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Technology · NASDAQ: ADBE

Adobe: how the business works

Adobe sells subscriptions to Photoshop, Acrobat and marketing software to people and businesses, with revenue of $23.8 billion in FY2025.

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Adobe Inc. · San Jose, California

Last updated

Revenue, FY2025
$23.8B
Operating income, FY2025
$8.7B
Net income, FY2025
$7.1B
Subscriptions, share of FY2025 revenue
96.4%
Employees, Nov 28, 2025
31,360

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Adobe in 5 points

  1. 1 · What it sells

    Adobe sells subscriptions to creative apps such as Photoshop, document tools such as Acrobat and marketing software, with $23.8 billion of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, creative and marketing professionals paid 68.6% of revenue, business professionals and consumers 27.3%, and product sales, services and other subscriptions made up 4.1%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Adobe kept $29.6 as net income, with no large one-off in it, and operating income was $36.63 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Adobe reports no operating profit by business, but Digital Media earned 79.2% of FY2025 gross profit on 74.3% of revenue, in the last year it reported segments.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    In Q3 FY2026 Adobe's revenue grew 12.9% from a year earlier, while remaining performance obligationsSigned contracts with customers that have not been billed yet., revenue under contract but not yet booked, grew 8% to $22.16 billion.

    More: the one thing to watch

Sources: From Adobe's FY2025 10-K and Q3 FY2026 10-Q · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Adobe's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Adobe · FY2025

Receipt for every $100

Where $100 of Adobe's money went in FY2025
Sales and marketing$27.0
Research and development$17.8
Delivering the software$10.6
Administration and amortization$7.2
Interest$1.1
Income tax$6.7
Kept as net income$29.6
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income): each line = line ÷ $24.06 billion × 100. Operating income was $36.63 per $100 of revenue, before interest and tax.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Adobe do?

People and businesses pay Adobe subscription fees for creative, document and marketing software; the largest costs are sales, marketing and engineers, and what's left is profit.

  • Subscriptions were 96.4% of Adobe's $23.8 billion of revenue in FY2025. Customers pay for access over a set period.
  • Of every $100 that came in during FY2025, $27.0 went on sales and marketing, $17.8 on research and development and $10.6 on delivering the software.
Next: Who pays it

03Who pays it

Who pays Adobe?

  • Creative and marketing professionals

    69%

    of revenue

    Buyers of Creative Cloud apps and marketing software. Subscription revenue was $16.3 billion, 68.6% of FY2025 revenue, and $4.65 billion in Q3 FY2026, up 13%.

  • Business professionals and consumers

    27%

    of revenue

    Buyers of Acrobat and Express. Subscription revenue was $6.5 billion, 27.3% of FY2025 revenue, and $1.91 billion in Q3 FY2026, up 16%.

  • Product sales, services and other subscriptions

    4%

    of revenue

    Product sales of $325 million, services of $540 million and other subscriptions of $106 million: 4.1% of FY2025 revenue together.

  • Creative and marketing professionals69%
  • Business professionals and consumers27%
  • Product sales, services and other subscriptions4%

How spread out the customers are

Adobe's FY2025 10-K says no customer represented at least 10% of revenue. Shares are a Cityfort calculation from the FY2025 10-K. Revenue from products used across groups may fall in either group. Adobe sells directly, through app stores, through its website and through resellers.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Adobe make money?

Software costs little to deliver, so most revenue is left to spend on selling, building and buybacks.

Gross profit, revenue minus the direct cost of delivering the software, was $89.27 per $100 of revenue in FY2025. Selling and building the software are the large costs. Adobe's cash then largely goes to buying back shares.

Gross profit per $100 of revenue

$88.2$89.3

FY2021 to FY2025

  1. Free Acrobat Reader and free plans bring in users
  2. Some users and companies pay for subscriptions
  3. Delivering the software costs about $11 per $100 of revenue
  4. Subscribers often pay ahead, which brings in cash early
  5. Cash pays for research, marketing and share buybacks
  6. New features are sold to the same and new customers

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Adobe?

  • Digital Media

    74%

    Creative Cloud, Acrobat, Express and Firefly: 74.3% of FY2025 revenue and 79.2% of gross profit (Cityfort calculation from the FY2025 10-K). Adobe reports no segment operating profit.

    Revenue $17.6B

  • Digital Experience

    25%

    Marketing and customer-data software for companies: 24.7% of FY2025 revenue and 20.0% of gross profit (Cityfort calculation from the FY2025 10-K).

    Revenue $5.9B

  • Publishing and Advertising

    1%

    Older products and Adobe Advertising. FY2025 was the last year of these three segments: Adobe has reported one segment since Q1 FY2026.

    Revenue $256M

How the mix changed

  • Digital Media
  • Digital Experience
  • Publishing and Advertising

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearDigital MediaDigital ExperiencePublishing and Advertising
FY2021$11.5B$3.9B$398M
FY2022$12.8B$4.4B$342M
FY2023$14.2B$4.9B$300M
FY2024$15.9B$5.4B$275M
FY2025$17.6B$5.9B$256M
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has Adobe done?

