Analysis of Debt
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Total Debt (Carrying Amount)
Adobe Inc., balance sheet: debt
US$ in millions
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| Debt, current portion | |||||||
| Debt, excluding current portion | |||||||
| Total senior notes (carrying amount) |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
An examination of the reported debt figures reveals a dynamic pattern over the observed period. Total senior notes, representing a significant portion of the overall debt, initially remained relatively stable before exhibiting fluctuations. The current portion of debt was not reported for the earliest periods but increased substantially in later years.
- Total Debt Trend
- Total debt, as represented by the carrying amount of total senior notes, demonstrated stability between 2020 and 2022, fluctuating around US$4.1 billion. A decrease was observed in 2023, falling to US$3.634 billion. Subsequently, a notable increase occurred in 2024, reaching US$5.628 billion, and continued into 2025, rising to US$6.210 billion. This indicates a recent trend towards increased reliance on debt financing.
- Current Portion of Debt
- The current portion of debt was not reported in 2020 or 2021. It first appeared in 2022 at US$500 million, remaining absent in 2023, and then increased significantly to US$1,499 million in 2024. No value is reported for 2025. This substantial rise suggests a shift in the company’s debt maturity profile, with a larger amount becoming due within the next year.
- Long-Term Debt Trend
- Debt excluding the current portion initially held steady around US$4.1 billion between 2020 and 2021. A decline was noted in 2022 and 2023, reaching US$3.629 billion and US$3.634 billion respectively. However, this was followed by an increase to US$4.129 billion in 2024 and a further substantial rise to US$6.210 billion in 2025. This suggests a growing commitment to longer-term financing.
The combined effect of these trends indicates a potential strategic shift in debt management. While the company initially maintained a stable debt position, recent periods show a clear increase in both total debt and the long-term portion, accompanied by a significant rise in the current portion of debt. Further investigation into the reasons behind these changes, such as financing for acquisitions or increased capital expenditures, would be warranted.
Total Debt (Fair Value)
| Nov 28, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total senior notes (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-11-28).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on senior notes:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-11-28).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =