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Adobe (ADBE) FY2025 results: revenue $23.8 billion, up 10.5% on the year

Adobe Inc. (ADBE) reported revenue of $23.8 billion for fiscal 2025, the year ended 28 November 2025, up 10.5% on the year before. Net income was $7.1 billion, up 28.2%, and diluted earnings per share $16.70. The figures are the company's own, from the 10-K it filed with the SEC on 15 January 2026.

Revenue
$23.8 billion
+10.5% on the year
FY2018FY2025
Operating margin
36.6%
31.3% a year earlier
FY2018FY2025
Net income
$7.1 billion
+28.2% on the year
FY2018FY2025
Diluted EPS
$16.70
+35.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • AI solutions drove demand in both groups: Management attributed FY2025 results to global demand for AI solutions across the BP&C and CMP customer groups.
  • Non-GAAP operating income $2.82 billion: GAAP operating income was $2.26 billion in the quarter, and non-GAAP operating income was $2.82 billion. FY2025 non-GAAP operating income was $10.99 billion, against GAAP $8.71 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Adobe builds software for creating and delivering content, sold mainly by subscription. In fiscal 2025 the business ran in three reportable segments, Digital Media, Digital Experience, and Publishing and Advertising, and the filing states that from the first quarter of fiscal 2026 the three will be combined into a single operating and reportable segment. The customer audiences it names are business professionals, consumers, creators, creative professionals and marketing professionals, and it groups its products and its sales approach around two of them: Business Professionals & Consumers, and Creative & Marketing Professionals.

Adobe Inc., the 10-K for 2025

Adobe builds software for creating and delivering content, sold mainly by subscription. In fiscal 2025 the business ran in three reportable segments, Digital Media, Digital Experience, and Publishing and Advertising, and the filing states that from the first quarter of fiscal 2026 the three will be combined into a single operating and reportable segment. The customer audiences it names are business professionals, consumers, creators, creative professionals and marketing professionals, and it groups its products and its sales approach around two of them: Business Professionals & Consumers, and Creative & Marketing Professionals.

The document products

Acrobat is the family of productivity products for consuming, editing, signing and creating documents. It sits on desktop, mobile and the web in tiered plans, Acrobat Studio, Acrobat Pro and Acrobat Standard, and free as Adobe Acrobat Reader. Acrobat AI Assistant is the generative AI conversational engine that summarises documents, answers questions about them with citations, and generates and formats content; it is included in Acrobat Studio and sold as an add-on to Pro, Standard and Reader. Acrobat Studio unites Acrobat, Adobe Express and AI agents, and its PDF Spaces feature turns collections of files and websites into shareable conversational knowledge hubs with their own AI assistants. Adobe Express is the all-in-one content creation app for video, marketing and social content.

The creative products

Adobe Creative Cloud Pro is the cloud subscription to the app ecosystem for photography, design, video and social media, with cloud storage for syncing and sharing work. It includes the Adobe Firefly web app, the premium version of Adobe Express, and AI features built into Photoshop, Illustrator and Premiere Pro. Most apps are also sold as standalone subscriptions, except the Substance 3D apps, which go through the Adobe Substance 3D Collection plan.

Photoshop is the digital imaging and design app and Lightroom the cloud-based photo app for editing, organising, storing and sharing photos; the two come together in a Photography Plan with Lightroom Classic. Illustrator is the vector graphics app for digital graphics and illustrations across print, web, interactive, video and mobile. Premiere Pro is the nonlinear video editor, taking media from a mobile phone clip to 8K and virtual reality and editing in the native format without transcoding. After Effects is the motion graphics and visual effects app. Substance 3D covers Stager for assembling 3D scenes, Painter for texturing assets, Sampler for digitising them, Assets as a 3D materials library, and Modeler, which runs on desktop and certain VR headsets and lets a user sculpt with physical gestures. Adobe Stock sells access to royalty-free photos, vectors, illustrations, videos, templates, audio and 3D assets, built into the apps and licensable inside them.

Adobe Firefly is the family of creative generative AI models spanning image, video, vector and audio, built into the other products and powering new ones. The company states the Firefly models are commercially safe and are trained on data Adobe has the rights to use.

The marketing products

Adobe Experience Platform is the platform for customer experience, and Agent Orchestrator is the technology underneath Adobe's agentic framework, using the platform's data, content and knowledge to run agents that plan multi-step actions and automate workflows. Adobe Brand Concierge helps enterprises configure and manage AI agents for conversational customer experiences.

Adobe Analytics collects, organises and structures data streams from many channels, including streaming web data, into real-time insight, and Customer Journey Analytics lets customers explore and visualise an end-to-end customer journey across channels. Adobe Experience Manager combines digital asset management with a content management system and a digital document solution, split into Sites for web, mobile and app experiences, Assets for asset management, and Forms for customer onboarding and enrollment. Adobe Commerce is the e-commerce platform covering digital commerce, order management and predictive intelligence across business-to-business, business-to-consumer and direct-to-consumer selling, built on an open-source ecosystem. Adobe LLM Optimizer is a generative engine optimisation product for brand visibility in AI-powered search. Adobe GenStudio is the content supply chain product, gathering Experience Manager Assets, Adobe Workfront, Firefly Services and GenStudio for Performance Marketing.

What sits in the third segment

Publishing and Advertising holds the legacy products: eLearning, technical document publishing, web conferencing, a document and forms platform, web app development, high-end printing through Adobe PostScript and Adobe PDF standards, and the Adobe Advertising offerings.

From Adobe's annual report on Form 10-K for the year ended 28 November 2025. The filing

Written from the 10-K filed 15 January 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue23,76921,50519,409+10.5%
Cost of revenue2,5512,3582,354+8.2%
Gross profit21,21819,14717,055+10.8%
Gross margin89.3%89.0%87.9%
Operating income8,7066,7416,650+29.1%
Operating margin36.6%31.3%34.3%
Interest expense263169113+55.6%
Pre-tax income8,7346,9316,799+26.0%
Income tax1,6041,3711,371+17.0%
Effective tax rate18.4%19.8%20.2%
Net income7,1305,5605,428+28.2%
Net margin30.0%25.9%28.0%
Diluted EPS$16.70$12.36$11.82+35.1%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow10,0318,0567,302+24.5%
Capital expenditure179183360-2.2%
Free cash flow9,8527,8736,942+25.1%
Free cash flow margin41.4%36.6%35.8%
Cash from investing-1,187149776
Cash from financing-11,060-7,724-5,182
Depreciation and amortisation818857872-4.6%
Share-based compensation1,9421,8331,718+5.9%
Buybacks11,2819,5004,400+18.7%
Diluted shares, weighted427m450m459m-5.0%
Shares outstanding at period end413m441m455m-6.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity11,62314,10516,518-17.6%
Debt6,2105,6283,634+10.3%
Operating lease liabilities361353373+2.3%
Other liabilities11,30210,1449,254+11.4%
Total liabilities and equity29,49630,23029,779-2.4%
Fixed assets1,8731,9362,030-3.3%
Goodwill12,85712,78812,805+0.5%
Intangible assets4957821,088-36.7%
Investments1,164273701+326.4%
Cash and equivalents5,4317,6137,141-28.7%
Receivables2,3442,0722,224+13.1%
Other assets5,3324,7663,790+11.9%
Total assets29,49630,23029,779-2.4%

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