Adobe (ADBE) FY2017 results: revenue $7.3 billion, up 24.7% on the year
Adobe Inc. (ADBE) reported revenue of $7.3 billion for fiscal 2017, the year ended 1 December 2017, up 24.7% on the year before. Net income was $1.7 billion, up 44.9%, and diluted earnings per share $3.38. The figures are the company's own, from the 10-K it filed with the SEC on 22 January 2018.
Revenue
$7.3 billion
+24.7% on the year
FY2010FY2017
Operating margin
29.7%
25.5% a year earlier
FY2010FY2017
Net income
$1.7 billion
+44.9% on the year
FY2010FY2017
Diluted EPS
$3.38
+45.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
7,302
5,854
4,796
+24.7%
Cost of revenue
1,010
820
744
+23.2%
Gross profit
6,291
5,035
4,051
+25.0%
Gross margin
86.2%
86.0%
84.5%
Operating income
2,168
1,494
903
+45.2%
Operating margin
29.7%
25.5%
18.8%
Interest expense
74.4
70.4
64.2
+5.6%
Pre-tax income
2,138
1,435
874
+49.0%
Income tax
444
266
244
+66.6%
Effective tax rate
20.8%
18.6%
28.0%
Net income
1,694
1,169
630
+44.9%
Net margin
23.2%
20.0%
13.1%
Diluted EPS
$3.38
$2.32
$1.24
+45.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,913
2,200
1,470
+32.4%
Capital expenditure
178
204
185
-12.6%
Free cash flow
2,735
1,996
1,285
+37.0%
Free cash flow margin
37.5%
34.1%
26.8%
Cash from investing
-443
-960
-1,488
Cash from financing
-1,184
-1,091
-201
Depreciation and amortisation
326
332
339
-1.7%
Share-based compensation
454
350
336
+29.9%
Buybacks
1,100
1,075
625
+2.3%
Diluted shares, weighted
501m
504m
507m
-0.6%
Shares outstanding at period end
491m
494m
498m
-0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
8,460
7,425
7,002
+13.9%
Debt
1,881
1,892
1,907
-0.6%
Other liabilities
4,194
3,390
2,818
+23.7%
Total liabilities and equity
14,536
12,707
11,726
+14.4%
Fixed assets
937
816
787
+14.8%
Goodwill
5,822
5,406
5,367
+7.7%
Intangible assets
386
414
510
-6.9%
Investments
3,514
3,750
3,112
-6.3%
Cash and equivalents
2,306
1,011
877
+128.0%
Receivables
1,218
833
672
+46.2%
Other assets
354
476
402
-25.7%
Total assets
14,536
12,707
11,726
+14.4%
10-K for the year ended 1 December 2017, filed 22 January 2018: the filing.