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Adobe Inc. (ADBE) stock

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NASDAQ: ADBE Nasdaq Application Software Next results ~December 9, 2026

B+ Fundamentals grade

Adobe makes software for creating, producing and managing digital content, as well as marketing to customers. Its best-known product is Acrobat, a family of document tools ranging from the free Acrobat Reader through Acrobat AI Assistant to Acrobat Studio, which brings together Acrobat and the Express design app. Adobe also builds creative applications for imaging, design, illustration and video, its own Firefly generative AI models, and Adobe Experience Platform and GenStudio for marketing work.

The company organises its users into two groups: business professionals and consumers on one side, and creative and marketing professionals on the other. It reaches them through freemium entry points, such as the free Acrobat Reader, alongside direct digital sales, enterprise sales and an external network of partners. Adobe Experience Platform is a customer data platform that enterprises use to manage digital customer engagement.

Adobe sells worldwide and continues to widen its geographic reach. By its own account, it has been building media and content software for over four decades.

Based on Adobe Inc.'s 10-K filed January 15, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$570

Cash-flow model

Base case. Range ~$430–$750 across our lower- and higher-growth cases (6.6%–16.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 126% above it.

Price used: $251.47, November 2, 2026

Adobe Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Adobe files

Where Adobe stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $26.0bn, up 12.0% on a year earlier, faster than 11.5% a quarter earlier. Free-cash-flow margin held at 40.8%. The diluted share count is down 6.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $561 a share, against a share price of $255. At that price, our model says the market is pricing in cash flow shrinking about 2.0% a year for five years, slower than the 10.5% a year revenue growth it has delivered.

Source: 10-Q filed September 22, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 9, 2026 (estimated)

Adobe Inc.'s trailing-twelve-month revenue grew 12.0% year on year, with a free-cash-flow margin of 40.8%. Where it stands out: free-cash-flow margin of 40.8% ranks 5 of 180 application software companies we cover.

Our discounted-cash-flow model values the business at ~$570 per share in the base case (~$430–$750 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin compressing: TTM net margin fell to 28.0%, down 2.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $251.47 is 126% below our value per share of $570.
  • High operating margin. 35.7% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Strong cash generation. 40.8% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 6.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

No figure in Adobe Inc.'s latest results trips our warning thresholds.

Latest results: FY2026 Q3

Filed September 22, 2026
Earnings per share
$6.13 against an average estimate of $6.09: beat by 0.7%
Revenue
$6.76bn, up 12.9% on a year earlier
Share reaction
-1.0% in the first session after the results on September 10, 2026, against +0.2% for the S&P 500
Guidance given
total revenue $6.8bn to $6.85bn (fourth quarter FY2026); business Professionals & Consumers subscription revenue $1.93bn to $1.95bn (fourth quarter FY2026)
Next report
December 9, 2026; average EPS estimate $6.33

Adobe's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week-2.8%
  • 1 month+5.8%
  • This year-28.1%
  • 1 year-26.1%
  • 5 years-61.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$26B
Operating margin
35.7%
Net margin
28.0%
EPS (TTM, diluted)
$17.92

Growth

Revenue growth
+12.0%
Change in growth rate
+0.5 pts
Share count change
−6.2%

Cash

Free cash flow (TTM)
$10.6B
FCF margin
40.8%
Stock pay % of revenue
8.0%

Earnings

Last results
September 10, 2026
Next results (est.)
December 10, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Our research
  4. Our research
  5. Our research
  6. Our research
  7. Our research
  8. Our research
  9. Insider trade
  10. Insider trade
  11. Results
  12. Guidance
  13. Leadership
  14. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Adobe Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 3.9% a year for five years.That is slower than the 10.5% a year revenue growth Adobe has delivered.

