Stock Analysis on Net
Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

Common-Size Income Statement

Adobe Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
Subscription 95.42 94.20 93.08 92.32 90.35 89.47
Product 1.79 2.37 3.02 3.52 3.94 5.80
Services and other 2.78 3.43 3.90 4.16 5.71 4.74
Revenue 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Subscription -8.37 -9.39 -9.35 -8.70 -8.61 -10.94
Product -0.12 -0.15 -0.20 -0.26 -0.28 -0.35
Services and other -2.48 -2.59 -2.75 -2.85 -4.49 -3.68
Cost of revenue -10.96% -12.13% -12.30% -11.82% -13.38% -14.97%
Gross profit 89.04% 87.87% 87.70% 88.18% 86.62% 85.03%
Research and development -18.34 -17.89 -16.97 -16.09 -17.00 -17.28
Sales and marketing -26.80 -27.57 -28.22 -27.37 -27.91 -29.04
General and administrative -7.11 -7.28 -6.92 -6.87 -7.52 -7.88
Acquisition termination fee -4.65 0.00 0.00 0.00 0.00 0.00
Amortization of intangibles -0.79 -0.87 -0.96 -1.09 -1.26 -1.57
Operating expenses -57.69% -53.61% -53.07% -51.43% -53.69% -55.77%
Operating income 31.35% 34.26% 34.64% 36.76% 32.93% 29.25%
Interest expense -0.79 -0.58 -0.64 -0.72 -0.90 -1.41
Realized investment gains 0.06 0.03 0.06 0.06 0.04 0.41
Realized investment losses 0.00 0.00 -0.01 0.00 -0.01 0.00
Unrealized investment gains (losses), net 0.17 0.05 -0.16 0.04 0.07 0.05
Investment gains (losses), net 0.22% 0.08% -0.11% 0.10% 0.10% 0.46%
Interest income 1.59 1.39 0.35 0.11 0.33 0.61
Foreign exchange gains (losses) -0.13 -0.09 -0.12 -0.11 -0.02 -0.23
Realized gains on fixed income investments 0.00 0.00 0.00 0.00 0.01 0.00
Realized losses on fixed income investments 0.00 -0.04 0.00 0.00 0.00 0.00
Other 0.00 0.01 0.01 0.00 0.00 0.00
Other income (expense), net 1.45% 1.27% 0.23% 0.00% 0.33% 0.38%
Non-operating income (expense), net 0.88% 0.77% -0.51% -0.61% -0.47% -0.57%
Income before income taxes 32.23% 35.03% 34.12% 36.14% 32.45% 28.69%
(Provision for) benefit from income taxes -6.38 -7.06 -7.11 -5.59 8.42 -2.27
Net income 25.85% 27.97% 27.01% 30.55% 40.88% 26.42%

Based on: 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), 10-K (reporting date: 2019-11-29).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Adobe Inc. operating income as a percentage of revenue decreased from 2022 to 2023 and from 2023 to 2024.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Adobe Inc. income before income taxes as a percentage of revenue increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Adobe Inc. net income as a percentage of revenue increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.