Adobe (ADBE) FY2018 results: revenue $9.0 billion, up 23.7% on the year
Adobe Inc. (ADBE) reported revenue of $9.0 billion for fiscal 2018, the year ended 30 November 2018, up 23.7% on the year before. Net income was $2.6 billion, up 52.9%, and diluted earnings per share $5.20. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2019.
Revenue
$9.0 billion
+23.7% on the year
FY2011FY2018
Operating margin
31.5%
29.7% a year earlier
FY2011FY2018
Net income
$2.6 billion
+52.9% on the year
FY2011FY2018
Diluted EPS
$5.20
+53.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
9,030
7,302
5,854
+23.7%
Cost of revenue
1,195
1,010
820
+18.3%
Gross profit
7,835
6,291
5,035
+24.5%
Gross margin
86.8%
86.2%
86.0%
Operating income
2,840
2,168
1,494
+31.0%
Operating margin
31.5%
29.7%
25.5%
Interest expense
89.0
74.4
70.4
+19.6%
Pre-tax income
2,794
2,138
1,435
+30.7%
Income tax
203
444
266
-54.2%
Effective tax rate
7.3%
20.8%
18.6%
Net income
2,591
1,694
1,169
+52.9%
Net margin
28.7%
23.2%
20.0%
Diluted EPS
$5.20
$3.38
$2.32
+53.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,029
2,913
2,200
+38.3%
Capital expenditure
267
178
204
+49.7%
Free cash flow
3,763
2,735
1,996
+37.6%
Free cash flow margin
41.7%
37.5%
34.1%
Cash from investing
-4,685
-443
-960
Cash from financing
-5.0
-1,184
-1,091
Depreciation and amortisation
346
326
332
+6.3%
Share-based compensation
610
454
350
+34.1%
Buybacks
2,050
1,100
1,075
+86.4%
Diluted shares, weighted
498m
501m
504m
-0.7%
Shares outstanding at period end
488m
491m
494m
-0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
9,362
8,460
7,425
+10.7%
Debt
4,125
1,881
1,892
+119.2%
Other liabilities
5,282
4,194
3,390
+25.9%
Total liabilities and equity
18,769
14,536
12,707
+29.1%
Fixed assets
1,075
937
816
+14.7%
Goodwill
10,581
5,822
5,406
+81.8%
Intangible assets
2,069
386
414
+436.5%
Investments
1,586
3,514
3,750
-54.9%
Cash and equivalents
1,643
2,306
1,011
-28.8%
Receivables
1,316
1,218
833
+8.0%
Other assets
499
354
476
+41.1%
Total assets
18,769
14,536
12,707
+29.1%
10-K for the year ended 30 November 2018, filed 25 January 2019: the filing.