Revenue

$23.8BFY2025

Revenue grew every year, from $15.8 billion in FY2021 to $23.8 billion in FY2025, and was $6.76 billion in Q3 FY2026, up 12.9%, including Semrush.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$15.8B
FY2022$17.6B
FY2023$19.4B
FY2024$21.5B
FY2025$23.8B
Q3 FY2024$5.4B
Q4 FY2024$5.6B
Q1 FY2025$5.7B
Q2 FY2025$5.9B
Q3 FY2025$6.0B
Q4 FY2025$6.2B
Q1 FY2026$6.4B
Q2 FY2026$6.6B
Q3 FY2026$6.8B

Net profit

$7.1BFY2025

Net income rose from $4.8 billion in FY2021 to $7.1 billion in FY2025; FY2024 absorbed a $1.0 billion fee after the Figma deal ended, which was not tax-deductible.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$4.8B$10.02
FY2022$4.8B$10.10
FY2023$5.4B$11.82
FY2024$5.6B$12.36
FY2025$7.1B$16.70
Q3 FY2024$1.7B$3.76
Q4 FY2024$1.7B$3.79
Q1 FY2025$1.8B$4.14
Q2 FY2025$1.7B$3.94
Q3 FY2025$1.8B$4.18
Q4 FY2025$1.9B$4.45
Q1 FY2026$1.9B$4.60
Q2 FY2026$1.7B$4.25
Q3 FY2026$1.8B$4.62

Profit kept per $100 of revenue

$30.0FY2025

Operating income per $100 of revenue was $36.63 in FY2025, up from $31.35 in FY2024, when the Figma fee took $4.65 per $100.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202130.5%41.7%
FY202227.0%39.5%
FY202328.0%38.8%
FY202425.9%35.3%
FY202530.0%40.1%

Free cash flow

$9.9BFY2025

Free cash flow was $9.9 billion in FY2025, up from $7.9 billion in FY2024, whose cash from operations includes the $1.0 billion Figma fee paid.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$7.2B$348M$6.9B
FY2022$7.8B$442M$7.4B
FY2023$7.3B$360M$6.9B
FY2024$8.1B$183M$7.9B
FY2025$10.0B$179M$9.9B
See all yearly numbers
Adobe annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$15.8B$6.6B$4.8B$10.02$7.2B$348M$6.9B
FY2022$17.6B$7.0B$4.8B$10.10$7.8B$442M$7.4B
FY2023$19.4B$7.5B$5.4B$11.82$7.3B$360M$6.9B
FY2024$21.5B$7.6B$5.6B$12.36$8.1B$183M$7.9B
FY2025$23.8B$9.5B$7.1B$16.70$10.0B$179M$9.9B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Friday closest to November 30; FY2021 had 53 weeks, and FY2022 to FY2025 had 52). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

07Who runs it

Who runs Adobe, and did they deliver?

  • Shantanu Narayen

    Chair and CEO; becomes Executive Chair on Dec 1, 2026 · since 2007

    CEO since December 2007 and at Adobe since January 1998. FY2025 total pay was $51.2 million, 217 times the median employee's $235,989.

  • Anil Chakravarthy

    President and CEO from Dec 1, 2026 · since 2026

    Joined Adobe in January 2020 and previously ran Informatica. Adobe said it would file his pay terms in an amended 8-K; none was on EDGAR on Nov 5, 2026.

  • Steven Day

    Interim Chief Financial Officer · since 2026

    At Adobe since 2006. Took the role when Daniel Durn left, effective Jun 15, 2026. No permanent CFO was named in the documents read.

  • Frank Calderoni

    Lead Independent Director

    Chaired the search for the new CEO.

What they said, and what happened

3 delivered · 3 too early to tell

  1. Said on Dec 11, 2024

    Adobe targeted FY2025 revenue of $23.30–23.55 billion.

    What happened

    Reported revenue of $23.77 billion, above the range.

    Delivered

  2. Said on Dec 11, 2024

    Adobe targeted FY2025 GAAP diluted EPS of $15.80–16.10.

    What happened

    Reported diluted EPS of $16.70, above the range.

    Delivered

  3. Said on Mar 12, 2025

    Adobe targeted FY2025 Digital Media ARR growth of 11.0%.

    What happened

    Reported growth of 11.5%.

    Delivered

  4. Said on Dec 10, 2025

    Adobe targeted FY2026 revenue of $25.90–26.10 billion.

    What happened

    Raised to $26.50–26.60 billion on Jun 11, 2026, with Semrush, and to $26.576–26.626 billion on Sep 10, 2026. FY2026 ends Nov 27, 2026.

    Too early to tell

  5. Said on Dec 10, 2025

    Adobe targeted FY2026 total ARR growth of 10.2%.

    What happened

    Still 10.2% on Sep 10, 2026, but the target now includes Semrush. Semrush added about $480 million, or 1.9 points of the starting $25.66 billion (Cityfort calculation from the data sheet and the Q2 FY2026 earnings release).

    Too early to tell

  6. Said on Sep 10, 2026

    Adobe targeted Q4 FY2026 revenue of $6.80–6.85 billion and GAAP diluted EPS of $4.65–4.70.

    What happened

    Q4 FY2026 results are not out yet.

    Too early to tell
Sources (15)
Next: What could go wrong

08What could go wrong

What could go wrong for Adobe?