  • Priced in-3.9%
  • Last 12 months12.0%
  • 3 years a year11.2%
  • 5 years a year10.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($242.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$570
Price used
$242.00close November 3, 2026
Implied change
▲ +134%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Adobe Inc.'s free cash flow after stock-based pay with after-tax interest added back ($8B, FY2026 Q3 TTM), growing 9.9% and 10.7% in the next two years (forecasts, guidance and its record), then back to 11.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$430–~$750 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Adobe Inc.'s free cash flow after stock-based pay ( $8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Adobe Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$570 ~$430–$750 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$380 ~$320–$640 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$220 ~$190–$270 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$440 ~$220–$570 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Adobe Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $296$401$540$723$962$1271
8.5% $227$303$403$535$705$924
10% $185$244$321$422$552$718

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$92.17$99.73$179.52$250.89$309.53$477.03$616.53$341.53$612.47$515.93$320.13$251.47
Market value$46.7bn$50.3bn$90.0bn$124.9bn$152.2bn$231.6bn$296.6bn$160.8bn$281.2bn$232.0bn$136.7bn$102.2bn
+ Net debt (− = net cash)$1.0bn$881m−$425m$2.5bn$1.5bn−$328m$306m−$86m−$3.5bn−$2.0bn$779m$407m
Enterprise value$47.8bn$51.2bn$89.5bn$127.4bn$153.7bn$231.3bn$296.9bn$160.7bn$277.7bn$230.1bn$137.5bn$102.6bn
Multiples
Price / sales 9.7x8.6x12.3x13.8x13.6x18.0x18.8x9.1x14.5x10.8x5.8x3.9x
Price / earnings 74.3x43.0x53.1x48.2x51.6x44.0x61.5x33.8x51.8x41.7x19.2x14.0x
Price / free cash flow 36.4x25.2x32.9x33.2x37.8x43.6x43.1x21.7x40.5x29.5x13.9x9.7x
EV / EBITDA 38.4x28.0x35.9x40.0x38.2x46.3x45.0x23.1x36.9x30.3x14.4x10.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Adobe's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 35.0% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 87.8%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 33.1%; its worst year was 28.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 40.6% of revenue.

  • Discipline 13 / 20

    The diluted share count fell 15.7% over five years; stock-based pay has been a median 7.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (93 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 9, 2026, after the close. Analysts expect revenue of $6.8bn and EPS of $6.33 (range $6.27 to $6.44) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $24.48 +17% $26.6bn +12%
Next $27.51 +12% $29.0bn +9%

Next year's EPS estimate has moved +0.6% in 90 days, across 37 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 27 analysts raised Adobe Inc.'s forecast and 3 cut it.

Consensus EPS forecast Adobe Inc., last 90 days
$24.00 $25.00 $26.00 $27.00 $28.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $24.32 Current fiscal year, 60 days ago: $24.33 Current fiscal year, 30 days ago: $24.40 Current fiscal year, 7 days ago: $24.48 Current fiscal year, Now: $24.48 $24.48 Next fiscal year, 90 days ago: $27.35 Next fiscal year, 60 days ago: $27.36 Next fiscal year, 30 days ago: $27.54 Next fiscal year, 7 days ago: $27.51 Next fiscal year, Now: $27.51 $27.51

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $24.32$27.35
60 days ago $24.33$27.36
30 days ago $24.40$27.54
7 days ago $24.48$27.51
Now $24.48$27.51

