Adobe (ADBE) Q4 FY2025 earnings: revenue $6.2 billion, up 10.5% on the year

Adobe Inc. (ADBE) reported revenue of $6.2 billion for Q4 FY2025, the quarter ended 28 November 2025, up 10.5% on the same quarter a year earlier. Net income was $1.9 billion, up 10.3% on the year, and diluted earnings per share $4.45. The figures are the company's own, from the 10-K it filed with the SEC on 15 January 2026.

Revenue

$6.2 billion

+10.5% on the year · +3.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

36.5%

34.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.9 billion

+10.3% on the year · +4.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.45

+17.4% on the year · +6.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 19 new.

Fourth-quarter revenue reached $6.19 billion: Revenue was $6.19 billion, up 10% year over year as reported and in constant currency. The third-quarter release gave a fourth-quarter target range of $6.075 billion to $6.125 billion.
Full-year revenue and ARR grew 11%: FY2025 revenue was $23.77 billion, up 11%. Total Adobe ARR exiting the year was $25.20 billion, up 11.5%. The third-quarter release gave a FY2025 revenue target of $23.65 billion to $23.70 billion.
Business Professionals & Consumers up 15%: BP&C subscription revenue was $1.72 billion in the quarter, up 15% (14% in constant currency). FY2025 BP&C subscription revenue was $6.50 billion, also up 15%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,194	5,988	5,606	+3.4%	+10.5%
Cost of revenue	649	642	616	+1.1%	+5.4%
Gross profit	5,545	5,346	4,990	+3.7%	+11.1%
Gross margin	89.5%	89.3%	89.0%
Operating income	2,261	2,173	1,957	+4.0%	+15.5%
Operating margin	36.5%	36.3%	34.9%
Interest expense	66.0	67.0	50.0	-1.5%	+32.0%
Pre-tax income	2,264	2,187	1,991	+3.5%	+13.7%
Income tax	408	415	308	-1.7%	+32.5%
Effective tax rate	18.0%	19.0%	15.5%
Net income	1,856	1,772	1,683	+4.7%	+10.3%
Net margin	30.0%	29.6%	30.0%
Diluted EPS	$4.45	$4.18	$3.79	+6.5%	+17.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,160	2,198	2,921	+43.8%	+8.2%
Capital expenditure	34.0	72.0	48.0	-52.8%	-29.2%
Free cash flow	3,126	2,126	2,873	+47.0%	+8.8%
Free cash flow margin	50.5%	35.5%	51.2%
Cash from investing	-146	-279	19.0
Cash from financing	-2,555	-1,876	-2,501
Depreciation and amortisation	184	208	218	-11.5%	-15.6%
Share-based compensation	489	497	441	-1.6%	+10.9%
Buybacks	2,474	2,057	2,500	+20.3%	-1.0%
Diluted shares, weighted	417m	424m	443m	-1.7%	-5.9%
Shares outstanding at period end	413m	420m	441m	-1.7%	-6.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	11,623	11,770	14,105	-1.2%	-17.6%
Debt	6,210	6,200	5,628	+0.2%	+10.3%
Operating lease liabilities	361	362	353	-0.3%	+2.3%
Other liabilities	11,302	10,422	10,144	+8.4%	+11.4%
Total liabilities and equity	29,496	28,754	30,230	+2.6%	-2.4%
Fixed assets	1,873	1,908	1,936	-1.8%	-3.3%
Goodwill	12,857	12,862	12,788	-0.0%	+0.5%
Intangible assets	495	555	782	-10.8%	-36.7%
Investments	1,164	958	273	+21.5%	+326.4%
Cash and equivalents	5,431	4,982	7,613	+9.0%	-28.7%
Receivables	2,344	2,093	2,072	+12.0%	+13.1%
Other assets	5,332	5,396	4,766	-1.2%	+11.9%
Total assets	29,496	28,754	30,230	+2.6%	-2.4%

Questions

What was Adobe's revenue in Q4 FY2025?

Adobe (ADBE) reported revenue of $6.2 billion for Q4 FY2025, the quarter ended 28 November 2025, up 10.5% on the same quarter a year earlier.

How much did Adobe earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.9 billion, up 10.3% on the year, and diluted earnings per share $4.45.

When did Adobe report Q4 FY2025 results?

Adobe filed its 10-K for the year that ended with the quarter on 15 January 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,110	4,262	4,386	4,433	4,525	4,655	4,816	4,890	5,048	5,182	5,309	5,408	5,606	5,714	5,873	5,988	6,194	6,398	6,618	6,760
Cost of revenue	507	512	539	546	568	568	572	580	634	590	598	554	616	622	638	642	649	664	715	763
Gross profit	3,603	3,750	3,847	3,887	3,957	4,087	4,244	4,310	4,414	4,592	4,711	4,854	4,990	5,092	5,235	5,346	5,545	5,734	5,903	5,997
Gross margin	88%	88%	88%	88%	87%	88%	88%	88%	87%	89%	89%	90%	89%	89%	89%	89%	90%	90%	89%	89%
Operating income	1,501	1,580	1,529	1,484	1,505	1,586	1,624	1,697	1,743	907	1,885	1,992	1,957	2,163	2,109	2,173	2,261	2,418	2,238	2,354
Operating margin	37%	37%	35%	33%	33%	34%	34%	35%	35%	18%	36%	37%	35%	38%	36%	36%	37%	38%	34%	35%
Interest expense	28.0	28.0	28.0	28.0	28.0	32.0	26.0	27.0	28.0	27.0	41.0	51.0	50.0	62.0	68.0	67.0	66.0	63.0	65.0	66.0
Pre-tax income	1,468	1,543	1,492	1,456	1,517	1,598	1,650	1,743	1,808	968	1,930	2,042	1,991	2,182	2,101	2,187	2,264	2,422	2,238	2,357
Tax rate	16%	18%	21%	22%	22%	22%	22%	20%	18%	36%	18%	18%	15%	17%	20%	19%	18%	22%	24%	22%
Net income	1,233	1,266	1,178	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811	1,691	1,772	1,856	1,889	1,712	1,827
Net margin	30%	30%	27%	26%	26%	27%	27%	29%	29%	12%	30%	31%	30%	32%	29%	30%	30%	30%	26%	27%
Diluted EPS	$2.57	$2.66	$2.49	$2.42	$2.53	$2.71	$2.82	$3.05	$3.23	$1.36	$3.49	$3.76	$3.79	$4.14	$3.94	$4.18	$4.45	$4.60	$4.25	$4.62
Operating cash flow	2,066	1,769	2,040	1,704	2,325	1,693	2,139	1,873	1,597	1,174	1,940	2,021	2,921	2,482	2,191	2,198	3,160	2,958	2,165	2,523
Capital expenditure	99.0	100	126	125	91.0	101	121	91.0	47.0	37.0	41.0	57.0	48.0	26.0	47.0	72.0	34.0	37.0	58.0	85.0
Free cash flow	1,967	1,669	1,914	1,579	2,234	1,592	2,018	1,782	1,550	1,137	1,899	1,964	2,873	2,456	2,144	2,126	3,126	2,921	2,107	2,438
Buybacks	1,000	2,400	1,200	1,200	1,750	1,400	1,000	1,000	1,000	2,000	2,500	2,500	2,500	3,250	3,500	2,057	2,474	2,478	2,111	2,232
Shares outstanding	475m	472m	471m	467m	462m	459m	456m	456m	455m	453m	449m	445m	441m	435m	427m	420m	413m	406m	399m	391m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 28 November 2025, filed 15 January 2026: the filing.