  • Competition

    AI tools competing with Adobe's apps

    Adobe's Q3 FY2026 10-Q says it expects more competition as AI evolves and changes how its products are used. Its FY2025 10-K describes "limited barriers to entry". Adobe said on Mar 12, 2026 that its standalone stock-image business fell faster than it expected.

    Watch Growth in total ARR and in each customer group's subscription revenue.

  • Technology

    AI computing raises costs

    Cost of subscription revenue rose 24% in Q3 FY2026, of which hosting and data centers were 22 points. Gross margin was 88.7%, down from 89.3% a year earlier. Adobe's filing says AI computing costs could hurt margins.

    Watch Gross margin and the hosting line in each 10-Q.

  • Demand

    ARR additions slowed as free plans grew

    Total ARR rose $0.40 billion in Q3 FY2026, against $0.66 billion in Q3 FY2025 (Cityfort calculation from the data sheet). Adobe said on Jun 11, 2026 its free-plan shift lowers second-half ARR growth expectations from individual subscribers. Remaining performance obligations grew 8%.

    Watch Total ARR growth against the 10.2% target, which includes Semrush.

  • Governance

    New CEO and an interim CFO

    Anil Chakravarthy becomes CEO on Dec 1, 2026, after Shantanu Narayen's 19 years in the role. The CFO left in June and no permanent CFO was named in the documents read. The president of the creative business stepped down effective Sep 27, 2026.

    Watch An 8-K naming a permanent CFO, and the new CEO's first targets.

  • Legal

    Case over subscription terms

    The DOJ alleged Adobe failed to clearly disclose subscription terms and provide simple cancellation. Adobe agreed to settle in March 2026. The DOJ describes $75 million in penalties and $75 million in free services under a proposed order. Adobe's filings give no settlement amount. They show $92 million of loss contingency charges in the first nine months of FY2026, for a settlement and other legal matters. This page could not confirm court entry.

    Watch The legal note in each 10-Q and any change to cancellation terms.

  • Legal

    Shareholder suits over Figma statements

    A securities class action alleges misleading statements about competition from Figma between Jul 2021 and Sep 2022. It was dismissed in March 2025 and is on appeal. Five derivative suits, based largely on the same alleged facts, are presently stayed. Adobe disputes them and gives no estimate of any loss.

    Watch The appeal, in the legal note of each 10-Q and 10-K.

  • Debt

    Buybacks above free cash flow, and net debt

    Buybacks were 114.5% of free cash flowCash from operations minus spending on buildings and equipment. Learn more in FY2025. Net cash of $385 million at Nov 28, 2025 became net debt of $724 million at Aug 28, 2026, after Semrush (Cityfort calculation from the FY2025 10-K and Q3 FY2026 10-Q). $1.35 billion of notes fall due in early 2027.

    Watch Net debt, buybacks and any new notes in each 10-Q.

  • Execution

    Goodwill and acquisitions

    Goodwill was $14.0 billion at Aug 28, 2026, 1.19 times shareholders' equity. Adobe wrote off $70 million of goodwill in its Publishing and Advertising unit in Q2 FY2026. It is also absorbing Semrush and has agreed to buy Topaz Labs.

    Watch Impairment charges and the acquisitions note in each 10-Q.

Sources (11)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew 12.9% to $6.76 billion in Q3 FY2026, and between 10.2% and 11.5% in each year from FY2022 to FY2025.
  • Free cash flow was $9.9 billion in FY2025, or $41.45 per $100 of revenue.
  • Adobe said on Sep 10, 2026 that it has over 1 billion monthly users, up more than 20%.
  • FY2025 revenue and GAAP EPS came in above the ranges Adobe set in December 2024.
  • Year-end shares fell 13.1% from FY2021 to FY2025 as Adobe bought back stock.

What critics point to

  • Net income rose 3% in Q3 FY2026 on revenue up 13%, with a higher tax rate and hosting costs.
  • Total ARR rose $0.40 billion in Q3 FY2026, against $0.66 billion a year earlier.
  • The 10.2% FY2026 ARR target did not change after it came to include about $480 million from Semrush.
  • Buybacks were 114.5% of free cash flow in FY2025, and net cash became net debt by Aug 28, 2026.
  • Only 50.7% of for and against votes backed executive pay at the April 2026 annual meeting.
Next: What to watch next

10What to watch next

What should you watch next at Adobe?

Next event

Q4 FY2026 results

Date not announced yet.

  • Total ARR growth against the 10.2% target

    Adobe's FY2026 target includes Semrush. Total ARR was $27.50 billion at Aug 28, 2026, up 11.2% as stated.

  • Contracted revenue against reported revenue

    In Q3 FY2026 revenue grew 12.9%, while remaining performance obligations grew 8% to $22.16 billion.

  • AI costs in gross margin

    Gross margin was 88.7% in Q3 FY2026, down from 89.3% in Q3 FY2025, as hosting costs rose.

  • New leadership

    Anil Chakravarthy becomes CEO on Dec 1, 2026. Adobe has yet to name a permanent CFO in the documents read.