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $6.09 $6.13 +0.7%
May 2026 $5.81 $5.96 +2.5%
Feb 2026 $5.87 $6.06 +3.2%
Nov 2025 $5.40 $5.50 +1.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 10, 2026
  • Total revenue FY2026 $26.576bn to $26.626bn Raised
    “Total revenue $26.576 billion to $26.626 billion” source
  • Total revenue fourth quarter FY2026 $6.8bn to $6.85bn
    “Total revenue $6.80 billion to $6.85 billion” source
  • Earnings per share FY2026 $18.12 to $18.17 GAAP Raised
    “GAAP: $18.12 to $18.17 Non-GAAP: $24.45 to $24.50” source
  • Earnings per share FY2026 $24.45 to $24.50 Non-GAAP Raised
    “GAAP: $18.12 to $18.17 Non-GAAP: $24.45 to $24.50” source
  • Earnings per share fourth quarter FY2026 $4.65 to $4.70 GAAP
    “GAAP: $4.65 to $4.70 Non-GAAP: $6.30 to $6.35” source
  • Earnings per share fourth quarter FY2026 $6.30 to $6.35 Non-GAAP
    “GAAP: $4.65 to $4.70 Non-GAAP: $6.30 to $6.35” source
Show 15 more items
  • non-GAAP operating margin FY2026 about 45% Non-GAAP
    “Targets assume non-GAAP operating margin of ~45.0%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~400 million for FY2026.” source
  • GAAP operating margin FY2026 about 35% GAAP
    “GAAP operating margin 35.0 %” source
  • non-GAAP operating margin fourth quarter FY2026 about 44% Non-GAAP
    “Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~22.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~389 million for fourth quarter FY2026.” source
  • GAAP operating margin fourth quarter FY2026 about 34% GAAP
    “GAAP operating margin 34.0 %” source
  • Business Professionals & Consumers subscription revenue FY2026 $7.47bn to $7.49bn
    “Business Professionals & Consumers subscription revenue $7.470 billion to $7.490 billion” source
  • Creative & Marketing Professionals subscription revenue FY2026 $18.242bn to $18.272bn
    “Creative & Marketing Professionals subscription revenue $18.242 billion to $18.272 billion” source
  • Total Adobe ending ARR growth FY2026 about 10.2% growth
    “Total Adobe ending ARR growth 10.2% year over year” source
  • GAAP tax rate FY2026 about 22.5% GAAP
    “Targets assume non-GAAP operating margin of ~45.0%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~400 million for FY2026.” source
  • non-GAAP tax rate FY2026 about 18% Non-GAAP
    “Targets assume non-GAAP operating margin of ~45.0%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~400 million for FY2026.” source
  • diluted share count FY2026 about 400m
    “Targets assume non-GAAP operating margin of ~45.0%, GAAP tax rate of ~22.5%, non-GAAP tax rate of ~18.0% and diluted share count of ~400 million for FY2026.” source
  • Business Professionals & Consumers subscription revenue fourth quarter FY2026 $1.93bn to $1.95bn
    “Business Professionals & Consumers subscription revenue $1.93 billion to $1.95 billion” source
  • Creative & Marketing Professionals subscription revenue fourth quarter FY2026 $4.665bn to $4.695bn
    “Creative & Marketing Professionals subscription revenue $4.665 billion to $4.695 billion” source
  • GAAP tax rate fourth quarter FY2026 about 22% GAAP
    “Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~22.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~389 million for fourth quarter FY2026.” source
  • non-GAAP tax rate fourth quarter FY2026 about 18% Non-GAAP
    “Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~22.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~389 million for fourth quarter FY2026.” source
  • diluted share count fourth quarter FY2026 about 389m
    “Targets assume non-GAAP operating margin of ~44.0%, GAAP tax rate of ~22.0%, non-GAAP tax rate of ~18.0% and diluted share count of ~389 million for fourth quarter FY2026.” source

How earlier guidance turned out

  • GAAP earnings per share, third quarter FY2026 guided $4.40 to $4.45 Above range: $4.62
  • Total revenue, third quarter FY2026 guided $6.67bn to $6.72bn Above range: $6.76bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Adobe Inc.'s revenue by +9.9% next year and +10.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.4%, weight 57%) , management guidance (+9.4%, weight 18%) and the company's own record (+11.6%, weight 24%) . How the weights are set.

Analyst recommendations

39 analysts, Oct 2026
Buy923%
Hold2462%
Sell615%

Monthly trend

  1. Oct 20264524539
  2. Sep 20264723439
  3. Aug 20264823440
  4. Jul 20264823440

Counts of recommendations published by analysts covering Adobe Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.2%
of tradable shares
Days to cover
3.74
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.2%
of shares
Employees
31,360
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −26.1%

$340.31 on October 31, 2025 to $251.47

ThenNowEffect
Revenue (last 12 months) $23.2bn $26.0bn +12.0%
Net margin 30.0% 28.0% −6.5%
P/E multiple 21.2x 14.0x −33.8%
Share count 434m 407m +6.6%

Biggest factor: p/e multiple.

