ADOBE INC.

For the period ended Feb 28, 2025. Filed Mar 26, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Feb 28, 2025 · Filed Mar 26, 2025

ADBE$236.70-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Income Three Months Ended

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

	Three Months Ended
	February 28,2025	March 1,2024
Revenue:
Subscription	$5,483	$4,916
Product	95	119
Services and other	136	147
Total revenue	5,714	5,182
Cost of revenue:
Subscription	490	455
Product	6	5
Services and other	126	130
Total cost of revenue	622	590
Gross profit	5,092	4,592
Operating expenses:
Research and development	1,026	939
Sales and marketing	1,495	1,352
General and administrative	367	352
Acquisition termination fee	—	1,000
Amortization of intangibles	41	42
Total operating expenses	2,929	3,685
Operating income	2,163	907
Non-operating income (expense):
Interest expense	(62)	(27)
Investment gains (losses), net	6	18
Other income (expense), net	75	70
Total non-operating income (expense), net	19	61
Income before income taxes	2,182	968
Provision for income taxes	371	348
Net income	$1,811	$620
Basic net income per share	$4.15	$1.37
Shares used to compute basic net income per share	436	453
Diluted net income per share	$4.14	$1.36
Shares used to compute diluted net income per share	438	456

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.