Adobe Inc. key statistics and ratios

In fiscal 2025, Adobe Inc. had return on equity of 55.4%, an operating margin of 36.6%, debt equal to 53.4% of equity and a current ratio of 1.00. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Adobe Inc.: financial ratios, 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
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%
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%
Return on equity	7.9%	15.4%	15.2%	13.4%	4.3%	4.0%	9.1%	16.2%	21.3%	29.1%	29.7%	44.2%	34.4%	33.0%	35.5%	36.3%	55.4%	62.3%
Return on assets	5.3%	10.0%	9.7%	8.8%	2.8%	2.5%	5.6%	9.6%	12.4%	15.6%	14.9%	23.4%	18.7%	17.5%	19.1%	18.5%	23.9%	24.5%
Asset turnover	0.40	0.49	0.49	0.46	0.40	0.39	0.43	0.48	0.54	0.54	0.57	0.57	0.61	0.65	0.68	0.72	0.80	0.87
Current ratio	2.93	3.01	3.02	3.46	2.65	1.84	2.18	2.08	2.05	1.13	0.79	1.48	1.25	1.11	1.34	1.07	1.00	0.77
Debt to equity	20.4%	29.3%	26.2%	22.6%	22.5%	22.3%	27.2%	25.5%	22.2%	44.1%	39.4%	31.3%	28.0%	29.5%	22.1%	40.1%	53.4%	40.5%
Interest cover (operating income ÷ interest)	—	17.4x	16.4x	17.5x	6.3x	6.9x	14.1x	21.2x	29.1x	31.9x	20.8x	36.5x	51.3x	54.4x	58.8x	39.9x	33.1x	35.7x
Effective tax rate	44.9%	17.9%	19.5%	25.6%	18.6%	25.7%	28.0%	18.6%	20.8%	7.3%	7.9%	−26.0%	15.5%	20.8%	20.2%	19.8%	18.4%	21.5%
R&D as % of revenue	19.2%	17.9%	17.5%	16.9%	20.4%	20.4%	18.0%	16.7%	16.8%	17.0%	17.3%	17.0%	16.1%	17.0%	17.9%	18.3%	18.1%	18.1%
Capital spending as % of revenue	4.1%	4.5%	5.0%	6.2%	4.6%	3.6%	3.9%	3.5%	2.4%	3.0%	3.5%	3.3%	2.2%	2.5%	1.9%	0.9%	0.8%	0.8%
Free cash flow ÷ net income	258.3%	121.8%	160.1%	147.5%	332.2%	424.4%	204.0%	170.8%	161.4%	145.2%	136.5%	100.9%	142.7%	155.5%	127.9%	141.6%	138.2%	145.4%
Dividends and buybacks ÷ free cash flow	35.1%	90.1%	52.1%	33.0%	114.2%	52.7%	48.7%	53.9%	40.2%	54.5%	68.3%	57.5%	57.4%	88.6%	63.4%	120.7%	114.5%	87.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Adobe Inc.: financial ratios, 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
Gross margin	89.0%	89.1%	89.1%	89.3%	89.5%	89.6%	89.2%	88.7%
Operating margin	34.9%	37.9%	35.9%	36.3%	36.5%	37.8%	33.8%	34.8%
Net margin	30.0%	31.7%	28.8%	29.6%	30.0%	29.5%	25.9%	27.0%
Free-cash-flow margin	51.2%	43.0%	36.5%	35.5%	50.5%	45.7%	31.8%	36.1%
Current ratio	1.07	1.18	0.99	1.02	1.00	0.91	0.75	0.77
Debt to equity	39.9%	47.0%	53.9%	52.7%	53.4%	54.5%	57.7%	54.1%
R&D as % of revenue	17.8%	18.0%	18.4%	18.2%	17.7%	17.3%	18.1%	19.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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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.