Income Statement
Quarterly Data
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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Adobe Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-Q (reporting date: 2025-08-29), 10-Q (reporting date: 2025-05-30), 10-Q (reporting date: 2025-02-28), 10-K (reporting date: 2024-11-29), 10-Q (reporting date: 2024-08-30), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-03-01), 10-K (reporting date: 2023-12-01), 10-Q (reporting date: 2023-09-01), 10-Q (reporting date: 2023-06-02), 10-Q (reporting date: 2023-03-03), 10-K (reporting date: 2022-12-02), 10-Q (reporting date: 2022-09-02), 10-Q (reporting date: 2022-06-03), 10-Q (reporting date: 2022-03-04), 10-K (reporting date: 2021-12-03), 10-Q (reporting date: 2021-09-03), 10-Q (reporting date: 2021-06-04), 10-Q (reporting date: 2021-03-05), 10-K (reporting date: 2020-11-27), 10-Q (reporting date: 2020-08-28), 10-Q (reporting date: 2020-05-29), 10-Q (reporting date: 2020-02-28).
The financial performance presented demonstrates a generally positive trajectory over the analyzed period, though with notable fluctuations and a recent shift in trends. Revenue exhibits consistent growth from February 2020 through December 2023, followed by a moderation in growth rate in subsequent quarters. Subscription revenue consistently represents the largest portion of total revenue and shows steady increases throughout the period, while product and services revenue demonstrate more variability.
Gross profit mirrors the revenue trend, increasing steadily until late 2023, then experiencing a slower rate of growth. Operating expenses have consistently increased, with a significant jump in the March 2024 quarter, largely attributable to a substantial acquisition termination fee. This resulted in a considerable decrease in operating income for that quarter, though operating income has since rebounded.
- Revenue Composition
- Subscription revenue consistently accounts for the vast majority of total revenue, typically exceeding 80%. Product revenue contributes a smaller, but still significant, portion, while services and other revenue remains relatively stable, representing approximately 5-10% of total revenue. The increasing dominance of subscription revenue suggests a successful transition towards a recurring revenue model.
- Profitability Trends
- Gross profit margin remains relatively stable, fluctuating between approximately 65% and 70% throughout the period. However, the increasing operating expenses have impacted operating income, particularly in quarters with significant one-time charges. Net income demonstrates considerable volatility, influenced by both operating performance and tax provisions. The substantial increase in net income in the November 2020 quarter is a notable outlier, likely due to a significant tax benefit.
- Cost Structure
- Cost of revenue has increased in line with revenue growth, maintaining a relatively consistent percentage of revenue. However, sales and marketing expenses have increased at a faster rate than revenue in recent quarters, potentially indicating increased investment in customer acquisition or marketing initiatives. Research and development expenses also show a consistent upward trend, reflecting ongoing investment in innovation.
The period from March 2023 to May 2024 shows a deceleration in revenue growth compared to the preceding years. While revenue continues to increase, the rate of increase is less pronounced. The substantial acquisition termination fee in March 2024 significantly impacted operating income and net income for that quarter, but the company appears to have recovered in subsequent periods. The most recent quarters (August 2024 - May 2025) show a return to more moderate, but consistent, growth in revenue and profitability.
- Tax Rate Volatility
- The (provision for) benefit from income taxes exhibits significant fluctuation, resulting in substantial impacts on net income. The large benefit in November 2020 and the significant provision in November 2020 are particularly noteworthy. This volatility suggests the company's tax situation is subject to considerable variation.