AdobeADBE

AdobeADBE

Revenue: is the business selling more than it used to?

$23.8B+11% YoYFY 2025

→Revenue reached $23.8B in 2025, compounding +13% a year since 2020 though the pace has cooled. The trailing twelve months are already running at $25.2B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Net income: how much of that revenue becomes profit?

$7.1B+28% YoYFY 2025

→Net income was $7.1B in 2025, compounding +6% a year over three years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

How fast is it growing, year by year?

+10.5%revenue growth, FY 2025

→Revenue grew +11% in 2025 against a five-year average of +41%. Earnings grew faster (+28%), so each new dollar of sales is arriving more profitably. 2018's +312% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Revenue per share: is your slice growing as fast as the company?

$55.67revenue per share, FY 2025

→Revenue per share reached $55.67 in 2025, compounding +16% a year against +13% for ADBE as a whole. Buybacks added roughly 2.9 points to your per-share result. Free cash flow per share stands at $23.07.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Free cash flow: what is left in real cash after everything?

$9.9B+25% YoYFY 2025

→Free cash flow was $9.9B in 2025, compounding +13% a year since 2020. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $10.3B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Where does each dollar of revenue actually go?

→Of $23.8B in 2025 sales, $7.1B reaches net profit - 30 cents on the dollar. The largest single deduction is running the company ($12.5B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

How much of every sales dollar ends up as free cash?

→41 cents of every sales dollar became free cash in 2025, up 5 points since 2024.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is stock compensation, at 8% of revenue (capital spending 1%). That share has risen since 2020, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +29% against +11%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 5 points to 37% since 2024. After everything, 30 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

What does it earn on the money it uses?

→ROE of 63% and ROCE of 45% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

What has the market paid for ADBE over time?

15.7xP/E today

→At 15.7x earnings, the market is paying 64% less than ADBE's own 5-year median of 43.2x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

What cash return does the business throw off per dollar of market value?

9.7%FCF yield today

→Every dollar of market value currently buys 9.7% of annual free cash flow, more than its 5-year median of 3.3% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Could it handle its debt if things went wrong?

→Debt of $6.6B sits against $4.9B of cash, or 0.6x shareholders' equity. Earnings cover the interest bill 35 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Is the company's own capital growing?

→The company's own capital shrank from $16.5B in 2023 to $11.5B (-30%). Buybacks or losses are drawing the buffer down - the distinction matters.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

How much goes back, and how much leaks out as stock comp?

→Shareholders received $11.3B in buybacks in 2025. Stock compensation issued $1.9B of new shares in the same year, offsetting 17% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

How fast is your ownership being diluted - or concentrated?

→The share count shrank 5.0% in 2025, averaging 4.6% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Does ADBE earn more on its capital than that capital costs?

→ADBE earns 45.1% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 22.6% in 2020, so the trend is up, and the pace is picking up. That is the highest in ADBE's filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

ADBE has issued or retired shares - did shareholders end up better off?

→ADBE has shrunk its share count -29% from 2007 to 2025, so each remaining share owns more of the business. Revenue per share is +955% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29

AdobeADBE

Are the people running it buying or selling?

→Insiders bought $2M and sold $19M on the open market, a net sale of $17M. A further 58 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-29