Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.85B | $7.30B | $9.03B | $11.2B | $12.9B | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Revenue growth | — | 24.7% | 23.7% | 23.7% | 15.2% | 22.7% | 11.5% | 10.2% | 10.8% | 10.5% |
| Gross profit | $5.03B | $6.29B | $7.83B | $9.50B | $11.1B | $13.9B | $15.4B | $17.1B | $19.1B | $21.2B |
| Gross margin | 86.0% | 86.2% | 86.8% | 85.0% | 86.6% | 88.2% | 87.7% | 87.9% | 89.0% | 89.3% |
| Operating income | $1.49B | $2.17B | $2.84B | $3.27B | $4.24B | $5.80B | $6.10B | $6.65B | $6.74B | $8.71B |
| Operating margin | 25.5% | 29.7% | 31.5% | 29.3% | 32.9% | 36.8% | 34.6% | 34.3% | 31.3% | 36.6% |
| Net income | $1.17B | $1.69B | $2.59B | $2.95B | $5.26B | $4.82B | $4.76B | $5.43B | $5.56B | $7.13B |
| Net margin | 20.0% | 23.2% | 28.7% | 26.4% | 40.9% | 30.5% | 27.0% | 28.0% | 25.9% | 30.0% |
| EPS (diluted) | $2.32 | $3.38 | $5.20 | $6.00 | $10.83 | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.20B | $2.91B | $4.03B | $4.42B | $5.73B | $7.23B | $7.84B | $7.30B | $8.06B | $10.0B |
| Capital expenditures | $204M | $178M | $267M | $395M | $419M | $348M | $442M | $360M | $183M | $179M |
| Free cash flow | $2.00B | $2.73B | $3.76B | $4.03B | $5.31B | $6.88B | $7.40B | $6.94B | $7.87B | $9.85B |
| Share buybacks | $1.07B | $1.10B | $2.05B | $2.75B | $3.05B | $3.95B | $6.55B | $4.40B | $9.50B | $11.3B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.01B | $2.31B | $1.64B | $2.65B | $4.48B | $3.84B | $4.24B | $7.14B | $7.61B | $5.43B |
| Total assets | $12.7B | $14.5B | $18.8B | $20.8B | $24.3B | $27.2B | $27.2B | $29.8B | $30.2B | $29.5B |
| Total liabilities | $5.27B | $6.08B | $9.41B | $10.2B | $11.0B | $12.4B | $13.1B | $13.3B | $16.1B | $17.9B |
| Long-term debt | — | — | — | $989M | $4.12B | $4.12B | $3.63B | $3.63B | $4.13B | $6.21B |
| Shareholders' equity | $7.42B | $8.46B | $9.36B | $10.5B | $13.3B | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
| Retained earnings | $8.11B | $9.57B | $11.8B | $14.8B | $19.6B | $23.9B | $28.3B | $33.3B | $38.5B | $45.4B |
| Shares (wtd avg diluted) | 504M | 501M | 498M | 492M | 486M | 481M | 471M | 459M | 450M | 427M |
Every figure is extracted from ADOBE INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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