Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Adobe Inc., consolidated income statement

US$ in millions

12 months ended:	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019
Subscription	20,521)	18,284)	16,388)	14,573)	11,626)	9,994)
Product	386)	460)	532)	555)	507)	648)
Services and other	598)	665)	686)	657)	735)	529)
Revenue	21,505)	19,409)	17,606)	15,785)	12,868)	11,171)
Subscription	(1,799)	(1,822)	(1,646)	(1,374)	(1,108)	(1,223)
Product	(25)	(29)	(35)	(41)	(36)	(40)
Services and other	(534)	(503)	(484)	(450)	(578)	(411)
Cost of revenue	(2,358)	(2,354)	(2,165)	(1,865)	(1,722)	(1,673)
Gross profit	19,147)	17,055)	15,441)	13,920)	11,146)	9,499)
Research and development	(3,944)	(3,473)	(2,987)	(2,540)	(2,188)	(1,930)
Sales and marketing	(5,764)	(5,351)	(4,968)	(4,321)	(3,591)	(3,244)
General and administrative	(1,529)	(1,413)	(1,219)	(1,085)	(968)	(881)
Acquisition termination fee	(1,000)	—)	—)	—)	—)	—)
Amortization of intangibles	(169)	(168)	(169)	(172)	(162)	(175)
Operating expenses	(12,406)	(10,405)	(9,343)	(8,118)	(6,909)	(6,230)
Operating income	6,741)	6,650)	6,098)	5,802)	4,237)	3,268)
Interest expense	(169)	(113)	(112)	(113)	(116)	(157)
Realized investment gains	12)	6)	11)	9)	5)	46)
Realized investment losses	—)	—)	(1)	—)	(1)	—)
Unrealized investment gains (losses), net	36)	10)	(29)	7)	9)	6)
Investment gains (losses), net	48)	16)	(19)	16)	13)	52)
Interest income	341)	269)	61)	17)	43)	68)
Foreign exchange gains (losses)	(29)	(17)	(21)	(17)	(2)	(26)
Realized gains on fixed income investments	—)	—)	—)	—)	1)	—)
Realized losses on fixed income investments	(1)	(7)	—)	—)	—)	—)
Other	—)	1)	1)	—)	—)	—)
Other income (expense), net	311)	246)	41)	—)	42)	42)
Non-operating income (expense), net	190)	149)	(90)	(97)	(61)	(63)
Income before income taxes	6,931)	6,799)	6,008)	5,705)	4,176)	3,205)
(Provision for) benefit from income taxes	(1,371)	(1,371)	(1,252)	(883)	1,084)	(253)
Net income	5,560)	5,428)	4,756)	4,822)	5,260)	2,951)

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).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Adobe Inc. revenue increased from 2022 to 2023 and from 2023 to 2024.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Adobe Inc. operating income increased 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 increased from 2022 to 2023 and 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 increased from 2022 to 2023 and from 2023 to 2024.

Adobe Inc. (NASDAQ:ADBE)

Income Statement