Next: Key dates

11Key dates

What are the key dates for Adobe?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Adobe
EventDateSource
Fiscal 2026 endsThe Q4 FY2026 results date is not announced in the documents read.Form 8-K filed Apr 21, 2026 (Items 5.02, 5.07, 8.01): annual meeting votes, $25B buyback
Anil Chakravarthy becomes CEO; Shantanu Narayen becomes Executive ChairForm 8-K filed Sep 8, 2026 (Items 5.02, 7.01): CEO succession, Wadhwani departure
$850 million of notes dueForm 10-Q, Q3 fiscal 2026 (ended Aug 28, 2026)
$500 million of notes dueForm 10-Q, Q3 fiscal 2026 (ended Aug 28, 2026)
Topaz Labs purchase closesAdobe expected it in Q4 FY2026; no filing read confirms it.Not yet statedForm 10-Q, Q3 fiscal 2026 (ended Aug 28, 2026)

Learn: IPO lock-up agreements: what they are and when they end

Sources (3)
Next: Key facts

12Key facts

Key facts about Adobe

What does Adobe do?
Adobe Inc. sells software for editing photos and video, designing graphics, working with PDF files and running marketing campaigns. Adobe had revenue of $23.8 billion in FY2025 (year ended Nov 28, 2025) and 31,360 employees at that date.
How does Adobe make money?
Adobe makes money mainly from subscriptions, which were $22.9 billion, or 96.4%, of its $23.8 billion of revenue in FY2025. Product sales were 1.4% and services and other 2.3%.
What is Adobe's business model?
Adobe's business model is selling access to software for a set period, mostly as subscriptions. Adobe held $7.0 billion of deferred revenue, money collected before it is earned, at Nov 28, 2025. Free Acrobat Reader and other free plans bring in users.
Is Adobe profitable?
Yes. Adobe reported net income of $7.1 billion and operating income of $8.7 billion on revenue of $23.8 billion in FY2025. Net income was $7.3 billion in the 12 months to Aug 28, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases).
What is Adobe's revenue by segment?
Adobe last reported segments in FY2025. Digital Media had revenue of $17.6 billion (74.3%), Digital Experience $5.9 billion (24.7%) and Publishing and Advertising $256 million (1.1%). Adobe has reported one segment since Q1 FY2026.
How much does Adobe earn from Creative Cloud?
Adobe's FY2025 10-K gives no revenue figure for Creative Cloud alone. Photoshop, Lightroom, Illustrator and Premiere sit in Adobe's Creative & Marketing Professionals group with its marketing software. That group's subscription revenue was $16.3 billion in FY2025, or 68.6% of Adobe's revenue.
How much does Adobe earn from Acrobat?
Adobe does not report Acrobat revenue alone. Acrobat and Express sit in Adobe's Business Professionals & Consumers group, with subscription revenue of $6.5 billion in FY2025, or 27.3% of Adobe's revenue. That group's subscription revenue was $1.9 billion in Q3 FY2026, up 16%.
How much does Adobe earn from marketing software?
Adobe's Digital Experience segment, its marketing and customer-data software, had revenue of $5.9 billion in FY2025, or 24.7% of Adobe's revenue. Its gross margin was 72% that year, against 95% for Adobe's Digital Media segment.
Who are Adobe's customers?
Adobe sells to business professionals, consumers, creators, creative professionals and marketing professionals. No customer represented 10% or more of Adobe's revenue in FY2025. Adobe said on Sep 10, 2026 that over 20,000 global enterprises rely on it.
Who owns Adobe?
Adobe's largest reported holders are BlackRock with 9.4% (Jun 30, 2026), Vanguard Capital Management with 7.61% (Mar 31, 2026) and State Street with 5.2% (Jun 30, 2026). Adobe's directors and executive officers held 0.20% on Feb 17, 2026 (Cityfort calculation from the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more).
Sources (11)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Adobe sell?

Adobe sells software people use to edit photos and video, design graphics, work with PDF files and run marketing campaigns. Most customers pay for access over a set period.

  • Creative Cloud

    A subscription to apps such as Photoshop for photos, Illustrator for graphics and Premiere Pro for video, with cloud storage. Many apps also sell alone.

  • Acrobat and Acrobat Reader

    Tools to read, edit, sign and create PDF files. Acrobat Reader is free; Acrobat Standard, Pro and Studio are paid plans.

  • Adobe Express

    An app for users of any level, including novices, to make videos, social posts, resumes and marketing material.

  • Firefly

    Adobe's own generative AI models and app for making images, video, vector graphics and audio. Sold in tiered plans and built into other Adobe apps.

  • Marketing and customer-data software

    Experience Platform, Journey Optimizer, Marketo Engage, Experience Manager, Commerce and GenStudio help companies hold customer data, run campaigns and produce content.

  • Semrush

    A brand visibility platform that Adobe bought for $1.87 billion on Apr 28, 2026. It helps marketers with search engine optimization.

  • Publishing and Advertising

    Older products such as eLearning, technical publishing, web conferencing and PostScript printing, plus Adobe Advertising: 1.1% of FY2025 revenue.

What it does

  • Does: Sells most of its software as subscriptions for a set period
  • Does: Gives away Acrobat Reader and offers free plans to bring in users
  • Does: Sells marketing and customer-data software to companies
  • Does: Builds its own Firefly AI models and offers partner models inside some apps

What it does not do

  • Does not: Does not own Figma: the $1 billion fee was paid after that deal ended in December 2023
  • Does not: Does not pay a cash dividend
  • Does not: Does not report a paid subscriber count or Firefly revenue in the documents read for this page
  • Does not: Does not report Creative Cloud revenue alone in its FY2025 10-K
Sources (2)
14How the money flows

14How the money flows · FY2025

How does money flow through Adobe?