Last 3 years −55.4%

$563.66 on November 3, 2023 to $251.47

ThenNowEffect
Revenue (last 12 months) $18.9bn $26.0bn +37.5%
Net margin 27.1% 28.0% +3.4%
P/E multiple 50.7x 14.0x −72.3%
Share count 461m 407m +13.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADBE+13%−41%+77%−26%−21%−28%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADBE67%33%67%33%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADBE−20%−52%−18%−31%−33%−45%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 72% from November 19, 2021 to June 25, 2026. Getting back needed a 256% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$193.41 – $357.53
From 52-week high
−29.7%
vs 50-day average
−1.0%
vs 200-day average
+0.5%
Volatility (1 year)
41%
Beta vs S&P 500
0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±8.3%
After a week
3 up, 9 down
typical move ±9.7%
After a month
1 up, 11 down
typical move ±12.4%
Results releasedNext dayS&P 500 next day5 days21 days
September 10, 2026 −1.0% +0.2% −0.9% −4.9%
June 11, 2026 −12.6% +2.2% −16.4% −5.4%
March 12, 2026 −8.9% −2.1% −10.1% −12.3%
December 10, 2025 +1.8% +0.9% +3.0% −4.8%
September 11, 2025 −0.2% +0.8% +4.9% −3.6%
June 12, 2025 −5.1% −0.7% −8.7% −11.8%
March 12, 2025 −12.9% −0.8% −10.6% −19.3%
December 11, 2024 −13.2% +0.3% −19.3% −24.6%
September 12, 2024 −7.5% +1.4% −9.3% −14.6%
June 13, 2024 +14.2% +0.3% +16.0% +23.2%
March 14, 2024 −14.1% −0.9% −10.9% −18.0%
December 13, 2023 −7.7% +1.7% −5.9% −5.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Adobe Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.19× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

ADBE Adobe Inc. Grade B+ $251.67

Sell the $225 put expiring December 4, 2026 (32 days) for $2.98 a share — $298 per contract.

Previous session · Bid $2.98, ask $4.00, quoted Mon 2 Nov, 17:12 New York time with ADBE at $251.67. Option prices move with the shares: check the live chain at your broker before trading.

  • If ADBE ends above $225: you keep the $298 — 1.3% on the $22,500 set aside, or 15.1% a year at that pace.
  • If it ends below $225: you buy 100 shares at an effective $222.02, 12% below today's price and 61% below our value of ~$570.
$298 −$4.4k Break-even $222.02 Price $251.67 Our value ~$570 →
Profit or loss per contract at expiry, by share price.
Premium
$298
Annualised
15.1%
Break-even
$222.02
Max gain
$298
Chance of buying
~18%

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Adobe Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Adobe Inc.
$18B $20B $22B $24B $26B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $19.4B Revenue (TTM), FY24 Q1: $19.9B Revenue (TTM), FY24 Q2: $20.4B Revenue (TTM), FY24 Q3: $20.9B Revenue (TTM), FY24 Q4: $21.5B Revenue (TTM), FY25 Q1: $22B Revenue (TTM), FY25 Q2: $22.6B Revenue (TTM), FY25 Q3: $23.2B Revenue (TTM), FY25 Q4: $23.8B Revenue (TTM), FY26 Q1: $24.5B Revenue (TTM), FY26 Q2: $25.2B Revenue (TTM), FY26 Q3: $26B $26B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $19.4B
