Adobe (ADBE) FY2019 results: revenue $11.2 billion, up 23.7% on the year
Adobe Inc. (ADBE) reported revenue of $11.2 billion for fiscal 2019, the year ended 29 November 2019, up 23.7% on the year before. Net income was $3.0 billion, up 13.9%, and diluted earnings per share $6.00. The figures are the company's own, from the 10-K it filed with the SEC on 21 January 2020.
Revenue
$11.2 billion
+23.7% on the year
FY2012FY2019
Operating margin
29.3%
31.5% a year earlier
FY2012FY2019
Net income
$3.0 billion
+13.9% on the year
FY2012FY2019
Diluted EPS
$6.00
+15.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,171
9,030
7,302
+23.7%
Cost of revenue
1,673
1,195
1,010
+40.0%
Gross profit
9,499
7,835
6,291
+21.2%
Gross margin
85.0%
86.8%
86.2%
Operating income
3,268
2,840
2,168
+15.1%
Operating margin
29.3%
31.5%
29.7%
Interest expense
157
89.0
74.4
+76.6%
Pre-tax income
3,205
2,794
2,138
+14.7%
Income tax
254
203
444
+25.1%
Effective tax rate
7.9%
7.3%
20.8%
Net income
2,951
2,591
1,694
+13.9%
Net margin
26.4%
28.7%
23.2%
Diluted EPS
$6.00
$5.20
$3.38
+15.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,422
4,029
2,913
+9.7%
Capital expenditure
394
267
178
+48.0%
Free cash flow
4,027
3,763
2,735
+7.0%
Free cash flow margin
36.1%
41.7%
37.5%
Cash from investing
-456
-4,685
-443
Cash from financing
-2,946
-5.0
-1,184
Depreciation and amortisation
757
346
326
+118.5%
Share-based compensation
788
610
454
+29.2%
Buybacks
2,750
2,050
1,100
+34.1%
Diluted shares, weighted
492m
498m
501m
-1.3%
Shares outstanding at period end
482m
488m
491m
-1.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,530
9,362
8,460
+12.5%
Debt
4,138
4,125
1,881
+0.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
6,094
5,282
4,194
+15.4%
Total liabilities and equity
20,762
18,769
14,536
+10.6%
Fixed assets
1,293
1,075
937
+20.3%
Goodwill
10,691
10,581
5,822
+1.0%
Intangible assets
1,721
2,069
386
-16.8%
Investments
1,527
1,586
3,514
-3.7%
Cash and equivalents
2,650
1,643
2,306
+61.3%
Receivables
1,535
1,316
1,218
+16.7%
Other assets
1,346
499
354
+169.7%
Total assets
20,762
18,769
14,536
+10.6%
10-K for the year ended 29 November 2019, filed 21 January 2020: the filing.