Adobe (ADBE) FY2023 results: revenue $19.4 billion, up 10.2% on the year
Adobe Inc. (ADBE) reported revenue of $19.4 billion for fiscal 2023, the year ended 1 December 2023, up 10.2% on the year before. Net income was $5.4 billion, up 14.1%, and diluted earnings per share $11.82. The figures are the company's own, from the 10-K it filed with the SEC on 17 January 2024.
Revenue
$19.4 billion
+10.2% on the year
FY2016FY2023
Operating margin
34.3%
34.6% a year earlier
FY2016FY2023
Net income
$5.4 billion
+14.1% on the year
FY2016FY2023
Diluted EPS
$11.82
+17.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
7,302
7,838
7,230
-6.8%
Capital expenditure
360
442
348
-18.6%
Free cash flow
6,942
7,396
6,882
-6.1%
Free cash flow margin
35.8%
42.0%
43.6%
Cash from investing
776
-570
-3,537
Cash from financing
-5,182
-6,825
-4,301
Depreciation and amortisation
872
856
788
+1.9%
Share-based compensation
1,718
1,440
1,069
+19.3%
Buybacks
4,400
6,550
3,950
-32.8%
Diluted shares, weighted
459m
471m
481m
-2.5%
Shares outstanding at period end
455m
462m
475m
-1.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
16,518
14,051
14,797
+17.6%
Debt
3,634
4,129
4,123
-12.0%
Operating lease liabilities
373
417
453
-10.6%
Other liabilities
9,254
8,568
7,868
+8.0%
Total liabilities and equity
29,779
27,165
27,241
+9.6%
Fixed assets
2,030
1,908
1,673
+6.4%
Goodwill
12,805
12,787
12,668
+0.1%
Intangible assets
1,088
1,449
1,820
-24.9%
Investments
701
1,860
1,954
-62.3%
Cash and equivalents
7,141
4,236
3,844
+68.6%
Receivables
2,224
2,065
1,878
+7.7%
Other assets
3,790
2,860
3,404
+32.5%
Total assets
29,779
27,165
27,241
+9.6%
10-K for the year ended 1 December 2023, filed 17 January 2024: the filing.