FY24 Q1 $19.9B
FY24 Q2 $20.4B
FY24 Q3 $20.9B
FY24 Q4 $21.5B
FY25 Q1 $22B
FY25 Q2 $22.6B
FY25 Q3 $23.2B
FY25 Q4 $23.8B
FY26 Q1 $24.5B
FY26 Q2 $25.2B
FY26 Q3 $26B
Revenue growth, TTM YoY Adobe Inc.
10% 10.5% 11% 11.5% 12% 12.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 10.2% Revenue growth, TTM YoY, FY24 Q1: 10.8% Revenue growth, TTM YoY, FY24 Q2: 10.9% Revenue growth, TTM YoY, FY24 Q3: 10.9% Revenue growth, TTM YoY, FY24 Q4: 10.8% Revenue growth, TTM YoY, FY25 Q1: 10.5% Revenue growth, TTM YoY, FY25 Q2: 10.6% Revenue growth, TTM YoY, FY25 Q3: 10.7% Revenue growth, TTM YoY, FY25 Q4: 10.5% Revenue growth, TTM YoY, FY26 Q1: 11.0% Revenue growth, TTM YoY, FY26 Q2: 11.5% Revenue growth, TTM YoY, FY26 Q3: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 10.2%
FY24 Q1 10.8%
FY24 Q2 10.9%
FY24 Q3 10.9%
FY24 Q4 10.8%
FY25 Q1 10.5%
FY25 Q2 10.6%
FY25 Q3 10.7%
FY25 Q4 10.5%
FY26 Q1 11.0%
FY26 Q2 11.5%
FY26 Q3 12.0%
Operating margin (TTM) Adobe Inc.
28% 30% 32% 34% 36% 38% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 34.3% Operating margin (TTM), FY24 Q1: 30.0% Operating margin (TTM), FY24 Q2: 30.5% Operating margin (TTM), FY24 Q3: 31.2% Operating margin (TTM), FY24 Q4: 31.3% Operating margin (TTM), FY25 Q1: 36.3% Operating margin (TTM), FY25 Q2: 36.4% Operating margin (TTM), FY25 Q3: 36.2% Operating margin (TTM), FY25 Q4: 36.6% Operating margin (TTM), FY26 Q1: 36.6% Operating margin (TTM), FY26 Q2: 36.1% Operating margin (TTM), FY26 Q3: 35.7% 35.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 34.3%
FY24 Q1 30.0%
FY24 Q2 30.5%
FY24 Q3 31.2%
FY24 Q4 31.3%
FY25 Q1 36.3%
FY25 Q2 36.4%
FY25 Q3 36.2%
FY25 Q4 36.6%
FY26 Q1 36.6%
FY26 Q2 36.1%
FY26 Q3 35.7%
FCF margin (TTM) Adobe Inc.
30% 35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 35.8% FCF margin (TTM), FY24 Q1: 32.5% FCF margin (TTM), FY24 Q2: 31.2% FCF margin (TTM), FY24 Q3: 31.3% FCF margin (TTM), FY24 Q4: 36.6% FCF margin (TTM), FY25 Q1: 41.7% FCF margin (TTM), FY25 Q2: 41.8% FCF margin (TTM), FY25 Q3: 41.4% FCF margin (TTM), FY25 Q4: 41.4% FCF margin (TTM), FY26 Q1: 42.2% FCF margin (TTM), FY26 Q2: 40.8% FCF margin (TTM), FY26 Q3: 40.8% 40.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 35.8%
FY24 Q1 32.5%
FY24 Q2 31.2%
FY24 Q3 31.3%
FY24 Q4 36.6%
FY25 Q1 41.7%
FY25 Q2 41.8%
FY25 Q3 41.4%
FY25 Q4 41.4%
FY26 Q1 42.2%
FY26 Q2 40.8%
FY26 Q3 40.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Adobe took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $23.8B
  2. Cost of revenue $2.6B · 10.7%
  3. Gross profit $21.2B · 89.3%
  4. Research and development $4.3B · 18.1%
  5. Selling, general and admin $8.1B · 33.9%
  6. Other operating costs $157M · 0.7%
  7. Operating income $8.7B · 36.6%
  8. Income tax $1.6B · 6.7%
  9. Net income $7.1B · 30.0%