Money in

  • Subscriptions$22.9B
  • Product sales$325M
  • Services and other$540M
  • Investment gains and other income$291M

The company

Adobe

$24.1B came in

Money out

  • Delivering the software (cost of revenue)$2.6B
  • Sales and marketing$6.5B
  • Research and development$4.3B
  • Administration and amortization$1.7B
  • Interest$263M
  • Income tax$1.6B
  • Net income$7.1B
  1. Customers paid Adobe $23.8 billion in FY2025; $22.9 billion of it was subscriptions.
  2. Delivering the software cost $2.6 billion, including hosting and data centers.
  3. Sales and marketing took $6.5 billion, research and development $4.3 billion, and administration and amortization $1.7 billion.
  4. That left $8.7 billion of operating income. Other income added $291 million and interest took $263 million.
  5. After $1.6 billion of income tax, $7.1 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Adobe need to run?

  • Cloud hosting and data centers

    Purchase obligations were $6.8 billion at Nov 28, 2025, mainly third-party hosting and data centers. Adobe's subscription costs include AI computing.

  • People

    31,360 employees at Nov 28, 2025, 50% of them in the US. Adobe reports 9.9% attrition for FY2025.

  • Research and development

    $4.3 billion in FY2025, up from $2.5 billion in FY2021.

  • Offices

    Adobe owns about 1.7 million square feet in San Jose. Its largest sites outside the US are Bangalore and Noida, India, about 0.7 million each.

Sources (3)
16Where it sells

16Where it sells · FY2025

Where does Adobe sell?

  • United States53%
  • Other Americas7%
  • Europe, Middle East and Africa27%
  • Asia-Pacific14%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Adobe compete with?

The competition sections of Adobe's filings name no competitor. They describe productivity platforms, design platforms, AI-first tools, social media apps with editing, and enterprise software companies. No document read gives a market share. The cards rest on other companies' filings.

  • DocuSign

    Electronic signatures, against Acrobat Sign. DocuSign's 10-K says its "primary global competitor for eSignature is currently Adobe". DocuSign's revenue was $3.2 billion in the year ended Jan 31, 2026.

  • Braze

    Customer engagement software. Braze's 10-K names Adobe among software companies offering marketing solutions. Braze's revenue was $738.2 million in the year ended Jan 31, 2026.

  • Salesforce

    Marketing software. Braze's 10-K names Salesforce beside Adobe as a software company offering marketing solutions. Salesforce's own filing was not read for this page.

  • Figma

    Design software. Adobe agreed to buy it in 2022 and the deal ended in 2023. Neither company's FY2025 10-K names the other in its competition section. A securities suit described in Adobe's Q3 FY2026 10-Q alleges misleading statements about competition from Figma; it was dismissed in March 2025 and is on appeal, and Adobe disputes it. Figma's 2025 revenue was $1.06 billion.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Recurring subscriptions4 of 5

    Subscriptions were 96.4% of FY2025 revenue, and remaining performance obligations were $22.16 billion at Aug 28, 2026. No customer reached 10% of FY2025 revenue.

  • Reach of the PDF tools4 of 5

    Adobe said on Sep 10, 2026 that people open 400 billion PDFs with Acrobat a year. The basic Acrobat Reader is free.

  • Low cost to deliver4 of 5

    Gross margin was 95% in Digital Media and 72% in Digital Experience in FY2025.

  • AI training data2 of 5

    Adobe says its Firefly models are trained on data it has the rights to use, and offers some business customers legal cover. That is Adobe's description, and it reports no Firefly revenue.

Weak spot

AI tools and easy entry

Adobe's FY2025 10-K describes "limited barriers to entry" in its markets. Its Q3 FY2026 10-Q says it expects more competition as AI evolves. Adobe said on Mar 12, 2026 that its standalone stock-image business fell faster than expected.

Sources (8)
18Where growth could come from

18Where growth could come from

Where could Adobe's growth come from?

Adobe said on Sep 10, 2026 that it targets FY2026 revenue of $26.576–26.626 billion and GAAP diluted EPS of $18.12–18.17. It targets Q4 FY2026 revenue of $6.80–6.85 billion and total ARR growth of 10.2% for FY2026.
Management statement, Sep 10, 2026. Reported as a statement, not our forecast.

  • Acrobat and Express

    Working

    +16% in Q3 FY2026

    Business Professionals & Consumers subscription revenue was $1.91 billion in Q3 FY2026. Adobe said on Sep 10, 2026 that this group has over 900 million monthly users, a figure that includes free users.

    Status: Working, on track against what the company said.

  • Free plans

    Mixed

    Over 100M creative users

    Adobe said creative free-plan users grew over 70%. It also said on Jun 11, 2026 that this shift lowers its second-half ARR growth expectations from individual subscribers. It gives no figure for users who convert to paid plans.

    Status: Mixed, partly on track.

