ADOBE INC.

For the period ended Nov 28, 2025. Filed Jan 15, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Jan 15, 2026

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

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Contents

Consolidated Statements of Income

(In millions, except per share data)

	Years Ended
	November 28,2025	November 29,2024	December 1,2023
Revenue:
Subscription	$22,904	$20,521	$18,284
Product	325	386	460
Services and other	540	598	665
Total revenue	23,769	21,505	19,409
Cost of revenue:
Subscription	2,027	1,799	1,822
Product	23	25	29
Services and other	501	534	503
Total cost of revenue	2,551	2,358	2,354
Gross profit	21,218	19,147	17,055
Operating expenses:
Research and development	4,294	3,944	3,473
Sales and marketing	6,488	5,764	5,351
General and administrative	1,573	1,529	1,413
Acquisition termination fee	—	1,000	—
Amortization of intangibles	157	169	168
Total operating expenses	12,512	12,406	10,405
Operating income	8,706	6,741	6,650
Non-operating income (expense):
Interest expense	(263)	(169)	(113)
Investment gains (losses), net	43	48	16
Other income (expense), net	248	311	246
Total non-operating income (expense), net	28	190	149
Income before income taxes	8,734	6,931	6,799
Provision for income taxes	1,604	1,371	1,371
Net income	$7,130	$5,560	$5,428
Basic net income per share	$16.73	$12.43	$11.87
Shares used to compute basic net income per share	426	447	457
Diluted net income per share	$16.70	$12.36	$11.82
Shares used to compute diluted net income per share	427	450	459

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.