Shares of revenue. Source: Adobe's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Dec 2010 2011 Dec 2011 2012 Nov 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Dec 2016 2017 Dec 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 2.9 3.8 4.2 4.4 4.1 4.1 4.8 5.9 7.3 9.0 11.2 12.9 15.8 17.6 19.4 21.5 23.8 26.0
Gross profit 2.6 3.4 3.8 3.9 3.5 3.5 4.1 5.0 6.3 7.8 9.5 11.1 13.9 15.4 17.1 19.1 21.2 23.2
EBITDA 1.0 1.3 1.4 1.5 0.7 0.7 1.2 1.8 2.5 3.2 4.0 5.0 6.6 7.0 7.5 7.6 9.5 10.0
Operating income 0.7 1.0 1.1 1.2 0.4 0.4 0.9 1.5 2.2 2.8 3.3 4.2 5.8 6.1 6.7 6.7 8.7 9.3
Net income 0.4 0.8 0.8 0.8 0.3 0.3 0.6 1.2 1.7 2.6 3.0 5.3 4.8 4.8 5.4 5.6 7.1 7.3
Diluted EPS $0.73 $1.47 $1.65 $1.66 $0.56 $0.53 $1.24 $2.32 $3.38 $5.20 $6.00 $10.83 $10.02 $10.10 $11.82 $12.36 $16.70 $17.92
Growth (year on year)
Revenue −17.7% +29.0% +11.0% +4.4% −7.9% +2.3% +15.6% +22.1% +24.7% +23.7% +23.7% +15.2% +22.7% +11.5% +10.2% +10.8% +10.5% +12.0%
EBITDA −25.1% +32.2% +6.5% +8.1% −49.7% −2.4% +71.1% +46.9% +36.7% +27.7% +26.3% +24.1% +32.0% +5.5% +8.2% +1.0% +25.3% +8.5%
Operating income −32.8% +43.8% +10.7% +7.4% −64.2% −2.4% +118.8% +65.4% +45.2% +31.0% +15.1% +29.7% +36.9% +5.1% +9.1% +1.4% +29.1% +10.3%
Net income −55.7% +100.4% +7.5% −0.0% −65.2% −7.4% +134.6% +85.7% +44.9% +53.0% +13.9% +78.2% −8.3% −1.4% +14.1% +2.4% +28.2% +4.7%
Diluted EPS −54.1% +101.4% +12.2% +0.6% −66.3% −5.4% +134.0% +87.1% +45.7% +53.8% +15.4% +80.5% −7.5% +0.8% +17.0% +4.6% +35.1% +11.6%
Margins
Gross margin 89.9% 89.4% 89.6% 89.0% 85.5% 85.0% 84.5% 86.0% 86.2% 86.8% 85.0% 86.6% 88.2% 87.7% 87.9% 89.0% 89.3% 89.3%
EBITDA margin 33.0% 33.8% 32.5% 33.6% 18.3% 17.5% 25.9% 31.2% 34.2% 35.3% 36.0% 38.8% 41.7% 39.5% 38.8% 35.3% 40.1% 38.6%
Operating margin 23.4% 26.1% 26.1% 26.8% 10.4% 10.0% 18.8% 25.5% 29.7% 31.5% 29.3% 32.9% 36.8% 34.6% 34.3% 31.3% 36.6% 35.7%
Net margin 13.1% 20.4% 19.8% 18.9% 7.2% 6.5% 13.1% 20.0% 23.2% 28.7% 26.4% 40.9% 30.5% 27.0% 28.0% 25.9% 30.0% 28.0%
Free-cash-flow margin 33.9% 24.8% 31.6% 27.9% 23.8% 27.5% 26.8% 34.1% 37.5% 41.7% 36.0% 41.2% 43.6% 42.0% 35.8% 36.6% 41.4% 40.8%
Cash flow
Cash from operations 1.1 1.1 1.5 1.5 1.2 1.3 1.5 2.2 2.9 4.0 4.4 5.7 7.2 7.8 7.3 8.1 10.0 10.8
Capital spending 0.1 0.2 0.2 0.3 0.2 0.1 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.4 0.4 0.2 0.2 0.2
Free cash flow 1.0 0.9 1.3 1.2 1.0 1.1 1.3 2.0 2.7 3.8 4.0 5.3 6.9 7.4 6.9 7.9 9.9 10.6
Stock-based pay 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.5 0.6 0.8 0.9 1.1 1.4 1.7 1.8 1.9 2.1
Free cash flow after stock pay 0.8 0.7 1.0 0.9 0.6 0.8 0.9 1.6 2.3 3.2 3.2 4.4 5.8 6.0 5.2 6.0 7.9 8.5
Balance sheet
Cash 1.0 0.7 1.0 1.4 0.8 1.1 0.9 1.0 2.3 1.6 2.7 4.5 3.8 4.2 7.1 7.6 5.4 4.4
Total debt 1.0 1.5 1.5 1.5 1.5 1.5 1.9 1.9 1.9 4.1 4.2 4.2 4.2 4.2 3.7 5.7 6.2 4.8
Net debt (negative = net cash) 0.0 0.8 0.5 0.1 0.7 0.4 1.0 0.9 −0.4 2.5 1.5 −0.3 0.3 −0.1 −3.5 −2.0 0.8 0.4
Diluted shares 531m 526m 504m 503m 513m 508m 507m 504m 501m 498m 492m 486m 481m 471m 459m 450m 427m 407m
Returned to shareholders
Buybacks 0.4 0.9 0.7 0.4 1.1 0.6 0.6 1.1 1.1 2.1 2.8 3.1 4.0 6.6 4.4 9.5 11.3 9.3
Total returned 0.4 0.9 0.7 0.4 1.1 0.6 0.6 1.1 1.1 2.1 2.8 3.1 4.0 6.6 4.4 9.5 11.3 9.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · August 28, 2026
What it owns · $30.0bn
Short-term assets $9.2bnLonger-term assets $20.8bn
What it owes, and who funded it · $30.0bn
Short-term liabilities $11.9bnLonger-term liabilities $6.3bnShareholders' equity $11.8bn
  • Short-term assets cover short-term liabilities $9.2bn of assets due within a year against $11.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.2bn short-term assets against $6.3bn of longer-dated liabilities.
  • More cash than debt $4.4bn of cash against $6.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 54% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 26% to 54% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.8bn of operating cash flow against $6.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.3bn against $260m of interest.