  • AI products

    Early

    Over $650M ending ARR

    Adobe said on Sep 10, 2026 that ARR from its AI-first products grew over 150%, and that Firefly ARR grew 40% in the quarter. AI-first ARR is under 3% of total ARR (Cityfort calculation from the Q3 FY2026 script and earnings release).

    Status: Early, too early to judge.

  • Marketing software for enterprises

    Working

    Over 20% ARR growth

    Adobe said on Sep 10, 2026 that ending ARR grew over 20% for each of its Experience Manager, GenStudio and Experience Platform lines.

    Status: Working, on track against what the company said.

  • Acquisitions

    New

    $1.87B Semrush

    Semrush closed on Apr 28, 2026 and added about $480 million of ARR. Adobe agreed on Jun 24, 2026 to buy Topaz Labs for about $340 million, expected to close in Q4 FY2026. No filing read confirms the closing.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 and Q3 FY2026

What do Adobe's own measures show?

Adjusted (non-GAAP) figures and ARR are Adobe's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, FY2025

    $8.7B

    Company's own measure: Non-GAAP operating income, FY2025

    $11.0B

    Adobe leaves out $1,973 million of stock-based and deferred compensation and $306 million of amortization.

  • Official (GAAP): Net income, FY2025

    $7.1B

    Company's own measure: Non-GAAP net income, FY2025

    $8.9B

    Leaves out the same costs as non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more operating income, plus $43 million of investment gains and $426 million of income tax adjustments.

  • Official (GAAP): Diluted EPS, FY2025

    $16.70

    Company's own measure: Non-GAAP diluted EPS, FY2025

    $20.94

    Non-GAAP net income per diluted share, so it also leaves out investment gains ($0.10 a share) and income tax adjustments ($1.00 a share). Stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $1.9 billion in FY2025, a real cost paid in shares.

  • Official (GAAP): Operating income, Q3 FY2026

    $2.4B

    Company's own measure: Non-GAAP operating income, Q3 FY2026

    $3.0B

    Adobe leaves out $544 million of stock-based and deferred compensation, $58 million of amortization and $18 million of acquisition-related costs.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $4.62

    Company's own measure: Non-GAAP diluted EPS, Q3 FY2026

    $6.13

    Leaves out the same costs as non-GAAP operating income, plus $21 million of investment gains ($0.05 a share) and $2 million of income tax adjustments ($0.01 a share). Adobe uses a fixed 18.0% tax rate for this measure for FY2026 to FY2028; its GAAP rate was 22.5% in Q3 FY2026.

  • Official (GAAP): Remaining performance obligations, Aug 28, 2026

    $22.2B

    Company's own measure: Total Adobe ARR, Aug 28, 2026

    $27.5B

    ARR (annualized recurring revenue) is the yearly value of subscription contracts in Adobe's two customer groups. Adobe resets it to new exchange rates each December. It rose 11.2% from a year earlier, as stated, and includes Semrush.

  • Official (GAAP): Subscription revenue, Q3 FY2026

    $6.6B

    Company's own measure: AI-first ending ARR, Q3 FY2026 (Adobe says over this figure)

    $650M

    Adobe said on its Dec 10, 2025 call that AI-first offerings are part of its AI-influenced ARR, and it says it will periodically update the products in that measure. It sits inside Total Adobe ARR.

  • Official (GAAP): Subscription revenue, Q3 FY2026

    $6.6B

    Company's own measure: Monthly active users, Q3 FY2026 (Adobe says over this figure)

    1 billion

    Adobe's count across all its businesses includes free Acrobat Reader and free plans, so it is not a count of paying users.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (8)
20Financial strength and debt

20Financial strength · Aug 28, 2026

How much debt does Adobe have?

At Aug 28, 2026 Adobe's debt exceeded its cash and short-term investments by $724 million; at Nov 28, 2025 cash exceeded debt by $385 million.
  • Total debt$6.4B
  • Cash and investments$5.6B
  • Net debt (debt minus cash)$724M
  • Net worth (shareholders' money)$11.8B
Debt to equity
0.54×
$ of debt for every $1 of shareholders' money
Interest cover
35.7×
how many times operating profit covers interest
  • Debt is senior notes of $6.1 billion plus $248 million of commercial paper, at carrying value. Net figures are a Cityfort calculation from the Q3 FY2026 10-Q and FY2025 10-K.
  • $1.35 billion of notes fall due on Feb 1 and Apr 4, 2027. Adobe said it intends to refinance the current portion of its debt on or before the due date.
  • Interest cover uses operating income of $9.3 billion and interest of $260 million for the 12 months to Aug 28, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases).
  • Operating leases of $399 million are not counted as debt here.
  • Goodwill was $14.0 billion, 1.19 times shareholders' equity, after Semrush (Cityfort calculation from the Q3 FY2026 10-Q).
  • Current liabilities exceeded current assets by $2.7 billion at Aug 28, 2026; deferred revenue of $7.1 billion is a large part of those liabilities.
  • This page cites no credit rating: no rating report was read.
Sources (6)
21Who owns it

21Who owns it · ownership as of Feb 17, 2026

Who owns Adobe?

