Adobe
Adobe’s mission is to empower everyone to create.
10-K, Jan 15, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Business
How does Adobe make money?
Digital Media is 74.3% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0000796343-26-000003 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($23.8B).
- Digital Media: $17.6B · 74.3%
- Digital Experience: $5.9B · 24.7%
- Publishing And Advertising: $256M · 1.1%
What is left of every $100?
Of every $100 in revenue, $30 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $23.8B
- Gross profit: $21.2B
- Operating income: $8.7B
- Net income: $7.1B
- Free cash flow: $9.9B
Where do customers sit?
59.4% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0000796343-26-000003 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences.”
“For over four decades, our innovations have transformed how people everywhere engage across all types of media.”
“Adobe’s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel.”
Item 1 · Business · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Where did the growth actually come from?
Digital Media drove 77% of Adobe’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Digital Media revenue +11%
“Digital Media segment revenue grew to $17.65 billion in fiscal 2025, up from $15.86 billion in fiscal 2024, representing 11% year-over-year growth.”
Item 7 · MD&A · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Number check (Digital Media revenue): stated $17.6B matches the stored value ($17.6B, ±10%)
Digital Media revenue: $17.6B · 74.3% of revenue · FY2025 · Revenue charts
Position (in the company’s words)
“Our competitive differentiation comes from the increased value we provide customers by integrating the Adobe Experience Platform with our comprehensive set of solutions and embedding AI into our portfolio of solutions, such as Adobe Experience Platform AI Assistant.”
Item 1 · Business · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 11% to $23.8B.
Revenue grew 13% YoY to $6.8B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 48.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
36.6% operating margin, up from 31.3%.
89.3% gross margin, up from 89.0%.
Operating income grew 29% to $8.7B.
Net income grew 28% to $7.1B.
SG&A grew 11% to $8.1B.
EPS diluted grew 35% to $16.70.
34.8% operating margin, down from 36.3%.
88.7% gross margin, down from 89.3%.
Operating income grew 8.3% YoY to $2.4B.
Net income grew 3.1% YoY to $1.8B.
SG&A grew 13% YoY to $2.3B.
EPS diluted grew 11% YoY to $4.62.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $41 of every $100 as free cash.
Operating cash flow grew 25% to $10.0B.
Capex fell 2.2% to $179M.
Buybacks grew 19% to $11.3B.
Stock-based compensation grew 5.9% to $1.9B.
Free cash flow grew 15% YoY to $2.4B.
Operating cash flow grew 15% YoY to $2.5B.
Capex grew 18% YoY to $85.0M.
Buybacks grew 8.5% YoY to $2.2B.
Stock-based compensation grew 8.5% YoY to $539M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$5.4B cash vs $6.2B debt.
Total debt grew 10% to $6.2B.
Interest expense grew 56% to $263M.
Total assets fell 2.4% to $29.5B.
Equity fell 18% to $11.6B.
Cash fell 13% YoY to $4.4B.
Total debt grew 2.6% YoY to $6.4B.
Interest expense fell 1.5% YoY to $66.0M.
Total assets grew 4.3% YoY to $30.0B.
Equity fell 0.1% YoY to $11.8B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Adobe depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Adobe annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Adobe
No supplier among the covered companies is named in the filings.
Adobe holds stakes in
No stake in a covered company found in SEC filings.
Others name Adobe
2 competitor mentions (e.g. Autodesk, Oracle) · 1 partner mention (e.g. IBM) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 26 risk factors, one per theme.
Competition
“We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our business and financial results could materially suffer.”
Item 1A · Risk Factors · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
AI and new products
“Issues relating to the development and use of AI in our solutions may result in reputational harm, liability and adverse business and financial results.”
Item 1A · Risk Factors · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Key people
“If we are unable to recruit and retain key personnel, our business may be harmed, and our hybrid work model may present challenges, which could adversely impact our business.”
Item 1A · Risk Factors · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Acquisitions
“We may not realize the anticipated benefits of acquisitions, investments or other strategic transactions, and they may disrupt our business and adversely affect our business and financial results.”
Item 1A · Risk Factors · 10-K · 0000796343-26-000003 · filed Jan 15, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 9.4%.
BlackRock, Inc.9.4%
13G/A · as of Jun 30, 2026 · filed Jul 27, 2026
Vanguard Capital Management LLC7.61%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
State Street Corp5.2%
13G · as of Jun 30, 2026 · filed Aug 7, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.3%
41.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.9%
26.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.2%
20.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.4%
14.7M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Geode Capital Management, LLC3.5%
11.6M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,991 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
1 purchases · 20 sales · $50.8M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 34 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | not reported | not reported | ||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values