+9.1%	3.4x	13,905	+8.1%	7.1x	27.68	+13.1%	9.0x
2028	31,450	+8.3%	3.1x	14,752	+6.1%	6.7x	31.10	+12.4%	8.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26,606	0.0%	+0.3%	+2.1%	24.48	0.0%	+0.3%	+3.9%
2027	29,032	−0.1%	+0.4%	+2.4%	27.68	−0.1%	+0.6%	+4.7%
2028	31,450	+0.4%	+0.6%	+2.1%	31.10	+0.5%	+0.5%	+4.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	5,309	5,408	5,606	5,714	5,873	5,988	6,194	6,398	6,618	6,760
Sales mean (mil)	5,292	5,369	5,539	5,658	5,790	5,906	6,109	6,276	6,456	6,699
Surprise	+0.3%	+0.7%	+1.2%	+1.0%	+1.4%	+1.4%	+1.4%	+1.9%	+2.5%	+0.9%
EPS reported	4.48	4.65	4.81	5.08	5.06	5.31	5.50	6.06	5.96	6.13
EPS mean	4.39	4.53	4.66	4.97	4.96	5.18	5.39	5.87	5.82	6.09
Surprise	+2.1%	+2.7%	+3.2%	+2.2%	+1.9%	+2.6%	+2.0%	+3.2%	+2.4%	+0.7%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ADBE Adobe Inc	97.4B	0.06x	30.0%	8.32x	10.2x	9.0x	7.6x	7.1x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
PLTR Palantir Technologies Inc.	442.4B	−4.08x	36.3%	45.26x	115.0x	79.2x	87.2x	57.0x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
Mean		−0.27x	33.8%	13.10x	33.8x	26.5x	24.4x	17.3x
Median		0.04x	34.6%	7.08x	18.7x	18.4x	12.9x	9.9x

Technical analysis

1M+8.3%
3M+0.4%
1Y−30.5%
3Y−50.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Adobe Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	23,769	21,505	19,409	17,606	15,785	12,868
Cost of revenue	2,551	2,358	2,354	2,165	1,865	1,722
Gross profit	21,218	19,147	17,055	15,441	13,920	11,146
Selling, general & administrative expenses	7,779	7,021	6,510	5,949	5,194	4,373
Research & development	4,294	3,944	3,473	2,987	2,540	2,188
Depreciation/amortization	157	169	168	169	172	162
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	1,000	–	–	–	186
Other operating expenses	282	272	254	238	212	0
Operating income	8,706	6,741	6,650	6,098	5,802	4,237
Net interest income (expense)	28.0	190	148	−91.0	−97.0	−61.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	1.0	1.0	0	0
Net income before taxes	8,734	6,931	6,799	6,008	5,705	4,176
Provision for taxes	1,604	1,371	1,371	1,252	883	−1,084
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	7,130	5,560	5,428	4,756	4,822	5,260
Extraordinary items	–	–	–	–	–	0
Net income	7,130	5,560	5,428	4,756	4,822	5,260
EBIT, normalized	8,706	7,741	6,650	6,098	5,802	4,423
EBITDA, normalized	9,250	8,316	7,260	6,692	6,363	5,180
Basic EPS, normalized	20.94	18.42	16.07	13.71	12.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Adobe Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,595	7,886	7,842	6,096	5,798	5,992
Receivables	2,585	2,320	2,365	2,162	1,878	1,479
Total inventory	–	–	–	–	–	–
Prepaid expenses	726	773	643	515	788	497
Other current assets	257	253	234	223	205	178
Total current assets	10,163	11,232	11,084	8,996	8,669	8,146
Property, plant & equipment	2,185	2,217	2,388	2,315	2,116	2,004
Goodwill	12,857	12,788	12,805	12,787	12,668	10,742
Intangibles	495	782	1,088	1,449	1,820	1,359
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	3,796	3,211	2,414	1,618	1,968	2,033
Total assets	29,496	30,230	29,779	27,165	27,241	24,284
Liabilities
Accounts payable	417	361	314	379	312	306
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,011	2,122	1,893	1,760	1,714	1,415
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	1,499	0	500	–	0
Other current liabilities	7,772	6,539	6,044	5,489	4,906	3,791
Total current liabilities	10,200	10,521	8,251	8,128	6,932	5,512
Long-term debt	6,210	4,129	3,634	3,629	4,123	4,117
Minority interest	–	–	–	–	–	–
Other liabilities	1,463	1,475	1,376	1,357	1,389	1,391
Total liabilities	17,873	16,125	13,261	13,114	12,444	11,020
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	15,361	13,419	11,586	9,868	8,428	7,357
Retained earnings (accumulated deficit)	45,354	38,470	33,346	28,319	23,905	19,611
Treasury stock	−48,847	−37,583	−28,129	−23,843	−17,399	−13,546
Other equity	−245	−201	−285	−293	−137	−158
Total equity	11,623	14,105	16,518	14,051	14,797	13,264
Total liabilities & shareholders' equity	29,496	30,230	29,779	27,165	27,241	24,284

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Adobe Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	7,130	5,560	5,428	4,756	4,822	5,260
Depreciation, depletion & amortization	818	857	872	856	788	757
Deferred taxes	−512	−468	−426	328	183	−1,501
Non-cash items	1,990	1,963	1,783	1,562	1,145	1,025
Changes in working capital	605	144	−355	336	292	186
Cash from operations	10,031	8,056	7,302	7,838	7,230	5,727
Investing activities
Capital expenditures	−179	−183	−360	−442	−348	−419
Other investing cash flows	−1,008	332	1,136	−128	−3,189	5.0
Cash from investing	−1,187	149	776	−570	−3,537	−414
Financing activities
Financing cash flow items	−624	−582	−596	−553	−642	−702
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−10,436	−7,142	−4,586	−6,272	−3,659	−2,786
Cash from financing	−11,060	−7,724	−5,182	−6,825	−4,301	−3,488
Foreign exchange effects	34.0	−9.0	9.0	−51.0	−26.0	3.0
Net change in cash	−2,182	472	2,905	392	−634	1,828
Free cash flow	9,852	7,873	6,942	7,396	6,882	5,308

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.