Adobe has one class of common stock, with one vote per share. Its 18 directors and executive officers held 803,767 shares on Feb 17, 2026: 0.20% (Cityfort calculation from the 2026 proxy statement). The proxy says none of their shares are used as collateral.
Officers and directors (as a group), shares
0.2%
Share classes
Adobe share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares outstanding on Sep 18, 2026 (10-Q cover).)389.21–––Yes
Holders of 5% or more
Adobe holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.9.4%–Jun 30, 2026S34Schedule 13G/A filed Jul 27, 2026: 37,230,155 shares.
Vanguard Capital Management7.6%–Mar 31, 2026S35, S36, S22Schedule 13G filed Apr 29, 2026: 30,765,197 shares. The Vanguard Group, listed at 10.17% in the proxy, reported 0 in March 2026 after an internal realignment.
State Street Corporation5.2%–Jun 30, 2026S33Schedule 13G filed Aug 7, 2026: 20,538,520 shares.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (6)
22What it does with profit

22What it does with profit

What does Adobe do with its profit?

Adobe pays no dividend and said in its FY2025 10-K it does not expect to in the foreseeable future. Buybacks were 114.5% of free cash flow in FY2025 and 120.7% in FY2024 (Cityfort calculation from the FY2025 10-K). Year-end shares fell 13.1% from FY2021 to FY2025.

  • Buyback · Dec 3, 2021

    Repurchased $3.95 billion of common stock in FY2021.

    $4.0B

  • Buyback · Dec 2, 2022

    Repurchased $6.55 billion of common stock in FY2022.

    $6.6B

  • Buyback · Dec 1, 2023

    Repurchased $4.40 billion of common stock in FY2023; 11.5 million shares were delivered.

    $4.4B

  • Buyback · Nov 29, 2024

    Repurchased $9.50 billion of common stock in FY2024; 17.5 million shares were delivered.

    $9.5B

  • Buyback · Nov 28, 2025

    Repurchased $11.28 billion of common stock in FY2025; 30.8 million shares were delivered.

    $11.3B

  • Buyback · Apr 21, 2026

    Announced a new $25 billion authorization running through Apr 30, 2030. $24.55 billion remained at Aug 28, 2026.

    $25.0B

  • Buyback · Aug 28, 2026

    Repurchased $6.82 billion in the first nine months of FY2026; 26.1 million shares were delivered.

    $6.8B

Sources (5)
23Governance signals

23Governance signals

What do Adobe's governance filings show?

Auditor
KPMG LLP, since 1983
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Adobe's 2026 proxy reports no related-person transactions since the start of FY2025.
Credit rating
No public credit rating found

Flags to know about

  • regulatory · Mar 13, 2026

    Subscription practices case

    The DOJ sued on Jun 17, 2024, alleging Adobe failed to clearly disclose terms and provide simple cancellation. Adobe agreed to settle on Mar 12, 2026 and filed a stipulation of dismissal the next day. The DOJ's release describes a proposed order of $75 million in penalties and $75 million in free services, if entered by the court. This page could not confirm entry.

  • other · Apr 15, 2026

    Executive pay vote: 50.7% in favor

    At the Apr 15, 2026 meeting, 50.7% of for and against votes backed executive pay in an advisory vote (Cityfort calculation from the 8-K filed Apr 21, 2026). The proxy gives an average of about 86% over the past five years.

  • other · Sep 27, 2026

    Leadership changes in 2026

    Adobe named a new CEO, its CFO left in June, and the president of its creative and productivity business stepped down effective Sep 27, 2026.

  • other

    Securities suits

    A class action filed in 2023 alleges misleading statements about competition from Figma. It was dismissed on Mar 27, 2025, and the plaintiff is appealing. Five derivative suits, based largely on the same alleged facts, are presently stayed; Adobe disputes the allegations.

  • disclosure

    Less segment detail from FY2026

    Adobe stopped reporting segment results and Digital Media ARR from FY2026. The documents read give no paid subscriber count, churn rate or Firefly revenue.

Sources (8)
24What the market paid

24What the market paid · price as of Nov 4, 2026

What did the market pay for Adobe on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: Adobe closed at $248.48 on Nasdaq. Times 389.2 million shares (Sep 18, 2026) that is a market value of about $96.7 billion (Cityfort calculation from the Nov 4, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 13.9 on diluted EPS of $17.92 for the 12 months to Aug 28, 2026 (Cityfort calculation from the Nov 4, 2026 Nasdaq closing price and the Q4 FY2025 to Q3 FY2026 earnings releases).

Share price
$248.48
Market value (market cap)
$96.7B
P/E
13.9×

Source: ADBE historical quotes, Nasdaq (close Nov 4, 2026); Form 10-Q, Q3 fiscal 2026 (ended Aug 28, 2026); Q3 FY2026 earnings release (8-K Ex. 99.1) and 3 more

Sources (6)
25How it got here

25How it got here

How did Adobe get here?

  1. 2021

    Milestone

    Bought Frame.io

    Adobe acquired the video collaboration company on Oct 7, 2021.

  2. 2022

    Business-model change

    Agreed to buy Figma

    Adobe signed an agreement on Sep 15, 2022 to buy the design software company.

  3. 2023

    Crisis

    Figma deal ended

    The deal ended on Dec 17, 2023 with no clear path to regulatory approval. Adobe paid a $1 billion fee in Q1 FY2024.

  4. 2024

    Crisis

    DOJ complaint

    The DOJ filed a civil complaint over Adobe's subscription disclosure and cancellation practices on Jun 17, 2024.