From Adobe Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$9.3B
Returned to shareholders
88%
of free cash flow
Buybacks, last 3 fiscal years
$25.2B
Diluted share count
−6.2%
year over year
Total shareholder yield
9.4%
dividends 0.0% + buybacks 9.4% of market value
R&D spending
18.1%
of revenue
Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated ADBE INTU SAP CRM WDAY SNPS Median
Revenue, last 12 months $26.0bn $21.4bn $41.6bn $43.9bn $10.2bn $9.4bn $482m
Revenue growth, last 12 months 12.0% 13.9% 12.5% 11.2% 13.3% 46.3% 12.0%
Revenue growth, 3-year average 11.2% 14.3% — 9.9% 14.8% 21.4% 11.1%
Revenue growth, latest quarter 12.9% 13.7% — 10.8% 12.8% 42.4% 11.9%
Gross margin 89.3% 82.1% 72.9% 77.3% 61.1% 72.4% 69.2%
Operating margin 35.7% 27.4% 26.1% 19.9% 10.7% 8.5% 1.1%
Operating margin, 3-year average 34.4% 25.3% 23.4% 19.4% 7.0% 16.8% −0.8%
Net margin 28.0% 21.3% 19.5% 22.0% 12.3% 11.4% 2.1%
Cash from operations / revenue 41.6% 41.2% 24.9% 35.8% 30.3% 31.2% 18.2%
Free-cash-flow margin 40.8% 40.4% — 34.5% 28.0% 29.2% 15.0%
Free-cash-flow margin, 3-year average 37.8% 33.9% — 32.5% 27.3% 22.0% 16.2%
Stock pay / revenue 8.0% 9.6% 4.6% 8.3% 16.2% 10.1% 9.3%
Change in share count −6.2% −2.1% −0.4% −7.4% −4.3% 21.2% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 12.0% 12.0% 92 of 184
Change in growth rate Growth +0.5pp +0.2pp 81 of 184
Gross margin Profitability 89.3% 69.8% 5 of 160
Operating margin Profitability 35.7% 1.1% 7 of 181
Net margin Profitability 28.0% 2.1% 12 of 185
Free-cash-flow margin Cash generation 40.8% 15.2% 5 of 180
Stock pay as % of revenue Cash generation 8.0% 9.3% 76 of 177
Long-term debt as % of assets Balance sheet 15.9% 16.9% 47 of 98
Change in share count Balance sheet -6.2% 1.7% 6 of 163
Days sales outstanding Balance sheet 29 days 57 days 34 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 28, 2025
Segments
Line of business Revenue Share YoY
Digital Media $17.6B 74.3% ▲ 11.3%
Digital Experience $5.9B 24.7% ▲ 9.3%
Publishing and Advertising $256M 1.1% ▼ 6.9%
Products and services
Line of business Revenue Share YoY
Subscription Revenue $22.9B 96.4% ▲ 11.6%
Other services $540M 2.3% ▼ 9.7%
Products $325M 1.4% ▼ 15.8%
Geography
Region Revenue Share YoY
Americas $14.1B 59.4% ▲ 9.5%
United States $12.5B 88.7% ▲ 9.0%
Other Americas $1.6B 11.3% ▲ 14.3%
EMEA $6.3B 26.5% ▲ 13.2%
Asia Pacific $3.4B 14.1% ▲ 9.8%

