Adobe (ADBE) FY2020 results: revenue $12.9 billion, up 15.2% on the year
Adobe Inc. (ADBE) reported revenue of $12.9 billion for fiscal 2020, the year ended 27 November 2020, up 15.2% on the year before. Net income was $5.3 billion, up 78.2%, and diluted earnings per share $10.83. The figures are the company's own, from the 10-K it filed with the SEC on 15 January 2021.
Revenue
$12.9 billion
+15.2% on the year
FY2013FY2020
Operating margin
32.9%
29.3% a year earlier
FY2013FY2020
Net income
$5.3 billion
+78.2% on the year
FY2013FY2020
Diluted EPS
$10.83
+80.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,868
11,171
9,030
+15.2%
Cost of revenue
1,722
1,673
1,195
+2.9%
Gross profit
11,146
9,499
7,835
+17.3%
Gross margin
86.6%
85.0%
86.8%
Operating income
4,237
3,268
2,840
+29.6%
Operating margin
32.9%
29.3%
31.5%
Interest expense
116
157
89.0
-26.2%
Pre-tax income
4,176
3,205
2,794
+30.3%
Income tax
-1,084
254
203
Effective tax rate
-26.0%
7.9%
7.3%
Net income
5,260
2,951
2,591
+78.2%
Net margin
40.9%
26.4%
28.7%
Diluted EPS
$10.83
$6.00
$5.20
+80.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
5,727
4,422
4,029
+29.5%
Capital expenditure
419
394
267
+6.2%
Free cash flow
5,308
4,027
3,763
+31.8%
Free cash flow margin
41.2%
36.1%
41.7%
Cash from investing
-414
-456
-4,685
Cash from financing
-3,488
-2,946
-5.0
Depreciation and amortisation
757
757
346
0.0%
Share-based compensation
909
788
610
+15.4%
Buybacks
3,050
2,750
2,050
+10.9%
Diluted shares, weighted
486m
492m
498m
-1.2%
Shares outstanding at period end
479m
482m
488m
-0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,264
10,530
9,362
+26.0%
Debt
4,117
4,138
4,125
-0.5%
Operating lease liabilities
499
0.0
n/a
Other liabilities
6,404
6,094
5,282
+5.1%
Total liabilities and equity
24,284
20,762
18,769
+17.0%
Fixed assets
1,517
1,293
1,075
+17.3%
Goodwill
10,742
10,691
10,581
+0.5%
Intangible assets
1,359
1,721
2,069
-21.0%
Investments
1,514
1,527
1,586
-0.8%
Cash and equivalents
4,478
2,650
1,643
+69.0%
Receivables
1,398
1,535
1,316
-8.9%
Other assets
3,276
1,346
499
+143.4%
Total assets
24,284
20,762
18,769
+17.0%
10-K for the year ended 27 November 2020, filed 15 January 2021: the filing.