  5. 2025

    Milestone

    Acrobat Studio

    Adobe released Acrobat Studio in August 2025, combining Acrobat, Express and AI agents.

  6. 2026

    Business-model change

    One segment

    From Q1 FY2026 Adobe combined its three segments into one and focused its reporting on customer groups and total ARR.

  7. 2026

    Business-model change

    CEO transition

    Adobe said on Mar 12, 2026 that Shantanu Narayen would move on from the CEO role. On Sep 2, 2026 the board appointed Anil Chakravarthy, effective Dec 1.

  8. 2026

    Milestone

    Semrush closed

    Adobe completed the $1.87 billion purchase on Apr 28, 2026, mostly in cash.

  9. 2026

    Milestone

    New $25 billion buyback

    Adobe's board approved a new authorization through Apr 30, 2030. The $25 billion one from March 2024 was fully used in the first nine months of FY2026.

Sources (9)

26Sources and changes

Where every number on this page comes from

Sources (36 documents)
  1. S1Form 10-K, fiscal 2025 (ended Nov 28, 2025) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 15, 2026
  2. S3Form 10-K, fiscal 2023 (ended Dec 1, 2023) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 17, 2024
  3. S5Form 10-K, fiscal 2021 (ended Dec 3, 2021) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2022
  4. S6Form 10-Q, Q3 fiscal 2026 (ended Aug 28, 2026) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 22, 2026
  5. S13Q3 FY2026 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 10, 2026
  6. S14Q2 FY2026 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 11, 2026
  7. S15Q1 FY2026 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  8. S16Q4 FY2025 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2025
  9. S17Q3 FY2025 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2025
  10. S18Q2 FY2025 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 12, 2025
  11. S19Q1 FY2025 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2025
  12. S20Q4 FY2024 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 11, 2024
  13. S21Q3 FY2024 earnings release (8-K Ex. 99.1) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 12, 2024
  14. S222026 proxy statement (DEF 14A) · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2026
  15. S23Form 8-K filed Sep 8, 2026 (Items 5.02, 7.01): CEO succession, Wadhwani departure · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2026
  16. S24Press release, 8-K filed Sep 8, 2026 (Ex. 99.1): Chakravarthy to become President and CEO on Dec 1, 2026 · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2026
  17. S25Form 8-K filed Mar 12, 2026 (Items 2.02, 5.02, 7.01): Narayen decision to transition · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  18. S26Press release, 8-K filed Mar 12, 2026 (Ex. 99.2): Narayen transition, successor search · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  19. S28Form 8-K filed Jun 11, 2026 (Items 2.02, 5.02): Durn resignation, Day interim CFO · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 11, 2026
  20. S29Form 8-K filed Apr 21, 2026 (Items 5.02, 5.07, 8.01): annual meeting votes, $25B buyback · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  21. S32Form 8-K filed Dec 18, 2023: Figma merger agreement terminated, $1 billion fee · Adobe Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 18, 2023
  22. S33Schedule 13G, State Street Corporation (event Jun 30, 2026) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  23. S34Schedule 13G/A, BlackRock, Inc. (event Jun 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 27, 2026
  24. S35Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  25. S36Schedule 13G/A, The Vanguard Group (event Mar 13, 2026; 0 after internal realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  26. S37ADBE historical quotes, Nasdaq (close Nov 4, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 4, 2026
  27. S39Q2 FY2026 earnings call transcript (Jun 11, 2026) · Adobe Inc. Investor Relations (FactSet CallStreet) · Tier 1: company or exchange filing · Jun 11, 2026
  28. S40Q1 FY2026 earnings call transcript (Mar 12, 2026) · Adobe Inc. Investor Relations (FactSet CallStreet) · Tier 1: company or exchange filing · Mar 12, 2026
  29. S41Q4 FY2025 earnings call transcript (Dec 10, 2025) · Adobe Inc. Investor Relations (FactSet CallStreet) · Tier 1: company or exchange filing · Dec 10, 2025
  30. S42Q3 FY2026 earnings script and slides · Adobe Inc. Investor Relations · Tier 1: company or exchange filing · Sep 10, 2026
  31. S43Investor data sheet, last updated Sep 10, 2026 (Q1 FY24 to Q3 FY26) · Adobe Inc. Investor Relations · Tier 1: company or exchange filing · Sep 10, 2026
  32. S44Justice Department: Adobe agrees to $150 million settlement and injunction (Mar 13, 2026) · U.S. Department of Justice, Office of Public Affairs · Tier 2: rating agency or regulator · Mar 13, 2026
  33. S45DocuSign, Inc. Form 10-K, fiscal 2026 (ended Jan 31, 2026): names Adobe as primary eSignature competitor · DocuSign, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2026
  34. S46Braze, Inc. Form 10-K, fiscal 2026 (ended Jan 31, 2026): names Adobe and Salesforce as competitors · Braze, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
  35. S47Figma, Inc. Form 10-K, fiscal 2025 (ended Dec 31, 2025): abandoned merger with Adobe · Figma, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2026
  36. S48EDGAR submissions, Adobe Inc. (CIK 0000796343) · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q3 FY2026 (quarter ended Aug 28, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.