From Adobe Inc.'s 10-K filed January 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$68.4B
Institutions reporting
1,966
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
144 / 335

Top buyers and sellers, Q2 2026: 796 institutions bought and 1,266 sold ; the biggest buyer was Fil Ltd (+1.9M shares) and the biggest seller Two Sigma Investments, LP (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.4B 41.2M 12.3% ▲ 0.8%
Vanguard Capital Management LLC $5.4B 26.4M 7.9% ▼ 1.0%
State Street Corp $4.2B 20.5M 6.2% ▲ 3.0%
Invesco Ltd. $3B 14.7M 4.4% ▲ 3.7%
Geode Capital Management, LLC $2.4B 11.6M 3.5% ▼ 0.9%
Vanguard Portfolio Management LLC $1.9B 9.4M 2.8% ▼ 6.1%
Arrowstreet Capital, Limited Partnership $1.4B 6.8M 2.0% ▼ 0.1%
Morgan Stanley $1.1B 5.4M 1.6% ▼ 5.0%
Amundi $1.1B 5.2M 1.6% ▲ 11.0%
Primecap Management Co $1.1B 5.2M 1.6% ▲ 10.5%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $1B 5.0M 1.5% ▲ 0.4%
Norges Bank $1B 5.0M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Adobe Inc.'s complete shareholder register. Values are as reported by the filers ; 10 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.9M 1 trade by 1 insider, last 12 months Insider sales History → $50.7M 19 trades by 3 insiders · 0% under pre-set plans
Net ▼ $48.8M net selling
Insider Date Trade Shares Price Value
Narayen Shantanu Chair and CEO September 17, 2026 Sell 638 $251.76 $160,623
Narayen Shantanu Chair and CEO September 17, 2026 Sell 9,978 $251.02 $2.5M
Narayen Shantanu Chair and CEO September 17, 2026 Sell 17,595 $250.19 $4.4M
Narayen Shantanu Chair and CEO September 17, 2026 Sell 10,313 $249.17 $2.6M
Narayen Shantanu Chair and CEO September 17, 2026 Sell 7,168 $248.14 $1.8M
Narayen Shantanu Chair and CEO September 17, 2026 Sell 3,430 $247.36 $848,443
Narayen Shantanu Chair and CEO September 17, 2026 Sell 1,378 $246.09 $339,107
Narayen Shantanu Chair and CEO September 16, 2026 Sell 930 $253.64 $235,882
Narayen Shantanu Chair and CEO September 16, 2026 Sell 11,495 $253.06 $2.9M
Narayen Shantanu Chair and CEO September 16, 2026 Sell 20,716 $252.03 $5.2M
Narayen Shantanu Chair and CEO September 16, 2026 Sell 33,001 $251.03 $8.3M
Narayen Shantanu Chair and CEO September 16, 2026 Sell 8,358 $250.22 $2.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 111 trades and filings

In the last 12 months, 4 members of Congress disclosed 1 purchase and 5 sales of Adobe Inc. shares.

  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded August 14, 2026, filed September 1, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded July 24, 2026, filed September 4, 2026
  • Dan Newhouse(R-WA 4):Sale (full), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 10, 2026 estimated from the company's past filing pattern, not announced

  • September 10, 2026
  • June 11, 2026
  • March 12, 2026
  • December 10, 2025
  • September 11, 2025
  • June 12, 2025

Recent SEC filings

Data status

When each part of this page on Adobe Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Adobe Inc. in brief

What does Adobe Inc. do?
Adobe develops creative, document and marketing software, including Photoshop, Acrobat and the Experience Cloud, sold predominantly by subscription.
What is Adobe Inc.'s stock ticker?
Adobe Inc. trades under the ticker ADBE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Adobe Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Adobe Inc. reported revenue of $26B, 12.0% higher than a year earlier, according to its SEC filings.
What is Adobe Inc.'s free cash flow?
Adobe Inc.'s free-cash-flow margin is 40.8% of revenue over the trailing twelve months, ranking 5 of the 180 application software companies we cover.
What is Adobe Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Adobe Inc.'s free cash flow after stock-based pay gives ~$570 per share in the base case, and ~$430–$750 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Adobe Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Adobe Inc. buying back stock, and does it pay a dividend?
Adobe Inc. spent $9.3B on share repurchases over the trailing twelve months, and its diluted share count fell 6.2% over the year.
What is Adobe Inc.'s market cap?
On November 2, 2026, Adobe Inc.'s market capitalisation was about $102B, with a price-to-earnings ratio of 14.0 and net debt of $407M. Market figures come from third-party market data and may be delayed.
How much debt does Adobe Inc. have?
Adobe Inc.'s debt-to-equity ratio is 54.1%, from its latest balance sheet (26.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Adobe Inc.'s competitors?
In our Application Software peer group, the companies closest to Adobe Inc. are Intuit, SAP SE, Salesforce, Workday, Inc. and Synopsys Inc. The side-by-side comparison below sets their revenue, margins and growth against Adobe Inc.'s.
Are insiders buying or selling Adobe Inc. stock?
Over the last 12 months, Adobe Inc.'s directors and officers reported 1 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Adobe Inc.'s next earnings date?
Around December 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Adobe Inc. announces its own schedule.