Adobe Inc. cash flow statement

In fiscal 2025, Adobe Inc.'s operations generated $10.03bn of cash; it spent $179m on capital projects, leaving free cash flow of $9.85bn. It returned $11.28bn through buybacks.

Cash flow statement

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

Adobe Inc.: cash flow statement, annual
Fiscal year	2009Nov 2009	2010Dec 2010	2011Dec 2011	2012Nov 2012	2013Nov 2013	2014Nov 2014	2015Nov 2015	2016Dec 2016	2017Dec 2017	2018Nov 2018	2019Nov 2019	2020Nov 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Nov 2024	2025Nov 2025	LTMAug 2026
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
Depreciation and amortisation	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.8	0.8	0.8	0.9	0.9	0.9	0.8	0.8
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
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
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
Share 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

US$ millions unless shown otherwise. Fiscal quarters.

Adobe Inc.: cash flow statement, quarterly
Quarter	2024 Q4Nov 2024	2025 Q1Feb 2025	2025 Q2May 2025	2025 Q3Aug 2025	2025 Q4Nov 2025	2026 Q1Feb 2026	2026 Q2May 2026	2026 Q3Aug 2026
Cash from operations	2,921	2,482	2,191	2,198	3,160	2,958	2,165	2,523
Depreciation and amortisation	218	217	209	208	184	174	193	215
Stock-based pay	441	475	481	497	489	509	536	539
Capital spending	48	26	47	72	34	37	58	85
Free cash flow	2,873	2,456	2,144	2,126	3,126	2,921	2,107	2,438
Free cash flow after stock pay	2,432	1,981	1,663	1,629	2,637	2,412	1,571	1,899

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Adobe Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Adobe Inc.